FBLA Agribusiness Vocabulary

Fill in the blank: The repeated rise and fall of economic activity over time is called _________.

• business cycle

• inflation

• recession

• market equilibrium

Fill in the blank: A written description of a new business venture that describes all aspects of the proposed agribusiness; it helps you focus on exactly what you want to do, how you want to do it, and what you expect to accomplish is called a _________

• business plan

• marketing strategy

• financial statement

• production schedule

Fill in the blank: A survey that a business conducts to determine the market potential for a selected business is called a _________?

• business survey

• customer feedback

• employee review

• financial audit

Fill in the blank: Goods used to produce other goods and services; the investment that the owner has put into the business is called _________.

• capital

• revenue

• inventory

• liability

Fill in the blank: Having a high capital cost per unit of output; requiring greater expenditure in the form of capital than of labor is called _________

• capital intensive

• labor intensive

• resource intensive

• energy intensive

Fill in the blank: An economic system where individuals own resources and have the right to use their time and resources however they choose is called _________.

• capitalism

• socialism

• communism

• feudalism

Fill in the blank: Something of value deposited with a lender as a pledge to secure repayment of a loan is called _________.

• collateral

• dividend

• premium

• liability

Fill in the blank: Steady application; constancy in an effort to accomplish something is called _________.

• diligence

• ignorance

• negligence

• indifference

Fill in the blank: A person who accepts all the risks pertaining to forming and operating a small business, and performs all business functions associated with a product or service, including social responsibility and legal requirements, is called an _________

• entrepreneur

• employee

• manager

• shareholder

Fill in the blank: Any business that lends money is called a _________.

• financial institution

• retail store

• manufacturing company

• transportation service