Shared Flashcard Set

Details

Final Exam Reveiw
POBF High School Exam Review
101
Business
9th Grade
01/03/2013

Additional Business Flashcards

 


 

Cards

Term

 

          The Federal Reserve System serves member banks by accepting their deposits, lending individuals money, clearing checks and providing other services.

 

Definition

 

 

False

Term
All banks belong to the Federal Reserve System.
Definition

 

 

False

Term
Outstanding checks are those written for over $100.
Definition

 

 

False

Term

     

The first step in marketing research is to develop

a data collection procedure.

 

Definition

 

 

False

Term

When consumers increase their borrowing, interest rates

tend to decline.

Definition

 

 

False

Term

 

    The NC Ports Authority located

    in Wilmington is an example of a

free-trade zone.

 

Definition

 

 

True

Term
Some goods would cost more and possibly be unavailable is a disadvantage for widely importing goods.
Definition

 

 

True

Term
The Cuban cigar is an example of a good that is being embargoed.
Definition

 

 

True

Term

 

        Global or multinational companies operate in several countries.

 

Definition

 

 

True

Term
An advantage of a sole proprietorship is that you have limited capital.
Definition

 

 

 

False

Term
A shareholder has one vote per share.
Definition

 

 

True

Term
An informal trade barrier is created by government actions.
Definition

 

 

False

Term
Jack is skeptical about allowing other people to keep his money. He will use a local check-cashing outlet to cash his checks and file his income tax. This is an example of which type of financial institution?
Definition

 

 

Non-depository

Term
RBC Centura Bank invests over $1 million dollars for Todd. Which type of services of financial institutions is being provided?
Definition

 

 

 

Trust management

Term
Micky’s  Appliance Store accepts checks that banks draw on its own funds. This is an example of which type of payment services?
Definition

 

Cashier’s check

Term

          Tami projected from where funds would come to operate her business until a profit is

made. This is an example of what kind

of financial planning?

Definition

 

Start-up

Term

BP Gas Station offers a combo meal for $3.29

         at its locations within five miles of fast food restaurants. Which step of the marketing strategy have they performed?

 

Definition

 

Create a marketing mix

Term
Linda searched the Internet for reviews on a new cosmetic product. This is an example of which type of consumer information source?
Definition

 

Media

Term
Joe wanted specific advice on a new bike, so he visited a local bike shop. This is an example of which type of store?
Definition

 

Specialty Retailer

Term
The financial institution most likely to charge the highest rate for a loan would be a:
Definition

 

bank

Term

 

           If deposit insurance is most important to you when selecting a financial institution, you are most concerned with:

 

Definition

 

safety

Term
What type of checking account usually requires the highest balance to be kept on deposit?
Definition
an interest-earning account
Term
The first document that must be completed when opening a checking account is the:
Definition

 

signature card

Term

A personal check with

guaranteed payment is a

Definition

 

certified check

Term
A fee that a bank charges for handling a checking account is:
Definition

 

service charge

Term
All of the following are elements of a check EXCEPT:
Definition

 

Check Register

Term
Mary, a marketing research manager, is fortunate to have secured an advertising budget of $30,000. This is an example of which marketing function?
Definition

 

Financing

Term
Which is an EXAMPLE of personalized promotion?
Definition
Mary test drove several SUV’s at the Infiniti dealership.
Term
The two steps in a marketing strategy are:
Definition
Identifying a target market and developing a marketing mix.
Term
Which of the following is an example of a rational buying motive?
Definition

 

Economy

Term
When businesses specialize in producing a specific type of product, a channel of distribution will be needed to adjust differences in
Definition

 

assortment

Term
Depression is BEST defined as:
Definition
A phase in the business cycle that is marked by an extended period of high unemployment, a decline in the sales of goods and services, and business failures.
Term
The business cycle is BEST defined as:
Definition
Movement of an economy from one condition to another.
Term
A phase in the business cycle that is marked by an extended period of high unemployment, a decline in the sales of goods and services, and business failures is called:
Definition

 

Depression

Term
Businesses that change natural materials [raw goods] into a more finished form for manufacturers to process further are called:
Definition

 

Processors

Term
Changes in the average prices of goods and services purchased by consumers over a period of time are shown in:
Definition

 

Consumer Price Index

Term
Paper mills, oil refineries, steel mills and flour mills are examples of what type of business?
Definition

 

Processors

Term
A business that sells directly to the consumer is called a:
Definition

 

Retailer

Term
Which is NOT an example of a processor?
Definition

 

Prosperity

Term

          

           Which is NOT an example of a processor?

