Podcast
Questions and Answers
What is the primary purpose of a business plan?
What is the primary purpose of a business plan?
- To secure funding from investors
- To provide a legal framework for the business
- To describe a new business and its launch strategy (correct)
- To manage daily operational tasks
Which of the following best describes an 'elevator pitch'?
Which of the following best describes an 'elevator pitch'?
- A short summary intended to captivate interest (correct)
- A request for funding from investors
- A detailed business proposal
- A comprehensive marketing campaign
An individual who starts and manages a business is best defined as a(n):
An individual who starts and manages a business is best defined as a(n):
- Investor
- Entrepreneur (correct)
- Manager
- Accountant
What is the range of employee count that defines a small business, according to the text?
What is the range of employee count that defines a small business, according to the text?
What percentage of the American job market is comprised of small businesses?
What percentage of the American job market is comprised of small businesses?
Which of the following best describes a 'good' in a business context?
Which of the following best describes a 'good' in a business context?
In economics, what does 'opportunity cost' refer to?
In economics, what does 'opportunity cost' refer to?
According to the law of supply and demand, what primarily determines the price of a product?
According to the law of supply and demand, what primarily determines the price of a product?
What is the key characteristic of a command economy?
What is the key characteristic of a command economy?
Which of the following best represents the concept of 'profit motive'?
Which of the following best represents the concept of 'profit motive'?
What is a 'shortage' in an economic sense?
What is a 'shortage' in an economic sense?
Which of the following is NOT one of the three basic economic questions every nation must address?
Which of the following is NOT one of the three basic economic questions every nation must address?
In a market economy, who primarily makes economic decisions?
In a market economy, who primarily makes economic decisions?
Which management function involves setting goals and determining how to achieve them?
Which management function involves setting goals and determining how to achieve them?
A manager who gives detailed instructions and makes decisions independently is exhibiting which leadership style?
A manager who gives detailed instructions and makes decisions independently is exhibiting which leadership style?
Which of the following is NOT a primary component of the 'organizing' function within management?
Which of the following is NOT a primary component of the 'organizing' function within management?
A manager who delegates tasks and provides minimal guidance is implementing which leadership style?
A manager who delegates tasks and provides minimal guidance is implementing which leadership style?
Which activity is MOST closely associated with the 'controlling' function of management?
Which activity is MOST closely associated with the 'controlling' function of management?
Which of the following best describes the purpose of a start-up budget?
Which of the following best describes the purpose of a start-up budget?
What is the fundamental accounting equation?
What is the fundamental accounting equation?
A company's total income from sales is referred to as:
A company's total income from sales is referred to as:
What is the primary purpose of an income statement?
What is the primary purpose of an income statement?
Which of the following is categorized as a current liability?
Which of the following is categorized as a current liability?
What does the acronym GAAP stand for?
What does the acronym GAAP stand for?
What is the main purpose of marketing?
What is the main purpose of marketing?
Which of these describes a balance sheet?
Which of these describes a balance sheet?
Which of the following best defines the concept of a 'channel of distribution'?
Which of the following best defines the concept of a 'channel of distribution'?
What is the key difference between direct and indirect distribution?
What is the key difference between direct and indirect distribution?
A company's total revenue equals its total cost at what point?
A company's total revenue equals its total cost at what point?
What is the primary objective of conducting market research?
What is the primary objective of conducting market research?
Which of the following is NOT one of the core '4 P's' of the marketing mix?
Which of the following is NOT one of the core '4 P's' of the marketing mix?
What is the purpose of a prototype during product development?
What is the purpose of a prototype during product development?
Which business structure exposes the owner to unlimited personal liability for business debts?
Which business structure exposes the owner to unlimited personal liability for business debts?
What is the main characteristic of a nonprofit corporation regarding its financial activities?
What is the main characteristic of a nonprofit corporation regarding its financial activities?
Flashcards
Opportunity Cost
Opportunity Cost
The value of the next best alternative that is not chosen.
Supply
Supply
The amount of a good or service that producers are willing to sell at a certain price.
Demand
Demand
The amount of a good or service that consumers are willing and able to buy at a certain price.
Market Price
Market Price
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Profit Motive
Profit Motive
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Competition
Competition
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Command Economy
Command Economy
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Market Economy
Market Economy
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Entrepreneur
Entrepreneur
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Elevator Pitch
Elevator Pitch
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Fundraising
Fundraising
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Startup
Startup
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Small Business
Small Business
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Accounting
Accounting
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Budget
Budget
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Revenue
Revenue
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Expense
Expense
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Assets
Assets
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Liability
Liability
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Balance Sheet
Balance Sheet
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Income Statement
Income Statement
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Planning
Planning
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Organizing
Organizing
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Leading
Leading
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Controlling
Controlling
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Organizational Chart
Organizational Chart
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Break-even Point
Break-even Point
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Market Research
Market Research
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Demographics
Demographics
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Market Segmentation
Market Segmentation
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Test-Market
Test-Market
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Partnership
Partnership
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LLC (Limited Liability Company)
LLC (Limited Liability Company)
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Franchise
Franchise
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Study Notes
Final Exam Study Guide - Business & Entrepreneurship
- The final exam will include a multiple choice section and an elevator pitch.
