Domain 1
What's a business plan
A written document that details how a business will be structured
If a business near you is selling pancakes while you're selling ice cream is that a direct or an indirect competition
Indirect competition
Target Market
A specific customer group or groups to which a company markets it's products and/or services to.
What do Indirect Distribution Channels use to sell their products to the end customers?
Middlemen
What is the equation for Equity?
Assets - Liabilities = Equity
What does a COO do?
A COO (Chief Operation Officer) oversees and manages the companies day-today-day operations.
Tyler owns a cake shop that sells cakes and cupcakes meanwhile Alex owns a patisserie shop that sells honeybuns, ice cream, and cakes. Are Alex and Tyler in a direct competition or indirect competition
Direct competition
Trademark
A legal protection that protects brand names, logos and business names
Define Value Engineering.
an evaluative process of a product used by businesses to cut down on production costs without the product losing its necessary function.
Ms.Morrison owns a fast food restaurant named Wendys. Her starting balance is $4,800 and her ending balance is $5,000. What is her burn rate?
$4,800 - $5,000 = -$200
State the Business Life Cycle stages in order.
1. Existence
2. Survival
3. Success
4. Take-off
5. Maturity
6. Pivot or Persist
7. Exit Plan
What does SWOT stand for
Strength, Weakness, Opportunity, and Threat
Lean Canvas
A short written document discussing your business plan
When creating a product, list the 4 types of research you should conduct.
How the product is made
Required materials
Where to acquire materials
Cost of materials
Ms.Morrison owns an electrical appliance store called BrandsMart USA. If Ms.Morrison's Income Statement states that her last quarter income was $13,000, her cost of goods was $700 and her total expenses was $5,000, what was her Net Income?
$13,000 - $700 - $5,000 = Net Income = $7,300
What is a LLC?
A Limited Liability Company is a business structure that separates a business's debts and taxations from the owner.
Tyler used up $39,000 on sales and marketing last year and gained a total of 2,600 new customers. What's Tyler's customer acquisition rate
15
Product/Market Fit
The creation of a product or service that many people want
State the main difference between Direct Distribution Centers and Fulfillment Centers.
Direct Distribution Centers receives and temporarily stores ordered products before fulfilling customer's orders for a business. Fulfillment Centers stores products as well as process and fulfills customer's orders for the business of that product.
Commissions, Supplies, Insurance, Wages, Property Taxes, Credit Card Fees, Rent, and Depreciation
Determine which are Fixed Costs and which are Variable Costs.
Fixed Costs: Rent, Insurance, Property Taxes, and Depreciation
Variable Costs: Commissions, Credit Card Fees, Wages, and Supplies
What is the difference between an S and C corporation?
An S corporation is a For profit corporation with special taxations. A C corporation is taxed twice but doesn't file a personal US income tax return.
Tyler at the start of the month had 300 customers, but at the end of the month 258 customers. Tyler was recorded to have gained 24 customers that month. What's his customer retention rate
78
Return on Investment (ROI)
An equation used to calculate the profitability of an investment
List the Quality Control Process in order when using Internal Quality Standards.
1. Define Internal Quality Standards in measurable terms
2. Establish testing methods
3. Review results
4. Refine and improve processes
Ms.Morrison owns a grocery store called Winn-Dixie. Her current revenue was $12,000. Calculate and determine her run rate.
$12,000 * 12 = $144,000