Intro To Business Midterm Study Guide Part 2

Term
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Which of the following is probably the LEAST important factor in becoming an entrepreneur?
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Terms in this set (37)
Which of the following is probably the LEAST important factor in becoming an entrepreneur?
living in a major U.S. city
The paying of checks among different banks in different cities is called
clearing
The right to make decisions about how responsibilities should be achieved is called
authority
The most known and used type of mass promotion is
advertising
You can store valuables at a bank by purchasing the use of a
safe-deposit box
Product costs + operating expenses + profit=
selling price
People born between 1946 and 1964 are generally referred to as
baby boomers
In a communication path, the person or organization that has information to communicate to another person or organization is called the
sender
A personal check for which a bank has guaranteed payment is called a
certified check
The most successful small business owners
establish good working relationships with professionals such as bankers, lawyers, and accountants
When you use a debit card in a store or restaurant,2 answers... You sign a receipt, similar to when you use a credit card You are asked to provide your PIN, similar to when you use a cash machineLocation is important to small retail businesses because3 answers... most retailers need good customer traffic to survive. many potential customers will stay away if the business is not easy to find. customers generally do not want to travel long distances to find what they need.Personal selling is usually doneface-to-face with each customerWhich of the following would typically NOT be specified in a partnership agreement?the number of hours per week the business will operateA written legal document defining ownership and operating procedures and conditions for a corporation is called thearticles of incorporationThe combined use of tactical and strategic management 15 known asmixed managementThe FDIC insures all accounts in the same name at each bank up to an amount of$100,000Which of the following would NOT be discussed in the operations plan section of a business plan?sales forecastsAbout what percentage of U.S. businesses employ 100 or more workers?1 percentServices are intangible. This means thatthey have no physical formThe way a manager treats and involves employees 1s calledmanagement styleScrubbles laundry detergent has been on the market for years. The manufacturer of Scrubbles recently added a new ingredient to give the detergent extra cleaning power. This is an example of animprovementThis type of money order is typically issued by travel agencies, supermarkets, pharmacies, and convenience storesexpress money orderAlexi is looking for a new bank. He is most concerned with finding a bank that offers 24-hour banking services. He is most concemed withconvenienceIf you start a new business, you need information aboutCompetitors, government regulations, customersOf the MAJOR forms business ownership in the U.S., which is the LEAST common?partnershipThe first step in the consumer decision-making process is torecognize a needYou use a____card for ATM transactions.debitA major advantage of a functional organizational structure is thatpeople work with others who have the same skillsSources of job satisfaction includerecognition from supervisors for a job well doneWhich of the following is a direct channel of distribution?Farmer Jane grows tomatoes and sells them to customers at a roadside stand next to her farmThe members of Kimberly's work unit support her because they like her and believe she has the best interests of her employees in mind. This is an example ofidentity influenceWhat are the four elements of a marketing mix?product, distribution, price, and promotionJohn, a customer service manager, has sent a memo to Brianne, one of his employees. This is an example ofvertical communicationIn the United States, about how many women own their own businesses?6 millionA unique business organized by two or more other businesses to operate for a limited time and for a specific project is called ajoint ventureIf everybody had an unlimited supply of economic resources, which of the following would not exist?scarcity