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What is the difference between profit and loss?
If you earn more money than you spend, then you make a profit. If you spend more money than you make, then you make a loss.
Name 3 parts that form the board of directors.
Pick 3: Sales, Finance, Human Resources, Administration, IT, marketing
What are the 3 categories of business costs?
Start-up costs, ongoing costs and variable costs
Name some different ways we can pay for goods and services.
Example: Cash, credit cards, debit cards, cheques, gift cards...
Would you prefer to own your own business or work for another company? Why
(Student Answer)
Income - Expenses = Profit. Explain this calculation in your own words.
(Student Answer)
Think about your school. Name one ongoing cost and one variable cost it must pay.
(Student Answer)
If you were given 500 euros, what would you do with it?
Student Answer: I would...
What are the advantages and disadvantages of using a credit card?
(Student Answer)
List some examples of start-up costs.
Example: Decoration, Furniture, Equipment, Licenses, Advertisments...
What type of business cost is the rent a business must pay for its shop?
It's an ongoing cost.
Would you prefer to be a CEO, or a normal member of staff? Why?
Student Answer: I would prefer...
What shape is a company hierarchy?
It's a pyramid.
What is the difference between the CEO, CFO and COO of a company?
CEO = Chief Executive Officer. CFO = Chief Financial Officer. COO = Chief Operations Officer.
Can you name 5 different types of business organisation?
Example: Sole trader, partnership, family business, franchise, multinational company, worker cooperative...
To spend less money, what words should you look for when you are shopping?
Example: Sale, Reductions, Promotion, Money Off, 2 for the price of 1
What can a budget help you do?
A budget can help you manage your money.
Name some places where people spend money.
Example: Supermarket, sweet shop, transport
Name four things you can do with your money.
You can spend it, save it, invest it or donate it.
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