Chapter 3-Business Basics

The difference between the income earned and expenses incurred by a business during a specific period of time.

• unit of value

• monopoly

• profit

• wage

What are the five properties of money?

• Stability, recognizability, divisibility, portability, visability

• Stability, recognizability, divisibility, portability, and durability

• Divisibility, portability, and durability, walkability, visability

• Divisibility, portability, and durability, development, decline

What are the four functions of business?

• product, price, place, promotion

• marketing, social media, advertising, promotion

• finance, accounting, social media and development

• production, finance, marketing, and management

a business owned by one person

• partnership

• LLC

• corporation

• sole proprietorship

the relationship between two or more people who join to create a business

• partnership

• corporation

• sole proprietorship

• LLC

Activities involved in developing and exchanging goods and services.

• marketing

• business

• finance

• management

Business that is legally separate from its owners and has most of the legal rights of an actual person.

• Management

• LLC

• Sole Proprietorship

• Corporation

Function of business that controls and makes decisions about a business

• Management

• Functions

• Mandatory

• Production

Employee who directs the work of others and is responsible for carrying out the goals of the department.

• Employee

• Waiter

• Manager

• Seller

Type of producer that uses raw materials from other producers and converts them into finished goods.

• Manager

• Producer

• Partner

• Manufacturer