POBF Strictly Business 5.03B

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(n) __________ 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

Financial analysis occurs when a business

• communicates with potential customers

• keeps accurate expense records

• plans for long-term success

• effectively retrieves data

Human-resources management is demonstrated in which of the following statements:

• 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

An example of information management is demonstrated when a business uses a working system for

• 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.

Marketing is demonstrated in which of the following statements:

• The business prepares for long-term success by planning and organizing

• The business meets customers’ needs by offering appropriate products

• The business expects to merge with another business in the industry

• The business hires qualified employees to perform complex job duties

Franco’s Bread Shop is introducing a new type of sandwich bread to the community this week. Which of the following describes the business activity the bread shop is likely involved in:

• Collecting information on last year’s new breads

• Creating a system for storing new bread recipes

• Planning for the long-term results of introducing new breads

• Promoting the new bread through advertising

Operations is demonstrated in which of the following phrases:

• Keeping accurate financial records

• Planning for future success

• Producing goods and services

• Hiring qualified employees