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WorksheetsIntroduction to Business FINAL
Total questions: 80
Worksheet time: 42mins
Things you must have to live.
Business Cycle
Needs
Market Economy
Competition
Relationship between the amount of a good or service that businesses are willing and able to provide and the price of the good or service.
Profit
Supply
Needs
Market Economy
The dollar value of goods and services produced by a country in one year.
Supply
Market Economy
Competition
Gross Domestic Product (GDP)
Cyclical movement of the economy from one phase to another.
Gross Domestic Product (GDP)
Profit
Demand
Business Cycle
Conflict between unlimited wants and limited resources.
Scarcity
Supply
Profit
Needs
Rivalry among businesses to sell their products and services.
Needs
Gross Domestic Product (GDP)
Demand
Competition
Relationship between the amount of a good or service that consumers are wiling and able to buy and the price of the good or service.
Scarcity
Supply
Gross Domestic Product (GDP)
Demand
An economic system in which businesses and individuals are free to make their own decisions in the marketplace.
Market Economy
Demand
Business Cycle
Gross Domestic Product (GDP)
A business's income minus its operating expenses.
Competition
Demand
Profit
Gross Domestic Product (GDP)
Business owned and operated by one person.
Sole Proprietorship
Partnership
Marketing Orientation
Board of Directors
Officers of a company who direct the business of the company.
Channel of Distribution
Sole Proprietorship
Market Strategy
Board of Directors
The amount added to the cost of producing a product or service.
Marketing Orientation
Channel of Distribution
Markup
Marketing Strategy
A written contract granting permission to sell someone else's product.
Board of Directors
Target Market
Franchise
Markup
Group of individuals or businesses that have similar product needs.
Franchise
Target Market
Marketing Orientation
Markup
The plan that shows how a business will use marketing achieve its goals.
Marketing Strategy
Partnership
Target Market
Franchise
Businesses that get products from other producers and convert them into their own products.
Manufacturers
Marketing Strategy
Franchise
Channel of Distribution
Considering the needs of customers when developing a product or service.
Marketing Orientation
Franchise
Partnership
Channel of Distribution
Business owned and operated by a small group who have entered into an agreement.
Partnership
Sole Proprietorship
Channel of Distribution
Marketing Strategy
The path that a product travels as it goes from producer to consumer.
Target Market
Marketing Strategy
Partnership
Channel of Distribution
Financial statements showing revenue, expenses, and net income/loss.
Human Resource Management
Income Statement
Small Business
Compensation
Recruiting, hiring, training, compensating, and evaluating employees.
Business Budget
Human Resources Management
Balance Sheet
Benefits
Government agency that provides services to small businesses.
Small Business
Compensation
Small Business Administration (SBA)
Balance Sheet
The amount of money paid to employees for work performed.
Business Plan
Small Business
Financial Record
Compensation
A record of the financial performance of a business.
Small Business
Financial Record
Human Resources Management
Compensation
Financial statement that lists a business's assets and liabilities.
Financial Record
Balance Sheet
Benefits
Compensation
Written description of a business idea and how it will be carried out.
Balance Sheet
Small Business Administration (SBA)
Human Resources Management
Business Plan
Detailed plan for meeting the financial needs of a business.
Compensation
Business Budget
Small Business
Human Resources Management
Compensation other than a direct payment to the employee.
Human Resources Management
Benefits
Business Plan
Income Statement
An independent business with fewer than 500 employees.
Business Plan
Benefits
Balance Sheet
Small Business
An agreement to exchange goods or services for something of value.
Export
Contract
Code of Ethics
Balance of Trade
Goods and services sold to other countries.
Balance of Trade
Imports
Contract
Exports
A forced payment of money or a favor required before an official or decision maker will make a favorable decision.
Balance of Trade
International Business
Bribe
Social Responsibility
Business activities necessary for creating, shipping, and selling of goods and services across national borders.
International Business
Code of Ethics
Contract
Tariff
Rules about how businesses and their employees are expected to behave.
Bribe
Business Ethics
Code of Ethics
Quota
The duty of a business to contribute to the well-being of a community and society at large.
Bribe
International Business
Balance of Trade
Social Responsibility
A set of rules for guiding the actions of employees or members of an organization.
Quota
Embargo
Code of Ethics
Export
An action taken to stop the import or export of goods and services completely.
Embargo
Balance of Trade
Contract
Tariff
The difference between a country's exports and imports.
Social Responsibility
Balance of Trade
Code of Ethics
Embargo
A limit on the quantity of a product that can be imported or exported.
Bribe
Export
Balance of Trade
Quota
Goods and services one country buys from other countries.
Bribe
Imports
Exports
Social Responsibility
A tax a government places on certain imported products to cause the price of that product to increase.
Tariff
Bribe
Export
Code of Ethics
The rating given to food that indicates the quality or size of the product.
Brand Name
Consumer
Unit Price
Grade
The price per unit of measure.
Fraud
Consumer
Unit Price
Monopoly
Buying without giving much thought to the purchase.
Fraud
Comparison Shopping
Consumer Movement
Impulse Buying
When consumers are given false information in effort to make a sale.
Fraud
Label
Impulse Buying
Grade
The uniting of consumers to get fair treatment from businesses.
Consumer Movement
Brand Name
Unit Price
Comparison Shopping
A person or business that buys or uses goods or services.
Grade
Fraud
Monopoly
Consumer
A business that has no competition and controls the market for a good or service.
Monopoly
Fraud
Unit Price
Brand Name
A name given to a product or service to distinguish it from other similar products or services.
Label
Grade
Monopoly
Brand Name
Comparing unit prices, quality, and services associated with one product with those of another.
