PoB Review Chps 1-7

Question 1

A general decrease in the prices of goods and services.

Accepted Answer

deflation

Question 2

Which management structure is most often used by smaller businesses?

Accepted Answer

informal structure

Question 3

The "things" used to produce goods and services, such as buildings, materials, and equipment.

Accepted Answer

capital resources

Question 4

The function of management that involves arranging resources in an orderly and functional way.

Accepted Answer

organizing

Question 5

A new business undertaking that involves risk.

Accepted Answer

venture

Question 6

Things that you do not have to have to survive, but would like to have.

Accepted Answer

wants

Question 7

A synonym for "dot-com company" is...

Accepted Answer

virtual business

Question 8

Part of the business plan; discusses how a company will make consumers aware of its products

Accepted Answer

marketing plan

Question 9

Written description of a new business venture that describes all aspects of the business.

Accepted Answer

business plan

Question 10

The manager who is responsible for the daily operations of a business.

Accepted Answer

operational manager

Question 11

The point at which the quantity demanded and the quantity supplied meet.

Accepted Answer

equilibrium price

Question 12

A company that is registered by the state and operates apart from its owners.

Accepted Answer

corporation

Question 13

The owner is responsible for the company's debts.

Accepted Answer

unlimited liability

Question 14

People who make the goods and services for which they are paid.

Accepted Answer

labor resources

Question 15

The type of business that that sells products to the consumers.

Accepted Answer

retailer

Question 16

Money, fuel, and labor are examples of...

Accepted Answer

resources

Question 17

The stage of the business cycle that is a peak of economic activity.

Accepted Answer

prosperity

Question 18

The US government agency that protects consumers from dangerous or falsely advertised products.

Accepted Answer

FDA

Question 19

An economic system in which a central authority makes the key economic decisions.

Accepted Answer

command economy

Question 20

A major ethical question that is not illegal; between self-interest and professional obligation

Accepted Answer

conflict of interest

Question 21

The fourth major economic shift in the U.S., in which we are currently.

Accepted Answer

information

Question 22

The function of business that includes planning, organizing, leading, and controlling.

Accepted Answer

Management

Question 23

The contest between businesses to win customers.

Accepted Answer

competition

Question 24

The economic indicator that measures the level of material comfort in a country.

Accepted Answer

standard of living

Question 25

Organizational structure in which managers on one level are in charge of those beneath them.

Accepted Answer

line authority

Question 26

A person who uses goods or services.

Accepted Answer

consumer

Question 27

The organization created by the U.S. government to enforce rules that protect the environment.

Accepted Answer

EPA

Question 28

Which is NOT a characteristic of a sweatshop?

Accepted Answer

extensive benefits

PoB Review Chps 1-7

Questions 28

PoB Review Chps 1-7

Questions 28