Any business that employs fewer than 500 people.

small- or medium-sized business

studbud

BBI2O1 - Introduction to Business (Chapters 1, 2, 3)

100 termsStudBud Administration449 plays

Terms for BBI201 (Introduction to Business)

Flashcards100 cardsFPractice quizPHost liveL

Questions 100

Answers

1
A decrease in owner's equity resulting from a personal withdrawal of funds/assets by the owner.
expenses
drawings
revenue
profits
2
An accounting measure designed to gauge the financial health of a business or industry.
profit margin
expense
asset
equity
3
Borrowing money to finance operations of the business.
equity financing
debt financing
credit spending
bank loan
4
The decision of an employee to inform officials or public about a legal or ethical violation.
snitching
cat-calling
reporting
whistle-blowing
5
A reduction in the value of an asset with the passage of time due in particular to wear & tear.
appreciation
decrease
depreciation
increase
6
Money a business receives for the products and/or services it sells or from its investments.
capital
revenue
expenses
profit
7
A profitability measure that evaluates business performance by dividing net profit by net worth
gross domestic product (GDP)
gross national product (GNP)
return on investment (ROI)
first-mover advantage (FMA)
8
The amount of an asset or resource that exceeds the portion that is utilized.
synergy
surplus
shortage
equilibrium
9
A competitive advantage a company earns by being the first to enter a specific market/industry.
first-mover advantage
loss-leader
market leader
first-right of refusal
10
A business owned by members who utilize the goods and services offered.
corporation
co-operative
partnership
franchise
11
A five-step procedure that assists in making the most best choice among competing alternatives.
product mapping
decision-making model
market research
product research
12
A group of individuals who run a corporation and make decisions on behalf of the shareholders.
association
committee
general assembly
board of directors
13
Something that consumers no longer want because it has been replaced by a new/improved product.
good
export
obsolete
takeover
14
Money left over from sales after the costs and expenses of operating a business have been paid.
expenses
profit
capital
revenue
15
An invisible barrier faced by some groups as they approach senior leadership positions.
mail room
locked door
Peter principle
glass ceiling
16
A situation where demand for a product or service exceeds the available supply.
shortage
surplus
synergy
equilibrium
17
A person who takes risks & starts a venture to solve a problem or to seize an opportunity.
investor
entrepreneur
inventor
seller
18
A charitable organization or charity that raises funds for a specific goal.
not-for-profit organization
co-operative organization
for-profit organization
non-profit organization
19
An item necessary for survival such as food, clothing, or shelter.
supply
want
demand
need
20
An agreement between businesses to commit resources to achieve a common set of objectives.
multinational corporation
merger
joint venture
strategic alliance
21
The paths of ownership that goods or services follow as they pass from producer to consumer.
marketplaces
inroads
distribution channels
franchises
22
Helping producers in developing countries so they can sell their products for a profit.
aid
buying green
free trade
fair trade
23
Mutually dependent; relying on others who also rely on you.
dependent
independent
codependent
interdependent
24
The production or sale of goods/services to satisfy the needs, wants, & demands of customers.
charity
business
association
society
25
An accountant from outside the company who checks the financial records.
auditor
accountant
tax inspector
consultant
26
The amount of money that is required for each stage of production.
price
supply
currency
cost
27
The crime of lying or pretending.
theft
piracy
fraud
imbezzlement
28
Patrons of a particular store or business.
consumers
buyers
sellers
customers
29
A person who buys goods or services. Also referred to as a customer.
producer
consumer
buyer
proprietor
30
When businesses are in control and can charge high prices and raise prices when costs go up.
purchasing power
demand
consumer purchasing power
pricing power
31
The parent company who grants the franchise & provides goods and/or services to the franchisees
Francesco
franchise
franchiser
franchisee
32
The most common form of partnership.
common partnership
elite partnership
general partnership
common-law partnership
33
Total personal income minus personal current taxes.
discretionary income
profit
revenue
disposable income
34
Making an individual or group feel uncomfortable in a work situation due to religion, race, etc
backstabbing
harrassment
bullying
mobbing
35
The money a business owes after the costs and expenses have been paid and revenue received.
loan
loss
profit
debt
36
The value of a product or service expressed in a given currency.
price
profit
sale
cost
37
A person who provides and innovative product or service to meet a consumer want or need.
seller
investor
entrepreneur
inventor
38
A person who runs a franchise operation & is under an agreement with the franchiser.
Francesco
franchise
franchiser
franchisee
39
A debt of the business.
loss
expense
liability
profit
40
Any business that employs fewer than 500 people.
sole proprietorship
corporation
small- or medium-sized business
partnership
41
An accountant who investigates legal and financial documents looking for evidence of tampering.
tax accountant
auditor
consultant
forensic accountant
42
The total value of all goods & services produced in a country during a specific period of time.
gross national product (GNP)
gross domestic product (GDP)
budget spending
equity financing
43
A rule used to decide what is good or bad.
religion
value
moral
ethics
44
When consumers have the power to choose where & how much they will pay for goods & services.
sales promotion
pricing power
purchasing power
consumer purchasing power
45
The extent to which shareholders of a corporation are personally responsible for its debts.
common-law partnership
limited partnership
common-law partnership
team partnership
46
Short for "small office, home office," These are home-based businesses.
GNP
GDP
FMA
SOHO
47
A personal or corporate belief about what is important.
moral
religion
ethics
value
48
A sum of money granted by a government to assist an industry or business.
handout
subsidy
loan
bailout
49
The formal name for a city or town.
crown corporation
public corportation
private corporation
municipal corporation
50
A business owned and operated by the provincial or federal government.
public corportation
municipal corporation
private corporation
crown corporation
51
Predicting future conditions.
prognosticating
dreaming
