question

An activity which seeks to earn a profit by providing a good or service is known as a(n)

answer

Business

question

person who assumes the risk of starting a business

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Entrepreneur

question

Quality of life is

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a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment

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The amount of goods and services people can buy with the money they have is called their

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Standard of Living

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The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by ___ policies and activities of a business represent the firm's

answer

stakeholders

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Last year, Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million. Based on this information, Adventure reported

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profits of $14 million

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A common characteristic of most entrepreneurs is that they:

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accept the risks involved in starting and managing a business

question

The standard of living for a nation's people depends mainly on

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their income and the prices of the goods and services they buy

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Which of the following is a factor of production?

answer

Knowledge

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Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

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Entrepreneurship & Knowledge

question

The business environment is/ are

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the external and internal circumstances that surround the business

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Questionable business practices such as those followed by many mortgage lending companies in the past few years:

answer

fundamentally weakened the entire economic environment

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The Internet and the emergence of an information-based economy are important parts of the_________ environment in which businesses operate.

answer

technological

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Successful businesses are keenly focused on their

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customers

question

The threat of terrorism more often _________ the cost of operating a business

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increases

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During the past 150 years, the US has evolved from what types of economies?

answer

an agrarian economy to a manufacturing economy to a service oriented economy

question

Health care, insurance, recreation and other intangible products are provided by the

answer

service industry

question

Which of the following explains why individuals accept the risks of business ownership:

answer

the sense of self-satisfaction and independence

question

In recent years, almost all new job creation in the US has occurred in the

answer

service sector

question

Which best describes entrepreneurial personality traits?

answer

Tolerant and uncertainty and highly energetic

question

One of the challenges of running a home-based business is

answer

keeping work and family tasks separate

question

Enterprise zones

answer

are specific geographic areas that business investment by offering lower taxes and government

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Successful entrepreneurs are self-nurturing. This means they

answer

perform all business operations by themselves.

question

Small businesses create about ____ of the new jobs in the US.

answer

60-80%

question

Which is not a reason stated for small business failure?

answer

Buying too little on credit and not being lenient enough with your credit paying

question

Management

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is the art of utilizing organizational resources to accomplish goals at work

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Today's progressive managers

answer

emphasize teamwork and cooperation rather than discipline and order-giving

question

One of the four primary functions of management is

answer

financing

question

Planning

answer

is the management function that involves setting goals, strategies, and tactics for achieving the organization's goals and objectives

question

When managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and they develop corrective measures, they are involved in

answer

controlling

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As a manager, 2 of Sylvia's strengths are her ability to communicate goals clearly, and her ability to guide, coach, and motivate workers. Based on these strengths _______is a management function that Sylvia is likely to be good at performing.

answer

leading

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Leadership, coaching, and morale building are all parts of a manager's

answer

human relations skills

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By completing the courses needed to obtain a college major in accounting, marketing, or some other field, a student can go a long way toward acquiring the ________ skills managers need to rise through the ranks of their area of specialization.

answer

technical

question

9. As CEO of Google, Eric Schmidt performs strategic planning for the organization as well as putting structure in place to monitor company progress. These activities make use of Eric's :

answer

conceptual skills

question

The _________ style of leadership is characterized by making managerial decisions without consulting others.

answer

autocratic

question

A(n) __________ leader would set objectives and give employees a great deal of freedom to decide for themselves how to accomplish those objectives.

answer

free-rein

question

Marketing

answer

is the activity, set of institutions, and processors for consulting, communicating, ???? and exchanging offerings that have value for customers, clients, partners, and society at large.

question

The significant increase in consumer demand following WWII marked the beginning of the

answer

marketing concept era.

question

Firms that have adopted _____________ seek to do more than simply sell a product, they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time.

answer

customer relationship management

question

Which of the following is a part of the marketing concept?

answer

A consumer orientation

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Comparing the business practices of the 1950s to those of today indicate that today's marketing managers

answer

have a more ambitious goal of not just satisfying customers, but of exceeding their expectations.

question

A firm's marketing mix consists of 4 major components, which are generally referred to as the four

answer

P's

question

Marketers define a _________ as any physical good, service, or idea that satisfies a want or need.

answer

product

question

________ consists of all the techniques sellers use to persuade consumers to buy their goods and services.

answer

Promotion

question

Which of the following terms involves the analysis of markets to identify opportunities and challenges?

answer

Marketing Research

question

A firm gathers_______ data by conducting surveys, interviewing customers, or mailing out questionnaires.

answer

primary

question

___________ consists of info that has already been researched by others and is published in journals or books, or has been made available online.

answer

Secondary data

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A _________ consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.

answer

focus group

question

The _______ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.

