Nature of Business
This is an example of a service business
What is a bank?
An important characteristic of business is that it is __________________
What is a dynamic? (experiencing constant change).
The GDP of $12.4 trillion appears like this when written out...
What is 12,400,000,000,000? (12.4 and 11 zeros)
Products made outside the United States are ___________________
What are foreign goods?
The business activity that is involved with how goods or services are exchanged between producers and consumers is
What is Marketing
This is NOT a result of mass production....
What is higher cost of goods manufactured?
In the typical franchise business, the franchisee does NOT receive ____________________
What is guaranteed profit?
An organization that produces or distributes goods or services for a profit is a(an)....
What is a business?
The industries that employs the most workers in the United States is...
What are health care and social assistance?
This is not a way for companies to increase efficiency...
What is increase employee wages
This best describes risk...
What is possibility of failure?
The ability of businesses from one country to compete with similar business in other countries is known as ___________
What is global competiton?
A business that makes athletic shoes is an example of a ______________
What is a service business?
This refers to a commitment to excellence...
What is TQM
The approximate percentage of businesses that cease operations after five years is
What is 50%?
A new idea or new implementation of an existing idea is called ______________________
What is innovation
A word often used to refer to all businesses within a category doing similar work is
What is industry?
The effect that advanced technology can have on the cost of the items produced by a business is
What are cost decreases?
An example of income that would be included in the underground economy but not included in the GDP is_________________________
What is cash paid for work that is not reported on taxes?
The difference between income and costs is ____________
What is profit?