Basic Business Concepts Vocab

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Across
  1. 2. tangible or physical items
  2. 9. business which has a right or license to sell a product or service at a designated location
  3. 13. business owned and operated by one individual
  4. 14. separate legal entity which forms a board to act as governing bodies
  5. 15. form of partnership which partners have an unequal share and liability in the business and are responsible only for the amount invested
  6. 16. goods and services a person requires for survival
  7. 18. legal agreement between two or more people responsible for a business
  8. 19. principle in which an employee should have only one supervisor to whom they are responsible; decreases conflicting demands and priorities
  9. 22. person or persons who pay fees to a franchisor to operate under the franchisor’s trade name
  10. 24. category of the organizational functions of business which sells goods and services
  11. 26. provides goods and services to satisfy consumer wants and needs to make a profit
  12. 28. business which leases its trade name and operating system to another person
  13. 30. category of the organizational functions of business which manages the use of business funds, obtains needed funds and creates a financial plan
  14. 31. form of partnership which partners share equal liability in the profits and losses of the business
Down
  1. 1. model representing the pattern of growth, peak, recession and trough of a product, business or economy over long periods of time; also referred to as the economic cycle
  2. 3. period of the business cycle in which business activity decreases for two consecutive quarters
  3. 4. individual or group which own a business and its legal entities
  4. 5. intermediary which buys finished goods from manufacturers in large quantities and sells them to businesses or retailers in smaller quantities
  5. 6. category of the organizational functions of business which delivers produced goods and services to consumers in a timely manner
  6. 7. category of the organizational functions of business which creates goods and services in the most efficient and cost-effective manner
  7. 8. part of an organization’s management team which oversees the work of operative employees; considered first-level managers
  8. 10. connects the producer to the processor to the manufacturer to the intermediaries and ultimately to the consumer and can include the many businesses in between such as, shipping and storage, to provide goods or services to satisfy consumer wants or needs
  9. 11. period of the business cycle in which business activity is at its lowest
  10. 12. intermediary which sells goods and services to the consumer
  11. 17. category of the organizational functions of business which utilizes resources to make sure the business runs smoothly to meet goals
  12. 18. business which develops products for distribution from raw goods
  13. 20. category of the organizational functions of business which performs functions related to recording and reporting financial transactions
  14. 21. grouping of individuals into departments based on work functions, product or service, target market, geographic territory and process used to create products
  15. 23. intangible activities
  16. 25. category of the organizational functions of business which maintains the employment process and trains and develops employees
  17. 27. category of the organizational functions of business which promotes goods and services, guides products through the product life cycle and understands consumers through marketing research
  18. 29. goods and services a person desires, yet are unnecessary for day-to-day life