_______ researchers also gather information from a wider group of people. *Market* ________is pooling of risk together for the benefit of those who agree to do so.*Insurance* ______is a promise or a commitment to do or reframe from doing some specifying things in the future. *Offer* _______is the exchange of words between or among people in a way or manner that produces understanding.*Cash-flow* ________ recognize opportunities where they are and they utilize them by producing product or services that will fill the vacuum identified. *Entrepreneurs* ____ is a process of information transfer, which goes on within you as an individual. *Interpersonal communication* _________means something looking or resembling something. *Quasi* _____ hazards refer to those physical characteristics that can enhance the possibility and severity of loss from a peril. *External* _______ is the point reached when the money from product sales equals the costs of making and distributing the product. *Break-even point* __________ income is used to buy items to meet basic needs. *Non-discretionary* _____ is also defined as the kindness or money that has to be paid for a commodity or service. *Price* ________is defined as “everything the customer receives that is of value in terms of a perceived want, need or problem”. *Product* One of the consistent characteristics of an entrepreneur is his desire for ________. *independence* The _____ is the total amount supplied by owner of the business. *Capital* The public is becoming an increasingly vocal component of the external environment of business. True or False *True* _______ can be measured to a certain degree of available statistics. *Risk* _____ said a person by his conduct or acquisance allows others to believe in a state of things and they acted to his detriment. *Kurfi (2005)* The whole nature of society is that the numbers of it are _____. *Interdependent* __________ consists of a number of firms. *Industry* The products of oligopolistic industries may be identical or __________. *differentiated* ______ face a downward – sloping market demand curve and therefore have the price to fix either price or output, but not both. *Monopolies* ______ reduces the amount of labour in the production process materials and machinery become relatively more important. *Automation* Many years ago, _______, in the management revolution argued that ownership had been divorce from control. *James Bumhan* Managers are the decision makers in an organization. True or False *True* ______ environment economy and technology has a serious effect on business. *Natural* The _______ environment consists of institutions and people that make up a social grouping. *socio-cultural* __________ environment could be looked at from the point of view of the type of leadership in the nation. *Political* ______ need to understand the changing technological environment and how new technologies can serve human needs. *Business men* ________ creates opportunities for a company to increase consumer satisfaction and thereby gain competitive advantage over others. *Technology* A prospective successful designer should have a ____ policy in place. *Design* A business concern cannot operate in isolation; there are forces that shape every business. True or False *True* ____ could equally serve as assistance for business. *Banks* Service business provides services instead of goods to consumers. True or False *True* The function of _______ is for them to transport and distribute goods. *intermediaries* _____activities has two basic dimensions; they are classical and behavioural aspects of management. *Business* Business provides to the general public what we call social responsibility. True or False *True* __________ must be attractive. *Packaging* The _____ of management science can be traced back to after the Second World War. *statutory* _______ is what is paid in exchange for the product (goods) received or service enjoyed. *Price* ______ is an improvement on a one man business whose chances in business are higher in terms of finance expansion, management and continuity. *Partnership* __________ is a means by which power is acquired, exercised and sustained. *Information* Partnership is not a legal entity and there liability is unlimited at a point of indebtedness. *True* This is a document of notice, circular, advertisement or other invitation offering the public subscription or purchase of shares or debentures of a company. *The prospectus* ___________ is the value that products and sellers place on goods or services. *Price* __________ is a book in which particulars of all monies received or paid are recorded. *Cash-book* Intermediaries are mostly wholesalers and retailers. True or False *True* Social __________ is owed by individuals and not by organizations. *Demand* The _______ is the total amount supplied by owner of the business or owners? equity or net worth. *Capital* Non __________ income is used to buy items to meet basic needs. *Used* _________motivation also causes you to be loyal to certain shops and companies. *Patronage* _______is not an account itself and it is not part and parcel of the double entry system. Trial balance _______affects every sphere of human endeavour. Communication ____refers to the initiative you take (as a sender) to share information, or opinions with others. Actions Listening is the same as being quite true _____ is undertaken by entrepreneur consciously and unconsciously. Marketing research _________ does everything for his business. An entrepreneur In making a design policy, the needs of the ________ should be basic. Audience _____ is the value that products and sellers place on goods or services. Price Cash account or cash book is a part of___________. ledger Partnership is not a legal entity and there liability is unlimited at a point of indebtedness. True The principal book of accounts is the ______ Ledger ______ is that business that is increasing in number very Rapidly. Service business ______ is another service area that is required to reduce the risk of trading. Insurance A business man may be involved in almost all the types of ____ . business A_________may be defined as a contingency, which may cause a loss. peril _______ are those features or conditions that can increase the cause of loss. Hazards __________ are risks which both its origin and its consequential effect is impersonal. Fundamental risks _____ wants to know your needs, wants, goals, values etc before they can sell their goods to you. Business Which does not depict the meaning of conflict? Agreement ________benefit from business training opportunity. Employees _____ produce goods and services not only quality goods. Business Conflict has ----------consequences Positive and Negative Contradiction arising from differences in interests, ideas, ideologies, orientations, beliefs, perceptions or tendencies is Conflict _____activities has two basic dimensions; they are classical and behavioural aspects of management. Business __________ Consists of a number of firms. Industry _________ developed idea on incentive scheme. Henry Ganth ______ is made up of trade and all activities that make trade possible. Commerce __________ is mostly found in retailing business. Sole trading Business provides to the general public, what we call _________ social responsibility The basic thing that government gains from business is _______ Tax A _____ person has a strong dislike for risk and as such will do everything possible to avoid the risk. risk averse ____ is defined as an organization in which line authority, staff authority and functional authority exist together. functional organisations __________ type of business is the oldest type of business in Nigeria. Sole trading ___ Partner contributes only the money needed for formation of the business or for running of the business. Dormant _______ Partner is that who is active in the affairs of the business but not known to the public as a partner. A secret Exogenous conflict, in Dahrendorf's Conflict Theory Model, is brought into the organisation from External factors A_______ Is an association of investors who buy shares in a company for the purpose of carrying on a business. Shareholder The overriding concern of Karl Marx is that social conflict is an imperative route to Development Once each partner agrees to sign this document, it becomes a legal document that is enforceable in the __________. court of law An attempt to gain a view of the whole world is __ philosophy _______ is the document that regulates the activities of the partnership business. Article of Partnership Partnership enjoys tax advantage. True Those who buy or own shares are known as __________. shareholders ___ is a document of notice, circular, advertisement or other invitation offering the public subscription. Prospectus _________is a corporate body; it can sue and be sued. Legal Entity There are two types of joint stock Company, which are _______. Public and private. Businesses that change products from their original forms into more finished forms are __________ processors The function of _________ is for them to transport and distribute goods. intermediaries ________ business is that business that is increasing in number very Rapidly. Service __________ refers to the magnitude of such outcome when it occurs. Severity