FBLA Introduction to Business

One of the disadvantages of having a partnership is

unlimited liability

An organization that is owned and operated by its members is a ______

cooperative

A contractual agreement to use the name and sell the products or services of a company in a designated geographic area is called a ______ .

franchise

If one of your goals is to limit your personal liability, it would be best to organize your business as a ______ .

cooperation

A business owned by ten people who share the risks and rewards of the business is a ____

partnerships

3 c's

Capital, Capacity, Character,

makes a completely finished product out of raw or processed parts.

manufacturer

packagers

processor

producer

make the before final product

moves finished goods, stores them, and resells them to a wholesaler

intermediary

Which department in a company sets the price of a product?

marketing

The highest level of management in the organization; responsible for direction and control of the organization as a whole (such as director; general manager; partner; chief officer and executive manager).

top level management

Responsible for meeting the goals that senior management sets

middle management

Responsible for monitoring the daily activities of the business

operational management

Which managerial function comes first when executing business goals?

planning

Which is NOT an aspect of the organizing function?

creating strategies

Which is NOT part of the leadership function for a manager in charge of a project?

hiring employees

In a large company, to whom would an operational manager generally report?

a middle manager

the ability to make decisions on your own

initiative

integrity

honesty

Who makes the final decision in a democratic leadership situation?

the democratic leader

Which kind of leader does the most delegating?

free-rein

leaders set goals for managers and employees, then allow them to make the decisions to achieve those goals.

free rein

leader gets input from the group, then makes the final decision about a situation.

democratic leader

do not ask for input from their workers; they expect their orders to be obeyed without question.

autocratic

Which is NOT considered an aspect of technology?

inventors

Which was inspired by the invention of the telephone?

fax

What makes a cell phone different from a telephone?

cells are small computers

Anyone who uses a computer while working

e-workforce

a store that sells products in stores and online

click and mortar

Which types of products do other countries mostly buy from the U.S.?

agricultural

When a country's currency is higher than another's, it has

more buying power

NAFTA

North American Free Trade Agreement

business that takes place within the borders of one state.

interstate commerce

OSHA

Occupational Safety and Health Administration

formed by a small number of companies rather than just one.

oligopoly

best for keeping money in a financial institution for a short period.

checking accounts

financial institutions that hold customers' funds in interest-bearing accounts and invest mainly in mortgage loans.

saving and loan associations

firms sell stocks and bonds, but not loans.

brokerage firms

how many regional banks are there for the federal reserve

12

protecting investments through risk management.

financing

consists of four basic marketing strategies: product, place, price and promotion.

marketing mix

Which is the final step in the process of developing a new product?

evaluating customer response

main advertising medium used in the United States.

newspapers

advertisers to reach a specific target market.

direct mail

appears mostly in phone books.

directory advertising

mount of money it costs to display or broadcast an ad

advertising cost

Which is NOT something upon which the cost of Internet ads is based?

placement

Which is usually NOT included in a job description?

salary

amount of money paid to an employee on an hourly basis.

wage

someone who comments on a job applicant's character and qualifications for a job.

reference

process of helping new employees adjust to a company.

orientation

teaching several employees in a class.

group training

To market products successfully in another country, companies must research the country's

language, customs, tastes

conduct that is considered socially acceptable in business.

Business etiquette

usually has one person at the top who makes all the decisions.

hierarchy

identify people by a single trait, rather than as individuals

stereotype

money used to pay for the various assets and expenses of a new venture or business.

start up captial

systematic process of recording and reporting the financial position of a person or organization.

accounting

total amount of money owed to a business

accounts receivable

assets =

liabilities + owner's equity

computing, electronics, and telecommunications to process and distribute information in digital and other forms.

information technology (IT)

transmission of information over communication lines.

telecommunications

arrangement that allows employees to work at home while communicating with the workplace by phone, fax, or modem.

telecommunicating

global computer network.

internet

computer language that allows Internet users to access stored images, text, and other files.

hyptertext

popular operating system created by Bell Labs. It is

UNIX

designed to operate the same on hardware from several different vendors.

UNIX

MS-DOS

Microsoft Disk Operating System

an open-source version of the UNIX operating system

Linux

design factors for the workplace that are intended to maximize productivity by minimizing a worker's discomfort.

ergonomics

keyboards, computer mice, touchpads, joysticks, and scanners.

input devices

collection of integrated application programs or software applications that work as a single program.

suite

a restricted computer network

intranet

communication tools, conferencing tools, and collaborative management (or coordination) tools.

groupware

work history of one or more jobs in the same or related fields of interest.

career

basic skills that you need to get a job, keep a job, and do well at a job.

Employability skills

tell an employer what you have to offer and persuade a potential employer to interview you.

resume

carry well-known brand name products at bargain prices

outlet stores

Which type of store might require customers to become a member to take advantage of benefits?

warehouse

Sell only one kind of merchandise.

limited line retailer

advertised products that sell at a loss to bring customers into a store.

loss leaders

written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired.

warantee

A form describing the goods or services sold, the quantity, and the price

invoice

warranties or limited warranties

express waranteefull

cover only a certain parts of a product

limited warantee

seller will repair or replce a product that doesn't work usually free of charge; good for a short period

full warantee

leagal responsibility that manufacturers have to make a safe product

Product liability

U.S. Consumer Product Safety Commission fact sheets tells how a product is rated on

safety, performance, and value.

Which is NOT easily recycled?

water

inspects and grades foods. Grade labels, such as "prime" or "choice" for meats, indicate the level of quality.

US Department of Agriculture

prohibit price discrimination, the act of charging different prices in different markets or to different customers.

The Clayton Act and the Robinson-Patman Act

Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.

Uniform commercial Code

requires those who give credit to reveal the details of all terms and conditions

The Consumer Credit Protection Act

agency with the power to investigate unfair business preactices

Federal Trade commision

included truth-in-advertising provisions that protect consumers from false and misleading advertising. Under this law, advertisers must have evidence to back up their claims.

Federal Trade Commission act

Which depends on the degree of risk a creditor takes in lending money or selling on credit?

the cost of the credit to the borrower

Which type of card often requires payment of the full amount due at the end of each month?

travel and entertainment card

can be used only at the business that issued the card. Interest is charged on the unpaid balance. Cardholders can pay part of the amount owed or the entire amount at the end of each 30-day period.

single purpose cards

offer short-term loans until payday.

payday advance service