Updated: Entrepreneurship Semester Exam Review

Front

The type of business that buys and sells goods.

Back

Merchandising

Front

These are goods purchased that remains unsold at the end of the accounting period.

Back

Inventory

Front

A business that buys and resells merchandise to retail merchandising businesses is called

Back

wholesale merchandising business

Front

A business from which merchandise is purchased or supplies or other assets are bought is called

Back

vendor

Front

A business in which two or more persons combine their assets and skills is called

Back

partnership

Front

Goods that a merchandising business purchases to sell are called

Back

merchandise

Front

Which statement best describes "Price"?

Back

The amount customers are charged for items

Front

Organizational chart is

Back

a diagrammatic representation of the structure and reporting relationships in the organization

Front

Top Management: •Make up the base level of the pyramid •Produce an organization’s goods and services •Generally do not manage or oversee the work of other employees •Are a part of an organization’s management team •Oversee the work of operative employees •Are considered first-level managers •Are employees who manage other managers •Are responsible for establishing and achieving the goals of a specific department or region set by top management •Sets an organization’s goals and objectives •Develops methods for achieving goals and objectives •Is the head of the organization

Back

Sets an organization’s goals and objectives, Develops methods for achieving goals and objectives, Is the head of the organization

Front

What are supervisors?

Back

Supervisors are a part of an organization’s management team, oversee the work of operative employees, and are considered first-level managers.