BusinessEssentialsCh3Review

A business that exists to fulfill a specific mission or undertaking is called a

• For profit

• Mission central

• Focused

• Nonprofit

Every business must accomplish which of the following

• Produce or provide goods/services

• Trade or sell business assets/property

• Issue corporate bonds

• Obtain venture capital

Which of the following represents a primary business activity?

• Supervising

• Designing

• Marketing

• Scheduling

Which of the following activities demonstrates information management?

• Storing and retrieving information

• Hiring appropriate employees

• Researching customers' needs

• Conducting employee ealuations

Which of the following best describes the primary business activity of operations:

• Planning for future success

• Keeping accurate financial records

• Producing goods and services

• Hiring qualified employees

Making sure the business has enough of a product in stock without having too much on hand is the goal of:

• Human resources management

• Production

• Quality control

• Inventory management

When the Pretty Pictures framing business underwent internal restructuring last year, how would its primary business activities have reacted?

• They stayed the same

• They changed radically

• They adjusted according to the internal changes

• They adjusted according to the external changes

Which of the following is the main purpose of management?

• To reach a specific level of productivity

• To create a pleasant working atmosphere

• To accomplish the business's goals

• To obtain the needed resources

Why should managers know how to do the work of the workers they supervise?

• To create a team spirit among employees

• To have realistic expectations for workers

• To establish a chain of command

• To coordinate employees' efforts

Why do top-level managers usually receive high salaries?

• They are required to attend a great many meetings.

• Their decisions affect the entire company.

• They have more experience than others in the company.

• Their responsibilities include hands-on supervision.