Definition

 

Furniture store

Term
The initiative to combine natural, human and capital resources to produce goods or services is an example of what kind of resources?
Definition
Entrepreneurial
Term
A person who purchases and uses goods and services is called a:
Definition



Consumer

Term
The greatest proportion of consumer income is spent on:
Definition


Shelter

Term
People who contribute physical and mental energy to the production process are called:
Definition



human resources

Term
An economy in which people do things the way they have always been done is called:
Definition



traditionalism

Term
Susan set a goal to make a 95 on her accounting exam.  What kind of goal is this?
Definition


short-term

Term
Desirable beliefs and principles are called:
Definition
values
Term
Eddie’s Bakery makes cakes as well as other baked goods. Which economic question does this address?
Definition


what to produce?

Term
The state department collects monthly reports of total sales from all newspaper companies in North Carolina.  This information would be useful for which measurement of economic activities?
Definition


consumer spending

Term
A report about the economy reveals a decreasing unemployment rate, consumer buying of goods and services is increasing significantly, and the GDP is rising.  Which business cycle does this report cover?
Definition


recovery

Term
Which of the following would an economist most likely classify as a need?
Definition


gasoline

Term
An example of a natural resource is:
Definition


sunlight

Term
John has two hours before having to go to his part-time job.  He is deciding between studying for a math exam and taking a nap.  If John chooses to take a nap, the opportunity cost of his decision is
Definition
the score he will earn on the math exam
Term
Which of the following addresses the economic question of how to produce?
Definition
requiring individuals to work in a particular career
Term

In     which of the following economic systems is the government’s role most limited?

Definition
market
Term
The primary reason business owners make investments and take risks is to
Definition
make a profit
Term
A system in which resources are owned and controlled by the government.
Definition
command economy
Term

Equity refers to

 

Definition
ownership in a company or other asset
Term
Which of the following would most likely cause a budget surplus for government?
Definition
lower spending
Term
Government spends more than it takes in is known as:
Definition
budget deficit
Term
An example of foreign currency would be:
Definition
Euro
Term
Having 4 major airports is an example of which comparative factor?
Definition
Geography
Term
A diverse and skilled workforce in the areas of financial services, information technology, and education is an example of which factor?
Definition
Economics
Term

NC has several sports venues such as football, hockey, basketball and baseball teams, this is an example of which factor?

Definition
Culture
Term

Company A produces 8 cars per worker per year.

 

Which of the companies listed below has an absolute advantage?

Definition
Hyundai produces 15 cars per worker per year.
Term

 

                                Which country below has a  

       comparative advantage to Company A who produces 75 units of beef per worker per hour?

 

 

 

Definition
Company B
Term

All of the following are possible

advantages for importing goods EXCEPT:

Definition

 

the goods imported from other countries might cost local jobs.

 

Term

John who lives in the US traveled to

 Russia and spent $2,400.

Barishnakovsky who lives in Russia travels to the US and spends $5,300.

 

Which is a true statement above the above scenario?

Definition
balance of payment is favorable for the US
Term

         If France received more money for its goods and

           services than it paid out, this is an example of which

f            actor that influences international currency exchange?

Definition
balance of payments
Term

Iran raised the prices of imported oil in

order to increase the trade of their own

oil in their nation.  This is an example of

which international trade barrier?

 

Definition
tariffs
Term

 

An organization provides Thailand funds

 to rebuild its transportation network. .

 This action is an example of which

international trade organization?

