Business Management
What is a key component of a business plan that outlines specific steps to achieve business goals?
What are objectives?
What is the term for goods that are produced for sale?
What are products?
Define a tariff
What is a tax on imported goods?
What is the primary goal of a marketing plan?
What is to outline strategies to reach target customers?
What is business ethics?
What is the study of proper business policies and practices?
Name one advantage of owning a sole proprietorship.
What is complete control over the business?
Explain the difference between assets and liabilities.
What are assets are owned, while liabilities are owed?
Name one issue related to intellectual property infringement.
What is unauthorized use of copyrighted material?
Define target market.
What is a specific group of consumers at which a business aims its products?
Name one legal requirement for starting a business.
What is obtaining a business license?
What is one disadvantage of a partnership?
What is shared liability
What does IPO stand for in the context of the stock market?
What is Initial Public Offering?
State the purpose of export documentation
What is to ensure compliance with international trade laws?
What are the four Ps of marketing?
What are Product, Price, Place, and Promotion?
What is social responsibility in business?
What is the obligation of a business to act in the best interests of society?
What is the process of evaluating a business idea to determine its feasibility called?
What is a feasibility study?
Define supply and demand.
What is the relationship between the availability of a product and the desire for that product?
Explain how the balance of trade affects a country's economy.
What is it influences currency value and economic health?
What is brand positioning?
What is establishing a brand's identity in relation to competitors?
Explain the difference between copyright and trademark.
What is copyright protects creative works, while trademark protects brand names and logos?
Describe a situation that could create a conflict of interest in business management.
What is when personal interests conflict with business decisions?
What is the importance of financial documents for a business?
What is to track financial performance and inform decision-making?
What is a free trade agreement?
What is an arrangement between countries to reduce or eliminate trade barriers?
Explain the concept of market segmentation.
What is dividing a market into distinct groups with common needs?
What are government regulations in business?
What are rules established by authorities to control business practices?