quzlet final exam study guide from tests answers and questions
Government spends more than it takes in.
. budget deficit
A country that wishes to enhance international trade activities would most likely use
A Common Market
. Every business begins with a(n)
C. idea
Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years is called
C. long-term financing
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable is known as
C. venture capital
A business that supplies a service or product vital to all people: the price charged for the service (or product) is determined by government regulation rather than by competition.
Code of Ethics
Amount of money paid to an employee for work performed.
Compensation
One who has no explicit or implicit contract for long-term employment.
Contingent Worker
The exclusive right given to a person to make,use,or sell an invention for a period of 17 years.
Contract
An agreement to exchange goods or services for something of value.
Copyright
Antitrust laws are designed to
Copyright
The leadership role is part of the organization's
Core values
A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors.
Corporation
The process of accomplishing the goals of an organization through the effective use of people and other resources.
Management
A statement of values and rules that guides the behavior of employees or members of an organization.
Non-renewable Resource
A business owned and controlled by two or more people who have entered into a written agreement.
Partnership
A written agreement among all owners that specifies the rules and procedures that guide ownership and operations.
Partnership Agreement
Businesses that complete activities that are consumed by customers rather than offering products for sale.
Service Businesses
Goods and services sold to another country
exports
An increase in general price level
inflation
The leadership role is not part of a formal structure
informal influence
money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years
long-term financing
Production output in relation to a unit of input, such as a worker
productivity
. A planned reduction in the number of employees needed in a firm in order to
reduce costs and make the business more efficient.
The sales of durable and nondurable goods bought by consumers.
retail sales
Enables a person to affect the actions of others.
to influence
Which of the following is not a characteristic of entrepreneurship in the United States?
A. about 3% of people aged 18-64 are involved in entrepreneurship activity
Protection of the work of authors,composers,and artists.
Antitrust Laws
A written legal document that identifies ownership and operating procedures and conditions for the business.
Articles of Incorporation
A company is planning to sell the rights to its brand name for use in other countries. This is an example of a
Licensing Agreement
A ? would protect the composer's musical score.
Local Government
An ? tax is a common source of revenue for state and local governments
Maintain Competition
Which of the following would not be a part of a company's human resources?
Managers
A short, specific written statement of the reason a business exists and what it wants to accomplish.
Mission Statement
A business that has complete control of the market for a product or service.
Monopoly
An organization that conducts business in several countries
Multinational Company
The Bureau of Labor Statistics publication that provides detailed and up-to-date information about the U.S. workforce is the
Occupational Outlook Handbook
A diagram that shows the structure of an organization, classifications of jobs, and the relationships among those classifications.
Organization Chart
Environment in which people work, made up of the atmosphere, behaviors, beliefs, and relationships.
Organizational culture
Identifying and arranging the work and resources needed to achieve the goals that have been set.
Organizing
Removes work from one company and sends it to another company that can complete it at a lower cost.
Outsourcing
An employee to whom a company makes a long term commitment is considered to be
Parament Employee
It is often said that the most important resource of a business is
People
Guidelines used in making consistent decisions.
Policies
Descriptions of the way work is to be done.
Procedures
Which of the following is not one of the five functions of management?
Producing
The advancement of an employee to a position with greater responsibility.
Promotion
A business owned and controlled by just one person.
Proprietorship
A code of ethics is designed to?
Provide guidelines for proper behavior.
Laws designed to promote competition and fairness and to prevent monopolies.
Public Utility
A limit on the quantity of a product that may be imported and exported within a given period.
Quota
Rules about how businesses and their employees ought to behave.
Social Responsibility
A tax that a government places on certain imported products
Tariff
Ends the employment relationship between a company and an employee
Termination
Government restrictions to reduce free trade
Trade Barrier
A word,letter,or symbol associated with a specific product or company.
Trademark
The assignment of an employee to another job in the company with a similar level of responsibility.
Transfer
A(n) _?_ is an event that allows a person to contact several prospective employers in a short time.
a. career fair
The purpose of an informational interview is to
a. obtain information about a career area
Which of the following is not one of the common activities of all businesses?
a. producing goods and services
The form of ownership that gives one person sole control over all business decisions is the
a. proprietorship
The obligation to complete specific work is
a. responsibility
Determines to what extent the business is accomplishing the goals it set out to reach in the planning
accomplishing the goals it set out to reach in the planning
Represents debt for an organization
bond
Government spends less than it takes in
budget surplus
The movement of an economy from one condition to another and back again
business cycle
a written description of the business idea and how it will be carried out, including all major business activities
business plan
Which of the following is not a standard of ethical behavior?
competitive advantage.
