Economics
What are the 2 MAJOR domains of economics called?
Microeconomics and Macroeconomics
When 2 or more people co-own a business together, this is referred to as a: _______
Partnership
FALSE although this is included, there are other aspects including: distribution, product development etc.
True or False: Finance is about profits, whereas accounting is about reducing costs?
FALSE: finance is about making decisions regarding use of financial resources, whereas accounting is about keeping track of the resources (both are concerned about profits and costs)
Who Owns Zappos, Goodreads and Audible?
AMAZON
What terms is used to refer to the cyclical ups and downs in the economy? (looks a bit like a rollercoaster)
"The Business Cycle"
The vast majority of businesses in the U.S. fall into this category of "business structure". Name the structure (2 words)
Sole proprietorship
Name the 4Ps of the marketing mix
Product, Place, Promotion and Price
How do you calculate profits?
TOTAL REVENUE - TOTAL COSTS (EXPENSES) = PROFITS
What product category advertises the 2nd most on TV (behind automobiles which is # 1)
CEREAL
Name 3 of the 4 types of economic systems. (NOTE: NOT political systems, such as communism, but the name of the economic system)
Market, Command, Traditional, Mixed
True or false: one of the reasons to constitute your business as a corporation is to get a tax break.
FALSE
Name 3 ways to split up a larger market into smaller target markets. Use the marketing terms.
Geographic, demographic and psychographic
What is the accounting equation? State the accounting equation.
ASSETS = LIABILITIES + OWNERS EQUITY
Which company (not Apple) actually manufactures Apples ipad retina display?
SAMSUNG
This is what we use to measure the aggregate output and production of our economy. Name it.
GDP (gross domestic product)
What kinds of RESOURCES do managers "manage"? Name 3 specific kinds (CATEGORIES) of resources.
Human Resources, financial resources (money), physical resources (plant, equipment), information resources (data, customer information, etc.), time (project management)
Advertising, personal sales, sales promotion, publicity
Which TYPE of costs are dependent upon the amount of the product that you are selling?
VARIABLE COSTS
Where did Pepsi get the inspiration for its name?
The digestive enzyme, Pepsin
This is the most commonly used index for measuring the inflation rate in the U.S. What is it?
CPI (consumer price index)
Explain what the difference is between a horizontal and a vertical organization.
Horizontal means there are not many levels of management, whereas vertical means there are many levels of management and hierarchy
Name 2 kinds of SPECIFIC intellectual property protections and what they protect.
Patent (new invention, process), trademark (word, symbol, logo), copyright (art, novel, movie)
What is the name of the financial record, where you would find a company's profits or losses?
INCOME STATEMENT
What does YAHOO stand for?