Finance
Economics
Operations
Marketing
Other
100
Explain the time value of money.
Money tends to depreciate over time. There is something called inflation, which is when you require more units to buy the same thing.
100
Distinguish between economic Goods vs Services, Provide an example of each
Goods - Tangible
Service - Intangible
Examples may vary, depends on the judge 😈
100
List the 2 types of operating costs (think of the 2 general categories, not specific costs)
Variable and Fixed costs
100
What's a target audience?
The target audience refers to the specific group of consumers most likely to want your product or service, and therefore, the group of people who should see your advertisements.
100
What is a rapport?
A close and harmonious relationship in which the groups understand each other’s feelings and communicate well; build trust
200
What is a government bond?
A loan given to the government in return for interest after a few years.
200
Name the 5 types of utilities
Time, Place, Form, Possession, Information
200
What are the 3 forms of production (hint* think about the ketchup)
1. Extraction and cultivation
2. Processing
3. Manufacturing
200
Customer VS Consumer
Customer - person purchasing good/service
Consumer - person utilizing purchased good/service
200
What is a customer-service mindset?
The customer's needs are placed first, Customer satisfaction is the top priority
300
List one reason why one might choose a credit union over a commercial bank.
- Nonprofit, better customer service/goal is to improve customer's financial well-being
- Lower interest rates
- Lower fees
300
Name the 3 types of economic systems
Traditional Economy
Command Economy
Market Economy
Bonus if you can explain one or more
300
List 3 factors involved in choosing a vendor/supplier
Production capabilities
1. Past experiences
2. Product quality
3. Special buying arrangements
4. Special services
5. Pricing
May be more answers
300
What are the 4 P's in the marketing mix?
Product, place, promotion, price
Bonus: What is the purpose of the marketing mix?
300
What are Ethics and Ethical Dilemmas?
Ethics: “Guide” to what a human considers righteous or wrong, Moral principles that govern a person’s behaviour
Ethical Dilemmas:
A situation where all available choices do not allow for an “ethical” outcome (breaks morals/values). Tends to be a difficult choice with no obvious solution
400
Combining all outstanding debt into a new loan with a single monthly payment that typically results in lower interest rates is known as...
Debt Consolidation
400
List the 4 parts of the business cycle
Prosperity, Recession, Depression, Recovery
Bonus: How many years of a recession until it becomes a depression? 🤔
400
Define and explain what the supply chain is.
The supply chain refers to the stages involved in getting a product from raw materials to the customer. Each step in the process is part of the supply chain, including sourcing, manufacturing, shipping, storage, distribution, and delivery. 
400
List the 4 parts of market segmentation
Geographical, Demographic, Psychographic, Behavioral
500
What is another name for the equation to calculate personal net worth? (Exact words)
The Fundamental Accounting Equation
500
Explain the Law of Diminishing Returns with an example
- if you keep increasing one factor in the production of goods (such as your workforce) while keeping all other factors the same, you'll reach a point beyond which additional increases will result in a progressive decline
- Examples may vary, depends on the judge 🤪
500
What can A business use to protect their Intellectual property, provide the specific duration of time for each
Patents(20 years), Trademarks(10 years), Copyright(duration of authors life + 70 years)
500
What is brand identity? How can it be established and maintained?
Definition: describes the externally visible elements of a brand that identify and distinguish the brand in consumers' minds.
Can include visual aspects, such as color, design, and logo, it also includes the type of language and interactions a brand has with consumers.