BUSINESS MGMT
___ is an activity involving an input, process, and output.
What is an "Economic Activity"?
____ is the process of collecting, recording, analyzing data about customers, competitors, and the market
What is "Market Research"?
A _____________ is a restaurant offering speedy basic services, convenience, and consistent quality at low prices
What is a "Quick-Service Restaurant (QSR) / Fast Food Restaurant"?
____ are anything owned by an individual or business that has a dollar value
What is an “Asset”?
A company's budget is based on their ____
What is "sales"?
_____ is a type of For-Profit Organization involving a small to medium-sized business that is owned by shareholders who are often members of the same family (this type of company cannot sell shares to the general public)
What is a "Private Limited Company"?
____ is the faithfulness of consumers are as shown by their repeat purchases irrespective of marketing pressure from competing brands
What is "Brand Loyalty"?
___________ the amount or quantity of goods and services that consumers are willing to buy at various prices
What is "Demand"?
What is the Name of the Following Equation?
" Assets = Liabilities - Owner’s Equity "
What is the “Accounting Equation”?
___ is a staffing activity involving seeking out and attracting qualified potential job candidates
What is "recruiting"?
____ is a type of Non-Profit Social Enterprise in which a legally constituted body with no participation or representation of any government which has a specific aim and purpose (e.g. advocating the protection of human rights)
What is a "Non-Governmental Organization (NGO)"?
___ is the pattern of sales recorded by a product from its launch to its withdrawal from the market
What is the "Product Life Cycle"?
_____________ are statistics that describe a population in terms of personal characteristics, such as age, gender, income, ethnicity, or education
What is "Demographics"?
_______ _______ are amounts owed to a business by customers
What is "Accounts Receivable"?
____ , are expenses such as payroll and rent that are necessary to the running of a business
What is "operating expenses"?
Staffing, training & development, compensation, administration represent the ____.
What is the "Four Functions of Human Resource Management"?
____ are transactions conducted directly between a company and consumers who are the end-users of its products/services
What is "Business to Consumer (B2C)"?
____________ is the concept that certain destinations appeal to travellers at certain times of the year, based on climate and geography
What is "Seasonality"?
Calculate this by taking the total amount of money and assets you have and subtracting the total amount of money you owe.
What is "Net Worth"?
_____ is the function of obtaining goods that will satisfy the needs and wants of a business's customers
What is "purchasing" ?
___ is a decrease in the outputs at a certain point in additional factors of production.
What is the "Law of Diminishing Returns"?
___ is a factor that differentiates a product from its competitors
What is a "Unique Selling Point (USP)"?
A ___________ is a tour in which a business buys all the seats on an airplane, train, or bus and resells them to travellers
What is a "Charter Tour"?
This happens when you write checks for more money than is in your account.
What is an “Overdraft”?
Banks are more reluctant to lend money to start-ups because they have no records of repaying loans. Instead, lenders generally require borrowers to pledge ____ as a form of security
What is "collateral"?