Business Basics
Human Resources
Operations
Finance
Marketing
External Factors
100
The main goal of most businesses, meaning revenue after costs are subtracted.
What is profit?
100
This term refers to the process of finding and attracting potential employees.
What is recruitment? 
100
A factory produces 60 units in 3 hours. This is the production rate per hour.
What is 20 units per hour?
Rate = Total units / Time = 60 / 3 = 20 units per hour
100
A company’s revenue is $5,000 and its expenses are $3,500. This is the net profit.
What is $1,500?
Profit = Revenue − Expenses = $5,000.00 - $3,500.00 =$1,500.00
100
This is the group of customers a business aims to reach with its products.
What is a target market?
100
The rivalry among businesses selling similar products or services to the same customers.
What is competition?
300
This term describes the process of turning inputs like labor and materials into finished goods or services.
What is production?
300
A document that lists the duties, responsibilities, and qualifications for a specific job.
What is a job description? 
300
A worker produces 240 items in 8 hours. This is their productivity rate.
What is 30 items per hour?
Rate = Total items / Hours = 240 / 8 = 30 items per hour
300
The formula used to calculate the break-even point in units.
BEP = Fixed Costs / (Selling Price per Unit – Variable Cost per Unit)
300
These are the four key elements of marketing: product, price, place, and promotion.
What are the 4 Ps?
300
This term refers to government rules and requirements that businesses must follow, such as safety standards or environmental laws.
What is regulation?
500
This type of business ownership is owned by one person and has unlimited liability.
What is a sole proprietorship?
500
The voluntary or involuntary departure of an employee from a company, often measured as a percentage.
What is employee turnover?
500
This system keeps inventory levels low by ordering goods only when needed.
What is Just-in-Time (JIT)?
500
A business earns $2,000 in revenue and has $500 in costs. This is the profit margin.
Profit Margin = ((Revenue − Costs Revenue) / Revenue)*100 = ((2,000-500)/2,000)*100 = 75 %
500
A company lowers its price from $80 to $60. This is the discount percentage.
What is 25%?
(80-60)/80*100=25%
500
This framework analyzes Political, Economic, Social, and Technological influences on a business.
What is PEST analysis?
