Unit 1 PBMF Practice Exam

____ occurs when an employee uses private company proprietary information to purchase company stock

The conditions and terms for importing and exporting products between countries is a trade agreement

The customer of a service business is often called a ____.

Something of value promised in a contract is called a(n) ____.

The activities involved in buying and selling goods on a large scale.

A market structure with one business that has complete control of a market’s entire supply of goods or services trust.

Lowest stage of a business cycle.

Confidential information a company needs to keep private and protect from theft.

A contract to rent something is called a lease.

The ____ represents the cost of a loan and is expressed as a percent of the amount borrowed

Promoting the welfare of others is called ____.

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

A commerce economy is one in which individuals are free to make their own economic decisions.

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

The numeric system used to classify businesses and collect economic statistics is called the ____.

The difference between the income earned and the expenses during a specific period of time is called ____.

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

A ____ is anywhere buyers and sellers meet to buy and sell goods and services.

Total money circulating at any one time in a country.

The ____ group of individuals who make high-level management decisions for a corporation and establish company policies.

____ is the connection made among nations when economies freely move goods, labor, and money across borders

When two or more businesses work together to remove their competition, set prices and control distribution called ____.

. ____ utility is added when a business changes the form of a good or service to make it more useful

Handbook that outlines expectations of employee behavior

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

____ competition is a competitive advantage based on factors other than price

The shared beliefs, customs, practices, and social behavior of a particular group or nation is the ____.

Customers who purchase goods and services for their use are called ____

Planning and managing the flow of goods, services, and people to a destination is ____.

Describes the terms of employment between a business and an employee.

Behaving with sensitivity to social, environmental, and economic issues.

Anything that is bought or sold is called a(n) ____.

System and marketplace for buying and selling stocks

Nationalization is the connection made among nations when economies freely move goods, labor, and money across borders.

A measure of the average change in prices paid for typical consumer goods and services over time