Business Basics
Define Business!
What is an organization that provides goods and services that a customer demands.
Give one example of a consumer good
Shoes / food / phone / clothes
Farming is part of which sector?
Primary sector
A person who starts their own business is called what?
Entrepreneur
“Just Do It” is the slogan of which brand?
NIKE
Define “service” vs. “good.”
What is a service is intangible and a good is a physical product?
What is a capital good?
Tools, machinery, or equipment used to produce goods/services
Manufacturing cars belongs to which sector?
Secondary sector
A document that outlines business goals and strategy is called what
Business plan
Which brand has the golden arches?
What is the difference between profit and revenue?
What is revenue is total money earned; profit is revenue minus expenses?
Buying a meal at a restaurant is an example of what
Consumer service
Banking and retail are part of which sector?
Tertiary sector
Name one risk of being an entrepreneur
Losing money, competition, business failure
Who founded Microsoft?
Bill Gates
A business owned by one person is called what?
Sole proprietorship
A company truck is an example of what?
Capital good
IT and research jobs belong to which sector?
Quaternary sector
A business owned by two or more people is what?
Partnership
Which company makes the iPhone?
APPLE
The money a business earns before expenses is called what?
Revenue
Who is the final user of consumer goods?
The customer/consumer
Extracting natural resources like oil or coal is part of which sector?
Primary sector
Who invests money in a business in exchange for part ownership?
Which company owns YouTube?
Youtube