Business Dynamics Unit 2/3 Test

Ethics

Ethics refers to the moral principles and values that guide individuals and organizations in making decisions and conducting business in an honest and fair manner.

Social responsibility

Social responsibility is the obligation of businesses to act in ways that benefit society, such as by engaging in environmentally friendly practices or supporting community initiatives

Sole Proprietorship

Sole Proprietorship: A business owned and operated by a single individual, who is personally liable for all debts and obligations of the business.

Partnership

Partnership: A business structure where two or more individuals share ownership, profits, and liabilities. Partners work together to achieve common business goals.

Coperation

A business entity that is separate from its owners and is treated as a legal person with limited liability and perpetual existence.

Franchise

A franchise is a business arrangement in which one party (the franchisor) grants another party (the franchisee) the right to use its brand and sell its products or services.

Non-Profit Organization

A non-profit organization is a type of business that operates for purposes other than making a profit, such as charitable, educational, or social causes.

Procurement

Procurement refers to the process of obtaining goods and services from external sources.

Accounting

Accounting involves the recording, analyzing, and reporting of financial transactions of a business.

Finance

Finance deals with the management of money and includes activities such as investing, borrowing, budgeting, and forecasting

Management

Management involves planning, organizing, leading, and controlling resources within an organization to achieve its goals.

Marketing

Marketing encompasses activities that promote and sell products or services, including market research, advertising, and sales.

Patent

A patent is a legal protection granted to inventors that gives them exclusive rights to their inventions for a specified period.

Copyright

Copyright is a legal protection that gives creators exclusive rights to their original works, such as literary, artistic, and musical creations.

Trademark

A trademark is a symbol, word, or phrase used to identify and distinguish the goods or services of one seller from those of others.