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Home / Quizzes / Balance Sheets and Belly Laughs: 365 Easy Business Trivia Questions

Balance Sheets and Belly Laughs: 365 Easy Business Trivia Questions

October 16, 2023 By Kendra Snead Leave a Comment

Welcome to the “Quizness Class” – a playful journey through the exciting world of business trivia! Are you ready to ‘take stock’ of your business knowledge? Do eye-rolling puns make you ‘LOL’ (Laugh Out Loud) or just ‘SOL’ (Sigh Out Loud)? If the phrase ‘time is money’ makes you ‘cents’ a tingle of excitement, then this quiz is just your ‘capital’ idea of fun. In this game, puns are our ‘currency’, and jests are ‘interest’-ing. So, fasten your seatbelts… it’s time to ‘cash’ in on some fun!

1. What is the first part of a business plan that summarizes the mission statement and other basic information about the business?

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Executive Summary

2. Which section of the business plan provides information about the target market and competition?

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Market Analysis

3. What is the highest position in a typical business hierarchy?

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CEO (Chief Executive Officer)

4. Which business plan section details the strategies to reach the target market?

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Marketing and Sales Strategy

5. What legal document should be obtained before starting a business?

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Business License

6. What part of a business plan discusses the business’s financial predictions?

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Financial Projections

7. Who is responsible for a company’s financial decisions and financial reporting?

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CFO (Chief Financial Officer)

8. What document summarizes your business’s operational and financial objectives?

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Business Plan

9. In a business plan, which section outlines the intended structure of personnel?

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Organization and Management

10. What is the first step to starting a new business?

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Market Research

11. Which section of a business plan describes the product or service?

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Products and Services

12. Who typically manages day-to-day operations at a company?

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COO (Chief Operating Officer)

13. What is the second step in starting a business after conducting market research?

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Business Plan Creation

14. What section in a business plan covers the steps the company will take to achieve its goals?

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Implementation

15. What position in a company is typically responsible for managing the company’s technology strategy?

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CTO (Chief Technology Officer)

16. What type of business entity consists of a single individual running the business?

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Sole Proprietorship

17. What comes after the executive summary in a business plan?

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Company Description

18. What business position usually handles tasks related to employee management and hiring?

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HR (Human Resources) Manager

19. What financial document is usually required when applying for a business loan?

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Business Plan

20. What is the role of a company’s Board of Directors?

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To provide oversight and direction

21. Which section of a business plan includes an analysis of the company’s SWOT?

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Market Analysis

22. What should a new business establish to distinguish itself in the market?

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Unique Value Proposition

23. Which department in a business is typically responsible for customer relations and communications?

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Marketing

24. What is the purpose of the appendix in a business plan?

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To provide supporting documents or materials

25. What does IPO stand for in business?

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Initial Public Offering

26. What is the name of the analysis that examines strengths, weaknesses, opportunities, and threats of a business?

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SWOT Analysis

27. Who is responsible for managing a company’s data and information systems?

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CIO (Chief Information Officer)

28. What type of funding involves selling a piece of your business for capital?

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Equity Financing

29. What is the term for a business that is owned and operated by two or more people?

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Partnership

30. In a business hierarchy, who is typically responsible for making company-wide decisions?

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CEO (Chief Executive Officer)

31. Which section of a business plan would you find information about the cost of establishing the business?

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Financial Projections

32. Who generally reports directly to a company’s CEO?

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C-Suite Executives

33. What is the purpose of a Cash Flow Statement in a business plan?

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To show how funds flow in and out of the business

34. What is typically the final step in starting a business?

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Launching the Business

35. Which section of a business plan gives an overview of the industry in which the business will operate?

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Market Analysis

36. Who typically manages a company’s legal matters?

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General Counsel

37. What type of funding do businesses seek from individuals or banks that must be paid back with interest?

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Debt Financing

38. What type of business entity is owned by shareholders?

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Corporation

39. In what section of the business plan can you find data and statistics backing up the company’s strategies?

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Market Analysis

40. Who typically reports to the Chief Operating Officer in a company hierarchy?

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Department Heads

41. What is the term for the monetary value of all the finished goods and services produced within a country’s borders in a specific time period?

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Gross Domestic Product (GDP)

42. What is a business strategy where a company sells their product at a low price to increase sales and gain market share?

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Penetration Pricing

43. What term describes the percentage of a market accounted for by a specific entity?

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Market Share

44. What is the term for the extension of an organization’s activities and processes to other cultures, norms, and markets?

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Globalization

45. What is the concept of focusing on a specific group of consumers within a market for a particular product or service?

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Market Segmentation

46. What strategy focuses on producing customized products or services for a narrow market niche?

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Differentiation Strategy

47. What is the term for the risk that comes from fluctuations in foreign exchange rates when a company does business internationally?

