1. Marketing Jeopardy Free Enterprise Types of Businesses
The Functions of Business
Intellectual Property Rights
Supply and Demand
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Final Jeopardy

2. Free Enterprise $100 Question
One company has the control over the product or the means of producing it.

3. Free Enterprise $100 Answer
Monopoly

4. Free Enterprise $200 Question
The potential for loss or failure in relation to the potential for improved earnings.

5. Free Enterprise $200 Answer
Business Risk (Risk)

6. Free Enterprise $300 Question
Businesses that choose to compete on quality, service, location and reputation.

7. Free Enterprise $300 Answer
Non price competition

8. Free Enterprise $400 Question
The ability to buy whatever is desired and legally available.

9. Free Enterprise $400 Answer
Freedom of ownership

10. Free Enterprise $500 Question
Employee layoffs, lower stock value and increased social services.

11. Free Enterprise $500 Answer
Economic costs of unprofitable firms

12. Types of Businesses $100 Question
This type of business generally operates with less than 100 employees.

13. Types of Businesses $100 Answer
Small business

14. Types of Businesses $200 Question
A business, such as McDonalds, that operates all over the world is an example of this.

15. Types of Businesses $200 Answer
Global Business

16. Types of Businesses $300 Question
The Army and the Air Force are examples of this business sector.

17. Types of Businesses $300 Answer
The public sector

18. Types of Businesses $400 Question
This type of firm usually does not have to pay taxes on their profit.

19. Types of Businesses $400 Answer
Non profit organizations

20. Types of Businesses $500 Question
This type of company obtains their goods directly from manufacturers.

21. Types of Businesses $500 Answer
Wholesalers

22. The Functions of Business $100 Question
The four functions of business.

23. The Functions of Business $100 Answer
Production, Marketing, Management and Finance/Accounting

24. The Functions of Business $200 Question
Research/development, pricing and promotion are examples of what business function.

25. The Functions of Business $200 Answer
Marketing

26. The Functions of Business $300 Question
The function that involves reviewing profit and loss statements.

27. The Functions of Business $300 Answer
Finance and Accounting

28. The Functions of Business $400 Question
The process of achieving goals through planning, organizing and controlling.

29. The Functions of Business $400 Answer
Management

30. The Functions of Business $500 Question
This involves buying and re-selling goods that have already been produced. Retail and Wholesale businesses function in this way.

31. The Functions of Business $500 Answer
Procurement

32. Intellectual Property Rights $100 Question
These are the intellectual property rights.

33. Intellectual Property Rights $100 Answer
Patent, Trademark, Copyright, Trade Secret

34. Intellectual Property Rights $200 Question
The exclusive right to make, use or sell an invention.

35. Intellectual Property Rights $200 Answer
Patent

36. Intellectual Property Rights $300 Question
Is usually valid for the life of the author + 70 years.

37. Intellectual Property Rights $300 Answer
Copyright

38. Intellectual Property Rights $400 Question
This protects recipes and formulas from the public, but it is not patented.

39. Intellectual Property Rights $400 Answer
Trade Secret

40. Intellectual Property Rights $500 Question
A T-shirt manufacturer might be granted this with the National Football League so that it can print shirts with NFL logos on them.

41. Intellectual Property Rights $500 Answer
Licensing Agreement

42. Supply and Demand $100 Question
This refers to the customers willingness to buy products.

43. Supply and Demand $100 Answer

44. Supply and Demand $200 Question
This occurs when the supply and demand curves meet.

45. Supply and Demand $200 Answer
Equilibrium

46. Supply and Demand $300 Question
This occurs when supply exceeds demand.

47. Supply and Demand $300 Answer
Surplus

48. Supply and Demand $400 Question
This happens when the demand for a product exceeds the supply.

49. Supply and Demand $400 Answer
Shortage

50. Supply and Demand $500 Question
This would occur if a hair salon increased their price from $25 to $50.

51. Supply and Demand $500 Answer
Decrease in demand

52. Final Jeopardy Question
Based on the statistics that were discussed in class about profit, what would a firm’s profit range be if it had a sales revenue of $500,000.

53. Between $5,000 and $25,000 (Between 1% and 5% of sales)
Final Jeopardy Answer
Between $5,000 and $25,000 (Between 1% and 5% of sales)