- Limited Life
- Assume all of the risk
- No guarantees
What field is concerned with understanding the choices people make is using scarce resources?
What is Economics.
A formal statement that defines how the organization expects and requires employees to resolve ethical questions.
What is a Code of Ethics.
What is the main reason many business fail during the early years?
What is too much debt.
Management is the process of achieving ________ through people and other resources.
c. organizational objectives
d. societal objectives
What is organizational objectives
What type of business is for a highly independ individual who is used to having their own way and doesn't want to answer to anyone else in the chain of command.
What is a sole proprietorship.
What is a sole proprietorship.
The study of economic choices of individual consumers, families, or businesses.
What is Microeconomics.
What type of audit evaluates activities that relate to social issues, such as employment practices, environmental protection, and philanthropy.
What is a Social Audit.
Who was the two principals in a franchising agreement?
Who is the franchisor and franchisee.
As someone moves up the managerial hierarchy, which skills become relatively less important?
a. Technical skills
b. Human skills
c. Conceptual skills
d. Supervisory skills
What are technical skills
What is a disadvantage of a Coroporation
- Double Taxation
- Many Owners
- Harder to make changes
The willingness and ability of sellers to provide goods and services for sale in a market is referred to as?
What is Supply.
Refers to standards of conduct and moral values of a firm.
What is Business Ethics.
Which of the following services does a franchisor NOT provide...a building plan, an accounting system, on-site management, or name recognition
What is on-site management.
Which of the four functions of management creates a well-designed road map of the actions needed to lead a company forward?
What is planning.
What is the wealthiest generation in the United States
What is the Baby Boomers
The willingness and ability of buyers to purchase goods and services is referred to as?
What is Demand.
"Newman's Own" is a food product line that gives 100% of its after-tax profits to charity. This company is practicing?
What is Social Responsibility.
Which of the following does a franchisor NOT guarantee?
a prior performance record, a recognizable company name, a level of profitability, or training.
What is a level of profitability.
Rosetta classifies and divides work into manageable units by determining the specific tasks necessary to introduce a new product. Rosetta is involved in the ________ managerial function.
What is organizing.
What are 2 stakeholders in a business
What was capitalism founded on?
What is the belief that competition amoung businesses best serves the needs of society.
What prompted Congress to enact the Sarbanes Oxley Act in 2002?
What is a series of improper financial disclosures were found during investigations.
Of the racial minority groups, which owns the largest number of small businesses?
What are the hispanics.
Ramon's job is to establish performance standards, monitor actual performance, and compare actual performance to the standards. Ramon is engaged in the ________ managerial function.
What is controlling.
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Intro to Business - Final Exam Review - Team 1 vs 2
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