Business Basics
What is a person who starts and runs a business called?
Entrepreneur
What do we call people who buy products or services?
Customers
This is a word that means what you're paid per year to work at a job.
Salary
What is the tax on money earned from working called?
Income tax
What fast-food chain uses the slogan "Eat Fresh"?
Subway
What is the money a business earns from selling products or services called?
Revenue
What is a business that sells similar products to another business called?
Competitor/Competition
What is the total amount of money earned BEFORE taxes or other deductions?
What is the tax added to non-essential purchases called?
Sales tax.
What company was originally called "Blue Ribbon Sports"?
Nike
What is the money left after all business expenses are paid?
Profit
What is the process of promoting and selling products and services called?
Marketing
What is the total amount of money earned AFTER taxes or other deductions?
Net pay
Name 3 things that state tax dollars pay for.
K-12 schools, roads, state government, police, fire, parks, libraries, prisons, etc.
What candy company created the product M&Ms?
Mars
This is a word that means "money spent to run and operate a business".
Expense
What do we call specific groups of people a business wants to sell to?
Target market or demographic
What is the minimum wage in Massachusetts?
$15/hour
People who are able to evade paying taxes are actually really smart.
False - they're going to be fined or end up in jail.
What company owns Instagram, Facebook, and WhatsApp?
Meta
A business earns $2,000 in revenue one day, but incurs $1,750 in expenses. What is it's profit for the day?
$750
This is the name of a legal document that is issued to ideas that are BOTH new and useful.
Patent
What is the minimum wage in the United States...aka the federal minimum wage?
$7.25/hour
What is the form called that employees generally receive from their employer each year, that reports wages and taxes withheld?
W-2
What was the first product ever sold on Amazon?
A book! (FYI it was "Fluid Concepts and Creative Analogies" by Douglas Hofstadter)