Vocab

Question 1

Human Resources

Answer 1

Also known as HR. They are important for the division of a business that is charged with finding, recruiting, screening, and training job applicants

Question 2

raw goods

Answer 2

materials derived from natural resources

Question 3

Manufactures

Answer 3

Business which change raw goods into a more finished form, known as processed goods

Question 4

processors

Answer 4

Businesses which change raw or processed goods into finished goods, intermediaries businesses which move finished goods from one business to another by buying, storing, and reselling goods; often referred to as “ middlemen”.

Question 5

non-profit organizations

Answer 5

businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers, and philanthropists rather than profit.

Question 6

marketing mix

Answer 6

FOUR interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion, and place

Question 7

Maslow’s hierarchy of needs

Answer 7

pyramid expressing the needs of people in levels; basic needs, safety, belongingness, love, esteem, and self actualization

Question 8

balance sheet

Answer 8

financial statement which reports totals in asset, liability, and owners equity accounts

Question 9

cooperation

Answer 9

process of effectively working TOGETHER in GROUP settings

Question 10

accounting

Answer 10

process of recording, classifying, summarizing and reporting FINANCIAL position of a business

Question 11

assets

Answer 11

items of value owned by a business

Question 12

liabilities

Answer 12

debts or obligations of a business

Question 13

accounting equation

Answer 13

Assets = Liabilities + Owner’s Equity

Question 14

service firms

Answer 14

businesses which provide services to consumers an other businesses

Question 15

production

Answer 15

businesses which DEVELOP PRODUCTS for distribution from raw goods

Question 16

distribution

Answer 16

department responsible for DISTRIBUTING goods and services in the most efficient and cost-effective manner

Question 17

income statement

Answer 17

financial statement which reports net income or net loss of a company

Question 18

finance

Answer 18

department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan

Question 19

product life cycle

Answer 19

marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline

Question 20

management

Answer 20

process of reaching a company’s goal and objectives by utilizing its resources; department responsible for the management process

Question 21

producers

Answer 21

process of reaching a company’s goal and objectives by utilizing its resources; department responsible for the management process

Question 22

finance marketing

Answer 22

how companies in the financial industry promote and sell their products and services to prospective customers.