ITB Final Exam Study Guide Latest
Updated
GDP - ANSWER-Gross Domestic Product- the total market value of all final goods and
services produced annually in an economy
Number of Federal Reserve Districts - ANSWER-12
FDIC - ANSWER-Federal Deposit Insurance Corporation: A federal guarantee of
savings bank deposits initially of up to $2500, raised to $5000 in 1934, and frequently
thereafter; continues today with a limit of $100,000
Theory X&Y - ANSWER-A motivation theory that suggests that management attitudes
toward workers fall into two opposing categories based on management assumptions
about worker capabilities and values.
Business Plans - ANSWER-a formal document that describes a business concept,
outlines core business objectives, and details strategies and timelines for achieving
those objectives
Sole Proprietorship - ANSWER-a business owned and managed by a single individual
supply and demand - ANSWER-an economic concept that states that the price of a
good rises and falls depending on how many people want it (demand) and depending
on how much of the good is available (supply)
shortage - ANSWER-A situation in which quantity demanded is greater than quantity
supplied
surplus - ANSWER-A situation in which quantity supplied is greater than quantity
demanded
Styles of Leadership - ANSWER-autocratic, democratic, laissez-faire
autocratic - ANSWER-absolute in power or authority
democratic - ANSWER-Ensuring that all people have the same rights
How people pay for government goods and services - ANSWER-Taxes and fees back
to local, state, and federal government
Updated
GDP - ANSWER-Gross Domestic Product- the total market value of all final goods and
services produced annually in an economy
Number of Federal Reserve Districts - ANSWER-12
FDIC - ANSWER-Federal Deposit Insurance Corporation: A federal guarantee of
savings bank deposits initially of up to $2500, raised to $5000 in 1934, and frequently
thereafter; continues today with a limit of $100,000
Theory X&Y - ANSWER-A motivation theory that suggests that management attitudes
toward workers fall into two opposing categories based on management assumptions
about worker capabilities and values.
Business Plans - ANSWER-a formal document that describes a business concept,
outlines core business objectives, and details strategies and timelines for achieving
those objectives
Sole Proprietorship - ANSWER-a business owned and managed by a single individual
supply and demand - ANSWER-an economic concept that states that the price of a
good rises and falls depending on how many people want it (demand) and depending
on how much of the good is available (supply)
shortage - ANSWER-A situation in which quantity demanded is greater than quantity
supplied
surplus - ANSWER-A situation in which quantity supplied is greater than quantity
demanded
Styles of Leadership - ANSWER-autocratic, democratic, laissez-faire
autocratic - ANSWER-absolute in power or authority
democratic - ANSWER-Ensuring that all people have the same rights
How people pay for government goods and services - ANSWER-Taxes and fees back
to local, state, and federal government
