Business Basics
What is the term for a business owned by a single individual?
What is a sole proprietorship?
Who founded Microsoft in 1975?
Who is Bill Gates?
This term refers to the strategy of offering different products or services to meet the needs of various market segments.
What is market segmentation?
This term describes the amount of money earned from sales before subtracting expenses.
What is revenue?
This term refers to the amount of a product that consumers are willing to buy at a given price.
What is demand?
This type of business structure limits the owner’s personal liability but involves more regulations than a sole proprietorship.
What is a corporation?
This entrepreneur is known for creating the Tesla electric car company and co-founding PayPal.
Who is Elon Musk?
What is the marketing term for the idea that a customer’s perception of a brand is influenced by their overall experience with that brand?
What is brand equity?
This is the total cost of producing and selling a product or service.
What is cost of goods sold (COGS)?
When prices go up, and people buy less of a product, this is an example of what economic principle?
What is the law of demand?
The acronym “ROI” stands for what in the context of business?
What is Return on Investment?
She is the founder of the beauty brand Honest Company and also acted on TV.
Who is Jessica Alba?
This type of marketing involves using social media platforms to promote products and engage with customers.
What is social media marketing?
The amount of money left after all expenses are subtracted from revenue is known as what?
What is profit?
The cost to make one more unit of a product is known as what?
What is marginal cost?
This financial statement shows a company’s revenues, expenses, and profits over a specific period.
What is an income statement?
What is the term for a marketing strategy that targets a specific group of consumers based on demographics, interests, and behaviors?
What is targeted marketing?
This term refers to the amount of money a business borrows and must pay back.
What is a loan?
This term describes a market where there are many buyers and many sellers, and no single entity has control over the price.
What is perfect competition?
This term refers to the practice of spreading out investments to reduce risk.
What is diversification?
Known as the "Oracle of Omaha," this investor and philanthropist is the chairman and CEO of Berkshire Hathaway.
Who is Warren Buffett?
The “Four Ps” of marketing include Product, Price, Place, and what other P?
What is Promotion?
This document shows the business’s assets, liabilities, and owner’s equity at a specific point in time.
What is a balance sheet?
When a business has a large enough share of the market that it can influence prices, it’s said to have what?
What is market power?