 

Definition
World Bank
Term
All of the following are the main international trade organizations EXCEPT:
Definition
Bank of America
Term

 

       All of the following are the main entry  

modes for businesses to enter the

 global marketplace EXCEPT:

 

Definition

                                                   copyright    infringement

Term
Joan made sure all employees were careful while they were filling the new display case.  This is an example of which function of management?
Definition
Implementing
Term
Becky solicited input from Pat, who is one of her employees, about components for a new marketing campaign.  This is an example of which style of management?
Definition
Stragetic
Term

George stated precisely the content

 required for the upcoming marketing

campaign to his employees. 

Definition
autocratic
Term

Donna processes at least 30 applications

 a day that are faxed, mailed, or emailed.  Which

 human resources manager activity does she perform?

 

Definition
recruiting and hiring
Term

 

The John A. Roebling Sons Co. produced the

cable specifically for the Golden Gate Bridge

located in San Francisco.  Which type of

manufacturing procedure was performed?

 

Definition
custom manufacturing
Term

Which is an EXAMPLE of product development?

 

Definition

studying new designs for an

interior of an automobile

Term

John purchased twenty new bar stools

for his restaurant.  This is an example

of which type of business operation?

Definition
facilities management
Term
The manager of Bennie’s Community Store buys products that will be sold to local customers from an online distribution company.  This is an example of what type of technology application?
Definition
e-commerce
Term
Donna processed reports on her computer that will allow her to determine which employees make the top salaries.  This is an example of what type of technology application?
Definition
management information system
Term

Amy had her computer station adjusted so that

she would be comfortable while completing

challenging tasks for long periods of time.  This is an

example of what type of concern for using technology?

Definition
health
Term

 

An investment company offers yoga and other

similar activities at its work site during lunch.  Which

social responsiblity is this company addressing?

 

Definition
employee wellness
Term
Which is an example of practicing business ethics?  Auto Mart Inc.
Definition
provided a remedy for protected parts
Term
Marie agreed to buy 10 dresses from a local warehouse.  The warehouse owner only delivered nine dresses, but insisted that Marie pay for 10.  Which protection does Marie need?
Definition
contract enforcement
Term
McCracken Heating Oil Company makes sure that it remains within regulated price range for its product.  Which government regulation is being addressed?
Definition
promotion of fair competition
Term

 

The state department collects monthly reports of

total sales from all newspaper companies in

North Carolina.  This

information would be useful for which

measurement of economic activities?

 

Definition
consumer spending
Term

 

Iran raised the prices of imported oil in order to

increase the trade of their own oil in their nation.  This is

 an example of which international trade barrier?

 

 

 

Definition
tariffs
Term
Many countries have obtained the rights to sell music and collectibles of entertainers.  This is an example of which global marketplace main entry mode?
Definition
licensing
Term
A company sold 500 shares of stock and still relies on a central body of people for financial directions.  This is an example of what type of business?
Definition
corporation
Term
Joe invested $500,000 into his sole proprietorship.  He lost a $1 million lawsuit and does not have any liability insurance.  As a result of the lawsuit, how much will he have to pay?
Definition
$1,000,000
Term
Wendy is free of obligation of a role in her business and is an unknown partner, but she collects some of the profits each month.  This is an example of what type of partner?
Definition
dormant
Term

 

Mary works alone in her catering business and

enjoys scheduling her daily routine.  She is

experiencing which advantage of a sole

proprietorship over a corporation?

 

Definition
owner control of decisions
Term

International Trade Organizations assist multinational

companies with global trading.  The areas of

assistance provided are in regulation,

economics, and finance.  The main organizations are:

 

Definition
walmart
Term
In the scenario above, the $10,000 from her grandmother is
Definition
Source of investment
Term
Which of the following would not be included in GDP?
Definition
dinner prepartation for your family
Term
Productivity would likely increase as a result of:
Definition
expanded production technnology
Term
Which of the following would be an example of international business?
Definition
a sales staff in South Carolina representing a foreign producer.
Term

              When a country’s imports exceed its exports, this is a trade

 

Definition
deficit
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