Chapter 1 - Business Basics Chapter 2 - Economics & Banking Chapter 3 - Ethics in Business Chapter 4 - Small Business & the Entrepreneur Chapter 5 - Business Managment & Organization

100

- Limited Life - Assume all of the risk - No guarantees
What is a disadvantage of a sole proprietorship?

100

What is Economics.
What field is concerned with understanding the choices people make is using scarce resources?

100

What is a Code of Ethics.
A formal statement that defines how the organization expects and requires employees to resolve ethical questions.

100

What is too much debt.
What is the main reason many business fail during the early years?

100

What is organizational objectives
Management is the process of achieving ________ through people and other resources. a. profits b. status c. organizational objectives d. societal objectives

200

What is a sole proprietorship.
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.

200

What is Microeconomics.
The study of economic choices of individual consumers, families, or businesses.

200

What is a Social Audit.
What type of audit evaluates activities that relate to social issues, such as employment practices, environmental protection, and philanthropy.

200

Who is the franchisor and franchisee.
Who was the two principals in a franchising agreement?

200

What are technical skills
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

300

- Double Taxation - Many Owners - Harder to make changes
What is a disadvantage of a Coroporation

300

What is Supply.
The willingness and ability of sellers to provide goods and services for sale in a market is referred to as?

300

What is Business Ethics.
Refers to standards of conduct and moral values of a firm.

300

What is on-site management.
Which of the following services does a franchisor NOT provide...a building plan, an accounting system, on-site management, or name recognition

300

What is planning.
Which of the four functions of management creates a well-designed road map of the actions needed to lead a company forward? a. Organizing b. Directing c. Controlling d. Planning

400

What is the Baby Boomers
What is the wealthiest generation in the United States

400

What is Demand.
The willingness and ability of buyers to purchase goods and services is referred to as?

400

What is Social Responsibility.
"Newman's Own" is a food product line that gives 100% of its after-tax profits to charity. This company is practicing?

400

What is a level of profitability.
Which of the following does a franchisor NOT guarantee? a prior performance record, a recognizable company name, a level of profitability, or training.

400

What is organizing.
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. a. planning b. organizing c. directing d. controlling

500

- Investors - Customers - Employee - Society
What are 2 stakeholders in a business

500

What is the belief that competition amoung businesses best serves the needs of society.
What was capitalism founded on?

500

What is a series of improper financial disclosures were found during investigations.
What prompted Congress to enact the Sarbanes Oxley Act in 2002?

500

What are the hispanics.
Of the racial minority groups, which owns the largest number of small businesses?

500

What is controlling.
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. a. organizing b. directing c. controlling d. planning

Intro to Business - Final Exam Review - Team 1 vs 2

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