1. Know that Name
MY EconoMY
B&B: Business Basics
Know
that Term
Grab Bag
CLASSIFY 10 10 10 10 10 10 20 20 20 20 20 20 30 30 30 30 30 30 40 40 40 40 40 40 50 50 50 50 50 50

2. A system of manufacturing in which all the materials, machinery, and workers required to manufacture a product are assembled in ONE PLACE?
Factory System
10 Know That Name

3. A system of exchange in which GOODS OR SERVICES are traded directly for other goods or services without using money
Barter System
20 Know That Name

4. The SEPARATION of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals.
Specialization
30 Know That Name

5. The ability for a manager to think in ABSTRACT terms while envisioning the “BIG PICTURE” falls into the category of ________? This is deemed an important management trait.
Conceptual Skills
40 Know That Name

6. Empowerment allows for the quality of employees work to …
Increase
Decrease
Remain the same
None of the above A
50 Know That Name

7. How is profit calculated in terms of sales revenue and expenses.
Sales Revenue – Expenses = Profit
10 Business Basics

8. Innovation can change…
Products and Services offered
Business Operations
Business Communication
All of the above D
20 Business Basics

9. True or False: ESOP (Employee Stock Ownership Plan) is a good incentive given by companies to employees to encourage higher productivity.
True
30 Business Basics

10. True or False: Statistically, a franchise business has a better chance of success than an small owned business.
True
40 Business Basics

11. Total Quality Management
What does TQM stand for?
Total Quality Management
50 Business Basics

12. Name one of the three classifications of business.
Manufacturing, Service, Merchandising
10 CLASSIFY

13. Which type of business classification would Kohl’s be?
Merchandising
20 CLASSIFY

14. Which type of business takes raw materials can creates a finished product?
Manufacturing
30 CLASSIFY

15. This type of business does not need to worry about inventory costs.
Service
40 CLASSIFY

16. This type of business is able to create customer specific production.
Service
50 CLASSIFY

17. Gross Domestic Product
What does GDP stand for?
Gross Domestic Product
10 My Econo MY

18. The quantity of a product that producers are willing to sell at each of various prices.
Supply
20 My Econo MY

19. Products made by firms in other countries.
Foreign Goods
30 My Econo MY

20. An economy in which more effort is devoted to the production of services than to the production of goods.
Service Economy
40 My Econo MY

21. The price of a product is determined by two entities. What are they?
Supply & Demand
50 My Econo MY

22. Producing products and services quickly, at a low cost, and without wasting time and materials is known as…
Efficiency
10 Know that TERM

23. The online interaction that allow people and businesses to communicate and share ideas, personal information, and information about products or services.
Social Media
20 Know that TERM

24. The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services is known as…
Marketing
30 Know that TERM

25. The ability of profit-making organizations to compete with other businesses in other countries.
Global Competition
40 Know that TERM

26. To cut back on the goods and services provided and thereby shrink the size of a firm and the number of employees.
Downsize
50 Know that TERM

27. True or False: An intrapreneur is an employee of a company
10 Grab Bag

28. True or False: Reengineering usually is a result of empowerment
20 Grab Bag

29. List two of the six causes of business failure.
Economic causes, Financial causes, Disaster and fraud, Neglect, Strategy, Experience
30 Grab Bag

30. This term refers to producing the largest number of items in the least time.
Productivity
40 Grab Bag

31. List two ways in which individual well-being can decrease.
Poverty and Unemployment
50 Grab Bag

32. Why is studying business a good idea? List 4 reasons.
Final Jeopardy
Why is studying business a good idea? List 4 reasons.

33. Final Jeopardy
What are the 4 essential skills for successful managers? Be able to describe each.