Marketing
This "P" of marketing refers to where and how customers can buy a product; name it
What is place?
Owners’ share of a company's assets, representing ownership interest, is called what?
What is equity?
The main result shown on an income statement that indicates profit or loss is called what?
What is net income (or net loss)?
The management function that involves setting long-term goals (3–5 years) is called what type of planning?
What is strategic planning?
This federal agency enforces laws against workplace discrimination
What is the Equal Employment Opportunity Commission (EEOC)?
Splitting consumers into groups by age, gender, income, and similar characteristics is called what?
What is demographic segmentation?
Money received by a business before expenses are taken out is called what?
What is revenue?
How do you calculate gross profit on an income statement?
What is revenue minus cost of goods sold?
(revenue - COGS)
A manager who seeks employee input, welcomes new ideas, and encourages participation typically has which management style?
What is participative (or achievement/open) management style?
A document that legally gives an inventor exclusive rights to make or sell an invention is called what?
What is a patent?
A promotional tool that uses coupons, contests, or short-term offers to boost sales is known as what?
What is sales promotion?
Money lent to a company that must be repaid with interest is an example of what source of funds?
What is debt (or a loan)?
The accounting equation that shows assets in relation to liabilities and owners' equity is what?
What is Assets = Liabilities + Owner′s Equity
The management function that involves taking corrective action when things deviate from plan is called what?
What is controlling?
Work such as books, music, and art is protected under which legal concept?
What is copyright (or intellectual property)?
When a company first launches a product and focuses on creating awareness, which stage of the product life cycle is it in?
What is the introduction stage?
Name one advantage of choosing a corporation as a business structure related to raising money.
What is the ability to sell stock to raise capital?
Which line on the income statement represents money paid to suppliers for products sold?
What is cost of goods sold (COGS)?
Define tactical plans and state the typical time frame they address
Tactical plans set midrange objectives to reach goals within about one year.
Asking a job applicant "What religion do you practice?" during an interview is generally considered what?
What is illegal (discriminatory)?
Define target market and explain how it differs from market segmentation.
Target market is the specific group most likely to buy a product. Market segmentation is the process of dividing a broader market into smaller groups to identify target markets.
Compare and contrast equity financing and debt financing in two concise statements.
Equity financing gives investors ownership shares and may give up control; no required repayments.
Debt financing requires repayment with interest; does not give up ownership but creates liabilities.
Explain the difference between an asset and a liability with one example each.
Asset: a resource owned (e.g., equipment).
Liability: an obligation owed (e.g., loan)
Describe one major disadvantage of a centralized, control-oriented management style for employee motivation.
It can reduce employee autonomy and lower morale because staff have little input.
Explain what a contract is and give one example of a business contract type.
A contract is a binding legal agreement between two or more parties. Example: a lease agreement.