Principles of Business Midterm Review

Which is a formatting characteristic of a full-block business letter?

Which is available to all people around the world who have access to a computer that has connectivity?

What type of software program would a business use to analyze its operating expenses and level of sales?

Which is usually the quickest way that businesses can obtain information about unknown potential new vendors that are located in other parts of the country?

When e-mailing large files or documents to coworkers or customers, a businessperson sends them:

Which type of software program would an employee use to prepare a form letter informing the company's clients of a change in product pricing?

Which allows a computer to search and access information on the Internet?

Monitors, keyboards, and hard drives are examples of computer:

Businesses often use word-processing computer software to produce:

After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?

Which is an internal factor that might influence a business owner's decision making?

Mark, who owns a small home-appliance store, is in the process of placing an order for 12 refrigerators, 8 stoves, and 4 portable dishwashers. Mark is purchasing the refrigerators for $674.98 each, the stoves for $493.22 each, and the portable dishwashers for $284.83 each. What is the total cost of the stoves that Mark is purchasing?

What is one of the most important components of the production process?

Which is a example of a short-term objective?

A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?

Which group of words best describes wants?

A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:

The desire for which item(s) would be considered a non-economic want?

Which is an external factor that affects market price?

Which is an example of an economic service?

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:

Which is a natural resource that can be renewed through people's efforts?

When prices increase, producers usually:

Equilibrium price of a good or service is determined by trial and error and exists when:

Which situations would cause prices to rise?

Which is a reason that natural resources are considered limited?

Which occurs when the supply of individuals who are able and willing to work diminishes?

A local dry cleaner that also launders and presses shirts is selling:

Who decides how goods and services will be marketed in a private enterprise economic system?

What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?

For a business, income remaining after payment of expenses is:

A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?

Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?

The basic role of the United States government is to:

In a private enterprise economic system, the interaction of supply and demand primarily determines:

Which is a problem associated with communist command economies?

In business terms, what is profit?

A major characteristic of a market economy is which type of ownership of property

Which is a factor that affects the business environment?

A U.S. company would decide to offer its products in other countries as a reason to:

A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?

The two main divisions of the trade industry are:

Which is an example of ethical business behavior?

Which affects the business environment because it provides the most options for consumers?

Business ethics involve considering issues about what is:

Which situation would most likely indicate the need to adapt to changes in the business environment?

Which is an example of an economic factor that affects the business environment?

Which factor has aided the most in creating a global business environment?

Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:

One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:

A small-business owner whose business is a sole proprietorship is planning to “go global.” What method for going global would be best to recommend to the small-business owner?

Businesses that successfully adapt to current market situations often realize that:

The government can borrow money from the private sector in order to pay the costs of regulation by:

One reason that has caused the government's role in business to expand is that:

The productivity of an individual worker can be measured by:

If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?

The formula that is generally used to measure productivity is:

A characteristic of a sole proprietorship is that the owner:

The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?

A type of business ownership in which one or more of the owners does not have full liability is called a: