Business types
Ltd. is an abbreviation for what word?
Limited
Define "morale"
The confidence, enthusiasm, and discipline of a person or group at a particular time.
What does "blue-sky thinking" mean?
The activity of trying to find completely new ideas. The freedom to think creatively without fear of criticism.
What is the purpose of a busness plan?
To show potential investors (such as banks) what the business will do, what kind of business it is and why it should be successful.
To clarify the reason for starting the business.
What does "human capital" mean?
The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organisation.
In America, what does L.L.C. stand for?
Limited Liability Company
What is hot-seating?
When employees don´t have their own office or desk, but are encouraged to move around the building, working at different work stations.
What does USP mean?
Unique Selling Point. What do you / your product have that is different?
What does "SWOT" stand for? Which are internal and which are external factors?
Strengths (internal), Weaknesses (internal), Opportunities (external) and Threats (external)
What is a Cost Benefit Analysis (CBA)?
A cost-benefit analysis is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.
What is a franchise?
When a business sells the right to use its name and idea. The franchisee buys this right to sell the franchisor's goods or services under an existing business model and trademark.
Give both a pro and a con for working in an open-plan office?
Pros = transparency, not isolated (a sense of inclusion), more natural light, lower lighting bills...
Cons = lack of privacy, noisy, draughty, higher heating bills...
What is a discovery call?
An attempt to make contact with a potential employer or client, to gather information that is useful to you.
What is a profit and loss ledger?
Accounts written in a way that shows both the money into and out of a company, as well as how much is left before tax (GROSS PROFIT) and after tax (NETT PROFIT).
Name 3 of the 6 aspects of human capital.
Natural ability, innate and acquired skills, knowledge, experience, talent and inventiveness.
Also... intelligence and emotional intelligence, loyalty (to the company), health, experience, skills and knowledge, personality...
If you wish to go into a business venture with another person but you don´t want to be involved in the running of the business (just invest capital), what are you?
A silent partner
Name a "core value" of good workplace culture.
Leadership, well-being, opportunity, trust, teamwork, innovation, responsibilty, quality, people, purpose, appreciation, success...
Complete this well-known marketing quote:
“People don’t buy what you do; they buy... ___________________”
“People don’t buy what you do; they buy why you do it.”
What is the service content of the business plan we looked at?
What the service (in this case, the teaching of students at different ages in numeracy and literacy) is, and how it will be delivered.
Who won the Nobel Prize for Economics in 1992, after writing about human capital?
Gary S. Becker
What type of business is often described as a "legal person"?
Corporation: a company or group of people authorised to act as a single legal entity.
Name four things that can create a toxic workplace.
low employee morale, poor communication (especially from the management), personal conflict between colleagues (including bullying), high employee turnover...
How many CVs (or resumés) should one person have?
You should write a different CV for every job application, based on the key words in the job description ("job spec").
Name two things that might be included as supporting documents.
Model of a profit and loss sheet, SWOT analysis, market research data, personal biography (background information) of individuals involved in the company, list of corporate policies...
In 2014, a study carried out by the U.S. labor Dept. suggested that American graduates with 4-year degrees were earning how much more than those without a degree? (answer as a percentage)
98%