Business Concepts
What is the main goal of a business?
To make a profit(answers vary)
What are FBLA offical colors?
Navy blue and gold
What is supply and demand?
The amount of a commodity, product, or service available and the desire of buyers for it.
What term describes a system that allows multiple computers to share resources and data?
Network
What term describes advertising a product to get customers to buy it?
Promotion
What concept explains how a business determines the amount of goods or services it should produce based on customer demand?
Supply and Demand
What is FBLA motto?
Service, Education, and Progress
What term describes the value of the next best alternative that is given up when making a decision?
Opportunity cost
What type of device connects a computer network to the Internet?
Router
What do businesses call the symbol or design that represents their company?
Logo
A company lowers its price to drive competitors out of the market, planning to raise prices later. What business strategy or concept is this an example of?
Predatory pricing
What conference brings together FBLA members from across the nation each year?
National Leadership Conference (NLC)
What term refers to money that a government collects from people and businesses?
Taxes
What type of software helps businesses create budgets, track expenses, and manage financial records?
Accounting software
What term describes people who buy and use a product?
Customers
What managerial concept involves dividing work into specific tasks to increase efficiency and productivity?
Division of labor
What is the highest level of recognition an FBLA member can receive for leadership development?
Business Achievement Awards(B.A.A)
What law states that as the price of a good increases, the quantity demanded usually decreases?
Law of demand
What terrm describles using the internet to promote products and services?
Digital marketing.
What metric measures how often customers recognize or remember a brand?
Brand awareness
Which financial metric measures a company's profitability by showing net income as a percentage of revenue?
Net profit margin
What official FBLA publication keeps members informed about national programs, events, and news?
Tomorrow's Business Leader (TBL)
What type of economy combines elements of both market and command economies?
Mixed economy
What technology allows employees to securely access company files from home or other locations?
Remote access or VPN
What type of promotion rewards customers for repeat purchases?
Loyalty program