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Transcript of Business Basics 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333...
![Page 1: Business Basics 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 Business.](https://reader035.fdocuments.in/reader035/viewer/2022081503/5a4d1b687f8b9ab0599b21b5/html5/thumbnails/1.jpg)
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BusinesBusiness Basicss Basics
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Business Business PlanPlan
Legal Legal IssuesIssues
Gov. Gov. RegulationRegulation
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Question:An idea for a new business that can be tested is called what?
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Business Basics for 1
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Answer: business concept
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Business Basics for 1
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Question: the main concept of a business that can be ACHIEVABLE is called what?
Business Basics for 2
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Answer: mission
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Business Basics for 2
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Question: What kind of analysis should you conduct to determine if your business is practical?
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Answer: Feasibility analysis
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Business Basics for 3
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Question: Name 3 of the 4 areas that a competitive grid chart identifies and analyzes.
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Answer: 1.Competitors2.Customers3.Strengths and weaknesses4.Business benefits
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Question: What are the 5 C’s of Credit?
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Answer: 1.Character2.Capacity3.Collateral4.Conditions5.Capital
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Question: The part of the business plan that identifies the legal form of the company is called what?
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Answer:Organizational Plan
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Question: What part of the business plan describes the logistics of getting the product to the customer?
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Answer: Operational Plan
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Business Plan for 2
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Question: What part of the business plan identifies how the company plans to expand?
Business Plan for 3
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Answer: Growth Plan
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Business Plan for 3
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Question: What part of the business plan describes image, promotion and pricing strategies?
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Answer: Marketing Plan
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Business Plan for 4
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Question: What part of the business plan identifies data related to the market or industry?
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Answer:Industry/Market Analysis
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Question: What kinds of products does a patent protect?
Legal Issues for 1
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Answer: Inventions
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Legal Issues for 1
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Question: A binding agreement between 2 or more parties is called what?
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Answer: contract
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Question: What is the legally protected word, symbol or design businesses use to identify their products?
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Answer: Trademark
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Question: Which form of protection lasts for 50 years?
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Answer:Copyright
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Question: What is the difference between a lessee and a lessor?
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Answer: Lessee: one who pays rentLessor: one who owns the
property and receives the rent
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Question: Which local laws determine requirements for business signs?
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Answer:Zoning Laws
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Gov. Regulations for 1
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Question: Which federal law established minimum wage?
Gov. Regulations for 2
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Answer: Fair Labor Standards Act
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Gov. Regulations for 2
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Question: Which federal law disallows race discrimination in hiring?
Gov. Regulations for 3
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Answer: Equal Employment
Opportunity Act
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Gov. Regulations for 3
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Question: What did the Clayton Act establish as unlawful?
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Answer: Price discrimination
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Gov. Regulations for 4
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Question: What does OSHA stand for?
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Answer: Occupational Safety and
Health Administration
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Gov. Regulations for 5
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Question: What set of laws cover all forms of business practices?
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Answer:Uniform Commercial Code
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Question: All money needed to keep a business going is called what?
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Answer: Operational expenses
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Question: On a check stub, what does FICA represent?
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Answer:Social Security Tax
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Question: What is the difference between a customer and a consumer?
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Answer: Customer: buys the productConsumer: uses the product
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Question: What is the difference between a product feature and a product benefit?
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Answer: Feature: physical traitBenefit: the satisfaction the consumer gets from the trait
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