BF10 Unit 3 LAPs test

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.

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.

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.

Operations is demonstrated in which of the following phrases:

• Keeping accurate financial records

• Planning for future success

• Producing goods and services

• Hiring qualified employees

Strategic management is demonstrated in which of the following phrases:

• Recruiting appropriate employees

• Obtaining funds for business projects

• Planning and organizing for the future

• Regularly updating business processes

Which of the following demonstrates the interrelationship among primary business activities:

• A business changes its goals, so its strategies and tactics change, too.

• A new product is introduced, so business advertisements must adjust.

• A business manager becomes vice president, so his/her department must adjust to the change.

• One business activity changes, so the others must adjust.

When Caring Companions and Smiling Pets merged two years ago, how did the two businesses join?

• All of the primary business activities combined into one activity.

• Each primary business activity combined with the matching activity of the other firm.

• Each primary business activity became two smaller business activities.

• All of the primary business activities combined into two distinct activities.