answer

B2B- business to business

question

The factor that determines whether a product is classified as a consumer product or an industrial product is the:

answer

end use of product

question

One of the elements essential to Frederick Taylor's approach to improving worker productivity was

answer

rules of work

question

Frank and Lillian Gilbreth developed the principle of ________ which said that every job could be broken down into a series of elementary motions

answer

motion economy

question

New employees at Throneberry Manufacturing are carefully trained to use the most efficient production methods. They are then placed on an assembly line and expected to perform the same task day after day, using the methods they were taught. The work is boring, but the pay is good. Throneberry's approach is consistent with the principles of :

answer

scientific management

question

The findings of the Hawthorne studies led researches to look more closely at how the __________ could lead to better productivity

answer

human side of motivation

question

According to Maslow, a higher order need becomes a source of motivation after:

answer

lower order needs are satisfied

question

Maslow called the needs people have for security at work or something called:

answer

safety needs

question

Melody has worked as a secretary at Consolidated Freight Handling for 10 years. Although she has made friends at work, she has been passed-over for promotion twice and feels that no one appreciates her skills. Melody is concerned with satisfying her:

answer

esteem needs

question

Herzberg found that factors that provided the highest level of motivation were mostly at:

answer

job content

question

Herzberg found that good pay was a

answer

hygiene factor rather than a motivator

question

JP Pharmaceuticals has redesigned many jobs to make the work more interesting and encourages its employees to further their education by reimbursing them up to $5,000 plus expenses. JP also recognizes worker achievements at a company picnic each spring. Talented employees are given promotions and added responsibilities. These policies suggest Pharmaceuticals is using the findings of

answer

Frederick Herzberg to increase worker motivation

question

__________ used the terms Theory X and Theory Y to describe different attitudes managing.

answer

Douglas McGregor

question

Theory ____ assumes that the average person likes work, and has a relatively high degree of organization and creativity.

answer

Y

question

Chase believes that most of his subordinates dislike work and would avoid it if possible. He also believesthat his employees have little, if any, ambition and that the only way to motivate them is by using threats and punishment. Chase's views are consistent with __________ management.

answer

Theory X

question

Management by objectives was developed by

answer

Peter Drucker

question

Which of the following responses is the best and most comprehensive? "A company's accounting information is useful to:

answer

managers, owners, creditors, employees, and the government

question

A person's pulse rate and blood pressure are indicators of a person's health. Similarly, __________ can help assess the health of a business

answer

financial statements

question

The area of accounting that provides managers inside the organization with information they need to make decisions called

answer

managerial accounting

question

A(n) _______ is a yearly published statement of the financial condition, progress, and expectations of an organization.

answer

annual report

question

The Balance Sheet, the Statement of Cash Flows, and the _______ are 3 key financial statements prepared by accountants

answer

income statement

question

A _______ provides a summary of cash coming into and money going out of a firm from operations activities, financing activities, and

answer

statement of cash flows

question

When companies owe money to creditors, suppliers, and others, these outstanding amounts are recorded on the balance sheet as:

answer

liabilities

question

The fundamental accounting equation equates Assets=

answer

liability + owners' equity

question

Which of the following items is found on an income statement?

answer

The cost of goods sold

question

Small businesses create about _______ of the new jobs in the US

answer

60-80%

question

What are reasons for small business failure?

answer

Managerial incompetence, Inadequate financial planning, Buying too little on credit and not being lenient enough with your credit paying customers,

question

Corporations benefit from securities markets primarily by

answer

by obtaining the capital they need to finance their operations

question

Trading in newly issued securities takes place in the

answer

primary market

question

When retained earnings aren't enough to meet their long-term funding needs, business may sell:

answer

common stock

question

Which would be classified as an institutional investor?

answer

Pension funds

question

Who buys, at a discount, the entire issue of a new security and then sells the issue investors at full price?

answer

Investment bankers

question

New restaurant wants to raise money on an undisclosed amount of funds to expand the company internationally. This will have to require the CFO (Chief Financial Officer) to:

answer

file full disclosure financial statements and seek approval of Securities and Exchange Commission

question

The ______ is a large national electronic stock trading market

answer

NASDAQ

question

Which isn't listed on the National Securities Exchange?

answer

Over the counter market

question

A ______ provides evidence of ownership in a specific corporation

answer

stock certificate

question

When investors buy _____, they receive a priority claim in the payment of dividends, as well as assets if the business is liquidated. However, these investors don't have voting rights.

answer

preferred stock

question

______ are paid out of a corporations profit after taxes

answer

Dividends

question

Coporations benefit from securities markets primarily by:

answer

obtaining the capital they need to finance their operations

question

Another name for the fixed rate of interest attached to a bond is the :

answer

coupon rate

question

An unsecured bond, backed only by the well-respected name of the organization is a:

answer

debenture bond

question

The investor will receive the face value of the bond on the _______ date

answer

maturity date

question

When an investor places a buy order with a stock broker, the broker contacts a ________ to complete the transaction

answer

stock exchange member or dealer where the stock is trader

question

Creating a portfolio by buying several types of investments to spread the risk of investing is

answer

diversification

question

The Risk Return Trade Off investors assume means:

answer

you will add risk if you think you can get a greater return

question

Which of the securities are historically considered high quality and usually pay dividends?

answer

Blue chip stocks

question

Which of the following describes the process when an investor borrows a % of the purchase price of a stock from the brokerage firm?

answer

Buying on margin

question

In the securities markets, capital gains take the place when a :

answer

security sells for more than the original purchase price

question

corporations that want to attract more investors by lowering the selling price of common stock might want to:

answer

stock split

question

Financial planning begins with:

answer

earning money

question

What % of population is successful in savings money for retirement comfortably?

answer

10%

question

A financial planner would encourage you to borrow money:

answer

only to buy assets that are likely to generate income or more money.

question

Which of the following accounting statements would assist an individual in taking inventory of personal assets and liabilities?

answer

Balance sheet.

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