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