Comparison Shopping
Label
Grade
Monopoly
A tag attached to or printed on a product that gives useful information about it.
Consumer
Label
Comparison Shopping
Brand Name
The way you live as measured by the kind and quantity of goods and services you can afford.
Standard of Life
Quality of Life
is the phase where most people who want to work are employed and businesses produce goods and services in record time.
Prosperity
Recession
An individual's right to own a business, select a market to enter, and produce with limited government direction is called...
Free Enterprise
Private Enterprise
The measurement of the number of items produced per worker is called...
Productivity
Financing
is the phase of the business cycle where demand for goods and services begins to decrease, production decreases, unemployment begins to increase, and GDP growth slows down.
Prosperity
Recession
What five (5) management activities must all businesses perform?
Plan, organize, staff, lead, and control
Sell, plan, market, buy, and cost
Plan, market, lead, and control
Sell, organize, staff, and cost
What six (6) business activities must all businesses perform?
Generate ideas, raise capital
Buy goods and services, employ and train personnel
Market goods and services, maintain business records
Plan, organize, lead, control, market, and sell
Difference between direct and indirect selling.
Direct involves personal contact between the seller and buyer.
Direct involves some form of contact between the seller and buyer.
Indirect involves video games and in person meetings.
Indirect involves technology such as telemarketing, e-commerce, and videoconferencing, where they do not see each other in person.
What are the seven (7) functions of marketing?
Product/service management, distribution
Selling, marketing information management
Financial analysis, pricing, promotion
Marketing orientation, markup
Target market, extractors, service business
The twelve traits of effective business leaders are...
Communication, confidence, cooperation, courage, dependability, honesty, initiative, intelligence, judgment, objective, stability, and understanding
Listen, speak, make decisions, follower, leader, emotional, unpredictable, respectful, smart, honest, courage, dependable
What are the two parts of employee compensation?
Salary and wages are direct payments to employees for work completed.
Salary and wages are a fixed amount that is paid to the employee, annual basis.
Benefits include compensation in forms other than a direct payment.
Evaluation since they determine if you get a raise or not.
Is there a difference between an income statement and balance sheet? If so, what is it?
Income statement shows income and expenses over a period of time and whether there is a net income (profit) or net loss.
Balance sheet shows assets, liabilities, and owner's equity at a given point in time.
No, there is not a difference between the two.
Balance sheet shows income and expenses over a period of time and whether there is a net income (profit) or net loss.
Income statement shows assets, liabilities, and owner's equity at a given point in time.
What is a positive balance of trade?
A positive balance of trade occurs when a country's exports are greater than its imports.
A positive balance of trade occurs when a country's imports are greater than its exports.
What is a negative balance of trade?
A negative balance of trade occurs when a country's imports are greater than its exports.
A negative balance of trade occurs when a country's exports are greater than its imports.
What does the phrase "exchange rate" mean?
The amount you get when you exchange your country's currency for that of another country.
The amount you give away when you exchange your country's goods for that of another country.
What are the three kinds of barriers to international trade?
Tariffs, embargoes, and bribes
Quota, tariffs, and bribes
Tariffs, quotas, and embargoes
Bribes, quotas, and embargoes
What are the four basic elements of a contract?
Agreement - an offer and acceptance, competent parties - of legal age and mentally competent, consideration - exchange of something of value, and legality - no fraud or deception or illegal actions.
Agreement - an offer and acceptance, consideration - exchange of something of value, legality - no fraud or deception or illegal actions, and unqualified parties - of legal age and mentally competent.
What are public utilities?
Public utilities are organizations that supply goods and services that all citizens need.
Public utilities are organizations that supply goods and services that all citizens want.
Why do governments regulate public utilities?
Regulations govern rates that can be charged to keep them reasonable and standards to maintain quality.
Regulations govern rates that can be charged to keep them reasonable and standards to maintain quantity.
What is the most common way that governments raise revenue?
Levying tax
Veto tax
Why are business ethics important?
They help establish a good reputation and are a major factor in their success.
They help establish a reputation and are a major factor in their success.
What are four basic types of consumer information sources?
Product-testing organization, print publishers, broadcast organizations, and the Internet.
Internet, broadcast publishers, product-testing publishers, and print organizations.
What is the main purpose of advertising?
To persuade people to buy a product or service.
To deter people to buy a product or service.
How does unit price help consumers when shopping?
A consumer can determine whether one product or another is a better buy for the money.
A consumer can determine whether all the products are a better buy for their money.
How does a monopoly interfere with your right to choose?
A monopoly drives away competition, limiting your right to choose.
A monopoly brings in more competition, adding to your right to choose.
Why is timing a factor in making a wise buying decision?
Wise consumers take time to plan purchases. Many goods and services are sold at reduced prices during certain seasons.
Wise consumers take too much time to plan purchases. Many goods and services are sold at reduced prices during certain seasons.
What are the eight types of stores?
Department, discount, specialty, specialty superstores, factory outlets, supermarkets, warehouse clubs, and convenience.
Department, discount, specialty, superstores, factory outlets, supermarkets, warehouse clubs, and convenience.
Why should a consumer consider a business's reputation when he/she makes a buying decision?
It helps the consumer know if the business can be trusted, if it has given good services, and if it has sold quality merchandise.
It helps the consumer know if the business can be trusted, if it has given good services, and if it has sold quantity merchandise.
What is the purpose of a Better Business Bureau?
To maintain ethical business practices, combat consumer fraud, and help develop informed and satisfied consumers.
To maintain unjust business practices, combat consumer fraud, and help develop informed and satisfied consumers.
