Intro to Business Exam

Question 1

Board of Directors are people who

Accepted Answer

Make decisions for the better part of the business, are elected by the shareholders

Question 2

One seller controls the total supply... Only a board game

Accepted Answer

Monopoly

Question 3

What is business

Accepted Answer

economic system where goods and services are exchanged 4 $$$

Question 4

What is an employee organization called? whose main goal is to represent all employees

Accepted Answer

Union

Question 5

What is a profit?

Accepted Answer

A financial gain, the difference of money earned and money spent

Question 6

Describes the "how to" or step-by-step

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Proceudres

Question 7

A type of ownership were one acquires all benefits and risks

Accepted Answer

Sole Proprietorship

Question 8

operational definitions or acceptance criteria for products

Accepted Answer

Standards

Question 9

This organization has limited liability, owners enjoy most rights but cannot be sued.

Accepted Answer

Corporation

Question 10

Paradigm is a

Accepted Answer

pattern

Question 11

set of activities and task that once completed will accomplish an organizational goal

Accepted Answer

Processes

Question 12

What motivates employees?

Accepted Answer

incentives

Question 13

Organization in which two or more individuals work together as owners

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Partnership

Question 14

this type of business sells merchandise

Accepted Answer

Grocery store

Question 15

Return on Investment is...?`

Accepted Answer

used for financial decisions by stockholders, abbreviated by ROI, expressed as a percentage, =(Net profit/cost of investment)*100

Question 16

Someone who takes initiative to begin their own business adventure....

Accepted Answer

Entrepreneur

Question 17

means the owner is responsible for the company's debt

Accepted Answer

unlimited liability

Question 18

Sams Club is known for this type of sale, large volume of goods sold in a single transaction.

Accepted Answer

Bulk Sale

Question 19

Which of these is not part of the Business Cycle?....

Accepted Answer

Tough

Question 20

Laws or regulations that govern or constrain operations

Accepted Answer

Policies

Question 21

In this type you use a third party to help solve your problems between two groups

Accepted Answer

arbitration, mediation

Question 22

Meeting the needs of the present without compromising the ability of future generations

Accepted Answer

Sustainability

Question 23

this type of business sells services

Accepted Answer

Law firms

Question 24

this type of business sells goods made from raw materials

Accepted Answer

Automall

Question 25

This is a charge by employees that management is not abiding by their terms negotiated

Accepted Answer

Grievance

Intro to Business Exam

Questions 25

Intro to Business Exam

Questions 25