A ______________ is a detailed written statment that describes thenature of hte business, the targe market, the advantages the business 3will have over competition and the resources and qualification of the owner. Group of answer choicesIncome StatementBusiness PlanSWOT Analysis Flag question: Question 2Question 2Tips4 ptsThe United States has had a trade deficit since 1975 because:Group of answer choicesit bought more goods from other nations than had sold.it had larger budget deficits than other nations.it sold more goods to other nations than it bought.it manufactured more goods than other nations manufactured. Flag question: Question 3Question 3Tips4 ptsIn the past, managerial practices were mostly an Autocratic Management style that micro-managed employees and used negative reinforcement to keep subordinates in line. Most managers today use a better approach with:Group of answer choicesusing employee's suggestions as their own to make the manager look better to their superiors.being supportive, building teams and motivating everyone to work together.not sharing knowledge and discouraging employees to work together. Flag question: Question 4Question 4Tips4 ptsIn accounting terms, profits are _______.Group of answer choicesthe difference between commissions earned and receiptsthe difference between Capital and expensesthe sum of sales and expensesthe difference between revenues and expenses Flag question: Question 5Question 5Tips4 ptsWhich of the following fields are concerned with understanding the choices people make in using scarce resources?Group of answer choicesEconomicsPsychologyStatisticsAccounting Flag question: Question 6Question 6Tips4 pts_______ refers to selling domestically-produced goods and services in foreign countries.Group of answer choicesDumpingExportingImportingIn-Trading Flag question: Question 7Question 7Tips4 ptsWhich of the following forms of Business is easy to start, allows you to be your own boss and keep all the profits?Group of answer choicesSole ProprietorshipLimited Liability CorporationCorporationPartnership Flag question: Question 8Question 8Tips4 ptsManagement is the process of accomplishing _________ through planning organizing, leading and controllingGroup of answer choicesorganizational objectivesstatusprofitssocietal objectives Flag question: Question 9Question 9Tips4 ptsEntrepreneurship isGroup of answer choicesA creative person who works within an organization.Managing businesses for others business owners.Owns controlling shares in a publicly-traded corporation.Accepting the risk of starting and running a business Flag question: Question 10Question 10Tips4 ptsGiving front-line employees responsibility and authority to respond quickly to customer requests is calledGroup of answer choicesteamworktop-down managementempowermentcommunication Flag question: Question 11Question 11Tips4 pts__________ is a set of processes for creating, communicating, and delivering value to customers, clients, partners and society at large.Group of answer choicesMarketing ResearchMarket SegmentationMarketingConsumer Behavior Flag question: Question 12Question 12Tips4 ptsA brand that has been given legal protection for both its brand name and design is known as a _________.Group of answer choicescopyrighttrademarkpatentroyalty Flag question: Question 13Question 13Tips4 ptsProfessionals who are responsible for gathering, recording, classifying, summarizing and interpreting the financial information of an organization are _______.Group of answer choicesIRS agentsaccountantsmanagersstatisticians Flag question: Question 14Question 14Tips4 pts_________ is the study of the economic choices of individual consumers, families, or businesses.Group of answer choicesEntrepreneurshipConsumer BehaviorMacroeconomicsMicroeconomics