Define Financial Records
The financial documentation for an individual, business or other organization. The most common records are a Cash Flow Statement, Income Statement, Balance Sheet and Tax Returns
Define Product Mix
All of the different products and/or services a company makes or sells
Define Confidentiality
Keeping information secret
Explain Communication Skills
The ability to convey information to another effectively and efficiently
Define Start-Up
A newly established business
Define Gross Revenue
Amount of money that the purchasers of a company’s products or services actually pay for those items
Define Promotional Mix
The combination of advertising, personal selling, sales promotion and public relations used to accomplish an overall marketing strategy
Define Competitive Advantage
A circumstance that puts a company in a favorable or superior business position.
Define Customer Database
Customer information gathered by a business - such as name, address, phone and purchase history.
Define Partnership
Two or more individuals who operate a continuing business for profit. A partnership is legally regarded as a group of individuals rather than as a single entity, and each of the partners file their share of the profits on their individual tax returns
Explain the role of Finance in a Business
The role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing. Finance can also include roles in business development and corporate governance.
Explain Marketing and its importance to the global economy
As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.
Explain the nature of Project Management
Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.
Exhibit cultural sensitivity
A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another's cultural norms and be willing to learn traditions and characteristics of other cultures.
Explain the need for Innovation Skills
Innovation is necessary for an organization to continue to move forward in the marketplace and meet customer needs. Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well as the basic tasks of reading, writing and mathematics.
A business wants to purchase new machinery for its production line. Which of the following pieces of financial information would be most relevant for its purchase decision:
A. How much money the company spent on machinery five years ago
B. The amount of money left in the budget for the fiscal year
C. The amount of money spent by a competing company on production line equipment
D. The current salaries of top company executives
B. The amount of money left in the budget for the fiscal year
The ultimate goal of a company that redirects its marketing effort to an untapped market segment is to
increase its
A. profit.
B. expenses.
C. output.
D. prices
A. Profit
Which of the following is an example of one of a business's inputs:
A. Products
B. Employees
C. Goods
D. Services
B. Employees
How are a business's customers affected by the good human-relations skills of the business's employees?
A. Customers are not affected by it.
B. Customers' loyalty increases.
C. Customers return less frequently.
D. Customers' complaints increase.
B. Customers’ loyalty increases
Entrepreneurs often discover business startup ideas by looking for gaps between what is currently being done
and
A. what was done in the past.
B. what needs to be done.
C. when changes were last made.
D. how things are being done
B. What needs to be done
With a lending investment, investors do which of the following:
A. Avoid taking any risk
B. Maintain a minimum amount of money in the investment
C. Allow borrowers to use their money for a price
D. Hire a financial advisor
C. Allow borrowers to use their money for a price
Demand for a good is more likely to be elastic when the good is
A. inexpensive.
B. imported.
C. a necessity.
D. a luxury
D. A Luxury
Which of the following is a potential risk involved with information management:
A. Privacy and security issues
B. Increased competition
C. Increased use of outsourcing
D. Higher interest rates
A. Privacy and security issues
Change in the values, tastes, and habits of Americans is a component of __________ change.
A. governmental
B. economic
C. technological
D. social
D. Social
A local lawyer owns their own business and has two employees. What type of ownership is their business?
A. Limited liability company
B. Sole proprietorship
C. Consolidated corporation
D. Partnership
B. Sole Proprietorship