final

Question 1

What is the relationship between the price of goods or a service and benefits that it offers its consumers?

Answer 1

Value

Question 2

What are business transactions conducted online, typically via the internet?

Answer 2

E-Commerce

Question 3

What is the study of the choices that people, companies, and governments make in allocating society’s resources?

Answer 3

Economics

Question 4

What is a market structure with one producer completely dominating the industry, leaving no room for any significant competitors?

Answer 4

Monopoly

Question 5

What is selling products in foreign nations that have been produced or grown domestically?

Answer 5

Exporting

Question 6

What is developing and promoting environmentally sound products and practices to gain a competitive edge?

Answer 6

Green Marketing

Question 7

What is a preconception about members of a particular group, such as gender, race, ethnicity, or nationality?

Answer 7

Bias

Question 8

True or False: Entrepreneurs are the people who risk their time, money, and other resources to start and manage a business.

Answer 8

True

Question 9

True or False: Budget surplus is the shortfall that occurs when expense are higher than revenue over a given period of time.

Answer 9

False

Question 10

True or False: Trade deficit is the shortfall that occurs when the total value of a nation’s imports is higher than the total value of its exports.

Answer 10

True

Question 11

True or False: A code of ethics is a formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a large range of situations.

Answer 11

True

Question 12

True or False: Corporate responsibility is where a business contributes to the community through the actions of the business itself, rather than the donations of money and time.

Answer 12

True

Question 13

True or False: Non verbal communication is the transmission of information between a sender and a recipient.

Answer 13

False

Question 14

True or False: Communication channels are the various ways in which a message can be sent, ranging from one on one in-person meetings to internet message boards.

Answer 14

True

Question 15

_____ is the rate which a product
moves from conception to commercialization.

Answer 15

Speed to Market

Question 16

_____ is an economic system - also known as the private enterprise or free market - based on private ownership, economic freedom, and fair competition.

Answer 16

Capitalism

Question 17

____ is a measurement of the value
of one nation’s currency relative to the currency of other nations.

Answer 17

Exchange rate

Question 18

____ is buying products domestically that have been produced or grown in foreign nations.

Answer 18

Importing

Question 19

____ is a set of beliefs about right and wrong, good and bad.

Answer 19

Ethics

Question 20

____ is the transmission of information between a sender and a recipient.

Answer 20

Communication

Question 21

What is a form of business ownership with a single owner who usually actively manages the company.

Answer 21

Sole Proprietorship

Question 22

What is a form of business ownership that offers both limited liability to its owners and flexible tax treatment.

Answer 22

Limited Liability Company (LLC)

Question 23

Who are the individuals who are elected by stockholders s of a corporation to represent their interests.

Answer 23

Board of Directors

Question 24

What is the transfer of total or partial ownership of some of a firm’s operations to investors or to another company.

Answer 24

Divestiture

Question 25

Who are individuals who invest in start-up companies with high growth potential in exchange for a share of ownership.

Answer 25

Angel Investors.

Question 26

What are companies that invest in start-up companies with high growth potential in exchange for a share of ownership.

Answer 26

Venture Capital Firms.

Question 27

What is a small segment of a market with fewer competitors than the market as a whole.

Answer 27

Market Niche

Question 28

True or False: A partnership is a voluntary agreement under which two or more people act as co-owners of a business for profit.

Answer 28

True

Question 29

True or False: A stockholder is not an owner of a corporation, just an investor.

Answer 29

False

Question 30

True or False: An acquisition is a corporation restructuring in which one firm buys another.

Answer 30

True

Question 31

True or False: Franchising is a licensing agreement under which a franchisor allows franchisees to use its name, trademark, products, business methods, and other property in exchange for monetary payments and other considerations.

Answer 31

True

Question 32

True or False: The Small Business Administration (SBA) is an agency of the Federal Government designed to maintain and strengthen the nation's economy by aiding, counseling, assisting, and protecting the interests of Small Business.

