Business Basics
_______ describes total amount of money a business generated through business operations (selling goods/services), while _____ describes their earnings after deducting salaries and other expenses.
What is the difference between REVENUE and PROFIT?
BONUS POINTS:
What is considered a "LOSS" in business?
The four function of management.
What are Planning, Organizing, Leading, and Controlling?
BONUS POINTS:
Explain a manager's role in the above four functions.
Customer satisfaction is based on measuring the success of pleasing ____ and ____ customers.
What is External and Internal customers?
These are the three major forms of business ownership.
What are SOLE PROPRIETORSHIP, PARTNERSHIP and CORPORATION?
BONUS POINTS:
Provide at least two advantages to each form of business ownership.
These entrepreneurs use a company's existing resources to develop and launch new products with the goal of generating new profits.
What is an Intrapreneur?
BONUS POINTS:
Provide three examples of companies that utilize Intrapreneurs.
Effects the amount of goods and services people can buy with the money they have. Usually affected by taxation and regulation. It varies by country.
What is STANDARD OF LIVING?
BONUS POINTS:
List three demographic characteristics.
In organizations that have Top Management, Middle Management, and Supervisory Management, to be considered effective as a Middle Manager, you should be efficient in these three skill areas.
What are Technical Skills, Human Relations Skills, and Conceptual Skills?
BONUS POINTS:
Explain each of these skill areas
____ is all about getting and keeping the right people and is critical to the success of any business.
What is staffing?
BONUS POINTS:
Define work-life balance.
Some of the disadvantages of this type of business is unlimited liability, management difficulties, limited financial resources, overwhelming time commitment, few fringe benefits, limited growth, and a short life-span.
What is SOLE PROPRIETORSHIPS?
BONUS POINTS:
List the four types of partnerships
Entrepreneurs who accept the risk of starting and managing a business, often with minimal start-up costs. More than half of all small business owners qualify as this.
What is a MICROPRENEUR?
BONUS POINTS
List 3 mistakes small business owners make that will cripple their business
The five elements of the business environment. Each can either help or hinder the development of a business.
What are:
ECONOMIC AND LEGAL
TECHNOLOGICAL
COMPETITIVE
SOCIAL
and GLOBAL BUSINESS
Along with Strategic and Tactical Planning, these are the other two forms of planning utilized in the business world.
What are Operational Planning and Contingency Planning.
BONUS POINTS:
Explain the difference between each planning form and why they are important
_____ is defined by its relationship to other businesses in its industry. There are 35 million in the U.S., encompassing two-thirds of the nation's new jobs.
What is a Small Business?
________ is the result of two firms joining to form one company, whereas an ________ is one company's purchase of the property and obligations of another company.
What are MERGER and ACQUISITION?
BONUS POINTS:
Describe or share an example of the three types of corporate mergers: vertical, horizontal, and conglomerate.
A form of private financing, these individuals or firms provide young companies and start-ups with funding in exchange for equity (partial ownership) in the business/firm.
What are VENTURE CAPITALISTS?
BONUS POINTS:
Opposite of venture capitalists, ________ are well-off individuals who invest their own money in a startup venture.
Socialism, Communism, Free-Market Capitalism, and Mixed are examples of __________.
What are different ECONOMIC SYSTEMS?
BONUS POINTS:
____ is the study of how society chooses to employ resources to produce goods and services, and distribute them for consumption.
This is used by a business or organization to explain why they exist and where they see themselves in the future. It gives an organization a sense of purpose and a set of values that unite workers.
What is a Vision or Vision Statement?
BONUS POINTS: Following the vision is the _____, which defines the company's philosophy and who they are.
____ is an agreement in which someone with a good idea for a business sells the rights to use the business name and sell a product or service to others within a given territory.
What is a Franchise?
____ corporations do business in the U.S. but are chartered (incorporated) in another country, whereas ____ corporations do business in one state but are charged in another and must register in each state they operate.
What is a ALIEN corporations and FOREIGN corporations?
BONUS POINTS:
Describe a Limited Liability Company (LLC)
These are specific geographic areas designed to attract and promote business investment by offering tax breaks and government-backed development incentives.
What is an ENTERPRISE ZONE?
BONUS POINTS:
Describe the purpose of a Business Incubator
_____ is the study of how a nation’s economy operates as a whole, while _____ is the study of the behavior of individual people and organizations in specific markets.
What is MACROECONOMICS and MICROECONOMICS?
BONUS POINTS:
What is the equilibrium point and why is it important in business?
____ are broad and long-term and use ____ to detail how to achieve them.
What are goals and objectives.
BONUS POINTS:
Policies are broad guidelines for action, describe what strategies are used for.
These are the five factors of production.
What are Land, Labor, Capital, Entrepreneurship, and Knowledge.
The advantages are limited liability, ability to raise money, ease of ownership change, perpetual life, separation between ownership and management.
What are CORPORATIONS?
BONUS POINTS:
Who are STAKEHOLDERS in a business?
Before a business is started, the owner(s) should invest the time to create a good business plan, which would include these key elements:
What are:
- Executive summary
- Company background (description)
- Management team (qualifications)
- Capital required (start-up, investment)
- Marketing plan
- Location analysis (why here?)
- Manufacturing plan (supply chain)