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