Business 101 Finale

  1. ______ Study how people use resources to produce and distribute goods and services for consumption among competing groups and individuals.
  2. Brain drain is
  3. The reason why many socialist countries have experience brain drain is
    workers tend to have to work longer hours and recieve fewer benefits under socialism.
  4. This typer of government believes that the government should always stirve to balance its budget, while socialism accepts deficit spending as the price of achieving true equality.
  5. Today, the economic systems of most nations could most accurately be classified as:

    D. Mixed economies.
  6. The position a firm takes on issues that affect the corporation as well as society is known as its:

    B. Corporate Policy
  7. Corporate___ encompasses various issues such as setting minority hiring practices, manufacturing safe products, and minimizing pollution.

    D. Responsibility
  8. Debts owned by a business:

    A. Liabilities
  9. The three key financial statements of a business are the:
    • A. Balance sheet
    • B. Income statement
    • C. Statement of Cash Flows
  10. A firm's ____ reports the profit/ loss for the firm over a specified time period.

    C. Income statement
  11. The World Bank provides funding for:

    C. Less Developed nations
  12. The ____ definition of money supply only includes money that is quickly and easily accessed.

    B. M-1
  13. Which of the following is included in the M-2 definistion of the money supply?

    D. Savings
  14. Unlimited Liability Means:
    When you own your own business, you are responsible for all the business debts.
  15. A partner who invests money in a business, but does not take an active role in management or assume unlimited liability for the firm's losses is known as a(an):

    D. Limited Partner
  16. Comparted to sole proprietorship, which of the following is considered an advantage of a general partnership?

    B. Ability to pool financial resources.
Card Set
Business 101 Finale
Business 101 Finale