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Business Exam
| Question | Answer |
|---|---|
| Needs | Things you must have in order to stay alive |
| Wants | Are the extras; you don’t need them to survive but they make life more pleasant |
| Consumer | Is a person or business that buys and uses food, clothing, or anything grown, made, or provided by producers |
| Trends | Is a general direction in society that may last for a long time |
| Fads | Is a craze that people take up quickly and then drop just as quickly |
| Business | The production and sale of goods or services to consumers; can be small or big |
| Good | Any item or product that you can purchase, posses, and use is a good |
| Services | Helpful acts- performed in exchange for pay |
| Interdependence | Consumers and producers depend on each other; consumers need producers to manufacture and supply goods and services; producers need consumers to buy the goods and services they manufacture and offer |
| Producer | Make goods or provide services |
| Manufacturer | Company or business that produces the goods |
| Business environment | Refers to different forces or surroundings that affect business operations (customers, competitors, suppliers, distributors, industry trends, substitutes, regulations, government activities, the economy, demographics, and social and cultural factors) |
| Market | Exists wherever buyers and sellers come together to do business, the buyers with money to exchange for the goods or services offered by the sellers |
| Demand | Represents the consumer side of the market |
| Production | Is the process of converting a business’s resources into goods and services |
| Factors of production | Factors and elements on the production process; include land, capital, labor, information and entrepreneurship |
| Land | Defined as a factor of production, it refers to the natural resource used to produce goods and services |
| Capital | Is the money used to start a business and to keep it in running |
| Labor | Is the human element and includes all mental and physical work that people put into producing goods and services |
| Information | Using computers and other technologies, businesses track information about their operations, customers, and competitors |
| Entrepreneurship | The activity of people who bring together all the factors of production to start a business |
| Marketing | All the business activities used to plan, price, promote, and distribute goods or services to satisfy consumer needs and wants |
| Human resources | Are the people aspects of a business; the owners, managers, and employees |
| Management | Planning, organizing, and controlling of all business activities |
| Finance | Managing money |
| Law of Supply | As the prices rise, the quantity supplied by the producers tends to rise- vice versa |
| Balance of Trade | The comparison between the total of imports |
| Law of Demand | When the market demands a high quantity of a good or service, prices for that good or service will be high; vice versa |
| Sole Proprietorship | Is a business owned and operated by one person |
| Share holder | A person who buys shares in a company; is a part owner of the company |
| Public Corporation | Does not have restrictions on its number of share holders |
| Franchise | A franchisor sells to another person the rights to use the business name and to sell a product or service in a given country |
| Limited Liability | The partner or investor cannot lose more money than the amount invested |
| Corporation | Legal entity that exists independently of its owners, who are called shareholders |
| Crown Corporation | Are owned by federal, provincial or municipal governments |
| Cooperative | Business that is owned and operated by a group of people with a strong common interest |
| Ethics | Standards of conduct that society believes people should follow |
| Recession | The whole economy starts to slow down |
| Depression | Economic activity is very low and unemployment is extremely high |
| Globalization | Doing business internationally |
| Small Business | One that is independently operated |
| Social Responsibility | Is the duty to care for others whose actions can be affected in a damaging way |
| Comparative Advantage | States that some countries are better equipped to make and sell particular goods and services |
| Infrastructure | A system that makes and organization or a nation run; includes roads, postal service, telephone wiring, etc. |
| Balance of Payments | Is the total flow of money going into the country minus the total flow of money leaving the country |
| Foreign Subsidy | A company that operates in the foreign country but its owned by the parent company |
| Currency | Nations money |
| Foreign Exchange Rate | This rate rules how much of another nation’s currency your own currency will buy |
| Tariff Barrier | Involves using both tariff and non-tariff barriers, and is used to achieve a favorable balance of trade |
| Quota | Slows the entry of foreign goods by making them more expensive than domestic products |
| Embargo | Restricts trade, but does not involve a tax |
| Recruitment | A process that involves attracting people to apply for a job, checking applicants’ qualifications and hiring the person who has been chosen |
| Job Description | Describes the requirements and responsibilities of a particular job |
| Training | Teaching skills that are learned by practice |
| Development | Long process of upgrading an employee’s performance over time by giving him or her opportunities to grow |
| Assessment | Asses how well an employee do on the job |
| Planning | -First critical step for managers to take -Involves forecasting the future -Usually begins with research |
| Management | The function of directing and administrating all, or part of, a business |
| Objectives | Goals |
| Structure | Arrangement of employees according to their responsibilities and positions |
| Leading | -Setting a direction for others -Involves giving assignments, clarifying roles, explaining routines, and providing motivation and feedback |
| Controlling | Ensuring that company performance is going according to plan, that the objectives are being met |
| Discrimination | Involves unfair treatment of individuals on the basis of their race, national or ethnic origin, color, religion, age, sex, sexual orientation, marital status, conviction for an offence that has been pardoned, or physical handicap |
| Harassment | -Being repeatedly annoyed by someone -Includes verbal abuse, threats, unwelcome invitations, requests, or statements about a person’s body, clothing, race, age, as well as leering or similar gestures, unnecessary physical contact and physical assault |
| Affirmative Action | Process of improving employment practices so that they are fair to people who may have been discriminated against in the past -sometimes called employment equality |
| Income | money received on a regular basis through work or investment |
| Saving | Putting away a portion of your income today, in order to have money in the future |
| Interest | The bank pays you a small fee so it can use your money while it is in the account |
| Bonds | -When governments and companies want to raise money for projects they often issue bonds -They borrow a sum of money from you and agree to pay it back, with interest, on a certain date |
| Principal | What you originally paid for the bond |
| Stocks | -Money organizations raise by selling ownership in the company in the form of shares -When you purchase a share or stock you become one of the shareholders of that company -Shareholders are not responsible for debts or decisions of the company |
| Social Assistance | Government programs that provide income for people who are unable to work due illness, layoffs, or age |
| Personal Performance | Usually means that you are doing more than is needed just to keep the job |
| Emotional Quotient | Includes self-awareness, altruism, personal motivation, empathy, and the ability to love and to be loved |
| Pension | Pension plans enable employees to continue receiving income after they have retired |
| Investment | You give up the use of the money for a period of time in exchange for a chance to make more |
| Entrepreneur | Person who organizes, manages, and assumes the risks of starting and operating an enterprise |
| Dot-com company | Does business on the internet or helps other companies offer products or services over the internet |
| Aptitude | Natural talents, tendencies or capacities |
| Risk-tolerance | Is the degree to which you can comfortably accept taking chances |
| Mission statement | Presents the aims, objectives, and general principals that a company focuses on |
Created by:
nguyenbqm
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