Unit 1 Test Intro to Business

Contest between businesses to win customers' business and loyalty

• Needs

• Competition

• Marketing

• Partnership

Items necessary for existence, such as clothing, food, and shelter.

• Needs

• Wants

Items that would be nice to have, but are not necessary.

• Needs

• Wants

A person who uses goods or services. Many times they are also the customer (AKA: purchaser).

• Competition

• Accounting

• Consumer

• Sole Proprietorship

Items businesses sell that can be physically weighed or measured, such as clothing and candy.

• Goods

• Services

Tasks that businesses perform or provide for customers, such as haircuts and car washes.

• Goods

• Services

A Sole Proprietorship is...

• A business owned by two or more people

• A business owned by only one person.

• A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.

• A company that does business and has business facilities in many countries, such as Coca Cola.

A Partnership is...

• A business considered separate from the owners of the business by law. The owners are the stockholders.

• A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.

• A business owned by only one person.

• A business owned by two or more people.

A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.

• Franchise

• Corporation

• Multinational Corporation

• Non-profit organization

A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.

• Franchise

• Sole Proprietorship

• Non-profit organization

• Multinational Corporation