Business Management - 1
What is "O" stand for in SWOT Analysis?
Opportunities
Revenue - costs = ???
Profit
What is a plan that outlines how a business will make money?
Business plan
What are stocks?
A type of security that represents a share of ownership in a company.
What is a competitor?
A business offering similar products or services targeting the same market
What are the "4P"s of marketing?
Product, Price,Place,Promotion
What is a market?
A place where buyers and sellers meet to exchange goods and services.
What is a brand?
A name, term, design, or symbol that identifies a business or its products.
What is a stock?
A share of ownership in a company.
A market structure where a single firm dominates and sets prices without competition is called what?
Monopoly
A tax imposed on imported goods/services?
Tariffs
What is the term for a written agreement between two or more parties?
A contract
What are assets?
Valuable resources owned by an individual or company that are expected to provide future economic benefits.
What is the term for the amount of money made by a business
"Revenue"
What does B2C stand for?
Business to Consumer
A form of business ownership in which the business is owned by two or more persons is a:
A. Sole Proprietorship B. Partnership C. Corporation
B. Partnership
What is perfect competition?
Accounting
land,labour, capital, entrepreneurship
A financial report that shows a company's revenue, expenses and profits for a specific period/operation
income statement
Explain the difference between fixed and variable costs
Fixed costs do not change with the level of production or sales, variable costs do.
What is perfect competition?
A market structure where numerous firms sell an identical product, and no single firm can influence the market price
What is the accounting equation?
Assets = Liabilities + Owner's Equity
Explain the types of economic costs
implicit and explicit
Explain the law of diminishing marginal returns
As you add more of one input (like labor) to a production process while keeping other inputs (like land or machinery) constant, the additional output from each new unit of input will eventually decrease
Explain the concept of elasticity of demand.
how sensitive the quantity demanded of a good or service is to a change in its price.