Intro to Business Final 2022

true

things that are required in order to live are known as needs

true

goods and services are purchased by businesses as well as by individuals

false

the final step in the decision-making process is to select the best choice from among the alternatives

true

all written contracts are legal

false

a person who buys and uses goods and services is called a business

false

a public utility company is a company that is owned by the government

False

Mikayla is a 14 year old student. She would not be considered part of the labor force in the united states

true

many manufacturers pay product-testing organizations to perform safety tests on their products

false

the right to remedy means that consumers can expect convenience, courtesy, and responsiveness to consumer problems and needs

true

store brands are usually sold at a lower cost then national brands

true

it is not always the smart choice to buy the least expensive product

false

when you have a problem with a business, the first thing you should do is threaten to sue

true

a balance sheet reports assets, liabilities, and net worth on a given date

true

a cash flow statement examines changes in the value of your personal assets

false\`

a tax credit is the amount on which taxes are collected

true

financial planning generally reduces an individuals financial uncertainties

true

the more goods and services produced, the healthier an economy is considered to be

true

it is best to postpone career planning until after you have begun full-time work

true

there is no point in reading newspaper help-wanted ads unless you already have a clear career goal in mind

false

it is considered highly impolite for job applicants to ask questions during an employment interview

true

studies carried out to gather new information specifically directed at a current problem is called primary marketing research

false

services can be stored for later compensation

goods

things you can see and touch

scarcity

if everyone had an unlimited supply of economic resources, which of the following would not exist

made and economic trade-off

Jonah had $25 to spend. he decided to buy a new shirt instead of going to movies with friends. what did Jonah do?

tradition

what is not an especially important principle of the us economy system

a stay-at-home mom with 2 children

who is not a part of the labor force

the right of private property

in the us, you can own anything you want and decide what you want to do with it as long as it does not violate the law. this describes the principle of...

high demand for goods and services

what is not a characteristic of a depression

lumber

what is a not a non-renewable resource

ethics

what are principles of morality or rules of conduct

something of miserable value that must be exchanges by the partied involved

valid, enforceable contract must contain consideration, which is defined as....

20

in the us, total government purchases of goods and services make up about how much percent of all the goods and services the country produces

20 years

a patent gives an inventor of a new product the sole right to make, use, or sell the item for how long

can i get away with the action

what question should you not ask yourself when considering the ethics of a business situation

the Environmental Protection Agency

what is not a business source of consumers information

determine desired satisfaction; identify needs and wants; know the choices available; evaluate alternatives; make decision

what are the steps of the decision-making process

quality, price, and services

comparison shoppers usually evaluate which of the following

promotion sale

this type of sale if often used when a new store opens or when new products are introduced

brand

what is a name given to a product of service to distinguish it from other similar and competitive items

they do not require advertising and fancy packaging

why are generic products are less expensive than other items

convenience store

what is a small food retailer that stocks popular items at higher prices ad emphasizes an accessible location and long operation hours

a salesperson tells you that a car has new brakes and it does not

what is an example of constitutes fraud

usually in writing

a guarantee is...

statutory warrenty

this warranty is imposed by law and is understood to apply even though it is not in writing

rent expense

what is not an example of tax deductions

your personal computer

what is an example of a personal asset

the total value of your personal assests

what is your net worth

the amount you will receive when you cash your paycheck

what is take-home pay

plan budget categories; set financial goals; maintain financial records; evaluate your budget

what are the steps of the budgeting process

purchasing a new ipad

what is an example of a short-term financial goal

groceries

what is an example of a variable expence

earned income

wages, salary, commission, fees, tips, and bonuses are what kid of income

excise tax

a tax on gasoline in also known as what

command economy

the government of Erewhon owns and controls all economic resources and decides how those resources will be used. the government even assigns people specific jobs and careers. what type of economic system does Erewhon have?

unemployment will worsen because businesses will tend to hire fewer workers

suppose wages are going up faster than wages. what is most likely the effect?

a small business purchases 2 new pickup trucks

what is an example of a capital project

career develpoment

what is the first step in the career planning process

networking

what is the process of talking to other people about their jobs

talent

a natural, inborn aptitude to do certain things is called what

career fair

an event often at schools or community centers that allow you a change to contact several prospective employers in a short time is called what

personal data sheet (resume)

a summary of your important job-related information is called what

schools attended

what should not be put in the personal information section of a resume

two week

if you leave your job, how long should try to tell your employees in advance

they have no physical form

if services are intangible, it means that they....

publicity

what is the most known and used form of mass promotion

selling price

product cost + operating expenses + profit =

wants

things that add comfort and pleasure to your life

services

activities provided for the satisfaction of others and consumers at the time of purchase

business ethics

rules about how businesses and their employees ought to behave

economic system

a nations plan for answering the three economic questions

public utility

organization that supplies a service or product vital to all people

competitors

businesses offering very similar products to the same customers

entrepreneur

risk taker wo uses resources in a new way to create a new product or service

net profit

money left over from sales after all the costs of operating a business have been paid

inflation

increase in the general levels of prices

word-of-mouth information

consumer information you get from other people who have tried a product or service is sometime referred to as...

unit price

how much something costs per unit of measure

clearance sale

used to move out merchandise that stores no longer with to carry

impulse buying

buying items too qiuckly wthout much prior thought

discount store

emphasizes lower prices on its products; it bases its success on a high volume of sales and low prices

fraud

occurs when consumers are given false information in an effort to make a sale

balance sheet

record of assets and liabilities at a point in time

liabilities

amounts owed to others are called debts or...

cash flow statement

reports net wages and other income along with spending for a period of time, such as a month

outflows

amounts spent for food, clothing, transportation, and other living costs

fixed expenses

costs that occur on a regular basis

financial plan

report that summarizes your current financial condition and helps set a direction for your future financial activities

tax

charge imposed by government to fun public services

estate planning

involved the accumulation and management property during one's lifetime and the distribution of one's property at death

tax deduction

amount that reduces taxable income

productivity

production output in relation to a unit of input, suck as a worker

consumers

retail sales include the sales o durable and nondurable goods bought by...

business cycle

the movement of the economy from one condition to another and back again

budget surplus

government spends less than it takes in

revenue

government income

career planning

process of studying careers, assessing yourself in terms of careers, and making decisions about your future career

values

things that are most important to you

ability

quality of being able to perform a mental or physical task

career portfolio

provides tangible evidence of your ability and skills; it might include samples of work you have done on a previous job