- Review the course reading materials on Google Classroom, specifically "Intro to Business - Sections 1.1, 1.2" and "Pages 15-17 Supply & Demand, Profit Motive, Competition", along with the accompanying questions.
- Review the factors of production, types of economies, and three basic economic questions.
- Key terms to define:
- Business: All activities related to producing and exchanging goods/services.
- Product: Anything that can be bought or sold.
- Good: A tangible item that can be touched.
- Service: A task performed, typically for a fee.
- Customer: A person or group who purchase a product/service.
- Opportunity Cost: The value of the next best alternative that was not selected.
- Supply: Amount of a good available for purchase.
- Demand: The amount of a good a consumer wants to purchase.
- Law of Supply and Demand: The price of a good is determined by the relationship between its supply and demand.

- Shortage: A lack of a good or service.
- Surplus: Excess of a good or service.
- Market Price: The value at which an asset is traded in a market.
- Profit Motive: The driving force behind business to earn money.
- Competition: The rivalry between businesses for a larger market share.
- Consumer: A person who buys goods and services for personal use.
Economic Systems
- Mixed economies: Combine government and citizen involvement in resource decisions.
- Market economies: Citizens are responsible for economic decisions.
- Command economies: Governments oversee all economic decisions.
- Traditional economies: Decisions are based on cultural values and customs.
Entrepreneurship
- Review vocabulary and lessons from Google Classroom.
- Business Plan: A document outlining a new business's strategy.
- Elevator Pitch: A concise (30-second/100-word) description for a business.
- Entrepreneur: A person who creates, operates, and owns a business.
- Fundraising: Obtaining money from individuals, businesses, foundations, etc.
- Innovation: Developing new ideas, methods, or products.
- Profit: Revenue minus expenses.
- Startup: A nascent business.
- Small business: A business aiming for long-term growth in a specific market.
Additional Review Topics
- Review of lessons regarding: Understanding Entrepreneurship, Hurdles to Entrepreneurship, Planning/Pitching a Business Plan, Launching a Business, Managing Business Finances/Financial Management (Chapter 17.1), Business Structures and Leadership (including SBA business structure links), Financial Records (Chapter 17.2), and Marketing (Chapter 13).
- Key Questions: How many people (employees) are needed for a small business vs. larger business? What percentage of U.S. organizations are small businesses?
- Financial terms include:
- Revenue: Total money brought in by a company's operations.
- Expense: Money spent for operational needs.
- Accounting: Recording financial transactions.
- GAAP: Generally Accepted Accounting Principles — common financial reporting standards.
- Fiscal Period: A specific time frame for accounting.
- Budget: A plan for spending, often overtime.
- Start-up Budget: Financial plan for a new business.
- Accounting Equation: Assets = Liabilities + Equity.
- Assets: Items of value a business owns.
- Current Asset: Liquid assets used or exchanged within a year.
- Liability: Debts or obligations a company owes.
- Current Liability: Short-term debts due within a year.
- Balance Sheet: A snapshot of a company's financial state.
- Income Statement: Financial performance over a period, showing revenues, expenses, and profitability.
- Marketing - The methods involved in promoting or selling a business's goods/services include:
- Marketing Mix (4Ps): Product, price, promotion, place.
- Channel of Distribution: Pathways goods/services take from origin to consumer
- Direct Distribution: Goods/services sold directly from producer to customer
- Indirect Distribution: Use of intermediaries—e.g., wholesalers, retailers
- Break-even Point: Sales level where total revenue equals total costs.
- Market Research: Studying a market’s size, location, or makeup
- Demographics: Characteristics of a population.
- Market Segmentation: Dividing a market into distinct groups.
Product Development
- Steps of Product Development: Ideation, Validation, Prototyping, Marketing, Development, Launch, Improvement
- Prototype: Originating model to base future designs on
- Test Market: Introducing new product/service, advertisement etc to a specific market segment.
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Description
Test your knowledge on fundamental business concepts, including the purpose of business plans, the definitions of small businesses, and key economic principles. This quiz covers essential terms such as 'elevator pitch,' 'opportunity cost,' and more, making it perfect for aspiring entrepreneurs and business students.
