Name: Score:
106 Multiple choice questions
Term 1 of 106
licensing
a trade agreement in which one company- the licensor- allows another company- the
licensee- to use its company name, products, patents, brands, trademarks, raw materials,
and/or production processes in exchange for a fee or royalty
The difference between our exports and our imports. If the balance is negative, as it has
been since the mid-1980s, it is called a trade deficit and is generally viewed as unhealthy for
our economy.
an economic system in which individuals own and operate the majority of businesses that
provide goods and services
a law that criminalized securities fraud and strengthened penalties for corporate fraud
Term 2 of 106
express warranty
principles and standards that determine acceptable conduct in business
all other property that is not real property
the amount of goods and services produced for each hour worked
stipulates the specific terms the seller will honor
,Definition 3 of 106
individuals or organizations who try to earn a profit by providing products that satisfy people's
needs
outsourcing
offshoring
consumer
business
Term 4 of 106
trading company
the one in an agency relationship who wishes to have a specific task accomplished
a court that deals solely with appeals relating to the interpretation of law
a partnership formed to create competitive advantage on a worldwide basis
a firm that buys goods in one country and sells them to buyers in another country
Term 5 of 106
World Trade Organization (WTO)
a corporation that operates on a worldwide scale, without significant ties to any one nation
or region
international organization dealing with the rules of trade between nations
set of statutory laws covering several business law topics
foreign trade agreements that involve bartering products for other products instead of for
currency
,Term 6 of 106
outsourcing
a good or service with tangible and intangible characteristics that provide satisfaction and
benefits
the condition in which a percentage of the population wants to work but is unable to find
jobs
the legal power of a court, through a judge, to interpret and apply the law and make a
binding decision in a particular case
the transferring of manufacturing or other tasks- such as data processing- to counties
where labor and supplies are less expensive
Definition 7 of 106
the price at which the number of products that businesses are willing to supply equals the amount
of products that consumers are willing to buy at a specific point in time
consumer price index
equilibrium price
supply
competition
Term 8 of 106
consumer price index
organizations that may provide goods or services but do not have the fundamental
purpose of earning profits
businesses' legal responsibility for any negligence in the design, production, sale, and
consumption of products
groups that have a stake in the success and outcomes of a business
measures changes in prices of goods and services purchased for consumption by typical
urban households
, Term 9 of 106
depression
a situation in which both parties agree to present a summarized version of their case to an
independent third party; the third party advises them of his or her impression of the
probable outcome if the case were to be tried
a slowdown of the economy characterized by a decline in spending and during which
businesses cut back on products and lay off workers
a condition of the economy in which unemployment is very high, consumer spending is low,
and business output is sharply reduced
a condition characterized by a continuing rise in prices
Term 10 of 106
business ethics
economy is growing and consumers are spending money.
indicates how many working age americans are not working who otherwise want to work
principles and standards that determine acceptable conduct in business
beliefs, or moral standards, about what is right and wrong or good and bad
Definition 11 of 106
economies made up of elements from more than one economic system
mixed economies
socialism
communism
balance of trade
106 Multiple choice questions
Term 1 of 106
licensing
a trade agreement in which one company- the licensor- allows another company- the
licensee- to use its company name, products, patents, brands, trademarks, raw materials,
and/or production processes in exchange for a fee or royalty
The difference between our exports and our imports. If the balance is negative, as it has
been since the mid-1980s, it is called a trade deficit and is generally viewed as unhealthy for
our economy.
an economic system in which individuals own and operate the majority of businesses that
provide goods and services
a law that criminalized securities fraud and strengthened penalties for corporate fraud
Term 2 of 106
express warranty
principles and standards that determine acceptable conduct in business
all other property that is not real property
the amount of goods and services produced for each hour worked
stipulates the specific terms the seller will honor
,Definition 3 of 106
individuals or organizations who try to earn a profit by providing products that satisfy people's
needs
outsourcing
offshoring
consumer
business
Term 4 of 106
trading company
the one in an agency relationship who wishes to have a specific task accomplished
a court that deals solely with appeals relating to the interpretation of law
a partnership formed to create competitive advantage on a worldwide basis
a firm that buys goods in one country and sells them to buyers in another country
Term 5 of 106
World Trade Organization (WTO)
a corporation that operates on a worldwide scale, without significant ties to any one nation
or region
international organization dealing with the rules of trade between nations
set of statutory laws covering several business law topics
foreign trade agreements that involve bartering products for other products instead of for
currency
,Term 6 of 106
outsourcing
a good or service with tangible and intangible characteristics that provide satisfaction and
benefits
the condition in which a percentage of the population wants to work but is unable to find
jobs
the legal power of a court, through a judge, to interpret and apply the law and make a
binding decision in a particular case
the transferring of manufacturing or other tasks- such as data processing- to counties
where labor and supplies are less expensive
Definition 7 of 106
the price at which the number of products that businesses are willing to supply equals the amount
of products that consumers are willing to buy at a specific point in time
consumer price index
equilibrium price
supply
competition
Term 8 of 106
consumer price index
organizations that may provide goods or services but do not have the fundamental
purpose of earning profits
businesses' legal responsibility for any negligence in the design, production, sale, and
consumption of products
groups that have a stake in the success and outcomes of a business
measures changes in prices of goods and services purchased for consumption by typical
urban households
, Term 9 of 106
depression
a situation in which both parties agree to present a summarized version of their case to an
independent third party; the third party advises them of his or her impression of the
probable outcome if the case were to be tried
a slowdown of the economy characterized by a decline in spending and during which
businesses cut back on products and lay off workers
a condition of the economy in which unemployment is very high, consumer spending is low,
and business output is sharply reduced
a condition characterized by a continuing rise in prices
Term 10 of 106
business ethics
economy is growing and consumers are spending money.
indicates how many working age americans are not working who otherwise want to work
principles and standards that determine acceptable conduct in business
beliefs, or moral standards, about what is right and wrong or good and bad
Definition 11 of 106
economies made up of elements from more than one economic system
mixed economies
socialism
communism
balance of trade
