Business Basics
This is the money a business receives from selling its products or services.
What is revenue?
This is the process of telling potential customers about a product or service.
What is advertising?
If you sell something for $10 and it costs $6 to make, your profit per item is this.
What is $4?
This person creates a business idea and takes the risk of starting the business.
What is an entrepreneur?
In Shark Tank, entrepreneurs present their business idea to these people, who may choose to invest.
Who are the Sharks?
This is the amount of money left after a business subtracts its expenses from its revenue.
What is profit?
A short, memorable phrase associated with a company or product is called this.
What is a slogan/tagline?
If a business sells 10 items for $15 each with a cost of 5$, its total revenue is this.
A new product, service, or idea that improves upon something or introduces something new is an example of this.
What is innovation?
When an entrepreneur asks for money in exchange for part of their company, they are offering this.
What is equity?
A person who starts and operates a business is called this.
What is an entrepreneur?
The four traditional elements of the marketing mix are Product, Price, Place, and this.
What is Promotion?
If something costs $20 to make and you sell it for $30, this is the difference between the selling price and cost.
What is the profit?
If you ask customers questions before launching a product to find out what they want, you are conducting this.
What is market research?
If someone asks for $20,000 for 10% of their company, the 10% represents this.
What is ownership/equity?
These are the costs a business has to pay to operate, such as supplies, equipment, or advertising.
What are expenses?
A company studies this group of people to determine what they want and need before creating a product.
What is the target market?
A business spends $500 making products and earns $800 from selling them. Its profit is this.
What is $300?
This is the reason a customer should choose your product instead of a competitor's.
What is a value proposition?
A strong Shark Tank pitch should explain the problem, the solution, the customer, and this important question: "How does the business _____?"
What is make money?
This term describes the people who are most likely to purchase a company's product or service.
What is the target market?
This is the middle-level winner of the Exploring Marketing Strategies Event at the FBLA National Leadership Conference in San Antonio, Texas.
Who is William Foster?
A business needs to sell enough products to cover all of its costs before it begins making a profit. This point is called the _____.
What is the break-even point?
An entrepreneur who notices a problem and creates a product specifically to solve it is demonstrating this important business skill.
What is problem-solving?
A Shark says, "I like your product, but I don't think enough people will buy it." Which part of the business plan is the Shark primarily questioning?
What is the target market/market demand?