Bus. Found. Semester One Review

Communication between two or more persons is when the intended message is successfully delivered, received and understood. This refers to....

• Miscommunication
• Nonverbal cues
• One-way communication
• Effective communication

A usually brief written message or report from one person or department in an organization to another refers to....

• report
• memo
• email
• notification

Arriving or doing something at the expected or planned time refers to.....

• on time
• punctuality

• early
• late

Which of the following best describes accountability in the workplace?

• Ignoring feedback from others

• Only completing assigned tasks

• Blaming others for mistakes

• Taking responsibility for one's actions

The three types of businesses include all of the following EXCEPT?

• Producers

• Trade Industries

• Service Businesses

• Non-profit organization

Which type of business model charges a fee for a specific service.

Example: Hair stylists, accountants and real estate agents all charge fees for their specialized services.

• Subscription-based business model
• Product-based business model
• Fee-for-Service Model

• Franchise business model

Which type of business model allows customers yo use parts of a product or service for free but must pay for access to more advanced features.

Example: Spotify

• Pay-per-use
• Subscription
• Freemium
• Ad-supported

What economic principle states that the supply of a good or service will increase when demand is great and decrease when demand is low.

• Law of Demand
• Market Equilibrium
• Price Elasticity
• Law of Supply and Demand

A ________ economic system is sometimes called a subsistence system - a level of existence that barely supports life.

• market

• socialist
• capitalist
• traditional

Which economic system allows the people decide how to use the factors of production, such as who they buy from and who they work for.

• Market economy
• Planned economy
• Traditional economy
• Command economy