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Business Leadership Exam Review tLatest Update 2024 $11.59   Add to cart

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Business Leadership Exam Review tLatest Update 2024

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Business Leadership Exam Review the term for all the activities involved in developing and exchanging products business the customer of a service is often called a client anything that is bought or sold is called a product customers who purchase goods and services for their own u...

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  • April 17, 2024
  • 19
  • 2023/2024
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Business Leadership Exam Review
the term for all the activities involved in developing and exchanging products
business


the customer of a service is often called a
client


anything that is bought or sold is called a
product


customers who purchase goods and services for their own use are called
consumers


____ utility is added when a business changes the form of a good or a service to make it more useful
form


a ___ is anywhere buyers and sellers can meet to buy and sell goods and services
market


the difference between the income earned and the expenses incurred by a business during a specific
period of time is called _____
profit


a science that examines how goods and services are produced, sold and used is called ____
economics


a ____ economy is one in which economic decisions are based on society's values, culture, and
customs
traditional


the law of ____ says that the price of a product is determined by the relationship of the supply of the
product and the demand for the product
supply and demand


____ is the market value of all final products produces in a country during a specific time period
GDP; gross domestic product


the four components of GDP are consumer spending, business investment, government spending and
____
net exports


the ___- rate is the rate of change in prices calculated on a monthly or yearly basis
inflation

,____ is the general decline in prices throughout the economy
deflation


the ____ represents the cost of a loan and is expressed as a percent of the amount borrowed
interest rate


____ competition is a competitive advantage based on factors other than price
nonprice


the activities involved in buying and selling goods on a large scale is ____
commerce


the total money circulating at any one time in a country is the ____
money supply


fiscal policy is the tax spending decisions made by the president and _____
congress


when two or more businesses work together to remove their competition, set prices, and control
distribution is called ____
collusion


a ___ is a legal binding agreement between two or more people or businesses
contract


a(n) ____ is a proposal to provide a good or a service
offer


something of value promised in a contract is called ___
consideration


___ means that a person is legally able to enter into a binding agreement
capacity


promoting the welfare of others is called
philanthropy


a(n) ____ is a contract to rent something
lease


when one or more parties do not follow the agreed terms of a contract without have a legitimate
reason ___ occurs
breach of contract

, a(n) ___ contract lists the products or the services provided by a business and the price a customer
pays in exchange
sales and service


principles that help define appropriate behavior in a business setting are ____
business ethics


a ____ is a document the dictates how businesses should be conducted
code of ethics


a(n) ___ business is an organization that generates revenue
for-profit business


a(n) ____ exists to serve some public purpose
not-for-profit organizations


___are businesses that use supplies from other producers to make products
manufacturers


a business that purchases large quantities of products directly from producers and sells the products
in smaller quantities to retailers is a _____
wholesaler


in a private enterprise system, ______ directly provide consumers with products that meet their
needs and wants
retailers


a ____ is the simplest and most common form of a business ownership
proprietorship


a ___ is an association of two or more persons who co-own a business with objective of earning a
profit
partnership


the numeric system is used to classify businesses and collect and economic statistics is called the ____
( NAICS) North american industry classification system


the ___ is a group of individuals who make a high level management decisions for a corporation and
establish company policies
collective


a share of ownership in a corporation is called a ____
stock

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