General Business

Question 1

What is profit? What is revenue? What is loss?

Answer 1

Profit- revenue minus expenses
Revenue- Total moneys
Loss- when a business incurs expenses that are greater than its revenue

Question 2

What is an entrepreneur and what do they do?

Answer 2

An entrepreneur is someone who risks their time, money, and other resources to start and manage a business. Entrepreneurs contribute to society through innovation. Society gains me products from the success of entrepreneurs. Other parties benefit because of new jobs and opportunities

Question 3

What are the differences between revenue, profit, and a loss?

Answer 3

Revenue is the total income generated from sales, profit is the income remaining after expenses are deducted, and a loss occurs when expenses exceed revenue.

Question 4

What is an entrepreneur and what do they do?

Answer 4

An entrepreneur is an individual who creates and manages a business, taking on financial risks in the hope of profit.

Question 5

What makes a product valuable in the eyes of consumers?

Answer 5

A product is valuable when it meets consumer needs and desires, providing benefits that justify its cost.

Question 6

What are the different types of businesses and their functions?

Answer 6

Producer- create and manufacture the item
Restail- selling smaller quantities of products directly to consumers at a higher price
Wholesale- selling larger quantities of products at a discounted price to other businesses like retailers
Commercial-

Question 7

What are the historical eras of business?

Answer 7

Historical eras of business include the Agricultural Era, Industrial Era, and Information Era, each characterized by different economic activities.

Question 8

What are the 4 P’s of Marketing?

Answer 8

The 4 P’s of Marketing are Product, Price, Place, and Promotion.

Question 9

How does competition affect businesses and the market?

Answer 9

Competition drives innovation, influences pricing, and can lead to improved products and services for consumers.

Question 10

What are Demographics, Psychographics, and Geographics?

Answer 10

Demographics refer to statistical data about populations, Psychographics involve consumer attitudes and lifestyles, and Geographics relate to location-based data.

Question 11

What is the Marketing Concept and why does it work?

Answer 11

The Marketing Concept focuses on meeting consumer needs and wants, leading to customer satisfaction and loyalty.

Question 12

What things can be marketed and how should they be marketed/to who?

Answer 12

Almost anything can be marketed, including goods, services, and ideas, tailored to specific target audiences.

Question 13

What are the 4 types of Branding Strategies?

Answer 13

The 4 types of Branding Strategies are Individual Branding, Family Branding, Brand Extension, and Co-Branding.

Question 14

What is a product line and a product mix?

Answer 14

A product line is a group of related products offered by a company, while a product mix is the total range of products a company offers.

Question 15

What are the functions of packaging?

Answer 15

Packaging protects products, provides information, and enhances marketing appeal.

Question 16

What are promotional tools and their functions?

Answer 16

Promotional tools include advertising, sales promotions, public relations, and personal selling, each serving to communicate with consumers.

Question 17

What are the different types of products and brands?

Answer 17

Types of products include consumer goods, industrial goods, and services, while brands can be classified as national, private, or generic.

Question 18

What are Channel Intermediaries and their functions?

Answer 18

Channel Intermediaries facilitate the distribution of products from producers to consumers, including wholesalers and retailers.

Question 19

What is the Break Even point and how is it calculated?

Answer 19

The Break Even point is the level of sales at which total revenues equal total costs, calculated using the formula: Fixed Costs / (Selling Price per Unit - Variable Cost per Unit).

Question 20

What are the different pricing strategies?

Answer 20

Different pricing strategies include cost-plus pricing, value-based pricing, penetration pricing, and skimming pricing.

Question 21

What is the difference between Profit and Loss?

Answer 21

Profit is the financial gain after expenses, while Loss is the financial deficit when expenses exceed income.

Question 22

What is Scarcity and how does it relate to Supply vs. Demand?

Answer 22

Scarcity refers to limited resources, affecting supply and demand dynamics in the market.

Question 23

What are the different outcomes of budget/inventory management?

Answer 23

Outcomes include Surplus, where supply exceeds demand, and Deficit, where demand exceeds supply.

Question 24

What are the 4 types of market structure?

Answer 24

The 4 types of market structure are Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly.

Question 25

What is the governmental role in market structures?

Answer 25

Government regulates market structures to promote competition, protect consumers, and prevent monopolies.

Question 26

What are the 4 types of economic structures?

Answer 26

The 4 types of economic structures are Traditional, Command, Market, and Mixed economies.

Question 27

What is the equilibrium price?

Answer 27

The equilibrium price is the price at which the quantity of goods supplied equals the quantity demanded.