expecting
forecasting
52
A situation in which businesses try to sell the same type of product or service to a customer.
capitalism
competition
collusion
monopoly
53
The legal document that establishes a partnership and each partner's responsibilities.
settlement
partnership agreement
handshake
partnership deal
54
Having the ability to pay all debts and other obligations.
efficient
obsolete
solvent
liquid
55
A method of direct distribution that uses the internet to sell products directly to consumers.
e-mail
e-transfer
e-commerce
e-transfer
56
A business operating in or involving several countries. Also known as a transnational.
multinational corporation
municipal corporation
public corporation
crown corporation
57
The reward that an owner receives for taking risks.
revenue
expenses
captial
profit
58
Legal debts or obligations that arise during the course of business operations.
liability
asset
equipment
plant
59
Expenditures that help a business generate revenue.
expenses
costs
revenue
capital
60
The spending of money on luxury goods and services to publicly display economic power.
conspicuous consumption
discretionary income
disruptive technology
disposable income
61
People who work to produce goods and services in a business; also known as workforce or labour.
economic resources
natural resources
capital resources
human resources
62
Assets that are consumed in the process of generating revenue.
tax
revenue
price
expenses
63
A corporation owned by a small number of shareholders.
private corporation
crown corporation
public corporation
municipal corporation
64
When an accountant/senior executive invents phony accounts & redirects money for personal gain.
embezzlement
bribery
extortion
graft
65
The net value of property or assets after subtracting any mortgage or liabilities.
principal
rate
equity
downpayment
66
Those raw materials that we get from the earth, the water, and the air.
capital resources
economic resources
natural resources
human resources
67
A body of elected or appointed members who jointly oversee activities of a company/organization
board of directors
board of trade
chief executive officer
board of governors
68
The quantity of a good or service that consumers are willing and able to buy.
need
want
demand
supply
69
The economic principle that demand goes up as prices come down & comes down when prices go up.
law of demand
principle of objectivity
matching principle
law of supply
70
An individual or business that makes a product.
producer
buyer
consumer
supply
71
The percentage of an industry that is earned by a company over a specified time period.
business cycle
consumer purchasing power
market share
fiscal year
72
The way business and government work together to provide goods and services to consumers.
economic system
networking
globalization
operating budget
73
Voluntary activities by a company to operate in a social & environmentally sustainable manner.
market research
human resources (HR)
research and development (R&D)
corporate social responsibility (CSR)
74
A business project that matches the skills of two individuals or businesses for mutual benefit.
merger
multinational corporation
strategic alliance
joint venture
75
Equal pay for work of equal value.
emancipation
trading partner
pay equity
gender bias
76
Raising money using the owner's resources or money from investors.
equity financing
bank loan
credit spending
debt financing
77
Illegal buying/selling of company shares based on confidential info not available to the public
insider trading
insider dealing
inside sales
inside information
78
A situation where a difficult choice must be made between two or more options.
dichotomy
dualism
double
dilemma
79
A person who owns shares in a corporation; also called a stockholder.
owner
shareholder
stockbroker
director
80
The principles of morality & proper conduct that people/businesses use to guide their behaviour
ethics
religion
morals
values
81
Any evidence that an invention is already known which disputes the originality of an invention.
patent troll
intellectual property
prior art
patent
82
An item not necessary for survival but that adds pleasure and comfort to life.
need
want
supply
demand
83
The means through which goods and services are made available to consumers.
natural resources
human resources
capital resources
economic resources
84
A movement that develops from the bottom up.
monopoly
trickle down
democracy
grass roots
85
The point where supply equals demand for a product where the supply & demand curves intersect.
value added
shortage
equilibrium
surplus
86
Any location where producers and consumers come together to engage in buying or selling.
shop
store
marketplace
venue
87
The money a business receives for the products and/or services it sells or from its investments
expense
cash
revenue
profit
88
A process whereby one company combines with or takes over the ownership of another company
strategic alliance
multinational corporation
merger
joint venture
89
A sum of money paid regularly by a company to its shareholders out of its profits (or reserves)
bonus
dividend
share
bond
90
An employer's obligation to take appropriate steps to stop discrimination against employees
duty to accommodate
duty to consult
duty to report
duty to disclose
91
Responsibility for claims against the business that extends to one's personal assets.
limited liability
unlimited ownership
unlimited liability
limited ownership
92
Disposable income (after-tax income) minus all payments necessary to meet current bills.
profit
disposable income
revenue
discretionary income
93
A corporation with many shareholders, whose shares can be bought and sold on a stock exchange.
crown corporation
municipal corporation
public corportation
private corporation
94
A resource such as equipment, a building, or money, that is used to produce goods and services.
natural resources
economic resources
capital resources
human resources
95
Work directed toward the innovation, introduction, & improvement of products and processes.
return on investment (ROI)
quality and assurance (Q&A)
research and development (R&D)
first-mover advantage (FMA)
96
A document that describes specifically how employees should respond to different situations.
computer code
memorandum
code of ethics
report
97
An obligation to disclose all important information.
duty to consult
duty to disclose
duty to report
duty to accommodate
98
An organization that does not seek to make a profit from the operation of the business.
co-operative organization
non-profit organization
for-profit organization
not-for-profit organization
99
A business owned by, but existing separately from, its shareholders.
sole proprietorship
partnership
corporation
franchise
100
The quantity of a good or service that producers can provide.
supply
quantity
quality
demand

