Basic Business Vocabulary

People producing goods & services are called

• human resources
• natural resources
• capital resources
• limited resources

If you start a new business, you need information about

• competitors
• government regulations
• customers 
• all of these

Executives spend most of their time on

• planning & controlling
• planning & organizing
• implementing, staffing, & controlling
• organizing & implementing

The way a manager treats & involves employees is called

• entrepreneurship
• influence
• management style
• leadership

Tags

CCSS.L.4.6

CCSS.RI.3.4

CCSS.RI.4.4

CCSS.W.4.2D

CCSS.W.5.2D

Managers typically spend much of their time dealing with

• customers
• people from other organizations
• other managers in their own organizations
• all of these

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

John, a customer service manager, has sent a memo to Brianne, one of his employees. This is an example of 

• horizontal communication
• external communication
• vertical communication
• verbal communication

Tags

CCSS.L.4.6

CCSS.RI.3.4

CCSS.RI.4.4

CCSS.W.4.2D

CCSS.W.5.2D

The rivalry among businesses to sell their goods & services is known as 

• competition
• entrepreneurship
• capitalism
• cornering the market

Mission statements

• are the guidelines that direct employees' behavior
• describe the reason businesses exist & what they want to accomplish
• are written explanations of how specific business ideas will be carried out
• are the principles of conduct governing an individual or group

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

Removing work from one company & sending it to another company that can complete it at a lower cost is called

• rightsizing
• downsizng
• freelancing
• outsourcing

GDP does NOT include

• consumer spending for food
• the value of the work you do for yourself
• gov't spending to pay employees
• business spending for equipment