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IBT Exam Review2
| Question | Answer |
|---|---|
| people who recognize a business opportunity and assume the risks to start a business | entrepreneurs |
| values which direct the way individuals interact with each other | professionalism |
| a vision, mission statement, and goal setting provide a roadmap for this | company's future |
| To open another shop in a new location, you must apply for this | business permit |
| arrangement where a business sells the rights to operate in the company's name | franchise |
| has a board of directors that make important decisions | corporation |
| owners of the corporation | stockholders |
| operates to accomplish a specific mission other than to earn income | non-profit |
| assists small firms in getting loans | Small Business Administration |
| the strategy for beating the competition | competitive advantage |
| serves a a tool for managing your business and communicating your ideas to others | business plan |
| helps you organize your business to make it more successful | business plan |
| provides broad goals and direction for the entire business | strategic planning |
| a graphic symbol that a company uses as a visual representation of the brand's identity | logo |
| planning, pricing, promotion,and commuicating your ideas to oters | marketing |
| the advertisement of a product | promotion |
| protects the business' financial assets from lawsuits and property damage | business insurance |
| the tarket market that includes age, gender, income and race | demographic |
| holds information about customer preferences | customer database |
| this leader encourages shared decision-making | democratic |
| the management function that involves carrying out plans and helping employees work effectively | directing/leading |
| the management function that provides information needed to improve business operations | controlling |
| managers find greater respect and support for the work rules when this happens | when employees develop the rules |
| an effective leader earns this from the employees | respect and cooperation |
| shows the structure of an organization and the relationship among workers | organization chart |
| insurance protect individuals and businesses from this due to unpredictable events | financial loss |
| prohibits discrimination in hiring, training, and promotion on the basis of reace, color, gender, religion, or national origin | Civil Rights Act |
| practice this to deter someone from hacking into your computer | safe browsing |
| A question to ask to know if a credit card is a good deal | Is there an annual fee and how much is it |
| Things that will not improve your FICO score | accepting every credit card offer |
| three main credit reporting agencies | Equifax, TransUnion, and Experian |
| the period of a business that is separated into activities that help the business keep its accounting records organized | accounting cycle |
| the accounting equation | Assets = Liabilities + Owner's Equity |
| example of a liability | accounts payable |
| example of an asset | cash |
| shows revenues and expenses of a company | income statement |
| reports assets, liabilities, and owner's equity | balance sheet |
| money received in the future due to sale of goods and services to customers | accounts receivable |
| example of owner's equity | capital |
| health, life, and disability insurance that are provided by an employer along with a salary | employee benefits |
| paid before insurance covers the rest of the cost | deductible |
| paid by the policyholder to protect them from financial loss | premium |
| for this shipping to be effective, a company must first implement a shipping department that can get packages to customers in two days | expediated shipping |
| a fast food restaurant that has workers stand outside to take orders is serving customers in this way | fastest, most efficient |
| when withdrawing money from an ATM that is not your bank, you will be charged this fee from your bank and also a fee from the competitior's bank | double fee |
| professional material that is used to help you network with other professionals in your industry | business card |
| doing this is one of the worst things you can do at a job interview | arriving late |
| a plan for saving and spending money | budget |
| a non-profit cooperative depository institution owned by members who share a common bond | credit union |
| agency that protects consumers by insuring their deposits and supervises financial institutions | FDIC |
Created by:
ParrisNHS