BBI2O1 - Introduction to Business (Chapters 1, 2, 3) Flashcards | StudBud

BBI2O1 - Introduction to Business (Chapters 1, 2, 3)

100 termsStudBud Administration449 plays

Terms for BBI201 (Introduction to Business)

Flashcards100 cardsFPractice quizPHost liveL

Questions 100

Answers

1
A decrease in owner's equity resulting from a personal withdrawal of funds/assets by the owner.
expenses
drawings
revenue
profits
2
An accounting measure designed to gauge the financial health of a business or industry.
profit margin
expense
asset
equity
3
Borrowing money to finance operations of the business.
equity financing
debt financing
credit spending
bank loan
4
The decision of an employee to inform officials or public about a legal or ethical violation.
snitching
cat-calling
reporting
whistle-blowing
5
A reduction in the value of an asset with the passage of time due in particular to wear & tear.
appreciation
decrease
depreciation
increase
6
Money a business receives for the products and/or services it sells or from its investments.
capital
revenue
expenses
profit
7
A profitability measure that evaluates business performance by dividing net profit by net worth
gross domestic product (GDP)
gross national product (GNP)
return on investment (ROI)
first-mover advantage (FMA)
8
The amount of an asset or resource that exceeds the portion that is utilized.
synergy
surplus
shortage
equilibrium
9
A competitive advantage a company earns by being the first to enter a specific market/industry.
first-mover advantage
loss-leader
market leader
first-right of refusal
10
A business owned by members who utilize the goods and services offered.
corporation
co-operative
partnership
franchise
11
A five-step procedure that assists in making the most best choice among competing alternatives.
product mapping
decision-making model
market research
product research
12
A group of individuals who run a corporation and make decisions on behalf of the shareholders.
association
committee
general assembly
board of directors
13
Something that consumers no longer want because it has been replaced by a new/improved product.
good
export
obsolete
takeover
14
Money left over from sales after the costs and expenses of operating a business have been paid.
expenses
profit
capital
revenue
15
An invisible barrier faced by some groups as they approach senior leadership positions.
mail room
locked door
Peter principle
glass ceiling
16
A situation where demand for a product or service exceeds the available supply.
shortage
surplus
synergy
equilibrium
17
A person who takes risks & starts a venture to solve a problem or to seize an opportunity.
investor
entrepreneur
inventor
seller
18
A charitable organization or charity that raises funds for a specific goal.
not-for-profit organization
co-operative organization
for-profit organization
non-profit organization
19
An item necessary for survival such as food, clothing, or shelter.
supply
want
demand
need
20
An agreement between businesses to commit resources to achieve a common set of objectives.
multinational corporation
merger
joint venture
strategic alliance
21
The paths of ownership that goods or services follow as they pass from producer to consumer.
marketplaces
inroads
distribution channels
franchises
22
Helping producers in developing countries so they can sell their products for a profit.
aid
buying green
free trade
fair trade
23
Mutually dependent; relying on others who also rely on you.
dependent
independent
codependent
interdependent
24
The production or sale of goods/services to satisfy the needs, wants, & demands of customers.
charity
business
association
society
25
An accountant from outside the company who checks the financial records.
auditor
accountant
tax inspector
consultant
26
The amount of money that is required for each stage of production.
price
supply
currency
cost
27
The crime of lying or pretending.
theft
piracy
fraud
imbezzlement
28
Patrons of a particular store or business.
consumers
buyers
sellers
customers
29
A person who buys goods or services. Also referred to as a customer.
producer
consumer
buyer
proprietor
30
When businesses are in control and can charge high prices and raise prices when costs go up.
purchasing power
demand
consumer purchasing power
pricing power
31
The parent company who grants the franchise & provides goods and/or services to the franchisees
Francesco
franchise
franchiser
franchisee
32
The most common form of partnership.
common partnership
elite partnership
general partnership
common-law partnership
33
