Economic and Business Terms Quiz

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Questions and Answers

What does profligacy refer to in a business context?

Excessive or wasteful spending (correct)

Efficient resource allocation

Frugal management practices

Conservative spending habits

Which term is used to describe the highest point or peak of something?

Intractable

Combustible

Bureaucracy

Apex (correct)

What best describes incompetence in a workplace setting?

Lack of ability or skill to perform tasks effectively (correct)

Expertise in a specific area

Strong leadership capabilities

Ability to manage time efficiently

How is the term 'deregulate' primarily applied in business?

To remove or reduce government rules on business operations Signup and view all the answers

What does it mean if an issue is described as intractable?

Difficult to manage or solve Signup and view all the answers

Which of the following best describes combustibles?

Items that are easily flammable Signup and view all the answers

What does the term 'conformism' specifically refer to?

The practice of aligning with societal expectations Signup and view all the answers

In business, what does an impediment refer to?

An obstacle hindering progress or movement Signup and view all the answers

What is signified by the term 'freebies' in a marketing context?

Items given free of charge, often promotional Signup and view all the answers

What does the term 'reckons' imply in a decision-making context?

To calculate or consider in a specified way Signup and view all the answers

What does the term 'incumbent firms' refer to?

Established companies currently holding market positions Signup and view all the answers

Which of the following best defines 'cronyism'?

Favoritism towards friends or associates in business Signup and view all the answers

Which type of spending is classified as 'discretionary'?

Luxury items and non-essential services Signup and view all the answers

What does 'graft' typically refer to in a governmental context?

Illegal or unethical gains through corruption Signup and view all the answers

What does the term 'skew' imply?

To distort or change something from its true value Signup and view all the answers

What does 'bungle' describe?

Carrying out a task incompetently or clumsily Signup and view all the answers

What is indicated by 'erratic' behavior?

Inconsistent and subject to sudden changes Signup and view all the answers

Which option defines 'proximity' best?

Nearness in space, time, or relationship Signup and view all the answers

Which of the following reflects a 'love of the limelight'?

Seeking fame and public attention Signup and view all the answers

What does 'tariffs' refer to in an economic context?

Taxes on imported goods to protect local industries Signup and view all the answers

Study Notes

Economic and Business Terms

Deregulation: Removing or reducing government rules on business operations. Example: Telecommunications industry.
Prowess: Expertise or skill in a specific field. Example: Mathematical ability.
Profligacy: Excessive spending; reckless extravagance. Example: Company financial mismanagement.
Incompetence: Lack of skill or ability to perform a task effectively. Example: Project mismanagement.
Combustible: Easily flammable materials. Example: Warehouse materials.
Apex: Highest point or peak of something. Example: Mountain summit.
Reckons: Considers or calculates. Example: Project completion time.
Derived: Obtained from source; not original. Example: Word "biology".
Freebies: Items given for free as a promotion. Example: Conference gifts.
Messianic: Relating to belief in a savior; fervent mission. Example: Social change advocate.
Intractable Challenges: Difficult problems to manage or solve. Example: Water crisis.
Conformism: Aligning with societal norms or expectations. Example: Corporate culture.
Bureaucracy: Strict rules and procedures in government or management. Example: Slow decision-making.
Impediment: Obstacle hindering progress. Example: Language barriers.
Abolish: Formally end a system, practice, or institution. Example: Death penalty.
Ridicule: Mock or make fun of someone or something. Example: Comedy performance.
Discretionary Spending: Non-essential expenses. Example: During economic downturn, families might cut this.
Incumbent Firms: Established companies currently in the market. Example: Advantages over new companies.
Cronyism: Favoritism towards friends or associates. Example: Unethical business practices.
Graft: Illegal or unethical gains, often through corruption. Example: Bribery.
Rivalry: Competition between multiple parties for a goal. Example: Sports competition.
Proximity: Nearness in space, time, or relationship. Example: School location.
Skew: Distort or change from true value or position; to slant. Example: Survey results, affected by small sample size.
Tariffs: Taxes on imported goods. Example: Protection of local businesses.
Hobble: Restrict or impede movement or progress. Example: New regulations may impede small businesses.
Bungle: Carry out clumsily; mess up. Example: Event planning gone wrong.
Erratic: Unpredictable; inconsistent. Example: Unusual behavior.
Love of Limelight: Strong desire for public attention. Example: Public figure seeking fame.
Tied Up In: Occupied; engaged in a task or situation. Example: Engaged in meetings.

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Description

Test your knowledge on essential economic and business terms with this quiz. From deregulation to intractable challenges, explore key concepts that shape the business world. Perfect for students and professionals looking to enhance their understanding of economic language.