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Questions and Answers
What is the primary function of Facebook?
What is the primary function of Facebook?
Which of the following best describes Facebook?
Which of the following best describes Facebook?
In addition to connecting users, what additional feature does Facebook provide?
In addition to connecting users, what additional feature does Facebook provide?
Which of the following statements about Facebook is inaccurate?
Which of the following statements about Facebook is inaccurate?
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What key aspect is emphasized in Facebook's function?
What key aspect is emphasized in Facebook's function?
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What is a key factor in managing food and beverage sales?
What is a key factor in managing food and beverage sales?
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Which of the following is NOT typically included in food and beverage sales?
Which of the following is NOT typically included in food and beverage sales?
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What is one way to increase revenue in food and beverage sales?
What is one way to increase revenue in food and beverage sales?
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Managing costs in food and beverage sales primarily includes which areas?
Managing costs in food and beverage sales primarily includes which areas?
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Which sales method is likely to be the most profitable for food and beverage establishments?
Which sales method is likely to be the most profitable for food and beverage establishments?
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What characteristic is highlighted as important in the context of entrepreneurship?
What characteristic is highlighted as important in the context of entrepreneurship?
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Which of the following best describes the attitude of successful entrepreneurs towards new methods?
Which of the following best describes the attitude of successful entrepreneurs towards new methods?
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What can hinder an entrepreneur's success according to the provided content?
What can hinder an entrepreneur's success according to the provided content?
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Which trait is NOT associated with an entrepreneurial spirit based on the content?
Which trait is NOT associated with an entrepreneurial spirit based on the content?
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What is implied as a key factor for entrepreneurs to thrive?
What is implied as a key factor for entrepreneurs to thrive?
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Which company did Elon Musk co-found in the electric vehicle industry?
Which company did Elon Musk co-found in the electric vehicle industry?
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Who is known as a significant figure in both the electric vehicle sector and space exploration?
Who is known as a significant figure in both the electric vehicle sector and space exploration?
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Which of the following individuals is not associated with an electric vehicle company?
Which of the following individuals is not associated with an electric vehicle company?
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Among the following, who was instrumental in popularizing electric vehicles through a major automaker?
Among the following, who was instrumental in popularizing electric vehicles through a major automaker?
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Which of these individuals is primarily recognized for their role in founding an electric vehicle company?
Which of these individuals is primarily recognized for their role in founding an electric vehicle company?
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What is one reason some countries are wealthier than others?
What is one reason some countries are wealthier than others?
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Which statement about the wealth creation process is accurate?
Which statement about the wealth creation process is accurate?
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What is a common misconception about wealthy countries?
What is a common misconception about wealthy countries?
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Which factor is NOT part of the five factors of production?
Which factor is NOT part of the five factors of production?
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How do economists approach the issue of wealth creation across different countries?
How do economists approach the issue of wealth creation across different countries?
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What is a key focus of waste management programs in healthcare facilities?
What is a key focus of waste management programs in healthcare facilities?
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Which strategy is NOT included in healthcare waste management programs aimed at sustainability?
Which strategy is NOT included in healthcare waste management programs aimed at sustainability?
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What aspect of waste management is essential for promoting sustainability in healthcare?
What aspect of waste management is essential for promoting sustainability in healthcare?
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Why is responsible disposal of hazardous materials crucial in healthcare sustainability initiatives?
Why is responsible disposal of hazardous materials crucial in healthcare sustainability initiatives?
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What is a common practice in waste management programs that aids in sustainability?
What is a common practice in waste management programs that aids in sustainability?
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Study Notes
Key Concepts in Business & Management (BADM 101)
- Course instructed by Dr. Rania El Garem, Assistant Professor of Management, at the Alumni Unit & Career Center-SOBF.
- Course material covers key concepts in business and management.
Chapter 1: Taking Risks and Making Profits within the Dynamic Business Environment
- The chapter discusses requirements for success in business, what business, goods, and services are.
- It covers the purpose of the business and its function, revenues, profits, and losses.
- Revenue generation and financial sustainability is also included.
- The different types of goods and services are explained.
- The key characteristics of entrepreneurs, and advantages and disadvantages are explored.
