Unit 1-4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Unit 1 | Terms
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| Imports | goods and services one country buys from another country.
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| Exports | goods and services one country sells to another country.
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| Balance of trade | the difference in value between how much a country imports and how much it exports.
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| Multinational corporation | a company that does business and has facilities in many countries around the world.
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| Exchange rate | the price at which the currency of one country can buy the currency of another country.
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| Protectionism | limiting trade with other countries to protect business at home.
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| Tariff | a tax placed on imported products to make them more expensive than domestic products.
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| Quota | a limit placed on the quantities of a product that can be imported.
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| Embargo | a ban on the import or export of a product.
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| Free trade | few or no limits on trade between countries.
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| Domesticated | made in the native country that it will be sold in.
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| Unit 2 | Terms
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| Partnership | a business owned by two or more persons who share the risks and the rewards.
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| Stock | shares of ownership in a corporation.
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| Intermediary | business that acts as a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors.
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| Sole proprietorship | a business owned by only one person.
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| Corporation | a business treated by law as separate from its owners.
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| Processors | businesses treated by law as separate from its owners.
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| Manufacturers | businesses that make finished products out of raw processed goods.
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| Unlimited liability | full legal and financial responsibility for a business.
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| Limited liability | financial responsibility of business owners only for what they invested in a business.
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| Franchise | a contractual agreement to use the name and sell the goods or services of an existing company.
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| Non-profit organization | a business whose main purpose is to provide a service rather than to make a profit.
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| Cooperative | an organization of businesses owned and operated by the members, who pool their resources and share the benefits.
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| Producer | a business that gathers raw products in their natural state.
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| Wholesaler | a type of business that buys goods in large amounts and resells them to other businesses in smaller lots.
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| Retailer | a business that sells goods or services directly to the public.
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| Unit 3 | Terms
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| Mission Statement | a short, specific written statement of the reason a business exists and what it wants to achieve.
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| Goal | a precise statement of results the business expects to achieve.
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| Policies | guidelines used in making consistent decisions.
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| Procedures | descriptions of the way work is to be done.
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| Organization chart | a diagram that shows the structure of an organization.
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| Management plan | a business plan that divides a company into different departments run by different managers.
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| Organizational chart | a chart that shows how a business is structured and who is in charge of whom.
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| Line authority | an organizational structure in which managers at the top of the line are in charge of those beneath them.
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| Centralized organization | an organization that puts authority in one place, with top management.
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| Decentralized organization | an organization that gives authority to a number of different managers to run their own departments.
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| Departmentalization | dividing responsibilities in an organization among specific units or departments.
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| Top-level managers | managers responsible for setting goals and planning the future for a company.
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| Middle managers | managers who carry out the decisions of top management and oversee specific departments.
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| Operational managers | managers are responsible for the daily operations of a business, such as supervision and office managers.
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| Unit 4 | Terms
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| Revenue | all income that a business receives over a period of time.
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| Expenses | costs of operating a business.
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| Budget | detailed plans for the financial needs of a business.
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| Start-up Budget | plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
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| Operating Budget | describes the financial plan for ongoing operations of the business for a specific period of time.
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| Cash Budget | an estimate of the actual money received and paid out for a specific period of time.
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| Financial records | financial documents that are used to record and analyse the financial performance of a business.
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| Assets | what a company owns; anything of value owned by a business.
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| Liabilities | what a company owns.
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| Owner's equity | the value of the businesses after liabilities are subtracted from assets; the value of the owner's investment in the business.
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| Balance sheet | a report that lists a company's assets, liabilities, and owner's equity.
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| Income statement | a report of revenue, expenses, and net income or loss from operations for a specific period.
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| Payroll | the financial record of employee compensation, deductions, and net pay.
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| Payroll record | financial document that contains information on all employees of the company, their compensation, and benefits.
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| Direct deposit | funds are deposited electronically and available automatically for your use.
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| Financial performance ratios | comparisons of a company's financial elements that indicate how well the business is performing.
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| Discrepancies | differences between actual and budgeted performance.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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