Business Characteristics

2. pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem, and self-actualization
3. four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion, and place
4. debts or obligations of a business
6. department responsible for managing the use of company funds, obtaining needed funds, and creating a financial plan
11. businesses which move finished goods from one business to another by buying, storing, and reselling goods; often referred to as "middlemen"
13. materials derived from natural resources
16. department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research
17. businesses which change raw or processed goods into finished goods
19. department responsible for producing goods and services in the most efficient and cost-effective manner
21. assets=liabilities + owner's equity
22. process of reaching a company's goals and objectives by utilizing its resources; department responsible for the management process
23. businesses which change raw goods into a more finished form, known as processed goods

1. financial statement which reports net income or net loss of a company
5. process of recording, classifying, summarizing and reporting the financial position of a business
7. businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers, and philanthropists rather than profit
8. marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline
9. department responsible for distributing goods and services in the most efficient and cost-effective manner
10. items of value owned by a business
12. financial statement which reports totals in asset, liability, and owner's equity accounts
14. department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures
15. process of effectively working together in group settings
18. businesses which develop products for distribution from raw goods
20. businesses which provide services to consumers and other businesses