Business Management Unit 1

Question 1

A commitment to excellence that is accomplished by teamwork and continual improvement

Accepted Answer

TQM

Question 2

The owners, customers, employees, and other groups who are affected by a firm's actions

Accepted Answer

Stakeholders

Question 3

Deals with all money matters related to running a business

Accepted Answer

Finance

Question 4

An employee who is given funds and freedom to develop new products, processes, or services

Accepted Answer

Intrapraneur

Question 5

Shrinking the size of a firm and the number of employees

Accepted Answer

Downsizing

Question 6

Most people aged 16 or over who are available for work whether employed or unemployed

Accepted Answer

Labor Force

Question 7

Refers to the number of similar products that will be offered for sale

Accepted Answer

Supply

Question 8

When an organization makes the right decisions in deciding what products or services to offer

Accepted Answer

Effectiveness

Question 9

A business that sells directly to final customers

Accepted Answer

Retailer

Question 10

Businesses that produce goods

Accepted Answer

Manufacturing Businesses

Question 11

Buildings, tools, machines and other equipment that are used to produce other goods

Accepted Answer

Capital Goods

Question 12

A legal agreement between a company and a distributor to sell a product or service

Accepted Answer

Franchise

Question 13

Firms that produce goods that are often used by other businesses to make things

Accepted Answer

Industrial Businesses

Question 14

Business that provides assistance to satisfy specialized needs through skilled workers

Accepted Answer

Service business

Question 15

Land, labor, capital goods, and management

Accepted Answer

Factors of Production

Question 16

Rivalry among sellers for consumers' dollars

Accepted Answer

Competition

Question 17

Refers to the number of similar products that will be bought at a given time at a given price

Accepted Answer

Demand

Question 18

The percentage of the labor force either employed or actively seeking employment

Accepted Answer

Labor Participation Rate

Question 19

Rules of conduct based on what is right and wrong for an organization

Accepted Answer

Business Ethics

Question 20

An invisible barrier to job advancement

Accepted Answer

glass ceiling

Question 21

Exists when competition is lacking for a product or service

Accepted Answer

monopoly

Question 22

An assembly process in which a large number of identical products are produced

Accepted Answer

mass production

Question 23

The ability of a good or service to satisfy a want

Accepted Answer

Utility

Question 24

An organization that produces or distributes a good or service for a profit.

Accepted Answer

Business

Question 25

The desire for scarce material goods and services

Accepted Answer

Economic Want

Question 26

Economic/Political System in which citizens are free to go into business for themselves

Accepted Answer

Capitalism

Question 27

The duty of a business to contribute to the well-being of society

Accepted Answer

Social Responsibility

Question 28

the total market value of all goods produced and services provided in a country in a year

Accepted Answer

GDP

Question 29

A person who starts, manages, and owns a business

Accepted Answer

Entrepreneur

Question 30

An economic system that is a combination of market and command

Accepted Answer

Mixed economy

Question 31

Paying workers equally for jobs with similar but not identical job requirements

Accepted Answer

Comparable Worth

Question 32

An economic system in which the people determine what, how, and who

Accepted Answer

Market Economy

Question 33

The human effort either physical or mental that goes into the production of goods and services

Accepted Answer

Labor

Question 34

Products produced for sale to individuals and families for personal use

Accepted Answer

Consumer Goods

Question 35

The body of knowledge that relates to producing and using goods and services to satisfy humans

Accepted Answer

Economics

Question 36

A business that buys products from businesses and sells them to retailers or other businesses

Accepted Answer

Wholesaler

Question 37

An economic system in which a central planning authority determines what, how, and who

Accepted Answer

Command Economy

Question 38

Occurs when an organization produces needed goods or services quickly at low cost

Accepted Answer

Efficiency

Question 39

Firms engaged in marketing, in finance, and in furnishing services

Accepted Answer

Commercial Business

Question 40

Income that escapes being recorded in the GDP

Accepted Answer

Underground Economy

Question 41

The quantity or amount produced within a given time

Accepted Answer

Output

Question 42

An organized way for a country to decide how to use its productive resources

Accepted Answer

Economic System

Business Management Unit 1

Questions 42

Business Management Unit 1

Questions 42