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8 Cards in this Set
- Front
- Back
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What is corporation?
This type of business is treated by law as separate from its owners, and offers the benefit of limited liability. |
What is unlimited liability?
This is the chief drawbacks to owning a sole proprietorship. |
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What is a limited liability company?
This form of business falls somewhere between a sole proprietorship and a corporation. |
What is autocratic directive?
A manager with this style would tell her employees what to do AND how to do it. |
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What is autocratic permissive?
A manager with this style would tell her employees what to do, but give them some latitude in deciding how to do it. |
What are product, place, price, and promotion?
These are the four p’s in the marketing mix. |
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What is place?
This “p” in the marketing mix includes things like what region of the country and which stores an item is sold in. |
What is product?
This “p” in the marketing mix includes things like the packaging and materials used to make an item. |
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What is promotion?
This “p” in the marketing mix includes things like free giveaways and special discount coupons for an item. |
What is accounting?
Planning, recording, analyzing, and interpreting financial information all fall under this main concept. |
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The accounting equation is Assets = Liabilities + Owner’s Equity.
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What are assets?
In accounting, these are anything of value that is owned. |
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What are assets?
In accounting, Accounts Receivable belongs in this category. |
What are stocks?
Shares of ownership in a corporation are more commonly known as this. |
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What is a wholesaler?
This type of distributor receives large shipments of products from many different producers and sells them in bulk. |
What is direct distribution?
A street artist who sells sketches directly to customers is an example of this type of distribution. |
