Business Basics questions with
answers
Marketing ANS -The activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large
Management ANS -The process of achieving company goals by effective use of resources through
planning, organizing, and controlling.
Finance ANS -The function of business that involves money management
Production ANS -The process of creating, growing, manufacturing, or improving on goods and services.
What are the 4 functions of business? ANS -Marketing, Management, Finance, and Production
The business cycle includes? ANS -Expansion, Recession, Depression, and Recovery
Expansion ANS -A phase of the business cycle in which real GDP, income, and employment rise.
Limited Liability Company ANS -A relatively new form of business organization that is a hybrid of a
partnership and a corporation
Partnership ANS -A legal agreement between two or more people to be jointly responsible for the
success or failure of a business
Sole Proprietorship ANS -A business that is owned and operated by one person
Corporation ANS -A legal entity created by either a state or federal statute, authorizing individuals to
operate an enterprise
answers
Marketing ANS -The activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large
Management ANS -The process of achieving company goals by effective use of resources through
planning, organizing, and controlling.
Finance ANS -The function of business that involves money management
Production ANS -The process of creating, growing, manufacturing, or improving on goods and services.
What are the 4 functions of business? ANS -Marketing, Management, Finance, and Production
The business cycle includes? ANS -Expansion, Recession, Depression, and Recovery
Expansion ANS -A phase of the business cycle in which real GDP, income, and employment rise.
Limited Liability Company ANS -A relatively new form of business organization that is a hybrid of a
partnership and a corporation
Partnership ANS -A legal agreement between two or more people to be jointly responsible for the
success or failure of a business
Sole Proprietorship ANS -A business that is owned and operated by one person
Corporation ANS -A legal entity created by either a state or federal statute, authorizing individuals to
operate an enterprise
