final exam review - intro to business
ethical behavior involves all employees, not just a company's executives and anagers
TRUE
most americans are employed by a small business
TRUE
most jobs today require at least a high school education
TRUE
most of the money needed to start a business comes from the entrepreneur and his or her family and firends
TRUE
goal
a specific statement of results the business expects to achieve
procedures
descriptions of the way work is to be done
policies
guidelines used in making consistent decisions
every business begins with an...
idea
most businesses in the US are
s-corporations
according to the small business administration, a small business is an independent business fewer than how many employees
500
a goal is a precise statement of results the business expects to achieve
TRUE
a straight salary pays an employee a specific amount of money for each hour worked
TRUE
all businesses buy goods and services
TRUE
an oral contract can be legally binding
TRUE
authority
the right to make decisions about how specific work should be completed
if your job is more mental than physical and involves the handling and processing of information, you are a....
white-collar worker
a competitive advantage that small businesses have over larger businesses is
attention to unique needs
if your job involves a great deal of manual work, you are a...
blue-collar worker
the people who make the major policy and the financial decisions in a corporation are the...
board of directors
service businesses
businesses that complete activities that are consumed by customers rather than offering products for sale
all investors in a general partnership have full liability for the debts of the business
FALSE
everyone who owns or manages a business is an entrepreneur
FALSE
service jobs are the lowest paying jobs in the US economy
FALSE
the direction for a businesses practices comes from its policies and procedures
FALSE
the most important step in starting a business is developing confidence
FALSE
the primary reason that business started by entrepreneurs close is disagreements with business partners
FALSE
partnership
a business owned and controlled by two or more people who have entered into a written agreement
sole proprietorship
a business owned and operated by just one person
sales tax
a common source of revenue for state and local governments
improvment
a designed change that increases the usefulness of a product
organization chart
a diagram that shows the structure of an organization, classifications of the job, and the relationships among those classifications
mission statement
a short, specific written statement of the reason a business exists and what it wants to accomplish
job analysis
a specific study of a job to identify in detail the job duties and skill requirements
contingent worker
a worker who has no explicit or implicit contract for long-term employment
partnership agreement
a written among all owners that specifies the rules and procedures that guide ownership and operations
franchise
a written contract granting permission to operate a business to sell products and services in a prescribed way
start-up financing
the amount of money needed to open the business
a ________ would protect a composer's musical score
copyright
small businesses...
have an advantage when customers have unique needs
fire and police protection is the main responsibility of what level of government
local
antitrust laws are designed to...
maintain competition
the direction for a business comes from its...
mission statement
venture capital
money provided by large investors to finance new products and new businesses that have a good chance to be very profitable
all businesses generate ideas, maintain business records, and buy goods EXCEPT...
produce goods
the obligation to complete specific work is called
responsibility
a government agency that helps entrepreneurs develop business plans and obtain financing
small business administration
