BusinessU Business Units 1-5 to 1-7

Sales revenue minus Cost of Goods Sold (COGS) is:

• mass production

  
  

• gross profit

  
  

• an input

  
  

• an output

  
  

Which of the following is considered a fixed cost in a business?

• Raw materials

• Utilities

• Rent

• Sales commissions

Which of the following is an example of an output?

• house

• wood

• concrete

• wiring

A business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions is called:

• cyber security

• information management

  
  

• intellectual property

  
  

• risk management

  
  

Relevant, or important and useful, data is helpful for making:

• transactions

  
  

• assets

• inspections

• decisions

What is the term for a market structure where a few large firms dominate the industry?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

A distributor buys products from _______________ and resells them either to wholesalers, retailers or the public.

• retailers

• manufacturers

• freemium

• consumers

There are two types of retailers, Bricks-and-Mortar retailers and _____________ retailers.

• Distributor

• Wholesaler

• Subscription

• Online

What is the primary purpose of a business plan?

• To secure funding from investors

• To outline the company's goals and strategies

• To manage daily operations

• To hire new employees

Which of the following is a key component of a marketing strategy?

• Product development

• Financial auditing

• Target audience identification

• Supply chain management