Business Administration and Economics Comprehensive Review

A comprehensive set of fill-in-the-blank practice flashcards covering key business ownership models, economics concepts, financial regulations, marketing, and organizational practices.

A form of business ownership that offers lower tax rates but does not offer limited liability is a(n) __________.

Partnership

A form of business ownership that limits personal liability, offers a lower rate of taxation, and avoids double taxation by passing profits directly to stockholders is a(n) __________.

"S" corporation

A graphic considered textual because content is presented in words and numbers, such as an organization chart depicting department hierarchy, is a(n) __________.

Flowchart

A company's spoken or unspoken agreement with customers to consistently meet their expectations and deliver on its values is known as a(n) __________.

Brand promise

When the demand for a good or service remains constant even if the price changes, demand is considered __________.

Inelastic

A form of extreme cohesiveness that occurs when individuality and independent thinking within a group are discouraged is known as __________.

Groupthink

A goal that is specific, measurable, attainable, results oriented, and time bound is designated as a(n) __________.

SMART goal

When the entire perception of a product, company, or industry changes, it is categorized as __________.

Paradigm innovation

The law that prohibits price discrimination by stating that businesses purchasing similar amounts and types of products should be charged the same price is the __________.

Robinson-Patman Act

The federal legislation designed to prevent monopolies from forming and hinder price fixing is the __________.

Sherman Antitrust Act

Competitors are protected from takeovers if an acquisition would hinder competition under the __________.

Celler-Kefauver Antimerger Act

Businesses extending credit are required to respond within 30 days to customer inquiries or complaints about billing errors under the __________.

Fair Credit Billing Act

The actual amount of money an individual receives after all withholdings have been deducted is called __________.

Net pay

A nonprofit financial cooperative organized to provide savings and credit services to its member-owners is a(n) __________.

Credit union

A business's manufacturing or production functions utilize software known as __________.

Materials Requirement Planning (MRP)

Software used primarily for financial operations and banking activities is known as __________.

Automated Clearinghouse (ACH)

The purchasing choices consumers make in the marketplace are designated as __________.

Economic votes

Purchasing an insurance policy to cover potential theft or loss involving a specific individual is called __________.

Bonding

When the purpose of an existing product is changed to innovate, it is referred to as __________.

Positioning innovation

A body of law derived from court decisions rather than written legislative statutes is known as __________.

Common law

A legal claim on property or an item that protects the seller in the event the buyer fails to complete payments is a(n) __________.

Lien

An economic system in which people produce only what is required to survive is a(n) __________.

Traditional economy

Money that possesses no intrinsic value and derives its value solely from government backing is called __________.

Fiat money

The process of searching computer databases for patterns, relationships, and correlations among information is called __________.

Data mining

A manufacturing process that produces specific quantities of an item on demand, such as restaurant entrees, is called __________.

Batch production

A franchise arrangement requiring the franchisee to operate under the parent company's trade name while receiving continuous operational assistance is a(n) __________.

Business-format franchise

An economic structure in which production and distribution are privately owned and operated for profit with minimal government intervention is a(n) __________.

Pure private enterprise system

Interest calculated on both the initial principal amount and previously accumulated interest is referred to as __________.

Compound interest

The government agency responsible for enforcing antitrust regulations to stop price fixing and unfair competitive practices is the __________.

Federal Trade Commission (FTC)

A financial statement prepared by accountants to summarize a business's financial data at a given point in time is the __________.

Balance sheet

Organizing purchasing authority and responsibilities by dispersing them across multiple departments and individuals is termed __________.

Decentralized

A business agreement where two or more companies form a relationship by pooling complementary resources is known as a strategic alliance or a(n) __________.

Joint venture

A specific bar graph used in quality management to determine which problems require the most immediate attention is a(n) __________.

Pareto chart

A brief overview appearing in the opening paragraph of a business report that should comprise 5-10% of the document is the __________.

Executive summary

A communication channel that presents messages without opportunity for immediate interaction or feedback is a(n) __________.

Lean channel of communication

Inflation that occurs when prices rise as a direct result of limited or scarce commodities is known as __________.

Cost-push inflation

Inflation caused by aggregate demand exceeding supply or by an expanding money supply is known as __________.

Demand-pull inflation

Expenditures on newly produced capital goods and inventory additions are categorized in national accounts as __________.

Gross private domestic investment

The first currency listed in an exchange rate quotation, which serves as the unit basis, is the __________.

Base currency

The second currency listed in an exchange rate quotation, representing the value equivalent to one unit of the base currency, is the __________.

Counter currency

According to Hofstede's dimensions, the degree to which less powerful members of a society accept inequality is called __________.

Power-distance

Hofstede's cultural dimension reflecting a society's tolerance toward ambiguity, insecurity, or risk is __________.

Uncertainty avoidance

A credit account designed to manage a single fixed sum of credit repaid through regular payments over a predetermined timeframe is a(n) __________.

Installment credit accounts

A short-term form of credit typically structured for 60- or 90-day periods with payments due every 30 days is __________.

Budget credit

An online identity theft scam that deceives victims into submitting private credentials to a counterfeit website is __________.

Phishing

The fraudulent practice of sending text messages posing as financial institutions to steal account credentials is known as __________.

Smishing

An investment scam in which the perpetrator gains trust by claiming membership in the specific group being targeted is called __________.

Affinity fraud

Past expenditures that have already been incurred and cannot be recovered are known as __________.

Sunk costs

The gradual erosion of ethical standards and values over an extended period is termed __________.

Incrementalism

The gradual, unplanned expansion of a project's original scope is known as __________.

Project creep

The international quality-management standards developed and published by the International Organization for Standardization are known as __________.

ISO 9000

The level of operational output where total business expenses exactly equal total revenue is the __________.

Break-even point

The unauthorized use of a person's name, likeness, or distinctive personal attributes for commercial gain is the tort of __________.

Appropriation

The tort that occurs when personal property is wrongfully taken from its owner and given to another for use is called __________.

Conversion

The constitutional requirement that the U.S. government pay fair compensation when seizing private property for public utility is the __________.

Takings Clause

Workers who are temporarily between jobs are classified under __________.

Frictional unemployment

A pricing technique that sets initial product prices substantially higher than those of competitors is called __________.

Skimming

A promotional scheduling method that alternates heavy advertising during peak sales periods with intervals of zero advertising is a(n) __________.

Flighting strategy

The branch of accounting dedicated to preparing and presenting financial data to internal organizational decision-makers is __________.

Managerial accounting