Business Basics, Bruh
This term describes an organization that sells goods or services to earn money.
What is a business?
Money a business earns from sales is called this.
What is Revenue?
This management function focuses on setting goals for the future.
What is planning?
This term describes the moral standards that guide business decision-making, even when no laws are broken.
What is Ethics?
These four things make up the marketing mix.
What are product, price, place, and promotion?
Name one reason communities depend on businesses.
What are jobs, goods/services, or economic growth?
Money a business spends to operate is known as this.
What are Expenses?
This leadership style allows team members to give input before decisions are made.
What is democratic leadership?
A company lies in an advertisement to boost sales. Name one problem this could cause for the business.
What is loss of trust, bad reputation, lawsuits, or fewer customers?
This “P” refers to how much a product costs.
What is price?
These four things are needed to produce goods and services.
What are land, labor, capital, and entrepreneurship?
Revenue minus expenses equals this.
What is profit?
Assigning tasks and organizing resources is part of this management function.
What is organizing?
A business promises one thing in an ad but delivers something different. This is an example of this type of behavior.
What is unethical behavior?
This “P” explains where a product is sold.
What is place?
Physical products you can touch, like shoes or phones, are called this.
What are Goods?
This financial tool helps businesses and individuals plan how to spend and save money.
What is a budget?
A leader who gives little direction and trusts workers to do their jobs uses this style.
What is laissez-faire leadership?
Treating employees fairly and following moral rules helps a business build this with customers over time.
What is trust?
Commercials, social media ads, and billboards all fall under this “P.”
What is promotion?
The U.S. economy is considered this type because the government and private businesses both play roles.
What is a mixed economy?
This mistake happens when a business spends more than it earns and can lead to failure.
What is overspending?
Motivating employees and guiding a team is known as this.
What is leading?
During a hurricane, a store doubles the price of water. What is this called, and why do people say it’s wrong?
What is Price Gouging? Taking advantage of people during an emergency.
Advertising mainly influences consumers by doing this.
What is persuading or influencing buying decisions?