Business final

Question 1

cooperative disadvantages

Answer 1

limited to one product category, restricted locations

Question 2

partnership disadvantages

Answer 2

disagreements, if there is a death, the partnership is dissolved, unlimited liability

Question 3

what are the ways a target market is categorized?

Answer 3

demographic, geographic, and psychographic categories

Question 4

various advertising mediums

Answer 4

newspaper, websites, billboards

Question 5

fixed expenses

Answer 5

cost of something that is the same every month (rent, salaries, insurance)

Question 6

scholarship

Answer 6

a payment to support education

Question 7

loan

Answer 7

borrowed but have to pay back with interest

Question 8

wage income

Answer 8

compensation for an employee

Question 9

salary income

Answer 9

total money earned over a year

Question 10

direct deposit

Answer 10

electronic transfer of a payment

Question 11

current CT sales tax

Answer 11

6.35%

Question 12

income statement

Answer 12

shows company’s revenues and expenses during a period of time

Question 13

cash flow statement

Answer 13

summarizes the amount of money entering and leaving the company

Question 14

What is agribusiness?

Answer 14

the business that provides goods and services for the ag industry

Question 15

sole proprietorship

Answer 15

advantages
entitled to all profits, easy to start, make your own business decisions

Question 16

sole proprietorship disadvantages

Answer 16

unlimited liability, hard to raise money, hard start up costs

Question 17

franchise advantages

Answer 17

assistance from parent company, parent shares experience and proven techniques

Question 18

franchise disadvantages

Answer 18

high purchase fees, percentage of sales or yearly fee paid to parent company

Question 19

partnership advantages

Answer 19

easy to start up, combined skills, more money, each partner has a voice

Question 20

corporation advantages

Answer 20

easier to raise capital for company, easy for people to leave, limited liability for each owner

Question 21

corporation disadvantages

Answer 21

difficult to start up, complex, and more government regulations

Question 22

cooperative advantages

Answer 22

voluntary membership, one member one vote, help other co-op

Question 23

product

Answer 23

detail all features, functions and attributes (animal feed, property supplies)

Question 24

price

Answer 24

detail to the price print of company’s products/services (high/low price)

Question 25

place

Answer 25

explain how the products/services will be delivered (online, brick and mortar)

Question 26

promotion

Answer 26

discuss which promotions will be used and how they will be used (specific as possible)

Question 27

variable expenses

Answer 27

changes based on sales or production output (dining out, medical expenses, anything from a store)