Studied by 0 peopleunlimited liability
One of the disadvantages of having a partnership is
cooperative
An organization that is owned and operated by its members is a ______
franchise
A contractual agreement to use the name and sell the products or services of a company in a designated geographic area is called a ______ .
cooperation
If one of your goals is to limit your personal liability, it would be best to organize your business as a ______ .
partnerships
A business owned by ten people who share the risks and rewards of the business is a ____
Capital, Capacity, Character,
3 c's
manufacturer
makes a completely finished product out of raw or processed parts.
processor
packagers
make the before final product
producer
intermediary
moves finished goods, stores them, and resells them to a wholesaler
marketing
Which department in a company sets the price of a product?
top level management
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).
middle management
Responsible for meeting the goals that senior management sets
operational management
Responsible for monitoring the daily activities of the business
planning
Which managerial function comes first when executing business goals?
creating strategies
Which is NOT an aspect of the organizing function?
hiring employees
Which is NOT part of the leadership function for a manager in charge of a project?
a middle manager
In a large company, to whom would an operational manager generally report?
initiative
the ability to make decisions on your own
honesty
integrity
the democratic leader
Who makes the final decision in a democratic leadership situation?
free-rein
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.
democratic leader
leader gets input from the group, then makes the final decision about a situation.
autocratic
do not ask for input from their workers; they expect their orders to be obeyed without question.
inventors
Which is NOT considered an aspect of technology?
fax
Which was inspired by the invention of the telephone?
cells are small computers
What makes a cell phone different from a telephone?
e-workforce
Anyone who uses a computer while working
click and mortar
a store that sells products in stores and online
agricultural
Which types of products do other countries mostly buy from the U.S.?
more buying power
When a country's currency is higher than another's, it has
North American Free Trade Agreement
NAFTA
interstate commerce
business that takes place within the borders of one state.
Occupational Safety and Health Administration
OSHA
oligopoly
formed by a small number of companies rather than just one.
checking accounts
best for keeping money in a financial institution for a short period.
saving and loan associations
financial institutions that hold customers' funds in interest-bearing accounts and invest mainly in mortgage loans.
brokerage firms
firms sell stocks and bonds, but not loans.
12
how many regional banks are there for the federal reserve
financing
protecting investments through risk management.
marketing mix
consists of four basic marketing strategies: product, place, price and promotion.
evaluating customer response
Which is the final step in the process of developing a new product?
newspapers
main advertising medium used in the United States.
direct mail
advertisers to reach a specific target market.
directory advertising
appears mostly in phone books.
advertising cost
mount of money it costs to display or broadcast an ad
placement
Which is NOT something upon which the cost of Internet ads is based?
salary
Which is usually NOT included in a job description?
wage
amount of money paid to an employee on an hourly basis.
reference
someone who comments on a job applicant's character and qualifications for a job.
orientation
process of helping new employees adjust to a company.
group training
teaching several employees in a class.
language, customs, tastes
To market products successfully in another country, companies must research the country's
Business etiquette
conduct that is considered socially acceptable in business.
hierarchy
usually has one person at the top who makes all the decisions.
stereotype
identify people by a single trait, rather than as individuals
start up captial
money used to pay for the various assets and expenses of a new venture or business.
accounting
systematic process of recording and reporting the financial position of a person or organization.
accounts receivable
total amount of money owed to a business
liabilities + owner's equity
assets =
information technology (IT)
computing, electronics, and telecommunications to process and distribute information in digital and other forms.
telecommunications
transmission of information over communication lines.
telecommunicating
arrangement that allows employees to work at home while communicating with the workplace by phone, fax, or modem.
internet
global computer network.
hyptertext
computer language that allows Internet users to access stored images, text, and other files.
UNIX
popular operating system created by Bell Labs. It is
UNIX
designed to operate the same on hardware from several different vendors.
Microsoft Disk Operating System
MS-DOS
Linux
an open-source version of the UNIX operating system
ergonomics
design factors for the workplace that are intended to maximize productivity by minimizing a worker's discomfort.
input devices
keyboards, computer mice, touchpads, joysticks, and scanners.
suite
collection of integrated application programs or software applications that work as a single program.
intranet
a restricted computer network
groupware
communication tools, conferencing tools, and collaborative management (or coordination) tools.
career
work history of one or more jobs in the same or related fields of interest.
Employability skills
basic skills that you need to get a job, keep a job, and do well at a job.
resume
tell an employer what you have to offer and persuade a potential employer to interview you.
outlet stores
carry well-known brand name products at bargain prices
warehouse
Which type of store might require customers to become a member to take advantage of benefits?
limited line retailer
Sell only one kind of merchandise.
loss leaders
advertised products that sell at a loss to bring customers into a store.
warantee
written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired.
invoice
A form describing the goods or services sold, the quantity, and the price
express waranteefull
warranties or limited warranties
limited warantee
cover only a certain parts of a product
full warantee
seller will repair or replce a product that doesn't work usually free of charge; good for a short period
Product liability
leagal responsibility that manufacturers have to make a safe product
safety, performance, and value.
U.S. Consumer Product Safety Commission fact sheets tells how a product is rated on
water
Which is NOT easily recycled?
US Department of Agriculture
inspects and grades foods. Grade labels, such as "prime" or "choice" for meats, indicate the level of quality.
The Clayton Act and the Robinson-Patman Act
prohibit price discrimination, the act of charging different prices in different markets or to different customers.
Uniform commercial Code
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.
The Consumer Credit Protection Act
requires those who give credit to reveal the details of all terms and conditions
Federal Trade commision
agency with the power to investigate unfair business preactices
Federal Trade Commission act
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.
the cost of the credit to the borrower
Which depends on the degree of risk a creditor takes in lending money or selling on credit?
travel and entertainment card
Which type of card often requires payment of the full amount due at the end of each month?
single purpose cards
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.
payday advance service
offer short-term loans until payday.
Note
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