Answer 32

True

Question 33

True or False: The Small Business Development Corporation (SBDC) is an agency of the Federal Government designed to maintain and strengthen the nation's economy by aiding, counseling, assisting, and protecting the interests of Small Business.

Answer 33

False

Question 34

True or False: A business plan is a formal document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives.

Answer 34

True

Question 35

A ____ is a form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners.

Answer 35

Corporation

Question 36

A ____ is a corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.

Answer 36

Merger

Question 37

____ is a deep-seated sense that the individual is personally responsible for what happens in his of her life.

Answer 37

Internal Locust of Control

Question 38

____ is a deep-seated sense that forces other the individual are responsible for what happens in his of her life.

Answer 38

External Locust of Control

Question 39

____ is an organization - affiliated with SBA - that provides free, comprehensive business counseling for small business owners from qualified volunteers.

Answer 39

SCORE

Question 40

What is a system for recognizing, organizing, analyzing, and reporting information about financial information about the financial transactions that affect an organization?

Answer 40

Accounting

Question 41

Assets = Liabilities + Owners Equity is called?

Answer 41

Accounting Equation

Question 42

What is the financial statement that reports the revenues, expenses, and net income that results from a firm's operations over an accounting period?

Answer 42

Income Statement

Question 43

What are the costs that vary directly with the level of production?

Answer 43

Variable Costs

Question 44

The part of a firm's net income it reinvests is called?

Answer 44

Retained Earnings

Question 45

What is the federal agency with primary responsibility for regulating the securities industry?

Answer 45

Securities and Exchange Commission

Question 46

An institutional investor the raises funds by selling shares to investors and uses the accumulated funds to buy a portion of many different securities is called?

Answer 46

Mutual Fund

Question 47

True or False: G.A.A.P. is a set of accounting standards that is used in preparation of financial statements.

Answer 47

True

Question 48

True or False: Assets are resources owned by a company.

Answer 48

True

Question 49

True or False: Budgeting is a management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over the a specific time period.

Answer 49

True

Question 50

True or False: Finance is the degree of uncertainty regarding the outcome of a decision.

Answer 50

False

Question 51

True or False: The Dodd-Frank Act is a law enacted that strengthened government oversight of financial markets.

Answer 51

True

Question 52

True or False: Common Stock is the basic form of ownership in a corporation.

Answer 52

True

Question 53

True or False: An I.P.O. is the first time a company issues stock that may be bought by the general public.

Answer 53

True

Question 54

The _______ is a financial statement that reports the financial position of a firm by identifying and reporting the value of the firm's assets, liability, and owner's equity.

Answer 54

Balance Sheet

Question 55

________ are claims that outsiders have against a firm's assets.

Answer 55

Liabilities

Question 56

________ are the costs that remain the same when the level of production changes within some relevant range.

Answer 56

Fixed Costs

Question 57

________ is an asset that can quickly be converted to cash with little risk of loss.

Answer 57

Liquid Asset

Question 58

A ________ is a depository institution that is organized as a cooperative, meaning that it is owned by its depositors.

Answer 58

Credit Union

Question 59

________ is the return on an asset that results when its market price rises above the price the investor paid for it.

Answer 59

Capital Gain

Question 60

What is an organizational function and a set processes for creating, communicating, and delivering value to customers?

Answer 60

Marketing

Question 61

What is it when a customer perceives that a good or service delivers value above and beyond their expectation?

Answer 61

Customer Satisfaction

Question 62

What is the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption?

Answer 62

Customer Behavior

Question 63

What are products purchased for personal use or consumption?

Answer 63

Consumer Products

Question 64

What is the advantage that a customer gains from specific product features?

Answer 64

Customer Benefits

Question 65

What is a plan for delivering the right product to the right person at the right place at the right time?

Answer 65

Distribution Strategy

Question 66

Who are distributors that buy products from producers and sell them to other businesses or non-final users such as hospitals, nonprofits, and the government?

