LAP EC071

A business can be described as a(n)

• a. disorganized method of manufacturing products.

• b. organized effort to produce goods and services.

• c. reasonable way to make a profit.

• d. unreasonable means for increasing revenues.

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

• a. mission-central

• b. focused

• c. for-profit

• d. nonprofit

Every business must accomplish which of the following:

• a. Produce or provide goods/services

• b. Obtain venture capital

• c. Issue corporate bonds

• d. Trade or sell business assets/property

Which of the following represents a primary business activity:

• a. Scheduling

• b. Marketing

• c. Designing

• d. Supervising

Financial analysis occurs when a business

• a. communicates with potential customers.

• b. keeps accurate expense records.

• c. plans for long-term success.

• d. effectively retrieves data.

Within a local pizza shop, financial analysis is most likely used to

• a. attract customers.

• b. obtain funding for supplies.

• c. oversee the baking process.

• d. develop the best recipe.

Which of the following activities demonstrates human resources management:

• a. The business gives its preferred customers a special discount.

• b. The business takes care of the responsibilities associated with having employees.

• c. The business includes top-level managers in long-term planning.

• d. 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

• a. new carpet and paint.

• b. extra free time.

• c. more advertising spots.

• d. additional employees.

Which of the following activities demonstrates information management:

• a. Storing and retrieving information

• b. Researching customers' needs

• c. Hiring appropriate employees

• d. Conducting employee evaluations

TeJuan's Fishing Shack demonstrates effective information management by

• a. accessing a list of fishing equipment appropriate for a particular customer.

• b. removing wasted materials from the process of providing goods to customers.

• c. promoting new fishing equipment in a popular trade magazine.

• d. hiring fishing experts to explain how to use the goods offered.