EOPA Practice Quiz 1

If a business conducts a SWOT analysis to decide whether or not to expand, which of the following would be categorized as an "O"?

• There is the potential for increased profits

• Company expenses have increased

• Money is available for the expansion

• New competition could enter the market

The North American Free Trade Agreement (NAFTA) created a free- trade area for

• Mexico and Canada
• Mexico and the United States
• Mexico, Canada, and the United States
• Mexico, Guatemala, and Belize

Depreciation refers to

• a charge made by a lender for the use of money
• the decrease in value over time for a fixed asset
• costs that change directly with the level of production
• costs that do not change with different volumes of business

Two types of business partnerships are general and

• limited

• fiduciary

• contractual

• cooperative

The main purpose of an effective performance evaluation is to 

• help companies determine who to fire when times get hard
• help workers to determine when they should ask for a salary raise
• help workers develop their strengths and work on their weaknesses
• help companies to determine what other jobs workers might be good at

A mission statement describes an organization's

• absentee policy
• building plans
• purpose or goal
• job postings

The best way to motivate workers to do a good job is

• providing positive feedback to reinforce what they do correctly
• providing negative feedback to discourage them from what they do incorrectly
• making them compete against each other to encourage a spirit of achievement
• acknowledging only group achievements rather than individual one to reinforce the team attitude

The term for research to determine factors, conditions, and characteristics of a market is

• brainstorming
• goal setting
• prototyping
• market analysis

Which of the following sentences is grammatically correct?

• The injured accident victim was laying on the road until the ambulance arrived.
• Ann missed the meeting because she was lying in bed with the flu.
• We arrived their at 3 PM to begin the meeting.
• The manager busted into the wrong office by mistake.

The business cycle refers to 

• the repeated movement from good economic times to bad and back
• the inflation of prices over time
• shifts in business laws as the government changes from Republican to Democrat and back
• fluctuations in a company's stock price throughout the year