B & M for Midterm Test

When supply is greater than demand, a ____________ often developes.

What type of accounting method would most likely be used by a small business owner who does not offer credit?

A business that produces a product should be socially responsible to the _______________.

In possession utility, a consumer finds a product helpful after doing what?

Which of the following is the main purpose of management:

Which of the following activities demonstrates information management?

Why are unions powerful in business?

A business that exists to fulfill a specific mission or undertaking is called a

A creditor is most likely to examine a business's financial accounting records if the business is

Useful financial information is understandable to

What is the primary responsibility of a union?

Economic votes are cast by consumers each time they

Demand for a product is more likely to be elastic when the good is

Sservice providers produce ___________ outputs.

The way in which an economic system answers the basic economic questions depends on the country's

Which of the following is a reason that managers might look at financial information from another company:

An economic good or service that is scarce is one that is:

The flow of authority within an organization is formally known as the

It's important for companies to provide products when

In general, authority flows from _________ to _______________ in a chain of command.

The three types of rules that companies implement fall into which of the following categories:

The quantity of a good or service that producers are able to offer for sale at a specified price is a

Which of the following represents the first three steps in the accounting cyle in the correct order:

Kara orders a dress to wear Saturday. The dress doesn't arrive until the next Monday, it has no ___________ utility.

What do service businesses sell?

A characteristic of human wants is that they are:

Which of the following is an example of businesss-related financial information:

Who gets the goods and services produced in our economy?

Running out of inventory can result in

How do producers answer the question of what to produce in a market economy?

When one local union walks off the job in support of another striking local union, it is known as a __________ strike.

Which of the following is an important function of mid-level management:

What determines whether an economic product is an industrial product or a consumer product?

What usually happens to the demand for a good or service when the price increases?

Organizations with effective chains of command tend to have less

Your bus. is selling more of a product each month. What do you expect to happen to the price and supply in the future?

Where a product is available for purchase, is referred to as

When you follow your company's policies and procedures, you

What action do consumers take that determines what will be produced in a market economy?

It's important for companies to provide products when

Which of the following economic systems adopts the fewest new ideas or improvements?

Why do top level managers usually receive high salaries?

Policies and procedures are important because they help companies

Which of the following describes inelastic demand:

The gov. controls the econ. system and does not allow private ownership of the means of production and distribution in a

Which of the following issue is most affected by technology?

Operations managers have two main goals in mind--efficiency (keeping costs low) and