Business Review

When a stove is used in a restaurant kitchen, it is a....

Capital Good

Which activities are likely to increase a firm's profit?

Increasing supplies and decreasing expenses

How does the finance function relate to company spending.....

It plans and control spending

How does the finance function relate to company spending?

It plans and controls spending

An economic good or service that is scarce is one that is...

In limited supply

During the Industrial Revolution, the factory system caused.....

Production Cost to decrease

The buying of goods and services is known as....

Purchasing

What is one reason why the federal government awards patents manufacturing process?

To exchange research.

Forming a joint venture reduces risk by....

Allowing costs to be shared

In business terms, what is profit?

An monetary reward

In the marketing consept, whose point of view matters most?

Buyer's

How has technology changed the nature of competition?

Companies must stay in step with new technologies.

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n)_________good.

Consumer

The Scott company decided to sell stock to raise capital, Under what form of business organization company operate?

Corporation

You decide not to take a certain action because you know it's the wrong thing to do. You have made the decision based on your...

Ethics

Nic's company is making some quick changes in response to shifting market conditions, The ability to easily realighn its people and resources appropriately is called....

Flexibilty

Wendy's sells the right to operate it's restuarants to indiviuals who meet the company's criteria. The arrangemnt between Wendy's and these indicudals is an example of.....

Franchising

Japan and the U.S. buy and sell each other goods and services. This an example of....

Global Trade

The general classifications of business risks are...

Hazard,operational,strategie and financial

A salesclerk working part-time at a clothing store is an example of an....

Human Resource

The people who work to produce goods and services are known as.....

Human Resources

Which of the following economic resources is responsible for combining the other resources to produce goods and services?

Human resources

A risk involved with information management is leaving customers unprotected from....

Identity theft

Which of the following is the best action for businesses to take in order to adapt to changing markets?

Implement innovative strategies and ideas

Which of the following is an example of business risk that cannot be covered by insurance?

Increase in interest rates

What influenced monopolies to be created

Large business empires drove smaller competitors out of business

Which of the following government actions is most likely to stimulate the economy?

Lowering tax rates

A producer is someone who...

Makes things

What type of economic system is used in the United States?

Market

At each organization's core should be a commitment to....

Meeting consumer needs

Using a stream to supply water to a field in order to grow crops is an example of using....

Natural Resource

Which change provides the most time utility for a consumer?

Stay open for business on the weekend

The money spent to run a business is called...

Operating expense

John Robert and Charles were college friends want to start a business. John has a creative ability, Robert's expertise is selling, and Charles's expertise is management. However, each has limited capital. The ideal of business ownership for these young men is...

Partnership

When Jacqueline doesn't feel like going to the store to buy her textbooks, she orders them online. Which type of utility does this illustrate..

Place

A main reason that enviromental scanning is important is so that businesses can be aware of...

Potential Threats

People who go into business know that the business may not succeed. The possibility is referred to as business......

Risk

To discover a product's level of utility, marketers measure the consumer's....

Satisfaction

Retailing takes place whenever goods are....

Sold to the ultimate consumer

A socially responsible business attempt to give customers....

The best products at the best price

A well planned organizational desigh helps a business to better compete because.......

The business is more productive

The technology that has had the most influence on globalization has been....

The internet

A characteristic of human wants is that they are..

Unlimited

The U.S. produces widgets faster and cheaper than Switzerland. In this example, the U.S. has an___advantage

absolute

When there is not enough of a resource available for everyone to have as much of i as desired, the resource is an_________resource

limited