Podcast
Questions and Answers
What is a key concept in business that focuses on increasing the worth of a product or service?
What is a key concept in business that focuses on increasing the worth of a product or service?
- Cost-cutting
- Adding value (correct)
- Value subtraction
- Price reduction
Which of the following is NOT one of the major types of businesses?
Which of the following is NOT one of the major types of businesses?
- Partnership
- Sole proprietorship
- Government agency (correct)
- Corporation
What are the five major environments in which every business operates?
What are the five major environments in which every business operates?
- Educational, Cultural, Environmental, Technological, Business
- Political, Economic, Social, Technological, Competitive (correct)
- Urban, Rural, Suburban, Industrial, Commercial
- Legal, Ethical, Financial, Regulatory, Corporate
Why is it important for a business to have functional areas?
Why is it important for a business to have functional areas?
What is one of the purposes of identifying various business professions?
What is one of the purposes of identifying various business professions?
What is a key characteristic of great team players?
What is a key characteristic of great team players?
What is the importance of maintaining a confident, positive outlook according to the text?
What is the importance of maintaining a confident, positive outlook according to the text?
What is etiquette as defined in the text?
What is etiquette as defined in the text?
Which is a common misconception about successful people based on the text?
Which is a common misconception about successful people based on the text?
In business, what does 'adding value' refer to?
In business, what does 'adding value' refer to?
What is a major characteristic of successful businesses mentioned in the text?
What is a major characteristic of successful businesses mentioned in the text?
What is revenue in a business context?
What is revenue in a business context?
Which term describes the money left over after all business costs have been deducted from the revenue?
Which term describes the money left over after all business costs have been deducted from the revenue?
What is a competitive advantage in business?
What is a competitive advantage in business?
What do goods-producing businesses typically focus on?
What do goods-producing businesses typically focus on?
Why are service businesses considered labor-intensive?
Why are service businesses considered labor-intensive?
In the context of business, what is meant by 'barrier to entry'?
In the context of business, what is meant by 'barrier to entry'?
Which functional area of a business is responsible for conceiving and designing new products?
Which functional area of a business is responsible for conceiving and designing new products?
What is the primary responsibility of the finance and accounting department in a business?
What is the primary responsibility of the finance and accounting department in a business?
What is the role of human resources (HR) in a business?
What is the role of human resources (HR) in a business?
What do service businesses primarily focus on delivering?
What do service businesses primarily focus on delivering?
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