Business Economics Quiz

A statement describing a company's long-term goals (typically 5-10 years).

A statement defining a company's purpose, business, and goals.

The exchange of goods and services.

Tangible products that can be touched, seen, felt or consumed.

The fundamental ideas and methods related to business operation.

The income generated by selling goods or services.

Expenses a company incurs in producing and selling goods or services.

The amount of money left over after all costs are subtracted from revenue.

When a company's costs are greater than its revenues.

Anyone with an interest in a company's success, including employees, customers, and investors.

Someone who owns stock in a company and is primarily interested in dividends and the company's financial performance.

The set of rules, policies, and procedures a government uses for production, resource allocation, and distribution within an economy.

The study of how societies use their scarce resources to produce and distribute goods and services

An economic system that combines elements of capitalism and communism, where both the private sector and the government play significant roles in the economy.

An economic system where individuals and businesses mostly own and control the factors of production; the American version involves government intervention to stabilize the economy.

Government action is taken to stimulate growth or redistribute wealth, such as social programs.

A large-scale, catastrophic, and unforeseen event affecting the economy, like the convergence of Brexit and COVID-19.

The choices individuals make about spending, saving, and investing money, influencing their personal economy.

The study of the overall economy, including how the state of the economy affects businesses and people.

Personal financial decisions, like spending, saving, and investing.

A country's political environment, including government activity and oversight, influences business operations. MNEs consider its stability and regulations.

Laws and rules set by government agencies that affect businesses, including competition, wages, the environment, and more.

Regulations that restrict or limit ownership of businesses by foreign entities.

Taxes imposed on goods imported into a country.

Uncontrollable variables in the business environment, including age, gender, race, location, etc., influencing market selection and workforce composition.

The study of people's vital statistics, including age, gender, race, ethnicity, and location.

The approval process by the Food and Drug Administration for new medications, including testing and clinical trials.

The process of registering with the Securities and Exchange Commission (SEC) before issuing stock to the public.

Uncertainties and challenges in a foreign market due to political instability, legal issues affecting the business, and government regulations.

Focus on fairness and integrity in all business dealings, especially regarding gender inequality, sexual harassment, and other social issues.

Applying scientific and engineering knowledge to fix business problems improving processes, productivity, and efficiency.

The amount of goods and services a worker can create.

The aim to make profits through providing needed / wanted products and services.

The level of available goods and services.

The overall happiness and well-being of a society, beyond quantity of goods or services available.

Storing and accessing data without needing physical computers or servers.

Using tablets and smartphones for business communication.

Using technology to automate repetitive tasks.

Business failure in a sole proprietorship can lead to the loss of personal assets of the owner.

A business structure protecting individual partners from the liabilities of other partners' actions.

Disagreements among partners regarding business operations, staffing, roles, and expansion plans.

Fair profit distribution when all partners contribute equally in time, skills, and finances.

Difficult profit distribution when partner contributions vary in time, skills, and finances, requiring a fair formula.

The process of ending a partnership, involving valuation of shares and potentially finding a buyer or restructuring if a partner exits or dies.

A document outlining the terms of a partnership, including profit sharing, responsibilities, and dissolution procedures, analogous to a marital contract.

Misconduct or negligence by a professional, notably in law or medicine, leading to negative consequences for clients.