Professional Organizations & Communication Skills
Name one professional organization that advocates for and works to advance the field of Marketing?
AMA - American Marketing Association
What is the name of someone who starts and runs a new business?
Entrepreneur
Which form of ownership is this?
Simple, one owner who is personally liable?
Sole proprietorship
Selling tomatoes at a farmstand is an example of what type of competition?
Perfect
Use the formula to compute revenue: 90 items sold at $30 each.
R = Price x units sold
R = $30 x 90 = $2,700
What is one role the NLRB plays in labor relations?
The National Labor Relations Board (NLRB) supervises elections for labor union representation. They also investigate and remedy unfair labor practices.
What is a clear statement of the problem solved and why customers should choose the product/service?
Value proposition
Which form of ownership is this?
Has a board of directors, separate legal entities, generally limited liability and often is publicly traded?
Coorporation
Restuarants are an example of what type of economic competition?
Monopolistic Competition
Roads, ports, power and internet are all examples of:
Infastructure
Give three examples of nonverbal communication?
2. Body language
3. Posture
What is a strategic change in product, target market, or business model based on feedback?
A pivot
McDonalds is an example of what type of business?
A Franchise
Streaming services are an example of what economic competition?
Oligopy
Give an example of a country that has a developed economy and one that is a developing economy?
Developed: USA, Germany, Japan
Developing, Brazil, India, Vietnam
What is a formal complaint, usually in writing, filed by a union or its members against an employer alleging a violation of the terms of a collective bargaining agreement (CBA), workplace rules, or applicable labor laws?
Labor Grievance
Which part is missing from this business plan?
Executive Summary
Market Analysis
Products/services
Marketing and Sales
Operations
Financial Plan (costs and forecasts
What is one mandatory payroll deduction and one voluntary?
Mandatory: Federal income tax, local tax, state tax, FICA (Social Security/Medicare)
Voluntary: Retirement contributions, health insurance premiums, health savings accounts
If the Federal Reserve sets an expansionary monetary policy what tends to happen?
They lower interest rates which reduces borrowing costs which encourages investment/purchasing.
Revenue is $14,000 and the cost of goods sold is $8,500. Find the Gross Profit
Gross Profit = Revenue - cost of goods sold
GP = $14,000 - $8,500
GP = $5,500
Which of the following is a key element of relationship management?
a. Ignoring customer feedback
b. Building long-term connections with customers
c. Reducing product quality
d. Increasing prices without reason
b. Building long-term connections with customers
What is the ability to grow revenue without proportional cost increases?
Scalability
An hourly worker earns $16/hour, works 40 hours, and receives a $75 weekly deduction for insurance premiums. Calculate gross pay, total deductions, and net pay for the week
Gross pay: 40 hours x $16 = $640. Deductions: $75. Net pay: $640-$75= $565
Given a business in contractionary phase of the cycle, recommend two financial strategies management should consider and justify each.
Strategies: conserve cash (delay nonessential capital expenditures) to preserve liquidity; renegotiate terms with suppliers or lenders to maintain working capital — both reduce short-term cash burn and maintain operations.
Budgeted expenses are $3,000 and actual expenses are $2,800. Find and interpret the variance
-$200 favorable because expenses are below budget.