Intro to Business Semester Exam Review

A risk that involves a possible injury to your health would be classified as a 

What are the four elements of a marketing mix?

If you choose not to complete a risky activity, you are said to be ___ the risk.

A precise statement of results a business expects to achieve is a 

The assignment of an employee to another job in the co. with similar level of responsibility

A recession often affects some group of workers in related businesses. The drop is called

Dividing GDP by the total population of a country results in that country's

GDP does NOT include

If everybody had an unlimited supply of economic resources, which would not exist?

All nations must decide

Entrepreneurs

Proprietorships

GDP measures a country's economic output during

IF GDP growth slows for at least _ quarter(s), the economy is probably in a recession.

Inflation

Which of the following would typically NOT be specified in a partnership agreement?

A pure risk

Removing work from one co.& sending it to another co. that can complete it at a lower cost is

Which one of the mngmnt functions involves analyzing info, setting goals, & making decisions ?

The staffing management function

Which of these items would be counted when measuring GDP?

This type of compensation method pays employees a specific amount of $ for each hour worked

In a __plan, employees receive regular compensation + a portion of the company's earnings

The first step in the consumer decision-making process is to

The right to make decisions about how responsibilities should be achieved is called

Just one person is MOST likely responsible for all of the management functions in a 

At the peak of the business cycle is

IN every nation on Earth,

Most of the money needed to start a new business comes from 

Goods

According to the SBA, a small business is an independent business with fewer than __ employees

Short-term financing is obtained for a period of less than

Which of the following would NOT generally be considered one of the marketing functions?

The amount of a policyholder must pay for insurance coverage is a 

Another name for the economic system in the United States is

Successful entrepreneurs tend to have all of the following characteristics EXCEPT

Human Resources

The combined use of tactical and strategic management is known as 

the exclusive right of an inventor to make, sell and use a product or process is called a

The first level of management in a business are

Which is probably the LEAST important factor in becoming an entrepreneur?

A written legal document defining ownership & operating procedures & conditions for a corp. is

Which is NOT a major responsibility of a co.'s human resources department?

People producing goods and services are called

Which marketing function involves comm. directly w/ potential customers to determine theirneed?

Which of the following is NOT a characteristic of a depression?

The major influence on the level of interest rates is

Managers typically spend much of their time dealing with

Which of the following is a function of promotion?

The way a manager treats and involves employees is called