Business Basics
What do we call something that a business sells to customers?
Product or service
What do we call a symbol or design that represents a company?
Logo
What do you call the money you earn from a job?
Income
What do you call a place that keeps your money safe?
Bank
What is the name for a person who starts their own business?
Entrepreneur
What do we call a short phrase or sentence that helps people remember a brand?
A slogan
What is a budget used for?
Planning how to spend money
What is the plastic card that lets you pay now and pay later?
Credit card
What are businesses trying to make when they sell products?
Profit
What is the term for when two companies offer/sell similar products or services?
Competitors/competition
What is the term for money saved for future use?
Savings
If you run a lemonade stand, what are lemons and sugar an example of?
Supplies or expenses
What do we call the people who work for a business?
Employees
Why might a company lower the price of an item for a short time?
To attract more customers or increase sales
What do you call money you borrow and must pay back?
Credit or a loan
What might happen if you don’t pay your bills on time?
You may be charged a late fee or damage your credit
What at least two of the three basic things businesses need to produce goods or services?
Natural resources (raw materials), human resources (people), capital resources (money)
The FOUR P's of marketing are "Product, place, price, & promotion.
"Which “P” involves advertising and social media?
Promotion
What is interest (in terms of borrowing money)?
Extra money paid for borrowing
What is a paycheck usually reduced by before you get it?
Taxes