Business Basics

Anything of value that is accepted in return for goods or services

• producer

• store of value

• Unit of value

• Money

The function of business that controls and makes decisions about a business.

• Sole proprietor

• Management

• Partnership

• Nonprofit corporation

A business owned by one person.

• Partner

• Corporation

• Sole proprietorship

• Franchise

The relationship between two or more people who join and create a business

• Partnership

• Sole proprietorship

• Corporation

• Nonprofit corporation

A federal agency that was created to protect consumers and promote business competition

• Federal Trade Commission

• US Department of Labor

• Fair Labor Standards

• Family and Medical Leave Act

Overstating the features and benefits of products or services or making false claims about them.

• Endor

• False Advertising

• Professionalism

• Monopoly

Personal selling done over the telephone

• Call registry

• Telemarketing

• Antitrust Las

• Monopoly

Laws that promote fair trade, open markets, and competition among businesses.

• FTC

• Equal Employment Oppotunity

• Antitrust Laws

• Monopoly

When one business has complete control of a market's entire supply of goods or services

• Telemarketing

• Robocalling

• Antitrust laws

• Monopoly

A legal process that allows a company to reorganize or go out of business when it runs out of funding.

• Monopoly

• Bankruptcy

• False advertising

• Manufacturing