| A | B |
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| Environmental Protection Agency | The ______________________________ is a federal agency the enforces rules to protect the environment and control pollution. |
| free-rein | Hands-off leadership, or ____________________ leadership, means setting goals for your managers and employees, then leaving them alone to get the job done. |
| company description | The second part of the business plan, the _________________________, explains the type of company you plan to start. |
| horizontal | _________________________ flow: moves between or among employees at the same level within an organization. |
| marketing plan | The fourth section of the business plan, called the _________________________, describes your likely customers and details your competition. |
| demand | ____________________ is the amount of goods and services that consumers are willing to buy at various prices. |
| sole proprietorships | About three-fourths of all businesses in the United States, including farms and home-based businesses, are organized as _________________________. |
| summary | The ____________________ is a one- to three-page overview of the business plan. |
| codes of ethics | Professional groups such as doctors, lawyers, journalists, and teachers own ____________________. |
| social responsibility | The duty to do what is best for the good of society is called_________________________. |
| stock | To raise money for a corporation, you can sell ____________________, or shares of ownership. |
| resource | A(n) ____________________ is anything that people can use to make or obtain what they need or want. |
| corporation | A business owned by many people but treated by law as one person is called a(n) ____________________. |
| Internet | The ____________________ has created a demand for new jobs such as software writers and Web-page designers. |
| self-managed teams | In _________________________ the role of the manager is replaced by the role of the team leader. |
| controlling | ____________________ means keeping the company on track and making sure all goals are met. |
| consumer | A person who selects, purchases, uses, or disposes of goods or services is called a(n) ____________________. |
| American with Disabilities Act | The ______________________________ bans discrimination against persons with physical or mental disabilities. |
| capitalism | A market economy is often called private enterprise or ____________________. |
| decentralized | Businesses organized with authority in a number of units are ____________________. |
| manufacturers | ____________________ are businesses that make finished products out of processed goods. |
| business cycle | Prosperity, recession, depression, and recovery are phases of the _________________________. |
| middle managers | _________________________ carry out the decisions of top management. |
| destination | _________________________refers to the target audience for the message. |
| decision-making process | The ______________________________ is a procedure for carefully considering alternatives and their consequences before you make a final decision. |
| short-term gains | An important ethical question is whether an action sacrifices long-term goals for _________________________. |
| active listening | For managers, ____________________ is an important part of communicating. |
| autocratic | When you run everything yourself and answer to no one, your leadership style is ____________________. |
| ripple effect | The ____________________ occurs when a recession affects related industries. |
| profit | The amount of money left over after a business has paid for the cost of producing its goods and services is called ____________________. |
| retailer | If you sell a product directly to the public, you are considered a(n) ,____________________. |
| economics | ____________________ is the study of how society chooses to use resources to produce and distribute goods and services for people’s consumption. |
| recovery | A rise in business activity after a recession or depression is called a(n) ____________________. |
| unlimited liability | A serious disadvantage of a sole proprietorship is that the owner has _________________________, or full responsibility for the company’s debts. |
| democratic | As a(n) ____________________ leader, you assume that people want to work and that the best form of management is when managers and employees work together. |
| price | If producers think the ____________________ is high enough to earn a profit, they will produce the goods and services. |
| supply | ____________________ is the amount of goods and services that producers will provide at various prices. |
| line authority | An organizational structure in which managers at the top of the line are in charge of those beneath them is called _________________________. |
| interpersonal skills | Managers need _________________________ in order to resolve conflict among employees. |
| partnership agreement | A contract that outlines the rights and responsibilities in a partnership is called a(n) _________________________. |
| depression | The harsh economic conditions experienced in the United States during the 1930s were an example of a(n) ____________________. |
| vertical | _________________________ flow: moves between individuals at different levels in an organization |
| leaders | ____________________ have vision and provide direction for a company. |
| diagonal | _________________________ flow: communication is exchanged between people who work in different units and at different level within an organization. |
| integrity | ____________________, the most highly-valued quality in a leader, means holding to principles like honesty, loyalty, and fairness. |
| marketplace | The |
| standard of living | A measure of how well the people in an economic system live is called the _________________________. |
| self-confidence | The best way to inspire others isn’t just to act sure of yourself, but to have ____________________, a sense of knowing what you are doing. |
| unemployment | One indicator of a growing economy is a decrease in the ____________________ rate, with more people going back to work. |
| centralized | Businesses organized with authority focused in one place are ____________________. |
| organizational chart | To show how a business is structured and who is in charge of whom, companies use a(n) _________________________. |
| hyperinflation | When an economy becomes too productive and inflation spirals out of control, ____________________ results. |
| management and operating | The ______________________________ plan details who will run the company as well as their expertise and experience. |
| conflict of interest | A(n) _________________________ occurs when a business is tempted to put profits before social welfare. |
| competition | The contest between businesses to win customers is called ____________________. |
| financial plan | To discuss the company’s financial needs and projections for revenues, costs, and profits in your business plan, you’ll need to include a(n) ____________________. |
| Equal Pay Act | The _________________________ requires that men and women be paid the same wages for doing equal work. |
| services | A major purpose of an economic system is to produce goods and ____________________. |
| products and services | The third part of the business plan, called the _________________________ section, describes the kinds of products you will sell or the services you will provide. |
| capital | A building is a(n) ____________________ resource. |
| product | People within the organization manage the company’s resources to produce the ____________________. |
| franchise | As a(n) ____________________, Taco Bell has a contractual agreement to sell the company’s products and services in a designated geographic area. |
| producers | Farmers, miners, and other types of ____________________ gather raw products in their natural state. |
| legal plan | A good business plan needs to include a(n) ____________________ that points out the type of business structure your company will have, such as a partnership or corporation. |
| human resources | Even if a business has natural resources, capital resources, and entrepreneurial resources, it still could not function without _________________________. |
| recession | People will probably cut back on spending during a(n) ____________________. |
| small business | _________________________ employ more than 50 percent of the workforce in the United States. |
| leading | Managers carry out four different functions: planning, organizing, controlling, and ____________________. |
