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BUSINESS ESSENTIALS- VOCAB

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

A private or civil wrongdoing, an offense against an individual.

a)

Crime

b)

Liability

c)

Market

d)

Tort

2.

An agreement between two or more parties that create obligations enforceable by law.

a)

Genuine Agreement

b)

Contract

c)

Capacity

d)

Voluntary Exchange

3.

An amount owed by a business

a)

Asset

b)

Liability

c)

Owner's Equity

d)

Charges

4.

Anything of value owned by a business

a)

Asset

b)

Liability

c)

Owner's Equity

d)

Charges

5.

How much of the goods or services consumers are willing and able to buy?

a)

Supply

b)

Demand

c)

Shortage

d)

Surplus

6.

Information about a customer including things like what they like, how they spend their time, things they value etc.

a)

Demographics

b)

Psychographics

c)

Geographics

d)

Centrographics

7.

Must have the legal ability to enter into a contract (mental capacity, age, etc.)

a)

Leaglity

b)

Capacity

c)

Consideration

d)

Proper Form

8.

Planning, recording, analyzing, and interpreting financial information

a)

Economics

b)

Marketing

c)

Accounting

d)

Law

9.

The distinctive identification symbol for a business.

a)

Logo

b)

Graphic

c)

Badge

d)

Picture

10.

The amount remaining after the value of all liabilities is subtracted from the value of all assets

a)

Owner's Equity

b)

Accounts Payable

c)

Asset

d)

Liability

11.

The science that deals with the production, distribution, and consumption of goods and services

a)

Marketing

b)

Accounting

c)

Economics

d)

Communications

12.

Occurs when one person intentionally damages someone else’s contractual or business relationships with a third party causing economic harm.

a)

Interference of Contractual Relations

b)

Contract Breach

c)

Fraud

d)

Embezzlement

13.

Governmental bodies formed to carry out particular laws.

a)

Administrative Agencies

b)

Tort Agencies

c)

Legal Entities

d)

Governor

14.

Information about a customer including things like age, gender, income etc.

a)

Demogrpahics

b)

Psychographics

c)

Geographics

d)

Centrographics

15.

Theft of information that a company takes reasonable measures to protect because it confers an economic value to the company by not being disclosed to the general public

a)

Stolen Trade Secret

b)

Fraud

c)

Embezzlement

d)

Confidential Agreement Dispute