A corporation is characterized by: Limited liability for the owners, Unlimited liability for the owners, Sole ownership, Informal decision-making process

Limited liability for the owners

What is a Limited Liability Company (LLC)?

A business structure where the owners have limited liability.

What is a key feature of a Limited Liability Company (LLC)?

Limited liability and flexible tax treatment

The term "Start up Capital" means...

The initial funds required to start a business.

In business, an asset is...

a resource owned by a company that provides future economic benefits

a company or individual that grants the rights to use its trademark or business model to a franchisee

an individual or company that operates a business under a franchisor's brand.

What is a marketing strategy?

A marketing strategy is a plan to achieve specific marketing goals by analyzing market conditions and targeting audiences.

What is the marketing mix for a business?

The marketing mix for a business includes Product, Price, Place, and Promotion.

In business, what are revenue streams?

Revenue streams are the different sources of income for a business.

In a Command Economy, who decides what is produced?

The government or central authority

In a Market Economy, who decides what is produced?

Consumers and producers decide what is produced.

What is the definition of profit?

Profit is the financial gain after subtracting costs from revenue.

What does Microeconomics study?

Microeconomics studies the behavior of individuals and firms in resource allocation and decision-making.

What does Macroeconomics study?

Macroeconomics studies the economy as a whole.

What is the primary function of Labor in an economy?

The primary function of Labor in an economy is to provide the human effort necessary for the production of goods and services.

A company makes a profit when...

Total revenue exceeds total expenses.

What is monopolistic competition?

A market structure with many firms selling differentiated products and free entry and exit.

A monopoly is a market structure characterized by a single seller dominating the market.

What is "market price?"

The current price at which an asset or service is traded in the market.

What is market equilibrium?

Market equilibrium is the point where supply equals demand.

In business what is supply?

Supply is the total amount of a product or service available for purchase.

Final Exam Review First Semester 24-25 Flashcards

Student preview

65 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a corporation?

Back

a company authorized to act as a single entity with its own powers

2.

FLASHCARD QUESTION

Front

A privately held corporation is when...

Back

ownership is restricted to a small group of investors

3.

FLASHCARD QUESTION

Front

What is a "shareholder"?

Back

an owner of shares in a company

4.

FLASHCARD QUESTION

Front

A company has the same rights as an individual.

Back

True

5.

FLASHCARD QUESTION

Front

What are "stocks"?

Back

shares of ownership in a company

6.

FLASHCARD QUESTION

Front

A business owned by only one person

Back

Sole Proprietorship

7.

FLASHCARD QUESTION

Front

What is a key disadvantage of a sole proprietorship?

Back

Limited access to capital.

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