Unit 2 "the Free Enterprise System"

Front 1

T/F
The production process of getting goods to consumers usually requires only one business.

Back 1

True

Front 2

T/F
Marketers bring goods from producers to consumers.

Back 2

True

Front 3

T/F
A partnership is owned by two or more people who own shares of stock in the company.

Back 3

False

Front 4

T/F
The person or group who receives a franchise is called the franchisee.

Back 4

True

Front 5

T/F
Managers have to plan, control, lead, staff, and organize.

Back 5

True

Front 6

T/F
Building a specific, unique product for one customer is called processing.

Back 6

False

Front 7

T/F
Goals must be set in order to perform the management activity of controlling.

Back 7

True

Front 8

T/F
All businesses must raise capital, use human resources, and keep records.

Back 8

True

Front 9

A business that moves goods from producer to consumer is a _____________.

Back 9

marketer

Front 10

List 3 examples of manufacturing.

Back 10

custom, mass production, processing

Front 11

People who become part owners of a corporation are called ___________.

Back 11

shareholders

Front 12

Assigning jobs to workers and giving authority to certain people is a managing activity called _______________.

Back 12

organizing

Front 13

The part of the profits that are paid to shareholders is called _________________.

Back 13

a dividend

Front 14

The quantity producers are able to produce at a given price is called ____________.

Back 14

supply

Front 15

Productivity is affected by ___________________.

Back 15

technology and worker training

Front 16

Directing people so that their work is performed correctly and on time is called _______________.

Back 16

leading

Front 17

A ____________ is a group that is responsible for guiding the operation of a corporation.

Back 17

board of directors