Operations
A person responsible for making sure employees follow safety rules at work.
Manager or Supervisor.
A document that summarizes your skills, education, and experience for potential employers.
Resume.
The money a business earns after all expenses are paid.
Profit.
Protected property created by original thought.
A business owned and operated by two or more people who share in the profits and losses.
Partnership
A factory installs machines that reduce the time needed to package products. What is being improved?
Productivity / Efficiency.
An employee receives constructive feedback from their manager. What should they do next?
Thank the manager and work to improve.
A product's supply is low but demand is high. What is likely to happen to the price?
The price will increase.
Protects works of authorship.
Copyrights.
A business owned an operated by one person with unlimited personal liability.
Sole Proprietorship.
The term for the process of turning raw materials into finished goods.
Production.
Alex is starting a new job at a marketing agency. On his first day, he dresses professionally, arrives early, and listens carefully during training. What career skill is Alex demonstrating?
A. Technical knowledge
B. Leadership
C. Professionalism
D. Entrepreneurship
C. Professionalism
A company invests in new equipment to increase production efficiency. Is this a capital expense or an operating expense?
A capital expense.
Protects brands.
Trademarks.
A separate legal entity from its owners, who are shareholders.
Corporation.
The process of checking to make sure products meet a certain standard before they are sold.
Quality Control.
The difference between hard skills and soft skills.
Hard skills are job-specific abilities and soft skills are personal traits like communication.
A business’s total sales were $50,000 and its costs were $35,000. What is its gross profit?
$15,000.
An exclusive right granted for an invention.
Patents.
Offers limited liability protection and is only in the US.
Limited Liability Company (LLC).
A toy store counts all the action figures, dolls, and games it has in the backroom and on shelves. What is this business checking?
Inventory.
A professional way to follow up after a job interview.
A bakery tracks all its income and expenses for the month to make financial decisions. What financial document is it most likely using?
An income statement.
Any valuable business information that derives its value from secrecy.
Trade Secrets
Carlos owns a graphic design business by himself. He wants to protect his personal assets as the business grows and starts taking on larger contracts. Which type of business ownership should Carlos consider switching to in order to limit his personal liability?
Corporation.