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Study sets matching "principles of business"

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Study sets matching "principles of business"

13 terms
Principles of Business
Scarcity
Controlled Economy
Free Economy
Mixed Economy
the result of unlimited wants and needs combined with limited…
an economic system where the government attempts to own and c…
an economic system in which resources are owned by individual…
an economic system in which some goods and services are provi…
Scarcity
the result of unlimited wants and needs combined with limited…
Controlled Economy
an economic system where the government attempts to own and c…
12 terms
Principles of Business
Consumer
Needs
Wants
Products
Someone who uses goods or services.
Things that are necessary for survival.
Are not necessary for survival but add pleasure
physical goods or services
Consumer
Someone who uses goods or services.
Needs
Things that are necessary for survival.
85 terms
Principles of Business Unit 1
wants
needs
competition
goods
things we wish we could have that usually add to the comforts…
things required for survival; food, clothing, shelter
the battle between businesses for consumers that purchase sim…
a product that can be physically weighed and measured; tangible
wants
things we wish we could have that usually add to the comforts…
needs
things required for survival; food, clothing, shelter
40 terms
Principles of Business, Chapter 12
Accounts payable record
Accounts receivable record
Asset record
Assets
a financial document that identifies the companies from which…
a financial document that identifies customers that made purc…
a financial document used to name the buildings and equipment…
what a company owns; anything of value owned by a business.
Accounts payable record
a financial document that identifies the companies from which…
Accounts receivable record
a financial document that identifies customers that made purc…
62 terms
Principles of Business Semester Review
Imports
Exports
Balance of trade
Exchange rate
goods and service one country buys from another country
goods and services one country sells to another country
the difference in value between how much a country imports an…
the price at which the currency of one country can buy the cu…
Imports
goods and service one country buys from another country
Exports
goods and services one country sells to another country
12 terms
Principles of Business, Chapter 3
Balance of payments
Balance of trade
Embargo
Exchange rate
the difference between the amount of money that comes into a…
the difference between a country's total exports and total im…
an action imposed by the government to stop the export or imp…
the value of a currency in one country compared with the valu…
Balance of payments
the difference between the amount of money that comes into a…
Balance of trade
the difference between a country's total exports and total im…
34 terms
Principles of Business, Chapter 5
Accountability
Articles of incorporation
Authority
Baby boomers
taking responsibility for the results achieved.
a written legal document that defines ownership and operating…
the right to make decisions about how responsibilities should…
people born between 1946 and 1964.
Accountability
taking responsibility for the results achieved.
Articles of incorporation
a written legal document that defines ownership and operating…
14 terms
Principles of Business- Chapter 5
Articles of Incorporation
Contingent Worker
Corporation
Franchise
a written legal document that defines ownership and operating…
one who has no explicit or implicit contract for long-term em…
a separate legal entity formed by documents filed with a stat…
the company that owns the product or service and grants the r…
Articles of Incorporation
a written legal document that defines ownership and operating…
Contingent Worker
one who has no explicit or implicit contract for long-term em…
28 terms
Principles of business 2.0
Top- Management
Supervisors
Mid- Management
Tactical
Company executive
First level of management
Specialize in a specific area of the business
Directed and controlling style of management
Top- Management
Company executive
Supervisors
First level of management
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
34 terms
Principles of Business, Chapter 7
Controlling
Core values
Ethical business practices
Ethics
determines to what extent the business is accomplishing the g…
the important principles that guide decisions and actions in…
practices that ensure the appropriate standards of conduct ar…
principles of morality or rules of conduct.
Controlling
determines to what extent the business is accomplishing the g…
Core values
the important principles that guide decisions and actions in…
34 terms
Principles of Business, Chapter 5
Accountability
Articles of incorporation
Authority
Baby boomers
taking responsibility for the results achieved.
a written legal document that defines ownership and operating…
the right to make decisions about how responsibilities should…
people born between 1946 and 1964.
Accountability
taking responsibility for the results achieved.
