100 questions
_____ is the term for all activities involved in developing and exchanging products.
Business
Entrepreneurship
Economics
Corporation
The customer of a service business is often called a _____.
Customer
Consumer
Client
None of the above
Anything that is bought or sold is called a(n)_____.
Item
Service
Business
Product
Customers who purchase goods and services for their own use are called _____Groups
Individuals
Consumer
Purchasers
Groups
_____ utility is added when a business changes the form of a good or service to make it more useful.
Possession
Time
Form
Place
A _____ is anywhere buyers and sellers meet to buy and sell goods and services.
Store
Workplace
Restaurant
Market
The difference between the income earned and the expenses incurred by a business during a specific period of time is called _____.
Sales
Profit
Expenses
Costs
A science that examines how goods and services are produced, sold, and used is called _____.
Economics
Social Studies
Biology
Chemistry
The law of ____________ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.
Supply and Demand
Physics
Consumer behavior
Business
The study of how people satisfy unlimited wants and needs with limited resources.
Business
Economic System
Economics
Profit
The things you wish you could have
Needs
Competition
Wants
Resources
The gradual rise in prices
savings
principal
inflation
deflation
Tasks that people or machines perform; satisfy some of your wants for things you can’t see or touch.
Competition
Services
Profit
Market research
Customers who purchase goods or services for their own use
Business
customer
product
Consumer
says that the price of a product is determined by the relationship of the supply of a product and demand for the product
law of supply and demand
economic system
capital goods
factors of production
The money or fee you pay for borrowing money
deposits
withdrawls
capital gains
Interest
What are the 4 functions of business?
production, finance, marketing, management
traditional, command, market, mixed
peak, expansion, trough, recession
land, labor, capital, entrepreneurship
An individual's ideas of what is right and wrong are called_____________________
Ethics
Social Responsibility
Morals
Capacity
A contract to rent something is a _______________
Social Responsibility
Contract
Offer
Lease
Never sharing specific information about a company or its employees is called __________________________
Consideration
Philanthropy
Confidentiality
Ethics
A legally binding agreement between two or more people or businesses is called a(n) _________________________________
Offer
Lease
Capacity
Contract
What are businesses required by law to give all workers?
Equal employment and advancement opportunities
Equal pay
Annual pay raises
Collective bargaining
Principles that help define appropriate behavior in a business setting are ___________________
Business ethics
Business regulations
Corporate culture
Morals
Overstating the features and benefits or products is called ___________________________________
A breach of confidentiality
Not subject to government regulations
False advertising
Sometimes socially responsible
Rules of behavior based on a group's ideas of what is right and wrong are called ________________________
Morals
Ethics
Social Responsibility
Philanthropy
A proposal to provide a good or service is an _____________
Contract
Offer
Lease
Consideration
Behaving with sensitivity to social, environmental, and economic issues is having ________________________________
Morals
Social Responsibility
Ethics
Consideration
An organization that generates revenue -
producer
for-profit business
nonprofit business
retailer
An association of two or more persons who co-own a business with the objective of earning a profit is called a(n)
cooperative
proprietorship
producer
partnership
Business that is owned and often operated by a single individual
partnership
corporation
limited liability corporation
proprietorship
Share of ownership in a corporation
stock
dividend
board of directors
liability
______ is a numeric system to classify businesses and collect economic statistics.
B2B
NAICS
LLC
B2C
An accounting firm that prepares taxes for an advertising agency operates in the ______ market.
business-to-consumer
consumer-to-business
business-to-business
consumer-to-consumer
Which is not an example of a not-for-profit organization?
American Cancer Society
United Way
Microsoft
American Red Cross
A business that buys large quantities of products directly from producers and sells products in smaller quantities to retailers is called a(n)
cooperative
business market
wholesaler
proprietorship
A_________________________ is a market that consists of customers who buy products for use in a business.
Not-for-Profit Organization
Business Market
Cooperative
Wholesaler
A major advantage of forming a corporation is _______.
profit
limited life
management
limited liability
1. What are the 4 functions of business?
production, finance, marketing, management
traditional, command, market, mixed
peak, expansion, trough, recession
land, labor, capital, entrepreneurship
1. What are the 4 levels of Inflation
low, medium, high, super high
low, medium, severe, hyperinflation
peek, recession, trough, expansion
land, labor, capital, entrepreneurship
1. What are the 4 factors of production?
expansion, peek, trough, recession
land, labor, capital, entrepreneurship
low, medium, high, super high
monopoly, oligopoly, competition, perfect competition
The gradual rise in prices
savings
principal
inflation
deflation
___________ is being able to work efficiently with anyone with different skill sets, personality, work styles or motivation level to achieve a better team result.
teamwork skills
communication skills
people skills
none of these
Good ________ are codes of behavior that is considered acceptable in society.
honesty
moral values
constructive criticism
integrity
A company that is independently owned and operated, it is not dominant in its field, and employs fewer than 500 people is considered a ___________.
corporation
small business
enterprise zone
monopoly
The largest provider of services in the country is ___________.
the government.
the oil industry.
