An entrepreneur:

Entrepreneurs enjoy guaranteed job security because no one can fire them

The financial resources needed to operate a business may also be known as capital.

Buying a franchise offers a less risky way to begin a business than starting an entirely new firm.

There is very little the government can do to encourage entrepreneurship.

Which of the following statements is true of management?

Which of the following is a characteristic of strategic planning?

Which of the following planning activities involves business continuation and public communication?

A CEO is developing a written explanation of her organization's business intentions and aims. She is in the process of developing a(n):

A frequently used tool that helps assess a firm's current position in the marketplace is called a(n):

Programmed decisions include simple things that occur regularly, such as reordering office supplies.

A manager must demonstrate leadership, which is the ability to direct or inspire people to attain certain goals.

Autocratic leaders make decisions after consulting their employees.

A market economy relies on centralized government to control all or most of the factors of production.

Which of the following management functions is most likely to be responsible for planning for staffing needs, recruiting and hiring workers, determining compensation and benefits, and overseeing employee separation?

The total volume of the world trade is immense -- more than:

In a partially planned system such as ___________________________, the government owns and operates selected major industries.

When the quantity demanded is greater than the quantity supplied a surplus may occur.

Which of the following industries is a good example of perfect competition:

Also known as the "Big Mac" test, _________________________________ gives us an idea of what people can actually buy with the financial resources allocated to them by their respective economic systems.

Collusion may be defined as using confidential information to gain from the purchase or sale of stocks.

If a firm is taking the highest degree of social responsibility, it is taking a ___________________________ stance.

If one partner dies or leaves, the original partnership remains intact. Like corporations, partnerships have continuity.

In which stage of the product life cycle do competitors enter the field with the same or similar products?

The _______________________ was created to promote trade through financial cooperation and in the process eliminate barriers.

The right to ____________________ is the most basic freedom under the private entererprise system.

The foundation of an ethical environment is ethical awareness, and a Code of Conduct provides a good step in this direction.

Core inflation rate is the inflation rate of an economy after _______________ and _______________prices are removed.

Boeing sells jetliners in Asia. The jets would be considered a(n) ____________________ in the United States.

Taxes, surcharges or duties on foreign products are referred to as:

Which of the following shapes a company's business ethics?

Macroeconomics is the study of small economic units such as households and individual businesses.

Which of the following imposes a total ban on importing a specified product?

____________________________typically slope downward, meaning that lower prices for a good or service attract larger purchases.

What is business?

Business responsibilities to the general public include:

_____________________ is described as an economic situation characterized by soaring prices.

Which of the following traits are needed by today's business managers?

Why are the four factors of production important?

Which of the following is true of inflation?

The _____________________. signed after WWII, substantially reduced worldwide tariffs and other trade barriers.

A country has a(n)__________________________in making a product for which it can maintain a monopoly or that it can produce at a lower cost than any competitor.

Why is fair competition important in the private enterprise system?

During which era was consumer orientation developed?

Businesses must first rely on ____________________to maintain an ethical organization.

A planned economy relies on central government to control most factors of production.

A market economy does not allow individual producers to control production.

Demand is the willingness and ability of buyers to purchase a product, a good, or a service, and supply is the willingness and ability of producers to offer a good or service for sale.

Gross national product (GDP) can be defined as the total value of all goods and services produced within a given period by a national economy.

Small businesses are an important source of new jobs.

In construction, small businesses usually can't compete because of the expense of specialized equipment needed to handle local jobs.

All of the following may be considered advantages of sole proprietorships, except:

A corporation may be defined as an artificial being, invisible, intangible, and existing only in the contemplation of the law

All of the following may be considered advantages of corporations, except:

A sole proprietor has unlimited liability which means he or she is not personally liable for all debts incurred by the business.

The person who is considered the father of modern capitalism and wrote, "The Wealth of Nations" is:

The natural tendency for all thing to go toward disorganization is know as:

_________________________ is the difference between a business’s revenues and its expenses.

A _______________________ market economy has characteristics of both planned and market economies.

The price set by the intersection of the supply and demand curve is the _________________ price.

A prolonged and deep recession is also known as a depression.

  

In a general partnership, all of the partners have the ability to actively manage or control the business, and they don't have any limit on their personal responsibility for the debts or negligence of the business. In a limited partnership, a partner does not have the authority to run the business and the most a limited partner can lose is their investment in the business.

The shift toward a more integrated and interdependent world economy describes:

The __________________________________ plans and executes sales and marketing plans, monitors all sales activity, and is responsible for the company’s growth.

A __________________ manager makes decisions on his/her own without consulting employees. They are “boss centered.”

The managerial function of guiding and motivating employees, for example training, scheduling, delegating, and monitoring may be termed:

When shares of a corporation are publicly issued, the firm becomes publicly held or a public corporation.

Endowments refer to the extent to which a country is gifted with such resources as land, labor, and capital.

Employees in a business often take their cues concerning ethical decisions from upper management.

Let's say I'm from the United States and I'm visiting China. The exchange rate is 1 Chinese Yuan = 0.14 US dollars. If I want to buy a shirt that costs 1000 Chinese yuan. How many US dollars will I have to exchange?

A __________________________ occurs when two firms combine to form a new company.

__________________________ is a system in which the government owns and operates all factors of production.