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Currency Risk or Exchange Rate Risk

48. What is the term for meeting the needs of the present without compromising the ability of future generations to meet their own needs?

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Sustainability

49. What is the term for the collective bargaining process between an employer and a union?

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Labor Negotiation

50. What is the meaning of B2C in business context?

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Business to Consumer

51. What is the economic principle that supply and demand will always reach a balance over time?

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Equilibrium

52. What is a type of performance-based marketing where a business rewards affiliates for each customer brought by the affiliate’s own marketing efforts?

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Affiliate Marketing

53. What theory or model suggests that the value of an investment will grow at an exponentially increasing rate when earnings are continually reinvested?

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Compound Interest

54. What is the business principle of Pareto’s Law often referred to as?

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80/20 Rule

55. What is the term for a situation in a market with only one supplier or producer?

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Monopoly

56. What strategy involves an organization focusing on beating its competition by offering better products or services at competitive prices?

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Competitive Advantage

57. What is the term for a graph that showcases the quantities of goods a consumer can afford to buy at different prices?

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Budget Line

58. What are the assets and other funding sources that owners invest into their business?

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Capital

59. What is the term for a business that operates, provides goods, or delivers services in more than one country?

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Multinational Corporation (MNC)

60. What term refers to the combination of factors that influence consumers to buy a product?

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Marketing Mix

61. What product did Amazon first sell when it started?

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Books

62. What’s the original name of Google?

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Backrub

63. Which fast-food chain was founded by Ray Kroc?

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McDonald’s

64. Who are the founders of Apple Inc.?

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Steve Jobs, Steve Wozniak, and Ronald Wayne

65. In which city was Starbucks founded?

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Seattle, Washington

66. What was Netflix’s original business model?

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DVD rental by mail

67. Who founded Facebook?

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Mark Zuckerberg

68. Who are the original founders of Microsoft?

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Bill Gates and Paul Allen

69. Which company did Elon Musk co-found in 1999 that later became PayPal?

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X.com

70. In which city was Coca-Cola first sold?

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Atlanta, Georgia

71. Who is the founder of Walmart?

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Sam Walton

72. Which tech company was established first: Apple or Microsoft?

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Apple (April 1, 1976), Microsoft (April 4, 1975)

73. Who are the founders of Instagram?

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Kevin Systrom and Mike Krieger

74. What product was Sony’s first major product release in 1950s?

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Transistor Radio

75. What was the original name of Twitter?

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twttr

76. Who is the founder of Alibaba Group?

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Jack Ma

77. Who founded Tesla, Inc.?

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Elon Musk, JB Straubel, Martin Eberhard, Marc Tarpenning and Ian Wright

78. Which company was the first to reach a market capitalization of $1 trillion?

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Apple Inc.

79. What was the first animated feature film released by Pixar?

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Toy Story

80. Who are the co-founders of YouTube?

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Chad Hurley, Steve Chen, and Jawed Karim

81. Which company started as an online marketplace for handmade crafts?

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Etsy

82. Who is the founder of Dell Computers?

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Michael Dell

83. Who is the founder of Zara?

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Amancio Ortega

84. Who is the original founder of Chick-fil-A?

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S. Truett Cathy

85. Who are the founders of Ben & Jerry’s ice cream?

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Ben Cohen and Jerry Greenfield

86. What was the original product for which Nike became famous?

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Running shoes

87. Who is the founder of Under Armour?

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Kevin Plank

88. What was the first product produced by Hewlett-Packard (HP)?

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Audio Oscillator

89. Who are the founders of LinkedIn?

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Reid Hoffman, Allen Blue, Konstantin Guericke, Eric Ly, Jean-Luc Vaillant

90. Who is the founder of Zoom?

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Eric Yuan

91. Who created Snapchat?

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Evan Spiegel, Bobby Murphy, Reggie Brown

92. In what year was Adobe Systems Incorporated founded?

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1982

93. What is the name of the parent company of Google, formed in 2015?

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Alphabet Inc.

94. Who are the founders of Airbnb?

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Brian Chesky, Joe Gebbia, and Nathan Blecharczyk

95. Who is the founder of Oracle Corporation?

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Larry Ellison, Bob Miner, Ed Oates

96. What was the first product developed by Samsung Electronics?

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Black-and-white television

97. Who is the founder of Shopify?

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Tobias Lütke, Daniel Weinand, and Scott Lake

98. What is the original product of Yamaha Corporation?

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Pianos

99. Who are the founders of Reddit?

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Steve Huffman and Alexis Ohanian

100. Who was the founder of Atari?

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Nolan Bushnell and Ted Dabney

101. What is the meaning of IPO in the business world?

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Initial Public Offering

102. What is the name given to a market with many buyers and sellers but few enough that the actions of one can influence prices?

