Principles of Business Review 1

Which is a true statement about a management information system (MIS)?

• It may be one part of a business's overall information management program.

• It is the same thing as an information management program.

• It does not assist with a business's information management program.

• It includes people, processes, and practices.

People who have limited work experience often include what type of references on their résumés?

• personal

• family

• social

• private

Which do managers often set in order to control the work effort?

• hiring objectives

• job standards

• expense budgets

• diversity quotas

Which processes turn economic resources into goods and services?

• distribution

• marketing

• promotion

• production

Which protects employees from liability when they administer first aid to customers?

• Good Samaritan Law

• Workers' compensation

• Health and Human Services Department

• Occupational Safety and Health Administration

Which would probably result if a business reduced its marketing costs?

• increased costs of production

• decreased variety of consumer goods

• increased consumer awareness of goods and services

• decreased need for customer contact with businesses

The first step in maintaining an inventory of supplies for the business is to:

• conduct research to find vendors that sell the supplies.

• develop a list of supplies that the business needs.

• compare prices among vendors.

• organize a space to store the supplies.

In business terms, what is profit?

• a risky venture

• a good investment

• a holiday bonus

• a monetary reward

In which part of a SMART goal would one track progress toward his/her outcome?

• specific

• measurable

• realistic

• timely

Which question should be answered by the purchasing function?

• How can we inform customers of available merchandise?

• How much merchandise should we buy?

• How will merchandise be shipped to us?

• How can we protect merchandise from pilferage?