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WorksheetsFinal Exam Study Guide
Total questions: 100
Worksheet time: 50mins
________________: an issue in which you must decide whether something is right or wrong.
transparency
ethical situation
rule of law
________________: moral rules and values governing the conduct of a person or group; set of standards which define right from wrong.
ethics
viability
integrity
________________: adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations.
trustworthy
integrity
respect
________________: an inflated sense of self-importance.
arrogance
consequence
dilemma
________________: the result of an action.
arrogance
consequence
dilemma
________________: a difficult situation in which you are required to make a decision.
arrogance
consequence
dilemma
________________:an issue in which you must decide whether something is right or wrong; sometimes referred to as an ethical situation.
ethical dilemma
intuition
role model
________________: instinct; gut feeling.
ethical dilemma
intuition
role model
________________: a business that operates out of a physical facility (instead of online).
retailer
brick and mortar
builders
________________: a business that buys consumer goods or services and sells them to the ultimate consumer.
retailer
brick and mortar
builders
________________: a type of producer that constructs roads, bridges, buildings, houses, etc.
retailer
brick and mortar
builders
________________: businesses that buy and sell goods to others; retailers and wholesalers.
trade industries
e-tailers
consumers
________________: the quantity of a good or service that buyers are ready to buy at a given price at a particular time.
price
supply
demand
________________: a condition resulting from the gap between limited resources and unlimited wants for goods and services.
human resources
wants
scarcity
________________: giving up all or a part of one thing in order to get something else.
scarcity
trade-off
need
________________: the benefit that is lost when you decide to use scarce resources for one purpose rather than for another.
opportunity cost
consumer goods and services
capital goods
________________: the amount of money paid for a good, service, or resource.
distribution
price
elasticity
________________: the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.
law of demand
supply
inelastic demand
________________: a desire for something that is not required.
capital goods
want
need
________________: economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
law of demand
exchange
law of supply
________________: something required or essential that is lacking.
consumption
want
need
________________: desires for things that can be obtained without spending money.
need
noneconomic want
production
________________: economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.
law of demand
inelastic demand
law of supply
________________: the study of how to meet unlimited, competing wants with limited resources.
economics
capital goods
distribution
________________: a command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.
communism
market economy
socialism
________________: an economic system in which all or many of the means of production and distribution are owned and controlled by the government.
market economy
command economy
socialism
________________: an individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts.
private enterprise/free enterprise
entrepreneur
small business
________________: a business that employs 500 or fewer people.
private enterprise/free enterprise
small business
entrepreneur
________________: the amount of money a business pays for the products it sells or for the raw materials from shich it produces goods to sell; the amount of money a businsss pays for the products (or for any part of the products) it sells.
indirect competition
income
cost of goods
________________: the rivalry between two or more businesses to attract scarce customer dollars.
competition
economic risks
profit motive
________________: the possibility of loss or failure that occurs as a result of the economy.
economic risks
natural risks
human risks
________________: the possibility of loss (failure) or gain (success) inherent in conducting business.
business risk
natural risk
economic risk
________________: amount of income earned by a business prior to paying income taxes.
income
cost of goods
transfer
________________: the money that a business spends.
expenses
gross profit
income
________________: an organized effort to produce and/or distribute goods and services.
accounting
business
production
________________: keeping accurate and useful financial records; and analyzing and interpreting the recorded information.
accounting
marketing
production
________________: the day-to-day activities required for continued business functioning.
operations
production
outsourcing
________________: the process of planning, controlling, and organizing an organization or department.
strategic management
production
operations
________________: the process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.
accounting
business
financial analysis
________________: the process or activity of producing goods and services.
marketing
production
outsourcing
________________: the management function that monitors the work effort.
planning
staffing
controlling
________________: the ability to communicate, interact, and build relationships with others.
interpersonal skills
technical skills
information
________________: the management function of providing guidance to workers and work projects.
directing
compliance
data processing
________________: an integrated technology that assists with an organization's information management needs.
Management Information System (MIS)
mid-level management
professional development
________________: the management function of setting up the way the business's work will be done.
planning
staffing
organizing
What is the primary reason customers give for not returning to a business?
lack of available parking
lack of courtesy from salespeople
lack of half price sales
How can positive customer relations boost productivity.
by ensuring proper bookkeeping
by avoiding wasted time and resources
by cutting down on equipment costs
How are salespeople who practice good customer relations primarily benefiting a business?
They are developing repeat customers.
They are promoting poor service.
They are preventing customer objections.