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Oligopoly

103. Who is the founder of the Virgin Group?

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Richard Branson

104. What does a company’s P/E ratio represent?

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Price to Earnings Ratio

105. What is the term for goods that consumers demand more of as their income rises?

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Normal Goods

106. Which company, founded in the 1980s, is known for its Graphic Processing Units (GPUs)?

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Nvidia

107. What term refers to the cost of the next best alternative when choosing between two options?

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Opportunity Cost

108. Which telecommunications company, founded in the 1980s, played a significant role in the development of the smartphone?

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Qualcomm

109. What is the Pareto Principle, also known as the 80/20 rule, typically used to illustrate in business?

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That 80% of outcomes often come from 20% of causes

110. What was the main business of Adobe Systems when it was founded in the 1980s?

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Software Development (Adobe PostScript)

111. What is the term for a detailed examination of the elements or structure of a corporation?

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Corporate Analysis

112. What is the name of the American multinational corporation known for developing financial and tax preparation software, founded in the 1980s?

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Intuit Inc.

113. What is the name given to the process of buying goods or services to use in the production of other goods and services?

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Procurement

114. Which popular video game company was founded in the 1980s and later developed franchises like Warcraft, Diablo, and Overwatch?

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Blizzard Entertainment

115. What is the meaning of the abbreviation CSR in the field of business?

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Corporate Social Responsibility

116. Which American retail corporation, founded in the 1980s, is known for its “big box” stores?

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Best Buy

117. What is the term for a business owner who bears the financial risks of a business venture in return for financial gains?

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Entrepreneur

118. Which American multinational technology company, founded in the 1980s, is known for its networking hardware and software?

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Cisco Systems

119. What is the term for a detailed plan outlining the objectives of a business, the strategy and tactics planned to achieve them, and the expected profits, usually over a period of three to ten years?

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Business Plan

120. Which American multinational corporation, started in the 1980s, provides health information technologies such as electronic health records?

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Cerner

121. What is the meaning of B2B in a business context?

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Business to Business

122. What American clothing and accessories retail company was founded in the 1980s and is known for its khakis?

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The Gap Inc.

123. What is the term for a market situation where a single company is the sole (or nearly sole) provider of a product or service?

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Monopoly

124. What is the name of the American multinational communications company, founded in the 1980s, that was once the largest supplier of cable television systems?

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Comcast, now known as Xfinity

125. What term refers to the total amount of money a firm receives by selling goods or services?

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Revenue

126. Which American multinational technology company, founded in the 1980s, specializes in graphics processing units and technologies for workstations, personal computers, and mobile devices?

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Nvidia

141. What is the equipment used to store cash and coins in a retail environment?

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Cash Register

142. What is the term for the list of products that a company sells?

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Inventory

143. What is the term for a machine that duplicates documents by capturing an image of the original?

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Photocopier

144. What type of software helps maintain a central database of inventory levels and product information?

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Inventory Management Software

145. What is the term for a space used to store inventory or equipment?

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Stock Room

146. What is the device called that is used to input product information at the point of sale (POS)?

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Barcode Scanner

147. What is the term for the device that prints out a paper receipt?

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Receipt Printer

148. What office equipment is used to shred unwanted documents into strips or fine particles?

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Paper Shredder

149. What is a machine that secures paper together using staples called?

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Stapler

150. Which equipment is used to weigh items, often used in shipping departments or grocery stores?

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Weight Scale

151. What is the name of the machine that allows you to send documents over a phone line?

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Fax Machine

152. What type of software is frequently used to manage customer relationships?

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Customer Relationship Management (CRM) Software

153. What is the term for a device that processes card payments by reading the magnetic stripe or chip on a credit or debit card?

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Card Reader

154. What is the equipment that combines a printer, scanner, copier, and sometimes a fax machine into one device?

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Multifunction Printer

155. What is the device that provides emergency power to a load when the input power source, typically the utility mains, fails?

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Uninterruptible Power Supply (UPS)

156. What is the term for the equipment that is typically found in an office kitchen or break room and used to heat up food?

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Microwave

157. What is the term for a secure storage unit typically used for storing valuable items?

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Safe

158. What is the term for a programmable machine that processes data and performs tasks according to a set of instructions?

