Principles of Business

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Principles of Business

Principles of Business
Midterm Review

1. Which level of management is responsible for the long-term and strategic planning of a business?
Top/executives

2. Which type of interest rate is paid on long-term government debt?
Treasury bond rate

3. Which business operation deals with ensuring that supplies, materials, and products get where they need to be on time?
Logistics

4. A nurse that works 3 12-hour shifts per week is considered which type of employee?
Full-time

5. Which type of leadership style gives little or no direction to employees?
Laissez-fare

6. A license to run a corporation is known as what?
Charter

7. Scientific discovery would be which type of research?
Pure

8. The ability to sell excess capacity or inventory is an advantage for what?
Exporting

9. What is the purpose of CPI?
Reduce errors and inefficiencies

10. The point where supply and demand meet is known as what?
Equilibrium point

11. The concrete pillars in front of a store entrance are part of which business operation?
Safety and security

12. The beliefs and principles you consider important, correct, and desirable are called:
Values

13. In which economic system does the government control all of the sources of industry?
Communism

14. Employees who are paid a set amount regardless of the hours they work, are compensated using which method?
Salary

15. What is an advantage of a franchise?
Proven methods and parent company name

16. What would be used to create a one-of-a-kind business sign?
Custom manufacturing

17. What are the three types of unemployment that do not negatively affect the economy?
Temp/seasonal/industry changes

18. Which type of businesses can legally be monopolies?
Utilities

19. The value of currency in one country when compared to the value in another.
Exchange rate

20. Sweden is an example of a country that uses what type of economic system?
Socialism

21. The creating of new businesses is an indicator of which phase of the business cycle?
Prosperity

22. What can contribute to employees increasing their production?
Equipment, technology, training, and management

23. What are the four main factors to the international business environment?
Geography, cultural influences, economic development, and political/legal issues

24. This long lasting recession was ultimately ended by WWII.
Great Depression

25. What is the difference between a budget deficit and the national debt?
Yearly vs. cumulative

26. The quantity of goods and services that businesses are willing and able to sell at a certain price is known as what?
Supply

27. Rising unemployment and inflation along with low productivity are indicators of which phase of the business cycle?
Recession

28. Why do governments borrow money?
To finance projects like roads and schools

29. What are the 4 principles of the US economic system?
Private property, freedom of choice, profit, competition

30. What concept deals with businesses and individuals choosing between right and wrong?
Ethics

31. Inflation can be measured using what indicator?
Consumer price index (CPI)

32. Which type of intellectual property are the McDonald’s golden arches?
Trademark

33. What is the primary incentive to become an entrepreneur?
Profit

34. A medical practice would often be set up as this type of business ownership.
Partnership

35. A recession in one industry affects related industries is known as what?
Ripple effect

36. What are the elements of a contract?
Agreement (offer/acceptance), genuine agreement, competent parties (capacity), consideration, legality

37. A measure of how well a person in a country lives is known as:
Standard of living

38. What are the four main components of a management information system (MIS)?
Gather, analyze, store data, report results

39. A tribe in the Amazon is an example of this type of economic system.
Traditionalism

40. Expertise gained over time in a certain industry gives a country which type of advantage?
Comparative

41. Which law is designed to protect the rights those individuals with disabilities?
Americans with Disabilities Act

42. What are the four common social responsibilities that businesses can address in the workplace?
Environmental protection, diversity, safety, wellness

43. What are the 4 main areas of the Gross Domestic Product (GDP)?
Individual, business, and government spending, imports and exports

44. Who does the board of directors for a corporation hire to run the business?
Chief Executive Officer (CEO)

45. Which is the most common E-commerce model?
Business-to-consumer

46. The total value of goods and services produced in a given year for a country is called:
Gross Domestic Product (GDP)

47. What are the six steps of the decision making process?

48. Which government agency is responsible for ensuring that businesses provide workers with safe work environments?
Occupational Safety and Health Administration (OSHA)

49. What are two measurements of consumer spending?
Personal income and retail sales

50. An increase in the general price level of goods and services is known as what?
Inflation

51. Name two health concerns from using technology in the workplace?
Vision problems, nerve damage, Carpal Tunnel Syndrome

52. Which type of business ownership is exempt from taxation?
Non-profit corporation

53. Attending a “how to” workshop at Home Depot would be an example of which consumer right?
Right to consumer education

54. Which type of leadership style is typically used with inexperienced employees?
Autocratic

55. Which type of partner is active in the business but unknown to the public?
Secret

56. The exchange of benefits and detriments meets the requirements of which element of a contract?
Consideration

57. What is the basic economic problem?
Limited resources/unlimited wants and needs

58. What are the two most common uses of the internet?
Email and access the web

59. What are the two categories of natural resources?
Renewable and nonrenewable

60. What is the role of a human resource manager?
Oversee the employment, development, utilization, and compensation of employees

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