- The role and importance of the value proposition is explained.
Chapter Contents
- Requirements for the success in business.
- Business, goods, and services, including tangible (goods) and intangible (services).
- Purpose and function of the business, including mission, vision, and values.
- Revenues, Profits, and Losses, differentiating between revenue, profit, and loss in a business.
- Generating Revenues and Financial sustainability.
- Difference between goods & services.
- Entrepreneur and his key characteristics.
- Advantages and disadvantages of Entrepreneurs.
- Value Proposition.
- Matching Risk with Profit.
- Standard of Living & Quality of Life.
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5 business environments
- Economic and Legal Environment
- Technological Environment
- Competitive Environment
- Social environment
- Global Environment
- Sustainability.
- Outsourcing
- The Five Factors of Production (Land, Labor, Capital, Entrepreneurship, and Knowledge)
Activity 1
- The activity focuses on identifying the type of business and its function, given a purpose (to provide convenient and affordable transportation).
- It requires identifying the business type as a ride-sharing company (like Uber or Careem).
- This suggests the function of connecting drivers and passengers using a mobile app.
Activity 2
- This activity requires describing how different types of companies (hotels, restaurants, banks) generate revenue and maintain financial sustainability.
Activity 3
- In restaurants, what are the differences between goods & services?
Defining Goods and Services
- Goods are tangible products (e.g., food products, beverages).
- Services are intangible products (e.g., meal preparation, serving beverages, dining experience, and customer service).
Activity 4
- This is a multiple choice question asking about a specific entrepreneur known for their electric vehicle ventures.
- The correct answer is Elon Musk.
Activity 5: Role Play of Entrepreneur
- A scenario for a student discussing their business idea with parents.
- Roleplay where the student (S) pitches their business plan to the parent (P).
9- Value Proposition
- A value proposition is a statement that communicates the unique value and benefits that a product, service, or business offers to its target audience.
- It defines why customers should choose a particular product or service over alternatives available in the market.
10- Matching Risk with Profit
- Risk is defined as the chance that an entrepreneur might lose time and resources due to a business not succeeding (becoming successful). The risk of a business can lead to significant profits.
11- Standard of Living and Quality of Life
- Standard of living is the amount of goods and services that people can buy with the money they have. A high standard of living generally signals strong economic wealth.
- Quality of life is the overall well-being of a society. Factors like political freedom, safety, health care, and leisure can be considered.
12- Responding to Various Business Stakeholders
- A stakeholder is anyone who stands to gain or lose based on the policies or actions of a business.
- These groups can be internal (e.g., employees, stockholders, managers) or external (e.g., customers, suppliers, the community). The need to respond to these various stake holders is a key challenge in business.
13- Using Business Principles in Nonprofit Organizations
- Nonprofit organizations are characterized by not aiming for profits, but rather achieving social and/or educational goals.
- They rely on donations from individuals and other entities in order to survive and operate.
14- Outsourcing
- Outsourcing is an agreement in which one company hires another company to manage an existing or planned activity.
- Reasons for companies to outsource activities include improving efficiency, controlling risks and costs, and concentrating on core functions.
15- The Five Factors of Production
- The "five factors of production" are the fundamental resources used to create goods and services. These include land, labor, capital, entrepreneurship, and knowledge.
16- The Business Environment
- The business environment comprises all of the surrounding, external factors that can affect how a business operates. These factors are:
- Economic and legal environment
- Technological environment
- Competitive environment
- Social environment
- Global environment
17- Sustainability
- Sustainability is defined as the processes and actions through which humankind avoids the depletion of natural resources and maintains ecological balance, to avoid a decrease in society's quality of life.
Additional Information
- The slides contain various activities and questions.
- An example of a business strategy is mentioned, a company making pencils that include a small seed, when the pencil is used it is replenishing the natural environment by planting a tree to compensate for the removed tree to make the pencils.
- Economic issues regarding Egypt, in terms of financial support for businesses.
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Description
This quiz explores the core functions of Facebook alongside essentials of food and beverage sales management. It touches on entrepreneurial attributes and key factors in effectively running food services. Test your knowledge on both social media and business management concepts.
