MCQ Knowledge Flashcards

What does 'SWOT analysis' stand for in business strategy?

Answer: Strengths, Weaknesses, Opportunities, Threats

SWOT analysis is a strategic planning framework that evaluates internal Strengths and Weaknesses alongside external Opportunities and Threats.

Which federal agency is primarily responsible for enforcing workplace safety regulations in the United States?

Answer: OSHA (Occupational Safety and Health Administration)

OSHA, part of the Department of Labor, sets and enforces standards to ensure safe and healthy working conditions for American workers.

In accounting, what is the 'double-entry bookkeeping' system?

Answer: A system where every transaction affects at least two accounts

Double-entry bookkeeping requires that every transaction be recorded as both a debit in one account and a credit in another, keeping the accounting equation balanced.

What is 'comparative advantage' in international trade?

Answer: The ability to produce a good at a lower opportunity cost than trading partners

Comparative advantage means a country can produce a good at a lower opportunity cost than others, forming the basis for beneficial international trade.

What is 'working capital' in business finance?

Answer: Current assets minus current liabilities

Working capital measures a company's short-term liquidity by subtracting current liabilities from current assets.

Which type of market research collects new data specifically for the research purpose at hand?

Answer: Primary research

Primary research involves collecting original data directly from sources (e.g., surveys, interviews, focus groups) for a specific research purpose.

What does 'fiscal policy' refer to in economics?

Answer: Government decisions on taxation and spending to influence the economy

Fiscal policy involves government decisions about taxation and public spending to stabilize or stimulate the economy.