Business in Action

Sales taxes are the government's largest single source of revenue.

False

An HR specialist is most likely to be responsible for which of the following activities?

Motivate and train diverse workforce

An organization that seeks to operate effectively to achieve its goals without focusing on financial gains is a....

Non profit organization

Which activity is most likely to be considered unprofessional

Posting critical comments regarding an employer in a personal blog

Which is true about professionalism.

Professionalism involves being accountable

The difference between revenue and expenses

Profit

Money that an organization brings in through the sale of its goods and services.

Revenue

refers to the quantities of a good or service that producer will provide on a particular date at various prices.

Supply

The study of countrys larger economic issues, such as how firms complete, the effect of government policies

...

A framework of how a business intends to generate revenue.

...Business model

Individual companies are more likely to engage in irresponsible and even unethical behavior

...Ethical dilemma

Name 3 types of resumes

1. Chronological: list work experience first and is placed immediately after your contact info 2. Function: emphasizes your skills & capabilities 3. Combination: list your skills & experiences first, and employment history is next.

Name 6 general skills and attributes an employer looks for in a job applicant.

1. Communication skills 2. Time and resource management 3.Professionalism 4. Flexibility & adaptability 5. Interpersonal and team skills 6. Computer & electronic media skills

Name 3 minimum requirements for practicing good ethics

1. Competing fairly & honesty; do not deceive, intimidate, or misrepresent themselves to customers. 2. Communicating truthful; tell the truth, the whole truth 3. Not causing harm to others; problems start when managers make decisions that put their personal interrest above those of other stakeholders.

What is an employment portfolio?

1. Employment: collection of projects that demonstrates your skills & knowledge. 2. Print: Gives you tangible to bring to an interview 3. E-portfolio: A multimedia presentation of your skills and experiences.

3 of the most important business professions

1. Human resource specialist 2. Accountant 3. Sales professional

Name 3 approaches to resolving an ethical dilemma you may be confronted in the workplace.

1. Justice; treat people equally and fairly 2. Individual rights; respect the rights of all individual 3. utilitarianism; protect the most people from a negative outcome

Name 4 enviorments

1. Market envierment 2. Legal & regulartory 3. Economic enviorment 4. Technological enviorment

Microeconomics is the study of.......

ecomomics behavior among consumer, businesses, and industries that collectively determine the quantity of goods & services demanded & supplied on different prices.

the study of how a society uses its scarce resources to produce and distribute goods & services

Economics

Assets refer to tangible economic resources owned by a firm.

False

In a free market economy, companies generally have limited autonomy in deciding which customers they want to focus on and how they want to compete.

False

Macroeconomics studies economic behavior among consumers, businesses, and industries

False

Business that needs very large amounts of money, equipment, land and other material resources in order to get started and continue to operate

Capital-Intensive

Refers to some aspect of a production or company that makes it more appealing to target

Competitive advantage

Refers to the amount of good or services that customers will buy at a given time

Demand

A deep and prolonged recession can be considered as depression

True

Business is any profit seeking organization that provides goods & services designed to satisfy customers' needs.

True

By taking an ownershit of 60% in general motors in 2009, the U.S nationalized the automaker

True

Capitalisim in term used to describe free-market system, which private parties own & operate

True

Difficulty in obtaining business permits or license to do a particular business would be an example of a barrier to entry for a firm

True

Economics is the study of how society uses its scarce resource to produce and distribute goods and services to its citizens

True

In practice, no economy is truly a free-market economy.

True

The service sector now dominates the U.S economy

True

scarcity creates competition for resources, & force trade-offs on the part of every participant in the economy

True