Intro to bussi

In the context of international trade, which of the following companies is facing the barrier of legal differences?

An Asian company that can only import a limited amount of crude oil from an Arab country because of international trade restrictions

A _____ is a form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners.

Corporation

Consumerism is a widely accepted social movement. Which of the following can be considered a consumer's right?

Expressing legitimate complaints easily

In the context of your career choice, your own business skills cannot influence the level of your personal financial success. *

False

_______ refers to the unrestricted movement of goods and services across international borders

Free trade

Richard, an employee in an investment firm, was dissatisfied with the way his superiors handled business dealings. For that reason, he quit his job and started his own business so that he is able to make all management decisions without interference from anyone. Which advantage of entrepreneurship is highlighted in the given scenario?

Independence

Which of the following categories of people is most likely to step into entrepreneurship?

People who have trouble being subordinates because of their personalities

Which of the following is an advantage of a C corporation?

Shareholders have limited liability in the firm.

A group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations

common market

With an increasing number of workers facing challenges such as raising kids and caring for elderly parents, responsible companies are stepping in with programs such as on-site day care, company-sponsored day camp, and referral services for elder care. These actions show that these companies are fulfilling their ____

social responsibility

In the context of barriers to international trade, ______ include differences among countries in language, attitudes, and values.

sociocultural differences

Gregory was a typist at a corporate firm. When the company adopted a special voice recognition software for the purpose of documentation, Gregory's job became redundant. Therefore, he was laid off. The increased use of technology in most companies has made Gregory's skills inessential, and he remained unemployed for a long time. In the given scenario, Gregory is facing _____.

structural unemployment

In the context of factors of production, the things that a business needs to produce goods or services are referred to as

synthetic resources

The central banking system in the country of Darmos issues a notice to all its commercial banks stating that they must hold funds that are equal to 48% of the deposits held by their customers. In the given scenario, the central banking system's notice exemplifies _____.

the reserve requirement

Buba Joe's Pizzeria, a fast food chain, wants to expand its customer base. It introduced a new range of vegan pizzas to cater specifically to the vegan market. It also introduced new flavors to cater especially to Hispanic Americans. In this context, which dimension of the business environment is affected the most?

the social environment

"I am in charge of what happens to me and the things I accomplish." This statement would be said by someone with

Internal locus of Control

In the context of mixed economies, which of the following statements is true of the U.S. federal government?

It is part owner in a number of financial institutions.

Identify a true statement about the Federal Reserve.

It manages the monetary policy of the United States.

Mark is very passionate about music and opens a recording studio of his own. However, he does not know much about running a business and within a short period, starts running into losses. Therefore, he shuts down the business. Which of the following threats is highlighted in the given scenario?

Lack of knowledge

Prior to formulating its annual budget, the government of the Asian country of Florenesia employs a number of individuals to look into the overall productivity of the country. These individuals are also responsible for studying and revising some of the taxation policies and gauging the employment rate. Given this information, these individuals are studying _____.

Macroeconomics

Which is the part of economics concerned with single factors and the effects of individual decisions

Microeconomics

Felix lost his job at an investment firm because of downsizing during a period of recession. To keep himself financially stable, he opened a food truck that became a huge success. Which of the following advantages of entrepreneurship initially motivated Felix to start the food truck?

Survival

In the context of small business opportunities, which of the following statements is true of market niches?

They tend to be quite attractive to small firms.

Which of the following is a characteristic of successful entrepreneurs?

Tolerance of uncertainty

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

True

In the context of business ethics, _____ refers to a decision that involves a conflict of values

an ethical dilemma

A _____ refers to the overage that occurs when more money flows into a nation than out of that nation

balance of payments surplus

In the context of the various strategies that can help a small business owner succeed, a _____ provides an invaluable way to keep an entrepreneur and his or her team focused on success; it is also absolutely crucial for obtaining outside funding.

business plan

One of the ways by which companies can show their responsibility toward the environment is by reducing their _____.

carbon footprint

Conall is appointed by a nine-member board of directors of a real estate company to manage the company on a daily basis. The board ensures that Conall acts in a manner that is consistent with the interests of the stockholders. Given this information, Conall is most likely a _____.

chief executive officer

The most socially responsible companies establish _____ for their vendors, setting clear policies for human rights, wages, safety, and environmental impact.

codes of conduct

In a sole proprietorship, any debts the company incurs are:

considered to be the owner's personal liabilities.

Companies typically engage in _____ to meet the needs of customers that don't have access to hard currency or credit

countertrade

James employs an apprentice in his guitar store who gets firsthand knowledge of craftsmanship and the process involved in becoming a professional luthier. This allows James to have a reliable hand who can assist him in his work without requiring him to hire a professional luthier. It also enables him to use his financial resources on procuring high-quality materials to make the guitars. The opportunity of _____ is highlighted in the given scenario.

having lower overhead costs

To achieve its basic mission of promoting international economic cooperation and stable growth, the International Monetary Fund (IMF)

lends money to member nations.

In the context of the history of American business, during the _____, businesses began to develop distinctive identities and strategies to help customers understand the differences among various products.

marketing era

Herbert gained most of the capital for his new start-up project by posting a small demonstration of his product on a website that he created especially for the project. Many people showed genuine interest in his product and donated money to help him launch it. In the given scenario, Herbert:

received money for his venture through crowdfunding.

Andrew, an employee in a corporate company, is asked to conduct a systematic evaluation of how well the company is meeting its ethics and corporate responsibility goals. In the given scenario, Andrew is most likely asked to do a _____

social audit

Priscilla is a trader of silver and diamond jewelry. Due to a recessionary trend in the industry, her business has not been making any profits for a few months. As the end of this economic trend cannot be easily ascertained, she decides to get her house mortgaged so that she can add a new line of business of trading in semi-precious stones. This financial risk appetite of Priscilla illustrates her _____ as an entrepreneur.

tolerance of uncertainty

An advantage of franchising is the:

training and support provided by the franchisor.

When Rotomate, a technology solutions company, started producing portable GPS tracking devices in the early 1980s, it faced severe losses because of the lack of a market for its product. Given this information, it can be concluded that Rotomate:

was a cutting-edge firm