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Exam 1: Introduction

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Question 31

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An electronic storage file where information is kept is called a (n)__________.

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Question 32

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A law to protect workers as a part of the legal environment affecting business:

A) Equal Pay Act
B) Sherman Anti-Trust Law
C) Uniform Commercial Code
D) Common laws

E) B) and C)
F) None of the above

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Question 33

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__________ means producing goods using the least amount of resources.

__________ played a significant role in farming as it increased efficiency and reduced the number of laborers.

Microenterprises are typically:

Norman is a salesperson for Bi-Rite.He really appreciates the amount of freedom and authority Bi-Rite gives its sales people in order to better meet the needs of customers.Norman's experience suggests that Bi-Rite practices:

Government can do a lot to lessen the risk of starting a business including:

Which one of the following practices of the government does NOT encourage business development?

Global competition has affected the future employment and income level of businesses.

Service industry businesses produce:

__________ is the amount of money a business earns above and beyond what it pays out for salaries and other expenses.

__________ is the quality and quantity of products available to people and how these goods are distributed over the population.

__________ is the reduction of barriers to trade,such as elimination of tariffs on goods brought into another country.

Effectiveness means producing goods and services using the least amount of resources.

The B2B Internet market consists of selling goods and services to customers.

A(n)___________ is a person,partnership,or corporation that seeks to provide goods and services to others at a profit.

Standard of living refers to the amount of goods and services people can buy with the money they have.

__________ refers to the amount of output you generate given the amount of input.

Productivity is the amount of output you generate given the amount of input such as hours worked.

Businesses that provide service are said to be in the service sector of the community.