Sole Corporship
This type of organization has the easiest time receiving financing
What is a corporation?
All of your friends went to see a movie last week and haven't stopped raving about it. All their conversation about it may have you experiencing this.
What is Fear of Missing Out (FOMO)?
This type of organization, common in the fast food industry, allows new business owners to work with a pre-existing brand name.
What is a franchise model?
Traditional economists used to think people always made decisions rationally. But the study of this type of economics suggests people do not always make rational economic decisions.
What is behavioral economics?
This business model is unique in that it not only sells to customers, but also recruits them to become sellers of the products as well.
What is Multi-Level Marketing (MLM)?
This is the name for a business type that opens inside of another established business. When done successfully, the arrangement helps both entities.
What is a piggyback corporation?
Taco Bell
What is a franchise?
This type of organization may be set up with either a "general" or "limited" status.
What is a partnership?
We feel losses twice as much as we feel equivalent gains, due to this cognitive bias.
What is loss aversion?
This type of organization can raise funding by selling shares of the company through a stock exchange.
What is a "C" Corporation?
What is herd mentality?
DAILY DOUBLE!!!
This may be described as an error in the way we think that can influence our decisions
What is cognitive bias?
This is a marketing strategy focused on giving people "ownership" of a product or service, in order to make them want to pay for continued ownership rather than losing access
What are free trials and subscriptions?
Coca-Cola
What is a "C" Corporation?
This type of business is both the easiest to start and shut down.
What is a sole proprietorship?
DAILY DOUBLE!!!
An example of this bias, Michael chooses to buy snowboard A over snowboard B based on the hype he's read about snowboard A online.
What is herd mentality?
This type of business structure is tax-exempt and has the primary goal of service. They are often charities, religious organizations, or scientific organizations.
What is a Nonprofit Organization (NPO)?
When we purchase something for ourselves, we often feel a short-term gain in happiness, before getting used to our new circumstances and returning to baseline happiness. This is due to ....
What is hedonic adaptation?
Jeremy is sure he can make a blindfolded halfcourt shot at halftime of the state championship. This is despite the fact Jeremy has never played basketball. What type of overconfidence bias is Jeremy victim of?
What is overestimation?
What are two of the four ways we experience confirmation bias?
What are:
1. Not seeking out objective facts
2. Interpreting information to support your existing beliefs
3. Only remembering details that uphold your belief.
4. Ignoring information that challenges your belief
Buena Vista Roastery Cafe
What is an S-Corp?
This type of business organization often experiences "double taxation"
What is a corporation?
You go to a restaurant and order a big meal. Even though you're full, you keep eating because it was expensive. This is an example of....
What is the sunk cost fallacy?
This type of business structure combines characteristics of both sole proprietorships and corporations. These structures often allow for the limitation of liability.
What is a limited liability company (LLC) or an S-Corporation
While researching a new car you are interested in buying, you only visit the car company's website and and Facebook page to complete the research. This strategy may lead to...
What is confirmation bias?
This is a business arrangement in which two parties pool their resources for the purpose of accomplishing a specific task.
What is a Joint Venture (JV)?
This marketing strategy, focused on loss aversion, uses terms like "Only 3 Left in Stock" and "Hurry, Buy Now!"
What is scarcity and urgency?
Buena Vista High School
What is an NPO?
These two types of business organizations have "unlimited" liability.
What are sole proprietorships and partnerships?
We feel sentimental value toward things belonging to loved ones, in part due to this cognitive bias
What is the endowment effect?
A business organization whose members both own AND use the products and services a company has to offer.
What is a cooperative?
The ________ is suggested to cope with loss aversion. It involves asking someone if they woke up tomorrow, and something they owned had been replaced with cash, would they be happier with the cash than they were the item.
What is the Overnight Test?
These are the three types of Overconfidence Bias.
What are overplacement, overestimation, and overprecision?
When completing your posterboard projects, this is the term listed on the Secretary of State website, letting you know that a business is a sole proprietorship.
What is "Individual"?
Amway / Mary Kay / Herbalife
What is Multi Level Marketing (MLM)?