Introduction to Business and Marketing Semester 1 Exam Review

Transcription

1 Name: Class: Date: Introduction to Business and Marketing Semester 1 Exam Review Completion Complete each statement. 1. wants are wants that are widely shared by many people. 2. Most companies that sell goods also provide to their customers. 3. Businesses must make thoughtful decisions that are consistent with their. 4. is the reward for satisfying the needs and wants of customers and businesses. 5. The decision to stop manufacturing products is often because there is a decreasing for them. 6. A shortage of resources is called. 7. Coal, iron, and oil are resources. 8. The is the point at which the quantity demanded and quantity supplied meet. 9. A(n) is a combination of a market economy and a command economy. 10. A(n) is an economic system in which economic decisions are made in the marketplace. 11. During the early 1600s, the colonists bartered goods and services, which created our - based economy. 12. Figures used to measure economic performance are called. 13. can be caused by increases in the costs of raw materials, expenses, and salaries. 14. When a government s revenue exceeds its expenditures during a one-year period, it has a. 15. can occur when an economy produces more goods than people want, causing sellers to lower prices and cut production. 16. In some cultures, including the United States, excessive gift giving is considered, which is unethical. 17. When a company does not have to compete, its productivity. 18. In 1970, the U.S. government created the, which enforces rules that protect the environment and control pollution. 19. When making business decisions, employees have an ethical obligation to act in the best interest of the. 20. Businesses that follow ethical standards value and honesty in employees. 21. A is a new business undertaking that involves risk. 22. Unlike people who run corporations and partnerships, do not have to consult with others before making a decision. 1

2 Name: 23. A is owned and run by two or more people. 24. About four out of five businesses fail in their first years. 25. To determine if there is a demand for your product or service, you must do. 26. There are three main types of business organizations: sole proprietorships, partnerships, and. 27. Partners share legal and financial liability. 28. Corporations pay taxes on their income and stockholders pay taxes on dividends received. This is called. 29. In return for your investment, franchise fees, and a share of the profits, a franchiser offers a well-known name and a. 30. Manufacturers turn raw or processed goods into. 31. Management helps businesses focus on setting and meeting efficiently and effectively so that a profit can be made. 32. involves figuring out the resources that are needed and the standards that must be met. 33. Resolving conflicts between workers is a task. 34. A disadvantage to line authority is that managers have few who help with their responsibilities. 35. People become managers because they have the ability to. 36. Good leaders manage others by them. 37. A true leader is by a vision and uses it to inspire others. 38. Self-assurance makes others feel in their leader s abilities. 39. Another name for free-rein leadership is leadership. 40. On a self-managed team, a project is more than task-oriented. 41. Trading goods and services allows countries to meet their individual wants and needs as well as to help their own. 42. is the exchange of goods and services across international boundaries. 43. To trade with another country, businesses and countries must convert their money into that nation s currency, which is exchanged on the. 44. and free trade are two opposing points of view involved in trade disputes. 45. To limit competition from other countries, governments develop. 46. There are three levels of government: federal,, and local. 47. commerce is business that takes place within states. 48. occurs when one party fails to live up to the terms of a contract. 2

3 Name: 49. means hiring a business to offer a public good or service. 50. The is the largest employer in the United States. Matching a. wants f. profit b. needs g. competition c. services h. market research d. resources i. goods e. business j. consumer 51. Money left over after a business has paid the cost of providing its goods and services 52. Physical products 53. Tasks that businesses perform for consumers 54. Things that you must have in order to survive 55. The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market 56. The contest between businesses to win customers 57. Any commercial activity that seeks profit by providing goods and services to others in exchange for money 58. Items that people can use to make or obtain what they need or want 59. A person who uses goods or services 60. Things that you do not have to have to survive, but would like to have a. scarcity f. economics b. natural resources g. price c. labor resources h. supply d. capital resources i. demand e. entrepreneur j. command economy 61. The amount of goods and services that producers will provide at various prices 62. A shortage of resources 63. Things used to produce goods and services 64. Raw materials from nature that are used to produce goods 65. An individual who undertakes the creation, organization, and ownership of a business 66. The amount of money given or asked for when goods and services are bought or sold 67. An economic system in which a central authority makes the key economic decisions 68. The amount or quantity of goods and services that consumers are willing to buy at various prices 69. The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices 70. People who make the goods and services for which they are paid 3

