SBM Quiz 3 Flashcards
True or False:
Legal “artificial” entities are formed by filing specific documents with a state government
True
True or False:
A process of business innovation can produce an invention, but the term is broader in scope & includes the application of an existing concept or practice in a new way of applying new technology to an existing product or process to improve upon it
True
A person who starts an organization such as a business
Entrepreneur
Which of the following is true of Qualitative Business Criteria ?
All
A business entity that produces a product to be sold.
Manufacturer
Which of the following are considered trends in funeral service
All
The activity of promoting the sale of goods by their presentation is known as
Merchandising
Regarding the interdependence of business, which of the following is most aligned with funeral service?
Pooled
Basic economic theory demonstrates that when firms must compete for customers, it leads to lower prices, higher quality goods & services, greater variety, and more innovation. This is the definition of
Stimulates economic competition
A unique or novel device, method, composition, idea, process, or concept is known as a/an:
Innovation
A being, human, or non-human, such as a corporation, that is recognized as having rights & duties, such as the right to own property:
Legal entity
Which of the following are legal forms of business organization?
All
The functions of management include:
All
A non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner. The owner is entitled to all profits but is also responsible for the businesses debts, losses, & liabilities.
Sole proprietorship
Advantage or Disadvantage:
Secrecy
Advantage
