Vocab
Ch1: Intro to Business
Ch2: Marketing
Ch3: Accounting/Finance
Ch4: Organizational Management
100
What is depreciation?
An accounting method used to allocate the cost of an asset over its useful life.
It represents the decrease in the value or worth of a tangible asset due to factors such as wear and tear, obsolescence, or usage.
100
What are the 3 forms of business ownership we discussed in class?
Sole Proprietorship, Partnership, Corporation
100
When conducting a SWOT analysis, it tends to be done using a 2x2 table/graphic organizer (shown below) with each component in a specific spot. Draw a SWOT analysis table and correctly label where each SWOT component belongs.
Top Left: Strengths
Top Right: Weaknesses
Bottom Left: Opportunities
Bottom Right: Threats
100
What does the SMART in SMART goals stand for?
S: Specific
M: Measurable
A: Achievable/Attainable
R: Relevant
T: Timely/Time-Bound
100
List 3 responsibilities of an HR department.
Recruitment and selection
Performance management
Employee relations
Training and development
Compensation and benefits
Employee engagement
Maintaining employee records
Ensuring compliance with labor laws and regulations
Fostering a positive work environment
Resolving conflicts
Implementing policies and practices that support the well-being and professional growth of employees.
200
What is the definition of a Target Market?
A specific group of consumers who are most likely to be interested in and purchase your product or service.
200
What is the difference between a limited partnership and a general partnership?
General Partnership: A partnership in which all of the partners work together to manage the business.
Limited Partnership: A partnership in which at least one partner does not take part in the operation of the business.
200
What are the 4 P's of Marketing?
*Double points if you write the other name for this!*
1. Price, Product, Promotion, Place
2. The Marketing Mix
200
Name the 3 most popular stock indexes in the U.S.
NASDAQ
Dow Jones
S&P 500
200
What is the primary goal of an HR department?
The primary goal of the HR department is to align the organization's human resources with its strategic objectives, ensuring that the right people are in the right roles and that they are equipped with the necessary skills and support to perform their jobs effectively.
300
What is a Ponzi/Pyramid Scheme?
An investing scam in which money from a constant stream of new investors is used to pay off earlier investors.
300
List 3 ethical issues that might occur in a workplace.
Fairness and honesty
Organizational relationships
Conflict of interest
Communications
300
According to Forbes, what is currently the world's most valuable brand?
*Double points if you can guess which brand placed second!*
1. Apple
2. Nike
300
What are the 2 ways to profit from stocks?
1. Dividends
2. Capital Gain (value increase)
300
What is the difference between quality control and quality assurance?
Quality Control: The process of inspecting and testing products to ensure they meet predetermined standards.
Quality Assurance: The systematic approach to preventing defects and ensuring consistent quality throughout the production process.
400
What is the definition of a Lead?
A lead is a potential customer who has shown interest, but hasn't been qualified as likely to buy. They may have taken action on your website, left a business card at an event, or been referred to you. But it's still unclear whether they'll make a purchase.
400
How does Corporate Social Responsibility (CSR) impact workers and communities?
Philanthropic efforts support local communities
Fair labor practices ensure employee well-being
Environmental initiatives reduce carbon footprints
Community engagement fosters strong relationships
Ethical sourcing promotes sustainability and fairness
Transparency builds trust with stakeholders
Innovative solutions drive social impact
Education and awareness empower responsible choices
400
List 4 characteristics identified when segmenting your target market based on Psychographics.
Values, Life Cycle Stages, Interests, Risk Tolerance, Social Status, Attitudes, Political Beliefs, Hobbies, Cultural Values, Lifestyle, Personality Traits
400
What does it mean when your budget is "balanced"?
Money coming in (earnings plus borrowing) must equal money going out (spending plus saving).
400
Guess the Percentage! The group closest to the answer wins the points:
According to a study by Deloitte, ___% of executives believe that a distinct workplace culture is important for business success.
94%
500
What is the definition of Ethics and Business Ethics?
Ethics is the study of right and wrong and the morality of the choices individuals make.
Business ethics is the application of moral standards to business situations.
500
What are the 3 P's of Corporate Social Responsibility (CSR)?
People
Planet
Profit
500
List the 5 steps of the Consumer Decision-Making process in order
1. Need Recognition
2. Information Search/Research
3. Evaluation of Alternatives
4. Purchase Decision
5. Post-Purchase Evaluation
500
Provide 3/6 strategies I provided you with for investing in the stock market.
1. Start investing as soon as you can and continue to invest over your lifetime.
2. Start with investing small amounts of money.
3. Begin your investment journey with a retirement account.
4. Buy & hold on to your investments for minimum 3-5 years.
5. Do your research!!
6. Trust your gut!
500
What is the difference between Organizational Behavior and Organizational Culture?
Organizational Behavior is the study of how individuals and groups interact within an organization and how their behavior affects its performance.
Organizational Culture refers to the shared values, beliefs, and norms that shape the behavior of individuals within an organization.