AY Honors/Business/Answer Key
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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’ 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. 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
