Business Basics
What is the primary goal of a for-profit business?
What is profit?
Who founded Microsoft?
What is Bill Gates?
What is a "pitch" in the context of startups?
A brief presentation by an entrepreneur to potential investors about their business idea.
What does the term "target market" refer to?
The specific group of customers a business aims to reach with its products or services.
What is the term for the money a business earns from selling goods or services?
Revenue
What term describes a detailed plan for the future of a business, outlining goals and the strategy to achieve them?
What is a business plan?
Which entrepreneur is known for founding Amazon?
What is Jeff Bezos?
What is the term for a business that uses technology to solve problems?
What is a tech startup?
What is the 4 P’s model in marketing?
Product, Price, Place, and Promotion
What does ROI stand for in business?
What is Return on Investment?
What is it called when a business offers shares to the public for the first time?
What is initial public offering (IPO)?
Who is the founder of Tesla and SpaceX?
What is Elon Musk?
What is it called when investors provide funding to a startup in exchange for equity?
What is venture capital?
What is it called when a company sets a high price for a new product initially, then lowers it over time?
What is price-skimming?
What is the financial statement that shows a company’s income and expenses over a specific period?
What is Income statement?
What is the difference between a "product" and a "service"?
A product is a tangible item sold to customers, while a service is an intangible offering like skills or labor.
Which entrepreneur created the Virgin Group, which includes airlines and music labels?
What is Richard Branson?
What term refers to the point at which a company’s revenue covers its expenses?
What is break-even point?
What is "brand loyalty"?
When consumers consistently choose one brand over competitors due to positive experiences or trust.
What is it called when a company is unable to meet its financial obligations and must close?
Bankruptcy
What is the term for a strategy in which a business reduces prices to eliminate competitors and dominate the market?
What is predatory pricing?
Who was the first female self-made millionaire in America, known for her beauty and hair care products?
What is Madam CJ Walker?
What is a "minimum viable product" (MVP)?
A version of a product with just enough features to attract early adopters and validate a business idea.
What is the marketing term for when customers promote a product by telling others about it?
What is word-of-mouth marketing?
What is a "stock" in the context of investment?
A share representing ownership in a company.