Exam Questions and Answers Graded A+
Franchise - Correct answer-a contractual agreement between a
parent company and a franchisee to distribute goods and services
Corporation - Correct answer-a form of business ownership that is owned by
stockholders who
have purchased units or shares of the company
Elastic Demand - Correct answer-demand that changes according to changes in
price
Inelastic Demand - Correct answer-demand that is not affected by changes in price.
Unitary Demand - Correct answer-when sales remain the
same because changes in supply and demand are equal
Tort - Correct answer-a private wrongdoing that potentially harms another person
or entity
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,Doctrine of Sovereign Immunity - Correct answer-the universally accepted
principle that each nation has the right to manage its own government and develop
its own laws.
Job Enlargement - Correct answer-combining different tasks into one position
Job Rotation - Correct answer-moving from one job to another job within an
organization
Specialization by Trade - Correct answer-the type of work that a person performs
in order to earn a living, such as engineering, public-relations, or accounting.
Frictional Unemployment - Correct answer-occurs because there are always
workers who are in transition
Structural Unemployment - Correct answer-when the demand for certain types of
workers declines and is often due to technology advancements and the need for
new skills
Cyclical Employment - Correct answer-result of changes in the economic and
business cycles
Wage Garnishments - Correct answer-court-ordered initiatives that involve taking
income taken from an employee's salary and submitting it to another person or
organization
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, Embezzlement - Correct answer-theft of valuables that have been entrusted to
another's care
Securities Fraud - Correct answer-the use of misleading sales tactics to persuade
investors to purchase securities
Espionage - Correct answer-revealing confidential information without the source
or owner's permission and is often associated with spying
Variety-seeking Buying Behavior - Correct answer-involves the purchase of
routine items
Brand-insistence Buying Behavior - Correct answer-buyer will not buy anything
other than a specific
brand or product
Automation - Correct answer-involves the use of machines to carry out production
tasks
Ergonomics - Correct answer-the study of the use of equipment or technology and
its effects on workers' physical well-being
Innovation - Correct answer-taking action to make the idea, item, or process
available for consumers to use
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