Intro to Business Final

An agreement that is legally binding between two or more people or businesses:

Customers who buy products to be used in a business make up the (BLANK) market.

The market value of all final products produced in a country during a specific time period:

What is the structure of a company from the highest to the lowest levels?

Bank account that allows the account owner to make deposits, write checks, and withdraw money.

Income received from employment or from self-employment.

Promoting the welfare of others:

An expense that remains the same during a budget period.

An organization that exists to serve some public purpose is called:

Plastic card that allows the holder to make credit purchases up to an authorized amount.

Left over money that a business has after all the expenses and costs of operation are paid:

The process of willingly risking resources to start and run a business in pursuit of profit.

Consists of dynamic activities that identify, anticipate, and satisfy customer demand while also making a profit:

The process of dividing the market into smaller groups is known as:

Critical skills necessary to perform the required work-related tasks of a position are called:

Anything of value that is accepted in return for goods or services is considered:

The movement of money into and out of a business:

Periods of alternating expansion and contraction in an economy are called:

The selling strategy that focuses on building long-term relationships with customers is called:

Analyzing a situation, interpreting information, and making reasonable decisions is the ability to use:

The (BLANK) market is a specific group of customers whose needs a company will focus on satisfying:

An expense that DOES NOT remain the same during a budget period

Used to regulate how contracts are written, executed, and enforced.

The process of taking money out of a bank account:

When a financial product or valuable item is purchased with the goal of increasing wealth over time.

The act of putting money into an account is called:

What is the ability to influence others to reach a goal?

The connection made among nations when economies freely move goods, labor, and money across borders is known as:

The general rise in prices throughout an economy:

A business that is owned and operated by a single individual:

A person's ability to legally enter into a binding agreement:

Shared beliefs, customs, and social behavior of a particular group or nation

A proposal to provide a good or service.

Private investors who fund start-up businesses:

A business with the sole purposes of being productive and generating money for its owners:

When a business sells the right to manufacture its products or use its trademark:

Something a person requires to survive:

Involves sending and receiving messages between people of different cultures:

The process of controlling and making decisions about a business.

A customer who purchases products for personal use:

The understanding that the price of a product is determined by the relationship of supply and demand:

Creating long-term goals of an organization is called?

Goods, services, and capital that are brought into a country from outside its borders are called:

A business that buys product from wholesalers or directly from producers and sells it to consumers to make a profit:

The gathering and analyzing of information about a business.

The percentage of unemployed members of the civilian labor force (and actively seeking work).

A sign that the economy is weakening is when the rate of (BLANK) is below average:

Lowest hourly wage employers can pay most workers by law.

Anything that is bought or sold:

The document that describes business and marketing objectives and the strategies and tactics to achieve them: