Intro to Business Part 1

What is an entrepreneur?

• A person who invests in a company
• Someone who takes a risk by starting a business to earn a profit
• A person who measures peoples credit scores
• A business organized for profit

US citizens currently looking for a job that are 16 or older are considered in what group?

• Workforce
• The retured population
• The student body
• The underemployed

What is Social Responsibility?

• The duty of a business to contribute to the well-being of a community
• The obligation of individuals to volunteer at least 20 hours a month
• The practice of hiring only family members

What is marketing?

• The specific sequence of steps consumers follow to make a purchase
• The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• A specific group of customers who have similar wants and needs
• The reasons consumers decide what products and services to purchases

What is management?

• The way a manager works with and involves employees
• The process of strategically accomplishing the goals of an organization through the effective use of people and other resources
• The ability of a person to affect the actions of others

What are imports?

• Good and services being bought from the United States
• Good and services coming out of the country
• Good or services bought from other countries

What is Money Management?

• Costs that occur on a regular basis and are for the same amount each time.
• the day-to-day financial activities involved in using limited income to satisfy your unlimited needs and wants.
• A way to increase the quality of work by reducing errors, inefficiencies, and waste. Rather than waiting for a problem to occur, processes are continuously reviewed with the goal of finding ways to improve them.
• Changing the form of raw materials so they can be consumed or sued to make other products.

What is credit?

• The cost of using someone else's money
• credit is the privilege of using someone elses money for a period of time
• A one-time gift from a financial institution that does not need to be repaid
• The physical cash you have on hand for purchases

(T/F) Information technology is the physical elements of a computer sytem

• True
• False

What is a unit price?

• A price per unit of measure (ex. per pound, per ounce)
• buying quickly without much thoght
• The total cost of all units purchased in a single transaction