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Chapters 1-3 Business 100 Flashcards | StudBud
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Chapters 1-3 Business 100
Chapters 1-3 Business 100
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A #business quiz to study from
Flashcards
66 cards
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Practice quiz
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Questions
66
Answers
1
where so many buyers and sellers exist that no one buyer or seller dominates the market
Pure competition
Oligopoly
Monopoly
Competition
2
Agreement to produce and market another company's product in exchange for a royalty or fee is..
Embargo
Exporting
Licensing
Treaties
3
what does the IMF primarily do?
none of the above
work to alleviate poverty in developing countries
provide short-term loans to countries in need
collect money from other countries in a 'bag' to help others
4
what are some careers in business?
Mailman, HR specialists, & IT managers
Marketing accountant, Financial manager, & IT professional
Operations management, Director, Writer
Marketing specialists, sales professional & accountants
5
what are multiple environments of business?
all of the above
Legal and regulatory
Social & technological
Market & economic
6
what are the types of unemployment?
frictional, progressive, natural, and seasonal
structural, cyclical, frictional, and seasonal
frictional, structural, cyclical, and basic
none of the above
7
which are not product strategies for international strategies?
staffing and products
promotion and pricing
products and customer support
customer support and taxing
8
An economy condition in which prices rise steadily throughout the economy
Market
Recession
Inflation
Deflation
9
Protecting from foreign competition refers to..
Protectionism
import quotas
Tariffs
all of the above
10
what is the greatest barrier to enter the market?
Start up money
Building a brand
Getting certified
Employees
11
cyclical employment refers to
all of the above
natural flow
layoffs/bad economy
great economy
12
what are some positive effects of business?
paying taxes and generating pollution
all of the above
providing employment and paying taxes
creating health risks and disrupting communities
13
True or False. U.S. buyers pay less for imports on a Weak dollar.
False
True
14
what is Nationalization?
a secret government
a governments takeover of companies and industries
a nations freedom of private companies
a government
15
what is the IMF?
information monetary funding
international monetary fund
neither
16
Payments received-payments made=?
balance of trades
balance of expenses
balance of payments
balances
17
The rate at which the money of one country is traded for the money of another
unemployment rate
all of the above
import rate
exchange rate
18
a buyers willingness to buy products at various prices refers to
demand
retail
all of the above
supply
19
Financial assistance for underdeveloped countries refers to
Capital
Export subsidies
FAFSA
Import subsidies
20
removing regulations to allow market to correct itself
regulation
none of the above
deregulation
21
What are the major types of businesses?
profit seeking, service businesses & local
nonprofit, goods producing & service businesses
nonprofit, for profit & private businesses
all of the above
22
True or False. Winners gain more than the Losers lose in Free trade.
False
True
23
what are the factors of production?
none of the above
natural resources, HR, capital, entrepreneurship, knowledge
capital, economics, HR, knowledge
natural resources, knowledge, socialism, HR
24
True or False. Tourists are discouraged from visiting the United States on a Weak dollar.
True
False
25
the study of how a society uses its scarce resources to produce & distribute goods and services
biology
Economics
politics
law
26
judging all groups according to the standards, behaviors, & customs of that group is called..
Ethnocentrism
Tariff
Sterotyping
all of the ebove
27
seasonal unemployment refers to
farmers and construction workers
retail around holidays
predictable increases & decreases in the need for workers
all of the above
28
individual behavior in the economy refers to the study of...
macroeconomics
capitalism
microeconomics
business
29
True or false. Goods producing businesses are often labor intensive.
False
True
30
who are Stakeholders?
none of the above
Owners of a business
Anyone affected by the business
Investors
31
the economic system based on freedom and competition is..
Socialism
market
capitalism
none of the above
32
relies on policies and laws to govern economic activity
regulation
deregualtion
none of the above
33
Bans by the U.S. government includes which country?
Cuba
North Korea
Iran
34
what is a demand curve?
a graph of the quantities of a product sellers will offer
a graph of all products provided
a road
a graph of the quantities of a product that buyers will buy
35
Limits on the numbers of product imports refers to..
limitation agreements
none of the above
export quotas
import quotas
36
what is the governments role in a free-market system?
encouraging innovation
stabilizing and stimulating the economy
fostering competition
protecting stakeholders
37
structural unemployment refers to
a mismatch between workers' skills and employers' needs
none of the above
economic fluctuations
38
what are the risks entrepreneurs take when starting a business?
time and money
time and resources
all of the above
money and gas
39
when one company dominates and controls everything
Pure competition
Monopoly
Oligopoly
none of the above
40
what are trading blocs?
a form of government
none of the above
a treaty (almost)
products
41
what is privatization?
a government
freedom for private businesses to now perform services
none of the above
a governments takeover of companies and industries
42
An economy condition in which prices fall steadily throughout the economy
inflation
Supply curve
Deflation
Competition
43
a ban on trade with another country refers to..
a policy
an Embargo
44
the two types of economic systems are called
unplanned and socialist
planned and unplanned
free-market and planned
capitalist and free-market
45
what is a supply curve?
a road
a graph of the quantities of a product sellers will offer
a graph of capital
none of the above
46
Lowering prices of a product than what its worth in its home-country refers to
all of the above
Dumping
Trade
Sanctions
47
when an unfavorable trade balance is created after a company imports more than it exports
Trade balance
none of the above
Importation
Trade deficit
48
a specific quantity of a product a seller is willing to provide at various prices refers to
supply
economy
demand
service
49
when a very small number of suppliers provide a particular good or service
product
Demand
Oligopoly
Monopoly
50
what are Tariffs?
barriers
taxes levied on imports
immigrants
taxes levied on exports
51
which is referred to as the largest economy?
none of the above
the NAFTA
the EU
the APEC
52
how much money a business has to finance and operate the business is..
capital
all of the above
knowledge
entrepreneurship
53
True or False. Travel to other countries is cheaper on a Strong dollar.
True
False
54
what are some negative effects of business?
paying taxes and offering valuable goods
creating safety risks and contributing to growth
generating pollution and causing financial instability
55
The point at which the supply curve and demand curve meet is called
the Equilibrium point
the interception point
56
when sellers differentiate their products from their competitors in at least some small way
all of the above
Monopolistic competition
Monopoly
Competition
57
what is the most common free trade agreement?
EU
APEC
none of the above
NAFTA
58
frictional unemployment refers to
workers can't find jobs they qualify for
all of the above
the natural flow/workers come and go
59
what does the world bank do?
address education in developing countries
finance wars
address poverty in developing countries
address health in developing countries
60
Companies with operations in more than one country is called a..
Multinational corporations (MNCs)
Foreign direct investment (FDI)
61
the study of the "big picture" issues in an economy is..
business
macroeconomics
capitalism
microeconomics
62
which is not an element of professionalism?
Being smart
Being a team player
Being clear
Being respectful
63
revenue-expenses= ?
Profit
Costs
none
Net gain
64
Investment of money by foreign companies in domestic business enterprises is called..
Multinational corporations (MNCs)
Foreign direct investment (FDI)
65
what is the WTO?
World trial organization
nothing
World trade organization
War trade organization
66
True or false. Service businesses tend to be labor intensive.
False
True
