Management + Supply Demand
T or F: If the demand of a good or service is high and the supply is low, prices will be high. If the demand for a good or service is low and the supply is high, the price will be low.
True
True Or False: An account payable is an asset?
False
T Or F: A Retirement Cruise & a vacation cruise is an indirect competition?
True
What is a need and want?
A need something that is essential for human survival and a want is something someone would like but isn’t necessary for surviving.
What is a producer's role?
Producing goods and services
What is a surplus?
Supply>Demand
What shows the business profit or loss over a certain period of time.
Income Statement
What are the 2 C’s in marketing?
Competitive Market and Consumer Market
What is a fraud?
the crime of lying or pretending
What are the differences between non profit and for profit businesses?
A for profit business tries to make a profit off its products or services, a non profit organization raises money for charitable goals.
What are 2 sources of credit?
Charge Accounts, Credit cards, installments sales credit, consumer loans or mortgages
What is the fundamental accounting equation?
Answer: A - L= OE
OR
Assets - Liabilities = Owner’s Equity Or Net Worth
What are the 3 types of logo?
Monogram, Visual Symbol and Abstract Symbol
What are ethics?
Rules that help us tell the difference between right and wrong
What type of surveys do businesses often use to learn about potential employees?
Personality Surveys
What are the 3 factors of saving/investing?
Risk, Rate of return and Liquidity
How are assets listed on the balance sheet?
Alphabetically
What are the 4 P’s in marketing?
Product, Price,Place and Promotion
What are 3 disadvantages of entrepreneurship?
It’s risky, uncertain outcomes, work long hours and you make all decisions by yourself
What are 3 types of economic resources?
Natural, Human and Capital Resources
What are the 4 conditions that create demand? Hint: A.S.P.A
Awareness, Supply, Price and Accessibility
What is a 3 line heading?
Who, What , When
What does A.I.D.A stand for ?
Attention, Interest, Desire, Action
What is the code of ethics?
Document that explains specifically how employees should respond in certain situations.
What are 3 responsibilities of Human Resources?
Any of the following; Conducts training, Administers payroll, Discipline & Firing of employees, health and safety or deals with conflicts between employees