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Who are the owners of a corporation?
Shareholders/stockholders
What is the most common type of business ownership in the US?
Sole proprietorship
This type of risk is carefully analyzed for its good and bad points.
Calculated risk
The decision making model that compares your personal attributes to characteristics of a career in order to help you find a career that would be a good fit is called the…
Career planning/decision making model
When a business sends work to another country or company because it is cheaper, this is called…
Outsourcing
The department of a business that deals with computers and the network…
IT (information technology)
Define economics.
The study of the production, distribution, and consumption of good and services.
This type of business has limited liability.
Corporation
Another term used to describe the free enterprise system is…
Capitalism
A person values humanitarianism. What would be a good job for this person
Teaching, nursing, medicine, working with kids, helping the less fortunate
In reference to supply and demand, what do we mean by the term surplus?
Supply exceeds demand
Goods and services such as roads, schools, and defense, that are provided by the government are called?
Public goods and services
Goods and services such as roads, schools, and defense, that are provided by the government are called?
Public goods and services
Your job is to relay information about a company’s financial well being. What department do you work in?
Accounting/finance
What does Human Resources do?
Hire/fire/motivate employees
How many hours are in the standard workweek?
40
Money, equipment, and the goods used to do business are which factor of production?
Capital
Because of technology more and more workers are working from home rather than travelling to a physical office. What is this called?
Telecommuting
A person who is spontaneous and a risk taker. What color personality is this person?
Orange
Name a type of business that has unlimited liability
Sole proprietorship or partnership
What are the five next generation skills?
Critical thinking and problem solving, creativity and innovation, research and fluency, social and emotional awareness, collaboration and communication
What is a business transaction?
Two parties make an exchange. Money for a good or service
What is the difference between a profit and non-for profit business?
They both make money, the difference is in what they do with it. In a non-for profit, money is put back in to the business or to charity, for profit They keep the money to themselves
What happens below equilibrium on a supply and demand curve?
Shortage
What happens on above equilibrium on a supply/demand curve?
Surplus