"Business Characteristics Vocabulary"

Question 1

1.materials derived from natural resources

Answer 1

1.Raw Goods

Question 2

2.businesses which change raw goods into
a more finished form, known as
processed goods

Answer 2

Processors

Question 3

• businesses which change raw or
  processed goods into finished goods
  Processors
  Production Management
  Intermediaries businesses which move finished goods
  from one business to another by
  buying, storing and reselling goods; often referred to as
  “middlemen”

Answer 3

Processors

Question 4

businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit

Answer 4

Non-profit Organizations

Question 5

four interrelated marketing strategies used
to meet consumer needs; consist of
product, price, promotion and place

Answer 5

Marketing MIx

Question 6

pyramid expressing the needs
of people in levels: basic needs, safety,
belongingness, love, esteem and self-actualization

Answer 6

Maslow’s Hierarchy of Needs

Question 7

• financial statement which reports
  totals in asset, liability and owner’s equity
  accounts

Answer 7

Balance Sheet

Question 8

process of effectively working together in
group settings

Answer 8

Cooperation

Question 9

process of recording, classifying,
summarizing and reporting the financial
position of a business

Answer 9

Accounting

Question 10

items of value owned by a business Liabilities- debts or obligations of a business

Answer 10

Assests

Question 11

-Assets = Liabilities + Owner’s Equity

Answer 11

Equation Marketing

Question 12

financial statement which reports net income or net loss of a company

Answer 12

income statement

Question 13

department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan

Answer 13

Finance

Question 14

department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research

Answer 14

Production Management

Question 15

marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline

Answer 15

Product Life Cycle

Question 16

department responsible for producing goods and services in the most efficient and cost-effective manner

Answer 16

Production

Question 17

process of reaching a company’s goals and objectives by utilizing its resources; department responsible for the management process

Answer 17

Management

Question 18

department responsible for distributing goods and services in the most efficient and cost-effective manner

Answer 18

Distribution

Question 19

businesses which develop products for distribution from raw goods

Answer 19

Producers

Question 20

businesses which provide services to consumers and other businesses

Answer 20

Service Firms

Question 21

department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures

Answer 21

Human Resources