Business Concepts - NOCTI Review

Rewarding an employee's achievements by moving him or her to a higher position.

A legal agreement to begin a new business in the name of a recognized company.

As businesses grow, the cost of producing products increases.

Being a doer as opposed to a spectator

of or made in one's own country

A report of the revenue, expenses, and net income or loss for the accounting period

Examples are: gasoline, utilities, groceries

The most basic accounting equation:

Those sales that have been made but not collected

selling goods to other countries

Setting one's own agendas and schedules and making one's own decisions.

Which is correct?

Entrepreneurship is the process of

presents a brief recounting of the key points contained in a business plan

Intangible products that satisfy consumers' wants and needs

Which of the following is NOT one of the four marketing strategies?

A think freely in order to generate ideas

Things of value that  bank can take if you don't repay the loan

Allows employees to choose the work days and hours they think will be most effective

Using a bargain-priced item to lure potential customers into a store is illegal and is called

A report of final balances of all asset, liability, and owner's equity accounts

rules or proper conduct and behavior in dealing with other people

A sole proprietorship with more than one owner

Expense you have incurred but not yet paid

The act of making charitable donations to improve the welfare of society is called