POBF Unit 7

A joining of 2 businesses.

Business in which 2 or more people pool skills and resources and share profit and loss.

A "C" corporation is an independent legal entity owned by shareholders.

Organization and coordination of activities of a businesses to achieve defined objectives.

A non-profit corporation is created for income-generating reasons.

What is an advantage of a corporation?

Business growth by increasing the number of stores.

What is an advantage of a partnership?

Arranging several elements into a purposeful sequential or spatial (or both) order or structure

They rely on info from mid-level managers to determine what direction the company is heading.

Promoting and selling products or services.

Combining two or more firm through purchase, merger or ownership transfer to form a new firm.

Management function that includes motivating, supervising, scheduling, and disciplining.

Creating standards,comparing performance against them, taking corrective action if required.

Basic management function involving detailed plans to achieve balancing needs with resources

They have the most contact with non-management employees and sometimes serve as supervisors.

What is an advantage of a sole proprietorship? 

A privilege granted to make or market a good or service under a patented process or trademark

A "S" corporation is created through FTC tax election.

Which level of management serves as an intermediary and are operations or general managers?

Legal entity has same rights/responsibilities of an individual but is separate from its owners.

Only one individual has all the benefits and risks of running an enterprise.

The 4 Ps of marketing are:

Selection and training of individuals for specific job functions, and related responsibilities