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Question:An idea for a new business that can be tested is called what? Check Your Answer Business Basics for 1
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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.
Page 2: 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.

BusinesBusiness Basicss Basics

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Business Business PlanPlan

Legal Legal IssuesIssues

Gov. Gov. RegulationRegulation

ssMiscMisc..

Page 3: 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.

Question:An idea for a new business that can be tested is called what?

Check Your Answer

Business Basics for 1

Page 4: 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.

Answer: business concept

Back to the Game Board

Business Basics for 1

Page 5: 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.

Question: the main concept of a business that can be ACHIEVABLE is called what?

Business Basics for 2

Check Your Answer

Page 6: 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.

Answer: mission

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Business Basics for 2

Page 7: 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.

Question: What kind of analysis should you conduct to determine if your business is practical?

Business Basics for 3

Check Your Answer

Page 8: 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.

Answer: Feasibility analysis

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Business Basics for 3

Page 9: 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.

Question: Name 3 of the 4 areas that a competitive grid chart identifies and analyzes.

Business Basics for 4

Check Your Answer

Page 10: 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.

Answer: 1.Competitors2.Customers3.Strengths and weaknesses4.Business benefits

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Business Basics for 4

Page 11: 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.

Question: What are the 5 C’s of Credit?

Business Basics for 5

Check Your Answer

Page 12: 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.

Answer: 1.Character2.Capacity3.Collateral4.Conditions5.Capital

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Business Basics for 5

Page 13: 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.

Question: The part of the business plan that identifies the legal form of the company is called what?

Business Plan for 1

Check Your Answer

Page 14: 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.

Answer:Organizational Plan

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Business Plan for 1

Page 15: 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.

Question: What part of the business plan describes the logistics of getting the product to the customer?

Business Plan for 2

Check Your Answer

Page 16: 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.

Answer: Operational Plan

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Business Plan for 2

Page 17: 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.

Question: What part of the business plan identifies how the company plans to expand?

Business Plan for 3

Check Your Answer

Page 18: 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.

Answer: Growth Plan

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Business Plan for 3

Page 19: 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.

Question: What part of the business plan describes image, promotion and pricing strategies?

Business Plan for 4

Check Your Answer

Page 20: 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.

Answer: Marketing Plan

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Business Plan for 4

Page 21: 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.

Question: What part of the business plan identifies data related to the market or industry?

Business Plan for 5

Check Your Answer

Page 22: 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.

Answer:Industry/Market Analysis

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Business Plan for 5

Page 23: 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.

Question: What kinds of products does a patent protect?

Legal Issues for 1

Check Your Answer

Page 24: 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.

Answer: Inventions

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Legal Issues for 1

Page 25: 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.

Question: A binding agreement between 2 or more parties is called what?

Legal Issues for 2

Check Your Answer

Page 26: 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.

Answer: contract

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Legal Issues for 2

Page 27: 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.

Question: What is the legally protected word, symbol or design businesses use to identify their products?

Legal Issues for 3

Check Your Answer

Page 28: 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.

Answer: Trademark

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Legal Issues for 3

Page 29: 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.

Question: Which form of protection lasts for 50 years?

Legal Issues for 4

Check Your Answer

Page 30: 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.

Answer:Copyright

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Legal Issues for 4

Page 31: 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.

Question: What is the difference between a lessee and a lessor?

Legal Issues for 5

Check Your Answer

Page 32: 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.

Answer: Lessee: one who pays rentLessor: one who owns the

property and receives the rent

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Legal Issues for 5

Page 33: 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.

Question: Which local laws determine requirements for business signs?

Gov. Reguations for 1

Check Your Answer

Page 34: 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.

Answer:Zoning Laws

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Gov. Regulations for 1

Page 35: 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.

Question: Which federal law established minimum wage?

Gov. Regulations for 2

Check Your Answer

Page 36: 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.

Answer: Fair Labor Standards Act

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Gov. Regulations for 2

Page 37: 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.

Question: Which federal law disallows race discrimination in hiring?

Gov. Regulations for 3

Check Your Answer

Page 38: 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.

Answer: Equal Employment

Opportunity Act

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Gov. Regulations for 3

Page 39: 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.

Question: What did the Clayton Act establish as unlawful?

Gov. Regulations for 4

Check Your Answer

Page 40: 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.

Answer: Price discrimination

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Gov. Regulations for 4

Page 41: 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.

Question: What does OSHA stand for?

Gov. Regulations for 5

Check Your Answer

Page 42: 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.

Answer: Occupational Safety and

Health Administration

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Gov. Regulations for 5

Page 43: 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.

Question: What set of laws cover all forms of business practices?

Miscellaneous for 1

Check Your Answer

Page 44: 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.

Answer:Uniform Commercial Code

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Miscellaneous for 1

Page 45: 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.

Question: All money needed to keep a business going is called what?

Miscellaneous for 2

Check Your Answer

Page 46: 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.

Answer: Operational expenses

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Miscellaneous for 2

Page 47: 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.

Question: On a check stub, what does FICA represent?

Miscellaneous for 3

Check Your Answer

Page 48: 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.

Answer:Social Security Tax

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Miscellaneous for 3

Page 49: 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.

Question: What is the difference between a customer and a consumer?

Miscellaneous for 4

Check Your Answer

Page 50: 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.

Answer: Customer: buys the productConsumer: uses the product

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Miscellaneous for 4

Page 51: 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.

Question: What is the difference between a product feature and a product benefit?

Miscellaneous for 5

Check Your Answer

Page 52: 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.

Answer: Feature: physical traitBenefit: the satisfaction the consumer gets from the trait

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Miscellaneous for 5


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