FBLA Introduction to Business

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One of the disadvantages of having a partnership is

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Business

10th

160 Terms

1

One of the disadvantages of having a partnership is

unlimited liability

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2

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

cooperative

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3

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

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4

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

cooperation

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5

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

partnerships

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6

3 c's

Capital, Capacity, Character,

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7

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

manufacturer

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8

packagers

processor

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9

producer

make the before final product

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10

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

intermediary

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11

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

marketing

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12

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

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13

Responsible for meeting the goals that senior management sets

middle management

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14

Responsible for monitoring the daily activities of the business

operational management

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15

Which managerial function comes first when executing business goals?

planning

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16

Which is NOT an aspect of the organizing function?

creating strategies

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17

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

hiring employees

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18

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

a middle manager

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19

the ability to make decisions on your own

initiative

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20

integrity

honesty

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21

Who makes the final decision in a democratic leadership situation?

the democratic leader

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22

Which kind of leader does the most delegating?

free-rein

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23

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

free rein

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24

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

democratic leader

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25

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

autocratic

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26

Which is NOT considered an aspect of technology?

inventors

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27

Which was inspired by the invention of the telephone?

fax

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28

What makes a cell phone different from a telephone?

cells are small computers

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29

Anyone who uses a computer while working

e-workforce

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30

a store that sells products in stores and online

click and mortar

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31

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

agricultural

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32

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

more buying power

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33

NAFTA

North American Free Trade Agreement

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34

business that takes place within the borders of one state.

interstate commerce

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35

OSHA

Occupational Safety and Health Administration

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36

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

oligopoly

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37

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

checking accounts

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38

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

saving and loan associations

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39

firms sell stocks and bonds, but not loans.

brokerage firms

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40

how many regional banks are there for the federal reserve

12

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41

protecting investments through risk management.

financing

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42

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

marketing mix

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43

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

evaluating customer response

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44

main advertising medium used in the United States.

newspapers

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45

advertisers to reach a specific target market.

direct mail

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46

appears mostly in phone books.

directory advertising

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47

mount of money it costs to display or broadcast an ad

advertising cost

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48

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

placement

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49

Which is usually NOT included in a job description?

salary

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50

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

wage

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51

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

reference

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52

process of helping new employees adjust to a company.

orientation

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53

teaching several employees in a class.

group training

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54

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

language, customs, tastes

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55

conduct that is considered socially acceptable in business.

Business etiquette

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56

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

hierarchy

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57

identify people by a single trait, rather than as individuals

stereotype

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58

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

start up captial

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59

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

accounting

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60

total amount of money owed to a business

accounts receivable

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61

assets =

liabilities + owner's equity

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62

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

information technology (IT)

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63

transmission of information over communication lines.

telecommunications

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64

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

telecommunicating

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65

global computer network.

internet

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66

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

hyptertext

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67

popular operating system created by Bell Labs. It is

UNIX

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68

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

UNIX

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69

MS-DOS

Microsoft Disk Operating System

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70

an open-source version of the UNIX operating system

Linux

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71

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

ergonomics

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72

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

input devices

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73

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

suite

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a restricted computer network

intranet

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75

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

groupware

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76

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

career

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77

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

Employability skills

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78

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

resume

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79

carry well-known brand name products at bargain prices

outlet stores

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80

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

warehouse

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81

Sell only one kind of merchandise.

limited line retailer

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82

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

loss leaders

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83

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

warantee

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84

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

invoice

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85

warranties or limited warranties

express waranteefull

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86

cover only a certain parts of a product

limited warantee

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87

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

full warantee

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88

leagal responsibility that manufacturers have to make a safe product

Product liability

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89

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

safety, performance, and value.

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90

Which is NOT easily recycled?

water

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91

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

US Department of Agriculture

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92

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

The Clayton Act and the Robinson-Patman Act

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93

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

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94

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

The Consumer Credit Protection Act

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95

agency with the power to investigate unfair business preactices

Federal Trade commision

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96

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

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97

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

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98

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

travel and entertainment card

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99

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

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100

offer short-term loans until payday.

payday advance service

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