Business Final

  1. The internet is a good arena for entrepreneurs to sell products and services
  2. a checklist is a good way to organize your thinking when you begin planning your own business
  3. you should be able to prepare a good business plan in about an hour
  4. most businesses in the United States are small businesses
  5. as you business expands, you can change the form of ownership
  6. if you own more than half the stock of a corporation, you get to keep all the profits
  7. stockholders own the corporation
  8. only large corporations need a management plan
  9. banks play an important role in managing money and controlling and stimulating the economy
  10. one of the primary services banks provide is storing money for customers in bank accounts
  11. if you want to buy a new vehicle, you should try to get a loan from a mortgage company
  12. the money you deposit in a bank makes it possible for the bank to lend money to other customers
  13. you can use the same strategy to market a skateboard that you can use to market diamond earrings
  14. to successfully market a product, a company has to understand what people want to buy and why they want to buy it
  15. a new product is introduced before it is test marketed
  16. teenagers are an example of a target market
  17. marketers have to figure out what price to charge for a product so the company makes a profit
  18. the average person sees thousands of ads each week
  19. pop-up ads are a form of internet advertising
  20. local television stations are more expensive to adertise on than national networks
  21. the cost of internet advertising is based on the size and format of ads
  22. to run a business successfully, you must be able to put together a financial plan, budget, and keep track of your income and expenses
  23. one of the responsibilities of a financial manager is to find additional sources of funds
  24. a cash budget tells you how much money your business will need over the long run
  25. your financial records are confidential so you don't have to show them to banks or investors
  26. prices for many items change during different times of the year
  27. you should buy only brand name products
  28. department stores have better prices than most discount stores
  29. the most expensive item is always the best
  30. loss leaders don't make money, but the low prices bring in customers so they'll buy other things
  31. consumers have no special legal rights
  32. according to consumer laws, loan companies must clearly list interest rates
  33. the federal govt has the authority to keep businesses competative so consumers have a wide variety of goods and services to choose from
  34. different stores might charge different prices for the same item
  35. if you wash a sweater differently than what the label says and it gets ruined, you can sue the manufacturer
  36. advertising is not a good source of consumer information
  37. you can't go to small claims court without a lawyer
  38. COMSUMER REPORTS doesn't allow businesses to use its findings in advertising
  39. the better business bureau can recommend to you which local businesses are the best
  40. when you buy on credit, you have to pay interest
  41. the federal govt uses credit to pay form many of the services ad programs it provides to its citizens
  42. items cost less when you buy them on credit
  43. you shoud never use credit in an emergency
  44. a credit bureau has the right to collect credit information on you
  45. if youalready have a large amount of debt,creditors will be unlikely to give you more credit`
  46. you should never make more than the minimum payment on a credit card
  47. bank credit cards, such as VISA cna be used as a source of cash loans
  48. lenders aren't legally required to tell you how much it costs you to finance a loan
  49. to protect consumers, both the federal and state govts control and regulate the credit industry
  50. you can be denied credit on the basis of gender, age, ethnicity, or religion
  51. if you are denied credit, you will receice a written states listing the reasons why
  52. people can't legally obtain your credit report when you apply for additional credit, a job, or insurance
  53. collection agents can use almost any method they choose to collect overdue bills
  54. when you buy stock, you are buying part of a partnership
  55. ifa compnay fails, common stockholders are paid before preferred stockholders
  56. stocks can only be bought and sold on the stock exchange
  57. blue-chip stocks are safer than speculative stocks
  58. stocks are very liquid because they can easily be sold to turn into cash
  59. as a member of society, you are both a consumer and a producer
  60. a job and a career are the same thing
  61. taxes are used to pay for things like roads, parks national defense, and public schools
  62. corporations are owned by the stockholders
  63. to start a business on the internet, you must be at least 21 years old
  64. banks, credit unions, and brokerage firms are types of financial institutions
  65. the owners of you apartment building are responsible for your personal possessions in case of theft or fire
  66. what is someone like Jeff Bezo's who started called?
  67. which part of a business is the owner responsible for?
  68. which of the following is not a reason small businesses fail?
    working too hard
  69. what is a written description of a new business venture that describes all aspects of the business?
    business plan
  70. a corporation is controlled by this
    board of directors
  71. the american red cross is an example of which type of business?
    nonprofit organization
  72. if you wanted to buy a new home, which type of loan would you want?
    mortgage loan
  73. which is a good place to store you valuables?
    safety deposit box
  74. which are nonprofit banks set up by organizations for their members to use
    credit unions
  75. which is a financial institution that provides protection against things life fire and theft?
    insurance company
  76. what is a business knowing what its customers wants and needs called?
    the marketing concept
  77. which function of marketing involves moving goods from one place to the end user?
