1 4 fundamental business resources o Human material information financial 2 What kind of economy does a capitalistic economic system have 3 In which economic system do individuals own and operate the majority of businesses 4 What kind of economy does a socialistic and communistic economic system have o Mixed o Capitalism o Command 5 What are the 4 types of competition o Perfect monopolistic oligopoly monopoly 6 Which competition uses product differentiation o Monopolistic competition McDonalds remember stores o The ability to produce a specific product more efficiently than any other nation o The ability to produce a specific product more efficiently than any other product 7 What is absolute advantage 8 What is comparative advantage 9 What is a tarrif o A tax on imported goods 10 Which form of business is owned by a single owner and is the most popular form of business o Sole proprietorship has unlimited liability 11 What is a corporation known as if it is in the state and it is incorporated 12 Which form of business is simple owned by one person and has limited liability for the owner 13 In a corporate structure who is appointed by the board of directors 14 Which management function is firsts because all other management functions rely on it o Domestic corporation o LLC limited liability o Officers o Planning 15 What type of planning would you use for daily planning o Operational 16 What is the 3 step delegation process o Assign responsibility grant authority assign accountability 17 What of the following is not a part of Maslow s Hierarchy of needs o Psychological needs 18 What is the main disadvantage of group decision making o Group think o Optimal 19 What level of conflict is good for group performance 20 What is the first step in the decision making process o Recognize the need o Occupational safety and health act 22 Who are the primary users of accounting information 21 Which Act regulates the degree to which employees can be exposed to hazardous substances 25 Which of the following is not on one of the four financial statements o Management 23 What are the 3 types of accounting o Financial managerial tax 24 Who is the audience of financial accounting o Internal and external o Statements of accounts receivable 26 What is another name for the balance sheet o Statement of financial position 27 What is another name for the income statement o Profit and loss statement 28 What does the GAAP stand for o Generally accepted accounting principals 29 What is the income statement equation o Revenues expenses net income 30 Which of the following is not on the balance sheet o Revenues 31 What is the accounting equation o Assets liabilities stockholders equity 32 What is debt capital o Money obtained through various types of loans 33 What is equity capital o Money received from the sale of shares of ownership 34 What does the current ratio measure o Liquidity KNOW THE RATIO SLIDE ratios will be on the board but remember what is what Marketing 35 What is a brand o A name term symbol design or any combo of these 36 What are the four stages of the product life cycle o Into growth maturity decline 37 Do sales still increase when a product is its maturity stage o Yes 38 What are the 3 types of brands o Manufacturer store generic 39 What are the 3 consumer products o Convenience products shopping products specialty products 40 What is the break even equation know how to calculate when given numbers o Total fixed costs selling price variable costs 41 What are the other 2 of the 5 pricing strategies New product product line promotional o Differential pricing psychological pricing 42 What is product differentiation 43 What is price competition o The process of developing promoting differences between similar products o Selling a price equal to or lower than competitor s price 44 Which pricing strategy is used if price skimming and penetration pricing are used o New product pricing 45 What are the 3 types of middleman o Merchant functional retailers 46 What are the 3 types of market coverage o Intensive can find all over selective apple store only at a few places and exclusive Bentley store only one in Indiana can be one or two stores in a large area 47 What is the difference between a supermarket and a superstore o Supermarket carries food and household items superstore large retail 48 What are 3 types of carriers o Common carries contract carriers private carriers 49 What kind of middlemen are wholesalers and distributors o Merchant takes ownership of items and then resells them 50 What kind of middlemen are agents and sales representatives o Functional helps a company sells a product by promoting and marketing 51 What is a promotion o The communications about an organization and its products 52 What does the promotion mix typically consist of o Advertising sales promotion personally selling public relations 53 In the personal selling process refers to the selection of potential customers o Prospecting 54 What is the difference between a sample and a premium o Sample free product premium a gift for purchasing a product 55 What kind of promotion is the use of activities as direct inducements to the customers o Sales promotion 56 What is customer satisfaction o Refers to a customer s expectation have been met or exceeded 57 A group of individuals for which a firm develops a marketing mix for specific needs is o Target market 58 A company designs a single marking mix and directs it at an entire market o Undifferentiated approach Differentiated mix multiple markets for multiple products 59 Industry profit reaches a peak begins to decline during what stage of the product life cycle o Growth 60 The ultimate factor that determines the price at which a product will sell is o Buyers will pay in the marketplace o the price the buyer is willing to pay for a product 61 Which of the following is not a sales promotion method o new release