Articles of incorporation
a written legal document that defines ownership and operating…
69 terms
MIDTERM Principles of Business
Even though a company may sell shares…
Jim solicited feedback from Jack who i…
Tami opened an auto body shop after re…
Timmy regularly meets with employees t…
Corporation
Strategic
Ease of formation
Managing and performance of employee
Even though a company may sell shares…
Corporation
Jim solicited feedback from Jack who i…
Strategic
19 terms
Principles of Business, Chapter 2
Budget deficit
Budget surplus
Business cycle
Deflation
a financial situation that occurs when a government spends mo…
a financial situation that occurs when a government spends le…
the movement of the economy from one condition to another and…
a decrease in the general level of prices.
Budget deficit
a financial situation that occurs when a government spends mo…
Budget surplus
a financial situation that occurs when a government spends le…
29 terms
Principles of Business, Chapter 2
Bond
Budget deficit
Budget surplus
Business cycle
a certificate representing a promise to pay a definite amount…
a financial situation that occurs when a government spends mo…
a financial situation that occurs when a government spends le…
the movement of the economy from one condition to another and…
Bond
a certificate representing a promise to pay a definite amount…
Budget deficit
a financial situation that occurs when a government spends mo…
30 terms
Relovely Principles of Business 3.1
wants
needs
career
goods
things we wish we could have that usually add to the comforts…
things required for survival; food, clothing, shelter
a series of progressively more responsible jobs in one field…
a product that can be physically weighed and measured; tangible
wants
things we wish we could have that usually add to the comforts…
needs
things required for survival; food, clothing, shelter
17 terms
Principles of Business, Chapter 6
Business plan
Entrepreneur
Entrepreneurship
Improvement
a written description of the business idea and how it will be…
someone who takes a risk in starting a business to earn a pro…
the process of starting, organizing, managing, and assuming t…
a designed change that increases the usefulness of a product,…
Business plan
a written description of the business idea and how it will be…
Entrepreneur
someone who takes a risk in starting a business to earn a pro…
34 terms
Principles of Business, Chapter 10
Controlling
Core values
Ethical business practices
Ethics
determines to what extent the business is accomplishing the g…
the important principles that guide decisions and actions in…
practices that ensure the appropriate standards of conduct ar…
principles of morality or rules of conduct.
Controlling
determines to what extent the business is accomplishing the g…
Core values
the important principles that guide decisions and actions in…
34 terms
Principles of Business, Chapter 13
Agricultural products
Applied research
Benchmark
Cloud computing
crops and animals raised by farmers.
marketing research that studies existing products to develop…
the best practices among all competitors.
using soft ware, resources, and work files that are maintaine…
Agricultural products
crops and animals raised by farmers.
Applied research
marketing research that studies existing products to develop…
29 terms
Principles of Business, Chapter 2
Bond
Budget deficit
Budget surplus
Business cycle
a certificate representing a promise to pay a definite amount…
a financial situation that occurs when a government spends mo…
a financial situation that occurs when a government spends le…
the movement of the economy from one condition to another and…
Bond
a certificate representing a promise to pay a definite amount…
Budget deficit
a financial situation that occurs when a government spends mo…
32 terms
Principles of Business, Chapter 3
Absolute advantage
Balance of payments
Balance of trade
Common market
a situation where a country can produce a good or service at…
the difference between the amount of money that comes into a…
the difference between a country's total exports and total im…
a market in which members do away with duties and other trade…
Absolute advantage
a situation where a country can produce a good or service at…
Balance of payments
the difference between the amount of money that comes into a…
21 terms
Principles of Business - Chapter 16
Sales tax
Excise tax
Real estate property tax
Personal property tax
A state or local tax on goods and services that is collected…
A tax imposed on specific goods and services; built in to the…
Tax based on immovable property - land and structures that ar…
Tax based on the value of personal property such as boats, ca…
Sales tax
A state or local tax on goods and services that is collected…
Excise tax
A tax imposed on specific goods and services; built in to the…
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
26 terms
principles of business
revenue
Expenses
budget
start-up budget
income, for a company
the cost required for something;
an estimate of income
A start-up budget is an itemized list of income and expenses…
revenue
income, for a company
Expenses
the cost required for something;
17 terms
Principles of Business, Chapter 6
Business plan
Entrepreneur
Entrepreneurship
Improvement
a written description of the business idea and how it will be…
someone who takes a risk in starting a business to earn a pro…
the process of starting, organizing, managing, and assuming t…
a designed change that increases the usefulness of a product,…
Business plan
a written description of the business idea and how it will be…
Entrepreneur
someone who takes a risk in starting a business to earn a pro…
15 terms
Principles of Business
Unique
visual merchandising
bank notes
target audience
a characteristic that is good for an advertisement
encompasses all the elements merchandisers use to project a s…
issued by the FED and intended to circulate as money
a particular group of people
Unique
a characteristic that is good for an advertisement
visual merchandising
encompasses all the elements merchandisers use to project a s…
28 terms
Principles of Business, Chapter 9
Ability
Application form
Behavioral interviewing
Career
the quality of being able to perform a mental or physical task.
