2019 Business Principles-Unit 3: EC-071 Posttests Sec A&B

A business can be described as a(n)

• disorganized method of manufacturing products

• organized effort to produce goods and services

• reasonable way to make a profit

• unreasonable means for increasing revenues

A business that exists to fulfill a specific mission or undertaking is called a __________ business.

• mission-central

• focused

• for-profit

• nonprofit

Every business must accomplish which of the following:

• produce or provide goods/services

• obtain venture capital

• issue corporate bonds

• trade or sell business assets/property

Which of the following represents a primary business activity:

• scheduling

• designing

• marketing

• supervising

Financial analysis occurs when a business

• communicates with potential customers

• keeps accurate expense records

• plans for long-term success

• effectively retrieves data

Within a local pizza shop, financial analysis is most likely used to

• attract customers

• oversee the baking process

• obtain funding for supplies

• develop the best recipe

Which of the following activities demonstrates human resources management:

• the business gives its preferred customers a special discount

• the business takes care of the responsibilities associated with having employees

• the business includes top-level managers in long-term planning

• the business acts on new information about a competitor

Janelle’s Creative Supplies is opening an additional location on the other side of town. To successfully operate the new location, Janelle primarily needs

• new carpet and paint

• extra free time

• more advertising spots

• additional employees

Which of the following activities demonstrates information management:

• storing and retrieving information

• researching customers' needs

• hiring appropriate employees

• conducting employee evaluations

TeJuan’s Fishing Shack demonstrates effective information management by

• accessing a list of fishing equipment appropriate for a particular customer

• removing wasted materials from the process of providing goods to customers

• promoting new fishing equipment in a popular trade magazine

• hiring fishing experts to explain how to use the goods offered