pov1 Flashcards
What is the definition of ‘business’?
A business is an organization that provides goods or services to consumers for profit.
True or False: The primary goal of most businesses is to make a profit.
True
Fill in the blank: A __________ is a person who starts and runs a business.
entrepreneur
What are the four factors of production?
Land, labor, capital, and entrepreneurship.
Which type of business is owned by one person?
Sole proprietorship
What is a partnership?
A partnership is a business owned by two or more people who share profits and responsibilities.
Multiple Choice: Which of the following is an example of a service business? A) Grocery store B) Hair salon C) Manufacturing plant
B) Hair salon
What does ‘market research’ involve?
Market research involves gathering information about consumers’ needs and preferences.
True or False: A nonprofit organization aims to make a profit.
False
What is the role of marketing in business?
Marketing is the process of promoting and selling products or services.
Fill in the blank: The __________ is the amount of money a business makes after expenses are deducted.
profit
What is a business plan?
A business plan is a detailed document outlining a business’s goals, strategies, and financial forecasts.
Multiple Choice: Which of the following is NOT a type of business ownership? A) Corporation B) Cooperative C) Syndicate
C) Syndicate
What is the importance of customer service?
Customer service is crucial for maintaining customer satisfaction and loyalty.
True or False: All businesses must register with the government.
True
What is the function of accounting in business?
Accounting tracks and reports financial transactions and performance.
Fill in the blank: __________ is the practice of managing a company’s resources effectively.
Management
What is a target market?
A target market is a specific group of consumers targeted by a business for its products or services.
Multiple Choice: Which of the following is a characteristic of a corporation? A) Limited liability B) Unlimited liability C) Owned by a single individual
A) Limited liability
What is the purpose of advertising?
Advertising aims to inform and persuade consumers to purchase a product or service.
True or False: A business’s brand is its identity in the marketplace.
True
What is supply and demand?
Supply and demand refer to the relationship between the availability of a product and the desire for that product.
Fill in the blank: __________ marketing involves directly reaching out to potential customers.
Direct
What is the purpose of a SWOT analysis?
A SWOT analysis identifies the strengths, weaknesses, opportunities, and threats of a business.
Multiple Choice: Which of the following is a fixed cost? A) Rent B) Raw materials C) Utilities
A) Rent
What is e-commerce?
E-commerce is the buying and selling of goods or services over the internet.
True or False: Social media can be an effective marketing tool for businesses.
True
What is a franchise?
A franchise is a business model where a franchisee pays to use the brand and business model of a franchisor.
Fill in the blank: __________ is the process of analyzing market conditions and trends.
Market analysis
What is the role of human resources in a business?
Human resources manage employee relations, recruitment, and training.
Multiple Choice: Which of the following is an example of a variable cost? A) Salaries B) Insurance C) Raw materials
C) Raw materials
What is corporate social responsibility (CSR)?
CSR refers to a company’s efforts to improve society and the environment while conducting business.
True or False: A business can operate without a marketing strategy.
False
What is a competitive advantage?
A competitive advantage is a unique benefit that allows a business to outperform its competitors.
Fill in the blank: The __________ is the total revenue generated by a business before expenses are deducted.
gross income
What does ‘stakeholder’ mean?
A stakeholder is any individual or group that has an interest in the success of a business.
Multiple Choice: Which of the following is a type of marketing strategy? A) Penetration pricing B) Resource allocation C) Production scheduling
A) Penetration pricing
What is the difference between gross profit and net profit?
Gross profit is revenue minus the cost of goods sold, while net profit is gross profit minus all other expenses.
True or False: A business’s mission statement outlines its purpose and values.
True
What are the three main types of economic systems?
Traditional, command, and market economies.
Fill in the blank: __________ is the ability to create and deliver value to customers.
Value proposition
