Business Fundamentals & Marketing
What is the primary goal of a business?
To generate profit.
What is the law of demand?
As the price of a good decreases, the quantity demanded increases
What does CSR stand for?
Corporate Social Responsibility
What is an entrepreneur?
A person who starts and runs a new business, taking on financial risks in the hope of profit.
What is the primary purpose of accounting?
To record, summarize, and report financial transactions
What is the primary goal of marketing?
To promote and sell products or services.
What is meant by “equilibrium price”?
The price at which the quantity demanded equals the quantity supplied.
Name a benefit of implementing ethical business practices
Enhanced company reputation
What is a SWOT analysis?
strategic planning tool that evaluates a company’s strengths, weaknesses, opportunities, and threats
What is the primary role of Human Resources (HR)?
Managing employee-related functions such as hiring, training, and benefits
Name two types of business ownership structures.
Sole proprietorship and partnership.
What is a supply curve?
A graph showing the relationship between the price of a good and the quantity supplied
What is the triple bottom line?
Business approach that includes social, environmental, and financial performance measures
What is a startup?
A new business in its early stages of development
What is a balance sheet?
financial statement that shows a company’s assets, liabilities, and equity at a specific point in time
Name the four Ps of marketing.
Product, Price, Place, Promotion
what causes a shift in the demand curve?
changes in consumer preferences, income levels, prices of related goods, and expectations about future prices
Define "stakeholder theory".
Theory that a company should consider the interests of all its stakeholders, not just shareholders, in its decision-making
What is the difference between a manager and a leader?
A manager focuses on administering and controlling, while a leader inspires and motivates
Define “revenue.”
The income generated from normal business operations.
What is a business plan, and why is it important?
A document outlining a company’s goals, strategies, and financial projections. Important for securing funding and guiding business decisions
Define “price elasticity of demand.”
A measure of how much the quantity demanded of a good responds to a change in its price
What is an ethical dilemma?
Situation in which there is no clear right or wrong answer, often involving conflict of values
Explain “strategic management.”
The process of defining an organization’s strategy and making decisions on assigning resources to pursue this strategy
Name two methods of employee recruitment.
Job postings and employee referrals.