General Business/ Economics
The money left over after a business has paid the cost of providing its goods and services is?
Profit
What type pf business turns raw materials into a finished product?
Processor
What is the difference between a salary and a wage?
Wage- hourly
Salary- set amount yearly
What are the two main ways businesses compete? Similar businesses must be competitive in these ways
Quality and Price
What was the first state?
Delaware
What is the difference between a good and a service?
Good is a physical product (Tangible)
Service is a task that is performed (Intangible)
Name a pro and a con of becoming a franchisee
Pro- Established name and product, Loyal customers
Con- Have to follow franchiser's rules, Need to pay Royalty & entry fee
Give me 3 examples of benefits a company may provide their employees
Ex. Health Insurance, PTO, Sick Leave, Retirement savings, Life Insurance, etc.
What is the business motive (goal)?
Profit (Profit Motive)
What is the largest bone in the human body?
Femur
The study of how people satisfy unlimited wants and needs with limited Resources is?
Economics
What are the 5 Business functions every business must do?
1. Production and Procurement
2. Marketing
3. Finance
4. Accounting
5. Management
What makes up compensation?
Pay and Benefits
A lack of resources or a shortage in business is known as
Scarcity
Which number does every MLB player wear on April 15th?
42
Give me an example of a Public Need. Who provides your public needs for you?
Ex. Highways, Hospitals, Schools
Government
the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services
Marketing
What are 3 ways someone and the business can separate?
Fired, Retirement, Get other job, Layoff
When you have to choose between yourself and something else (i.e. business) it is called?
Conflict of Interest
How many legs does a lobster have?
10
Besides providing goods and services what are the two ways a business helps the community.
Providing jobs & Paying Taxes
What is the difference between a Sole Proprietorship and a corporation? Name 3 things
Corp is a separate entity
Double Taxation
Limited vs unlimited liability
What are the 4 steps in the Application Process?
Reviewing Resumes and application forms, Interviewing, Testing, Background Check
What are the factors of production?
Natural, Capital, Labor and Entrepreneurial Resources
Who wrote the "Star Spangled Banner"
Francis Scott Key