An organization that strives for profit by providing goods and services.
What are the tangible things provided by a business?
Which of the following is not considered a Need?
What is considered to be a potential to lose time or money for a business?
What is it called when businesses collect data on consumers?
The quantity of a good or service that a business makes available is called:
The quantity of a good or service that people are willing to buy is called:
Which of the following is the correct list of the Factors of Production?
Which of the following is the correct list of Economic Indicators?
Which is the proper order for the business cycle?
Which of the following is not a type of economic system?
Which of the Following is not a characteristic of an Entrepreneur?
Which of the following is not a perk of being an entrepreneur?
Check all of the following that can be difficulties to starting a business
A majority of businesses owned in the US are small businesses and they employ over 50% of the American workforce.
Being an entrepreneur is easy and for everyone.
The market reach for entrepreneurs today is easier than ever.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Food | arrow_right_alt | Service |
Business | arrow_right_alt | Good |
Computer | arrow_right_alt | Need |
Expenses | arrow_right_alt | Demand |
Consumer | arrow_right_alt | Supply |
Money Recieved | arrow_right_alt | Costs |
Hair Salon | arrow_right_alt | Revenue |
What is the difference between a Non-Profit and a Not-for-Profit?
Using your knowledge of the Economic Indicators, explain in your own words how each of them are interconnected and can affect each other.
Knowing the 4 Main Factors of Production, explain why each of the 4 categories are important as it relates to our nation's GDP.
Back in 2000 Netflix owners approached Blockbuster with an opportunity to purchase their company for $50 million. Co-Founder Marc Randolph remembers being "laughed out of the room." The CEO of Blockbuster dismissed the offer, considering Netflix a specialized business and downplayed the significance of the growing online era. Today, Netflix is an international corporation the brought in nearly 2 billion dollars in revenue last year, while Blockbuster has one store left in Bend, Oregon, where it is primarily a tourist attraction and less of a business.
Using your knowledge of the decision-making process, what steps could Blockbuster have done better and how would you have done it with the knowledge of both businesses today?
What are the 4 Main ways to own a business?
Describe in your own words the main characteristics of a Sole Proprietorship, 2 advantages, and 2 disadvantages.
Describe in your own words the main characteristics of a Partnership, 2 advantages, and 2 disadvantages.
Describe in your own words the main characteristics of a Corporation, 2 advantages, and 2 disadvantages.
For a franchise to legally exist there must be an agreement between a Franchisor and a Franchisee. What is the name of that agreement, and what is the difference between the Franchisor and Franchisee?
Based on the scenario below what form of ownership would be best and why?
I am in my early thirties. I have a degree in exercise physiology, and I have been working in the fitness industry since graduating college. I have certifications in Nutrition science as well. I have a huge following of clients who are committed to working with me every week. Some of my friends in the fitness industry have encouraged me to open my own fitness studio and nutrition counseling business. I need startup money to buy equipment and weights. Friends have offered to help finance my venture in exchange for partial ownership.
Based on the scenario below what form of ownership would be best and why?
You have a brilliant idea for a new app you would like to develop. You have been taking classes independently on your own to learn about app development, coding, and user experience. This is an expensive process and you have some money saved up, but need investors to help fund its development. You want to limit your personal liability in case the app doesn't succeed and ensure that the business can continue even if you decide to step down as the leader.
Based on the scenario below what form of ownership would be best and why?
I have been baking custom cupcakes for my friends and family for a while now and am really starting to enjoy it. I really like the fact that I can be artistic and also combine my knowledge of baking by creating unique flavor combinations by experimenting. I kind of consider myself a bit of a culinary scientist. I would like to open up my own storefront using the funds that i have built up running my business out of my home. Something small and formal.
Check all of the different types of Businesses:
Explain how a Processor business functions:
What is the primary function of a Manufacturer:
What are the 4 main functions of business AND describe what each function does:
The functions of business should operate independently and oblivious of the others.
The functions of business should strive to be better than the rest.
Whenever faced with tough decisions business should go through the Decision-Making Process.