Financial Literacy
What is a budget?
A plan for managing income, expenses, and savings.
What are the 4 P's of Marketing?
Product, Price, Place, and Promotion.
What is branding?
Creating a unique identity for a business, product, or service.
What is a product?
A physical item that is sold to customers.
What is a target market?
The specific group of customers a business wants to serve.
What is income?
Money earned from work, a business, or other sources.
Which "P" refers to how much customers pay for a product?
Price.
Name one element of a brand.
Logo, slogan, colors, business name, or design.
What is a service?
An activity or benefit provided to customers.
Why is identifying a target market important?
It helps businesses market to the right customers.
What do we call money set aside for future use?
Savings.
Which "P" focuses on where a product is sold?
Place.
What is a slogan?
A short, memorable phrase used to promote a brand.
Is a haircut a product or a service?
A service.
A company selling baby products mainly targets whom?
Parents or caregivers of young children.
What is an asset?
Something valuable that a person or business owns
Which "P" involves advertising and informing customers about a product?
Promotion.
Why is branding important?
It helps customers recognize and remember a business.
Give one example of a product and one example of a service.
Product—water bottle; Service—car wash (answers may vary).
Name two characteristics businesses use to identify a target market.
Age, gender, income, location, interests, lifestyle, etc.
Name one benefit of creating a budget before starting a business.
Helps control spending, plan expenses, manage cash flow, or achieve financial goals.
A business lowers prices for one week to attract customers. Which of the 4 P's is being adjusted?
Price.
Which social media platform might be most effective for reaching teenagers?
Instagram, TikTok, Snapchat, etc.
What is the difference between a product and a service?
A product is tangible (can be touched), while a service is an activity or experience provided to customers.
What is a marketing strategy?
A plan a business uses to attract, satisfy, and retain customers while achieving its sales goals.