Unit 1
What do we call the one person who owns and manages a business
What is a Sole Proprietor.
Amazon helped create the expectation that online orders would arrive in a day or two that, as a result, reinvigorated the struggling what?
What is the US Postal Office.
Rent, insurance, or payments on a loan is what type of expense?
What is fixed expense.
What type of an employee do you have to be that businesses will have to pay meaningful benefits?
What is full-time employee.
What percentage of small businesses fail within their first year?
What is 20%.
In what type of organizations do those at the top of the chain have more information and power than those at the bottom?
What is hierarchical.
For some products, such as snow blowers or swimming pool accessories, demand will change based on:
What is the season.
Electricity and water is an example of what type of expense?
What is variable experience.
It is cheaper to have an employee quit than to pay them full-time benefits. True or False
False
What was the first thing lamborghini made?
What is farm equipment (tractor).
If a business operates in a single country, it is a _____ business.
What is national.
What substances used in the first stage of production?
What is raw materials.
What is it called when you focus on account of income and expenses for a set period?
What is a budget.
_______is another essential management concept. This is the principle that the most efficient way to accomplish a large task is to break it into several smaller ones.
What is Division of Labor.
The average cost to start a small business is what?
Options: $10,000,$20,000, $30,000
What is $30,000.
What term best refers to a task or action that is performed for a fee?
What is service.
What is something that is popular for a specific time and then fades
What is a trend.
What economy is the focal point that the government makes all of the decisions about what goods, including produce and grains, are grown, manufactured, and distributed?
What is command economy.
No employee will walk in the door knowing exactly how things are done at your business. What should you provide?
What is training.
What did Samsung sell first?
What is noodles and goods.
Where do regional businesses operate?
What is in a limited geographic area.
What is the exchange of goods and services on the internet?
What is a ecommerce.
What do we call an economy that has traditional, command, market within it?
What is mixed economy.
_______who was both an economist and moral philosopher. He argued that practice and specialization would automatically make people better at certain tasks, and that when people improved their efficiency, society benefited.
What is Adam Smith.
What are the letters in M&M’s chocolate stand for?