IBM Final Exam Review

A(n) ____ is a short-term debt that must be paid within one year.

Segmenting a market based on where customers live is ____ segmentation.

A(n) ____ is the possibility of loss, damage, or injury.

____ is an asset pledged that will be claimed by a lender if the loan is not repaid.

Something of value promised in a contract is called ____.

____ selling focuses on building long-term relationships with customers.

A set of rules that explains acceptable use of company-owned and operated equipment and networks is called a(n) ____.

A ____ is a legally binding agreement between two or more people or businesses.

A(n) ____ is a proposal to provide a good or service.

____ competition is a competitive advantage based on factors other than price.

The system of recording business transactions and analyzing, verifying, and reporting the results is called ____.

Principles that help define appropriate behavior in a business setting are ____.

____ plans are created for the long-term goals of an organization.

All the goods and services that a business sells is the ____.

A ____ economy is one in which economic decisions are based on a society’s values, culture, and customs.

The amount added to the cost of an item to determine the selling price is ____.

The movement of money into and out of a business is called ____.

Any organization that provides services related to money is a ____.

Influence that comes from the society in which a person lives is called ____.

The practice of ____ sets prices high to convey quality and status.

The manufacturing of goods in large quantities using standard techniques is called ____.

A ____ is a document that dictates how business should be conducted.

Planning and managing the flow of goods, services, and people to a destination is ____.

The ____ of a business identifies the hierarchy of the employees within a business.

The shared beliefs, customs, practices, and social behavior of a particular group or nation is the ____.

____ is the process of hiring, training, and developing employees.

A ____ is anywhere buyers and sellers meet to buy and sell goods and services.

The payment to an employee for work performed is ____.

The process of changing and improving resources to create goods or services is called ____.

A person who starts a new business or purchases an existing business is a(n) ____.

A ____ is a picture, design, or graphic image that represents a brand.

____ goods are consumer products that are bought often and with little effor

Capital brought into a business in exchange for a percent of ownership in the business is called ____.

A(n) ____ is a written statement of goals and objectives for a business with a strategy to achieve them.

Business ____ is the activity of acquiring materials, supplies, or services necessary to create a product.

____ is the process of sending and receiving messages between people of various cultures.

A(n) ____ contract lists the products or services provided by a business and the price the customer pays in exchange.

____ a person who regularly / skillfully engages in the use of technology, (Internet, computers, other digital devices)

Principles and beliefs that a person considers important are called ____.

____ says that the price of a product is determined by the relationship of the supply of a product and the demand

The activities involved in buying and selling goods on a large scale is ____.

A ____ is a series of related jobs in the same profession.

The ____ is a specific group of customers whose needs a company will focus on satisfying.

A partnership of two or more companies that work together for a specific business purpose is called a ____.

Uninvited conduct toward a person because of his/her race, gender, religion, national origin, disability, or age is ____

A characteristic that an individual has developed naturally is a(n) ____.

Verbal or nonverbal signs that a customer is ready to purchase are called ____.

A(n) ____ budget is used to estimate the amount of money coming into and going out of the business.

The work a person does regularly in order to earn money is called a ____.

A prearranged amount of credit that is available for a business to use as needed is a ____.

A(n) ____ buying decision is when a consumer purchase made with no planning or research.

____ is the term for all activities involved in developing and exchanging products.

____ utility is added when a business changes the form of a good or service to make it more useful.

The four Ps of marketing are product, price, place, and ____.

A ____ is a document describing business and marketing objectives and the strategies and tactics to achieve them.

A(n) ____ is a contract to rent something.

The party extending credit is known as the ____

The ____ is a sentence in a business plan that describes the purpose of the business.

A(n) ____ is a name, term, or design that sets a product or business apart from its competition.

The ____ represents the cost of a loan and is expressed as a percent of the amount borrowed.

A ____ is a combination of the elements used in a promotional campaign.

The difference between the income earned and the expenses by a business during a specific period of time is called ____.

Fiscal policy is the tax and spending decisions made by the president and ____

The customer of a service business is often called a ____.

The ____ rate is the rate of change in prices calculated on a monthly or yearly basis.

____ is the process of gathering and analyzing of information about a business.

A prototype is used to test a new product and a(n) ____ is used to test a new service.

____ is the financial plan that shows anticipated revenue and shows how it will be allocated in the operation.

The process of recruiting, hiring, training, evaluating, and compensating employees is called ____.

The employees who work for a business are called ____.

Many businesses use ____ to gather, store, and use customer data for marketing.

A report of the revenue and expenses of a business for a specific time period and shows a net income or net loss is ___

Customers who purchase goods and services for their own use are called ____.

____ is the process of controlling and making decisions about a business.

Applying communication skills that promote goodwill between a business and the public is called ____.

Promotion that focuses on a company rather than its products is called ____.

____ are critical skills necessary to perform the required work-related tasks of a position.

A science that examines how goods and services are produced, sold, and used is called ____.

The area of management responsible for the activities necessary to produce goods and services is ____.

A ____ is someone with experience who can provide advice, suggestions, and ideas.

The process of deciding which products will be most strategic for an organization to produce is ____ planning.

Anything that is bought or sold is called a(n) ____.

____ is changing the form of raw materials for another use.

Private investors who fund start-up businesses are called ____.

The ____ represents the cost of a loan and is expressed as a percent of the amount borrowed.

____ includes any activity related to making a product.