Business Review Obj 3,4, and 5

If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?

93

Which is an example of a speculative business risk?

A special promotion fails to increase sales.

After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?

Analyze the information

Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:

Authority

Trey compares the prices offered by different vendors for the same goods and services. Which part of the purchasing process is Trey involved in?

Bid Analysis

A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?

Clayton Act

Which is an example of an economic service?

Concert Ticket

Which is an external factor that affects market price?

Consumer Buying Power

A local dry cleaner that also launders and presses shirts is selling:

Consumer Services

A business selects goods or services to sell. Which type of risk is this business using?

Controlling Risk

Adrian and Bailey own a salon. Adrian is a nail technician and Bailey is a cosmetologist. Adrian gives Bailey a pedicure. Bailey gives Adrian a haircut. They do not pay money for the services provided. What does this demonstrate?

Exchange

Several employees are facing the possibility of being laid off from work. By concluding that they should look for new jobs before that happens, they are:

Gathering Information

What is one of the most important components of the production process?

Human Resources

One factor that might limit the human resources available for certain jobs is a/an:

Inadequate Pay Level

When prices increase, producers usually:

Increase Supply

Which is a factor that affects the business environment?

Industry Competition

Which situations would cause prices to rise?

Insects destroy a large cotton crop.

Some businesses use an automatic reorder system to maintain an adequate:

Inventory of Supplies

By purchasing just the quantity of supplies that is needed, purchasing can:

Minimize Inventory Investment

When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:

Offering Rebates

A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:

Opportunity Cost

The formula that is generally used to measure productivity is:

Outputs divided by inputs

Which provides government protection of business property?

Patents

A major characteristic of a market economy is which type of ownership of property?

Private

In a private enterprise economic system, the interaction of supply and demand primarily determines:

Product Prices

For a business, income remaining after payment of expenses is:

Profit

One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:

Provides experience that increases the business's credibility.

Business ethics involve considering issues about what is:

Right and Wrong

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:

Seller's Market

A small-business owner whose business is a sole proprietorship is planning to "go global." What method for going global would be best to recommend to the small-business owner?

Start by hiring an export management company.

Which situation would most likely indicate the need to adapt to changes in the business environment?

The supply of materials used in manufacturing a product has decreased.

The two main divisions of the trade industry are:

Wholesalers and retailers

A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?

Yes, the museum will be a not-for-profit business.