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Computer

159. What device in a business is used to keep beverages cool?

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Refrigerator

160. What is the name of the electronic device commonly used in an office to transmit voice communication?

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Telephone

161. What is the machine used for binding pages together into a book with a flexible adhesive?

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Perfect Binder

162. What is the term for the software that manages the hardware and software resources on a computer?

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Operating System

163. What is the name for the handheld device with a roller used to apply ink to an ink pad?

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Stamp

164. What is the term for the equipment used for projecting slideshow presentations or videos onto a screen?

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Projector

165. What tool is used to keep papers in place on a desk?

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Paperweight

166. What system is used in businesses to control access to certain areas or systems?

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Security System

167. What equipment is used to cool the air in an enclosed space?

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Air Conditioner

168. What is the term for a piece of equipment that is used to capture visual images onto photographic film or electronically?

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Camera

169. What is a device that connects multiple computer networks together and routes network traffic between them called?

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Router

170. What is the term for the physical material on which data is stored in a computer, such as a hard drive or solid state drive?

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Storage Device

171. What is the name for a type of calculator used in bookkeeping that prints the calculations on paper?

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Printing Calculator

172. What is the term for a machine that can make copies of physical documents?

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Photocopier

173. What equipment is used to keep an office space warm?

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Heater

174. What is the term for a network hardware device that allows a Wi-Fi device to connect to a wired network?

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Wireless Access Point

175. What is the name of the device that is part of a computer system and displays visual images or text?

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Monitor

176. What is a hand-operated device used to move a cursor around a screen?

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Mouse

177. What is the term for software applications that allow an organization to run its business processes, including accounting, sales, marketing, and human resources?

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Enterprise Resource Planning (ERP) Software

178. What is the name of the device that allows multiple computers to be linked to one printer, thereby reducing hardware costs?

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Printer Server

179. What is the term for the physical and mechanical components of a computer, such as the motherboard, CPU, and hard drive?

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Hardware

180. What is the term for the piece of office equipment used to make holes in sheets of paper, often as a means of collecting them together in a binder or folder?

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Hole Puncher

181. What is the term for a corporation that is owned by shareholders, but its profits are not taxable as long as certain criteria are met?

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S-Corporation

182. What is the name of the market where existing, rather than newly issued, securities are traded?

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Secondary Market

183. What is the financial statement called that summarizes the revenues, costs, and expenses incurred during a specific period of time?

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Income Statement

184. What term describes the process of spreading investments into several categories to minimize risks?

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Diversification

185. What is the term used to describe an economic system where goods and services are traded directly without any money involved?

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Barter System

186. What is the term for a professional who provides advice to help businesses make informed decisions about their future?

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Business Consultant

187. What type of marketing involves creating and sharing online material to stimulate interest in a company’s products or services?

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Content Marketing

188. What is the term for a situation in which a business ceases operations permanently because of an inability to generate sufficient revenue?

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Business Failure

189. What does the acronym USP stand for in marketing?

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Unique Selling Proposition

190. What is the business term for a claim filed against a property to secure the payment of a debt or obligation?

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Lien

191. What is the type of plan that details how a company will return to normal after a disruptive event?

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Disaster Recovery Plan

192. What is the term for the limit on foreign goods a country may import for a certain period of time?

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Import Quota

193. What is the term for a small, often temporary, standalone booth used in high-traffic areas for business purposes?

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Kiosk

194. What is the business model where a company licenses its trademark and methods of doing business to another company in its network?

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Franchising

195. What is the term for the principles of conduct governing an individual or a group?

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Ethics

196. What is the term used for the specific group of consumers at which a company aims its products and services?

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Target Market

197. What is the accounting term for the total of all wages paid to employees, displayed as an expense on the income statement?

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Payroll

198. What does the business acronym ‘EOQ’ stand for?

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Economic Order Quantity

199. What is the term for a short, memorable phrase used in advertising?

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Slogan

200. What is the term for the maximum amount of a product or service that can be produced given the resources available?

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Production Capacity

201. What is the business term for the overall experience a customer has with a business, from their discovery and awareness, through their interactions and thoughts about the product or service, and covering the entire customer lifecycle?

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Customer Journey

202. What is the term for the strategic positioning of a product or a service in a market, or the perception in the minds of the target market?

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Branding

203. What does the business acronym ‘P&L’ stand for?

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Profit and Loss

204. What is the term for a legally enforceable contract that specifies the terms of a rental agreement?

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Lease

205. What is the term for the method used by a business to acquire resources by exchanging goods or services for money?

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Sales

206. What is the term for the comprehensive, systematic, independent, and periodic examination of a company’s or an organization’s marketing environment, objectives, strategies, and activities, with a view to identify problem areas and opportunities and recommend a plan of action?

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Marketing Audit

207. What is the business term for the tasks associated with developing relationships with the news media for the purpose of informing the public about company’s mission, policies and practices in a positive, consistent and credible manner?

