Principles of Business

The process of starting, organizing, managing, and assuming the responsiblity for a business

A financial situation that occurs when a government spends less than it takes in is?

True or False. The direction for a business comes from its policies and procedures.

A written description of the business idea and how it will be carried out

A business that is owned by members and managed in their best interest is a

The value of the next best alternative that you were not able to choose is

The point where supply and demand are equal is called

The way people get along with each other is called

A competitive advantage that small businesses have over larger businesses is

Which of the following determines to what extent the business is accomplishing the goals it set

A designed change that increases the usefulness of a product, service, or process is a (an)

Ownership in a corporation is called

A retailer is an example of a (an)

Which of the following is a precise statement of results that the business expects to achieve?

Descriptions of the way work is to be done

Decrease in the general level of prices, usually occurs in periods of recession and depression

Analyzing information, setting goals, making decisions about what needs to be done

A seperate legal entity formed by documents filed with a state is a

Someone who has no contract for long-term employment is known as a

An agreement to exchange goods or services for something of value, usually money

Which of the following combines elements of the command and market economies?

A separate legal entity formed by documents filed with a state

Specialists with responsibilities for specific parts of a company's operations

The important principles that will guide decisions and actions in the company

An agreement between two or more companies to share a business project

A common concern in ethical decision-making involves a

Money provided by large investors to finance new products and businesses

Every business begins with a (an)

The Small Business Administration (SBA) considers a business small if it employs fewer than

Guidelines used in making consistent decisions

In what economy are the resources owned and controlled by the government?

A phase marked by prolonged period of high unemployment, weak sales, and business failures

What do interest rates represent?

The value of a currency in one country compared with the value in another is

Restrictions to free trade

The effort to direct and lead people to accomplish the planned work of the organization

A style in which the manager is more directive and controlling

Power based on a leader's position within the formal structure of an organization

The obligation to complete specific work is

Which of the following regulates safety standards in the workplace?

Descriptions of the way work is to be done

Which of the following is NOT one of the 4 elements of the international business environment?

A special form of business organization that combines advantages of a corporation & partnership

The people who make the major policy and financial decisions in a corporation are the

The way a manager works with and involves employees

Items bough from other countries

Short-term financing is obtained for a period of less than

Principles of conduct governing an individual or group are called

A tax that a government places on certain imported products

The money needed to pay for the current operating activities of a business

People born between 1946 and 1964 are generally referred to as

power resulting from the personal characteristics of a leader, not formal structure

A set of rules for guiding the actions of employees or members of an organization

True or False. All written contracts are legal.

An invention or creation that is brand new

Which of the following is not a characteristic of an effective leader?

Government agency that helps small business owners develop business plans and obtain financing

True or False All investors in a general partnership have full liability for the business debts

Which of the following does an organization chart NOT show?

The process of choosing which needs and wants will be satisfied

Someone who takes a risk in starting a business to earn a profit

Money that is needed for the main resources of a business, such as land, buildings, equipment

True or False. An embargo is a tax that a government places on certain imported products.

A patent gives an inventor of a new product the sole right to make, use, or sell the item for

The ability to motivate individuals and groups to accomplish important goals

An organization that supplies a service or product vital to all people

If you start a business, you need information about

Which of the following is a trademark linked with a specific company or product?

A number that compares prices in one year with prices in some earlier base year is called

The first level of management in a business

________ exists when a business has control of the market for a product or service.

What are things that are required in order to live?

The process of accomplishing the goals of an organization through people and other resources

Which of the following enables a person to affect the actions of others?

Which of the following describes the reason a business exists and what it wants to accomplish?