They seek to earn a profit by providing goods and services to others.
What are businesses?
100
Selling products to another country.
What is exporting?
100
When a company has one owner.
What is a sole proprietorship?
100
This person starts a business that remains small.
What is a micropreneur?
100
The most important of the four management functions.
What is planning?
200
These include customers, employees, stockholders, suppliers, dealers, bankers, government officials, and environmentalists.
What are stakeholders?
200
When the value of goods imported exceeds the value of goods exported.
What is a trade deficit?
200
When one company purchases another company.
What is an acquisition?
200
Because of the opportunity, the profit, the independence, and the challenge.
Why do entrepreneurs take risk?
200
Specific, short-term statements on how to reach goals.
What are objectives?
300
Refers to a general rise in the price level of goods and services over time.
What is inflation?
300
A complete ban on importing or exporting products from a specific country.
What is an embargo?
300
When two unrelated companies join together.
What is a conglomerate merger?
300
Creative people who work within corporations.
What is an intrapreneur?
300
Hiring, motivating, and retaining the best employees.
What is staffing?
400
He is considered by some to be the father of modern economics.
Who is Adam Smith?
400
An ethics code that emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers.
What is compliance-based?
400
An agreement that sells the rights to the name and to sell a product or service in a given territory.
What is a franchise agreement?
400
A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company.
What is a venture capitalist?
400
A leadership style when managers set the objectives and allow the employees to decide how to achieve them.
What is free-reign?
500
The study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals.
What is economics?
500
Insiders who report illegal or unethical behavior?
Who are whistleblowers?
500
The share of profits or percentage of sales a franchise pays to a franchisor.
What is a royalty?
500
A government agency responsible for encouraging the development of small business.
What is the Small Business Administration?
500
Giving employees the authority and responsibility to respond quickly to customer requests.