Business Basics
An organization of less than 500 employees that provides goods and/or services to earn a profit.
What is a small business?
This famous rapper co-founded Beats Electronics in 2006.
Who is Dr. Dre?
A revenue stream where customers pay to borrow or use a product.
What is Rental?
This brand has an iconic bunny mascot that wears sunglasses and carries a bass drum.
What is Energizer?
A monthly expense that doesn't change.
What is a fixed cost?
The process of designing, launching and managing a new business venture based on innovation or invention.
What is entrepreneurship?
Founder of Amazon.
Who is Jeff Bezos?
Pricing strategy that starts LOW and ends high.
What is Introductory Pricing?
This fast food franchise was founded in 1952 but changed its name in 1991 to "modernize the brand, appear more healthy and avoid licensing fees".
What is KFC/ Kentucky Fried Chicken?
What is a one time expense?
This type of business is dedicated to a social mission with a public benefit, rather than profits for owners or shareholders.
What is a nonprofit?
This young entrepreneur built a makeup and skincare empire through social media and has a net worth of $700 million dollars.
Who is Kylie Jenner?
Pricing strategy based on how customers perceive the brand and its worth.
What is Value Based?
This company's blue mascot was named Larry after a famous basketball player until it was bought out and rebranded in 2023.
What is Twitter?
All the money and resources needed to start a business.
What is capital?
The improvement upon an existing product, service or business model into something new that generates value.
What is innovation?
Founder of Nike
Who is Phil Knight?
This type of revenue comes from a business letting others use its intellectual property, brand or technology.
What is Licensing?
This famous brand was invented by a team of scientists at the University of Florida to help hydrate the university’s football players.
What is Gatorade?
Expenses that can change monthly due to fluctuation in production, supply chain, shipping etc.
What are variable expenses?
Legal agreement between two or more individuals or entities who agree to own and operate a business, sharing profits and losses.
What is a partnership?
This media mogul owns a production studio, TV network, publishing company and has a net worth of $2.8 billion dollars.
Who is Oprah?
Pricing strategy that changes based on high demand periods.
What is Dynamic Pricing?
The most recognizable non-tech brand in the world.
What is Coca-Cola?
A 9 digit number assigned by the IRS used to identify a legal business.
What is an FEIN number (Federal Employer Identification Number)? *Will also accept EIN
An organized structure for how a business will operate, deliver and capture value.
What is a business model / plan?
The first billionaire in the world, becoming one in 1916 through his control of the Standard Oil Company.
Who is John D. Rockefeller?
Pricing based on the expense to make a product and relative mark up.
What is Cost Based?
This German brand of shoes dates back to 1774, gaining popularity in the 1960's when it was sold in health food stores near the "crunchy granola" aisle.
What is Birkenstock?
In VT, you must register your business with this department.
What is VT Secretary of State?