Total personal income minus personal current taxes.
discretionary income
profit
revenue
disposable income
34
Making an individual or group feel uncomfortable in a work situation due to religion, race, etc
backstabbing
harrassment
bullying
mobbing
35
The money a business owes after the costs and expenses have been paid and revenue received.
loan
loss
profit
debt
36
The value of a product or service expressed in a given currency.
price
profit
sale
cost
37
A person who provides and innovative product or service to meet a consumer want or need.
seller
investor
entrepreneur
inventor
38
A person who runs a franchise operation & is under an agreement with the franchiser.
Francesco
franchise
franchiser
franchisee
39
A debt of the business.
loss
expense
liability
profit
40
Any business that employs fewer than 500 people.
sole proprietorship
corporation
small- or medium-sized business
partnership
41
An accountant who investigates legal and financial documents looking for evidence of tampering.
tax accountant
auditor
consultant
forensic accountant
42
The total value of all goods & services produced in a country during a specific period of time.
gross national product (GNP)
gross domestic product (GDP)
budget spending
equity financing
43
A rule used to decide what is good or bad.
religion
value
moral
ethics
44
When consumers have the power to choose where & how much they will pay for goods & services.
sales promotion
pricing power
purchasing power
consumer purchasing power
45
The extent to which shareholders of a corporation are personally responsible for its debts.
common-law partnership
limited partnership
common-law partnership
team partnership
46
Short for "small office, home office," These are home-based businesses.
GNP
GDP
FMA
SOHO
47
A personal or corporate belief about what is important.
moral
religion
ethics
value
48
A sum of money granted by a government to assist an industry or business.
handout
subsidy
loan
bailout
49
The formal name for a city or town.
crown corporation
public corportation
private corporation
municipal corporation
50
A business owned and operated by the provincial or federal government.
public corportation
municipal corporation
private corporation
crown corporation
51
Predicting future conditions.
prognosticating
dreaming
expecting
forecasting
52
A situation in which businesses try to sell the same type of product or service to a customer.
capitalism
competition
collusion
monopoly
53
The legal document that establishes a partnership and each partner's responsibilities.
settlement
partnership agreement
handshake
partnership deal
54
Having the ability to pay all debts and other obligations.
efficient
obsolete
solvent
liquid
55
A method of direct distribution that uses the internet to sell products directly to consumers.
e-mail
e-transfer
e-commerce
e-transfer
56
A business operating in or involving several countries. Also known as a transnational.
multinational corporation
municipal corporation
public corporation
crown corporation
57
The reward that an owner receives for taking risks.
revenue
expenses
captial
profit
58
Legal debts or obligations that arise during the course of business operations.
liability
asset
equipment
plant
59
Expenditures that help a business generate revenue.
expenses
costs
revenue
capital
60
The spending of money on luxury goods and services to publicly display economic power.
conspicuous consumption
discretionary income
disruptive technology
disposable income
61
People who work to produce goods and services in a business; also known as workforce or labour.
economic resources
natural resources
capital resources
human resources
62
Assets that are consumed in the process of generating revenue.
tax
revenue
price
expenses
63
A corporation owned by a small number of shareholders.
private corporation
crown corporation
public corporation
municipal corporation
64
When an accountant/senior executive invents phony accounts & redirects money for personal gain.
embezzlement
bribery
extortion
graft
65
The net value of property or assets after subtracting any mortgage or liabilities.
principal
rate
equity
downpayment
66
Those raw materials that we get from the earth, the water, and the air.
capital resources
economic resources
natural resources
human resources
67
A body of elected or appointed members who jointly oversee activities of a company/organization
board of directors
board of trade
chief executive officer
board of governors
68
The quantity of a good or service that consumers are willing and able to buy.
need
want
demand
supply
69
