First Terms

Question 0

A field that combines marketing information management with cluster service. The goal is to create relationships with costumers through personal communications.

Answer 0

Coustmer relationship management

Question 1

The economic term for limited resources

Answer 1

Scarcity

Question 2

Uses data to make management decisions

Answer 2

Information management

Question 3

The government is not involved in business and the economic decision are made by individuals and companies

Answer 3

Market economy

Question 4

Another terms for a market economy, characterized by an individuals right to:
Private property
Freedom of choice
Profit
Competition

Answer 4

Private enterprise

Question 5

A legal entity that is owned by several people (stockholders) that have limited liability.

Answer 5

Corproation

Question 6

A type if ownership where each limited partner is only liable for debt up to the amount they have invested in the business

Answer 6

Limited partnership

Question 7

The amount of money made after costs and expenses have been covered

Answer 7

Profit

Question 8

Also known as factors of production, include all the items that are used to produce goods and services

Answer 8

Economic resources

Question 9

The costs not directly related to the production or selling of goods

Answer 9

Overhead costs

Question 10

Refer to the concept of adding value to a product through form, place, time, possession and information

Answer 10

Economic utilities

Question 11

An introduction and overview of the information contained in a written plan

Answer 11

Executive summary

Question 12

Is a field where a person provides the necessary skills, time and money to start a new business venture

Answer 12

Entrepreneurship

Question 13

Intangible items of monetary value. Examples include: haircut, shoe shine, or house cleaning

Answer 13

economic services

Question 14

The owner of the parent company that grants the rights to use their manner and products

Answer 14

Franchisor

Question 15

Refers to the potential that a business takes for loss or failure

Answer 15

Risk

Question 16

The Occupational Safety and Health Administration is a government body that provides and enforces safety guidelines for the workplace

Answer 16

Occupational Safety and Health Administration (OSHA)

Question 17

Adherence to moral and ethical principals; soundness of moral character; honesty.

Answer 17

Integrity

Question 18

A way to manage the employees of a business. Human resource Managers keep records on hiring/ firing, training, evaluation and discipline of employees.

Answer 18

Human resource management

Question 19

The belief that the customer is the most important priority of the business.

Answer 19

Customer service mindset

Question 20

A way for business people to meet others that are in business and build a list of contacts that can be used for future reference or projects.

Answer 20

Networking

Question 21

People who create, start and manage new businesses

Answer 21

Entrepreneur

Question 22

A form of communication without using words, can include:
Eye contact
Posture
Gestures
Facial expressions
Movement

Answer 22

Nonverbal Cues

Question 23

Values and principles that guide decisions

Answer 23

Ethics

Question 24

Means doing what needs to be done without having to be prompted by others

Answer 24

Initiative

Question 25

include money,buildings, or equipment that is used to run a business

Answer 25

Capital resources

Question 26

Includes all the resources of people that work

Answer 26

Labor resources

Question 27

Includes all the resources that are from the land sea or air. These are all considered raw materials

Answer 27

Land resources

Question 28

The owner of a franchise

Answer 28

Franchisee

Question 29

Occurs when prices rise. Low inflation is characteristic of a stable economy

Answer 29

Inflation

Question 30

Business expenses that change based in the number of units that are produced are known as variable expenses.

Answer 30

Variable expenses

Question 31

Marketing is the process of planning, pricing, promoting, selling and distributing products that will satisfy the needs of customers and ensure a profit for the business

Answer 31

Marketing

Question 32

Factors of production, also known as resources, include land, labor, capital and entrepreneurship.

Answer 32

Factors of production