Microsoft®.
telephone companies.
A(n) ____________________ is a word, symbol, design, or combination of these that a business uses to identify itself or something it sells.
servicemark
trademark
elliptical
venture
The process of recruiting, hiring, training, evaluating, and compensating employees.
management
controlling
staffing
Human Resources
To give up an idea, need or want so that the group can come to a solution.
goal
compromise
procedure
teamwork
The process of controlling and making decisions about a business.
management
staffing
controlling
goal
The efforts of more than one person is always greater than individual efforts.
teamwork
negotiation
mediation
staffing
People who continuously have conflict in their lives and have difficulty getting along with others are lacking...
compromise
interpersonal skills
goals
smiles
Something you want to achieve in a certain period of time.
manners
goals
interpersonal skills
management
Which is the most diplomatic leadership style for all involved?
Democratic
Authoritative
Which skills have the ability to analyze a situation, interpret information and make reasonable decisions?
Critical Thinking Skills
Interpersonal Skills
Verbal Skills
A teacher, manager or parent who "let's its people do what they want" is demonstrating which type of leadership? (hands-off approach)
authoritative
helicopter parenting
laizze-faire
A SMART goal is one that is specidic, measurable, attainable, realistic, and technical.
True
False
Mass production is .........
the manufacturing of goods in large quantities using standard techniques
converting resources to a product that fits the specifications of a particular customer.
the process of changing and improving resources to create goods or services.
changing the form of raw materials for another use.
What are the four functions of business?
Finance, Management, Marketing, Production
Finance, Management, Training, Production
Operations, Management, Marketing, Production
Finance, Management, Marketing, Advertising
The specialization of individuals who perform specific tasks
custom manufacturing
mass production
division of labor
teamwork
Manufacturing is the process of making _____ in a workshop or factory.
parts
toys
goods
On an assembly line, ____ is divided into steps.
work space
production
printing
Factories _____ goods, often using an assembly line.
mass-produce
partially produce
rarely produce
What is the main purpose of human resource management?
to ensure people employed in an organization are being used to the fullest potential for achieving company goals and objectives
to build the nation
to pay wages
to enable employees to work in a free environment and protect their rights
What does the term ‘human resource management’ describes ?
concept of competing through technical resources in organizations
policies and practices involved in managing managers of an organization
economic value of employees’ knowledge, skills and capabilities
effective utilization of an organization’s people and their talent
Which of the following refers to how much a job pays and the benefits offered?
minimum wage
promotion
compensation
wage
When evaluating a job opportunity, you should pay attention to health care, retirement benefits, and your special needs.
True
False
Supervisors might use this to prevent boredom, keep morale high, and teach a variety of work experiences.
job rotation
orientation
performance appraisal
separation
Which is the process of finding, selecting, training, and evaluating employees?
orientation management
performance appraisal
supervising workers
human resources management
Which of the following is an evaluation of how well an employee is doing?
recruitment
group training
compensation
performance appraisal
Which of these would not normally be found in a job description?
Job Title
Skills and abilities required
Roles and duties
Employment conditions
Designation, location, and job-related duties are mentioned in the:
Job Description
Job Evaluation
Job Specification
Recruitment Letter
Which is considered a voluntary separation?
transfer
retirement
lay off
resignation
The function of marketing that includes decisions about advertising, personal selling, customer service, publicity, promotional events, and store design and layout is _____.
Selling
advertising
promotion
construction
Process of communicating with potential customers in an effort to influence their buying behavior.
product
promotion
pricing
place
Many businesses use _____ to gather, store and use customer data for marketing.
influence
B2C
segmentation
database marketing
The three levels of buying decisions for businesses are new purchase, repeat purchase, and _____ purchase.
situational
modified
limited
automatic
The influence that comes from the society in which a person lives is called _____.
business influence
mass marketing
social influence
marketing
A(n) _____ buying decision is when a consumer purchase is made with no planning or research.
impulse
limited
routine
ordinary
A _____ is a document describing business and marketing objectives and the strategies and tactics to achieve them.
business report
business plan
sales analysis
marketing plan
Segmenting a market based on where customers live is _____ segmentation.
place
location
geographic
location
_____ selling focuses on building long-term rapport with customers.
Customer
Consumer
Relationship
Target
Activity that is done for another person, ex. house cleaning
service
sales
public relations
marketing plan