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Bus Final Review

QuestionAnswer
Which of the following is an economic need? water
What is the final step of the decision-making process? review your decision
GDP does not include..... the value of the work you do for yourself
A tax that a government places on certain imported products is called a(n) _____. tariff
People born between 1946 and 1964 are generally referred to as _____. baby boomers
A written legal document defining ownership and operating procedures and conditions for a corporation is called the _____. articles of incorporation
A precise statement of results a business expects to achieve is a _____. goal
Most of the money needed to start a new business comes from _____. the entrepreneur and his/her family and friends
Short-term financing is obtained for a period of less than _____. one year
This leadership characteristic involves making decisions carefully. judgment
A group of employees meet every day at lunch to chat about what’s going on in the office. This is an example of _____. informal communication
Mission statements describe __________________________. the reason businesses exists and what they want to accomplish.
If you start a new business, you need information about _____. competitors, government regulations and customers
A unique business organized by two or more other businesses to operate for a limited time and for a specific project is called a _____. joint venture
Business activities start with _____. producers
Which of the following is NOT a cultural/social factor that affects international business? climate
If you purchase a corporate or government bond, you are a(n) _____. creditor
GDP measures a country’s economic output during _____. one year
Another name for the economic system in the United States is _____. private enterprise, capitalism and free enterprise
If everybody had an unlimited supply of economic resources, which of the following would not exist? scarcity
Every nation must decide what combination of __________. resources will best suit its circumstances.
Every nation must decide which ____________________ are most critical. wants and needs
Every nation must decide which ____________________ to produce. goods and services
The rivalry among businesses to sell their goods and services is known as _________. competition
The largest producer of goods and services in the world is the ________. the United States
Goods are things you _____________________. can see and touch.
The major influence on the level of interest rates is the _____________________. supply and demand for money.
The making, buying, and selling of goods and services within a country is called _____. domestic business.
The difference between the amount of money that comes into a country and the amount that goes out is called the _____. balance of payments.
A limit that a government places on the quantity of a product that may be exported or imported during a given period is called a _____. quota
Selling the right to use some intangible property for a fee or royalty is called _____. licensing
Which of the following would typically NOT be specified in a partnership agreement? the number of hours per week the business will operate
According to the Small Business Administration, a small business is an independent business with fewer than ____ employees. 500
Location is important to small retail businesses because most retailers need ____________________. good customer traffic to survive.
Location is important to small retail businesses because many potential customers will _________________________. stay away if the business is not easy to find.
Location is important to small retail businesses because customers do not want to ________________________. travel long distances to find what they need.
Just one person is MOST likely responsible for all of the management functions in a __________. new small business
The members of Kimberly’s work unit support her because they like her and believe she has the best interests of her employees in mind. This is an example of _____. identity influence
All leaders need to be dependable, which means that they _______________. follow through on commitments.
Which of the following is probably NOT a mid-management job? vice-president of human resources
Scrubbles laundry detergent has been on the market for years. The manufacturer of Scrubbles recently added a new ingredient to give the detergent extra cleaning power. This is an example of an _____. improvement.
The people who make the major policy and financial decisions for a corporation are called the _____. board of directors.
__________ has a low financial investment, so the potential financial return is often low. Licensing
Which of the following scenarios is likely to cause the value of a country’s currency to rise? increased demand for the nation’s products and currency
The interest rate banks charge their best business customers is the ______. prime rate.
Which of the following is probably a competitor to Mary’s CD Shop? B Flat Records and Tapes
What is the first step in the decision-making process? define the problem
Who owns the economic resources in a market economy? the people of the country
Goods and services sold to other countries are called _____. exports.
What is a free-trade zone? A selected area where products can be imported duty-free and then stored, assembled, or used in manufacturing.
Which major category of business is the fastest-growing in the U.S. economy? service business
_____ are the easiest form of business to start. Proprietorships
Small businesses have an advantage over big businesses when customers _____. want more individual attention.
The combined use of tactical and strategic management is known as _____. mixed management.
According to the Small Business Administration, a small business is an independent business with fewer than ____ employees. 500
A(n) ____ is a written contract granting permission to operate a business to sell products and services in a set way. franchise
A country in which a multinational company conducts business activities is called the _____. host country.
The difference between a country’s total exports and total imports is called the _____. balance of trade.
If GDP growth slows for at least ____ quarter(s) in a calendar year, the economy is probably in a recession. 2
Generally, as the price of a product increases, businesses will be willing to ___________________. supply larger quantities of the product.
Jonah had $25 to spend. He decided to buy a new shirt instead of going to the amusement park with his friends. Jonah has _____. made an economic trade-off.
Which type of economy is usually centered mainly on meeting people’s basic needs? traditional economy
Which of the following scenarios will probably cause prices to drop? Many companies begin producing a product in relatively high demand.
Dividing GDP by the total population of a country results in that country’s _____. GDP per capita
______ is most harmful to people living on fixed incomes. Inflation
The money people deposit in banks and other financial institutions is lent to ___________. businesses to fund capital projects.
The United States conducts trade with more than ____ countries. 180
Successful entrepreneurs will not have the this characteristic. hesitant
This does NOT describe a typical small business...... It is dominant in its field.
The most successful small business owners establish good relationships with _________________________. professionals such as bankers, lawyers, and accountants.
Executives spend most of their time on _____________.. planning and controlling activities.
John, a customer service manager, has sent a memo to Brianne, one of his employees. This is an example of ________. vertical communication.
Ethical behavior consists of the ________________. actions of individuals and groups and the results of actions.
____________________ occurs at the peak of the business cycle. Prosperity
Created by: kristenwoodard