Principles of Business and Finance Finals Review

Herbie is in charge of the company's potluck picnic. He doesn't need help deciding who to invite. It is a company picnic so you invite the employees. This is an example of what type of decision?

• Minimum Input 
• Video Input 
• Moderate Input 
• Maximum Input 

Amber's academic adviser has asked her to set 3 academic goals for this semester. These goals are MOST LIKELY to be accomplished if:

•  Amber lets her friends set her goals. 
• Amber writes her goals down. 
•  Amber thinks about her goals weekly. 
• Amber discusses her goals with her parents. 

One element of a SMART financial goal is missing the in the example below.  Which one is it? "I will save $150 each month to go on a vacation in one year." 

•  Measurable 
• Specific 
• Time Bound 
• Attainable 

I plan to save $1,500 to buy a used car by saving $75 from each paycheck. Which part of a SMART goal is this goal missing?

•  Time bound 
•  Realistic 
• Measurable 
• Attainable 

This type of innovation occurs when a business either creates or improves a product.

• Process Innovation 
• Position Innovation 
•  Product Innovation 
•  Paradigm Innovation 

This type of innovation occurs when the purpose of a product is changed.

• Product Innovation 
• Position Innovation 
• Process Innovation 
• Paradigm Innovation 

This type of innovation involves a significant change in thinking.

•  Product Innovation 
• Process Innovation 
•  Paradigm Innovation 
• Position Innovation 

This type of innovation occurs when a business changes how something is done.

•  Process Innovation 
• Paradigm Innovation 
• Product Innovation 
• Position Innovation 

Mark and Susan, a recently married couple with full-time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?

•  Short-term 
•  Intermediate 
• Unrealistic 
• Long-term 

One element of a SMART financial goal is missing the in the example below.  Which one is it? "I will save $150 each month to go on a vacation in one year." 

• Measurable 
• Specific 
• Time Bound 
• Attainable