What does SWOT analysis identify?

Strengths, Weaknesses, Opportunities, Threats

What are the 4 Ps in marketing mix?

Product, Price, Place, Promotion

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Business Fundamentals Quiz

27 termsStudBud Administration

Test your knowledge on key concepts in business such as liability, marketing mix, ethics, and innovation. Explore topics like market research, corporate social responsibility, and more.

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Questions 27

Answers

1
Which business type involves manufacturing?
Merchandising
Service
Manufacturing
Making coffee
2
What is the chain of command?
Employee gossip
Line of authority
Coffee line
Dance moves
3
What does SWOT analysis identify?
Sales, Wages, Orders, Taxes
Snacks, Workouts, Opinions, Tacos
Superheroes, Wizards, Orcs, Trolls
Strengths, Weaknesses, Opportunities, Threats
4
What do financial statements show?
Coffee expenses
Secret recipes
Business performance
Employee names
5
Why is ethics important in business?
Makes robots happy
Guides conduct
Increases profits
Confuses customers
6
How does delegation improve business?
Increases workload
Shares responsibility
Creates confusion
Leads to naps
7
How do interest rates affect businesses?
Cost of borrowing
No effect
Free money
Coffee discounts
8
What is the main purpose of a business plan?
Make coffee
Predict lottery
Hire employees
Outline goals
9
What is the role of customer service?
Ignore complaints
Support customers
Sell coffee
Make jokes
10
What does human resources manage?
Buildings
Money
Employees
Coffee machines
11
What is inventory management?
Count coffee cups
Manage stock
Hide products
Throw away goods
12
What is the break-even point?
Coffee break time
Profit is maximum
Revenue equals costs
Loss is highest
13
What is corporate social responsibility?
Maximizing profits
Ethical commitment
Ignoring society
Throwing parties
14
What does equity represent in business?
Employee salary
Company debt
Coffee budget
Owner's claim
15
What are the 4 Ps in marketing mix?
Product, Price, Place, Promotion
People, Pets, Plans, Parties
Profit, Power, Pride, Peace
Pizza, Pasta, Pie, Pop
16
How does a corporation protect shareholders?
Limited liability
Unlimited liability
By sending gifts
No protection
17
How does a franchise operate?
Sings karaoke
Steals ideas
Owns all brands
Pays to use brand
18
How does competition affect businesses?
Stops sales
Drives improvement
Causes fights
Leads to naps
19
How does market research benefit a business?
Increases costs
Finds aliens
Informs decisions
Confuses owners
20
What determines price in supply and demand?
Random choice
Owner's mood
Magic wand
Availability and desire
21
What is innovation in business?
New ideas
Breaking things
Magic spells
Copying others
22
What defines a sole proprietorship's liability?
No liability
Limited liability
Liability of a cat
Unlimited liability
23
What is globalization in business?
Global interconnectedness
Local isolation
No trade
Alien invasion
24
Which costs vary with production volume?
Hidden costs
Fixed costs
Invisible costs
Variable costs
25
Which business type involves selling goods directly?
Service
Magic tricks
Manufacturing
Merchandising
26
What are economies of scale?
Free coffee
More expenses
Fewer products
Cost advantages
27
What defines a monopoly?
No sales
Single market control
One big party
Many competitors

Business Fundamentals Quiz Flashcards | StudBud