Business Fundamentals - Final Review '24

A natural resource that cannot be replaced once it is used up describes what concept?

The type of advertising that has the goal of increasing sales.

Public promotion of something is known as _________

This function of management identifies and arranges the work/resources needed to achieve goals

_________ is selling the ight to use some intangible property (production, process, trademerk, brand name) for a fee.

This kind of business makes up the most in terms of number in existance, but accounts for a very small amount of revenue

Being sensitive and aware of the employment as well as the roles of all groups in the workplace is called _________.

This type of utility addresses having products at a specific time of the year.

By definition, mass media includes all of the following except:

Which organization is responsible for helping ensure people are safe and protected at work?

________ describe a population based on personal characteristics, like age, gender, and income

_______________ prevent monopolies and promote competition and fairness

A code of ethics refers to

__________ is the function of management that includes directing and leading people to accomplish tasks.

__________ is the process of classifying people who form a given market into even smaller groups

Ability to motivate individuals and groups to accomplish important goals is known as _________.

This management style is more directive and controlling, like when there is a time constraint or inexperienced staff.

This concept exists when a single business has control of the market for a product or service.

What is an embargo?

A tax that a governement places on certain imprted products is called this.

Which of the following is NOT a reward for entrepreneurs?

In _________, products are obtained from nature or grown using natural resources

Creating, promoting, & presenting a product/service to meet needs/wants of customers is called

Which government agency helps small business owners develop business plans, obtain financing, and offer support?

What are exports?

Power based on a leader's position within the formal structure of an organization is called

What does the age discrimination protection employment act do?

__________ is a group of people who are identified as most likely to become your customers

Making a large number of identical products using a continuous and efficient procedure is called

Which concept segments a market based on where they live?

Psychographics.....

This management style is more collaborative and inolves employees in decision making.

This process involves changing and improving the form of another product.

In terms of owning/managing a business, partnerships are limited to just two people.

All people who share similar needs/wants and who have the ability to purchase a given product describes

This intellectual property protection is given to authors, composers, and artists and is good for life +70 years.

Which legislation states employers must take steps to accommodate employees who may have physical challenges?

Building a specific and unique product to meet the needs of each customer is called ________.

What does institutional advertising do?

Which government agency monitors and enforces measurable standards for water and air quality?

The process of accomplishing goals of an organization through effective use of people/resources is called this.

This process combnes raw materials and processed goods into finished products.

In terms of advertising, what is a medium?

Businesses are responsible to four groups of people. Which of the following is NOT one of them?

This kind of business sells stock, has a board of directors, and needs a corporate charter to exist.

Power resulting from the personal characeristics of a leader rather than formal structure of the organization is called

The right to use a company name or business process in a specific way is known as ________.

Selecting the ad media and deciding on the time/space in which ads appear is known as ________.

What is meant by trade surplus?

Examples of this type of concept include the Nike Swoosh, Target bullseye, and McDonald's Golden Arches.

Item that are bought from other countries are considered ________

"This" occurs when the environment is tainted with the by-products of human actions.

he Marketing Mix is made up of the 4 Ps....name them

All activities needed in obtaining, preparing, and compensating workers refers to __________.

This topic refers to the duty of a business to contribute to the well-being of a community.

This function of management involves analyzing information and setting goals

What graphic is a way for people to see the structure within a business, to see the chain of command, etc.

A person who recognizes, organizes, manages, and assumes the risk of starting and operating a business is called this.

__________ utility refers to whether or not a product has value to me is its current form.

___________ is concerned with to what extent the business accomplished the goals that were set.

Management of acquisition, movement, and storage of supplies, materials, and finished products of a business is called

An exclusive right of an inventor to make, sell and use a product or process describes a __________.

Principles by which people conduct themselves personally, socially, or professionally are called