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CFHS Intro to busine
Chapters 1-8, 10
| Question | Answer |
|---|---|
| Things that are required in order to live. | Needs |
| Things you can see and touch | Goods |
| The largest producer of goods and services in the world | The United States |
| If everybody had an unlimited supply of economic resources, what would not exist? | Scarcity |
| Jonah had $25 to spend. He decided to buy a new shirt instead of going to the amusement park with his friends. Jonah has done what? | Made an economic trade-off |
| What is the first step in the decision-making process? | Define the problem. |
| Which type of economy is usually centered mainly on meeting people's basic needs? | Traditional Economy |
| Another name for the economic system in the United States is | Private enterprise, capitalism, and free enterprise |
| Which is an important principle of the U.S. economic system? | Freedom of choice, private property, and profit |
| In the US, you can own anything you want and decide what you want to do with it, as long as it does not violate the law. This describes the principle of | The right of private property. |
| The GDP includes | consumer spending for food, government spending to pay employees, and business spending for equipment |
| Dividing GDP by the total population of a country results in that country's | GDP per capita |
| If wages increase faster than gains in productivity, prices will rise. Why? | Because the cost of producing goods increases. |
| An office replaces its 10-ear-old computers with brand-new the latest software but employees receive no training on their use would result in a DECREASE OR INCREASE in worker productivity. | Decrease |
| Characteristics of a depression include; | a prolonged period of high unemployment, business failures, and GDP falls rapidly. |
| If the GDP growth slows for at least 2 quarters in a calendar year, the economy is probably in a what? | Recession |
| The most harmful to people living on fixed incomes is | inflation |
| The interest rate banks charge their best business customers is the | prime rate |
| A small business purchases two new pickup trucks is an example of what? | capital project |
| If you purchase a corporate or government bond you are a | creditor |
| The making, buying, and selling of goods and services within a country is called | domestic business |
| The United States conducts trade with more than how many countries? | 180 |
| About how many US jobs depend on international business? | 1 out of 6 |
| The difference between the amount of money that comes into a country and the amount that goes out is called the | balance of payments |
| Language, religion, and values are all cultural factors that affect what? | International Business |
| The key factors that affect a country's level of economic development are what? | literacy level, technology, and agricultural dependency. |
| A tax that a government places on certain imported products is called a | tarriff |
| What questions should you ask yourself when considering the ethics of a business situation? | Is the action legal? Does the action violate professional standards? Who is affected by the action? |
| Valid, enforceable contracts must contain consideration, which is defined as.... | something of measurable value that must be exchanged by the parties involved. |
| A patent gives an inventor of a new product the sole right to make, use, or sell the item for | 20 years |
| The United States government gets involved in business activities to prevent what? | unfair business practices |
| Suppose one company owned all of the grocery stores in your state. This situation would constitute a | monopoly |
| The largest source of revenue for the federal government is the | individual income tax |
| Governments borrow money by selling | stocks, bonds, and promissory notes. |
| Over the next decade, which group will experience a decline in employment growth rates in the United States? | white non-Hispanic workers |
| What percentage of the US workforce is made up of contingent workers? | 5 percent |
| Every business performs the following activities | maintaining business records, raising capital, and buying goods and services. |
| Which major category of business is the fastest growing in the US economy? | service business |
| Business activities start with | producers. |
| Of the MAJOR forms business ownership in the United States, the most difficult to form is a | corporation |
| A written legal document defining ownership and operating procedures and conditions for a corporation is called the | articles of incorporation. |
| Successful entrepreneurs tend to have the following characteristics | energetic, goal-oriented, and creative. |
| About how many new businesses are created in the United States every year? | 625 thousand |
| Small businesses account for how much of the US gross domestic product each year? | more than half. |
| 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. |
| About how many new businesses fail? How many do not make a profit but continue to operate? And how many lose money? | one third |
| According to the Small Business Administration, a small business is an independent business with fewer than how many employees? | 500 |
| What will be discussed in the operations plan section of a business plan? | organization of the company, human resource plans, and analysis of resources needed |
| If you start a new business, you need information about your | competitors, government regulations, and customers. |
| Just one person is MOST likely responsible for all of the management functions in a | new small business |
| Min-management jobs would include | customer service manager, information technology manager and marketing manager |
| Employees at the first level of management in a business are | supervisors |
| Sally has worked at trueCom Corporation for 8 years. Part of her duties involve hiring and training new employees. But she is not a manager. What would most likely explain why she is not considered a part of management? | Sally is not responsible for the work of other employees and odes not have authority over those employees. |
| The combines use of tactical and strategic management is known as | mixed management |
| This leadership characteristic involves making decisions carefully. | Judgment |
| All leaders need to be dependable, which means that they | follow through on commitments |
| Sources of job satisfaction include | recognition from supervisors for a job well done. |
| 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. |
| Part of the planning and staffing function of human resources activities include | job analysis, recruitment and selection , and job placement |
| In a _____ plan, employees receive their regular compensation plus a portion of the company's earnings. | Profit sharing |
| The assignment of an employee to another job in the company with a similar level of responsibility is called | transfer |
| A few hours each month that employees can schedule for non-job activities is called | personal time |
| This work arrangement offers one job to two people, each of whom works a part-time schedule. | job sharing |
| Advertising is a function of what? | promotion |
| What are the four elements of a marketing mix? | product, distribution, price and promotion |
| This type of market research study gathers information from people using a carefully planned set of questions. | survey |
| Additions and improvements to a basic product are called | product features |
| Products are sold at a large warehouse store offering little personal service and located on the outskirts of town will most likely result in comparatively | low prices |
| Product costs + operating expenses + profit = | selling price |
| Gross Margin is | the difference between the selling price and the product costs. |
| The most known and use type of mass promotion is | advertising. |
| A key difference between advertising and publicity is that | advertising is paid communication and publicity is non-paid. |
| Contests, games and product give-aways are all examples of | sales promoitonl |
Created by:
wmarsh825
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