Chapter 1-6 Questions
what is the annual gdp of the us currently
$21 trillion
to obtain the tax classification of an s-coporation, your business may have a max of ____ shareholders
100
the us is a member of which free trade agreement
USMCA and CAFTA
an economic system based on competition in the marketplace and private ownership of the factors of production
capitalism, private enterprise system, and free market economy
the set of a guideline by a firm to provide employees with the knowledge of what the firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers
code of conduct
when a country trades because they can supply a product more efficiently and at a lower cost than it can supply other goods
comparative advantage
an index of the prices of a "market basket" of goods and services purchased by typical urban consumers and is used to measure inflation in the us
consumer price index
a manager takes corrective action on a key performance indicator because the organization is falling behind key progress goals and performance benchmarks, they are demonstrating which key management function
controlling
when company abc, donates money and employee time to areas of need within their community they are demonstrating
corporate social responsibility, support of a socioeconomic model for their business
if country's x currency weakens in value relative to country y's currency?
country x's exporters that export to country y will benefit
a type of business fundin that obtains money that must be paid back, typically with interest
debt financing
state is the corporate home for the largest number of fortune 500 companies
delaware
an illegal trade practice where a company sells products in another country at a price that is lower than its production cost and what they charge in their own home country
dumping
a key advantage that a sole proprietorship business has over a corporation is
ease of setup
a form of business financing consisting of giving up a portion of business ownership in exchange for funds
equity finacing
4 building blocks used to develop an ethical organization
ethical awareness, ethical action, ethical leadership, ethical education
the central bank of the us
federal reserve bank
the gov use of taxation and spending to affect the economy
fiscal policy
a conceptual model of the cost of doing business indicates that it is ____ more costly to do business with a new customer vs an existing customer
five
The total market value of all goods and services produced within a nation's borders each year?
gross domestic product
when larger established companies try to promote creative entrepreneurial thinking within their organization
intraprenurship
The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products
macroeconomics
tactical planning is most frequently conducted by
middle management
which government policy is managed by the federal reserve bank for controlling the amount of money circulating in the economy and interest rates
monetary policy
stakeholders of a business refers to the following
owner, employees, customers, investors of business and local community in which it operates
to measure social responsibility some companies measure the triple bottom line includes
people, planet, profits"
4 key functional areas of management
planning, organizing, leading, and controlling
Sabarnes-Oxley Act
punish cooperate accounting fraud within publicly traded companies in the US
a part of the economic cycle that is defined by 2 consecutive quarters (or more) of declining gdp
recession
privately owned and managed investment companies that are licensed by the SBA and provide long term financing for small business
sbics
a principal us gov agency concerned with helping small companies
small business administration
what is the most common type of business legal formation in the us
sole proprietorships
in a free market economy a country's currency valuation and exchange rate is based on
supply and demand of the currency
a tax or duty on incomin foreign goods
tariff
barrier to free trade
tariff
in a limited partnership business, the general partners have
unlimited liabity
a person including a company employee, that reports insider knowledge of illegal activities occurring within an organization
whistle blower
trade organization works to resolve trade differences/disputes between countries?
world trade organization