CH 1
This term refers to the amount of goods/services people can buy; this other term refers to overall well-being and happiness.
What are standard of living and quality of life?
Customers, employees, suppliers, and the community are all examples of what group connected to a business?
Who are stakeholders?
Easy to start, full control, and keeping all profits are advantages of what business type?
What is a sole proprietorship?
Giving employees authority, tools, and information to make decisions describes this concept
What is empowerment?
Wages, salaries, benefits, and bonuses are part of what employment category
What is compensation?
The activity of creating, communicating, and delivering value to customers is called what?
What is marketing?
The path that a product takes from producer to consumer is called what?
What are distribution channels?
The lose of value of an asset over time is known as what?
What is depreciation?
This is the total money a business brings in; this is the money left after expenses.
What are revenue and profit?
Selling goods to other countries is called this, while buying goods from other countries is called this
What are exports and imports?
In this partnership, all owners share responsibility and liability; in this other one, some partners have limited liability.
What is a general partnership and what is a limited partnership?
A leadership style where the leader makes decisions without input is known as this.
What is autocratic leadership?
The department responsible for hiring, training, evaluating, and supporting employees is called what?
What is Human Resources?
Producing large quantities of goods using standardized processes is known as this.
What is mass production?
Communication used to inform, persuade, or remind customers about products is known as this.
What is promotion?
Revenue minus expenses equals this financial result.
What is net income?
A physical, tangible item is called this, while an activity performed for someone is called this
What is a good and what is a service?
This is a tax placed on imported goods.
What is a tariff?
When two companies in unrelated industries merge, this type of merger occurs.
What is a conglomerate merger?
This term describes the official line of authority within an organization.
What is the chain of command?
A reward from within, like pride, is called this; a reward from outside, like a bonus, is called this.
What are intrinsic and extrinsic rewards?
The area of business focused on producing goods and services efficiently is called what?
What is operations management?
TV, radio, print, and billboards are examples of what type of advertising?
What is traditional advertising?
What is the accounting equation?
What is Assets = Liabilities + Owner’s Equity ?
This term describes outside forces like economy, competition, technology, and regulations that affect a business.
What is the external business environment?
A government order that completely bans trade with a certain country is known as this.
What is an embargo?
A person who takes risks to start and run a business is called this
What is an entrepreneur?
What are the 4 functions of management?
What are Planning, organizing, leading, and controlling ?
Achievement and recognition are examples of these factors; pay and conditions are examples of these.(Herzbergs)
What are motivating factors and hygiene factors?
A clearly defined group of consumers a business aims to reach is called this.
What is a target market?
Cloud computing, AI, mobile technology, and data analytics are current trends in what field
What is information technology?
Resources a business owns are called this; debts owed are called this.
What are assets and liabilities?
What are the factors of production?
What are land, labor, capital, entrepreneurship, and knowledge
These are the moral principles that govern behavior in business.
What are ethics?
The executive summary, marketing plan, financial plan, and organizational structure are key elements of what document?
What is a business plan?
What are the four types of planning?
what are Strategic, tactical, operational, and contingency ?
What are Maslow’s Hierarchy of Needs?
what are Physiological, safety, social, esteem, and self-actualization
What is the marketing mix?
What are Product, price, place, and promotion ?
Managers analyze information to turn data into this.
What is knowledge?
This item functions as a medium of exchange, store of value, and unit of account.
What is money?