Business Exam Study Guide

Terms to know:

Financial terms:

  • assets
  • liabilities
  • equity
  • capital
  • financial statement
  • income statement
  • balance sheet
  • breakeven point (total fixed costs/profit per unit)
  • variable costs
  • fixed costs
  • revenue
  • expenses
  • profit/net income
  • cost function (y = mx + b)
  • (y = total cost, m = cost per unit, x = units, mx = variable costs

b = fixed costs)

Psychology terms:

  • Maslow’s Hierarchy of Needs and each of the five parts,
  • McClelland’s Needs Theory (definitions of power, affiliation, and achievement),
  • 6 General Motivation Sources: fun, tangible rewards, appreciation, status, challenge, and purpose.
  • Also, try to make connections between the similarities and differences in the theories.

Career Planning Terms:

  • Resume (and what to include and what not to include)
  • Cover Letter(and what to include and what not to include)

(FLIP ON TO THE BACK)

Business Planning Terms:

  • SWOT analysis
  • PEST analysis
  • Competitor/Competitive Analysis
  • Business Proposal
  • Market size
  • Market share

Exam Format: Multiple-choice, True/False, Matching, Short-Answer

100 points possible for the exam.

UNLOCK Skills: Never Give Up on Excellence

4 = 100% correct

3 = 75% correct

2 = 50% correct

1 = 25% correct

0 = 0% correct

There are also “in-between” grades…examples: 2.33, 3.66, 3.75, etc.

Weights:

Multiple-choice = 50%

True/False = 10%

Matching = 10%

Short-Answer = 30%

Short-Answer Rubric:

4 = Responses are clear, provide details, and are thoroughly justified.

3 = Responses are clear, provide details, and are justified.

2 = Responses are somewhat clear, are bare-bones in detail, and are hardly justified or not justified at all.

1 = Responses are not clear, have no depth, are not justified, or do not answer the question at all.

Other tips and pointers: This exam is NOT purely a vocabulary test. Students must be able to make connections between theories and apply them. Students should successfully be able to identify, diagnose, and apply leadership styles and motivation techniques to school or workplace issues. Use your leadership and motivation assessment sheets/quizzes as guides. Also, students must be able to identify financial statements (balance sheet, income statement), identify fixed and variable costs, calculate total costs, calculate the breakeven point and calculate net income (revenue – expenses).

Breakeven Point:

1. Calculate profit per unit (sales price minus cost per unit)

2. Divide total fixed costs by profit per unit (TFC/profit per unit)

Total Costs = Fixed Costs + Variable Costs