Business Concepts Review

What is the primary goal of a business?

• inventions

• management

• ethics

• profit

What is a Franchisee?

• A person or company that grants the license to a third party for the conducting of a business under the franchisor's marks.

• A person or company that is granted the license to do business under the franchisor's trademark and trade name.

• A business that operates independently without any association with a franchisor.

• A legal agreement between two parties to share profits and losses.

Which form of compensation will not directly impact the employee's bank account:

• Hourly Pay

• Salary

• Commission

• Benefits

Which shows a snapshot in time of a company’s asset, liabilities, and equity?

• Income statement

• Balance sheet

• Cash flow statement

A Mission Statement is ______.

• A detailed financial report

• A statement of the company's purpose and values

• A list of products offered

• A marketing strategy

Preferential marketing is defined as ______.

• Marketing that targets specific customer preferences

• A type of compensation

• A financial statement

• A business structure

What is a business plan?

• A document outlining a company's goals and the strategy to achieve them

• A financial statement of a company

• A marketing strategy for a product

• A legal document for company registration

Which of the following is NOT part of the promotion mix?

• Advertising

• Public Relations

• Product Development

• Sales Promotion

Fill in the blank: The role of supply chain management is to oversee the flow of goods and services and includes all processes that transform raw materials into final ______.

• Products

• Services

• Ideas

• Concepts

Management functions include:

• A) Planning, Organizing, Leading, Controlling

• B) Selling, Advertising, Promoting, Branding

• C) Designing, Developing, Testing, Launching

• D) Buying, Selling, Trading, Investing