Business Fundamentals + Supply And Demand
What is a franchisee?
An owner of a franchise location
What is a skill?
A person’s abilities, and what they can do and learned to do
What is Compensation?
Wage/salary
What are the 2 “C's of marketing?
Competition and Consumers
Is rent a revenue or expense?
Rent is an expense
What is a producer’s role?
Producing goods and services
What are 3 Entrepreneurial Characteristics?
Hardworking, Independent, Flexible, Leadership, Adaptability, Creativity, Discipline, Curiosity
What are some types of ways a business can motivate employees?
Medical and dental care, Vacations, Pensions, and other Various perks.
What are 3 different types of advertising?
Direct-to-home, Television, Commercials, Newspapers
What does a telephone expense go on a balance sheet or income statement?
A telephone statement goes on an income statement.
What are the 3 factors of production?
Natural resources, human resources, capital resources
What are 3 Entrepreneurial Skills?
Interpersonal Skills, Researching Skills, Critical Thinking, Leadership, Problem-Solving, Communication, Listening, Creativity, Time Management
Who are your managers in your life?
Parents, Teachers, Coaches, Older Siblings, Authority, yourself
Name 2 roles marketing has.
To sell what a business makes/provides, Manage the business brand(s)
What is the formula to find the equity of the owner?
The formula to find the equity of the owner is A-L=OE
What does a shift to the right on a demand curve mean?
It means an increase in demand.
What does the term Fraud mean?
The crime of lying or pretending
What are the functions of management?
Planning, Organizing, Leading, Controlling
What are the 4 parts of branding?
Brand name, Logo, Slogan, Brand Identification
What is a 3 line heading?
The 3 line heading is who, what, and when
How would increased customers affect supply and demand?
Supply would go down and demand would increase.
What does the term whistle-blowing mean?
When an employee informs officials and the public about an illegal or ethical violation.
What are some roles & responsibilities an HR has?
Staffing, training & development, compensation, assess employee performance, policies & procedures, health & safety, Labour Relations, departures
What does A.I.D.A Stand for?
Attention, Interest, Desire, Action
What is an income statement?
A income statement is A financial statement used to help a business calculate and report its profit or loss on business operations.