Expenses of Business
Rent, insurance, or payments on a loan is what type of expense?
What is fixed expense.
_______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 do we call illegal trade with scarce commodities?
What is the black market.
What is market economy.
What is the principle that most efficient way to accomplish a large task is to break it into several smaller ones?
What is division of labor.
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
What is false.
What is a state in which the elements of the market do not change?
What is constant environment.
Who regulates the construction and maintenance of most airports and maintains oversight of aircraft design and maintenance?
What is FAA
What is the act of removing requirements or obligations enforced on others?
What is it called when you focus on account of income and expenses for a set period?
What is a budget.
What type of an employee do you have to be that businesses will have to pay meaningful benefits?
What is full-time employee.
What is the amount of a product that consumers want to purchase?
What is demand.
What is this economy if it's focal point is to pass their skills and traditions to the next generation?
What is a cost required to generate revenue?
What is expense.
______is all of the money that a business takes in.
What is revenue.
No employee will walk in the door knowing exactly how things are done at your business. What should you provide?
What is training.
What is a perfectly balance where the supply exactly meets the demand?
What is equilibrium.
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.
What is productivity.
All businesses will have some expenses, so revenue alone does not guarantee you will turn a profit since profit is the money left over after all expenses are paid. This is also known as
What is net income.
_______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.
What is law of supply and demand.
What do we call an economy that has traditional, command, market within it?
What is a mixed economy.
What is the ratio of the number of employees hired to the number that stay at the company?
What is retention rate.