first quiz review 🗣🗣

Question 1

Franchisor

Answer 1

Sells a franchisee the right to use the franchise business name and to sell a product/service in given territory.

Question 2

Franchisee

Answer 2

The person/s who purchase the franchise from the franchisor. The franchisee must pay a fee to the Franchisor upon purchase, plus a percentage of sales (royaltys)

Question 3

Franchise - forms of business ownership

Answer 3

Fastest growing form of business, A business thats licenses for their name, brand, and products to a franchisee in exchange for startup fees and royaltys.
(Examples; tim hortons, mcdonalds, nofrills)

Question 4

Formula for profit 🤔🤔🤔

Answer 4

Revenues - Expenses = Profit

Question 5

What are the Five FORMS of business ownership?

Answer 5

-Sole proprietorship
-Partnership
-Corporation
-Franchise
-Co-operative

Question 6

What are the Four types of business ownership?

Answer 6

-Retail
-Manufacturing
-Service
-Not for Profit

Question 7

Five FUNCTIONS of Business

Answer 7

-Marketing
-Finance
-Production
-Management
-Human Resources

Question 8

Sole proprietorship - forms of business ownership

Answer 8

-Businesses owned and operated by one person
-The owner is responsible for all operation of the business and assumes all of the risks.
-Most common form of business in Canada
-Unlimited liability for the owner.

Question 9

Partnership - forms of business ownership

Answer 9

-Two or more people that own and operate the business together
-To set up there must be either a verbal or written agreement.

Question 10

Corporation - forms of business ownership

Answer 10

-A corporation is a legal entity that exists independently of its owners
-The owners are called shareholders.

Question 11

Co-operative - forms of business ownership

Answer 11

-Businesses owned and operated by a group of people with a strong common interest.

Question 12

Service Business - Four types of business ownership

Answer 12

-generates profit by doing something for other businesses

Question 13

Retail Business - Four types of business ownership

Answer 13

-generates a profit by selling things
-referred to as distributors

Question 14

Not-for-profit Business - Four types of business ownership

Answer 14

-only type of business that does not generate a profit
-purpose is to meet specific needs of the community

Question 15

Manufacturing Business - Four types of business ownership

Answer 15

-producing products from raw materials then selling to consumers or distributors

Question 16

Marketing - Five Functions of Business

Answer 16

All the business’ activies to plan, price, promote, and distribute good and services to satisfy the consumer.

Question 17

4 P’s of Marketing

Answer 17

Price, Product, Promotion, Place

Question 18

Finance - Five Functions of Business

Answer 18

the management of a company’s money

Question 19

Production - Five Functions of Business

Answer 19

The process of converting a business’ resources into goods and services.

Question 20

Management - Five Functions of Business

Answer 20

The planning and organization of all business activies involving the settings of both short and long term goals for the business.
Management styles include:
Democratic
Autocratic
Laissez-faire

Question 21

Human Resources (H.R) - Five Functions of Business

Answer 21

The people aspect of the business. Involves setting policies that keep your employees happy, healthy and efficient.
Retention - keeping employees