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?

<p>To remove or reduce government rules on business operations (B)</p> Signup and view all the answers

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

<p>Difficult to manage or solve (C)</p> Signup and view all the answers

Which of the following best describes combustibles?

<p>Items that are easily flammable (D)</p> Signup and view all the answers

What does the term 'conformism' specifically refer to?

<p>The practice of aligning with societal expectations (C)</p> Signup and view all the answers

In business, what does an impediment refer to?

<p>An obstacle hindering progress or movement (A)</p> Signup and view all the answers

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

<p>Items given free of charge, often promotional (B)</p> Signup and view all the answers

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

<p>To calculate or consider in a specified way (B)</p> Signup and view all the answers

What does the term 'incumbent firms' refer to?

<p>Established companies currently holding market positions (B)</p> Signup and view all the answers

Which of the following best defines 'cronyism'?

<p>Favoritism towards friends or associates in business (C)</p> Signup and view all the answers

Which type of spending is classified as 'discretionary'?

<p>Luxury items and non-essential services (C)</p> Signup and view all the answers

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

<p>Illegal or unethical gains through corruption (A)</p> Signup and view all the answers

What does the term 'skew' imply?

<p>To distort or change something from its true value (C)</p> Signup and view all the answers

What does 'bungle' describe?

<p>Carrying out a task incompetently or clumsily (B)</p> Signup and view all the answers

What is indicated by 'erratic' behavior?

<p>Inconsistent and subject to sudden changes (D)</p> Signup and view all the answers

Which option defines 'proximity' best?

<p>Nearness in space, time, or relationship (B)</p> Signup and view all the answers

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

<p>Seeking fame and public attention (C)</p> Signup and view all the answers

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

<p>Taxes on imported goods to protect local industries (D)</p> Signup and view all the answers

Flashcards

Deregulate

To reduce government rules on businesses.

Prowess

Skill or expertise in an area.

Profligacy

Excessive spending, often wasteful.

Incompetence

Lack of ability to do something well.

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Combustible

Easily catching fire.

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Apex

The highest point.

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Reckons

To consider or calculate.

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Derived

Obtained from another source.

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Intractable Challenges

Difficult problems that are hard to solve.

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Bureaucracy

System of rules and procedures.

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Abolish

To formally end a system, practice, or institution.

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Ridicule

To mock or make fun of someone or something in a dismissive way.

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Discretionary Spending

Non-essential expenses that are not needed for basic living.

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Incumbent Firms

Companies that already exist and hold a position in the market.

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Cronyism

Favoritism shown to friends and associates, often unfairly.

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Graft

Illegal or unethical gains, often through corruption.

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Rivalry

Competition between two or more parties for the same goal.

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Proximity

Nearness in space, time, or relationship.

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Tariffs

Taxes on imported goods to protect domestic industries.

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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.

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