Entrep.
What do you call a person who starts and operates a business while taking on financial risk?
What is an entrepreneur?
What are the four Ps of marketing?
What are product, price, place, and promotion?
What is the money a business earns from selling products or services before expenses are deducted?
What is revenue?
What economic problem describes unlimited wants and limited resources?
What is scarcity?
What leadership skill involves clearly sharing information and listening to others?
What is communication?
What business ownership structure is owned by one individual?
What is a sole proprietorship?
What is the specific group of consumers a business wants to reach?
What is a target market?
What is the amount left when total expenses are subtracted from revenue?
What is net income or profit?
What is the quantity of a product consumers are willing and able to purchase at different prices?
What is demand?
What management function involves setting goals and deciding how to achieve them?
What is planning?
What business structure generally provides its owners with limited liability protection?
What is a limited liability company, or LLC?
What strategy divides customers into groups based on shared characteristics?
What is market segmentation?
A business earns $1,000 in revenue and has $700 in expenses. What is its profit?
What is $300?
What is the general increase in prices over time called?
What is inflation?
What leadership style encourages team members to participate in decision-making?
What is democratic leadership?
What type of legal protection applies to original creative works such as books, songs, and photographs?
What is copyright?
A product sells for $80 and costs $50 to produce. What is the gross profit per unit before other expenses?
What is $30?
What financial statement reports a company's assets, liabilities, and owner's equity at a specific point in time?
What is a balance sheet?
What is the value of the next-best alternative given up when making a decision?
What is opportunity cost?
If an employee misses a deadline, what should a manager do first to understand the situation?
What is communicate with the employee and identify the cause?
What business analysis evaluates strengths, weaknesses, opportunities, and threats?
What is a SWOT analysis?
Analyzing current and past markets to gather information and develop a plan to enhance your business
What is market research/analysis?
A business has $20,000 in current assets and $10,000 in current liabilities. What is its current ratio?
What is 2 to 1?
If demand increases while supply stays the same, what generally happens to the equilibrium price?
What is an increase?
What conflict-resolution approach seeks a solution that addresses the important needs of all parties?
What is collaboration?