Answer 66

Wholesalers

Question 67

True or False: A marketing concept is a business philosophy that makes customer satisfaction -- now and in the future -- the central focus of the entire organization.

Answer 67

True

Question 68

True or False: Customer loyalty is when customers perceive that a good or service delivers value above and beyond their expectations.

Answer 68

False

Question 69

True or False: Green Marketing is developing and promoting environmentally sound products and practices to gain a competitive edge.

Answer 69

True

Question 70

True or False: Business products are goods purchased for personal use or consumption.

Answer 70

False

Question 71

True or False: Product life cycle is a pattern of sales and profits that typically changes over time.

Answer 71

True

Question 72

True or False: Channel of distribution is a plan for delivering the right product to the right person at the right place at the right time.

Answer 72

False

Question 73

True or False: Breakeven analysis is the process of determining the number of units a firm must sell to cover all costs.

Answer 73

True

Question 74

______ is a customer perception that a product has a better relationship than its competition between the cost and the benefits.

Answer 74

Value

Question 75

_____ is the percentage of a market controlled by a given marketer.

Answer 75

Market Share

Question 76

A ______ is anything that an organization offers to satisfy customer needs and wants, including both goods and services.

Answer 76

Product

Question 77

Product _____ are the specific characteristics of a product.

Answer 77

Features

Question 78

_____ is the active stimulation of word-of-mouth via unconventional, and often relatively low-cost tactic.

Answer 78

Buzz Marketing

Question 79

_____ are distributors that sell products directly to the ultimate users, typically in small quantities that are stored and merchandised on the premises.

Answer 79

Retailers

Question 80

Achieving the goals of an organization through planning, leading, and controlling organizational resources including people, money, and time is what?

Answer 80

Management

Question 81

What is a motivational theory that suggests that human needs fall into a hierarchy and that as each need is met, people become motivated to meet the next highest need in the pyramid?

Answer 81

Maslow's Hierarchy of Needs Theory

Question 82

What is the number of people a manager supervises called?

Answer 82

Span of Control

Question 83

What is the management function called that focuses on maximizing the effective of the workforce?

Answer 83

Human Resources Management

Question 84

What is a formal feedback process that requires managers to give their subordinates feedback on a one-on-one basis?

Answer 84

Performance Appraisal

Question 85

Data that have been in a way that makes them meaningful to their user is called?

Answer 85

Information

Question 86

Managing all of the activities involved in creating value by producing goods and services and distributing them to customers is called?

Answer 86

Operations Management

Question 87

True or False: Human skills is the ability to work effectively with and through other people in a range of different relationships.

Answer 87

True

Question 88

True or False: Strategic planning is high-level, long-term planning that establishes a vision for the company.

Answer 88

True

Question 89

True or False: Contingency planning is planning for unexpected events, usually involving a range of scenarios and assumptions.

Answer 89

True

Question 90

True or False: Job analysis is the explanation of the responsibilities for a specific position.

Answer 90

False

Question 91

True or False: Affirmative action is policies meant to increase employment and education opportunities for minority groups.

Answer 91

True

Question 92

True or False: An expert system is a decision support system that helps manager's make better decisions in an area where they lack expertise.

Answer 92

True

Question 93

True or False: Decision support system is a system that gives managers access to large amounts of data and the processing power to convert these data into high-quality information.

Answer 93

True

Question 94

______ & ______ is a motivational theory that suggests that management attitudes towards workers fall into two opposing categories based on management assumptions about workers capabilities and values.

Answer 94

Theory X & Theory Y

Question 95

A ______ is the definition of an organization's purpose, values, and core goals.

Answer 95

Mission Statement

Question 96

______ is a private network that has the look and feel of the internet which limits access to a single firm's employees.

Answer 96

Intranet

Question 97

______ is using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits.

Answer 97

Effectiveness

Question 98

______ is arranging for other organizations to perform supply chain functions that were previously performed internally.

Answer 98

Outsourcing