you science

What is an EIN and what is it used for?

a tax identifier number needed by businesses. It is used to pay employees and prove employers are making employee tax contributions.

What are the 4 P's of marketing?

Product, price, place, promotion.

What are liabilities in business and where are they reported?

financial obligations or debts, and they are reported on the balance sheet.

What is crowdfunding, and what method is typically used to collect funds?

funding a business by raising many small amounts of money from a large number of people, typically collected via the internet.

What is omnichannel marketing, and what is one example of it?

a customer-centric strategy that combines multiple marketing channels to create a consistent experience across platforms. An example is customer loyalty or rewards cards.

What is a pitch in the context of business?

a brief presentation used as a quick overview for potential business investors or partners.

What is a unique value proposition, and what does it help to distinguish?

is a clear statement that explains a product or service's unique benefits and value to its target audience. It helps to distinguish products from competitors.

What is a formal declaration that contains the values and goals of a company?

A mission statement.

What is an intrapreneur?

is an employee who acts as an entrepreneur within an organization to solve problems rather than going solo.

What is market segmentation?

is dividing a market into smaller groups based on similar characteristics.

What are the characteristics of a sole proprietorship, a partnership, a nonprofit, and a corporation?

A sole proprietorship has the owner report business income and losses on their personal tax return and has unlimited liability. A partnership is owned by two or more people, each personally liable for business debts. A nonprofit is granted tax-exempt status. A corporation is a separate legal entity owned by shareholders with unlimited life and liability separate from its owners.

What is an entrepreneur?

is an individual who undertakes to start and run their own business with the intention of making a profit.

What are the advantages of e-commerce operations?

Lower startup costs, increased market reach, and reduced overhead.

Why is location critical for brick-and-mortar businesses, and what are its advantages and disadvantages?

Disadvantage - geographically limited, location is critical; advantage - immediate product availability, ability to sample products before purchasing.

What is the profit motive in business?

is when owners start or operate a business primarily to make money.

What is the Small Business Administration (SBA), and what does it do?

a government agency that provides financial, technical, and management assistance to help Americans run and grow their businesses.

What are variable costs in business?

are expenses that fluctuate in proportion to the goods or services a business produces.

What financial statement shows revenues, expenses, and net income?

The income statement.

What are startup costs, and what do they include?

are incurred to start a business and include research, licensing, website development, and equipment.

What is a minimum viable product (MVP), and how is it used?

is a product with just enough features to satisfy early customers and gather feedback for future development. It is used by early customers to help businesses improve the product.

What is importing in business?

is bringing products made in a foreign country to sell in the U.S.

What are the four types of market segmentation and what do they focus on?

Psychographic: Lifestyles, attitudes, values, opinions, personality

Demographic: Age, gender, income level, education, ethnicity
Behavioral: Benefits desired, shopping patterns, usage rate
Geographic: Location, climate, cultural influences, political boundaries

What is pivoting in a business strategy?

is changing a company's direction or focus in response to external factors, possibly altering the business model, product, or target market.

What does market research provide for businesses?

Critical information about the business landscape.

What elements are included in the lean canvas model?

Problem, solution, key metrics, cost structure, unique value proposition, competitive advantage, channels, revenue streams, and customer segments.

What is the ultimate goal of any business in a free market system?

Profit

What is opportunity cost in decision-making?

The loss of potential gain from other alternatives when one option is chosen.

What are three characteristics of successful entrepreneurs?

Risk taker, action-oriented, hardworking.

What is a balance sheet and what does it include?

is a financial statement that includes assets, liabilities, and stockholder equity.

What is economics?

The study of how people use limited resources to satisfy limitless wants.

What are two examples of determinants of demand?

BOGO sales and new product releases by popular brands.

What are a patent, copyright, and trademark, and what do they protect?

Patent: Legal right to an invention

Copyright: Legal right to reproduce, sell, or distribute work of authorship, such as books, music, and art. Trademark: Legal protection of brand names, logos, and symbols that distinguish goods and services.

What is an angel investor?

An individual who invests their own money in a startup in exchange for an ownership stake.

What are three examples of variable costs?

Commission, materials, shipping and handling.

What are three examples of fixed costs?

Insurance premiums, loan payments, property tax.

Lisa owns a business with fixed costs of $50,000/year. Selling price per item is $15, variable cost is $5. How many items must she sell to break even?

5,000 items (15-5=10; 50,000 ÷ 10 = 5,000).

Robert owns a business with fixed costs of $100,000/year. Selling price per item is $20, variable cost is $10. How many items must he sell to break even?

10,000 items (20-10=10; 100,000 ÷ 10 = 10,000).

What is brainstorming used for in business?

Generating new ideas.

What is bootstrapping in entrepreneurship?

Starting a business using personal funds and resources instead of outside investment.

What is green entrepreneurship?

A business approach that aims to create value for society, the environment, and the economy while reducing environmental impact.