Unit 2 Vocab Quiz (Ch.4-8)

Question 1

What type of expense is the same amount each month?

Accepted Answer

Fixed

Question 2

When many businesses in a market are selling products that are slightly different from one another, this is called a:

Accepted Answer

Monopolistic Competition

Question 3

What business ownership is owned and operated by a single individual?

Accepted Answer

Sole Proprietorship

Question 4

what is a list of business's employees and how they are to be compensated?

Accepted Answer

Payroll

Question 5

Which of the following terms represent "getting a bigger piece of the pie?"

Accepted Answer

Market Share

Question 6

What business ownership form is often called a co-op?

Accepted Answer

Cooperative

Question 7

Which of the following is the process of promoting, selling and distributing a product or service?

Accepted Answer

Marketing

Question 8

What is a detailed estimate of income and expenses for a specific period of time, typically a month or year?

Accepted Answer

Budget

Question 9

A general increase in prices and a fall in the purchasing value of money is called:

Accepted Answer

Inflation

Question 10

Which of the following statements indicates how much money comes into and out of a business?

Accepted Answer

Cash Flow Statement

Question 11

A traditional business serving customers in a physical building is known as what?

Accepted Answer

Brick and mortar

Question 12

The individuals who represent stockholders and make high-level policy and management decisions for a corporation are

Accepted Answer

Board of Directors

Question 13

The system of recording, summarizing, and analyzing business and financial transactions is known as?

Accepted Answer

Accounting

Question 14

Which is NOT a representative of a demographic segmentation?

Accepted Answer

Customer Trends

Question 15

What is the numerical summary (adult GPA) of the information contained on a person's credit report?

Accepted Answer

Credit Score

Question 16

When an entrepreneur takes out loans to finance business ventures it is called:

Accepted Answer

Debt Financing

Question 17

A type of business that sells directly to consumers is called:

Accepted Answer

Business-to-consumer (B2C)

Question 18

Which of the following is NOT included in a SWOT analysis?

Accepted Answer

Products

Question 19

Which is NOT a type of business budget?

Accepted Answer

Smart

Question 20

Which of the following describes a report portraying details about a typical customer?

Accepted Answer

Customer Profile

Questions 20