Define business.
An organization that provides goods or services to customers for profit.
What is profit?
The financial gain after all expenses have been deducted from revenue.
True or false: Market research helps businesses understand customer needs.
TRUE
It involves gathering data about consumers and competitors.
Fill in the blank: Entrepreneurship is the process of _______ a business.
starting
What is a stakeholder?
An individual or group with an interest in a business’s performance.
Define supply chain.
The entire system of production, processing, and distribution of goods.
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats.
True or false: Branding is only about a logo.
FALSE
Branding encompasses the overall perception of a company.
Fill in the blank: Marketing involves promoting and _______ products.
selling
What is cash flow?
The total amount of money moving in and out of a business.
Define target market.
A specific group of consumers at which a business aims its products.
What is competition in business?
The rivalry between businesses to attract customers and increase sales.
True or false: Fixed costs change with production levels.
FALSE
Fixed costs remain constant regardless of output.
Fill in the blank: Variable costs change with _______ levels.
production
What is a business plan?
A formal document outlining a business’s goals, strategies, and financial forecasts.
Define entrepreneur.
An individual who starts and runs a business, taking on financial risks.
What is e-commerce?
Buying and selling goods or services over the internet.
True or false: Customer loyalty is unimportant for business success.
FALSE
Loyal customers often lead to repeat sales and referrals.
Fill in the blank: Market segmentation divides a market into _______ groups.
distinct
What is a franchise?
A business model where a franchisee operates under the brand of a franchisor.
Define corporation.
A legal entity separate from its owners, providing limited liability.
What is diversification in business?
The strategy of entering new markets or industries to reduce risk.
True or false: Customer feedback is irrelevant for product improvement.
FALSE
Feedback helps businesses enhance their offerings.
Fill in the blank: Human resources manage a company’s _______ assets.
human
