What is a business?
Any organization or enterprise that seeks to provide goods and services to consumers.
What is the basic equation for profit?
Profit = Revenue - Costs
The Occupational Safety and Health Administration (OSHA) is responsible for:
a. reporting job-related injuries or illnesses to supervisors.
b. seeking medical attention for injured employees.
c. insisting that businesses maintain safe, hazard-free workplaces.
d. complying with a business's safety rules.
c. insisting that businesses maintain safe, hazard-free workplaces.
Name our 3 DECA advisors.
Mr. Bollweg, Mr. Belford, Ms. Collins
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Give 2 examples of services.
Examples:
insurance, banking, consultation, hair cuts, medical check-ups, legal representation, data analytics, etc.
The amount of money going in and out of a business.
Name one legal form of protection for intellectual property.
Trademarks (brands, logos, aesthetics)
Copyright (literature, music, software, art)
Patent (inventions and new tech)
Which local small business did we conduct a SWOT analysis for?
Hometown
Why is making a profit so important to businesses?
Profits can be used to repay prior debts, can be reinvested into the business in order to grow it, or can be distributed back to shareholders.
What does it mean when a business uses outsourcing?
It is contracting other companies to do some of the functions of a firm, like production, accounting, or website development.
What is something that entrepreneurs take on when starting a business?
Large personal financial risk.
True or false:
When a company expands its operations to a foreign country, the laws it must abide by are those from its original nation.
False!
Both laws from the original nation and laws in the foreign country must be followed to ensure the safety of the business.
Name the 5 DECA career clusters.
Marketing, Hospitality & Tourism, Finance, Business Administration, Entrepreneurship
Name 2 of the four P's of marketing.
Pricing, Promotion, Product, Place. (4 p's)
An important part of the planning function of management is to determine the business's:
a. profit
b. goals
c. wants
d. sales
b. goals
What does IPO stand for and what does it mean?
Initial Public Offering
A privately held company offers stock shares to the public for the first time.
What is the first part of the litigation process?
a. filing a motion to dismiss
b. appearing in court
c. investigating the complaint
d. appealing the decision
c. investigating the complaint
Anaheim, California
What is the (modern) term used to describe the group of all the people that a company is responsible for?
Stakeholders
What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public?
a. franchise
b. "C"
c. limited
d. private
d. private
Income Statement, Balance Sheet, Statement of Cash Flows.
An important purpose of regulations in the finance industry is to:
a. prevent the banking system from failing.
b. limit the amount of money individuals can earn.
c. challenge the integrity of the financial system.
d. ensure companies are held accountable for product safety.
a. prevent the banking system from failing
What is the (modern) term used to describe the group of all the people that a company is responsible for?
Stakeholders
Name one of the big four consulting firms
Deloitte, EY, KPMG, PwC