  78. which is not part of the marketing mix?
  79. which step in developing a new product is used to introduce the product
  80. which of the followng sells goods directly to the customer
  81. which is the most effective means of advertising
    broadcast media
  82. which is the most common form of outdoor advertising?
  83. which is an advantage of radio advertising
    reaches people on the move
  84. what are internet ads that appear for a few seconds called?
    pop-up ads
  85. which medium has an advantage over other media because it combines sounds, images, and motion?
  86. which of the following helps you predict how much money you'll need and how to control your spending?
  87. what is a one year accounting period called
    fiscal year
  88. cash, equiptment, buildings, supplies, inventory, and land are all examples of this
  89. which is a report of net income or net loss over an accounting period?
    income statement
  90. what is the report of the financial state of your business on a cerain date called
    balance sheet
  91. this is a person who selects, purchases, uses, and disposes of goods and services.
  92. this is a good time to save money on buying a new computer or car
    shortly before the new models are released
  93. which gives you a special buy on a new product?
    promotional sale
  94. foot locker and ace hardware are examples of these specialty stores
    limited-line retailers
  95. this leads to buying things you don't need and can ruin your budget
    impulse buying
  96. this is not a consumer right
    the right to a discount
  97. listing minerals and vitamins in vitamin pills is an expample of this consumer right
    the right to be informed
  98. a store that claims it's out of and advertised item and tries to get you to buy a more expensive one is doing this
    bait and switch
  99. a nutrition label can tell you this
    how much fat a product contains
  100. which is collecting products for prcessing so they can be used again called?
  101. which of the following is the nation's oldest nonprofit consumer group, that provides govt, businesses, and other agencies with the consumer's point of view?
    National Consumers League
  102. you can receive consumer publications from govt agencies by contacting this group in Pueblo, Colorado
    Consumer Information Center
  103. what is is called when the National Highway Traffic Safety Administration orders automakers to take back and repair or replace cars with defective parts?
  104. to prevent people from practicing occupations they're not qualified to do, states issue these legal permits to conduct business
  105. which of the following refers to an agreement to get money, goods, or services now in exchange for a promise to pay in the future?
  106. this is a type of credit used by people for personal reasons
    consumer credit
  107. which refers to a short term and medium term credit offered by dealers or stores?
    charge accounts
  108. this type of credit card can only be used at the business that issued it
    single-purpose card
  109. which refers to a 15 to 30 year installment loan, which is usually for a house?
  110. this is one of the first things a creditor considers before lending you money
    capacity to pay
  111. creditors will often increase this if you pay you bills regularly
    credit limit
  112. which is a loan backed by collateral
    secured loan
  113. this is the total amount it costs for a loan, including interest fees
    finance charge
  114. what is it called whn youcorrow money on a credit card rather than use it to make a purchase
    cash advance
  115. this requires that information about all costs of borrowing be given to the borrower by the creditor
    truth-in-lending disclosure
  116. this is not a reason for credit to be denied
  117. which gives you the right to know the info in ur credit file at the credit bureau
    fair credit reporting act
  118. this requires creditors to correct billing mistakes brought to their attention
    fair credit billing act
  119. which of the following refers to the person or business that has the job of collecting overdue bills
    collection agent
  120. which of the following refers to how easily one's assets can be turned into cash
  121. which of the following is the primary form of ownership in a corporation
    common stock
  122. this is the place where most stocks are bought and sold
    stock exchange
  123. this is a way an investor can invest in the stock market without buying stocks in a specific corporation
    mutual fund
  124. which of the following refers to buying and selling stock based on minute by minute changes in the price of the stock
    day trading
  125. which refers to a general increase in the cost of goods and services
  126. this type of business organization gives authority to a number of managers to run their own departments
  127. antitrust laws protect this
    business competition
  128. which of the following refers to the amount of money a company has to make on a product to pay for its costs
    break-even point
  129. you can protect your personal information on the internet with one of these
  130. you should alway include one of these with your resume
    cover letter
  131. U.S. companies spend about $135 billion a year on this to convince you to buy their products
  132. to refuse to buy a company's products because you object to the company's environmental or employment policies is called this
  133. this government organization enforces law about business practices
    Federal Trade Commission
  134. which of the following refer to a roadmap for using your money
  135. this is a strict set of guidelines for behavior in the workplace used by a business or profession
    code of ethics
Card Set
Business Final
Study guide for final exam 2010