Exam 1: The Foundations of Business

_____ involve(s)planning,organizing,directing,and controlling a company's resources so that it can achieve its goals.

A business is any activity that provides goods or services to consumers for the purpose of making a profit.

One of the primary roles of management is investing money back into the business.

Published by a private research firm called the Conference Board,the _____ is a measure that combines all useful economic indicators.

Because Jenny Craig's bank provides payment services,loan and insurance products,investments,credit cards,and online banking,it is a _____ company.

_____ allocates the goods and services produced by government-run industries and tries to ensure that the resulting wealth is distributed equally.

_____ not only provide factors of production (or resources)but also consume goods and services.

If average weekly manufacturing hours by production workers is on the rise,the economy will probably decline.

An economic indicator is a statistic that provides valuable information about the economy.

Connor Industries Inc.constantly scans the environment to keep ahead of competition and to survive as a business.The owners seek statistics that provide valuable information about the future of the economy for periods ranging from three to twelve months.Knowing the level of the_______ is of great benefit to Connor.

One useful indicator of the outlook for future jobs is the number of new _____.

Differentiated products are those that serve several different purposes for different consumers.

Soup, Salad, & Sandwich is a regional chain of restaurants in the northeast that provides dine-in, carry-out, and catering services. Owners Jesse and Mataya Peña currently operate six locations and are in the process of opening a new restaurant in another state. Their operation is quite successful and appeals to health-conscious consumers, busy moms, and executives in a hurry. Staying open longer hours, enlarging the menu, and expanding the scope of the business are among the many goals set by the Peñas. They want to follow a traditional business model in reaching their goals. -Because the Peñas are following a traditional business model,they will engage which of the following functional areas?

When we plot a supply curve and a demand curve for apples on one graph,the point at which the two points intersect is the _____.

Mataya is good at summarizing and communicating financial and other information to Jesse and the other restaurant managers.Which functional area is her specialty?

All of the following are macroeconomic concerns except (select one):

Soup, Salad, & Sandwich is a regional chain of restaurants in the northeast that provides dine-in, carry-out, and catering services. Owners Jesse and Mataya Peña currently operate six locations and are in the process of opening a new restaurant in another state. Their operation is quite successful and appeals to health-conscious consumers, busy moms, and executives in a hurry. Staying open longer hours, enlarging the menu, and expanding the scope of the business are among the many goals set by the Peñas. They want to follow a traditional business model in reaching their goals. -As part of their business plan,the Peñas identify their customers' needs,design products and services to meet those needs,and manage customer relationships.In this respect,they're engaged in _____.

When people have more discretionary money to eat out at restaurants and cafeterias,it's a sign that the _____ is strong.

_____ refers to the quantity of a product that buyers are willing to purchase at various prices.

Indicators that predict economic decline over periods of three to twelve months are called lagging economic indicators.