Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Test Flashcards > Business > Flashcards

Business Flashcards

1
Q

What 4 types of Businesses are there

A

Partnerships
Cooperatives
Franchises
Corporations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is Sole Proprietorship, what are some advantages? What are some disadvantages?

A

When there is only one owner.
Advantage - You keep all profits, you do not have a boss & you make all of the decisions
Disadvantage - You take all of the blame for product, borrowing money can be more difficult & can be difficult financailly.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a Partnership? What are some advantages? Disadvantages?

A

A business is owned by partners,
Advantages - Easier financailly, more points of knowledge & Shared responsability
Disadvantages - Conflicts, might have to use personal assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are Co - operatives? Advantages? Disadvantages?

A

A business where all members are in control and there is no CEO.
Advantages - Shared skills and povs, less risk, each member has imput
Disadvantages - Decision making can be difficult, commitment of the members can vary based off of how much moey they have

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a Corperation? Advantages? Disadvantages?

A

It when the business is an identity,
Advantages - Limited liability, easier to receive loans & ownership is easily transferable
Disadvantages - Difficult to set up, need to publish annual reports on the business & stock market could affect futer financial situations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the classification of Corperations?

A

Non-Profit Corporation
Crown Corporation
Private Corporation
Public Corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a franchise?

A

A large business chain that in each location sells the same product and has the same look.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a business? What is its purpose?

A

An organization that produces or sells goods or services
To gain money & to satisfy the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Profit : ______
Expences : ______

A

Profit = the amount of money c
gathered after paying expences and taxes
Expences = Money spent for the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are goods?
What are Services?

A

Goods - Tangible items
Service - Intangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What 3 types of businesses are there?

A

retail
service
Manufacturing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is privitization?

A

When a publicly (government) owned business or industry is sold to the private sector

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is the place where the consumers and producers interact called?

A

Marketplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Is the customer always right?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How do consumers affect what products and services are being made?

A

They express their wants and needs influencing more of one product to be produced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is competition? Is it good for the consumer?

A

Competition is when 2+ businesses are competing to get the attention of the consumer. It is good for the consumer because more is being offered at better deals.

17
Q

What is it called when a product is no longer being produced? Example?

A

Obsolete - Typewriter

18
Q

Why could something become obsolete?

A

Could have been a bad product
Could have been poorly marketed
Could have been replaced by something newer/better.

19
Q

What are the 4 Ps?

A

Product
Place
Price
Promote

20
Q

What are the levels of Maslow’s Hiarchey of needs?

A

Self Actualization
Esteem
Love & Belonging
Saftey Needs
Physiological

21
Q

What are the three economic resources

A

natural resources,
human resources,
capital resources

22
Q

What are the three types of economic systems?
Examples?

A

Command economy - North Korea
Free market economy - Singapore
Mixed market economy - Canada

23
Q

What are the two laws of supply?

A

If price goes up, supply will go up
If price goes down, supply will go down

24
Q

Define supply

A

The amount of good available by producers

25
Q

Define demand

A

The amount of product desired by the consumers

26
Q

What are the two laws of demand?

A

As price goes up, quantity demand goes down
If price goes down, quanity demand will go up

27
Q

What is the point where quantity and demand are perfect called?

A

An equalibrium

Test Flashcards (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions