Business 101
What is the term for the amount of money a company earns after expenses?
Profit
What is the term for assigning tasks and responsibilities to employees?
Delegation
What is the term for promoting a product or service by paying for space in the media?
Advertising
What is the purpose of a database in business?
To organize, store, and retrieve information efficiently
What is the term for an agreement that allows someone to operate a business under the name and system of an established company?
Franchise
What does ROI stand for in business?
Return on Investment
What is Maslow’s hierarchy of needs primarily used for in management?
Understanding employee motivation
What is the term for the combination of product, price, place, and promotion in marketing?
Marketing Mix
What is the primary purpose of encryption in cybersecurity?
To protect data by converting it into a secure format
What is a patent?
Legal protection for an invention or process
What is the difference between fixed and variable costs?
Fixed costs do not change with production levels; variable costs do
What is the leadership style where leaders make decisions without input from employees?
Autocratic leadership
What is the purpose of diversification in finance?
To reduce risk by investing in different assets
What an the advantage of using cloud computing for businesses?
It allows access to data and applications from any location
What is scaling a business?
Expanding a business to increase revenue and reach
What are the three main forms of business ownership?
Sole proprietorship, partnership, and corporation
What is the difference between strategic and tactical planning in management?
Strategic planning focuses on long-term goals and overall direction, while tactical planning deals with short-term actions and specific objectives
What does APR stand for in finance?
Annual Percentage Rate
What is the role of predictive analytics in marketing?
To predict customer behavior and optimize marketing strategies based on data trends.
What is a venture capitalist?
An investor who provides capital to startups in exchange for equity
What is liquidity in financial terms?
The ability to quickly convert assets to cash
What is the difference between transactional and transformational leadership?
Transactional leadership focuses on tasks and rewards, while transformational leadership inspires and motivates employees to achieve higher goals.
What is a balance sheet, and what 3 things does it show.
A balance sheet is a financial statement showing assets, liabilities, and equity
What is data mining, and how is it used in business?
Data mining is the process of analyzing large datasets to find patterns and insights; it is used to inform strategic decisions and target customers effectively.
How does a cash flow statement help entrepreneurs manage their business?
It tracks the inflow and outflow of cash, helping businesses ensure they have enough liquidity to cover expenses and make informed financial decisions.