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Business and Economics Basics Flashcards | StudBud
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Business and Economics Basics
Business and Economics Basics
15 terms
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StudBud Administration
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21 plays
A short Quiz which covers the basics for some Business and Economics topics.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is the difference between an employer and an employee?
Employers are the same as employees
Employers employ employees
Employees employ employers
Employees fire employers
2
What is an innovator?
One who copies methods, ideas and products
One who introduces new methods, ideas and products
3
What is customer satisfaction?
How and if services surpass consumer expectations rarely
How and if services surpass consumer hopes
How and if services surpass consumer expectations
How and if services underpass consumer expectations
4
What is a competitive advantage?
Attributes which allow a company to outperform competitors
Attributes which allow a company to be rich
An attribute which allows a company to bankrupt others.
Attributes which allow a company to underperform competitors
5
What is a minimum wage?
The max wage permitted by a government/special agreements
The lowest wage permitted by special agreements
A pay-rise permitted by a government/special agreements
The lowest wage permitted by a government/special agreements
6
What is a wage
A yearly payment for laziness
A regular payment for work/services
A regular payment for selling goods
An irregular payment for work/services
7
Which of these is a responsibility of an employer?
To underpay employees
To overpay employees
To provide safe working conditions for employees
To threaten employees
8
What is the role of Worksafe?
The promotion and enforcement of health and safety in work
The promotion and enforcement of safety in work
The promotion and enforcement of health and safety of shops
The promotion and enforcement of safety in work
9
What does socially responsible mean? (1) refers to "organization's".
An (1) obligation to benefit the interests of a society.
An (1) obligation to benefit the interests of themselves.
An (1) obligation to benefit the interests of a person only.
An (1) obligation to benefit the interests of a child only.
10
What is an ethical consumer?
One who purchases goods detrimental to society
One who purchases goods carelessly
One who purchases goods neutral to society
One who purchases goods beneficial to society
11
What does SMART goal refer to?
Specific, measurable, art-focussed, realistic, time-free
Specific, measurable, attainable, realistic, time-free
Specific, measurable, attainable, realistic, time-bound
Specific, meant to be hard, attainable, realistic, time-free
12
What are competitors?
A similar company which provides ugly goods/services.
A similar company which bad similar goods/services.
An irrelevant company which aims to bankrupt you
A similar company which provides similar goods/services.
13
What is outsourcing?
Obtaining goods and services from outside suppliers
Obtaining goods and services from more expensive suppliers
Obtaining goods and services from neigbour suppliers
Selling goods and services from outside consumers
14
What are sweatshops?
Workplaces where employees work in bad conditions
Workplaces where employees work in sweaty conditions
Workplaces where employees work in cold conditions
Workplaces where employees work in good conditions
15
What is the difference between a financial (1) and non-financial (2) goal?
(2) is concerned with money, (1) is not concerned with money
(1) is concerned with money, (2) is not concerned with money
