Business Characteristics Study Guide

Group training gives employees hands-on practice with supervision.

• False

• True

Psychological needs are those for necessities such as safety, security and health.

• True

• False

Intrinsic motivation occurs internally and includes enjoyment and accomplishment

• True

• False

The focus of the maturity stage (stage 3) in the product life cycle is to build customer satisfaction and recognize competitors entering the market.

• False

• True

Which of the following is an example of a non-profit organization?

• ITT Technical Institute

• Amazon

• Beauty salon

• Salvation Army

The employment process is carried out by which department?

• Marketing

• Distribution

• Management

• Human resources

Which of the following is the goal of the finance department?

• Determining the use of company resources and funds

• Setting prices high enough to make profit but low enough to attract customers

• Producing goods in the most efficient and cost-effective manner

• Motivating employees and focusing on cooperation within the business

Which type of business produces processed goods by changing raw goods into a more finished form?

• Processors

• Service firms

• Intermediaries

• Producers

Which of the following is NOT one of the modes of transportation distribution typically uses?

• Cable

• Waterways

• Railroads

• Trucks

A system used to record, classify, summarize and report the financial position of a business is known as which of the following?

• Management

• Accounting

• Distribution

• Human resources