General knowledge
What is the capital of Argentina?
Buenos Aires
What are needs and wants?
A need is something necessary to live and function. A want is something that can improve your quality of life.
Limited vs Unlimited Liability
Limited liability means the business owners' liability for debts is restricted to the amount they put into the business. With unlimited liability, the business owner is personally responsible for any loss the business makes.
What are Business objectives?
The goals or targets an organization strives to achieve.
What was the first movie released in the Marvel Cinematic Universe?
Iron man
Who launched the Cultural Revolution in China?
Chairman Mao
What are the types of products?
Consumer goods, Capital goods (producer goods), Services.
Define a Sole Trader:
Individuals who own and run their own business, but can have employees.
What is one important Organizational Objective?
1. To measure and control
2. To motivate
3. To direct
How many fingers does mickey mouse have?
Four (three fingers and a thumb)
How many times has England won the men's football World Cup?
once
What is Added value?
The differences between selling price of a product and the cost of producing the good or service.
Define a Partnership:
A group of two or more people who run a business together. It could be friends, associates or people with similar skills. Usually a deed of partnership is written before the business starts.
How is growth measured?
Growth is measured by the increase in sales and revenue or by its market share.
What does Hakuna Matata mean?
No worries
What is the currency of Denmark?
Danish krone
Define the Quaternary sector.
This sector provides services that are focused on knowledge. This includes IT, research and development, consultancy, the media, etc.
Advantages of a Privately held company
1. Limited liability
2. Easier to raise finance as shares can be sold to friends, family and acquaintances
3. Management is shared and experts can be hired(specialization)
An example on a ethical business and a unethical business
Unethical: Starbucks
Ethical: Apple
What score did Elle Woods get on her LSAT in Legally Blonde?
179
What is Joe Biden's middle name?
Joseph Robinette Biden Jr.
Four functional areas of a business organization?
HR, Marketing, Finance, and Production.
Disadvantages of a Publicly held company
1. Profits are shared with shareholders via dividends.
2. Records need to be published annually for everyone to see.
3. Company is vulnerable to a takeover.
4. Large businesses can have communication issues
What are 4 common business activities?
Growth, Profit, protecting shareholder value, and Ethical objectives.
What year was the first Toy Story film released in cinemas?
1995