Business Principles
What is it called when a business uses a story to connect with customers?
Storytelling
What is the price customers generally pay for a product in the market?
Market Price
What principle means keeping a message short and clear?
Brevity
What do we call someone who starts a business?
Entrepreneur
What type of business is owned by one person?
Sole proprietorship
What principle uses expertise to build trust?
What type of expense stays the same each month?
Fixed Expenses
What principle makes customers more likely to buy from a business they like?
Liking
What is money earned from selling products before expenses are deducted?
What type of business is owned by two or more people who share responsibilities?
Partnership
What principle makes people want a product because it is in limited supply?
Scarcity
What type of expense changes with production or sales?
Variable Expenses
Sally visits the same coffee shop every Thursday for a latte. What principle is this?
Consistency
What is left when expenses are subtracted from revenue?
Profit
What type of business is owned by shareholders and exists as a separate legal entity?
Corporation
A customer wants to buy a product because his friends love it. What principle?
Social Proof
A product costs $10 and sells for $15. What is the markup amount?
$5
'ONLY TWO LEFT!' What principle is being used?
Scarcity
What type of business makes products from a factory?
Manufacturing
What does LLC stand for?
Limited Liability Company
A business gives free samples hoping customers will buy something. What principle?
Reciprocity
A product sells for $80 and costs $60. What is the profit margin?
25%
"Thousands of happy customers with our new product! See our reviews!" What principle is this?
Social Proof
What type of business sells products directly to consumers?
Retail
What type of business is owned and democratically controlled by its members?
Cooperative (co-op)