Business Class Overview

What is the formula for profit?

• Profit = Cost - Revenue

• Profit = Revenue - Cost

• Profit = Revenue * Cost

• Profit = Cost / Revenue

What is "the process by which businesses or other organizations develop international influence or start operating on an international scale"

• Supply chain management

• Accounting

• Globalization

• Financial management

What is decided by the intersection of supply and demand?

• Market price

• Quantity demanded

• Quantity supplied

• Profit

Which of the following can cause a shift in demand to the right?

• One of your suppliers increases their prices.

• There is a new fashion trend that makes your product unstylish.

• The machines in your factory breaks.

• The population's average income increases.

What is GDP used to measure?

• The amount of product produced within a country's border

• The rate of inflation in a country

• The scale of the national debt

• The amount of product produced by a country's citizens

Which of the following is an example of a regional business?

• Walmart

• Bank of America

• C-town Supermarkets

• McDonald's

What is an argument in support of increasing the minimum wage?

• It will make employees less motivated to do their jobs.

• It will cause businesses to lay off employees.

• It will increase the spending power of the average American.

• It will cause deflation.

What is an example of situational ethics?

• Always applying the same rules, no matter the circumstances.

• Using the context of a decision to decide what is right or wrong.

• Using your religion to inform your moral choices.

• Just guessing as to what is ethical and unethical.

What is price fixing?

• When a customer intentionally pays the wrong price for an item

• When a company changes their pricing policy based on consumer behavior

• When two businesses illegally decide to set their competing products to the same price

• When a company sets a very low price to damage their competition

What is an example of an industry that may have additional legal requirements when it comes to ethical marketing?

• Pharmaceuticals

• Clothes

• Snacks

• Glasses