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Public Relations

208. What is the term for the legally binding agreement between two or more parties?

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Contract

209. What is the term for the process of promoting greater awareness and understanding of a product or service?

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Marketing

210. What is the term for the ratio that indicates the proportion of debt in the capital structure of a company?

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Debt Ratio

211. What does the acronym CPA stand for in business?

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Cost Per Action or Certified Public Accountant

212. What is the term used to describe the total amount of money being transferred into and out of a business, especially as it affects liquidity?

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Cash Flow

213. What is the term for the market condition that occurs when there are few sellers, as a result of which, they can influence price and other market factors?

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Oligopoly

214. What is the term for a basic foundational principle that guides decision making in a business?

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215. What is the first step to take when starting a new business?

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Creating a Business Plan

216. What is a popular crowdfunding platform that allows individuals to solicit funds for an idea, charity, or start-up business?

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Kickstarter

217. What term describes the process of getting a small amount of finance from a large number of people, typically via the Internet?

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Crowdfunding

218. What is the term for population statistics founded via census data that the United States collects?

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Demographics

219. What is the term for a loan extended to a business by a bank or other financial institution?

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Business Loan

220. What is the term for a private investor, or group of investors, who provide financing to start-up businesses in exchange for equity or debt repayment?

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Angel Investor

221. What is the name of the U.S. government agency that provides support to small businesses around the country?

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Small Business Administration (SBA)

222. Which popular website allows creative projects to find crowd-sourced funding?

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Kickstarter

223. What do we call the monetary contributions given by individuals or institutions to support a cause or organization, usually without expectation of something in return?

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Donations

224. What is the term for the official legal document that provides details about an investment offering for sale to the public?

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Prospectus

225. What type of business funding involves getting money from friends and family to start your business?

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Bootstrapping

226. What is the term for a form of funding that involves selling a piece of your business in exchange for capital?

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Equity Financing

227. What is the term for the money that is invested in a start-up company in return for a share of the company’s equity?

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Venture Capital

228. What is a popular online platform used by businesses to raise small amounts of money from a large number of people, often in exchange for perks or rewards?

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Indiegogo

229. What is the term for a legal document summarizing the agreement between shareholders of a company, including the corporation itself, in order to protect shareholders’ rights and outline specific obligations?

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Shareholders’ Agreement

230. What type of crowdfunding involves funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet?

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Crowdfunding

231. What form of financing helps a business raise funds by promising to repay a lender an agreed-upon amount with interest?

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Debt Financing

232. What is the term for a presentation given by a startup founder to potential investors in the company?

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Pitch

233. What is the term for the percentage of a business offered to an investor for a specific amount of money?

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Equity Stake

234. What is the term for the document that details the business and financial plan of a company targeted to potential investors?

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Business Proposal

235. What is the term for the act of seeking funding for a project, business, or personal loan from a large number of people, typically via the internet?

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Crowdfunding

236. What is a popular online funding platform used for a wide variety of projects, from artistic endeavors to entrepreneurial ventures?

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GoFundMe

237. What is the term for a legally binding contract between a business in need of funds and an investor in which the investor commits to make a loan to the business?

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Loan Agreement

238. What is the name of the legal document that outlines the terms and details of a business transaction?

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Term Sheet

239. What is a type of financing that a business owner must repay with interest by a designated date?

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Loan

240. What is the term for an individual or business entity that contributes resources to a startup in exchange for an ownership stake in the company?

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Investor

241. What is the term for the business contract in which a well-established business consents to provide its brand, operational model and required support to another party for them to set up and run a similar business in exchange for fee and a percentage of the income earned?

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Franchise Agreement

242. What is the term for the legal rights over the creations of mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce?

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Intellectual Property

243. What is the term for a business right or property provided by law to the creators of original works in literature, music, drama, art, and other intellectual activities?

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Copyright

244. What is a popular funding method where businesses are funded by a crowd of people donating a small amount of money in exchange for a reward, typically a form of the product or service being funded?

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Reward Crowdfunding

245. What is it called when a business seeks funding from a small number of investors to raise capital in exchange for equity in the company?

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Private Equity

246. What is the term for the agreement between two or more individuals who join together to carry on a business or trade for profit, and each contributes money, property, labor, or skill, and shares in the profits and losses of the business?

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Partnership Agreement

247. Which term describes an estimation of the revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis?

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Budget

248. What is the term for the process of raising funds for a business from a large number of people, typically through a web-based platform, where each person contributes a small amount of money?

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Crowdfunding

249. What term refers to a legal process, governed by federal statute, whereby the debts of an insolvent person are liquidated after being satisfied to the greatest extent possible by the debtor’s assets, and the debtor is then discharged from further obligation?

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Bankruptcy

250. What is the term for a legal structure that businesses can choose to organize themselves under in order to limit their owners’ legal and financial liabilities?

