BUSINESS FUNDAMENTALS
What is a Good VS. a service (with examples)?
A good is an item which a customer receives and can keep while a service is a paid job a worker does for the customer, nothing is taken home.
True or False: Management can reduce their business expenses by maintaining a clean and safe working environment for their employees.
True
True or False: All businesses in Canada must use the .ca extension
False
COGS stands for...
Cost of Goods Sold
What classifies an entrepreneur?
Answers vary.
If a business has too little supply for the demand for their product/service, what are some things they can do to counteract this?
answers vary (raise prices, make more exclusive access, order more product, etc).
What are the different management styles?
Autocratic, democratic, and laissez-faire
What are the four marketing P's?
Product, Price, Place, Promotion
If a business wanted to increase their net income what would they do?
increase your sales and decrease your expenses.
What is an import vs an export
answers may vary (import is product coming into a business, export is product being given away)
What are the different types of business ownership?
sole proprietorship, partnership, corporation, and co-operative.
The accounting department manager sits down and puts together the holiday schedule and also determines the next order for consumables for their department (pencils, print cartridges, paper clips, etc). Which function of management is he performing?
Organizing
What does AIDA stand for?
Attract attention, gain Interest, build Desire, get Action
The owner purchased a new piece of equipment for the business and paid cash to purchase it. What 2 accounts would be affected?
Bank and Equipment
True or False: Different cultures have different business etiquette.
True
what are two things which can influence demand?
Answers vary
What is an organic style of management structure?
a highly flexible, decentralized, and flat management system
What are the four different pricing categories?
Price skimming, Price Penetration, Competitive Pricing, Bulk Pricing
Which type of account would "commissions" be?
Revenue
explain a risky verses a safe investment strategy
risky: not diverse, all your money in one stock (or most of), etc.
Safe: diverse portfolio, different industries, etc
Name two CSR principles.
provide a safe/healthy work environment, adopt fair labor policies, Protect the environment, be truthful when advertising, avoid price discrimination, and donate to charity.
What are three different types of compensation within a job?
Hourly Pay, Salary, Straight Commission, Performance-based Pay, Incentive Bonus, and Stock Options
SEO stands for
Search Engine Optimization
The percentage of profit that remains after the direct costs of producing or making the products is paid for is referred to as...
Gross Profit Margin
What are the 6 main components of a business pitch?
A hook, identify a problem, the solution, target market/audience, profitability, and marketing strategy.