quzlet final exam study guide from tests answers and questions

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Government spends more than it takes in.

. budget deficit

A country that wishes to enhance international trade activities would most likely use

A Common Market

. Every business begins with a(n)

C. idea

Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years is called

C. long-term financing

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable is known as

C. venture capital

A business that supplies a service or product vital to all people: the price charged for the service (or product) is determined by government regulation rather than by competition.

Code of Ethics

Amount of money paid to an employee for work performed.

Compensation

One who has no explicit or implicit contract for long-term employment.

Contingent Worker

The exclusive right given to a person to make,use,or sell an invention for a period of 17 years.

Contract

An agreement to exchange goods or services for something of value.

Copyright

Antitrust laws are designed to

Copyright

The leadership role is part of the organization's

Core values

A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors.

Corporation

The process of accomplishing the goals of an organization through the effective use of people and other resources.

Management

A statement of values and rules that guides the behavior of employees or members of an organization.

Non-renewable Resource

A business owned and controlled by two or more people who have entered into a written agreement.

Partnership

A written agreement among all owners that specifies the rules and procedures that guide ownership and operations.

Partnership Agreement

Businesses that complete activities that are consumed by customers rather than offering products for sale.

Service Businesses

Goods and services sold to another country

exports

An increase in general price level

inflation

The leadership role is not part of a formal structure

informal influence

money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years

long-term financing

Production output in relation to a unit of input, such as a worker

productivity

. A planned reduction in the number of employees needed in a firm in order to

reduce costs and make the business more efficient.

The sales of durable and nondurable goods bought by consumers.

retail sales

Enables a person to affect the actions of others.

to influence

Which of the following is not a characteristic of entrepreneurship in the United States?

A. about 3% of people aged 18-64 are involved in entrepreneurship activity

Protection of the work of authors,composers,and artists.

Antitrust Laws

A written legal document that identifies ownership and operating procedures and conditions for the business.

Articles of Incorporation

A company is planning to sell the rights to its brand name for use in other countries. This is an example of a

Licensing Agreement

A ? would protect the composer's musical score.

Local Government

An ? tax is a common source of revenue for state and local governments

Maintain Competition

Which of the following would not be a part of a company's human resources?

Managers

A short, specific written statement of the reason a business exists and what it wants to accomplish.

Mission Statement

A business that has complete control of the market for a product or service.

Monopoly

An organization that conducts business in several countries

Multinational Company

The Bureau of Labor Statistics publication that provides detailed and up-to-date information about the U.S. workforce is the

Occupational Outlook Handbook

A diagram that shows the structure of an organization, classifications of jobs, and the relationships among those classifications.

Organization Chart

Environment in which people work, made up of the atmosphere, behaviors, beliefs, and relationships.

Organizational culture

Identifying and arranging the work and resources needed to achieve the goals that have been set.

Organizing

Removes work from one company and sends it to another company that can complete it at a lower cost.

Outsourcing

An employee to whom a company makes a long term commitment is considered to be

Parament Employee

It is often said that the most important resource of a business is

People

Guidelines used in making consistent decisions.

Policies

Descriptions of the way work is to be done.

Procedures

Which of the following is not one of the five functions of management?

Producing

The advancement of an employee to a position with greater responsibility.

Promotion

A business owned and controlled by just one person.

Proprietorship

A code of ethics is designed to?

Provide guidelines for proper behavior.

Laws designed to promote competition and fairness and to prevent monopolies.

Public Utility

A limit on the quantity of a product that may be imported and exported within a given period.

Quota

Rules about how businesses and their employees ought to behave.

Social Responsibility

A tax that a government places on certain imported products

Tariff

Ends the employment relationship between a company and an employee

Termination

Government restrictions to reduce free trade

Trade Barrier

A word,letter,or symbol associated with a specific product or company.

Trademark

The assignment of an employee to another job in the company with a similar level of responsibility.

Transfer

A(n) _?_ is an event that allows a person to contact several prospective employers in a short time.

a. career fair

The purpose of an informational interview is to

a. obtain information about a career area

Which of the following is not one of the common activities of all businesses?

a. producing goods and services

The form of ownership that gives one person sole control over all business decisions is the

a. proprietorship

The obligation to complete specific work is

a. responsibility

Determines to what extent the business is accomplishing the goals it set out to reach in the planning

accomplishing the goals it set out to reach in the planning

Represents debt for an organization

bond

Government spends less than it takes in

budget surplus

The movement of an economy from one condition to another and back again

business cycle

a written description of the business idea and how it will be carried out, including all major business activities

business plan

Which of the following is not a standard of ethical behavior?

competitive advantage.

