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Business Organization
Operations Management
Accounts & Finance
Marketing
100
What is the purpose of a business?
To make profit.
100
Name the 4 methods of production.
Mass Batch Cell Job
100
What action would be best when a firm has an overdraft?
Pay them fast, because they generate daily interest.
100
What is price?
What consumers are willing and able to pay.
200
Who are the customers?
The people who buy your product and service.
200
Define revenue.
Price x Quantity
200
Define payback period.
The amount of time needed for an investment project, to earn enough profits to repay the initial cost of investment.
200
What is market share?
A company's percentage of total sales volume generated by all competition by a given market.
300
Who are the consumers?
The people who consume your product.
300
What is break even?
The quantity of products needed to cover the costs of producing it.
300
What is an investment?
The purchase of an asset with a potential to yield future financial benefits.
300
What constitutes the marketing mix?
Product Price Place Promotion
400
Name the 4 factors of production.
Land Capital Labor Enterprise
400
Define margin of safety?
Measures the difference between a firm's sales volume and the quantity needed to break even.
400
Define government grands.
The government can offer financial aid to support business activities.
400
Name the four ways to segment the market.
Demographics Psycographics Behavioral Geographical
500
What is the tertiary sector of an economy?
Businesses that provide services.
500
Define batch production?
Groups of particular products made to order.
500
What is finance?
The management of large amounts of money.
500
What is marketing?
The process of planning, pricing, selling and distributing products to satisfy needs and wants.