WorksheetsPBMF Chapter 7 Test Review
Total questions: 50
Worksheet time: 9hrs 25mins
_are businesses that use supplies from other producers to make products.
Assemblers
Factories
Manufacturers
Extractors
A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers is a _.
Wholesaler
Middle-Man
Store
Company
A __ is an association of two or more persons who co-own a business with the objective of earning a profit.
Store
Partnership
Proprietorship
Company
The numeric system used to classify businesses and collect economic statistics is called thee __.
Bureau of Labor Statistics (BLS)
Economic Indicators
North American Industry Classification System (NAICS)
Employer Identification Number (EIN)
The __ is a group of individuals who make high-level management decisions for a corporation and establish company policies.
Collective
Board Of Directors
Assembly
Management Team
A share of ownership in a corporation is called a __.
Stock
Partnership
Dividend
Liability
__ is the connection made among nations when economies freely move goods, labor, and money across borders.
Nationalization
Globalization
Monetiation
Economization
The shared beliefs, customs, practices, and social behavior of a particular group or nation is the __.
Dynasty
Ideal
Religion
Culture
The business activity involved in making, buying, and selling products within a nation's borders is __ business
International
Import
Domestic
Export
The goods and services produced within a country's borders and sold in another country are __.
Exports
Imports
Tariffs
International Business
The __ is the difference between a nation's exports and its imports.
System of taxes
Balance of Payments
Balance of trade
Quota
Planning and managing the flow of goods, services, and people to a destination is __.
Shipments
Transportation
Logistics
Distribution
__ is the process of sending and receiving messages between people of various cultures.
Verbal Communication
Non-verbal communication
Trans-communication
Intercultural communication
A partnership of two or more companies that work together for a specific business purpose is called a __.
Partnership
Joint Venture
Corporation
Franchise
Private investors who fund start-up businesses are called __.
Banks
Angel Investors
Investment Funds
Entrepreneurs
A(n) __ is a written statement of goals and objectives for a business with a strategy to achieve them.
Financial Statement
Summary
Business Plan
Resume
The movement of money into and out of a business is called __.
Cycle of Money
Spending
Cash Flow
Transfer of Funds
Capital brought into a business in exchange for a percent of ownership in the business is called __.
Funding
Debt Financing
Liabilities
Equity Financing
__ are critical skills necessary to perform the required work-related tasks of a position.
Procedure
Job-Specific Skills
Critical Steps
Management Skills
A __ is someone with experience who can provide advice, suggestions, and ideas.
Professor
Manager
Mentor
Teacher
__ is the process of gathering and analyzing of information about a business.
Surveying
Market Research
Analysis
Financial Reporting
The __ is a sentence in a business plan that describes the purpose of the business.
Mission Statement
Objective
Summary
Opening
The __ of a business identifies the hierarchy of the employees within a business.
Roles
Rules
Standards
Organizational Structure
The authority structure of a company from the highest to the lowest levels is called the __.
Hierarchy
Positions
Chain of Command
Organization Chart
__ is the process of controlling and making decisions about a business.
Management
Finance
Marketing
Production
__ plans are created for the long-term goals of an organization.
Tactical
Operational
Strategic
Contingency
The process of recruiting, hiring, training, evaluating, and compensating employees is called __.
Managing
Organizing
Staffing
Controlling
Theory __ managers believe that employees need close supervision at all times.
X
Y
Z
None of the Above
The practice of organizing time and work tasks to increase personal efficiency is called __.
Evaluating
Interpersonal Skills
Leadership
Time Management
The ability to analyze a situation, interpret information, and make reasonable decisions involves __.
Broad Thinking
Critical Thinking Skills
Decision Making
Efficiencies
Business or person that takes natural resources from the land
(a)
Person or business that sells the goods and services from producers to customers
(a)
A business that is co-owned by two or more general partners who are responsible for business operations
(a)
Business that creates goods and services.
(a)
Legal responsibility
(a)
Nonprofit organization that may be either public or private.
(a)
A business that uses supplies from other producers to make products
(a)
Explains the practices and procedures to be followed in conducting business.
(a)
Form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships
(a)
A business that is owned and often operated by a single individual
(a)
Property or items of value a business owns
(a)
Willingly risking resources to start and run a business in pursuit of profit
(a)
Borrowing money that must be repaid for use the business
(a)
All the people and organizations that might purchase a product or service
(a)
Money necessary to start and open a business
(a)
A financial statement that reports the assets, liabilities, and net worth of a business
(a)
Distinguishing characteristic or quality that makes each person unique
(a)
Money invested in a business by investors who form partnerships or groups to pool investments
(a)
Common qualities of successful entrepreneurs
(a)
Skills gained through life experience or working on a job that help an individual perform in the workplace or gain success in a career
(a)
