During 2025, Just-The-One Jewelry had sales revenues of $1,500,000. This retailer also had expenses that totaled $800,000. What is the firm's profit or loss amount?

An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called a _________ economy.

__________ refers to the strategy of using borrowed funds to increase the rate of return for stockholders.

Economists define a _________ as two consecutive three-month periods of decline in a country's gross domestic product.

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:

If the demand for a product declines, what happens to the price of the product?

The resources that contribute to the creation of wealth are known as

Zorn Enterprises, a successful property management firm in Pennsylvania donates all reusable and recyclable goods left by past tenants. Besides these contributions, each year, Zorn sponsors a neighborhood clean-up day in the areas where it owns properties, complete with gardening tools that become prizes and a volunteer picnic. Zorn Enterprises is an example of how a small firm can demonstrate

Tom stormed into the office, exclaiming, "That's the last straw! I've experienced unethical behavior at this company one time too many. I'll be calling the press immediately." It appears that Tom is about to engage in

Ethical behavior covers a ________ range of conduct than legal behavior.

A government agency with the power to investigate complaints of discrimination and to sue firms practicing employment discrimination is known as the

In most large cities there are a large number of bakeries. These bakeries produce similar, but not identical, products. Some bakeries claim to have the best cheesecakes in town, while others brag about their cookies or specialty breads. The bakery market in a large city is an example of

By definition, every country has a(n) __________ advantage in some product.

Purchasing products or materials in other nations and bringing them into one's own country is

The _________ is a statistic used to compute the pace of inflation or deflation.

The United States wishes to import no more than 100 million tons of sugar from India in any given year. The type of import restriction it should impose is a(n)

__________ is a contractual agreement where one firm gives another permission to produce and market its product and brand name in exchange for a fee.

Cultural diversity represents

Which of the following statements about the Federal Reserve Bank (the Fed) is most accurate?

The __________________ is a firm that has made sizeable investments and has a physical presence in several foreign countries as a manufacturer and marketer of products and services.

The three countries participating in NAFTA are:

The simplest form of business owned and operated by one person is called a(n)

Which of the following is not a disadvantage of sole proprietorships?

Unlimited liability means

A detailed written document that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a:

Legally, a partnership must

__________ is the management function that involves determining whether an organization is progressing toward its goals, rewarding employees for doing a good job, and taking corrective action when they are not.

What is the primary disadvantage of both a sole proprietorship and a partnership that a corporation overcomes?

Customers who visit any Good As New Appliance Repair Center see a framed statement prominently displayed near the front door. The plaque describes the company's fundamental purposes. In part, it states that "All Good As New Centers operate under the belief that every customer deserves good quality parts, fast and dependable service, and a fair price." The words on this plaque reflect the ____________ of Good As New.

Which of the following factors MOST contributes to small business failure?

The first sale of a company’s stock to the general public is a/an __________ .

The top governing body of a corporation is known as the

What does double taxation mean?

What type of ownership is created when a firm buys another outright?

Flavio, CEO of Fabulous Frozen Custard believes that alternate plans are almost as important as the primary operational plans because external circumstances such as the weather, competitor moves, and even economic conditions make it important to have a Plan B. Flavio endorses

_____________ means giving employees the authority and responsibility to respond quickly to customer requests.

Volunteers for SCORE are

Greenwave Garden Centers is a national chain of discount gardening stores. The top management at Greenwave realizes that different regions of the United States have very different climates and soil conditions, so they give regional managers a great deal of freedom to decide exactly what types of plants, fertilizers, and other items to stock and how to best market these products. Greenwave is an example of a _______________ organization.

You have decided to open a pet store and have engaged in a contract with Dog N' Cat Centers, Inc. You and the company have drawn up an agreement that allows you to use the company's name and its proven method of doing business, to receive training, and to use its advertising materials. In this agreement, Dog N' Cat is the __________ and you are the __________.

Which factor plays a key role in determining an organization's structure?

Planning, organizing, leading/motivating, and controlling make up the

The most important impact of the Hawthorne studies was that it

Which of the following statements is the best description of how scientific management viewed employees?

A manager who has the ability to see the big picture of an organization and to understand how the various parts of the organization can fit together has __________ skills.

