Chapter 1 test Flashcards
an establishment or enterprise that supplies goods and services in exchange for some form of payment
business
the process of developing, promoting, and distributing products to satisfy customers needs and wants
marketing
the study of money management which includes saving, lending, spending and borrowing money
finance
1) Obtain raw materials to produce Goods/Services
2) Refine raw materials to useable state
3) Manufacture Business and Consumer Goods
4) Market Business and Consumer Goods
5) Create jobs
6) Pay Taxes
Role of Business in Global Society
a tangible item
a good
something done for you
a service
What are the six types of Businesses?
1) Extracting
2) Manufactoring
3) Product
4) Wholesale
5) Consumer Retail
6)Service
a business that is taking raw materials from the earth
Extracting Business
a business where they convert raw materials to useable production materials
manufactoring business
a business that sells goods
Product Businesses
a business that sells to other businesses for resale purposes
wholesale business
a business that sells to people that use the product
consumer retail business
1) Sole Proprietorship
2) Partnership
3) Corporation
4) Stock
5) Stockholder (shareholder)
6) Limited liability
Forms of Business Ownership
a business owned by one person
sole proprietorship
a business owned by two or more people
partnership
