Intro to Business Final Review

Many small businesses fail simply because they are not located in the right spot.

Suppose one company owned all of the grocery stores in our state. This situation would be a(n)

All of the following are non-renewable resources EXCEPT

_______ occurs at the peak of the business cycle.

All of the following are part of the planning/staffing function of HR activities EXCEPT

If everybody had an unlimited supply of economic resources, which would not exist?

According to the SBA, a small business is an independent business with fewer than ___ employees

Government plays a role in all economic systems.

Things that are required in order to live are known as wants.

Employees paid by piece rate are paid a percentage of sales for which they are responsible.

The people who make the major policy and financial decisions for a corporation are called the

An artificial limit placed on minority groups getting positions of authority is called the

What is the final step of the decision-making process?

GDP measures a country’s economic output during

Which element of a business plan discusses the short- and long-term goals for the business?

All nations differ in the type/amount of resources they have; all have the same economic needs.

Short-term financing is obtained for a period of less than

People producing goods and services are called

A state or local tax on goods and services that is collected by the seller is called a

A patent gives an inventor of a new product the sole right to make, use, or sell the item for