BUSINESS EXAM CHAPTER 1 – Flashcards
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Starting a business always involves what?
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Risk
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Honda and Toyota have used insourcing for years to produce cars in the US. INSOURCING: ________
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Helps offset the number of jobs being outsourced
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The standard of living for a nation's people depends mainly on:
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Their income and the prices of goods & services they buy.
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Janes income has remained stable over the past few years while the prices of things she buys have gone up. Jane feels better off because the environment is cleaner and the crime rate has declined, she has more leisure time and the quality of medcal care has improved. if jane's experience is typical we can conclude that the standard of living has _____
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declined, but the quality of life has increased
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The trucks, handcarts and forklift purchased for the business are called ________________ investments
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CAPITAL
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Contemporary governments promote business development by:
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Establishing a currency thats tradable in world markets
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When we compare the factors of production in wealthy and poor nations, we find:
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Wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas.
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Questionable business practices such as those followed by many mortages lending companies in the past few years:
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fundamentally weakened the entire economic environment
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Efficiency means:
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Producing goods and services using the least amount of resources
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The series of lines on a product packaging that the cashier scans when you check out at a store is called a:
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BAR CODE
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Which of the following is an advantage of utilizing technology?
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Productivity increases
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In recent years, businesses in general have experienced a lasting impact due to the emergence of_______________
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Information technologies
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When you receive junk mail, catalogs and direct mail advertisements and you do not request them... This is because you have...??
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Given your personal information you give to a company, that sells it to another company.
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When you notice charges on your account not made by you or anyone that you know... You may want to cancel your card, and contact your bank.. What else might you do??
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Check your credit report
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Empowerment requires that managers focus more on ________ lower- level employees.
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Training
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Companies are required to offer both high-quality products and outstanding service at competitive prices ... This is called what??
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Competitive environment
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Front-line workers must be ____________
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Empowered with the quthority to respond quickly to the unment needs of customers
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Businesses that cater to older consumers will see exceptional growth due to what?
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Population shifts
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Lucrative market (ages that represent this)
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People between ages 65 and 74
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A business policy that would most likely help a single-parent family?
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Allowing family leave and flextime
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The immigrant population (bother legal and illegal) is having a dramatic effect on..... What??
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Schools, hospitals & other services type industries
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One group of workers who would probably benefit from flextime is ??
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Single-parent families
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The war on terrorism in many parts of the world should lead to ___________.
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Consumer and economic hardship due to increased military spending
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What is costly to most firms because it is costly to governments who increase taxes to pay for added protection?
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The threat of terrorism
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Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the _____________ what??
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Service Sector
