Business Basics
What do you call the money a business earns from selling products or services?
What is revenue?
What term refers to the group of consumers a business wants to reach?
What is target market?
What do you call money owed to a company by customers?
What are accounts receivable?
What is the movement of goods from suppliers to manufacturers to distributors to customers called?
What is supply chain?
What term describes the ability to influence others toward achieving goals?
What is leadership?
What do you call costs that stay the same regardless of production levels?
What are fixed costs?
What type of promotion involves spending money to display ads on social media platforms?
What is paid advertising?
What financial document shows what a company owns and owes at a specific point in time?
What is balance sheet?
What performance measure tracks how efficiently a company uses its resources to produce output?
What is productivity?
What theory suggests employees are motivated by needs such as esteem and self-actualization?
What is Maslow's Hierarchy of Needs?
What type of business is owned by one person and is the simplest to form?
What is sole proprietorship?
What measure tracks how familiar consumers are with a brand?
What is brand awareness?
What accounting principle requires expenses to be recorded in the same period as the revenues they generate?
What is the matching principle?
What operations strategy focuses on minimizing waste and maximizing efficiency?
What is lean production?
What framework evaluates a firm’s internal strengths through resources that are Valuable, Rare, Inimitable, and Organized?
What is VRIO framework?
What concept describes the benefit a firm gains by producing a larger quantity of output at a lower average cost?
What are economies of scale?
What strategy involves dividing a market into distinct groups based on characteristics?
What is market segmentation?
What term refers to the gradual decrease in value of a tangible asset?
What is depreciation?
What term describes outsourcing production to another country to reduce costs?
What is offshoring?
What does the acronym PESTLE stand for?
What is political, economic, social, technological, legal, and environmental?
What business concept evaluates whether a company can generate long-term value while managing financial, social, and environmental risks?
What is sustainability/triple bottom line?
What pricing strategy involves setting a high price when a product is new and lowering it over time?
What is price skimming?
What measure shows how efficiently a company uses its assets to generate profit?
What is return on assets (ROA)?
What inventory method assumes the oldest inventory is sold first?
What is FIFO (first in, first out)?
What leadership style involves making decisions without employee input?
What is autocratic leadership?