Business Basics
Someone who starts a business and takes on the risk of running it is called what?
Entrepreneur
What are the 4 Ps of Marketing?
Product, Price, Placement and Promotion
If you sell 10 products for $20 each, what is your revenue?
$200
This is the process of identifying an opportunity and creating a product or service to provide value.
Entrepreneurship
What is the term in golf for a shot that is 3 under par?
Albatross
What is the money a business earns from selling its products or services?
Revenue
The specific group of people a business wants to sell to is called its what?
Target Market
You buy a product for $8 and sell it for $15. What is your profit per item?
$7
An entrepreneur takes this when they invest time or money into a business without knowing for certain whether it will succeed.
Risk
Who bought JEEP?
Stellantis
What is left when a business subtracts its expenses from its revenue?
profit
What is the term for researching customers, competitors, and the overall market before starting a business?
Market Research
A business has $5,000 in revenue and $3,500 in expenses. What is its profit?
$1,500
An entrepreneur notices that students constantly forget pencils and realizes they could sell school supplies directly at school. This is an example of identifying this.
Opportunity
Which country has the most time zones when its overseas territories are included?
France
What type of business is owned by one individual?
Sole Proprietorship
A company sells expensive running shoes specifically to marathon runners. What is this an example of?
Market Segmentation/Target Marketing
A business has $10,000 in fixed costs and makes $20 profit on every product sold. How many products must it sell to break even?
500
An entrepreneur creates this when their product or service solves a customer's problem, meets a need, or provides a benefit that customers are willing to pay for.
Value
What is the chemical symbol for sivler?
Ag
What term describes the amount of money or resources an owner puts into starting a business?
Capital/Investment
A company has a great product but customers don't understand why they should buy it. Which part of its marketing strategy most likely needs improvement?
Promotion
You buy a product for $40 and sell it for $100. What is your markup percentage based on cost?
150
This characteristic describes an entrepreneur who is willing to try something new, develop new ideas, or find a different way to solve a problem.
Innovative
This planet in our solar system has the shortest day, completing one rotation in about 10 hours.
Jupiter