AY Honor Business Requirements

Business

Skill Level

2

Year

2015

Version

23.04.2024

Approval authority

North American Division

1. Define the following terms:

a. Break Even

b. Business

c. Business Plan

d. Capital

e. Distribution

f. Interest

g. Micro business

h. Price

i. Product

j. Production

k. Profit

l. Promotion

m. Service

n. Target market

2. Describe three ways in which a business may be conceived.

3. Explain the benefits of having a management team in a business (note that one person might adopt all these roles in a small/micro business).

4. List ways that a business’s product/service may be promoted.

5. Show how you determine:

a. Price of the product

b. Break-even point

c. Profit/loss

6. Discuss ways in which the profits of a company can be used.

7. Brainstorm at least 4 ideas for small business that can be conducted by Pathfinders in your club or youth in your church. Evaluate the strengths, weaknesses, opportunities, and threats associated with each of them.

8. Develop a business plan for at least one of your ideas from #7 above. Include the following in the plan:

a. Description of business

b. Capital needed and the source of the capital

c. Price of the product/service

d. Target market

e. Promotional method

f. Sales location

g. Expected gains

h. Dissemination of profit

9. Execute the plan.

a. Build the management team

b. Create the product

c. Advertise the product/service

d. Sell the product or perform the service

e. Report on profit/loss

f. Report on use of profits

g. Suggestions for improvements

10. Discuss ethical issues and Christian values involved in conducting a business.

a. To God

b. To the government

c. To the customer

d. To the employee

11. Recount the story of Joseph as a shrewd manager and businessman (Genesis 41:39-57), the parable of the talents (Luke 19:11-26) or other similar bible passage. Identify three lessons from the story that can be applied to your business.