Introduction to Business Semester Exam Review

The money left over after a business has paid the cost of providing it's goods and services.

What is scarcity?

A written description of a new business venture that describes all aspects of the business.

What does a middle manager do?

Farming was the common way of life as this time.

The practice of the government putting limits on foreign trade to protect businesses at home.

A trusted counselor or guide.

Which type of economy occurred during the 1600's?

The government dictates what will be produced.

A group of customers who share common wants and needs is called what?

Most businesses in the United States are what type?

An adherence to a code of ethical values such as honesty, loyalty, and fairness.

A newly formed business that is usually small.

Who is responsible for the daily tasks of a business?

The point at which the quantity demanded & quantity supplied meet.

Obtaining and coordinating resources so that a business's objectives can be met.

A person who uses goods or services.

When did an information based type of economy start?

What is a venture?

Which is NOT an example of a public want?

The public promotion of something such as a product, service or business to attract interest.

A standard of value and a means of exchange or payment is called what?

A retailer purchases goods from a wholesaler and sells them to consumers.

A contractual agreement to use the name and sell the products or services of a company.

A CEO of a company is an example of which type of manager?

Compensation is considered the pay and benefits one gets for working for a company.

A license to run a corporation.

A practice followed by people of a particular group or religion.

The processes/functions of planning, organizing, leading & controlling is called management?

Process of creating, promoting & presenting a product/service to meet the wants/needs of people