Business Basics

Front

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

Back

Money

Front

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

Back

Management

Front

A business owned by one person.

Back

Sole proprietorship

Front

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

Back

Partnership

Front

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

Back

Federal Trade Commission

Front

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

Back

False Advertising

Front

Personal selling done over the telephone

Back

Telemarketing

Front

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

Back

Antitrust Laws

Front

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

Back

Monopoly

Front

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

Back

Bankruptcy