Principles of Business

The first level of management in a business

A number that compares prices in one year with prices in some earlier base year is called

Government agency that helps small business owners develop business plans and obtain financing

Money provided by large investors to finance new products and businesses

What do interest rates represent?

Every business begins with a (an)

A style in which the manager is more directive and controlling

The process of choosing which needs and wants will be satisfied

The process of accomplishing the goals of an organization through people and other resources

Money that is needed for the main resources of a business, such as land, buildings, equipment

An organization that supplies a service or product vital to all people

True or False. An embargo is a tax that a government places on certain imported products.

Restrictions to free trade

Which of the following is a precise statement of results that the business expects to achieve?

True or False. The direction for a business comes from its policies and procedures.

power resulting from the personal characteristics of a leader, not formal structure

A business that is owned by members and managed in their best interest is a

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

The way people get along with each other is called

A common concern in ethical decision-making involves a

The important principles that will guide decisions and actions in the company

If you start a business, you need information about

True or False All investors in a general partnership have full liability for the business debts

Someone who takes a risk in starting a business to earn a profit

Someone who has no contract for long-term employment is known as a

The money needed to pay for the current operating activities of a business

A special form of business organization that combines advantages of a corporation & partnership

A retailer is an example of a (an)

A competitive advantage that small businesses have over larger businesses is

Analyzing information, setting goals, making decisions about what needs to be done

A set of rules for guiding the actions of employees or members of an organization

The point where supply and demand are equal is called

Items bough from other countries

A written description of the business idea and how it will be carried out

Which of the following combines elements of the command and market economies?

The effort to direct and lead people to accomplish the planned work of the organization

Descriptions of the way work is to be done

The way a manager works with and involves employees

The obligation to complete specific work is

True or False. All written contracts are legal.

The ability to motivate individuals and groups to accomplish important goals

A seperate legal entity formed by documents filed with a state is a

Which of the following enables a person to affect the actions of others?

The Small Business Administration (SBA) considers a business small if it employs fewer than

The value of the next best alternative that you were not able to choose is

Which of the following regulates safety standards in the workplace?

An invention or creation that is brand new

A patent gives an inventor of a new product the sole right to make, use, or sell the item for

A tax that a government places on certain imported products

Which of the following is not a characteristic of an effective leader?

A separate legal entity formed by documents filed with a state

A financial situation that occurs when a government spends less than it takes in is?

Which of the following does an organization chart NOT show?

Ownership in a corporation is called

The process of starting, organizing, managing, and assuming the responsiblity for a business

Which of the following describes the reason a business exists and what it wants to accomplish?

Specialists with responsibilities for specific parts of a company's operations

An agreement between two or more companies to share a business project

A designed change that increases the usefulness of a product, service, or process is a (an)

________ exists when a business has control of the market for a product or service.

The value of a currency in one country compared with the value in another is

Principles of conduct governing an individual or group are called

Which of the following determines to what extent the business is accomplishing the goals it set

An agreement to exchange goods or services for something of value, usually money

In what economy are the resources owned and controlled by the government?

A phase marked by prolonged period of high unemployment, weak sales, and business failures

Guidelines used in making consistent decisions

The people who make the major policy and financial decisions in a corporation are the

Which of the following is a trademark linked with a specific company or product?

Power based on a leader's position within the formal structure of an organization

What are things that are required in order to live?

People born between 1946 and 1964 are generally referred to as

Descriptions of the way work is to be done

Decrease in the general level of prices, usually occurs in periods of recession and depression

Which of the following is NOT one of the 4 elements of the international business environment?