Business & Management
What is a business plan?
A written document that outlines a company's goals and the strategy for achieving them.
What is a budget?
A plan for managing income and expenses over a specific period.
What is a target market?
A specific group of consumers at which a company aims its products and services.
What is a subsidy?
Financial assistance provided by the government to support a specific industry.
What is a sales pitch?
A persuasive argument made by a salesperson to convince a customer to buy a product.
What is a commodity?
A basic good used in commerce that is interchangeable with other goods of the same type, such as grains, metals, or oil.
Define entrepreneurship.
The process of starting and running a new business venture.
Define fixed expenses.
Costs that do not change from month to month, such as rent or a car payment.
Name one method of advertising.
Examples include social media ads, TV commercials, print ads, or online banners.
Define taxation.
The process by which the government collects money from individuals and businesses to fund public services.
Define market competition.
The rivalry among businesses to attract customers and achieve higher sales.
Define savings.
Money set aside for future use rather than spent immediately.
Name one key function of management.
Planning, organizing, leading, or controlling.
What is the purpose of an emergency fund?
To provide financial security in case of unexpected expenses or emergencies.
Define branding.
The process of creating a unique name, image, and identity for a product in the consumer's mind.
What is the role of the USDA in agriculture?
The United States Department of Agriculture oversees policies related to farming, forestry, rural development, and food.
Name one strategy for handling customer objections.
Examples include active listening, providing evidence, addressing concerns directly, or offering alternatives.
What is the role of a stock market in investments?
A platform where shares of publicly held companies are bought and sold, allowing investors to gain or lose money based on the performance of those companies.
Explain the importance of a SWOT analysis.
It helps businesses identify their strengths, weaknesses, opportunities, and threats, aiding in strategic planning.
Explain the concept of cash flow.
The movement of money into and out of a business or individual's accounts.
Explain the marketing mix (4 Ps).
Product, Price, Place, and Promotion – the key elements of a marketing strategy.
Explain the purpose of environmental regulations in agriculture.
To protect natural resources and ensure sustainable farming practices.
Explain the concept of a unique selling proposition (USP).
A factor that differentiates a product from its competitors, such as quality, price, or innovation.
Explain diversification in investing.
The strategy of spreading investments across different assets to reduce risk.
What is the difference between leadership and management?
Leadership involves inspiring and motivating people, while management focuses on planning, organizing, and coordinating resources.
What is the difference between gross and net income?
Gross income is the total earnings before deductions, while net income is the amount remaining after all deductions.
What is the difference between direct and indirect marketing?
Direct marketing targets individual customers directly (e.g., email, telemarketing), while indirect marketing promotes products through broader channels (e.g., social media, TV ads).
What is antitrust law?
Legislation to prevent monopolies and promote competition in the marketplace.
What is price elasticity?
A measure of how sensitive the quantity demanded of a good is to a change in its price.
What is the difference between a 401(k) and an IRA?
A 401(k) is an employer-sponsored retirement plan with contributions often matched by the employer, while an IRA is an individual retirement account with more investment flexibility but usually without employer contributions.