Management & Administration
This management principle involves breaking down tasks into smaller, more manageable parts to improve efficiency and productivity.
Division of Labor
The point at which it is no longer feasible or profitable to do business with the other party
What is the walk-away point?
What is the marketing term for a group of potential customers who share common characteristics and buying habits?
Target Market
Money after all expenses are subtracted from total income
What is net income?
What is the term for the practice of adjusting hotel room rates based on demand and occupancy levels?
Revenue Management (Yield Management)
Employees who never discuss confidential or personal business information with other employees are demonstrating their…
Honesty and Integrity
What is the difference between copyright and trademark?
Copyright - for creative works (music, art, etc)
Trademark - for logos and slogans
Name at least 3 of the 4 P's of Marketing
Product, Price, Place, Promotion
A comparison of the same items on a company's financial statements for two or more periods
What is horizontal analysis?
Clarance creates a new kind of glue using new chemical formula that she invented. She wants to make sure that none of her competitors use the formula for their products. To protect the formula, Clarance should ___it.
Patent
Comparing the prices offered by different vendors for the same goods and prices as what part of the purchasing process..
Bid analysis
What is an oligopoly?
(DOUBLE POINTS - name an example of a CURRENT oligopoly)
A market with limited competition and only a few sellers/ producers
Give at least 2 examples of components of channel of distribution
Distributor, Retailer, Wholesaler, Producer, etc
This financial metric measures a company's profitability by dividing net income by total revenue.
Profit Margin
Many nations have developed environmental regulations in order to encourage.
Conservation
A local business is sponsoring a program to combat drug abuse in the local schools this is an example of a business that is..
Contributing to public interests
What is the base amount used for vertical analysis of items on the income statement?
Net sales (Vertical analysis is often used to show the relationship of each component to the total within a single financial statement. Net sales is the base amount used for vertical analysis of items on the income statement)
What does the "SWOT" in SWOT Analysis stand for?
Strength, Weaknesses, Opportunities, Threats
Cost-saving measures taken to reduce business expenses and operate on as little cash as possible
What is boot-strapping?
Mr. Brown has inherited a small sum of money, and he wants to become a business owner. However, he has a full time job that he plans to keep and very little to operate his own business. What type of ownership should be consider?
Corporation
Frederic used to own the pizza place in town-until a new place opened up. Even though Frederic’s never been to the new pizza place. He tells everyone he meets that the new places uses inferior ingredients and has been investigated by the health department. He even leaves negative reviews of the pizza place online. Which business tort do Frederic’s actions fall under?
Disparagement
What is the primary source that banks consider when evaluating a business's capacity to repay a loan?
Cash flow
What is the difference between horizontal and vertical conflict?
Horizontal - between 2 partners of the same level of distribution
Vertical - between multiple different channels of distribution
Explain what a sunk cost is and what an imputed cost is.
Sunk cost - money that is already spent and cannot be recovered
Imputed cost - implicit cost, opportunity cost
B.F Goodrich ships tires to General Motors in Detroit. This is an example of an ___ channel of distribution.
Direct