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Business Ch 1-4
Business Chapter 1-4
| Question | Answer |
|---|---|
| The organized effort of individuals to produce and sell, for a profit, the goods and service that satisfy societies needs is called | business |
| Organizations that contain raw materials, machinery, and labor to produce goods are called | manufacturing business |
| Mike Amerson decides to start a residential landscaping business. How would this business most likely be classified | service business |
| The ultimate objective of every firm must be to | satisfy the needs of their customers |
| When a firms sales revenue are greater than it expenses, the firm has a | profit |
| For a business, stakeholders represent | all the different people or groups who are affected in some way by the business |
| According to economists, natural resources, labor, capital, and entrepreneurship are called | factors of production |
| Examples of command economies include | socialism and communism |
| The total dollar value of all goods and services produced by all people within the boundaries of a country is called | gross domestic product |
| The consumer price index (CPI) | is a monthly index that tracks the prices paid by consumers and is often used to measure inflation |
| A market situation (or industry) in which there are few sellers | Oligopoly |
| The application of moral standards to business situations | Business ethics |
| The economic model of social responsibility places primary emphasis on | economic return |
| Which of the following scenarios would not be considered international business | a bearing manufacturer in South Carolina sells its parts to a Toyota plant in Kentucky |
| Purchasing products or materials in other nations and bringing them into one's country is | importing |
| If the Land of Mercury had total exports of 150 billion and total imports of 234 billion, it had a | trade deficit |
| Which of the following best defines balance of trade | the total value of a nations exports minus the total value of its imports over some period of time |
| Another name for an import duty is a | tariff |
| China is selling school supplies in the Untied States for very low prices, even lower than the prevailing prices in China, and thus making it extremely difficult for American manufactures to compete. This is referred to as | dumping |
| Arguments for imposing trade restrictions include | equalizing a nations balance of payments |
| a and business that is independently owned operated for profit and is not dominant in its field | a small business |
| why some small business fail | lack of capital and cash-flow problems, flack of management skills, and over expansion |
| a carefully constructed guide for the person starting a business | business plan |
| three basic purpose for creating a business plan | communications, management, planning |
| a governmental agency that assists, counsels, and protects the interests of small business in the U.S. | the small business administration |
| a license to operate an individually owned business as through it were part of a chain of outlets or stores | franchise |
| the actual granting of a franchise | franchising |
| an individual or organization granting the franchise | franchisor |
| a person or organization purchasing a franchise | franchise |
Created by:
kacimckinney190
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