This type of business is owned and operated by one person.
What is sole proprietorship?
100
When you subtract all of your expenses, including tax, from revenue, you are left with this.
What is net income?
100
A voluntary association that buys a bulk amount of goods on behalf of its members, and members volunteer to work a set amount of hours per week to offer lower prices
What is a consumer cooperative?
100
Branch of economics that deals with the economy as a whole
Includes employment, gross domestic product (GDP), Inflation, economic growth, and income distribution
What is Macroeconomics?
100
Operate Machines (Dishwashers, Floor Buffers, etc…), require some training
What is Semi-skilled labor?
200
Stock of finished goods and parts in reserve
What is inventory?
200
When corporations involved with different steps of manufacturing or marketing come together
What is a vertical merger?
200
A group that promotes the welfare of its members and community.
What is a chamber of commerce?
200
Where an employer agrees to only hire members of a union for their company. Gives unions the ability to decide who is hired by approving or denying a persons admittance to the union
What is a closed shop?
200
This concept refers to the theory that a person's wage correlates directly with both the uniqueness of their skills and the supply of workers with comparable skills
What is traditional theory of wages?
300
Price paid for the use of another's money, in addition to the principal amount borrowed
What is interest?
300
A firm that has at least 4 businesses, each making unrelated goods, none of which is responsible for a majority of its sales
What is a conglomerate?
300
The TVA, postal service and FDIC are all examples of this
What is the direct role of government in the economy?
Name two acts or procedures designed to give women equal pay to men
Civil Rights Act of 1964
Set-aside contracts
Equal Pay Act of 1963
400
A partnership where the the inactive partner has limited liability for the business's debts
What is a limited partnership?
400
A report that shows a business's sales, expenses and profits for a certain period.
What is an income statement?
400
Veteran benefits, financial aid to college students and unemployment compensation are all examples of this
What is indirect role of government in the economy?
400
A company where a worker does not have to be a member of a union to get hired, but they must join a union soon after being hired and must remain in the union the entirety of their employment.
What is a union shop?
400
This act was the first federal legislation to exempt unions from anti-trust laws
What is the Clayton Antitrust Act?
500
These business organizations have unlimited liability for ownership. (2 parts)
What is partnerships and sole proprietorships?
500
Name 3 reasons for mergers
Larger market share
Efficiency
Desire to acquire more product lines
Catch up with or eliminate rivals
Lose corporate ID
500
This organization operates in a businesslike way to promote the collective interests of its members rather than to seek financial gain for its owners
What is a non-profit organization?
500
A law that limits the power of unions by allowing workers to not join a union if they so choose
What is a right-to-work law?
500
this invisible barrier prevents women and minorities from advancing up the corporate ladder