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Business Essentials Final Review Flashcards | StudBud
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Business Essentials Final Review
Business Essentials Final Review
15 terms
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StudBud Administration
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A #bussiness
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What are the two basic economic systems?
Command & Mixed
Market & Mixed
Market & Command
Command & Private
2
A business plan is?
any business commercial that seeks profit
description, new business venture that describes all aspects
establishes the scope and the purpose of a company
is the gathering of market research to start a business
3
What are the two types of channel of distribution?
Home & Work
Direct & Indirect
To consumer & To there house
Forward & Backwards
4
Which one is not an example of direct mail advertising?
postcards
infomercial
Letters
Flyers
5
Which step is not part of product development?
Generate Ideas
Having Money
Introduce the product
Evaluate customer acceptance
6
What are ethics?
is a set of guidelines for maintaining ethics in a workplace
is the duty to do what is best for the good of society
are rules that a group of people conduct together
are moral principles by which people conduct themselves
7
Which TWO are the correct definitions for surplus and deficit? (two answers)
surplus: when there is extra money to be spent
surplus: when more money is spent than earned
deficit: when there is extra money to be spent
deficit: when more money is spent than earned
8
What is mortgage?
Credit in which a financial agrees an amount of money
Loan made to a business to buy supplies and equipment
A agreement in which a borrow has the right to take property
Loan made to an individual to pay for person items
9
What is the definition of entrepreneurship?
is the process of already having a business ready to go
is the study of how individuals and groups strive to fit
is the process of recognizing a business opportunity
Individual who undertakes the creation of the business
10
Which one is not part of the 4 p's?
place
performance
product
price
11
What are the factors of production?
Land, Labor, Capital, Research
Land, Capital, Business, Research Resources
Land, Capital, Labor, & Natural Resources
Capital, Land, Checking, Buildings
12
Definition of assets is?
is a report of revenue, expenses, and net income
are creditors claims to the assets of a business
documents that summarize the changes resulting of business
are property and other items of value owned by a business
13
There is a difference from popup ads & banner ads
false
true
14
Budget deficit: when the government spends more on programs than it collects in taxes
true
false
15
How long is an infomercial?
30 min
30 hours
30 sec
15 min
