Business Basics
This term refers to the money a business earns from selling goods or services.
What is revenue?
The "4Ps" of marketing are product, price, place and this.
What is promotion?
This is the term for money borrowed that must be repaid with interest.
What is a loan?
The type of law that deals with agreements between two or more parties.
What is contract law?
The study of how people use resources to satisfy needs and wants.
What is economics?
The person who starts and runs a business.
What is an entrepreneur?
This type of research gathers data directly from customers.
What is primary research?
The financial statement that shows assets, liabilities, and equity is called this.
What is a balance sheet?
A legally enforceable agreement.
What is a contract?
The amount of product consumers are willing to buy at a given price.
What is demand?
This type of business is owned by one person.
What is a sold proprietorship?
A company's unique symbol or design that identifies its products is called this.
What is a logo?
This ratio measures a company's ability to pay short-term obligations.
What is the current ration?
What is a breach?
When supply exceeds demand, prices usually do this.
What is fall?
A written plan outlining a company's goals and strategies.
What is a business plan?
This pricing strategy sets prices lower than competitors to attract customers.
What is penetration pricing?
This term refers to ownership in a corporation?
What is stock?
The type of intellectual property that protects inventions.
The type of market structure that has only one seller.
What is a monopoly?
The term that describes the difference between total revenue and total expenses?
What is profit?
The group of people most likely to buy a product is called this.
What is a target market?
What is a dividend?
The type type of law that prevents companies from creating monopolies?
What is antitrust law?
The total value of goods and services produced in a country in one year.
What is the GDP (Gross Domestic Product)