Business Fundamentals
Is Movies considered a good or service?
A service
Fill in the blink ____ is an innovation of a candlelight
Light bulb
What are the 3 leadership styles?
The leadership styles are autocratic, democratic, and laissez-faire.
What company does this logo belong to?
Windows
Do you find a “Bank Loan” on an Income Statement or Balance Sheet?
Balance Sheet
What is the difference Self-Fulfillment and Esteem?
Self-fulfillment is done to boost your own confidence while Esteem is done for approval from others.
Name one invention and one innovation
Will be checked by us
What are the four functions of management?
Planning, Leading, Organizing, Controlling
What are the 2 types of promotions?
Advertising and sales promotion
What is the fundamental accounting equation?
Assets= Liabilities + Owners Equity
Name a capital resource.
Trucks, buildings, equipment, tools, money
Name 3 qualities discussed in class that make a good entrepreneur.
Responsible, Hardworking, Good communicator, and more
In which type of leadership style may be time consuming and employees would be expecting to be told what to do?
Democratic Leadership
What is the pricing strategy called when you end the amount in zeros or even numbers?
Odd pricing
Is “Total Liabilities” underlined on a Balance Sheet? Yes or no
No
Which 2 forms of ownership have unlimited liability?
Sole proprietorship and partnership
What is the purpose of starting a business and providing products or services?
To fulfill the needs of themselves and others.
Nike's goal is to increase sales by 15% by hiring more staff and increasing advertising. This is an example of what type functions of management?
This is an example of Planning.
What are the four P’s and two C’s
Price, place, product, promotion, consumer and competition
John’s Electronic Company's total assets are equal to $47,000, and the total liabilities are $104,000. What is the Owners Equity? Please use the correct format.
($57,000)
What is a franchisee, franchise, and franchisor?
Franchisee - the owner of a franchise location
Franchise - location that Look and feel the same as another (example mcdonalds, subway and burger king)
Franchisor - licenses the name to the owner and the owner runs the franchise
Who is the owner of the creation of platforms such as Microsoft Word, Excel, etc?
Bill Gates
if your teacher always uses the leadership style laissez faire how may that negatively impact your education?
That would negatively impact your education as
Students might not take teacher seriously, leading to not doing work
Students can feel lost as instructions won't be provided
Students won't be prepared for exams/tests
Advantages and disadvantages of competitive pricing?
Allows for competition with other products
Room to improve/fix feature
Must be unique
Customers unsure of which to pick
What is wrong with this Balance Sheet?
Total Liabilities should not be indented.