| A | B |
|---|
| To determine the creditworthiness of people or organizations, businesses apply the | 4 c's of credit |
| best measure of creditworthiness | point system |
| Stage of the product life cycle when there are many competing brands with very similar features | Maturity |
| Stage of the product life cycle when several brands of the new product are available | Growth |
| Stage of the product life cycle when a new product is introduced that is much better or easier to use and customers begin to switch from the old product to the new product | Decline |
| Stage of the product life cycle when a brand-new product enters the market | Introduction |
| A group of similar products with obvious variations in design and quality to meet the needs of distinct customer groups | product line |
| When producers sell directly to the ultimate consumer they are using | direct distribution |
| Buildings used to store large quantities of products until they can be sold | warehouses |
| The preferred low-cost transportation system used to move heavy and bulky items | railroad |
| actual price a customer pays for a product | selling price |
| salary, wages, and other benefits received in exchange for labor | compensation |
| risk making no money, if you do not sell in this compensation plan | commission plan |
| Amount by which the original selling price is reduced before sale. | markdown |
| Reduction in price given for paying by a certain date. | cash discount |
| Advertising that violates the law. | false advertising |
| Difference between selling price and all costs and expenses | net profit |
| Advertising designed to change a false impression left by earlier misleading information. | corrective advertising |
| Providing all information that allows consumers to make an informed buying decision. | full disclosure |
| Amount added to the cost of goods sold to calculate a selling price. | markup |
| Difference between selling price and cost of goods sold. | margin |
| Price reduction given to channel partners in exchange for additional services. | trade discount |
| Cost to produce a product or buy it for resale. | cost of goods sold |
| This allows workers to set their own work schedule to better suite their life | flextime |
| the physical and social surroundings at a job | Work Environment |
| recommendation from a contact who is part of your network | referral |
| a person's ability to use technology in order to obtain a job or information concerning a job | job lead |
| A job that can become permanent after a period of evaluation by the potential employer | temp-to-hire-job |
| A good resource to use at school in your career search | school counselor, a teacher, an internship coordinator |
| When arriving at an interview you should ALWAYS | introduce yourself to the receptionist or secretary |
| these people often influence hiring decisions | receptionist/secretary |
| when asked about your weaknesses , you should actually | choose weaknesses that can actually serve as strengths also |
| Employees are far more likely to commit to the success of a new process if | it becomes part of the organization's culture |
| The fundamental reason many previously successful businesses fail | inability to change |
| Planning for organizational change is the responsibility of this department | human resources |
| The production of capital goods. | capital formation |
| Accumulated knowledge and skills of human beings. | human capital |
| The human effort expended to produce goods and services. | labor |
| A measure of the average change in prices of consumer goods and services. | CPI |
| Rivalry among sellers for consumers’ dollars. | competition |
| The existence of only one seller of a product | monopoly |
| The number of like products that will be offered for sale at a particular time at a particular price | supply |
| The way that a country decides how to use its productive resources | economic system |
| The number of products that will be bought at a given time at a given price | demand |
| Anyone who creates utility. | producer |
| output exceeds population growth= | economic growth |
| If a product is in short supply, what generally occurs | shortage |
| If demand drops this will typically drop also | profit |
| which type of economy does the government determine what, how, and for whom goods and services are produced | command |
| A price reduction that manufacturers give to their channel partners in exchange for additional services | trade discount |
| purchasing an out of season item to help the manufacturer balance production and inventory levels often qualifies the buyer for a | seasonal discount |
| Products used in the production of other products are called | Industrial goods |
| this includes the name, symbol. and design of a product or service | brand |
| element is used to legally protect a brand name and its design | trademark |
| product, place, price , promotion | 4p's of marketing |
| a key cause of turnover and retention in today's job market | employees wanting more remote work flexibility than what employers are willing to provide |
| problem job seekers encounter that makes them feel stuck before even starting | unresponsive employers and "ghost" job postings |
| When lacking job experience, job seekers should | Create a portfolio, freelance, volunteer, or complete short internships |
| actions recommended for job seekers to adapt to rapid skill changes | Upskill, focusing on high-growth areas like tech and AI |
