Vocabulary Study Guide - 6th

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Across
  1. 5. A contest between two or more businesses to win a customer's business and loyalty.
  2. 6. A business owned by two or more people.
  3. 9. A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company. Examples include fast food restaurants (Chick-fil-A) and gyms (Planet Fitness).
  4. 12. recognition The process in identifying new ways of meeting the “needs” or “wants” of customers.
  5. 13. A “good” or “service” that a customer MUST have in order to survive.
  6. 14. Tasks that business perform or provide for consumers, such as haircuts or car washes.
Down
  1. 1. A business that is considered a separate entity from the owners. The owners are called stockholders.
  2. 2. proprietorship A business owned by only one person.
  3. 3. A firm that sells “products” or “services” to customers to meet a “want” or “need”.
  4. 4. A product or service that a customer DESIRES but is not necessary to survive.
  5. 7. Money that remains after a business has paid for the “expenses” or “costs” of running the business.
  6. 8. type The legal structure of a business. Common business types are “Sole Proprietorship”, “Partnership”, “Franchise”, and “Corporation”.
  7. 10. A person or firm who “wants” or “needs” a “good” or “service”. Many times, the customer will also be the “consumer”.
  8. 11. Items that business sell that can be measured by quantity. The items can be both physical, such as computers, or digital, such as software.