Business Essentials Module 3

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

• nonprofit

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 information management:

• Storing and retrieving information

• Researching customers' needs

• Hiring appropriate employees

• Conducting employee evaluations

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

• Keeping accurate financial records

• Planning for future success

• Producing goods and services

• Hiring qualified employees

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

• inventory management.

• production.

• quality control.

• human resources 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 behaviors demonstrates the primary business activity of strategic management:

• Recruiting appropriate employees

• Obtaining funds for business projects

• Planning and organizing for the future

• Regularly updating business processes