Forms of Business Ownership & Business Law Part II BCS-BE-16: The student evaluates sole proprietorships as a form of business. BCS-BE-17: The student evaluates the different types of partnerships as a form of business. BCS-BE-18: The student evaluates the different type of corporations as a form of business. BCS-BE-19: The student chooses the most appropriate form of business ownership for any planned business. BCS-BE-20: The student evaluates franchising as a form of business ownership.

Functions of Businesses Graphic Organizer Types of Businesses Functions of Businesses Producers _________ Manufactures Intermediaries and __________ Retailers and Service Businesses Production and Procurement ___________ Management Finance and _________

Producers A producer may be found in industries such as agriculture, _____, fishing, or _______. producer a business that gathers _____goods

A processor may, for example, turn _____oil into _______. a business that changes raw ______ into more finished products

Manufacturers Cars, CDs, and computers are examples of ____that are _______ by a manufacturer. manufacturer a business that makes finished ________ out of processed goods

Intermediaries and Wholesalers An intermediary ______goods, stores them, and then _____ them. intermediary a business that moves _____ from one business to another

Intermediaries and Wholesalers A wholesaler of clothing may buy thousands of ____from several manufacturers, divide the ___quantities into smaller ones, and sell them to ______. wholesaler a business that moves good from one ______ to another

Retailers and Service Businesses A record ____is an example of a retailer. retailer a business that purchases goods from a wholesaler and sells them to _____, the final buyers of the goods

Retailers and Service Businesses Service businesses perform tasks rather than _______ goods. Service businesses employ about three- quarters of the _______ and are rapidly increasing in numbers.

Functions of Business The five main functions of business are: Production and ________ ________ _________

Production and Procurement Production and procurement are closely ______ _______ of business. production the process of creating, expanding, _____, or improving goods and services procurement the buying and reselling of goods and _____ that have already been produced

Marketing involves getting ________ to buy a product or ______. the process of planning, pricing, ________, selling, and distributing ideas, goods, and services

Management is an ______ function of business. the ______ of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of ______

Finance and Accounting Finance requires analyzing ______statements to make future ______. finance the _______or art of money management

Finance and Accounting Accounting requires _______ to detail and accuracy. accounting maintaining and ______records, handling bills, and preparing __________reports for a business

Example of How Functional Areas Depend on Each Other Graphic Organizer Example of How Functional Areas Depend on Each Other A furniture maker’s sales are ________ The _________ and finance department notice decreasing sales. If the furniture is too highly priced, more efficient procedures will have to be ___________ A new _________plan is created. The accounting and finance department will _______ the effects of new marketing efforts.

Example of How Functional Areas Conflict with Each Other Graphic Organizer Example of How Functional Areas Conflict with Each Other Management wants to _______ sales by 20 percent within three years. The production department suggests improving ________ The marketing __________requests more funds for projects. Accounting says there is not enough ________ for either plan. The final plan involves ideas from all the_________of business.