-
a business that makes finished goods from raw materials by hand or machinery is referred to as a
manufacturing business
-
A business that purchases finished goods for resale is referred to as a
merchandising business
-
A particular business that provides a service as opposed to a product is referred to as a
service business
-
an individual that assumes the risks associated with a new venture start up can be referred to as a(n)
entrepreneur
-
a group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines
market
-
the main objective in a market survey is
to determine where the potential customers are
-
any capital that is invested in a business by the owner(s) can be called
equity capital
-
any credit that is extended from one business to another in order to help finance the distribution of goods from the producer is called
trade credit
-
long-term capital that is invested in a business is referred to as
fix capital
-
In a business, the # of times the average inventory is sold or used up can be referred to as
inventory turnover
-
a point in business operations whereby total sales revenue equals total costs
break-even point
-
if a prospective business owner attempts to statistically study such factors as human population size, distribution, and wealth, we would refer to this as
demographics
-
the art of making the public aware of one's products and/or services that are for sale can be referred to as
advertising
-
any effort undertaken to retain and preserve the assets and earning power of a business is called
risk management
-
factors associated with evaluating a credit risk would involve all of the following except
- setting up a credit limit
- credit application
- credit investigation
- inventory control considerations
-
in business, a reduction of selling price below the original selling price is referred to as
markdowm
-
in a business, the name, goodwill, copyrights, and patents are referred to as
intangible assets
-
in organizing a business, a legal form of organization that is authorized by a state to operate a business under a state charter is referred to as a
corporation
-
a written description of a new idea that projects marketing, operational, and financial aspects of a proposed business is known as a
new venture plan, business plan
-
a management function which compares organization and individual performance with predetermined standards or expected results is known as
evaluating, controlling
-
a line of credit that may be used over and over again up to a certain borrowing limit is called
revolving account and open-end credit
-
capital that is invested in the business by the owners is known as
equity capital and personal capital
-
the difference btwn current assets and current liabilities is
working capital and circulating capital
-
what are the functions of management
controlling and actuating
-
what is an external problem and risk of business ownership
tax burdens and human resource planning
-
what is an intangible asset
name of the business and goodwell
-
what are the advantages of a sole proprietorship
ease of starting and profit incentive
-
what are the disadvantages of a sole proprietorship
unlimited liability and limited management ability
-
what are advantages of a partnership
Efficiency of labor and combined management, talent and capital
-
what are disadvantages of a partnership
divided authority among partners and death or incapacity of one of the partners may end the partnership
-
what are advantages of a corporation
large financial capability and liability of each owner (stockholder)
-
what are disadvantages of a corporation
legal restrictions on activities and Lack of personal interest
-
what is an example of debt capital
commercial loans and venture capitalists
-
what are the advantages of extending credit
sales are increased and goodwill is built-up and easily maintained
-
legislation that guarantees disabled ppl equal access to employment, as well as access to public places, is known as
ADA
-
a governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most US employees, is known as
OSHA
-
a type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as
consumer credit
-
a form of legal organization in which a business association made up of two or more persons in form for the purpose of carrying on as co-owners is know as a
partnerships
-
one who organizes, manages, and assumes the risk of a business firm or venture is known as
an entrepreneur
-
the current asset items consisting of cash, inventories, and accounts receivables is known as
circulating capital
-
the # of times the average inventory has been sold or used up during a period is know as
inventory tuurnover
-
what is NOT a consumer buying motive
indemnity
-
a document that lists the major responsibilities and tasks of the job is known as ajob
description
-
the form of legal organization that is owned and operated by one person is the
proprietorship
-
a legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity's charter or articles of incorporation is know as a
corporation
-
the combination of two or more individual's talents and capital serves s an advantage of the legal form of ownership known as
partnership
-
a common business credit/sales term is
2/10, N30
-
rent is an example of a
fixed expense
-
what is NOT a characteristic of a small business
