Purpose of Business
Functions of Business
Types of Businesses
Categories
100

Business fulfill the ____________(s) and __________(s) of consumers.

What are needs and wants

100

Pay bills, collect money from customers, pay taxes, prepare employee payroll checks, reconcile bank statements, and purchase inventory

What are the responsibilities of Accounting

100

A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC. 

What is a Franchise

100

Money left after a business pays expenses

What is a profit

200

Consumers use and or purchase _________(s) and _____________(s)

What are goods and services 

200

Makes sure that the entire organization meets its goals; effectively works with people in the organization; uses available resources to accomplish the organization's goals. 

What is the purpose of Management 

200

A business considered separate from the owners of the business by law. The owners are the stockholders. 

What is a Corporation

200

Process of leading and directing an organization

What is management

300

Clothing, cars, computers, and CD's are all examples of _________(s)

What are goods. 

300

Satisfies the needs and wants of consumers through exchange. 

What is the function of Marketing 

300

A business owned by two or more people. 

What is a Partnership

300

Process of making finished products out of raw materials

What is manufacturing 

400

Hairdresser, dry cleaner, lawncare, and babysitting are all examples of _________(s)

What are services

400

Product, Price, Placement, Promotion

What are the four "P's"

400

A business owned by only one person

What is a Sole proprietorship

400

Contest between businesses to win customers

Competition

500

The desire to make money; see the opportunity to make money in the marketplace. 

What is Profit Motive

500

Considered the " back office" of a business

What is Operations

500

A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross

What is a Non-profit organization

500

Process of promoting and presenting a product to customers. 

What is marketing