The leadership style advocating that a leader makes all decisions and tells subordinates what to do and how to do it is called

The Morgan Company, a small furniture manufacturer, divides its organization into marketing, human resources, accounting, and production departments. This is an example of departmentalization by

The assignment of part of a manager's work and authority to a worker is called

The head of the marketing department at CBS Environmental, Inc. supervises twelve people in her department. This represents her

Dana is a supervisor at a small manufacturing plant. Her pay starts at $635 per week. Dana is paid on a(n)

Generally speaking, a narrow span of management implies that the height of the organization will be __________; a wide span of management implies that the height of the organization will be __________.

The executive summary section of the business plan contains: 

The type of utility on which production and operations management focuses is __________ utility.

The U.S. is reflective of what type of economy?

The board of governors of the Federal Reserve System determines

When demand exceeds capacity, all of the following are reasonable options for the firm except

Which of the following government agencies is responsible for encouraging the development of small business? 

__________ represents the most basic form of company ownership and includes voting rights and dividends, if and when the firm elects to pay dividends.

What are the two types of costs associated with inventory?

Harley-Davidson employs a method of inventory control demanding that suppliers deliver parts and raw materials to Harley's production facility just as they are needed. This type of inventory control is known as

Which of the following represents the largest floor-based stock exchange in the world?

___________ are the firm's after tax profits that are distributed to stockholders.

Acquiring funds through borrowing represents:

Lois walked into ABC Company to pick up an application for a secretarial job. When she asked about the duties and working conditions, the busy receptionist handed her a document that gave her a clear picture of the position. The receptionist gave Lois a job

All of the following are sources of external recruiting except

Usually, the human resources department administers a(n) __________ program to introduce new employees to the organization.

Everyday social interactions among employees that transcend formal jobs and job interrelationships are called ___________.

Who is defined as an older worker under the Age Discrimination of Employment Act?

 ______________ means tailoring products to meet the needs of a large number of individual customers. 

The hierarchy of human needs was developed by

The idea that satisfaction and dissatisfaction are distinct dimensions is referred to as

At an architectural firm, all employees except administrative staff are allowed to work whatever hours they choose from Monday through Saturday between 7 a.m. and 10 p.m., as long as they put in forty hours per week. This plan is called

A market segment toward which a company directs its marketing effort is called a

Delaware Aluminum uses its stock of unsold aluminum products as collateral for a short term loan. This arrangement represents

The elements of the marketing mix are

Fern Motors is offering a rebate on cars purchased this month. This activity involves the __________ ingredient of the marketing mix.

Due to a recession in the United States and abroad, ski resorts have suffered from a lack of guests during the peak season. These ski resorts have felt a direct impact from __________ forces.

The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called

Important provisions of the Sarbanes-Oxley Act

In which order do the stages of the product life cycle occur?

Borden, Inc., offers pasta, snacks, grocery, and dairy items as well as films, adhesives, and other nonfood products. These products are referred to as Borden's

The stage in the evolution of new products in which the product is introduced in a limited way to determine buyers' reactions is called

Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.

_____________ involves creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business so that it is more effective and efficient.

The Arizona Jean Co. brand of jeans, owned by JC Penney, is a(n) __________ brand.

In the control process the first step is to:

The number of units that must be sold for the total revenue to equal the total cost is called the __________ quantity.

The strategy of charging the highest possible price for a product during the introduction stage of its life cycle is known as

The line of authority that moves from the top of a hierarchy to the lowest level is called the

Due to more emphasis on empowerment and more talented and better-educated lower level management, span of control in organizations has

The fundamental accounting equation states: Assets = __________.

An unfavorable balance of trade occurs when the value of

The balance sheet is composed of the following types of accounts:

When U.S. firms choose to hire skilled and unskilled workers in other countries to produce goods and services, rather than producing them in the United States, we refer to this as

Trevor and Tyler own all the stock in the Double T Corporation. The stock of this corporation is not sold to the general public. Trevor and Tyler own a

According to the accountant for Michael's Floral Supply, the firm's assets are $124,000 and its liabilities are $31,000. Which of the following statements is correct?

_________ refers to how quickly an asset can be converted into cash.

A firm's ________ reports the profit or loss for the firm over a specified time period.

Title VII of the Civil Rights Act of 1964

Borrowed money that will be used for more than one year is called