The primary differences between small business and entrepreneurship are in the areas of growth, __________, vision, and ___________.

The introduction of something new – a new idea, product, method, device, or service, is called:

A general change in the way business is developing is called:

The ability of a computer program or machine to think and learn, and to emulate or match what human beings do, like reasoning and making decisions, is called:

A network of devices connected to the Internet that identify themselves, and communicate between other internet-enabled devices and systems, is called:

What generation comes after Millennials?

Selling your product directly to your end customers without third-party retailers, wholesalers, or other middlemen is called:

Uber, Airbnb, and Hotels.com are examples of:

A business model that charges a regularly scheduled fee, usually monthly or annually, for their products or services, is called:

Pizza Hut and Dominos are examples of:

One benefit of a competitive analysis is to better understand:

When one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive, this is called a/an:

Consumers have the most buying power with this type of market model.

Complete the outline with the correct term.

The Six Functions of Business i. Human Resources ii. Strategy iii. Information Management iv. ______________ v. Marketing vi. Finance/Accounting

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of professional?

Which business function is a route or plan of action designed to achieve certain goals and objectives?

Which business function helps to ensure quality control during manufacturing and distribution?

Inspiring, motivating, influencing and maximizing the efforts of people towards a common purpose is:

Which of the following areas of HR focuses on searching for appropriate candidates to fill a position?

Based on the Equal Employment Opportunity Act, an interviewer is prohibited from asking a potential employee which of the following questions?

The explanations and expectations of duties and responsibilities are known as which of the following?

Which of the following combines employee feelings about their work with how it motivates them to serve the company’s mission?

A route or plan of action designed to achieve certain goals and objectives is known as which of the following?

Complete the following sentence with the best term.

Mission is a company’s purpose, and strategy is the _____.

Which of the following best demonstrates how a company successfully uses strategy to live out its mission and vision?

A specific procedure or action used to support strategy in order to achieve goals and objectives is known as which of the following?

A business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions is called:

A practice or process not generally known outside of the company that owns it, and that has economic value is a/an:

Identifying, understanding and predicting circumstances or events that might have negative consequences, and taking proactive measures to avoid these issues and effectively combat them if/when they occur is:

An independent and unbiased inspection and review to evaluate the safety, integrity and accuracy of information, systems, processes, procedures and protocols is a/an:

The protection of networks, devices, and data from unauthorized access or criminal use, and the practice of ensuring the confidentiality, integrity, and availability of information is:

The daily functioning of an organization, managing the inputs and outputs, which also includes manufacturing, purchasing, and logistics is:

Which of the following is an example of an output?

What is optimizing the flow of inputs and outputs until goods reach their final destination?

To categorize, sort, and transport goods to all their final destinations as efficiently, inexpensively, and carefully as possible is:

The study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services, given unlimited and competing wants, and given the scarcity of resources is:

Choosing between two things that cannot be had or done at the same time, which may require a compromise is a/an:

The reality that people’s wants always exceed the resources available to fulfill those wants is:

Something’s usefulness and the degree to which wants are satisfied is called:

A momentary state or condition where the quantity of a product supplied equals the quantity demanded for the same product is known as which of the following?

The economic theory that explains the interaction between the buyers and sellers of an item is known as which of the following?

In 2020, due to the pandemic, there was a large demand for Lysol cleaning products. This resulted in stores nationwide running out of the products for months. This is an example of which of the following?

The price of car gasoline fluctuates up and down frequently. However, people’s demand for gasoline doesn’t vary by much. This is an example of which of the following elements of supply and demand?

Desires for goods, services or other items that can only be acquired by spending money are:

An item that is required, essential, or very important, well beyond just a desire is an:

A tangible item that has utility, is scarce, and is transferable is an:

Something that can be touched, and/or can be perceived by one or more of the other senses is:

Gross Domestic Product (GDP) measures:

The total market value of all final goods and services an economy produces in a period of time, within a country’s borders is:

Total consumer spending on goods and services, including durable goods and non-durable goods is:

The total of a country’s private investment on capital equipment, inventories, and housing is:

Complete the definition with the correct term.

Net exports are a country’s total exports minus its ________________.

To use the least amount of inputs to generate the highest amount of outputs is:

Per Capita GDP measures the productivity of a:

Complete the statement with the best term.

The more ________________ the role, the more likelihood the worker becomes an expert, and then can perform better in that role, and therefore will be more productive.

Complete the statement with the correct term.

Governments and societies use an economic _____________ to make decisions about resources, production, and distribution of goods and services.

Which economic system relies on cultural customs, history, ancestral practices, and time-honored beliefs to make decisions about production and distribution?

Which economic system is run by a dominant centralized authority that allocates the resources, decides who makes the goods and services and how and where they are distributed, and sets the prices?

An economic system where production, wages, and prices are determined via the application of the law of supply and demand, with little or no government regulation is a:

Which of the following assumes that people will generally make choices based on their own personal preferences and desired outcomes?

The price of one product or service as compared to another, expressed as a ratio between two prices is known as which of the following?

A customer sees a pair of jeans from a brand priced for $100 at one store. When they go to another store, they see a similar, but slightly lesser-quality pair of jeans for $40 less. The customer decides to buy the jeans that are $40 cheaper. This is best demonstrating which of the following?

An economic and totalitarian political system where there is no privately-owned property, where the government owns and controls the production and distribution of goods and services, where there are no classes, and people share equally from the benefits of labor is:

An economic and political system that emphasis economic equality, and collective or public ownership of production is:

An economic system where companies are privately-owned, versus being owned by the government, and that assumes companies are built with a purpose of creating economic value through innovation, driven by a profit-motive, and where prices are set by the market via the ebb and flow of supply and demand is:

The incentive in a private enterprise system for people to risk capital to start a business in order to earn a profit in return is a/an:

When three possibilities exist – gain, loss, or no change – it is called:

Complete the statement with the best term.

Pure risk is difficult to predict and normally occurs ______________, like natural disasters and criminal activity.

An estimate/projection of future revenues, expenses, net income, and capital needed to fund the company’s operations is a: