Fun with Business Principles

What is a business?

• A business is an organization that provides goods or services for profit.

• A business is a non-profit organization that only provides services.

• A business is a group of individuals who volunteer to help the community.

• A business is a type of government agency that regulates trade.

Why do people start businesses?

• To avoid paying taxes

• To travel the world for free

• To become famous overnight

• To achieve financial independence, pursue passions, solve problems, and create jobs.

What do we call money that a business makes?

• Capital

• Profit

• Expenses

• Revenue

What is a product?

• A type of marketing strategy.

• A financial investment opportunity.

• A method of product delivery.

• An item or service created for sale.

What is a service?

• A service is a type of software application.

• A service is a physical product sold to customers.

• A service is a financial transaction between two parties.

• A service is an action or activity that provides value to others.

Who are customers?

• Individuals who only consume free content online.

• Individuals or entities that purchase goods or services from a business.

• Entities that provide services without charge.

• People who sell products to businesses.

What does it mean to sell something?

• To sell something means to give it away for free.

• To sell something means to borrow it from someone else.

• To sell something means to exchange it for money or compensation.

• To sell something means to keep it without sharing.

What is advertising?

• A legal requirement for businesses.

• Advertising is a communication strategy used to promote products, services, or ideas.

• A method to measure consumer satisfaction.

• A type of social media post.

Why is teamwork important in business?

• Teamwork is only necessary for large corporations.

• Teamwork enhances collaboration, problem-solving, and efficiency in business.

• Teamwork leads to increased competition among employees.

• Teamwork reduces the need for communication in the workplace.

What is a budget?

• A budget is a method for calculating taxes.

• A budget is a financial plan for managing income and expenses.

• A budget is a document for tracking personal goals.

• A budget is a type of investment strategy.