Which is an advantage of a matrix organization?

Can increase employee motivation and satisfaction

Makes it harder to expand the organization

Allows organizations to be more self-sustaining

Provides more opportunities for advancement

Why is it important for entrepreneurs to identify customers' wants and needs as they plan their businesses?

To understand how to make money fulfilling those wants and needs

To create something no other business has ever created

To tell their customers what they really want and need

To better obtain start-up funding from an investor

An example of a short-term plan would be

Hiring staff to support the holiday rush

Being named the top employer in the region

Which is an advantage of owning a franchise?

The company has wide-spread name and brand recognition

Owners pay a large franchise fee up-front to "buy-in"

Owners are locked into franchise rules, food, menu, uniforms, etc

Owners spend a lot of time in the beginning getting things up and running

An example of leading and directing would be

Being asked to chair a new committee

Using color-coded file folders for different subjects

Being named the top employer in the state

When designing a new product, a good schedule helps management?

Identify the impact of design delays

Hire the best people for the project

Determine the quality of the product

Decide if the product will be successful

Given the revenues and expenses table for a business, which of the following statements is definitely true?

The business had fewer days with a profit than days with a loss

The business was in the red for the week

The business had a $500 profit for the week

The business was open longer on the weekend

What is the purpose of networking with other businesses?

To create a supportive system of sharing information and resources with businesses who have similar goals, interests, and clients.

To create stronger and more stable internet access for those who subscribe to the network.

To have businesses outside the network understand the benefits of being in the network.

To develop a web of organizations that is mutually beneficial while remaining exclusive and competitive.

Why is collecting feedback from customers important?

To better understand what your customers like and dislike about your business.

So your customers think you care about what they think.

To generate ideas for the business's marketing campaigns.

One of the responsibilities of operations managers is to IMPROVE the efficiency of product development and manufacturing. Which of the following is needed to help accomplish this task?

A flat organizational structure

In the United States you are very good at organizing and keeping meetings on schedule. Would this type of focus and control be a good practice to use in meetings with co-workers around the world?

No, it is best to make adjustments for other cultures.

Yes, it is best to do what you know will work.

Yes, it is always good to control meetings this way.

No, because language barriers will not allow a focused meeting.

Identifying the target market for a product allows an entrepreneur to ______.

market the product to specific people

better budget their time and money

worry less about the future of their business

develop plans for expanding their business

Operations management is the management of:

Marketing of the company's products

Testing to ensure quality products

Why is it a good idea to match a specific product to a target market?

To ensure a strong customer base for the product

To more easily create advertising for the product

To produce a better year-end report for the product

To create an organized look and feel for the product

Generally, when receiving a business card from an international business person you should:

Carefully review the card and then put it in a special place

Immediately place the card in your pocket

Thank the person for giving you their card

Set the card aside so you can study it later

What is marginal cost?

The change in the cost of producing one more unit of product

The cost of total overhead due to changes in production levels

The change in total production cost when the quantity produced changes by one unit.

What is most important for entrepreneurs with home-based businesses to remember?

You need to work hard to build your business and make it successful.

You need to clearly define your "work" time and your "home" time.

You should schedule lunches out of the house as a tax write-off.

You shouldn't wear your pajamas all day just because you can.

What is the definition of market share?

The percentage of sales earned by a company over a specific period of time

Sharing business resources with another business to keep costs down

Sharing the responsibility for grocery shopping

A subgroup of a larger market that shares at least one characteristic or need

What does total revenue minus total expenses indicate?

The profit or loss made by the business.

The total cost to run the business.

The total cost to keep the business open.

In any ethical situation, the most important thing is to:

Further investigate the situation.

The definition of an entrepreneur is a person who

Is willing to take a risk in the hunt for new business opportunities

Is active in their community and encourages business owners

Works for a large company creating new products

Provides entertainment to people in a variety of ways

Which is an advantage of a tall organizational structure?

Provides smaller, more manageable teams

Gives managers numerous direct reports

Costs the organization less money

Gives employees more responsibility

When making a business decision between several options, what are you determining when you estimate the opportunity cost?

The benefits missed when choosing one option over another

The benefits of choosing the best option

The benefits of pursuing a new opportunity

Which of the following is an example of a market segment?

Realtors selling home under $130,000

Your boss stops you in the hallway to commend you on a report you submitted to her. One of your team members actually authored the report. What should you say?

Thank her and tell her who authored the report.

Thank her and don't mention the report.

Thank her and take credit for the report.

An example of managerial organizing would be

Using color-coded file folders for different subjetcts

Being asked to chair a new committee

Being named the top employer in the state.

Which of the following is the best long-term strategy to reach profitablilty?

find new vendors with lower prices

A group of Japanese investors is visiting your office. During a meeting there is a long period of silence. What should you do?

Stay quiet until they break the silence

Leave the meeting so they can talk privately

Ask if they have more questions

How can a business get involved in its community?

Donating products or services to non-profit organizations

An example of evaluating and controlling would be

being asked to chair a new committee

using color-coded file folders for different subjects

being named the top employer in the state

Business Networking Quiz

Authored by Samantha Prince

Computers

8th Grade

Used 1+ times

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you owned a flower shop, what kinds of businesses would you network with?

A pet store, a tire store, and a cell phone store

A comic book shop, a seafood shop, and a greeting card shop

A wedding chapel, a funeral home, and a hospital

A high school, a nail salon, and a burger restaurant

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of plan does HR assist in developing that deals with benefits and bonuses?

Staffing plans

Evaluation plans

Compensation plans

Promotion plans

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In general, what is a business's most valuable resource?

Money

Tooling

Buildings

Employees

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a business to make a profit which of the following has to be true?

Total revenues > Total expenses

Total revenues < Total expenses

Total revenues = Total expenses

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A primary goal of quality assurance and control programs is to:

Let customers know about the high quality

Have the best product prices

Make sure products meet the company standards

Beat the competition's product quality

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the best definition of "marginal benefit"?

The added benefit a person gets to their quality of life from buying one more product or service

The added satisfaction or benefit a person gets from buying one more product or service

The added satisfaction or benefit a person gets from a substitute product or service

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You found a huge error in a report that is going to the president of the company shortly. You know who created the problem. What should you do?

Ask your manager to solve the problem

Solve the problem without assigning blame

Report the person who caused the problem

Determine the financial impact before taking action

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Business Networking Quiz

If you owned a flower shop, what kinds of businesses would you network with?

What type of plan does HR assist in developing that deals with benefits and bonuses?

In general, what is a business's most valuable resource?

For a business to make a profit which of the following has to be true?

A primary goal of quality assurance and control programs is to:

Which is the best definition of "marginal benefit"?

You found a huge error in a report that is going to the president of the company shortly. You know who created the problem. What should you do?

Which is an advantage of a matrix organization?

Why is it important for entrepreneurs to identify customers' wants and needs as they plan their businesses?

An example of a long-term plan would be

Access all questions and much more by creating a free account

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