a document used by employers that asks for information relate…
an interview that evaluates an applicant's on-the-job potenti…
a goal for work that is fulfilled through an occupation or se…
Ability
the quality of being able to perform a mental or physical task.
Application form
a document used by employers that asks for information relate…
18 terms
Principles of Business - Chapter 17
Federal Reserve System
Commercial bank
Credit Union
Blank endorsement
Created by the federal government to supervise and regulate m…
Provide services such as accepting deposits, making business…
A user owned, not-for-profit financial institution. They serv…
only has the endorser's name
Federal Reserve System
Created by the federal government to supervise and regulate m…
Commercial bank
Provide services such as accepting deposits, making business…
13 terms
Principles of Business, Chapter 4
Antitrust laws
Business ethics
Code of ethics
Conflict of interest
laws that prevent monopolies and promote competition and fair…
rules about how businesses and their employees ought to behave.
a set of rules for guiding the action of employees or members…
a situation in which an action by a company or individual res…
Antitrust laws
laws that prevent monopolies and promote competition and fair…
Business ethics
rules about how businesses and their employees ought to behave.
25 terms
Principles of Business, Chapter 5
Articles of incorporation
Board of directors
Corporate bylaws
Corporation
a written legal document filed with the state to establish a…
the people who make the major policy and financial decisions…
the operating procedures for shareholders, directors and offi…
owned by one or more shareholders and managed by a board of d…
Articles of incorporation
a written legal document filed with the state to establish a…
Board of directors
the people who make the major policy and financial decisions…
26 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Command economy
Competition
needs and wants are unlimited but resources are limited.
products, money and tools needed to produce goods and services.
an economy in which resources are owned and controlled by the…
the rivalry among businesses to sell their goods and services.
Basic economic problem
needs and wants are unlimited but resources are limited.
Capital resources
products, money and tools needed to produce goods and services.
36 terms
Principles of Business
an individual who undertakes an owners…
the study the decisions or choices tha…
people can choose what products to buy…
Market Economy
Entrepreneur
Economics
Free Enterprise System (FES)
Another name for FES
an individual who undertakes an owners…
Entrepreneur
the study the decisions or choices tha…
Economics
23 terms
Principles of Business, Chapter 4
Antitrust laws
Business ethics
Civil case
Code of ethics
laws that prevent monopolies and promote competition and fair…
rules about how businesses and their employees ought to behave.
a legal action in which a plaintiff asks the court to take ac…
a set of rules for guiding the action of employees or members…
Antitrust laws
laws that prevent monopolies and promote competition and fair…
Business ethics
rules about how businesses and their employees ought to behave.
10 terms
Principles - Forms of Business Ownership
Corporation
Franchise
Intermediary
Limited liability
A business owned by stockholders who share in its profits but…
a business established or operated under an authorization to…
A person or company that acts as a link between the producer…
the liability of a firm's owners for no more than the capital…
Corporation
A business owned by stockholders who share in its profits but…
Franchise
a business established or operated under an authorization to…
56 terms
principles of business
wants
services
entrepreneur
scarcity
things that add comfort and pleasure to your life
activities provided for the satisfaction of others and consum…
the risk taker who uses resources in a new way to create a ne…
not having enough resources to satisfy every need
wants
things that add comfort and pleasure to your life
services
activities provided for the satisfaction of others and consum…
11 terms
Principles of Business - Chapter 6
Business Plan
Entrepreneur
Entrepreneurship
Improvement
A written description of the business idea and how it will be…
Someone who takes a risk in starting a business to earn a pro…
The process of starting, organizing, managing, and assuming t…
A designed change that increases the usefulness of a product,…
Business Plan
A written description of the business idea and how it will be…
Entrepreneur
Someone who takes a risk in starting a business to earn a pro…
51 terms
Principles of Business
Customer needs
Target Market and Marketing Mix
Target Market
Product, Place, Promotion, and Price
The Marketing Concept uses ________________ as the primary fo…
The 2 steps of the marketing mix
A specific group of consumers at which a product or service i…
4P's
Customer needs
The Marketing Concept uses ________________ as the primary fo…
Target Market and Marketing Mix
The 2 steps of the marketing mix
32 terms
Principles of Business, Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
32 terms
Principles of Business - Chapter 12
basic financial equation
assets
liabilities
owners equity
Revenue - Expenses = Profit/Loss
Anything of value that a business OWNS.
