Intro to Business Unit 1 (23-24)

Which of the following elements of a contract explains that something of value must be promised?

Should I study the four elements of a contract?

The amount charged for a product.

When a business sells the rights to manufacture its products or use its trademark.

Which of the following are principles that help define appropriate behavior in a business setting?

The difference between income earned and expenses incurred by a business.

Inflation increases the purchasing power of money.

A corporation can do the following:

Which of the following is the most common type of business ownership?

One disadvantage of a corporation is double taxation.

Which of the following is an economic indicator?

Rising unemployment is an indicator of a weak economy.

Food, water, clothing, and shelter are examples of needs.

Consumer protection laws protect consumers from unfair and unsafe business practices and products.

An economic system where both the government and individuals make decisions about economic resources.

One benefit of a joint venture is that they are allowed in all countries.

The market value of all final products produced in a country during a specific period of time (Economic Output).

Benefits created by businesses include:

A service is a physical item that can be touched.

Most United States imports are from China.

A legally binding agreement between two or more people or businesses.

Two types of partnerships are general and limited.

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

Which of the following is an element of a contract?

Supply is the quantity of goods available to purchase while demand is the quantity of goods consumers want to purchase.

Government organizations are in the private sector.

The U.S. Department of Labor enforces workplace laws and regulations.

Interest is the amount a borrower pays to a lender for a loan.

Share of ownership in a corporation.

Ethics are rules of behavior based on a group's ideas about what is right and wrong.

A multinational corporation operates in more than one country.

Two types of products are goods and services.

Should I study the three types of customers?

A contract should always be verbal and never written.

A franchisor buys the rights to use a brand from the franchisee.

Corporations are not legally seperate from owners.

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

The alternating periods of expansion and contraction in the economy.

The shared beliefs, costumes, practices, and social behavior of a particular group or nation.

Examples of needs include vacations, video games, and the latest iPhone.

Should I study the business cycle?

Should I study the five economic indicators?

A business that is owned and operated by a single indivdual.

The unemployment rate is the percentage of labor force that is unemployed and actively seeking work.

A breach of contract occurs when all parties have followed the agreed terms of the contract.

An organization that generates revenue and its purpose is to generate money for owners.

Should I study the four functions of buisness?

Which of the following laws/regulations do businesses have to follow?

All of the people in a nation who are capable of working and want to work

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

Stock is a certificate of debt issued by an organization or government.

The right to sell a company’s goods or services in a specific area.

One of the advantages of a proprietorship is limted liability.

Exports are produced within a country while imports are brought into a country.