The Economy
A business owned and operated by one person.
A Sole Proprietorship
A person who takes the risk of starting up and running their own business.
Entrepreneur
A manager with unlimited authority who gives direct orders on what, when, and how work should be done is using what leadership style?
(Hint: think about Bubbles Gumm)
Autocratic
What are the four P’s of
the marketing mix?
Product
Price
Place
Promotion
Correctly state the
accounting equation.
Assets = Liabilities + Owner’s Equity
A country’s system for allocating its resources to best serve its people.
Economic System
(a.k.a. “Economy”)
Approximately what percentage of new businesses fail within the first five years?
50%
Employees receive a percentage of their sales as compensation for their work. What is this called?
Sales Commission
What type of advertising is used by a company when they show their product side-by-side with the competition?
Comparison Advertising
When an employee calls attention to company wrong doing they are known as what?
Whistle Blower
The general increase in prices is known as what?
Inflation
Which level in the management pyramid directly oversees the workers?
First-Line
(a.k.a. “Supervisory”)
What benefits assist employees who have been injured while working on the job?
Workers’ Compensation
Any 1 on 1 communication with a
potential customer is known as what?
Personal Selling
What financial statement illustrates
a company’s revenues and expenses
over a period of time?
Income Statement
What are the 4 types of economic systems we covered in class?
Market, Command, Mixed, Traditional
Which level in the management pyramid is responsible for figuring out how to reach the goals and implement the policies set by the company’s top executives?
Middle Management
What three benefits are
mandated (required) by law that employers provide to employees?
(Hint: They’re all meant to replace income when not working)
Workers’ Compensation (hurt)
Unemployment Insurance (laid off)
Social Security (retired)
In the correct order, what are the
four stages of the product life cycle?
Introduction
Growth
Maturity
Decline
An owner of a corporation is known as what?
Stockholder
Equilibrium price is determined by comparing what two factors?
Quantity SUPPLIED
And
Quantity DEMANDED
A diagram that shows the jobs in a company and who reports to who
Organizational Chart
What is the process called when representatives of management and the labor union meet to negotiate the working conditions for the employees?
Collective Bargaining
What pricing strategy sets an initial low price for a new product to generate interest and get people to try the product?
Penetration Pricing
When a company pays its shareholders part of its profits it is known as what?
Dividend