________________: An individual who has had specialized training in accounting procedures.
accountant
accural
finance
________________: a method of accounting that records transactions at the time they occur.
accountant
accrual
finance
________________: a process or series of steps that businesses complete to maintain their financial records effectively.
accounting cycle
assets
accounting standards
________________: the process of keeping financial records.
accounting
expenses
income
________________: finance activity involving making decisions about financing.
acquisition of funds
administration of assets
statement of owner's equity
________________: anything of value that a business owns.
accounting cycle
assets
accounting standards
________________: the monies that a business spends; also called expenditures.
accounting
expenses
income
________________: rules that accountants must follow when preparing financial statements.
accounting cycle
assets
accounting standards
________________: finance activity involving making decisions about a firm’s investments.
acquisition of funds
administration of assets
statement of owner's equity
________________: a financial summary of recording as to when, where, and how much money will flow into and out of a business.
balance sheet
cash flow statement
owner's equity
________________: a business's net income; the decisive point.
bottom line
holding cost
inputs
________________: in the operations function - resources utilized.
bottom line
holding cost
inputs
________________: the money it takes to keep inventory in stock.
bottom line
holding cost
inputs
________________: refers to managing the flow of goods and services from production to consumption.
inventory
logistics
operations
________________: tracking the amount, the kind, and the value of inventory that a business has on hand.
inventory control
outputs
purchasing
________________: the buying of goods and services for a business.
inventory control
outputs
purchasing
________________: the day-to-day activities for continued business functioning.
inventory
logistics
operations
________________: any paid form of nonpersonal presentation of ideas, goods, or services.
advertising
marketing
personal selling
________________: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
advertising
marketing
personal selling
________________: programs that instruct computers to perform specific operations.
data processing
hardware
software
________________: facts and figures.
data
information system
intranet
What is the set of computer programs that manage the hardware and software of a computer?
electronic resource
operating system
motherload
________________: keyboards, mouse, scanners, cameras, joysticks, and microphones; a piece of equipment used to provide data and control signals to an information processing system.
computer system
embedded system
input devices
________________: store your contacts, which makes it easy to correspond and share contact information with others.
address book
attachments
browsers
________________: files included with emails.
address book
attachments
browsers
________________: software programs that allow you to view webpages, such as Internet Explorer, Safari, Firefox, or Google Chrome.
address book
attachments
browsers
________________: software used to create a sequence of text and graphics, and often audio and video, to accompany a speech or public presentation.
presentation software
search engines
spreadsheet software
________________: file made of rows and columns that help sort, organize, and arrange data efficiently, and calculate numerical data.
presentation software
search engines
spreadsheet software
________________: designed to create databases and to store, manage, search, and extract the information contained within them.
database software
distribution lists
email application
________________: help you email multiple people at once.
database software
distribution lists
email application
________________: an application that allows users to send, receive, and read electronic messages between users.
database software
distribution lists
email application
________________: the use of computer software to control machines, tools, and processes involved in manufacturing products.
Computer-aided manufacturing (CAM)
Voice over Internal Protocol (VoIP)
Telecommuting software
________________: the use of computer technology to plan, design, test, and alter products.
Computer-aided design (CAD)
Global positioning system (GPS)
Personal identification number (PIN)
________________: software utilized to allow working from home or a remote location.
Computer-aided manufacturing (CAM)
Voice over Internal Protocol (VoIP)
Telecommuting software
________________: a number you choose to gain access to an account.
Computer-aided design (CAD)
Global positioning system (GPS)
Personal identification number (PIN)
________________: the state of being accountable, liable, or answerable.
accountability
attitude
gratitude
________________: the manner, disposition, feeling, position, etc., with regards to a person or thing; tendency or orientation, especially of the mind.
accountability
attitude
gratitude
________________: a payment or gift, as one made to help someone or given by an employer, an insurance company, or a public agency.
benefits
hazards
responsibilities
________________: something causing unavoidable danger, peril, risk, or difficulty.
benefits
hazards
responsibilities
________________: the state or fact of being responsible, answerable, or accountable for something within one's power, control, or management.
benefits
hazards
responsibilities
________________: natural talents for learning specific skills.
analytical skills
aptitudes
communication skills
________________: the abilities you use when giving and receiving different kinds of information. These skills involve listening, speaking, observing, and empathizing.
analytical skills
aptitudes
communication skills
________________: a person who makes a formal application or request for something, especially a job.
applicant
attitude
career
________________: the company department charged with finding, screening, recruiting, and training job applicants, as well as administering benefits.
Human Resources (HR) Department
interview
job
________________: an occupation undertaken for a significant period of a person's life and with opportunities for progress.
applicant
attitude
career
________________: the way a person looks at life.
applicant
attitude
career
________________: a paid position or regular employment.
Human Resources (HR) Department
interview
job
________________: principles or beliefs that guide and regulate actions and behavior.
job application
occupation
values
________________: a formal meeting at which someone is asked questions in order to find out if they are suitable for a post of employment.
Human Resources (HR) Department
interview
job
________________: a form that employers ask job applicants to fill out to learn about their work history.
job application
occupation
values
________________: an occupation undertaken for a significant period of a person's life and with opportunities for progress.
advancement opportunity
career
entry-level
________________: when an employee advances to a position that is classified at a higher salary grade, or in certain circumstances, an acknowledgment of significant greater responsibilities within the same grade.
job promotion
long-term goals
short-term goals