Amounts that a business OWES.
This is what the business is worth.
basic financial equation
Revenue - Expenses = Profit/Loss
assets
Anything of value that a business OWNS.
35 terms
Principles of Business, Chapter 5
Accountability
Articles of incorporation
Authority
Baby boomers
taking responsibility for the results achieved.
a written legal document that defines ownership and operating…
the right to make decisions about how responsibilities should…
people born between 1946 and 1964.
Accountability
taking responsibility for the results achieved.
Articles of incorporation
a written legal document that defines ownership and operating…
24 terms
Principles of Business
Economic growth
GDP does not include
GDP Measures a country's output
Labor Force
refers to a steady increase in the production of goods and se…
the value of the work you do for yourself
one year
People above age 16 who are actively working or seeking work
Economic growth
refers to a steady increase in the production of goods and se…
GDP does not include
the value of the work you do for yourself
23 terms
Principles of Business
False
True
False
True
things that are required in order to live are known as wants
goods and services are purchased by businesses as well as ind…
buildings, equipment, and supplies are examples of natural re…
all economic resources have a limited supply
False
things that are required in order to live are known as wants
True
goods and services are purchased by businesses as well as ind…
30 terms
Principles of business
Capital resouces
Command economy
Competitors
Consumer
Goods and money used in the production of goods and services
Economics system in which the government owns resources and d…
Business that offer the same goods and services
Buys and uses the products
Capital resouces
Goods and money used in the production of goods and services
Command economy
Economics system in which the government owns resources and d…
32 terms
Principles of Business, Chapter 3
Absolute advantage
Balance of payments
Balance of trade
Common market
a situation where a country can produce a good or service at…
the difference between the amount of money that comes into a…
the difference between a country's total exports and total im…
a market in which members do away with duties and other trade…
Absolute advantage
a situation where a country can produce a good or service at…
Balance of payments
the difference between the amount of money that comes into a…
Business Principles
Profit Margins
Royalties
Perpetuity
Patent
It measures how much out of every dollar of sales a company a…
payments made by one person to another for the right to ongoi…
payments made forever
legal ownership of a product design, intellectual property
Profit Margins
It measures how much out of every dollar of sales a company a…
Royalties
payments made by one person to another for the right to ongoi…
Principles of business
Total receives less the total checks w…
Systems for keeping accounting records…
Most large businesses prefer to have o…
Outsourcing occurs when an outside fir…
True
True
False
True
Total receives less the total checks w…
True
Systems for keeping accounting records…
True
16 terms
Principles of Business
Revenue
Expenses
Budget
Start-up budget
income, especially when of a company or organization and of a…
the cost required for something; the money spent on something.
an estimate of income and expenditure for a set period of time.
is an itemized list of income and expenses for a new business…
Revenue
income, especially when of a company or organization and of a…
Expenses
the cost required for something; the money spent on something.
Principles of business
In the past manager had a little autho…
Managers were able to earn your respec…
Leaders can be effective without that…
Relations are important for managers b…
False
True
False
True
In the past manager had a little autho…
False
Managers were able to earn your respec…
True
61 terms
principles/business
entrepreneur
Business
Small business
Marketing
A person who organizes and operates business
A person's regular occupation, professing
independently owned operation company that is limited
the action or business of promotion and selling
entrepreneur
A person who organizes and operates business
Business
A person's regular occupation, professing
14 terms
Principles of business
Services
Economy
Commodity
Specialization
Work that is done for another person for assistance for benefit
A system that a locates scarce goods by deciding what should…
Raw materials that is traded for example coco pods chocolate…
When a company assigns different parts of a manufacturing pro…
Services
Work that is done for another person for assistance for benefit
Economy
A system that a locates scarce goods by deciding what should…
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