P.O.B(Principles of Business)

What is Marketing?

• a product or item that satisfies human wants

• means which the exchange of goods and services takes place as a result of buyers & sellers being in contact with one another

• a person, company or business that buys and uses goods & services

• activities that benefit a company without tangible product

Give 3 examples of Private Sector:

• Google, Facebook, Coca-Cola
• McDonald's, Starbucks, Subway
• Ford, General Motors, Toyota
• Walmart, Amazon, Apple, Microsoft, JPMorgan Chase, Goldman Sachs

Give 3 examples of Public Sector:

• Cafe, Hair Salon and Dentist

• Schools, Hospitals and Prisons

Which of the are advantages of Barter?

• Limited options for trade
• Dependence on the double coincidence of wants
• Allow for greater riaty in diet as they could exchange food items with one another.

• Difficulty in determining the value of goods or services

Accounts are divided into ___ and ___

• personal and impersonal accounts

• expenses and income
• equity and revenue
• debit and credit

(a)   - are those in which expenses and income are recorded for example:

sales, purchases, wages, electricity, commissions received etc.

(a)   are the deal with people and firms in other words, the debtors and creditors, debtors being people who owe money to the firms- in other words, the debtors and the creditors.

Debtors + Creditors being the people/firms to whom money is..

• Creditors and Debtors are the people/firms who lend money to debtors.

• Creditors and Debtors are the people/firms who provide financial advice.

• Creditors and Debtors are the people/firms who manage debt collections.

• Creditors and Debtors are the people/firms to whom money is owed