Unit 1
The primary goal of business is ______.
profit.
Which is the most common form of business organization in the United States?
sole proprietorships
How long of a time period do strategic plans generally cover?
one year or longer
________Blank refers to forming a pool of qualified applicants from which management can select new employees.
Recruiting
Concert tickets are an example of ________Blank products.
specialty
A firm’s ________ resources are also known as labor.
human
Which form of business ownership requires owners to perform the most functions and possess diverse skills to make decisions?
a sole proprietorship
What is the rationale for specialization?
efficiency
In the first stage of the selection process, an individual
fills out an application form.
A product ________Blank is all the products offered by an organization.
mix
Which term relates to the number of goods and services that consumers are willing to buy at different prices at a specific time?
demand
How many owners are found in a sole proprietorship?
one owner
The ________Blank style of leadership can be a powerful motivator because it demonstrates a great deal of trust and confidence in an employee and allows employees to meet their work demands with little or no interference.
free-rein
________Blank is an example of a fringe benefit provided by a company to its employees.
Pension plan
________ encourages consumers to make purchases based on emotion rather than rational considerations about the price.
Psychological pricing
A manager presents a subordinate’s ideas in a management meeting but takes full credit for the work. The manager is engaging in ______.
plagiarism.
A(n) ________ is a legal entity, created by the state, whose assets and liabilities are separate from its owners.
corporation
An element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer viruses, or a reputation crisis is called
contingency planning.
In the context of diverse workforces, ________Blank is a secondary characteristic of diversity.
marital status
Intellectual property is generally protected by
patents.
Changes in the prices of goods and services purchased for consumption by typical urban households is measured by _________.
consumer price index.
________ are typically owned by many individuals and organizations who own shares of the business in the form of stocks.
Corporations
Tactical plans usually cover a period of _______.
one year or less.
Job ________ occurs when two people do one job.
sharing
________ is a trial minilaunch of a product in limited areas that represent the potential market.
Test marketing