DUCS Intro to Business Unit 1 Chapter 3-5

Question 1

The goods & services produced within a country's borders & sold in another country are __.

Accepted Answer

exports

Question 2

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

Accepted Answer

joint venture

Question 3

A(n)__exists to serve some public purpose.

Accepted Answer

not-for-profit organization

Question 4

The __ is the difference between a nation's exports & its imports.

Accepted Answer

balance of trade

Question 5

Promoting the welfare of others is called __.

Accepted Answer

philanthropy

Question 6

Something of value promised in a contract is called __.

Accepted Answer

consideration

Question 7

A(n)__business is an organization that generates revenue.

Accepted Answer

for-profit business

Question 8

The shared beliefs, customs, practices, & social behavior of a particular group or nation is __

Accepted Answer

culture

Question 9

A __is a document that dictates how business should be conducted.

Accepted Answer

code of ethics

Question 10

When one or more parties do not follow the agreed terms of contract, without reason a __ occurs

Accepted Answer

breach of contract

Question 11

A(n) __ contract lists the products or services provided by a business & the price customer pay

Accepted Answer

sales and service

Question 12

The business activity involved in making, buying, & selling product within nation's borders is_

Accepted Answer

domestic business

Question 13

A share of ownership in a corporation is called a __.

Accepted Answer

stock

Question 14

A(n) __a group of countries that have reduced or eliminated trade barriers among themselves.

Accepted Answer

free-trade zone

Question 15

A __ is the simplest & most common form of business ownership.

Accepted Answer

proprietorship

Question 16

The numeric system used to classify businesses & collect economic statistics is called the __.

Accepted Answer

North American Industry Classification System (NAICS)

Question 17

Planning & managing the flow of goods, services, & people to a destination is __.

Accepted Answer

logistics

Question 18

__ means that a person is legally able to enter into a binding agreement.

Accepted Answer

Competence

Question 19

__ is when economies freely move goods, labor, & money across borders between nations.

Accepted Answer

Globalization

Question 20

In a private enterprise system, __ directly provide consumers with products to meet need/want.

Accepted Answer

retailers

Question 21

A __ is a legally binding agreement between two or more people or businessess.

Accepted Answer

contract

Question 22

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

Accepted Answer

offer

Question 23

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

Accepted Answer

business ethics

Question 24

__is when a business sells the right to manufacture its products or use its trademark.

Accepted Answer

Licensing

Question 25

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

Accepted Answer

lease

Question 26

The __ is a group of individuals who make high-level management decisions & policies for a corp

Accepted Answer

board of directors

Question 27

A __ an association of two or more persons who co-own a business to make a profit.

Accepted Answer

partnership

Question 28

Business buys large quantities of products from producers & sell smaller quantities to retailer

Accepted Answer

wholesaler

Question 29

__are businesses that use supplies from other producers to make products.

Accepted Answer

Manufacturers

Question 30

__is the process of sending & receiving messages between people of various cultures.

Accepted Answer

Intercultural communication

DUCS Intro to Business Unit 1 Chapter 3-5

Questions 30

DUCS Intro to Business Unit 1 Chapter 3-5

Questions 30