What is an organization that produces or sells a good or services to satisfy the needs, wants and demands of consumers for the purpose of making a profit.
100
What is the difference between market share and market segment?
What is market share: percentage that a business' product takes of total dollars spent on those products
market segment: mad up of smaller parts with similar charcteristics
100
Define inventory?
What is the quantity of goods on hand, usually called stock
100
What are the four ways management functions?
What is:
1. Leading
2. Controlling
3. Planning
4. Organizing
100
What is an entrepreneur?
What is is a person who starts a venture to solve a problem or take advantage of an opportunity
200
What are the two interest groups of a business?
What are Producers and Consumers
200
“Subway Eat fresh” Is this a slogan, logo, jingle, or brand name?
What is slogan
200
What is the accounting formula?
What is assets = liabilities + owner's equity
200
Define motivation zappers? Give one example.
What are things that de-motivate employees. (such as harsh criticism)
200
Define enterprising person.
What is contributes to other people’s ventures by recognizing problems/opportunities
300
What is the difference between a producer and consumer?
What is Producers make the good/service. Consumer buys the good/service
300
Define brand extension.
What is one brand name but multiple products
(Dove: soap, choclate, deoderant)
300
Define fiscal year.
What is any 12 month business operating period.
300
What is the role of human resources department?
What is hire new employees, handle employee disputes, payroll.
300
What are three entrepreneurial activities? Define each.
What is
1. Fundraising
2. Not-for-profit ventures
3. Organizing a school event
400
What are the two types of producers?
What is Manufactures and Suppliers
400
Name the five phases of the product life cycle. Provide a brief description of each?
What is Intro, Growth, Maturity, Decline, Decision marking
400
Name three types of assets.
What is accounts receivable, cash, vehicle, supplies, inventory, etc.
400
What are the three levels of management?
What is upper (CEO), middle (regional manager) and lower (store manager) level management.
400
Define feasibility.
What is probability of success.
500
Define each producer.
What is Manufacturer: Take raw materials and produce goods. Supplier: Buy from manufactures and to see to you
500
Define the push/ pull strategy. Provide an example for each.
What is push: strategy used to sell product to the retailer
pull: strategy used to increase consumer demand directly
500
Name three types of liabilities.
What is mortgage loan, accounts payable, car loan, etc.
500
Name three leadership traits.
What is: Risk-taker
Perceptive
Curious
Imaginative
Persistent
Goal-setting
Hard working
Self-confident
Flexible
Independent
500
What’s the difference between invention and innovation? Give an example of each.
What is
Invention: creating something that does not already exist (or, has not already been done)
Innovation: using available technology to some way improve upon a product/service that already exists