Unit 1 Test Intro to Business

Front

Contest between businesses to win customers' business and loyalty

Back

Competition

Front

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

Back

Needs

Front

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

Back

Wants

Front

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

Back

Consumer

Front

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

Back

Goods

Front

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

Back

Services

Front

A Sole Proprietorship is...

Back

A business owned by only one person.

Front

A Partnership is...

Back

A business owned by two or more people.

Front

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.

Back

Franchise

Front

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

Back

Non-profit organization