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Bus Final Review
| Question | Answer |
|---|---|
| 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
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