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Midterm Review
Midterm Review
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Review of Chapters 1 - 8 for upcoming Midterm
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What type of business is owned by one person?
Sole Proprietorship
Sole Partnership
Partnership
Franchise
2
Businesspeople make profits by taking________.
Technological Advancement
Profits
Survey of needs
Risks
3
These individuals or companies invest in new businesses in exchange for partial ownership.
Partner Strategist
Venture Capitalist
Investment Banker
Sales Broker
4
E-Commerce is the buying and selling of goods online.
False
True
5
Absolute advantage exists when___________________________.
A country has the advantage of being in political freedom.
A country express an absolute solution to a complex problem.
A country has a monopoly on producing a specific product.
A country has more money to buy and sell their goods.
6
What is GDP?
Gross Domestic Production
Giant Datatase Production
Gross Domestic Product
Greed Disadvantage
7
What is a systematic evaluation of an organization's progress toward being socially responsible?
Social Justice
Social Audit
Sociology Investigation
Social Injustice
8
An embargo _____________.
Prohibits importing and exporting
Prohibits price increases
Prohibits a tariff
Prohibits taxes being charged
9
What is flat organizational structure?
Organizational structure that has broad departmentalization
Organizational structure that has various layers
Organizational structure that has separate units
Organizational structure that has few layers
10
What are the Five Factors of Production?
Labor, Land, Capital, Knowledge, Entrepreneurship
Land, Labor, Law, Capital, Knowledge
Capital, Land, Human Resources, Labor, Stakeholders
Entrepreneurship, Capital, Labor, Investment, Law
11
Exchange Rate is the value of one nation's currency relative to the currencies of other countries.
False
True
12
Standards of moral behavior that is accepted by society as right versus wrong is_____________.
Fundamental
Responsible
Ethics
Valuable
13
What are the four functions of management?
Planning, Leading, Managing, Hiring
Leading, Management, Planning, Supervising
Planning, Leading, Organizing, Controlling
Supervision, Controlling, Managing, Lifting
14
What is corporate social responsibility?
The concern businesses have for their profits
The concern businesses have for their social network footprint
The concern businesses have for society
The concern businesses have for their company
15
Which part of economics study looks at the behavior of people and organizations in particular markets?
Microeconomics
Macroeconomics
Resource Development
Economics
16
What are the key economic systems?
Free Market, Communism, Socialism, Captialism
Socialism, Mixed Economy, Capital, Commuters
Capitalism, Mixed Economy, Socialism, Communism
Mixed Microeconomics, Macroeconomics, Capitalism, Communism
17
An intrapreneur is a creative person who works as entrepreneurs within a franchise.
True
False
18
Insider trading is an unethical activity.
True
False
19
PMI lists all the pluses, minuses, and implications for a solution in the same column.
True
False
20
Free Trade is the movement of goods and services among nations that have political or economic barriers.
True
False
