Business Concepts Flashcard

Front

What is the main goal of most businesses?

Back

To earn a profit

Front

Which of the following is an example of a product? Customer service, A smartphone, Management skills, Employee training

Back

A smartphone

Front

What is an economic system?

Back

A country's plan for producing and distributing goods

Front

Which term refers to a system where supply and demand determine prices?

Back

Market economy

Front

What are two main types of businesses?

Back

For-profit and nonprofit

Front

What is a stakeholder?

Back

Anyone affected by a business's decisions

Front

Which management function involves creating goals and strategies?

Back

Planning

Front

What is a sole proprietorship?

Back

A business owned by one person.

Front

What is a partnership?

Back

A business owned by two or more people.

Front

Which of the following is true about corporations? They are only owned by one person, They are separate legal entities, They cannot hire employees, They are small businesses

Back

They are separate legal entities