MAN 1107 PRETEST 1-50

A business is any activity that provides products or services to consumers for the purpose of increasing __________ for the owners.

• revenues
• profits
• wealth
• cash flow

According to the text, which of the following is a valid list of functional areas of a business?

• Management, Operations, Marketing, Accounting, Finance, Information Technology, Human Resources
• Management, Operations, Sales, Accounting, Finance, Information Technology, Human Resources
• Maintenance, Operations, Marketing, Accounting, Finance, Information Technology, Human Resources
• Management, Operations, Marketing, Accounting, Investments, Information Technology, Human Resources

Operations __________ the transformation of resources into quality goods or services.

• builds and maintains
• produces and designs
• manages and produces
• designs and oversees

What are the four P’s of Marketing?

• Product, Price, Place, People
• Product, Price, Place, Promotion
• Product, People, Place, Promotion
• Product, Price, People, Promotion

Which position in a business manages cash and cash equivalents?

• Controller
• Cost Accountant
• Treasurer
• Financial Accountant

Which of the following is not an external force that influences business activities?

• Government
• Cash Flow
• Technology
• Economy

A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to:

• fluctuate randomly around its equilibrium value.
• decrease.
• remain constant.
• increase.

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different. 

• A monopoly
• Oligopoly
• Perfect competition
• Monopolistic competition

Today, the economic systems of most nations could most accurately be classified as: 

• mixed economies.
• pure socialism.
• pure capitalism.
• supply and demand economies.

The point at which the Supply and Demand intersect is called:

• Perfect Competition
• Gross Domestic Product
• Differentiation
• Equilibrium