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Limited Liability Company (LLC)

251. What is the term for a type of equity investment usually made in rapidly growing companies that require a lot of capital or start-up companies that can show they have a strong business plan?

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Venture Capital

252. What term describes a situation in which an entrepreneur starts a company with little capital, relying on income generated by the company to fund the project?

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Bootstrapping

253. What is the term for a type of investor who provides funding to start-ups in exchange for equity in the start-ups?

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Angel Investor

254. What term refers to the money that a start-up business needs to raise to cover its initial set-up costs?

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Seed Capital

255. What percent of small businesses survive the first year?

Show answer
Approximately 80%

256. What sector is the most popular among small businesses in the U.S.?

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Healthcare and Social Assistance

257. What percent of small businesses survive the first five years?

Show answer
About 45%

258. What is the term for a business model that involves individuals creating and selling handmade products?

Show answer
Craft Business

259. What is the most common source of initial capital used by small business start-ups?

Show answer
Personal Savings

260. According to a survey, what percentage of small business owners said they got their business idea because they weren’t satisfied with corporate America?

Show answer
Approximately 26%

261. What is the number one reason for small business failure, according to a U.S. Bank study?

Show answer
Cash Flow Issues

262. What is the percentage of small businesses that are home-based?

Show answer
Approximately 50%

263. What is the term for the technique used by aspiring entrepreneurs to come up with business ideas?

Show answer
Brainstorming

264. What percent of small businesses are owned by individuals over age 50?

Show answer
Approximately 54%

265. How often are new small businesses established in the U.S.?

Show answer
Every Minute

266. What type of small business is the most profitable per sector, according to a Sageworks survey?

Show answer
Accounting, Tax Preparation, Bookkeeping, and Payroll Services

267. What method do many people use to come up with a business idea, based on identifying needs or problems in their own lives?

Show answer
Personal Experience

268. What percentage of small businesses are still operating after 10 years?

Show answer
Approximately 30%

269. What percentage of job creation in the U.S. is attributed to small businesses?

Show answer
Approximately 64%

270. What is the term for a brief, one- to two-page business plan that outlines your business strategy, without the depth and details of a traditional business plan?

Show answer
Lean Business Plan

271. What do we call an agreement among members of a company that stipulates how business decisions are made, how disputes are resolved, and how members can exit the business?

Show answer
Operating Agreement

272. What is the term for a program or set of programs used for business operations such as accounting, project management, and inventory management?

Show answer
Business Software

273. What is the percentage of small businesses that fail within the first year in the U.K.?

Show answer
Approximately 20%

274. What is the term for businesses that operate on a mobile basis, such as food trucks, pop-up shops, and market stalls?

Show answer
Mobile Business

275. Who famously said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do”?

Show answer
Steve Jobs

276. What is the percentage of Australian small businesses that survive the first year?

Show answer
About 60%

277. What is the term for a company’s avoidance of a strict hierarchy, allowing for more flexibility and quicker decision making?

Show answer
Flat Organization

278. What is the most common type of business found in the United States, comprising over 70% of all U.S. businesses?

Show answer
Sole Proprietorship

279. What percentage of small business ideas develop from a person’s hobby or personal passion?

Show answer
Approximately 42%

280. What is the term for the detailed document describing the future plans of a business, including information about the business model, target audience, and financial forecasts?

Show answer
Business Plan

281. What industry has the highest number of small business in the U.S.?

Show answer
Professional, Scientific, and Technical Services

282. What is the term for a process where a business, or part of a business, is transferred to a new owner?

Show answer
Business Transfer

283. What is the term for an entrepreneur who continuously comes up with new ideas and starts new businesses?

Show answer
Serial Entrepreneur

284. What is the name of a business model in which a company hires individual contractors to perform specific tasks instead of hiring full-time employees?

Show answer
Gig Economy

285. What is the term for the comprehensive document that outlines a business’s identity, culture, organization, and operational processes?

Show answer
Company Handbook

286. What is the term for a loan that is secured by property or real estate?

Show answer
Mortgage Loan

287. What is the term for the official legal name of a business as recognized by the state where it does business?

Show answer
Business Name or DBA (Doing Business As)

288. What is the term for the practice of conducting extensive research of the market and the competition before launching a new business or product?

Show answer
Market Analysis

289. What is the term for the allocation of resources among different projects or business units?

Show answer
Capital Budgeting

290. What is the legal term for the individual or company that receives or buys a product or service from a seller, vendor, or service provider?

