Business Basics
Define a business
What is an organization involved in commercial, industrial, or professional activities?
Define Scarcity
What is limited resources and unlimited wants?
What is a target market?
What is the group most likely to buy a product?
What are inputs?
What are resources used to produce goods and services?
What is liability?
What is legal responsibility for debts and obligations?
Name the business function responsible for hiring employees.
What is Human Resources?
Define Opportunity Cost
What is the value of the next best alternative given up?
What does SWOT stand for?
What are Strengths, Weaknesses, Opportunities, and Threats?
What are outputs?
What are finished goods and services?
What ownership type is owned by one person?
What is a sole proprietorship?
Name the six business functions.
What are Human Resources, Strategy, Information Management, Operations, Marketing, and Finance/Accounting?
What is the difference between micro and macro economics?
What is microeconomics studies individuals/businesses while macroeconomics studies the economy as a whole?
What is the marketing concept?
What is identifying and satisfying customer needs and wants?
What is D2C?
What is Direct-to-Consumer?
Name the five functions of management.
What are planning, organizing, staffing, controlling, and leading?
Explain the role of strategy in a business.
What is creating goals and plans that help achieve a company's mission?
What is equilibrium?
What is when supply equals demand?
Explain market information management.
What is researching customers, competitors, and industry trends?
What is the gross profit formula?
What is Sales Revenue – COGS?
What is direct competition?
What is when businesses sell similar products or services?
Explain how three different business functions work together to help a company succeed.
Answers may vary
A business lowers prices and sales increase. Explain why using supply and demand.
What is lower prices increase demand, causing sales to rise?
Explain why branding is important for business success.
What is branding builds trust, loyalty, reputation, and differentiation?
Explain the difference between a retailer, wholesaler, and distributor.
Retailers sell to consumers, wholesalers buy in bulk and resell, distributors move products between manufacturers and retailers.
Compare a sole proprietorship and an LLC.
Sole proprietorships have one owner and unlimited liability; LLCs provide limited liability protection but require more setup.