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Principles of Business Final Exam
Terms in this set (50)
Which of the following is an economic need?
What is the first step in the decision-making process?
define the problem
What is the final step of the decision-making process?
review your decision
In the U.S. you can own anything you want and decide what you want to do with it, as long as it does not violate the law. This describes the principle of...
the right of private property
The rivalry among business to sell their goods and services is known as...
Which of the following scenarios will probably causes prices to drop?
Many companies begin producing a product in relatively high demand.
GDP measures a country's economic output during...
If wages increase faster gains in productivity, prices will rise. Why?
Because the cost of producing goods increases.
In the early 1890s, the average employee in the United States worked about how many hours per week?
Which of the following is not a characteristic of a depression?
high demand for goods and services
if GDP growth slows for at least ________ quarter(s) in a calendar year, the economy is probably in a recession.
is most harmful to people living on fixed incomes
Suppose wages are going up faster than prices. What is the most likely effect?
Unemployment will worsen because businesses will tend to hire fewer workers.
The major influence on the level of interest rates is...
the supply and demand for money
The difference between a country's total exports and total imports is called the...
balance of trade
The difference between the amount of money that comes into a country and the amount that goes out of it is called the ....
balance of payments
A limit that a government places on the quantity of a product that may be exported or imported during a given period is called a..
Which of the following is NOT a goal of the World Trade Organization?
Strengthening import quotas
Which question should you NOT ask yourself when considering the ethics of a business situation?
Can I get away with this action?
In the United Sates, police and fire protection is usually provided by...
the local government
Valid, enforceable contracts must contain consideration, which is defined as...
something of measurable value that must be exchanged by the parties involved.
Antitrust laws protect consumers from all of the following EXPECT...
products becoming out-of-date too quickly
About how many American workers are public employees?
Which of the following type of business is NOT a producer?
Which major category of business is the faster-growing in the U.S. economy
A written legal document defining ownership and operating procedures and conditions for a corporation is called the ....
articles of incorporation
The people who make the major policy and financial decisions for a corporation are called the ....
board of directors
A unique business organized by two or more other businesses to operate for a limited time and for a specific project is called a ....
A precise statement of results a business expects to achieve is a ....
The above is an example of
Trexel Company does not seem to provide an adquate
unity of command
come from all age categories and educational backgrounds
Small business owners
usually get direct information from their customers about what they like and dislike
Small businesses have an advantage over big businesses when customers
want more individual attetion
If you start a new businesses, you need information about
all of the above
Short term financing is obtained for a period of less than...
The staffing management function
includes all of the activities involved in obtaining and compensating employees
Sally has worked at TrueCom Corporation for eight years. Part of her duties involve hiring and training new employees. But she is not a manager. Which of the following is the most likely reason why she is not considered part of management?
Sally is not responsible for the work of other employees and does not have authority over those employees
A group of employees meet every day at lunch to chat about what's going on in the office. This is an example of
Which of the following one of the service-producing industries?
All of the following are part of the planning and staffing function of human resources activities EXPECT
Businesses are required by law to provide all of the following benefits EXPECT
Formal negotiation between unions and management resolve issues through
Which of the following is the FIRST step in the career planning process?
The process of talking to other people about their jobs is called
Which of the following best describes locational unemployment?
Many computer programming jobs, Fargo, North Dakota, go unfilled because few qualified programmers live in or want to move to Fargo.
A natural, inborn aptitude to do certain things is called a(n)
Which of the following would NOT be placed in the Personal Information section of a resume?
When posting your resume online or sending it by email,
use a very simple format
Within _____ after a job interview, you should write a letter thanking the employer for speaking with you.
a day or so
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