Actively managed by stockholders
-
the simplest and most common legal form of business ownership is
sole proprietorship
-
the statistical study of human populations with respect to their size, density, distribution composition, and income is known as
demographics
-
capital that is in the business by the owner is known as
equity capital
-
a source of debt capital would include
commercial loans
-
a plan which provides inducements to potential purchasers of products and/or services is called
sales promotions
-
a cost which is uniform per unit, but fluctuates in total, in direct proportion to change in the related total activity or volume is known as
variable expense
-
an interview whereby the applicant is asked a pre-determined set of questions is known is known as
a structured interview
-
what is an internal problem that can lead to business failure
lack of expertise
-
an external problem that can small business failure is
consumerism
-
a factor to be considered with the evaluation of a credit risk would be the
credit appliction
-
what would NOT be an insurance risk to consider
terms of the sale
-
what is NOT a way to reduce risk
take on more risks
-
what is requirement for a building layout
accessibility
-
A BFOQ is
a qualification that is absolutely neccessary
-
what is NOT a type of consumer credit
personal check
-
the type of consumer credit where the balance is paid in small monthly (fractional) payments over a period of time is
installment credit
-
when selecting employees, the applicant's appearance, poise, speech, and other characteristics may best be determined by
the employment interview
-
the difference btwn merchandise cost and the selling price is known as the
mark-up
-
what is NOT included on the employment application
application's sex
-
what is an example of a variable expense
repairs
-
the difference btwn current assets and current liabilities is
working capital
-
long term capital invested in the business is
fix capital
-
what is NOT an advantage of a corporation
legal restrictions on activies
-
what is recognized as a disadvantage of extending credit
some losses from bad debts and customers with fraudulent intentions are bond to occur
-
what has the disadvantage of no limit being place on the owner's personal liability
proprietorship
-
what is NOT used to measure the success of advertising
income trends in the community
-
what is a TRUE statement concerning consumer credit
credit customer are more interested in quality and service than price
-
a strategy available to absorb risks would be
to self-insure
-
a strategy to minimize risk would be to
have good management
-
whenever a business must pay for the merchandise before its delivery, what type of sale term would apply
CBD
-
what federal laws affecting employment concerns prohibit wage discrimination based on the sex of the worker
equal pay act of 1963
-
the wealth produced in or near a community that provides employment and income to the local population is known as the
economic base
-
the practice of trying to get something that is being sought by others under similar circumstances at the same time is known as
competition
-
what is an internal problem that can contribute to the failure of a business
financial shortage
-
on a chart which plots sales, fixed and variable costs for a given period of time, the point where the sales and the total cost line intersect is called the
break-even point
-
2/10, N/30 means
a 2% discount if invoice is paid w/i 10 days, net due in 30 days
-
what is NOT a consideration concerning the selection of suppliers
whether or not they have an acceptable accounts receivable ratio
-
what is NOT a factor which can affect the recruitment and selection of employees
the religion of the applicant
-
the principal goverment agency concerned with the financing, operation, and management of small business is the
Small business Administration
-
a written description of a new idea that projects marking, operational, and financial aspects of a proposed business is known as
a business plan
-
what is normally NOT a source of published market data
census of banking
-
what laws prohibits discrimination against any qualified individual with a disability
americans with disabilities act
-
what acts outlaws discrimination in employment based on race, color, religion, sex, pregnancy or natural origin
civil rights act
-
the quantity to be purchased which minimizes total cost is referred to as the
economic order quantity
-
business interruption insurance covers
lost income
-
life insurance that protects a firm against losses due to the death of a key employee is know as
key person insurance
-
the association of business firms that promotes ethical conduct by all business firms in a community is known as the
better business breau
-
an association of business ppl who attempt to protect and promote the commercial interests in a community is known as the
chamber of commerce
-
a management function which compares organizational and individual performance with predetermined standards or expected results is
controlling
-
what refers to those activities which encourage subordinates to work toward the achievement of the company's goals
directing
-
selling a business's accounts receivable for cash to a third party is referred to as
factoring
|
|
