Operations
This acronym stands for Cost of Goods Sold.
What is COGS?
This is how a company sells its products to customers and its plan for making a profit.
What is a business model?
This type of competition occurs when companies offer essentially the same product or service, like Coke versus Pepsi.
What is direct competition?
The ability of a computer program or machine to think and learn, and to emulate or match what human beings do, like reasoning and making decisions
What is Artificial Intelligence (AI)?
This is the legal responsibility of an individual or entity for actions, debts, and obligations.
What is liability?
The making of products from raw materials and other inputs like labor, machinery, and tools.
What is manufacturing?
This type of business makes finished products from raw materials.
What is a manufacturer?
This economic system features privately-owned companies driven by a profit motive, where prices are set by supply and demand.
What is capitalism?
A network of devices connected to the internet that communicate with each other.
A: What is the Internet of Things (IoT)?
This is a business owned by one person where the owner has unlimited liability.
What is a sole proprietorship?
This formula calculates the difference between sales revenue and cost of goods sold.
What is gross profit?
This business model combines traditional physical street-side locations with online shopping, like Target and Walmart.
What is bricks-and-clicks?
This occurs when only one company controls the supply of a good or service with no readily available options for consumers.
What is a monopoly?
The standard markup language for creating web pages.
What is HTML?
This type of security represents ownership in a company and signifies a claim on the company's assets and earnings.
What is stock (or shares/equities)?
This is a company's network of people, suppliers, activities, and resources that create and move a product from suppliers to the end consumer.
What is the supply chain?
This model allows a person or small business to legally use another company's brand, expertise, and established systems, like McDonald's and Subway.
What is a franchise (or franchisee)?
This exists when a small number of companies control the supply of a good or service with highly restrictive barriers to entry, like car manufacturers and airlines.
What is an oligopoly?
The gain or loss generated on an investment, compared to the amount of money invested.
What is Return on Investment (ROI)?
This legal document outlines the rights, responsibilities, and obligations of individuals involved in a partnership.
What is a partnership agreement?
This means using technology and assembly lines to make large quantities of the same product.
What is mass production?
This model buys large quantities from manufacturers, warehouses them, and resells to retailers.
What is a wholesaler?
Information collected directly from first-hand experience, like customer interviews and questionnaires, is called this type of data.
What is primary data?
When many objects are connected and act in unison.
What is Ambient Intelligence?
C Corporations experience this tax situation where the company pays taxes on profits and shareholders also pay taxes on dividends.
A: What is double taxation?
This is about optimizing the flow of inputs and outputs until goods reach their final destination, including inventory and warehouse management.
What is logistics?
In this model, the merchant sells from its web store but doesn't keep inventory; instead, it purchases from a third party who ships directly to the customer.
What is dropshipping?
This government agency provides protections against monopolies and unfair competition practices.
What is the FTC (or Federal Trade Commission)?
This is a way of achieving AI where machines receive information and make decisions based on it.
What is Machine Learning?
In a Limited Partnership, one or more partners are not active, have no decision-making power, and have liability limited to this amount.
What is the amount they invested?