Term
| 1. What is a difference between consumers and customers? |
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Definition
| Customers purchase goods and services. |
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Term
| 2. What do wants and needs have in common? |
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Definition
| Both needs and wants are things people use. |
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Term
| 3. What is a difference between wants and needs? |
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Definition
| Needs are necessary for survival, wants are nice to have. |
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Term
| 4. Which information should be protected when online? |
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Definition
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Term
5. Plumbing, heating/air conditioning repair, accounting services,
and lawn care are all considered what type of businesses? |
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Definition
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Term
6. Most car dealerships, beauty salons, and home improvement
stores are classified as which type of business? |
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Definition
| Combination product and service |
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Term
7. Clothing stores, CD stores, and electronics stores are all
classified as which type of business? |
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Definition
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Term
8. Barber shops, dry cleaners, and car repair shops are all
classified as which type of business? |
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Definition
| Combination product and service |
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Term
| 9. What is an advantage of a franchise over a sole proprietorship? |
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Definition
| Parent company provides training and support to franchisee. |
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Term
| 10. How are a franchise and a sole proprietorship alike? |
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Definition
| Easy to start the business |
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Term
| 11. How is a corporation different from a sole proprietorship and a partnership? |
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Definition
| Corporations provide limited owner liability. |
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Term
| 12. Collecting money from customers, paying taxes, and processing payroll checks are all classified as which type of function? |
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Definition
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Term
13. Promoting, distributing, and pricing products are all classified
as which type of function? |
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Definition
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Term
14. Ensuring that the organization meets goals, and working with
employees to accomplish organizational goals are both
classified as which type of function? |
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Definition
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Term
| 15. What is one difference between a bookkeeper and an accountant? |
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Definition
| Accountants need more education than bookkeepers. |
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Term
| 16. What is one difference between an investment counselor and a stock broker? |
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Definition
| Investment counselors recommend all types of investments for clients. |
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Term
| 17. What is one difference between an accountant and an auditor? |
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Definition
Auditors access the accuracy of the firm's financial
statements. |
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Term
| 18. What is one difference between a computer programmer and a software designer? |
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Definition
| A computer programmer writes the code for a computer program. |
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Term
| 19. The nature of work for a help desk technician would usually include: |
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Definition
| Answering telephone calls |
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Term
| 20. Fay is a programmer who plans and manages the development of business applications at her company. What is her profession? |
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Definition
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Term
| 21. Jerry promotes concerts, hockey games, and basketball games for the arenas in the area. How is Jerry career classified? |
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Definition
| Sports and entertainment marketing |
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Term
| 22. Suzanne is a clothing designer and follows the trends in the clothing world. How is her career classified? |
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Definition
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Term
| 23. Michael uses the telephone to call people to promote the products for his company. This is an example of which marketing career? |
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Definition
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Term
24. College presidents, school superintendents, and school principals are all classified as which business management
career? |
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Definition
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Term
25. Hospital CEO, nursing home manager, and medical clinic
manager are all classified as which business management
career? |
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Definition
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Term
| 26. Managing reservations, banquets, and housekeeping are examples of duties for which business management career? |
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Definition
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Term
| 27. What do a mixed economy and a market economy have in common? |
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Definition
| Competition in the marketplace |
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Term
| 28. What is an ADVANTAGE of a market economy compared with a traditional economy? |
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Definition
| In a market economy, innovation and competition in the marketplace are encouraged. |
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Term
| 29. What is a DISADVANTAGE of a market economy compared with a command economy? |
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Definition
| Market economies create a huge gap between the wealthy and the poor. |
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Term
| 30. According to the Supply and Demand chart below, when the demand is 400, what is the price suppliers will charge? |
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Definition
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Term
| 31. According to the Supply and Demand chart below, at what demand does the equilibrium price occur? |
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Definition
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Term
| 32. According to the Supply and Demand chart below, if the supply price is $2, what is the demand quantity? |
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Definition
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Term
| 33. How does e-commerce impact the U.S. economy? |
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Definition
| Businesses compete with businesses all over the world. |
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Term
| 34. How does e-commerce impact the U.S. economy? |
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Definition
| Businesses can sell and deliver goods more easily. |
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Term
| 35. How does e-commerce impact the U.S. economy? |
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Definition
| Consumers expect product availability 24-7. |
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Term
36. Which personal characteristic of successful entrepreneurs
reflects that successful entrepreneurs believe in themselves? |
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Definition
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Term
38. Which personal characteristic of successful entrepreneurs
reflects that successful entrepreneurs develop a plan of action
and make decisions to help achieve that plan? |
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Definition
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Term
41. What is an example of an activity that is performed during the
actualization phase of the entrepreneurial process? |
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Definition
| Hold a clearance sale to reduce inventory |
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Term
42. What would cause a new business to be fined a penalty from
the federal government? |
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Definition
| Failure to pay taxes for the new business |
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Term
43. What could cause a new business to not be able to keep up
with the demands for its new service? |
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Definition
| Shortage of trained employees |
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Term
44. What could cause a new business to have very few sales
during its first year? |
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Definition
| Lack of a good advertising campaign |
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Term
45. Jonathan is the personnel manager for a small firm. He must
communicate with candidates who have expressed an interest in working in his firm. Which form of business communication should he use? |
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Definition
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Term
46. Emma is the office manager for a large firm. She must
communicate the new official mail room procedure with all
the employees in the office. Which form of business
communication should she use? |
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Definition
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Term
47. Maria is working from home as she recovers from recent
surgery. She wants to briefly and quickly remind her
employees to submit their time sheets before the end of the
pay period. Which form of business communication should
she use? |
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Definition
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Term
48. A co-worker, Stacy, also runs a small business in her home.
Several times a month she collects paper clips, post-it-notes,
and other office supplies from the office to take to her home
business. What action that Stacy could take represents an ethical decision? |
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Definition
| Stop taking the office supplies home for any reason |
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Term
49. When Claire used the copier, she found a $10 bill under the
edge of the copier. Which action by Claire represents an ethical decision? |
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Definition
| Give the money to the boss to try to find the owner |
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Term
50. Ross is an employee in Helga's office. Ross forgot his login
and password. Helga knows that a coworker, Jamie, is out
of the office. Helga is tempted to give Ross her own login
and password and to use Jamie's for herself. Which action
represents an ethical decision? |
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Definition
| Do not sign Ross in; he needs his own login and password |
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