Business final Flashcards
cooperative disadvantages
limited to one product category, restricted locations
partnership disadvantages
disagreements, if there is a death, the partnership is dissolved, unlimited liability
what are the ways a target market is categorized?
demographic, geographic, and psychographic categories
various advertising mediums
newspaper, websites, billboards
fixed expenses
cost of something that is the same every month (rent, salaries, insurance)
scholarship
a payment to support education
loan
borrowed but have to pay back with interest
wage income
compensation for an employee
salary income
total money earned over a year
direct deposit
electronic transfer of a payment
current CT sales tax
6.35%
income statement
shows company’s revenues and expenses during a period of time
cash flow statement
summarizes the amount of money entering and leaving the company
What is agribusiness?
the business that provides goods and services for the ag industry
sole proprietorship
advantages
entitled to all profits, easy to start, make your own business decisions
sole proprietorship disadvantages
unlimited liability, hard to raise money, hard start up costs
franchise advantages
assistance from parent company, parent shares experience and proven techniques
franchise disadvantages
high purchase fees, percentage of sales or yearly fee paid to parent company
partnership advantages
easy to start up, combined skills, more money, each partner has a voice
corporation advantages
easier to raise capital for company, easy for people to leave, limited liability for each owner
corporation disadvantages
difficult to start up, complex, and more government regulations
cooperative advantages
voluntary membership, one member one vote, help other co-op
product
detail all features, functions and attributes (animal feed, property supplies)
price
detail to the price print of company’s products/services (high/low price)
place
explain how the products/services will be delivered (online, brick and mortar)
promotion
discuss which promotions will be used and how they will be used (specific as possible)
variable expenses
changes based on sales or production output (dining out, medical expenses, anything from a store)
