Business fulfill the ____________(s) and __________(s) of consumers.
What are needs and wants
Pay bills, collect money from customers, pay taxes, prepare employee payroll checks, reconcile bank statements, and purchase inventory
What are the responsibilities of Accounting
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
Money left after a business pays expenses
What is a profit
Consumers use and or purchase _________(s) and _____________(s)
What are goods and services
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
A business considered separate from the owners of the business by law. The owners are the stockholders.
What is a Corporation
Process of leading and directing an organization
What is management
Clothing, cars, computers, and CD's are all examples of _________(s)
What are goods.
Satisfies the needs and wants of consumers through exchange.
What is the function of Marketing
A business owned by two or more people.
What is a Partnership
Process of making finished products out of raw materials
What is manufacturing
Hairdresser, dry cleaner, lawncare, and babysitting are all examples of _________(s)
What are services
Product, Price, Placement, Promotion
What are the four "P's"
A business owned by only one person
What is a Sole proprietorship
Contest between businesses to win customers
Competition
The desire to make money; see the opportunity to make money in the marketplace.
What is Profit Motive
Considered the " back office" of a business
What is Operations
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
Process of promoting and presenting a product to customers.
What is marketing