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Business Basics: Know that Name MY EconoMY B&B

This comprehensive guide covers the essential knowledge and terminology in business, economics, and management. Learn about various business classifications, economic concepts, marketing strategies, and more.

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Business Basics: Know that Name MY EconoMY B&B

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  1. Know that Name MY EconoMY B&B: Business Basics Know that Term Grab Bag CLASSIFY 10 10 10 10 10 10 20 20 20 20 20 20 30 30 30 30 30 30 40 40 40 40 40 40 50 50 50 50 50 50

  2. A system of manufacturing in which all the materials, machinery, and workers required to manufacture a product are assembled in ONE PLACE? Factory System 10 Know That Name

  3. A system of exchange in which GOODS OR SERVICES are traded directly for other goods or services without using money Barter System 20 Know That Name

  4. The SEPARATION of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals. Specialization 30 Know That Name

  5. The ability for a manager to think in ABSTRACT terms while envisioning the “BIG PICTURE” falls into the category of ________? This is deemed an important management trait. Conceptual Skills 40 Know That Name

  6. Empowerment allows for the quality of employees work to … • Increase • Decrease • Remain the same • None of the above A 50 Know That Name

  7. How is profit calculated in terms of sales revenue and expenses. Sales Revenue – Expenses = Profit 10 Business Basics

  8. Innovation can change… • Products and Services offered • Business Operations • Business Communication • All of the above D 20 Business Basics

  9. True or False: ESOP (Employee Stock Ownership Plan) is a good incentive given by companies to employees to encourage higher productivity. True 30 Business Basics

  10. True or False: Statistically, a franchise business has a better chance of success than an small owned business. True 40 Business Basics

  11. What does TQM stand for? Total Quality Management 50 Business Basics

  12. Name one of the three classifications of business. Manufacturing, Service, Merchandising 10 CLASSIFY

  13. Which type of business classification would Kohl’s be? Merchandising 20 CLASSIFY

  14. Which type of business takes raw materials can creates a finished product? Manufacturing 30 CLASSIFY

  15. This type of business does not need to worry about inventory costs. Service 40 CLASSIFY

  16. This type of business is able to create customer specific production. Service 50 CLASSIFY

  17. What does GDP stand for? Gross Domestic Product 10 My Econo MY

  18. The quantity of a product that producers are willing to sell at each of various prices. Supply 20 My Econo MY

  19. Products made by firms in other countries. Foreign Goods 30 My Econo MY

  20. An economy in which more effort is devoted to the production of services than to the production of goods. Service Economy 40 My Econo MY

  21. The price of a product is determined by two entities. What are they? Supply & Demand 50 My Econo MY

  22. Producing products and services quickly, at a low cost, and without wasting time and materials is known as… Efficiency 10 Know that TERM

  23. The online interaction that allow people and businesses to communicate and share ideas, personal information, and information about products or services. Social Media 20 Know that TERM

  24. The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services is known as… Marketing 30 Know that TERM

  25. The ability of profit-making organizations to compete with other businesses in other countries. Global Competition 40 Know that TERM

  26. To cut back on the goods and services provided and thereby shrink the size of a firm and the number of employees. Downsize 50 Know that TERM

  27. True or False: An intrapreneur is an employee of a company True 10 Grab Bag

  28. True or False: Reengineering usually is a result of empowerment True 20 Grab Bag

  29. List two of the six causes of business failure. Economic causes, Financial causes, Disaster and fraud, Neglect, Strategy, Experience 30 Grab Bag

  30. This term refers to producing the largest number of items in the least time. Productivity 40 Grab Bag

  31. List two ways in which individual well-being can decrease. Poverty and Unemployment 50 Grab Bag

  32. Final Jeopardy Why is studying business a good idea? List 4 reasons.

  33. Final Jeopardy What are the 4 essential skills for successful managers? Be able to describe each.

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