True or False. Managers are responsible for the ethical actions of a business.
core values
The phase of the business cycle in which unemployment is highest is
d. depression
Which of the following would not be included in GDP?
d. dinner preparation for your family
Spending time with a worker on the job to learn about a career is called
d. job shadowing
A special form of business organization that combines advantages of a corporation and a partnership is a
d. limited liability company
The largest number of U.S. businesses employ.
d. no employees other than the owner
Some employees can complete part or all of their work away from the business site under
flexspace
The effort to inspire and motivate individuals and groups to accomplish important goals.
leadership
The phase in which unemployment decreases
recovery
Direct payment to an employee for work Completed.
salary, wages
Salaries wages as well as investment income and government payments to individuals
personal income
Analyzing information, setting goals, and making decisions about what needs to be done.
planning
A number that compares prices in one year with some earlier base year.
price index
A period in which unemployment is low, businesses produce many goods and services, and wages are good.
prosperity
A period in which demand, production, and GDP growth decrease and unemployment begins to rise.
recession
The money needed to pay for the current operating activities of a business
short-term financing
an independent business with fewer than 500 employees
small business
. A government agency that helps small business owners develop business plans and obtain financing and other support for their companies
small business administration (SBA)
All of the activities involved in obtaining, preparing, and compensating the employees of a business.
staffing
The amount of money needed to open the business
start-up financing
Represents ownership in a corporation.
stock
Important principles that guide decisions and actions in a company are known as
structure.
The employment relationship between a company and an employee is ended with a (an)
termination
Equity refers to
b. ownership in a company or other asset
The item least likely to be included on a resume is
b. your references
Spending by business for items such as land, buildings, and equipment
capital project
A decrease in the general price level
deflation
The portion of people in the labor force who are not working.
unemployment rate
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable
venture capital
Ensure that the highest standards of conduct are observed in a company's relationships with everyone who is a part of the business or affected by the business' activities.
.ethical business practice
The U.S. workforce is made up of about __?__ people.
150 million
On average, the percentage of employees' wages spent on benefits is
20%-40%
The difference between a country's total exports and total imports of goods
Balance of Payments
The difference between a country's total payments to other countries and its total receipts from other countries
Balance of Trade
Compensation in forms other than direct payment for work.
Benefits
A natural resource,such as gas,coal,copper,or iron ore,that cannot be replaced once it is used up.
Business Ethics
Religion is an element of the _?_ component of the international business environment
Cultural
The Small Business Administration considers a business small if it employs fewer than ________ employees
D. 500
A competitive advantage that small businesses have over large businesses is
D. attention to unique customer needs
Which one of the following is not one of the reasons small businesses fail?
D. not enough employees to do the work
The comprehensive inclusion of people with differences in personal characteristics and attributes.
Diversity
Stopping the importing or exporting of a certain product or service
Embargo
A person who starts a business and is willing to risk loss in order to make money. one who organizes, manages, and assumes the risks of a business or enterprise
Entrepreneur
The obligation of a business to contribute to the well-being of a community
Ethics
The value of money of one country expressed in terms of the money of another country
Exchange Rate
The Americans with disabilities act (ADA) requires that a company?
Find ways to help workers who are physically challenged.
A written contract granting permission to operate a business to sell products and services in a prescribed way.
Franchise
The GDP divided by the total population of a country
GDP per capita
An artificial limit placed on minority groups moving into positions of authority and Decision-making.
Glass ceiling
A specific statement of results the business expects to achieve.
Goal
Goods and services bought from another country
Imports
a designed change that increases the usefulness of a product, service, or process, improved design, more efficient procedures, higher quality improvement
Improvement
Connect the amount of compensation to the quality or quantity of an employee's performance.
Incentive system
A nation's transportation, communication, and utility systems.
Infrastructure
An invention or creation that is brand new
Innovation
Businesses involved in selling the goods and services of producers to consumers and other businesses.
Intermediaries
A study of a job to identify in detail the specific job duties and skill requirements.
Job analysis
An agreement between two or more companies from different countries to share a business
Joint Venture
An organized group of employees who negotiate with employers about issues, such as wages and working conditions.
Labor union
The international organization that settles trade disagreements and enforces free-trade agreements is the
WTO
A person whose work is more mental than physical and involves the handling and processing of information is a
White-Collar Worker
Physical conditions and psychological atmosphere in which employees work.
Work enviorment
All the people 16 years and older who are employed or who are looking for a job.
Work force
The people who make the major policy and financial decisions in a corporation are the
b. board of directors
Productivity would most likely increase as a result of
b. expanded production technology
Which of the following would most likely cause a budget surplus for government?
b. lower spending
The first step of the career planning process is to
c. determine your interests and abilities
A retailer is an example of a(n)
c. intermediary
Which of the following is not shown on an organizational chart?
c. job descriptions
Retail sale include
d. school supplies bought by students
A desire to assist others in your job is an example of your
d. values
The value of a country's currency is likely to decline as a result of
deficit
When a country's imports exceed its exports, this is a trade
deficit
A phase marked by a long period of high unemployment, weak consumer sales, and business failures
depression
the process of starting, organizing, managing, and assuming the responsibility for a business
entrepreneurship
An example of a non-renewable resource would be?
gold
the total value of all total goods and services produced in a country in one year
h. gross domestic product (GDP)
The way people get along with each other is known as
human relations
The way people get along with each other.
human relations
The effort to direct and lead people to accomplish the planned work of the organization
implementing
A person who is not a manager but is still able to get a group focused and organized is using informal influence
informal influence
The way a manager treats and involves employees.
management style
Which level of management spends most of its time completing planning and controlling activities? mid-management
mid-management
The term most closely related to diversity is
minority
The total amount owed by the federal government.
national debt
