Business Fundamentals

Question 1

business owned by a single individual

Answer 1

sole proprietorship

Question 2

business owned by more than one person

Answer 2

partnership

Question 3

a separate legal entity that can be owned

Answer 3

corporation

Question 4

using the internet and the web for business transactions

Answer 4

e-commerce

Question 5

5 different forms of e-commerce

Answer 5

ubiquity; global reach; universal standards; richness, interactivity, and density; personalization and customization

Question 6

it is available any time, any place which reduces transaction costs for customers

Answer 6

ubiquity

Question 7

cross cultural and national boundaries conveniently and cheaply

Answer 7

global reach

Question 8

the underlying technology of e-commerce is standard, lowers market entry costs

Answer 8

universal standards

Question 9

can deliver information that is more complex, or interactive to a broad audience easily; and so much information available

Answer 9

richness, interactivity, and density

Question 10

can use things like profiling to understand the market and advertise more effectively

Answer 10

personalization and customization

Question 11

3 main types of e-commerce

Answer 11

business-to-consumer (B2C); business-to-business (B2B); consumer-to-consumer (C2C);

Question 12

sells products/services to individual consumers

Answer 12

business-to-consumer

Question 13

sells products/services to businesses

Answer 13

business-to-business

Question 14

sell products/services between consumers

Answer 14

consumer-to-consumer