Fundamentals of Business, Marketing and Finance midterm

1.Which type of business produces processed goods by changing raw goods into a more finished form?

• Intermediaries
• Service firms
• Processors
• Producers

2. Which of the following is an example of a non-profit organization?

• Beauty salon
• Salvation Army
• ITT Technical Institute
• Amazon

3. The employment process is carried out by which department?

• Marketing
• Management
• Human Resources
• Distribution

4. Intrinsic motivation occurs internally and includes enjoyment and accomplishment.

• True
• False

5. Group training gives employees hands-on practice with supervision.

• True
• False

6. A system used to record, classify, summarize and report the financial position of a business is known as which of the following?

• Management
• Accounting
• Distribution
• Human Resources

7. Which of the following is the goal of the finance department?

• Setting prices high enough to make profit but low enough to attract customers
• Motivating employees and focusing on cooperation within the business
• Producing goods in the most efficient and cost-effective manner
• Determining the use of company resources and funds

8. The focus of the maturity stage (stage 3) in the product life cycle is to build customer satisfaction and recognize competitors entering the market.

• True
• False
• Option 3

9. Psychological needs are those for necessities such as safety, security and health.

• True
• False
• Option 3

10. Which of the following is NOT one of the modes of transportation distribution typically uses?

• Cable
• Railroads
• Waterways
• Trucks