SLO review

Forming a joint venture reduces risk by

allowing cost to be shared

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

capital good

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

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

Increasing sales and decreasing expenses

How does the finance function relate to company spending?

It plan and controls spending

How does the finance function relate to company spending?

It plans and controls spending

Which change provides the most time utility for a consumer?

Staying open for business on the weekend

During the Industrial Revolution, the factory system caused

production cost to decrease

The buying of goods and services for a business is known as

Purchasing

The money spent to run a business is called

operating expense

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

partnership

A main reason that environmental scanning is important is so that business can be aware of

potential threats

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

risk

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

satisfaction

Retailing takes places whenever goods are

sold to the ultimate consumer

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

Buyers

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

Corporation

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

Human resources

what is the best action for business to take in order to adapt to changing markets?

Implement innovative strategies and ideas

what is an example of an business risk that can't be covered by insurance?

Increasing in interest rates

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

Lowering tax rates

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

Natural Resources

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

Place

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes?

To encourage research

In business terms, what is profit?

a monetary reward

The US produces widgets faster and cheaper than Switzerland. In this example, the US has a(n)______________ advantage

absolute

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 term, this computers would be classified as a(n) ________ good.

consumer

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

flexibility

Wendy's ell the right to operate its restaurants to individuals who meets the company's criteria. The arrangement between Wendy's and these individuals is an example of

franchising

Japan and the U.S buy and sell each other's good and services. This is an example of

global trade

The general classifications of business risks are

hazard, operational, strategic and financial

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

human reasource

A Salesclerk working part-time at a clothing store is an example of a(n)

human resource

A risk involved with information management is leaving customers unprotected from

identity theft

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

in limited supply

What influenced monopolies to be created?

large business empires drove smaller competitors out of business

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is a(n)...... resource

limited

A producer is someone who

make things

What type of economic system is used in the US?

market

At each organization's core should be a commitment to

meeting customer needs

A socially responsible business will attempt to give customers

the best products at the best prices

A well-planned organizational design helps a business to better compete because

the business is more productives

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

the internet

a characteristic of human wants is that they are

unlimited