4 Name: a. gross domestic product (GDP) f. business cycle b. standard of living g. prosperity c. inflation h. recession d. deflation i. depression e. budget deficit j. recovery 71. Economic activity slows down 72. A peak of economic activity 73. The total value of the goods and services produced in a country in a given year 74. A general decrease in the price of goods and services 75. The rise and fall of economic activity over time 76. A general increase in the price of goods and services 77. The level of material comfort as measured by the goods and services that are available 78. The result of a government spending more on programs than it collects in taxes 79. A rise in business activity after a recession or depression 80. A deep recession that affects the entire economy and lasts for several years a. ethics f. social responsibility b. business ethics g. principle c. code of ethics h. conduct d. sweatshop i. integrity e. conflict of interest j. benefit 81. Conflict between self-interest and professional obligation 82. Something that does good to a person or thing 83. Total honesty and sincerity 84. The duty to do what is best for the good of society 85. Moral principles by which people conduct themselves personally, socially, or professionally 86. Set of guidelines for maintaining ethics in the workplace 87. Personal behavior 88. A shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions 89. A rule of conduct 90. Rules based on moral principles about how businesses and employees ought to conduct themselves a. entrepreneur f. executive summary b. small business g. vision statement c. virtual business h. mission statement d. significant i. concept e. business plan j. venture 91. A business that operates on the Internet 92. A written description of a new business venture that describes all aspects of the business 93. An independently owned business that usually has the owner as its manager 94. A new business undertaking that involves risk 4

5 Name: 95. A statement that expresses the specific aspirations of a company 96. A person who organizes, manages, and assumes the risks of starting and operating a business 97. Having a special meaning or importance 98. A general idea 99. A statement that establishes the scope and purpose of a company and reflects its values and beliefs 100. A brief account of the key points contained in a business plan a. unlimited liability f. wholesaler b. cooperative g. production c. nonprofit organization h. procurement d. franchise i. marketing e. intermediary j. finance 101. A business that moves goods from one business to another 102. The business or art of money management 103. The owner is responsible for the company s debts 104. Also known as distributors 105. The process of creating, expanding, manufacturing, or improving goods and services 106. A type of business that focuses on providing a service, not on making a profit 107. An organization that is owned and operated by its members 108. The buying and reselling of goods that have already been produced 109. The process that involves getting consumers to buy a product or service 110. A contractual agreement to use the name and sell the products or services of a company in a designated geographic area a. management f. line authority b. planning g. line and staff authority c. organizing h. centralized organization d. leading i. decentralized organization e. controlling j. departmentalization 111. An organizational structure in which managers on one level are in charge of those beneath them 112. The act of dividing responsibility among specific units or departments 113. Providing direction and vision 114. Arranging resources in an orderly and functional way to accomplish goals and objectives 115. The processes or functions of planning, organizing, leading, and controlling 116. The act of keeping a company on track and making sure goals are met 117. The act or process of creating goals and objectives as well as the strategies to meet them 118. The direct line of authority along with the staff who advise the line personnel 119. The act of giving authority to a number of different managers 120. The act of putting authority with top management 5

6 Name: a. leadership f. autocratic leadership b. initiative g. democratic leadership c. human relations h. free-rein leadership d. integrity i. delegating e. trend j. self-managed teams 121. The study of how people interact in the workplace 122. Work groups that supervise themselves 123. The ability to act and make decisions without the help or advice of others 124. To have or take a general direction 125. Taking a company and its employees in a direction based upon a vision 126. A leadership style whereby a leader sets goals for managers and employees and then leaves them alone to get the job done 127. A leadership style whereby one person runs everything and makes all the decisions without consulting others 128. An adherence to a code of ethical values such as honesty, loyalty, and fairness 129. A leadership style whereby managers work with employees to make decisions 130. Giving managers and employees the power to run things and make decisions a. imports f. protectionism b. exports g. tariff c. balance of trade h. quota d. comparative advantage i. embargo e. exchange rate j. free trade 131. The practice of the government putting limits on foreign trade to protect businesses at home 132. The ability of a country or company to produce a particular good more efficiently than another country or company 133. Goods and services that one country buys from another country 134. The price at which one currency can buy another currency 135. A tax placed on imports to increase their price in the domestic market 136. Goods and services that one country sells to another country 137. A limit placed on the quantities of a product that can be imported 138. A ban on the import or export of a product 139. Few or no limits on trade between countries 140. The difference in value between a country s imports and exports over a period of time a. monopoly f. trademark b. oligopoly g. revenue c. trust h. subsidies d. copyright i. tax e. patent j. tax incentive 141. Income that governments get from all sources 142. A document that gives artists the legal right to own their creations 143. A name, symbol, or a characteristic that identifies a product 6

