Business Management Chapter 6 Vocabulary Quiz

According to our textbook, which of the following is NOT a major activity which every business must manage?

• production

• marketing

• finance

• human resources

Making or producing a product or service is called

• production

• marketing

• finance

The activities between businesses and consumers involving buying and selling goods and services. This is how our customers know that our product exists~

• production

• marketing

• finance

All of the money matters involved in owing and operating a business are called

• production

• marketing

• finance

The number of similar products that will be offered for sale at a particular point in time and at a particular price is called

• supply

• demand

The number of similar products that will be bought at a particular point in time at a particular price is called

• supply

• demand

All businesses within a category doing similar work is called

• business

• corporation

• small business

• industry

A new idea or implementation of an existing idea

• global competition

• domestic goods innobation

• innovation

• foreign goods

One of the biggest challenges facing American businesses and managers today is global competition.

• True

• False

Making the right decisions about what products and services to offer to customers and the best way to deliver them is called

• effectiveness

• efficiency