1. Unit 1-What is business formative assessments
Answers can be found in the notes section at the bottom of the screen

2. Check #1 1) What are the two types of items a business can produce?
2) True/False: A not-for-profit business does not make any money
3) List the 5 departments of a business and describe what they are responsible for.
4) What is the purpose of a mission statement?
5) The new iWatch costs $300. When Apple sells one, do they get to keep all $300 as profit? Yes/no? Explain.
Goods or services
False. A not for profit business makes money but reinvests the profit in to the business or in to the community
Marketing-research/define target market and promote the product, accounting-financial information, legal-follow all laws, IT (information technology)-handle the network, computers, website; human resources-hire, fire, train motivate
A goal for a business. Helps define the purpose of the company
No, the $300 represents revenue. You have to subtract expenses in order to determine profit.

3. Check #2 Which department is represented by each image below?
6. What is management?
Accounting
Information technology (IT)
Legal
Marketing
Human Resources (HR)
A level within an organization responsible for carrying out the mission statement

4. Responsibilities Include…
Check #3
1. Give 2 advantages and 2 disadvantages of…
Sole Proprietorships
Partnerships
Match the department with the correct responsibility
Accounting
Human Resources
Legal
Information Technology
Marketing
Hiring, firing, motivating, and training employees
Determining the target market and 4P’s
Maintaining computers and technology
Recording and communicating financial information
Ensuring that the company is following all rules and regulations
Sole Proprietorship--Advantages: Easy to start, few regulations, owner keeps all profits, owner makes all decisions. Disadvantages: Unlimited liability, no one to share workload, business ends when owner dies, lack of skills, grows slowly
Partnership—Share responsibilities, share in skills, more resources, easier to generate capital, easy to start. Disadvantages: Share profits, potential disagreements, unlimited liability, grows slowly
2. D
3. A
4. E
5. C
6. B
Department
Responsibilities Include…