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Buyer or Purchaser

291. Who is the founder of Microsoft?

Show answer
Bill Gates

292. What is the term for a legally binding agreement that outlines the operational rules for a corporation?

Show answer
Corporate Bylaws

293. What is the term for the area of a store where customers pay for their purchases?

Show answer
Checkout or Point of Sale (POS)

294. Who is the co-founder of Apple Inc. alongside Steve Jobs?

Show answer
Steve Wozniak

295. What is the term for the money a business needs to have on hand to cover day-to-day business expenses?

Show answer
Working Capital

296. Who is the founder of the Virgin Group, which controls more than 400 companies?

Show answer
Richard Branson

297. What is the term for the written declaration that every customer gets after making a purchase, outlining the details of the transaction?

Show answer
Receipt

298. Who is the American entrepreneur and e-commerce pioneer who founded Amazon?

Show answer
Jeff Bezos

299. What is the term for a location where transactions between a buyer and a seller occur, typically in a physical store?

Show answer
Point of Sale

300. Who is the entrepreneur behind the creation of Tesla and SpaceX?

Show answer
Elon Musk

301. What is the term for an insurance policy that protects a business and its owners from claims involving bodily injury or property damage?

Show answer
General Liability Insurance

302. Who is the media proprietor and talk show host known for her multi-award-winning talk show ‘The Oprah Winfrey Show’?

Show answer
Oprah Winfrey

303. What term refers to the business expenses that are not contingent on the level of goods or services the business produces, such as rent and utility costs?

Show answer
Fixed Costs

304. Who co-founded Google, now one of the biggest tech companies in the world?

Show answer
Larry Page and Sergey Brin

305. What is the term for the legal process of obtaining a registered trademark for a brand name, logo, or slogan?

Show answer
Trademark Registration

306. Who is the business magnate known as the ‘Oracle of Omaha’ and chairman of Berkshire Hathaway?

Show answer
Warren Buffet

307. What is the term for the document that landlords often require commercial tenants to sign, promising to keep the leased premise in good condition by making necessary repairs and alterations?

Show answer
Lease Agreement or Commercial Lease Agreement

308. Who is the founder and CEO of the social networking website Facebook?

Show answer
Mark Zuckerberg

309. What is the term for a local regulation setting building standards for zoning and land use?

Show answer
Building Code

310. Who is the American businesswoman known for her role on the reality show ‘Shark Tank’ and the founder of the Corcoran Group, a real estate brokerage?

Show answer
Barbara Corcoran

311. What is the document called that enumerates the rules and regulations that govern the internal management of an organization, which is adopted by the board of directors?

Show answer
Company Bylaws

312. Who is the entrepreneur recognized for bringing casual dining, with the creation of the Hard Rock Cafe and the House of Blues?

Show answer
Isaac Tigrett

313. What is the term for the part of an insurance contract that defines the specific risks that the policy will cover?

Show answer
Insurance Coverage or Policy Coverage

314. Who is the co-founder of Twitter and the founder and CEO of Square, a mobile payments company?

Show answer
Jack Dorsey

315. What is the term for a person or entity that leases or rents real estate to another party, known as a tenant or lessee?

Show answer
Landlord

316. Who is the self-made billionaire who founded Spanx, an American intimate apparel company with pants and leggings?

Show answer
Sara Blakely

317. What is the term for advertising to your audience on social media platforms such as Facebook and Instagram?

Show answer
Social Media Marketing

318. Who is the billionaire businessman who co-founded the hip-hop music label Def Jam Recordings and created the clothing fashion lines Phat Farm, Argyleculture, and Tantris?

Show answer
Russell Simmons

319. What is the term for a detailed overview of a business that provides comprehensive details about its products, target market, competition, marketing strategy, management structure, and financial information?

Show answer
Business Plan

320. Who is the entrepreneur known for founding the SpaceX company and co-founding PayPal?

Show answer
Elon Musk

321. What is the term for the process of determining the strategic direction of a business by establishing its mission and goals, the external opportunities and threats it faces, and its internal strengths and weaknesses?

Show answer
Strategic Planning

322. Who is the entrepreneur and co-founder of the music streaming service Spotify?

Show answer
Daniel Ek

323. What is the term for a business’s plan for how it will earn revenue, formulated as a statement describing how an organization will make money, identifying its product, target market, and how it will overcome competitive challenges?

Show answer
Business Model

324. Who is the British entrepreneur known for founding the Dyson company, famous for inventing the first bagless vacuum cleaner?

Show answer
James Dyson

325. What is the term for a legally binding agreement between parties, in which one party agrees to work for another in return for compensation?

Show answer
Employment Contract

326. Who is the co-founder and CEO of Netflix?

Show answer
Reed Hastings

327. What is the term for a method of leadership in which leaders share power with their team members and encourage them to take on responsibilities, make decisions, and contribute ideas?

