Intro to Business- Unit 2 Review

Forms of Ownership

100

Most common form of ownership in America, easiest to start/end

Sole proprietorship

200

What's the biggest disadvantage of the corporation form of ownership?

Double taxation 

(Taxed once upon corporate income, another time on dividends paid out to shareholders)

300

What's the biggest advantage of an LLC form of ownership?

Limited liability!!!

400

A sole proprietor who wants to better protect their personal assets/property would be a good match for which form of ownership?

LLC (Limited Liability Company)

500

What are 2 disadvantages of the franchise form of ownership?

-Split profits

-Large start-up costs

-You're held to certain limitations of how you're able to run your business

Business Environment

100

The environmental factor that involves tariffs and their trade impacts

Global

200

The environmental factor that involves demographic changes to a population

Social

300

"Target using barcodes and self checkout"

Technological 

400

"UPS improving their employee benefits and starting salary for truck drivers"

Competitive 

500

"The FDA planning to phase out food dyes like Red 40 from US food production by 2027"

Economic & legal

Target Market

100

"People who like to ski"

Psychographic

200

"40 year old working class Americans making between $60,000 - 80,0000 per year"

Demographic

300

Dunkin loyalty rewards member

Volume

400

Buying baking soda to keep in the kitchen in case of grease fires

Benefit

500

Segmenting your market based on people whose homes have lawns

Geographic

Emotional Advertising/Psych Pricing

100

Original "Jake from State Farm" commercial 

Humor

200

Selling razor handles for a cheaper price to encourage sales of the razor blades which are more expensive 

Loss leader

300

Black Friday Sale!

Promotional Pricing

400

"Without SimpliSafe home security, your property is at risk"

Fear

500

4 for $20!!!

Multiple pricing

Random

100

Why are so many people over the age of 50 using "6-7"?

We don't know

200

Name the previous 6 US Presidents

Trump

Biden

Obama

W. Bush

Clinton

H.W. Bush

300

Name the previous 3 championship title winners of any sport

*answers vary*

400

What did I dress up as for Halloween?

A. Myself

B. Peter Griffin

C. Abraham Lincoln

D. Wacky inflatable flailing arm guy

E. Mr. Plaza

D. Wacky inflatable flailing arm guy

500

Jeff Bezos gained a "proof of concept" with Amazon before scaling it to the mega-online marketplace it is today.

What did they originally do to prove that selling products online would work?

Sold books