Review for Final 3.01 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

• 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.

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.