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Intro to Business Chap 1-2

Suppliers do NOT organize, manage, and assume the risks of the business.
do not organize, manage, and assume the risks of the business.
The goal of a firm’s management
is to maximize the firm’s value, which is in the best interests of the firm’s owners
A firm must satisfy its customers by
providing the products or services that customers desire at a reasonable price.
Firms typically do not repay loans with
Their Stock
An Enterprise that provides products or services that customers desire is a(n)
A business
The ____ of a business are typically responsible for creating the business idea
Most business owners would agree that the following characteristics motivated them to start their own business except
The stakeholders of a firm include all of the following:
Owners, Creditors, Employees and suppliers
A certificate of ownership of a business is a
When investors invest in the business, they become
Many firms that need funds borrow from financial institutions or individuals called
Employees responsible for making key business decisions are
A nonprofit organization is one that
serves a specific cause
Business decisions regarding which products are created, priced, distributed, and promoted to customers are _____ decisions
The expenses associated with transactions between firms have been reduced by:
business-to-business e-commerce
business decisions involving the efficient use of employees and other resources (such as machinery) are ______ decisions
business decisions that focus on strategies to make the product more appealing to customers and improve the firm’s revenues are _______ decisions
_____ gather information about a firm then provide that information to management for use in decision making
Information Systems
_______ summarize(s) the firm’s financial condition for use in making various business decisions
Business decisions involving how to obtain the necessary funds to be used by the firm are ______ decisions
Managers rely on _______ to detect the inefficient use of resources
Accounting data
the purpose of an industry environment assessment is to determine the:
Degree of competition
The _______ environment includes changes in consumer preferences overtime
The profit motive is influenced by the government because
governments of free-market economies encourage the profit motive
Finance is the means
by which firms obtain and use funds for their business operations
is the difference between the revenue and expenses of a business
refer to characteristics of a population
Creditors are
Institutions that provide loans to a business
Human resources are
the people who are able to perform work for a business
is the use of electronic communications to produce or sell products and services
involves the creation of a business idea and the willingness to accept risk
The responsibility of firms towards their customers
can be encouraged by specific groups of consumers
The government protects consumers by
regulating the quality of some products that firms produce
Deregulation results in
lower prices for consumers
The clayton act is NOT intended to
restrict competitions
U.S firms that conduct business in foreign countries
are subject to the rules enforced by the local gov’t
In recent years, stockholders have been active in
trying to influence a firm’s management practices
An attempt by a firm to maximize social responsibility to the community may
reduce the firm’s ability to provide products at a reasonable price to consumers
In recent years pollution laws
have become more stringent
The recognition of how a firm’s business decisions can affect society is its
Social responsibility
A firm’s ______ is measured by its stock price, which can be negatively affected by unethical business practices
Many U.s Firm provide guidelines of behavior to employees through a code of
responsibilities and ethics
Firms can ensure responsibility to customers by
Full financial disclosure
______ represents the collective consumer demand that businesses satisfy their needs
The act that prohibits unfair methods of competition is the
The federal trade commission act
Tying agreements, binding contracts, and interlocking directorates are prohibited by the
Clayton Act
The act that prohibits mergers between firms that reduce competition within an industry is the
Celler-Kefauver Act
Which of the following represents legislation passed to prevent firms from entering into agreements to set prices and avoid competition
Antitrust laws
If a firm is the sole provider of a good or service, it is a(n)
Industries have been deregulated, allowing more firms to enter the industry except
The act that prohibits price differences on promotional allowances that reduce competition within an industry is the
Robinson-Patman Act
The Act that encourages competition and prevents monopolies is the
Sherman Antitrust Act
Unwelcome comments or actions of a sexual nature are examples of
Sexual harassment
Which of the following terms describes a set of activities intended to increase opportunities for minorities and women
Affirmative Action
The act that prohibits discrimination due to national origin, race, gender or religion is the
Civil Rights Act of 1964
On example of a firms attempt to ensure the proper and equal treatment of all employees is the establishment of a
Grievance procedure
An active role by stockholders in influencing a firm’s management policies is called
Shareholder Activism
Shareholder activism is most commonly practiced by
Institutional investors
If a Firm fails to meet it’s responsibilities to _____ it may be forced into bankruptcy
It’s creditors
_____ financial institutions that purchase large amounts of stock
institutional investors represent
Business responsibilities
A code of _____________ sets guidelines for product quality, as well as guidelines for how employees, customers and owners should be treated

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