FREE AND STUDY GAMES ABOUT PBMF VOCAB EXAM

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FREE AND STUDY GAMES ABOUT PBMF VOCAB EXAM

QUESTIONS

Qs and Ans Expert- Explanation

This Exam contains:

-Guarantee passing score -93 Questions and Answers -format set of multiple-choice -Expert- Explanation

Question 1: Resources

Answer:

materials used to make goods and services; also referred to as factors of production

Question 2: Utility

Answer:

added value marketing adds to a product

Question 3: Distribution

Answer:

department responsible for distribution goods and service in the most efficient and cost-effective manner

Question 4: Human wants

Answer:

goods and services desired but not necessary for survival

Question 5: Income Statement

Answer:

financial statement which reports net income or net loss of a company

Question 6: Possession Utility

Answer:

degree to which a product or service is easy to purchase or pay for

Question 7: Legal/illegal choices

Answer:

choices made according to law

Question 8: Capitalism

Answer:

Economic system in which businesses are privately owned

Question 9: Manufactures

Answer:

businesses which raw or processed goods into into finished goods

Question 10: Management

Answer:

process of reaching a company's goals and objectives by utilizing its resources; department responsible for the management process

Question 11: Capitalism

Answer:

economic system which derives from the principle of individual rights

Question 12: Ethical Dilemma

Answer:

complex situation in which contribute to the well-being of society

Question 13: secondary source

Answer:

any document that describes an event, person, place or thing

Question 14: Dilemma

Answer:

any difficult or perplexing situation or problem

Question 15: Legal Behavior

Answer:

Conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm

Question 16: Accounting

Answer:

process of recording, classifying, summarizing and reporting the financial position of a business

Question 17: Balance sheet

Answer:

financial statement which reports totals in assets, liability and owner's equity accounts

Question 18: channel or medium

Answer:

How the message is being sent

Question 19: Ethical Behavior

Answer:

action guided by a set of principles if morality

Question 20: Evaluate

Answer:

to consider the value of

Question 21: intermediaries

Answer:

businesses which move finished goods from one business to another bu buying, storing and reselling goods, often referred to as "middle man"

Question 22: Private enterprise system

Answer:

synonymous with the market/capitalist economy; emphasizes the private sector

Question 23: Assets

Answer:

items of value owned by a business

Question 24: Breach

Answer:

to break or act contrary to

Question 25: Harassment

Answer:

to disturb persistently; torment or bother continually; persecute

Question 26: Adam Smith

Answer:

saw the marketing system acting as an "invisible hand" which leads people to unintentionally promote society's interest while pursuing their own

Question 27: service firms

Answer:

businesses which provide services to consumers and other businesses

Question 28: Entrepreneurship

Answer:

human skill required to start and run a business