Principles of Business -- Part 2 Final Exam Review

In the early 1890s, the average person in the US worked how many hours?

_ is the amount before deductions or taxes are taken out of a paycheck.

Combination of tactical and strategic management is known as

A _ budget is an estimate of actual money received and paid out for a specific period.

Wages, salary, commission, fees, tips, and bonuses are

Assignment of an employee to another job in the co. with a similar level of responsibility is

This type of credit occurs when a co. receives goods from a supplier and pays later.

In simple terms, _ are what a company owns.

Gross margin is

A(n) _ is a written contract giving permission to operate a bus. to sell products and services.

This type of compensation pays an employee a specific amount of money for hours worked.

_ is borrowed money which must be paid back later with interest.

This work arrangement offers one job to two people, each working part-time.

When a business expands,

A major advantage of a functional organizational structure is that

Services are intangible.  This means that

What is the final stage of the decision making process for buying a product or service?

GDP measures a country's economic output during

To make the computation of interest easier, a year if often considered as

When you decide on a shirt instead of going to the park, you

This type of sale is often used when a new store opens or when new products are introduced.

All of the following are non-renewable EXCEPT

Which is a variable expense?

Advertising is paid communication and publicity is _ 

Location is important to small retail business because

Retail sales

Governments borrow money by selling

Valid contracts must have consideration, which is defined as:

Managers typically spend much of their time dealing with

A successful budget

Antitrust laws protect consumers from all the following EXCEPT

This warranty is imposed by law and is understood to apply even though it has not been stated.

Alexi is looking for a new bank that offers 24-hour services, he is mostly concerned with

__ involves analyzing info, setting goals, and making decisions.

If an unreceived or returned item is billed to a credit card, how long do you have to dispute?

A few hours each month that employees can schedule non-job activities is called

If you have a budget, you should

Financial institutions, government agencies, and customers are all examples of

Generally, you should limit you resume to

In the US, police and fire protection is usually provided by

Prepare for a job interview by

When is tactical management BEST used?

Which is NOT an important human relations skill needed my leaders and managers?

The largest source of revenue for the federal government is the

_ are the principles of morality or rules of conduct

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

About how many Americans are public employees?

A natural, inborn aptitude to do certain things is called a(n)

Which is NOT a goal for the World Trade Organization (WTO)?

An organization's reports, letters, and memos are usually created with