Vocabulary
Which term describes a person who organizes, operates, and assumes the risk for a new business venture?
what is Entrepreneur
A lemonade stand has $150 in total revenue. Their lemons, sugar, and cups cost $45, and their permit cost $20. What is their Profit?
what is $85
A coffee shop notices sales are slow between 2:00 PM and 4:00 PM. Which strategy would best increase afternoon traffic?
B) Offering a "Happy Hour" buy-one-get-one discount.
True or False: In a sole proprietorship, the owner is personally responsible for all business debts.
true
In a market economy, what determines the price of a product?
what is supply and demand
A retailer buys a pair of shoes for $40 and sells them for $60. What is the markup percentage?
what is $50
A customer leaves a 1-star review online saying their order arrived broken. What is the best professional response?
Apologize publicly and offer a replacement or a full refund.
Which of the "4 Ps of Marketing" involves deciding where the product will be sold (e.g., online vs. in a department store)?
what is place
A specific group of consumers at which a company aims its products and services is called a:
what is target market
You sell t-shirts for $20 each. Your fixed costs are $200 and it costs you $10 to make each shirt. How many shirts must you sell to break even?
what is 20 shirts
A new competitor opens nearby and lowers their prices. To stay in business without lowering your prices, what should you focus on?
Better quality, unique branding, or superior customer service
B) To outline the goals and steps for a business's success.
The total amount of money a business receives from selling goods or services is:
what is revenue
True or False: If a company has high revenue, they are guaranteed to have a high profit.
False
A local clothing brand wants to start selling nationwide but doesn't have the money for more physical stores. What is the most cost-effective way to expand?
Launching an E-commerce website
If a company advertises a "50% off sale" but actually raised the original prices the day before to make it look like a deal, is this ethical?
what is no
Rent and insurance are examples of what type of cost because they do not change based on production levels?
what is fixed cost
You buy a pack of 12 notebooks for $18.00. What is the cost per unit?
what is $1.50
A toy company finds a cheaper plastic supplier that saves them money but makes the toys break easily. What is the long-term risk of switching?
Loss of brand reputation and increased product returns.
What is one major advantage of a partnership over a sole proprietorship?
what is Shared responsibility, pooled resources/money, or shared workload