The economic principle that demand goes up as prices come down & comes down when prices go up.
law of demand
principle of objectivity
matching principle
law of supply
70
An individual or business that makes a product.
producer
buyer
consumer
supply
71
The percentage of an industry that is earned by a company over a specified time period.
business cycle
consumer purchasing power
market share
fiscal year
72
The way business and government work together to provide goods and services to consumers.
economic system
networking
globalization
operating budget
73
Voluntary activities by a company to operate in a social & environmentally sustainable manner.
market research
human resources (HR)
research and development (R&D)
corporate social responsibility (CSR)
74
A business project that matches the skills of two individuals or businesses for mutual benefit.
merger
multinational corporation
strategic alliance
joint venture
75
Equal pay for work of equal value.
emancipation
trading partner
pay equity
gender bias
76
Raising money using the owner's resources or money from investors.
equity financing
bank loan
credit spending
debt financing
77
Illegal buying/selling of company shares based on confidential info not available to the public
insider trading
insider dealing
inside sales
inside information
78
A situation where a difficult choice must be made between two or more options.
dichotomy
dualism
double
dilemma
79
A person who owns shares in a corporation; also called a stockholder.
owner
shareholder
stockbroker
director
80
The principles of morality & proper conduct that people/businesses use to guide their behaviour
ethics
religion
morals
values
81
Any evidence that an invention is already known which disputes the originality of an invention.
patent troll
intellectual property
prior art
patent
82
An item not necessary for survival but that adds pleasure and comfort to life.
need
want
supply
demand
83
The means through which goods and services are made available to consumers.
natural resources
human resources
capital resources
economic resources
84
A movement that develops from the bottom up.
monopoly
trickle down
democracy
grass roots
85
The point where supply equals demand for a product where the supply & demand curves intersect.
value added
shortage
equilibrium
surplus
86
Any location where producers and consumers come together to engage in buying or selling.
shop
store
marketplace
venue
87
The money a business receives for the products and/or services it sells or from its investments
expense
cash
revenue
profit
88
A process whereby one company combines with or takes over the ownership of another company
strategic alliance
multinational corporation
merger
joint venture
89
A sum of money paid regularly by a company to its shareholders out of its profits (or reserves)
bonus
dividend
share
bond
90
An employer's obligation to take appropriate steps to stop discrimination against employees
duty to accommodate
duty to consult
duty to report
duty to disclose
91
Responsibility for claims against the business that extends to one's personal assets.
limited liability
unlimited ownership
unlimited liability
limited ownership
92
Disposable income (after-tax income) minus all payments necessary to meet current bills.
profit
disposable income
revenue
discretionary income
93
A corporation with many shareholders, whose shares can be bought and sold on a stock exchange.
crown corporation
municipal corporation
public corportation
private corporation
94
A resource such as equipment, a building, or money, that is used to produce goods and services.
natural resources
economic resources
capital resources
human resources
95
Work directed toward the innovation, introduction, & improvement of products and processes.
return on investment (ROI)
quality and assurance (Q&A)
research and development (R&D)
first-mover advantage (FMA)
96
A document that describes specifically how employees should respond to different situations.
computer code
memorandum
code of ethics
report
97
An obligation to disclose all important information.
duty to consult
duty to disclose
duty to report
duty to accommodate
98
An organization that does not seek to make a profit from the operation of the business.
co-operative organization
non-profit organization
for-profit organization
not-for-profit organization
99
A business owned by, but existing separately from, its shareholders.
sole proprietorship
partnership
corporation
franchise
100
The quantity of a good or service that producers can provide.
supply
quantity
quality
demand