Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

POB > pov1 > Flashcards

pov1 Flashcards

1
Q

What is the definition of ‘business’?

A

A business is an organization that provides goods or services to consumers for profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

True or False: The primary goal of most businesses is to make a profit.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Fill in the blank: A __________ is a person who starts and runs a business.

A

entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the four factors of production?

A

Land, labor, capital, and entrepreneurship.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Which type of business is owned by one person?

A

Sole proprietorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a partnership?

A

A partnership is a business owned by two or more people who share profits and responsibilities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Multiple Choice: Which of the following is an example of a service business? A) Grocery store B) Hair salon C) Manufacturing plant

A

B) Hair salon

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What does ‘market research’ involve?

A

Market research involves gathering information about consumers’ needs and preferences.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

True or False: A nonprofit organization aims to make a profit.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the role of marketing in business?

A

Marketing is the process of promoting and selling products or services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Fill in the blank: The __________ is the amount of money a business makes after expenses are deducted.

A

profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a business plan?

A

A business plan is a detailed document outlining a business’s goals, strategies, and financial forecasts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Multiple Choice: Which of the following is NOT a type of business ownership? A) Corporation B) Cooperative C) Syndicate

A

C) Syndicate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the importance of customer service?

A

Customer service is crucial for maintaining customer satisfaction and loyalty.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

True or False: All businesses must register with the government.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the function of accounting in business?

A

Accounting tracks and reports financial transactions and performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Fill in the blank: __________ is the practice of managing a company’s resources effectively.

A

Management

18
Q

What is a target market?

A

A target market is a specific group of consumers targeted by a business for its products or services.

19
Q

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

A) Limited liability

20
Q

What is the purpose of advertising?

A

Advertising aims to inform and persuade consumers to purchase a product or service.

21
Q

True or False: A business’s brand is its identity in the marketplace.

A

True

22
Q

What is supply and demand?

A

Supply and demand refer to the relationship between the availability of a product and the desire for that product.

23
Q

Fill in the blank: __________ marketing involves directly reaching out to potential customers.

A

Direct

24
Q

What is the purpose of a SWOT analysis?

A

A SWOT analysis identifies the strengths, weaknesses, opportunities, and threats of a business.

25
Q

Multiple Choice: Which of the following is a fixed cost? A) Rent B) Raw materials C) Utilities

A

A) Rent

26
Q

What is e-commerce?

A

E-commerce is the buying and selling of goods or services over the internet.

27
Q

True or False: Social media can be an effective marketing tool for businesses.

A

True

28
Q

What is a franchise?

A

A franchise is a business model where a franchisee pays to use the brand and business model of a franchisor.

29
Q

Fill in the blank: __________ is the process of analyzing market conditions and trends.

A

Market analysis

30
Q

What is the role of human resources in a business?

A

Human resources manage employee relations, recruitment, and training.

31
Q

Multiple Choice: Which of the following is an example of a variable cost? A) Salaries B) Insurance C) Raw materials

A

C) Raw materials

32
Q

What is corporate social responsibility (CSR)?

A

CSR refers to a company’s efforts to improve society and the environment while conducting business.

33
Q

True or False: A business can operate without a marketing strategy.

A

False

34
Q

What is a competitive advantage?

A

A competitive advantage is a unique benefit that allows a business to outperform its competitors.

35
Q

Fill in the blank: The __________ is the total revenue generated by a business before expenses are deducted.

A

gross income

36
Q

What does ‘stakeholder’ mean?

A

A stakeholder is any individual or group that has an interest in the success of a business.

37
Q

Multiple Choice: Which of the following is a type of marketing strategy? A) Penetration pricing B) Resource allocation C) Production scheduling

A

A) Penetration pricing

38
Q

What is the difference between gross profit and net profit?

A

Gross profit is revenue minus the cost of goods sold, while net profit is gross profit minus all other expenses.

39
Q

True or False: A business’s mission statement outlines its purpose and values.

A

True

40
Q

What are the three main types of economic systems?

A

Traditional, command, and market economies.

41
Q

Fill in the blank: __________ is the ability to create and deliver value to customers.

A

Value proposition

POB (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions