Business Basics
What is a business?
A business is something that sells products or services to make money.
What is an entrepreneur?
A person who starts and runs a business.
What is money used for in a business?
To buy supplies, pay workers, and run the business.
Who is a customer?
A person who buys a product or service.
What is marketing?
Telling people about a business and what it sells.
What makes a good leader?
Someone who listens, helps others, and makes good decisions.
What does a business sell?What does a business sell?
Products, services, or both.
Why do people start businesses?
To solve problems, help people, or make money.
What is profit?
The money a business has left after paying expenses.
Why do businesses need customers?
Customers help the business make money
Name one way businesses advertise.
Social media, posters, commercials, or word of mouth.
Why is teamwork important in business?
People work better together and share ideas.
What is the difference between a product and a service?
A product is something you can touch; a service is something someone does for you.
What risk might an entrepreneur take?
They might lose money or their idea might not work.
What happens if a business spends more than it earns?
It loses money.
What does it mean to meet a customer’s needs?
Giving customers what they want or need.
Why do businesses use logos?
To help people recognize and remember the business.
How do leaders solve problems?
By listening, thinking, and finding fair solutions.
Why do businesses need customers?
Customers buy what the business sells, which helps it make money.
A 12-year-old starts a dog-walking business. Is this an entrepreneur? Why?
yes, because they started and run their own business.
A business sells bracelets for $5 and makes $2 after costs. What is the profit?
$2
A business sells winter coats in summer. Why might this be a problem?
People may not need coats in summer, so sales may be low.
A business posts videos online to sell snacks. What type of marketing is this?
Social media or online marketing.
A team disagrees on an idea. What should a leader do?
Listen to everyone and help the team agree.
A business sells slime and phone repairs. Is this a product, service, or both?
Both — slime is a product, and phone repair is a service.
An entrepreneur’s idea fails. What should they do next?
Learn from mistakes, improve the idea, and try again.
Why is saving money important for a business?
It helps the business handle emergencies and grow.
How can listening to customers help a business grow?
It helps businesses improve products and services.
Why is honesty important in marketing?
Customers trust honest businesses more
How can strong leadership help a business succeed?
It keeps the team focused, motivated, and organized.