7 Name: 144. An amount of money people and businesses pay governments to help run them 145. The act of a company controlling an industry or being the only one to offer a product or service 146. The legal grant for the sole right to own an invention 147. A group of companies that band together to form a monopoly and cut out competition 148. The act of a small number of companies controlling an industry 149. A temporary reduction or elimination of tax that is meant to encourage or discourage an activity 150. Grants given to producers or consumers to lower the costs they face 7

8 Introduction to Business and Marketing Semester 1 Exam Review Answer Section COMPLETION 1. Public 2. services 3. goals 4. Profit 5. demand 6. scarcity 7. nonrenewable 8. equilibrium price 9. mixed economy 10. market economy 11. service 12. economic indicators 13. Inflation 14. budget surplus 15. Deflation 16. bribery 17. decreases 18. Environmental Protection Agency EPA 19. company business 20. integrity 21. venture 22. entrepreneurs 23. partnership 24. five market research 26. corporations 27. unlimited 28. double taxation. 29. business plan 30. finished goods 31. goals 32. Planning 33. leadership 34. specialists 35. lead 36. inspiring 37. motivated 1

9 38. confident 39. hands-off hands off 40. goal-oriented goal oriented 41. economy 42. World trade 43. foreign exchange market 44. Protectionism 45. trade barriers 46. state 47. Intrastate 48. Breach of contract 49. Privatization 50. government MATCHING 51. F 52. I 53. C 54. B 55. H 56. G 57. E 58. D 59. J 60. A 61. H 62. A 63. D 64. B 65. E 66. G 67. J 68. I 69. F 70. C 71. H 72. G 73. A 74. D 75. F 2

10 76. C 77. B 78. E 79. J 80. I 81. E 82. J 83. I 84. F 85. A 86. C 87. H 88. D 89. G 90. B 91. C 92. E 93. B 94. J 95. H 96. A 97. D 98. I 99. G 100. F 101. E 102. J 103. A 104. F 105. G 106. C 107. B 108. H 109. I 110. D 111. F 112. J 113. D 114. C 115. A 116. E 3

11 117. B 118. G 119. I 120. H 121. C 122. J 123. B 124. E 125. A 126. H 127. F 128. D 129. G 130. I 131. F 132. D 133. A 134. E 135. G 136. B 137. H 138. I 139. J 140. C 141. G 142. D 143. F 144. I 145. A 146. E 147. C 148. B 149. J 150. H 4

12 Introduction to Business and Marketing Semester 1 Exam Review [Answer Strip] F 51. I 52. C 53. B 54. H 55. G 56. E 57. D 58. J 59. A 60. H 61. A 62. D 63. B 64. E 65. G 66. J 67. I 68. F 69. C 70. H 71. G 72. A 73. D 74. F 75. C 76. B 77. E 78. J 79. I 80. E 81. J 82. I 83. F 84. A 85. C 86. H 87. D 88. G 89. B 90. C 91. E 92. B 93. J 94. H 95. A 96. D 97. I 98. G F 101. E 102. J 103. A 104. F 105. G 106. C 107. B 108. H 109. I 110. D 111. F 112. J 113. D 114. C 115. A 116. E 117. B 118. G 119. I 120. H 121. C 122. J 123. B 124. E 125. A 126. H 127. F 128. D 129. G 130. I 131. F 132. D 133. A 134. E 135. G 136. B 137. H 138. I 139. J 140. C 141. G 142. D 143. F 144. I 145. A 146. E 147. C 148. B 149. J 150. H