Business Ownership
One Owner. Unlimited Liability.
What is Sole Proprietorship?
A Business that does something.
What is a service business?
Land is what Factor?
Natural Resource
Involves planning for, organizing, staffing, directing, and controlling a company’s resources so that it can achieve its goals
What is Management?
A=L+OE
What is Assets=Liability +Owners Equity
More than one owner. Potential unlimited liability.
What is partnership?
A business that makes something.
What is a Manufacturing Business?
Bob has just bought a tractor for his farm. This is an example of _______
What is capital?
convert resources (labor, materials, money, information, and so forth) into goods or services.
What is Operations?
Liabilities=_________
What is Debt?
Similar to S. Corporation. Limited Liability.
What is Limited Liability Corporation?
Jill has a gift shop. What type of business?
What is a merchandising business?
Waitress at a restaurant is an example of what____
What is labor?
measure, summarize, and communicate financial and managerial information and advise other managers on financial matters.
What is Accounting?
GAAP Stands for
General Accepted Accounting Principles
Unlimited Owners. Usually has Public stakeholders.
What is Corporation?
Dan has an oil company. What type of Business?
What is extracting business?
CEO of an company is example of what_____
What is Entrepreneurship ?
Consists of everything that a company does to identify customers’ needs and design products to meet those needs.
What is Marketing?
Assets=_____
What is Anything of value that a business owns?
_____________ is a person or group who can affect or be affected by the actions of a business. They can be external or internal.
What is stakeholder?
Jill has her own apple orchard where she picks apples, bakes pies and sells them in her shop. What is this called?
What is vertical integration?
Terbium is example of what Factor?
What is Natural resource?
involves planning for, obtaining, and managing a company’s funds.
What is Finance?
Income that results when a business operates and generates sales.
What is Revenue?