exam

Question 1

Installment credit

Answer 1

Loans paid back in equal payments (car loan)

Question 2

Revolving credit

Answer 2

A credit that comes with a predetermined limit (credit card)

Question 3

Open credit

Answer 3

full payment for each period (phone plan)

Question 4

Outputs

Answer 4

Represents what the business produces

Question 5

Business tort

Answer 5

Wrongful acts that hurt a business

Question 6

Economic want

Answer 6

Costs money

Question 7

Non-economic want

Answer 7

Doesn’t cost money

Question 8

Copyright

Answer 8

Gives owner exclusive rights

Question 9

Disparagement

Answer 9

Criticism/ Unkind remarks about someone

Question 10

Copyright infringement

Answer 10

When someone uses a work protected under copyright without permission

Question 11

Patent

Answer 11

Protects new inventions/creations

Question 12

Trademark

Answer 12

Protects brands, logos and slogans

Question 13

Mission statement

Answer 13

Definition of the companies business

Question 14

Financial forecast

Answer 14

Past, present and future financial conditions

Question 15

Human resources regulations

Answer 15

Set of rules to ensure consistency with employees

Question 16

Compensation

Answer 16

What is earned by employees

Question 17

SWOT analysis

Answer 17

Analyze strengths, weaknesses, opportunities, and threats

Question 18

Competitive analysis

Answer 18

Compare yourself to the competition

Question 19

Wholesaler

Answer 19

A person that sells goods in large quantities at low prices, works closely with retailers

Question 20

Industrial distributor

Answer 20

A wholesaler who works closer with the manufacturer

Question 21

Oligopoly

Answer 21

A market where the market is dominated by 2 - 5 companies

Question 22

Capital resources

Answer 22

A human made resource that aids in the production of a good/service

Question 23

Achievement orientation

Answer 23

Having the drive and passion to achieve goals and be successful

Question 24

Sales quota

Answer 24

A measurable goal sellers are expected to hit within a certain period of time

Question 25

Functional organizational structure

Answer 25

A team structure that puts employees into departments based on their specific levels of expertise

Question 26

Venture ideas

Answer 26

The idea/concept of a business

Question 27

Angel investor

Answer 27

Invest in the early stages of a startup to gain ownership equity

Question 28

Venture capitalist

Answer 28

They form limited partnerships to invest in the middle stages (after they've already started gaining revenu) of a startup

Question 29

Lead time

Answer 29

The time it takes a supplier to have the good ready for delivery.

Question 30

Tax liability

Answer 30

Money owed to tax authorities (government)

Question 31

Networking

Answer 31

Interacting with other to exchange information and professional/social contacts

Question 32

Utility services

Answer 32

Basic servies a building needs to function properly (heat, water,

Question 33

Trade secrets

Answer 33

A practice or process of a company that is not known outside the company

Question 34

Limited liability company

Answer 34

Its members are not personally liable for the companies debts

Question 35

Corporate tax

Answer 35

Tax imposed on the income of corporations.

Question 36

Executive summary

Answer 36

Summarizes a larger business report

Question 37

Zoning laws

Answer 37

Regulations that control how land and property can be used in a specific area

Question 38

Dimensions of diversity

Answer 38

Primary: Something you're born with (Race, Gender, Ethnicity, Sexual orientation) Secondary: Based on life experiences (Work experiences, Education, Marital Status, etc) Tertiary: How we think/approach problems (Political affiliation, Seniority)

Question 39

BATNA

Answer 39

Best Alternative To a Negotiated Agreement (an alternative someone can pursue if a negotiation falls through)

Question 40

Walk away point

Answer 40

The minimum value/outcome a negotiator is willing to accept

Question 41

Operating procedures

Answer 41

A set of instructions that outline how to perform a task safely and consistently

Question 42

Channel members

Answer 42

Middle members that help move products from producers to consumers

Question 43

Formal business report

Answer 43

Presents research data to help make decisions and improve performance

Question 44

Market share

Answer 44

Percentage of a market's total sales/revenue

Question 45

Marginal product

Answer 45

Change in output (additional output created as result of additional input

Question 46

Marginal revenu

Answer 46

Revenue, a business earns by selling an additional unit of its product

Question 47

Price fixing

Answer 47

An agreement among competitors to change pricing overall

Question 48

Economic sanctions

Answer 48

Commercial/financial penalties

Question 49

Tech monopoly

Answer 49

A company has control over technology that is difficult for competitors to reciprocate

Question 50

Vertical analysis

Answer 50

Represents amounts as percentages of a base figure

Question 51

Horizantal analysis

Answer 51

Represents changes over years or periods

Question 52

Fundamental analysis

Answer 52

Evaluating the value of an asset and predicting factors that could change it's price in the future

Question 53

Financial statement

Answer 53

Shows a companies financial status

Question 54

Supply chain management

Answer 54

The process of coordinating the flow of goods, data and finances

Question 55

Rebute

Answer 55

To argue that a statement or claim is not true

Question 56

Sweepstakes

Answer 56

A contest (lottery)

Question 57

Current Asset

Answer 57

Assets to be converted to cash within a year

Question 58

Point for sale promotion

Answer 58

Marketing strategies that take place at the point of purchase to increase sales

Question 59

Jury of executive opinion

Answer 59

High level executives/experts get together to predict the future of a company

Question 60

High breadth