Intro to Business Ch 1--Business Basics & Economics

Question 1

Soft skills include...

Accepted Answer

honesty and integrity

Question 2

An economic system in which individuals own and operate the majority of the businesses....

Accepted Answer

capitalism

Question 3

Peak

Accepted Answer

Prosperity

Question 4

Human resources such as managers and employees...

Accepted Answer

labor

Question 5

CPI

Accepted Answer

measures the changes in prices of a fixed "basket" of goods.

Question 6

Ability to think in abstract terms in order to see the big picture.

Accepted Answer

conceptual skills

Question 7

The study of how wealth is created and distributed.

Accepted Answer

economics

Question 8

Goods and services purchased by individuals for personal consumption.

Accepted Answer

consumer goods

Question 9

Laissez-faire

Accepted Answer

All of the above

Question 10

Keeps quality higher and prices lower....

Accepted Answer

competition

Question 11

Skills required to accomplish a specific task

Accepted Answer

technical skills

Question 12

The most important factor in a successful business.

Accepted Answer

people

Question 13

When a business gives back to its community...

Accepted Answer

social responsibility

Question 14

Networking is important at every level in every direction.

Accepted Answer

True

Question 15

Depression

Accepted Answer

Trough

Question 16

The U.S. economy is a mixed economy because...

Accepted Answer

it exhibits both capitalism and socialism characteristics.

Question 17

Decline in the economy...

Accepted Answer

Recession

Question 18

Free enterprise gets its name because individuals are free to decide...

Accepted Answer

All of the above

Question 19

The total dollar value of all goods & services produced by a country in a year.

Accepted Answer

gross domestic product

Question 20

Favorable balance of trade is when...

Accepted Answer

we are exporting more than what we are importing.

Question 21

Interpersonal skills

Accepted Answer

ability to deal with people

Question 22

Typical business cycle includes...

Accepted Answer

prosperity, recession, depression, recovery.

Question 23

Relationships with people...

Accepted Answer

networking

Question 24

The percentage of a country's labor force unemployed at any time.

Accepted Answer

unemployment rate

Question 25

The last economic crisis was in....

Accepted Answer

2007

Question 26

The Great Recession was in..

Accepted Answer

2007

Question 27

Lawn care, bank, beauty shop are examples of a....

Accepted Answer

service business

Question 28

Forests, minerals, land, air...

Accepted Answer

natural resources

Question 29

Money, facilities, equipment, and machines....

Accepted Answer

capital

Question 30

Sales revenue minus expenses =

Accepted Answer

sales, profit

Question 31

Ability to identify problems correctly, generate alternatives, and choose best alternative.

Accepted Answer

analytic skills

Question 32

To be successful, a business must be: organized, satisfy needs, and make a....

Accepted Answer

profit

Question 33

The basic economic problem is....

Accepted Answer

scarcity.

Question 34

Processes various materials to make goods...

Accepted Answer

manufacturing business

Question 35

All of the different people and groups connected to a business....

Accepted Answer

stakeholders

Question 36

A market (or industry) with only one seller.

Accepted Answer

monopoly

Question 37

Soft skills may be as important as having education or experience.

Accepted Answer

True

Question 38

The study of the decisions made by individuals and businesses in economics...

Accepted Answer

Microeconomics

Question 39

Imports

Accepted Answer

goods coming into a country.

Question 40

Generally speaking, the more education you have, the greater your income will be.

Accepted Answer

True

Question 41

People who furnish their labor....

Accepted Answer

human resources

Question 42

A person who risks his/her time and money to start a business...

Accepted Answer

entrepreneur

Question 43

Money required to pay employees, purchase materials, and keep the business going...

Accepted Answer

financial resources

Question 44

The study of the national economy and the global economy.

Accepted Answer

Macroeconomics

Question 45

The average level of output per worker per hour.

Accepted Answer

productivity

Question 46

Raw materials, buildings, machinery, and equipment .....

Accepted Answer

material resources

Question 47

Free enterprise...also known as

Accepted Answer

All of the above

Question 48

National debt...

Accepted Answer

the total of all federal deficits.

Question 49

A general rise in the level of prices...

Accepted Answer

inflation

Question 50

Key industries owned and controlled by the government...

Accepted Answer

socialism

Intro to Business Ch 1--Business Basics & Economics

Questions 50

Intro to Business Ch 1--Business Basics & Economics

Questions 50