OUTLINE FOR 051, Chapter 1,
What is a business? Why study business? What is the goal of business?
Business is an individual or organization that tries to earn a profit by providing products that satisfy peoples
needs. Studying business can help to deve
OPTIONS FOR ORGANIZING BUSINESS, CHAPTER 4 OUTLINE
II. SOLE PROPRIETORSHIPS Business owned and operated by one individual
A. Advantages Allows owner to keep all profits, keep their secrets. Taxes only paid once,
flexible control of busines
Four functions of management
b. Organizing (structuring resources and activities to accomplish objectives
efficiently and effectively)
c. Leading (
d. Controlling (evaluating and correcting activi
LO 1-1: Define basic concepts such as business, product, and profit.
business: individuals or organizations who try to earn a profit by providing products that satisfy
product: a good or service with tangible and intangible characteristics t