True or False. Managers are responsible for the ethical actions of a business.

core values

The phase of the business cycle in which unemployment is highest is

d. depression

Which of the following would not be included in GDP?

d. dinner preparation for your family

Spending time with a worker on the job to learn about a career is called

d. job shadowing

A special form of business organization that combines advantages of a corporation and a partnership is a

d. limited liability company

The largest number of U.S. businesses employ.

d. no employees other than the owner

Some employees can complete part or all of their work away from the business site under

flexspace

The effort to inspire and motivate individuals and groups to accomplish important goals.

leadership

The phase in which unemployment decreases

recovery

Direct payment to an employee for work Completed.

salary, wages

Salaries wages as well as investment income and government payments to individuals

personal income

Analyzing information, setting goals, and making decisions about what needs to be done.

planning

A number that compares prices in one year with some earlier base year.

price index

A period in which unemployment is low, businesses produce many goods and services, and wages are good.

prosperity

A period in which demand, production, and GDP growth decrease and unemployment begins to rise.

recession

The money needed to pay for the current operating activities of a business

short-term financing

an independent business with fewer than 500 employees

small business

. A government agency that helps small business owners develop business plans and obtain financing and other support for their companies

small business administration (SBA)

All of the activities involved in obtaining, preparing, and compensating the employees of a business.

staffing

The amount of money needed to open the business

start-up financing

Represents ownership in a corporation.

stock

Important principles that guide decisions and actions in a company are known as

structure.

The employment relationship between a company and an employee is ended with a (an)

termination

Equity refers to

b. ownership in a company or other asset

The item least likely to be included on a resume is

b. your references

Spending by business for items such as land, buildings, and equipment

capital project

A decrease in the general price level

deflation

The portion of people in the labor force who are not working.

unemployment rate

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable

venture capital

Ensure that the highest standards of conduct are observed in a company's relationships with everyone who is a part of the business or affected by the business' activities.

.ethical business practice

The U.S. workforce is made up of about __?__ people.

150 million

On average, the percentage of employees' wages spent on benefits is

20%-40%

The difference between a country's total exports and total imports of goods

Balance of Payments

The difference between a country's total payments to other countries and its total receipts from other countries

Balance of Trade

Compensation in forms other than direct payment for work.

Benefits

A natural resource,such as gas,coal,copper,or iron ore,that cannot be replaced once it is used up.

Business Ethics

Religion is an element of the _?_ component of the international business environment

Cultural

The Small Business Administration considers a business small if it employs fewer than ________ employees

D. 500

A competitive advantage that small businesses have over large businesses is

D. attention to unique customer needs

Which one of the following is not one of the reasons small businesses fail?

D. not enough employees to do the work

The comprehensive inclusion of people with differences in personal characteristics and attributes.

Diversity

Stopping the importing or exporting of a certain product or service

Embargo

A person who starts a business and is willing to risk loss in order to make money. one who organizes, manages, and assumes the risks of a business or enterprise

Entrepreneur

The obligation of a business to contribute to the well-being of a community

Ethics

The value of money of one country expressed in terms of the money of another country

Exchange Rate

The Americans with disabilities act (ADA) requires that a company?

Find ways to help workers who are physically challenged.

A written contract granting permission to operate a business to sell products and services in a prescribed way.

Franchise

The GDP divided by the total population of a country

GDP per capita

An artificial limit placed on minority groups moving into positions of authority and Decision-making.

Glass ceiling

A specific statement of results the business expects to achieve.

Goal

Goods and services bought from another country

Imports

a designed change that increases the usefulness of a product, service, or process, improved design, more efficient procedures, higher quality improvement

Improvement

Connect the amount of compensation to the quality or quantity of an employee's performance.

Incentive system

A nation's transportation, communication, and utility systems.

Infrastructure

An invention or creation that is brand new

Innovation

Businesses involved in selling the goods and services of producers to consumers and other businesses.

Intermediaries

A study of a job to identify in detail the specific job duties and skill requirements.

Job analysis

An agreement between two or more companies from different countries to share a business

Joint Venture

An organized group of employees who negotiate with employers about issues, such as wages and working conditions.

Labor union

The international organization that settles trade disagreements and enforces free-trade agreements is the

WTO

A person whose work is more mental than physical and involves the handling and processing of information is a

White-Collar Worker

Physical conditions and psychological atmosphere in which employees work.

Work enviorment

All the people 16 years and older who are employed or who are looking for a job.

Work force

The people who make the major policy and financial decisions in a corporation are the

b. board of directors

Productivity would most likely increase as a result of

b. expanded production technology

Which of the following would most likely cause a budget surplus for government?

b. lower spending

The first step of the career planning process is to

c. determine your interests and abilities

A retailer is an example of a(n)

c. intermediary

Which of the following is not shown on an organizational chart?

c. job descriptions

Retail sale include

d. school supplies bought by students

A desire to assist others in your job is an example of your

d. values

The value of a country's currency is likely to decline as a result of

deficit

When a country's imports exceed its exports, this is a trade

deficit

A phase marked by a long period of high unemployment, weak consumer sales, and business failures

depression

the process of starting, organizing, managing, and assuming the responsibility for a business

entrepreneurship

An example of a non-renewable resource would be?

gold

the total value of all total goods and services produced in a country in one year

h. gross domestic product (GDP)

The way people get along with each other is known as

human relations

The way people get along with each other.

human relations

The effort to direct and lead people to accomplish the planned work of the organization

implementing

A person who is not a manager but is still able to get a group focused and organized is using informal influence

informal influence

The way a manager treats and involves employees.

management style

Which level of management spends most of its time completing planning and controlling activities? mid-management

mid-management

The term most closely related to diversity is

minority

The total amount owed by the federal government.

national debt


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