Characteristics & Functions of a Business
The process of recording, maintaining, and reporting an organization's financial transactions and records.
What is Accounting?
Is a business model that uses an electronic medium (i.e. a website/web store) to facilitate the buying and selling of products and services by businesses and consumers.
What is E-Commerce?
A business owned by two or more people:
What is Partnership?
Information that you collect directly from first-hand experience.
What is Primary Data?
efers to the people who work in an organization, and the group that staffs the organization, maintains personnel records, and administers benefits like medical insurance.
What is Human Resources?
The daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics.
What is Operations?
Is a business model that charges a regularly scheduled fee, usually monthly or annually, for their products or services.
What is a Subscription Model?
A business owned by one person, and where the owner has unlimited liability.
What is a Sole Proprietorship?
When companies offer essentially the same product or service, i.e. Coke and Pepsi, Ford and GM.
What is Direct Competition?
A company's purpose; its reason for being; the problem it is solving.
What is a Mission or Mission Statement?
Planning, organizing, staffing, controlling and leading people, processes, and assets in order to achieve a goal or task in the best way possible.
What is Management?
Is when a company offers basic services for free, and then charges money for certain additional features. The business makes money from the sale of the additional features.
What is a Freemium model?
A legal entity that is separate from its owners and controlled by a board of directors; the entity has most of the same rights and responsibilities that individuals possess but offers limited liability.
What is a Corporation?
When conducting a competitive analysis, what would “industry publications” and “press releases” be considered as:
What is Secondary Data?
Inspiring, motivating, influencing, and maximizing the efforts of people towards a common purpose.
What is Leadership?
A for-profit or non-profit organization involved in commercial, industrial, or professional commerce.
What is Business?
______ model is selling the product directly to the end user without third-party retailers, wholesalers, or other middlemen.
What is Direct to Consumer (D2C)
A type of security that represents ownership in a company and signifies a claim on part of the company's assets and earnings.
What is Stock?
If someone were to purchase a ticket for a bus ride from Nashville, TN to Tampa, FL, the bus company would be considered _________________ for airlines.
What is Indirect Competition?
Explanations and expectations of the duties and responsibilities of a job.
What is a Job Description?
Human Resources, Strategy, Information Management, Marketing, and Finance/Accounting is.
What are The Six Functions of a Business?
Are documents filed with a governmental body to legally establish a corporation as a recognized entity under state law.
What is Articles of Incorporation?
The U.S. economy is built on the economic system called ___________.
What is Capitalism?
The process of teaching the necessary skills and knowledge needed to be successful in a certain job role.
What is Training?