Show answer
Participative Leadership

328. Who is the American entrepreneur known for founding the Polo Ralph Lauren clothing brand?

Show answer
Ralph Lauren

329. What is the term for a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity?

Show answer
Joint Venture

330. Who is the British entrepreneur known for co-founding Innocent Drinks and JamJar Investments?

Show answer
Richard Reed

331. What is the term for a system in which goods and services are produced and distributed according to a central plan, usually under the control of a government agency?

Show answer
Command Economy

332. Who is the entrepreneur known for co-founding the social networking site Instagram?

Show answer
Kevin Systrom

333. What is the term for a business that operates as an independent enterprise and provides a return for its owners?

Show answer
For-profit Organization

334. Who is the American entrepreneur known for founding Dell Technologies, one of the world’s largest technology infrastructure companies?

Show answer
Michael Dell

335. What is the term for a detailed plan outlining the objectives of a business, the strategy and tactics planned to achieve them, and the expected profits, usually stated as a percentage of the investment?

Show answer
Business Proposal

336. Who is the entrepreneur who co-founded the multinational technology company, Apple Inc.?

Show answer
Steve Jobs

337. What term describes a detailed analysis of a market or segment, its customers, their needs, and how those needs can be met through product/service offerings?

Show answer
Market Study

338. Who is the American entrepreneur best known for founding eBay, an online auction and shopping website?

Show answer
Pierre Omidyar

339. What is the term for a business where the owners are not personally liable for the company’s debts or liabilities?

Show answer
Limited Liability Company (LLC)

340. Who is the American businesswoman and fashion designer known for creating her self-named brand, Tory Burch LLC?

Show answer
Tory Burch

341. What is the term for a legal contract between two or more parties that signifies a confidential relationship?

Show answer
Non-disclosure Agreement (NDA)

342. Who is the American entrepreneur known for founding SpaceX, Tesla, Inc, Neuralink, and The Boring Company?

Show answer
Elon Musk

343. What is the term for a software application that automates the business processes of sales, including order processing, contact management, information sharing, inventory monitoring, and employee performance evaluation?

Show answer
Sales Force Automation (SFA)

344. Who is the British entrepreneur famous for the development of vacuum cleaners, focusing on cyclonic separation?

Show answer
James Dyson

345. What is the term for a binding bilateral agreement where one party agrees to buy goods directly from an exporter for a specified price and quantity?

Show answer
Purchase Agreement

346. Who is the American entrepreneur known as the CEO of Uber from 2010 to 2017?

Show answer
Travis Kalanick

347. What is the term for the process of selling goods directly to consumers?

Show answer
Retail

348. Who is the entrepreneur who co-founded Airbnb, a home-sharing service?

Show answer
Brian Chesky

349. What is the term for the process of purchasing goods or services to use in the production of other goods or services?

Show answer
Procurement

350. Who is the entrepreneur known for leading the electric car company, Tesla, to success?

Show answer
Elon Musk

351. What is the term for an agreement between two or more parties to jointly manage and distribute resources?

Show answer
Partnership Agreement

352. Who is the entrepreneur behind the creation of the popular social media platform, Facebook?

Show answer
Mark Zuckerberg

353. What is the term for a service provided by banks which allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet?

Show answer
Mobile Banking

354. Who is the entrepreneur known for founding the popular lifestyle brand, Martha Stewart Living Omnimedia?

Show answer
Martha Stewart

355. What is the term for the method a company uses to price their products or services?

Show answer
Pricing Strategy

356. Who is the entrepreneur who founded the television network, Black Entertainment Television (BET)?

Show answer
Robert L. Johnson

357. What is the term for a legal document that confirms the transfer of ownership of an asset?

Show answer
Bill of Sale

358. Who is the entrepreneur known for co-founding the photo-sharing social media platform, Instagram?

Show answer
Kevin Systrom

359. What is the term for the strategies companies use to decrease their financial risk?

Show answer
Risk Management

360. Who is the co-founder and CEO of Salesforce, a leading customer relationship management service?

Show answer
Marc Benioff

361. What is the term for a company’s unique design, image, web presence, printed materials, etc., that distinguish the company from others in the business marketplace and/or the public mind?

Show answer
Corporate Identity

362. Who is the American businesswoman known for her multi-level marketing company, Mary Kay Cosmetics, Inc.?

Show answer
Mary Kay Ash

363. What is the term for an official statement issued to all shareholders of a company, detailing the major decisions and activities of the corporation?

Show answer
Annual Report

364. Who is the entrepreneur known for founding Bloomberg L.P., an international financial services, software, and media company?

Show answer
Michael Bloomberg

365. What is the name for a contract under which one party (the franchisor) grants another party (the franchisee) the right to use its trade name, trademarks, business systems and processes, to produce and market a good or service according to specified standards?

Show answer
Franchise Agreement

So How’s the Business With Your Business Trivia Performance?

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