Chapter 1-6 Questions

what is the annual gdp of the us currently

$21 trillion

to obtain the tax classification of an s-coporation, your business may have a max of ____ shareholders

100

the us is a member of which free trade agreement

USMCA and CAFTA

an economic system based on competition in the marketplace and private ownership of the factors of production

capitalism, private enterprise system, and free market economy

the set of a guideline by a firm to provide employees with the knowledge of what the firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers

code of conduct

when a country trades because they can supply a product more efficiently and at a lower cost than it can supply other goods

comparative advantage

an index of the prices of a "market basket" of goods and services purchased by typical urban consumers and is used to measure inflation in the us

consumer price index

a manager takes corrective action on a key performance indicator because the organization is falling behind key progress goals and performance benchmarks, they are demonstrating which key management function

controlling

when company abc, donates money and employee time to areas of need within their community they are demonstrating

corporate social responsibility, support of a socioeconomic model for their business

if country's x currency weakens in value relative to country y's currency?

country x's exporters that export to country y will benefit

a type of business fundin that obtains money that must be paid back, typically with interest

debt financing

state is the corporate home for the largest number of fortune 500 companies

delaware

an illegal trade practice where a company sells products in another country at a price that is lower than its production cost and what they charge in their own home country

dumping

a key advantage that a sole proprietorship business has over a corporation is

ease of setup

a form of business financing consisting of giving up a portion of business ownership in exchange for funds

equity finacing

4 building blocks used to develop an ethical organization

ethical awareness, ethical action, ethical leadership, ethical education

the central bank of the us

federal reserve bank

the gov use of taxation and spending to affect the economy

fiscal policy

a conceptual model of the cost of doing business indicates that it is ____ more costly to do business with a new customer vs an existing customer

five

The total market value of all goods and services produced within a nation's borders each year?

gross domestic product

when larger established companies try to promote creative entrepreneurial thinking within their organization

intraprenurship

The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products

macroeconomics

tactical planning is most frequently conducted by

middle management

which government policy is managed by the federal reserve bank for controlling the amount of money circulating in the economy and interest rates

monetary policy

stakeholders of a business refers to the following

owner, employees, customers, investors of business and local community in which it operates

to measure social responsibility some companies measure the triple bottom line includes

people, planet, profits"

4 key functional areas of management

planning, organizing, leading, and controlling

Sabarnes-Oxley Act

punish cooperate accounting fraud within publicly traded companies in the US

a part of the economic cycle that is defined by 2 consecutive quarters (or more) of declining gdp

recession

privately owned and managed investment companies that are licensed by the SBA and provide long term financing for small business

sbics

a principal us gov agency concerned with helping small companies

small business administration

what is the most common type of business legal formation in the us

sole proprietorships

in a free market economy a country's currency valuation and exchange rate is based on

supply and demand of the currency

a tax or duty on incomin foreign goods

tariff

barrier to free trade

tariff

in a limited partnership business, the general partners have

unlimited liabity

a person including a company employee, that reports insider knowledge of illegal activities occurring within an organization

whistle blower

trade organization works to resolve trade differences/disputes between countries?

world trade organization