Business Basics
Business Finance
Business Law
Business Environment
Wildcard
200
What is a business?
Any organization or enterprise that seeks to provide goods and services to consumers.
200
What is the basic equation for profit?
Profit = Revenue - Costs
200
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.
200
If a business is analyzing trends, culture, and the popular demands of a potential audience, it is analyzing its _________ environment...
... social environment...
200
What does it mean when a company "goes public"?
The company issues an Initial Public Offering (IPO), where it begins to sell stock on the open market in order to raise funds.
400
Give 2 examples of services.
Examples:
insurance, banking, consultation, hair cuts, medical check-ups, legal representation, data analytics, etc.
400
What is cash flow?
The amount of money going in and out of a business.
400
Name one legal form of protection for intellectual property.
Trademarks (brands, logos, aesthetics)
Copyright (literature, music, software, art)
Patent (inventions and new tech)
400
Why should a company be concerned about its business environment?
It can impact performance, public perception of the company, and reveal opportunities (among other things).
400
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.
600
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.
600
What is something that entrepreneurs take on when starting a business?
Large personal financial risk.
600
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.
600
Name a concept or event that is a part of a business' economic environment.
Supply, demand, scarcity, inflation, recession, interest rates, etc.
600
Name 2 functions of marketing.
Pricing, Promotion, Product, Place. (4 p's)
800
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
800
Give 2 examples of a cost that a business may incur.
Labor, operational expenses (daily necessary costs), transportation/logistics, production, advertising, interest payments, purchase of resources, equipment, or property, lease payments, research & development, etc.
800
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
800
Which of the following is a factor that relates to the legal category of an environmental scan:
a. stage of the business cycle
b. religious affiliation
c. import/export regulations
d. advances in technology
c. import/export regulations
800
Who is the current Federal Reserve Chair?
Jerome Powell
1000
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
1000
Name the 3 main financial statements that all public companies must report.
Income Statement, Balance Sheet, Statement of Cash Flows.
1000
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
1000
What is the (modern) term used to describe the group of all the people that a company is responsible for?
Stakeholders
1000
The term 'quantitative easing' refers to...
The expansionary monetary policy used by a central bank to increase liquidity and thus stimulate the economy. In very basic terms, works by having the central bank swap more illiquid assets (usually bonds) for cash, buying those assets from private banks in exchange for money. This is usually done on a very large scale.