Business Admin Core 1001

Front

What is necessary for a contract to be legally binding?

Back

Offer, acceptance, and consideration

Answer explanation

For a contract to be legally binding, it must include an offer, acceptance, and consideration. This means both parties must agree to the terms and provide something of value, making the correct choice 'Offer, acceptance, and consideration'.

Front

Which type of law primarily protects consumers from deceptive business practices?

Back

Consumer protection law

Answer explanation

Consumer protection law is specifically designed to safeguard consumers from deceptive business practices, ensuring fair treatment and transparency in the marketplace.

Front

In business law, what is "intellectual property"?

Back

Creations of the mind like inventions, brand names, and literary works

Answer explanation

Intellectual property refers to creations of the mind, such as inventions, brand names, and literary works. This distinguishes it from physical assets like office supplies or buildings.

Front

What is active listening?

Back

Listening carefully to understand and respond appropriately

Answer explanation

Active listening involves fully concentrating on what is being said, understanding the message, and responding appropriately. This is best captured by the choice 'Listening carefully to understand and respond appropriately'.

Front

Which of the following is a characteristic of assertive communication?

• Speaking in a quiet voice
• Clearly expressing one’s opinions and feelings without aggression
• Avoiding eye contact
• Ignoring the other person’s viewpoint

Back

Clearly expressing one’s opinions and feelings without aggression

Answer explanation

Assertive communication involves clearly expressing one’s opinions and feelings without aggression. This contrasts with speaking quietly, avoiding eye contact, or ignoring others, which are not assertive behaviors.

Front

Nonverbal communication includes all the following except: Body language, Eye contact, Tone of voice, Writing an email

Back

Writing an email

Answer explanation

Nonverbal communication encompasses body language, eye contact, and tone of voice, which convey messages without words. Writing an email, however, involves verbal communication through written text, making it the exception.

Front

A customer complains about a product defect. What should a representative do first? Options: Offer a refund immediately, Defend the product's quality, Listen carefully and empathize with the customer’s concern, Refer the customer to the company website

Back

Listen carefully and empathize with the customer’s concern

Answer explanation

Listening carefully and empathizing with the customer’s concern is crucial. It shows respect for their feelings and helps build rapport, allowing the representative to address the issue more effectively.

Front

What is the primary benefit of building customer loyalty?

Back

Increased repeat business and referrals

Answer explanation

The primary benefit of building customer loyalty is increased repeat business and referrals. Loyal customers are more likely to return and recommend the business to others, driving growth and stability.

Front

The law of demand states that, all else equal, as the price of a good increases, the quantity demanded will: Increase, Decrease, Remain the same

Back

Decrease

Answer explanation

The law of demand indicates that when the price of a good increases, consumers will buy less of it, leading to a decrease in the quantity demanded, assuming all other factors remain constant.

Front

What does the law of demand state about the relationship between price and quantity demanded?

Back

Higher prices lead to lower quantities demanded

Answer explanation

The law of demand states that as prices increase, the quantity demanded decreases. Therefore, higher prices lead to lower quantities demanded, making this the correct choice.