management and leadership
What management function involves setting organizational goals and determining the best strategy to achieve them?
Planning
What are the "4 Ps" that make up the traditional marketing mix?
Product, Price, Place, and Promotion
What fundamental accounting equation states that Assets equal Liabilities plus what?
Owner's Equity (or Shareholders' Equity)
What basic economic law states that as the price of a good increases, consumer demand for it usually decreases?
Law of Demand
What business structure is owned by a single individual who assumes all personal liability for its debts?
Sole Proprietorship
Q: What term describes the hierarchy of authority from the top executive down to the front-line employees?
: Chain of command
What term refers to the specific group of consumers a company targets with its products or services?
Target market
What financial statement summarizes a company's revenues, expenses, and net profit over a specific period?
Income Statement (or Profit and Loss Statement)
What market structure exists when a single business dominates the entire supply of a good or service?
What term describes a general increase in prices and a fall in the purchasing value of money over time?
What type of business entity protects its owners' personal assets from business liabilities?
Corporation (or LLC / Limited Liability Company)
Which leadership style grants employees complete freedom to make decisions and complete tasks with minimal supervision?
A: Laissez-faire
What is the term for a memorable slogan, design, or symbol that distinguishes a company's product from competitors?
Brand / Logo / Trademark
What is the term for the total money coming into a business from sales before any expenses are subtracted?
Revenue (or Gross Income)
What economic concept describes the value of the next best alternative given up when making a choice?
Opportunity cost
What term refers to individuals or groups who have an interest or investment in a company's performance?
Stakeholders
In SWOT analysis, which two components evaluate internal factors of an organization?
Strengths and Weaknesses
In digital marketing, what does SEO stand for?
Search Engine Optimization
What financial point occurs when a company's total revenue exactly equals its total expenses?
Break-even point
What term describes a general increase in prices and a fall in the purchasing value of money over time?
Inflation
What concept describes a company's commitment to operating in an economically, socially, and environmentally sustainable manner (CSR)
Corporate Social Responsibility
What management framework focuses on defining clear, measurable goals using the acronym SMART?
Specific, Measurable, Achievable, Relevant, and Time-bound
What business metric calculates the total cost incurred to gain a single new customer (CAC)?
Customer Acquisition Cost
: What term describes physical or non-physical items of value owned by a business that can be converted to cash?
Assets
What metric measures the total market value of all final goods and services produced within a country in a year (GDP)?
Gross Domestic Product
What business arrangement grants an individual the right to run a local location using an established brand's system and trademark?
Franchise