Chapter 1 Test Flashcards
1
Q
5 functions of business
A
Finance Marketing Human Resources Management Production
2
Q
Fad versus Trend
A
Fad is something that is popular for a short period of time and a trend is popular for a long period of time
3
Q
Sole Proprietorship
A
A business owned by one person
Ex Vesta
4
Q
Partnership
A
Two or more people owning a business together
Ex corrent and macri LLP law firm
5
Q
Corporation
A
A legal entity that exist independently of its owners
Ex bell
6
Q
Corporation
A
Shareholders are responsible for the company’s debts
Ex Bell
7
Q
Co operatives
A
Business owned and operated by a group of people
Ex WFCU
8
Q
Franchise
A
A person buys the rights to use a business name
Ex Subway
