3.01 Review - Business Essentials

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

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

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.