Unit 3 Business Essentials

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

• non profit

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

• oversees the baking process

• obtain funding for the 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

• different take out boxes

• 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 lake

• promoting new fishing equipment in a popular trade magazine.

• changing the bait