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