Business Fundamentals Flashcard

Front

What is the primary goal of a business?

Back

To generate profit and provide value to customers

Front

What is an entrepreneur?

Back

A person who starts and manages a business.

Front

Which of the following is not one of the three main types of business ownership? Sole proprietorship, Corporation, Partnership

Back

Nonprofit organization

Front

A target market is:

Back

A group of people most likely to buy a product or service

Front

Why is customer service important?

Back

It builds a good reputation and encourages repeat business

Front

What is a business plan?

Back

A written document outlining business goals and strategies.

Front

Which of the following is an example of a service-based business? A bakery selling cupcakes, A clothing store, A lawn care company, A bookstore

Back

A lawn care company

Front

What are operating expenses?

Back

Costs required to run a business, like rent and utilities

Front

What happens if a business spends more money than it earns?

Back

It operates at a loss.

Front

Why is marketing important for a business?

Back

It helps attract customers and build brand awareness