2. Business Basics 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 1111 3333 2222 4444 5555 Business Plan Legal Issues Gov. Regulations Misc.

3. Question:An idea for a new business that can be tested is called what? Check Your Answer Business Basics for 1

4. Answer: business concept Back to the Game Board Business Basics for 1

5. Question: the main concept of a business that can be ACHIEVABLE is called what? Business Basics for 2 Check Your Answer

6. Answer: mission Back to the Game Board Business Basics for 2

7. Question: What kind of analysis should you conduct to determine if your business is practical? Business Basics for 3 Check Your Answer

8. Answer: Feasibility analysis Back to the Game Board Business Basics for 3

9. Question: Name 3 of the 4 areas that a competitive grid chart identifies and analyzes. Business Basics for 4 Check Your Answer

10. Answer: 1.Competitors 2.Customers 3.Strengths and weaknesses 4.Business benefits Back to the Game Board Business Basics for 4

11. Question: What are the 5 C’s of Credit? Business Basics for 5 Check Your Answer

12. Answer: 1.Character 2.Capacity 3.Collateral 4.Conditions 5.Capital Back to the Game Board Business Basics for 5

13. Question: The part of the business plan that identifies the legal form of the company is called what? Business Plan for 1 Check Your Answer

14. Answer: Organizational Plan Back to the Game Board Business Plan for 1

15. Question: What part of the business plan describes the logistics of getting the product to the customer? Business Plan for 2 Check Your Answer

16. Answer: Operational Plan Back to the Game Board Business Plan for 2

17. Question: What part of the business plan identifies how the company plans to expand? Business Plan for 3 Check Your Answer

18. Answer: Growth Plan Back to the Game Board Business Plan for 3

19. Question: What part of the business plan describes image, promotion and pricing strategies? Business Plan for 4 Check Your Answer

20. Answer: Marketing Plan Back to the Game Board Business Plan for 4

21. Question: What part of the business plan identifies data related to the market or industry? Business Plan for 5 Check Your Answer

22. Answer: Industry/Market Analysis Back to the Game Board Business Plan for 5

23. Question: What kinds of products does a patent protect? Legal Issues for 1 Check Your Answer

24. Answer: Inventions Back to the Game Board Legal Issues for 1

25. Question: A binding agreement between 2 or more parties is called what? Legal Issues for 2 Check Your Answer

26. Answer: contract Back to the Game Board Legal Issues for 2

27. Question: What is the legally protected word, symbol or design businesses use to identify their products? Legal Issues for 3 Check Your Answer

28. Answer: Trademark Back to the Game Board Legal Issues for 3

29. Question: Which form of protection lasts for 50 years? Legal Issues for 4 Check Your Answer

30. Answer: Copyright Back to the Game Board Legal Issues for 4

31. Question: What is the difference between a lessee and a lessor? Legal Issues for 5 Check Your Answer

32. Answer: Lessee: one who pays rent Lessor: one who owns the property and receives the rent Back to the Game Board Legal Issues for 5

33. Question: Which local laws determine requirements for business signs? Gov. Reguations for 1 Check Your Answer

34. Answer: Zoning Laws Back to the Game Board Gov. Regulations for 1

35. Question: Which federal law established minimum wage? Gov. Regulations for 2 Check Your Answer

36. Answer: Fair Labor Standards Act Back to the Game Board Gov. Regulations for 2

37. Question: Which federal law disallows race discrimination in hiring? Gov. Regulations for 3 Check Your Answer

38. Answer: Equal Employment Opportunity Act Back to the Game Board Gov. Regulations for 3

39. Question: What did the Clayton Act establish as unlawful? Gov. Regulations for 4 Check Your Answer

40. Answer: Price discrimination Back to the Game Board Gov. Regulations for 4

41. Question: What does OSHA stand for? Gov. Regulations for 5 Check Your Answer

42. Answer: Occupational Safety and Health Administration Back to the Game Board Gov. Regulations for 5

43. Question: What set of laws cover all forms of business practices? Miscellaneous for 1 Check Your Answer

44. Answer: Uniform Commercial Code Back to the Game Board Miscellaneous for 1

45. Question: All money needed to keep a business going is called what? Miscellaneous for 2 Check Your Answer

46. Answer: Operational expenses Back to the Game Board Miscellaneous for 2

47. Question: On a check stub, what does FICA represent? Miscellaneous for 3 Check Your Answer

48. Answer: Social Security Tax Back to the Game Board Miscellaneous for 3

49. Question: What is the difference between a customer and a consumer? Miscellaneous for 4 Check Your Answer

50. Answer: Customer: buys the product Consumer: uses the product Back to the Game Board Miscellaneous for 4

51. Question: What is the difference between a product feature and a product benefit? Miscellaneous for 5 Check Your Answer

52. Answer: Feature: physical trait Benefit: the satisfaction the consumer gets from the trait Back to the Game Board Miscellaneous for 5