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Bus 110 test 1
bus 110 flash cards
| Question | Answer |
|---|---|
| What are the forms of ownership? | Sole proprietorship, corporation, and partnership |
| what is a sole proprietorship ? | a sole proprietorship is when a business is owned by one person. |
| What is a partnership? | - an association of two or pore individuals who conduct business through voluntary legal agreement. At least one of the partners must be a general partner |
| What is a general partner? | general partner makes business decision but has unlimited liability. |
| what is a limited partner? | A limited partner does NOT make business decisions and their liability is limited to the amount of money they invest. |
| what is a corporation? | A legal entity which is invisible, intangible and existing only in contemplation of the law. |
| What are the types of corporations? | public, private, open, or closed which is also known a family |
| what is a public corporation? | Public Owned and operated by a federal, state, or city government for the purpose of conducting public business. Example post office, fire, police |
| what is a private corpotation? | Private is Owned and operated by individuals for the sole purpose of making a profit. can be either open or closed? |
| what is an open corporation? | a private corporation where The public can purchase stock in this corportion |
| What is a closed corporation? | a private corporate where public CANNNOT buy stock in that corporation it is held by family or a close number group of people |
| What is the differnce between a profit and a non profit organization? | The difference is what you are legally allowed to do with the profit. You can only use profits from a non-profit corporation for the purpose that your corporation is intend. these tend to be religious, healthcare and educational corps. |
| what is A charter? | a legal document a corporation needs to legally operate is what determines wether a corp is alien, domestic, or foriegn. |
| what is an alien corp? | An alien corpotion that is chartered by a foreign government but operates in the united states. |
| what is a foreign corp? | Operates in a STATE other than the STATE in which it received its charter |
| what is a domestic corp? | If a corporation operates or does business in the state in which it received its charter |
| What is a franchise? | Can be either a sole proprietorship or partnership that operates as though it were part of a corporate holding. |
| Who sets rules for a franchise? | Corpotion sets the rule for a franchise |
| what is a free enterprise system? | same as free enterprise, Capitalism is theoretically –no gov’t regulation of business and business is regulated through competition and Satisfaction of consumers Is how competition regulates businesses |
| what is capitlism? | Capitalism is theoretically –no gov’t regulation of business and business is regulated through competition Satisfaction of consumers Is how competition regulates businesses |
| what are your rights in a free enterprise/capalisism system.? | 1. choice 2. Buy or sell or will or inherit or accumulate property 3. Profit after taxes 4. Right to know competitive ground rules |
| what is tangible and what is intangible property? | angable property is property you can see feel and touch. Intangible property- intellectual property |
| Gov’t regulations( in term of laws) are to protect whom? | the consumer and the workers. |
| What are the premises of the production concept? | Consumers are primarily interested in product availability and low price Consumers know the price of competing brands Consumers are NOT interested in non-price differences. |
| what is the differnce between today's competition vs competition 100 years ago. | 100 years ago competition was internal one company vs antoher today, competition is external u.s. is competing with other counries because we don’t really make anything here. |
| name the first premise of the marketing concept | Consumers can be grouped into marketing segments based on need or want. |
| name the 2nd premise of the marketing concept | Consumers in any segment will purchase the product from that company that best satisfies that particular need or want. |
| name the 3rd premise of the marketing concept? | The company’s main job is to research their target markets and then develop effective advertising campaigns. |
| what is socialism? | Redistribution of wealth govt controls major industries |
| What are the types of competition? | Oligopoly,Monopolistic,Pure/perfect |
| what is pure/perfect competition? | Many buyers and many sellers Sellers will not dominate the market Products that they offer will be identical Price is not determined by supplier( i.e. gorwing season) |
| What is monopolistic competition? | Many buyers and many sellers The sellers may dominate the market The products they offer may be different Difference can be either real or imagined |
| what is Oligopoly compeition? | Many buyer and few sellers The sellers will dominate market Products that they offer will be either standardized( can’t see the diffrence)(steal/oil) or not standardized (can see differnce) (cars)l |
| which english economist came up with idea for capitislm and what did he write that spoke about it? | adam smith who wrote wealth of nations |
| what are Factors of production? | Money workers Materials Facilities Entrepreneurship |
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