What is the economic basis for the private enterprise economic system?

• competition

• the marketplace

• the motive of profit

• manufacturer supply chain

Which factor is a barrier to small-business and entrepreneurial success?

• poor management

• no vision for expansion

• having a clear strategic vision

• having a surplus of employees

A small business is defined as a business employing fewer than how many people?

• 500

• 750

• 1,000

• 1,500

Which behavior best describes the primary business activity of operations?

• hiring qualified employees

• planning for future success

• producing goods and services

• keeping accurate financial records

Ian works in the marketing department. What is the primary business objective of his department?

• to help its corporation merge with another company

• to hire qualified employees to perform complex job duties

• to meet customers’ needs by offering appropriate products

• to prepare for long-term success by planning and organizing

When Caring Companions and Smiling Pets merged two years ago, what was the most likely effect on the primary business activities of both companies?

• All of the primary business activities were unaffected.

• Each primary business activity became two smaller business activities.

• All of the primary business activities combined into two distinct activities.

• Each primary business activity combined with the matching activity of the other firm.

Which activity demonstrates information management?

• hiring appropriate employees

• researching customers’ needs

• conducting employee evaluations

• storing and retrieving employee payroll data

A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the museum’s operating expenses. Will the museum be a business?

• Yes, the museum will be a for-profit business.

• No, the museum will be a charitable institution.

• Yes, the museum will be a not-for-profit business.

• No, the museum will not be considered a business.

Why is information management necessary for strategic information in a business?

• to write an annual report

• to make long-term decisions

• to create sales presentations

• to develop a short-term advertising campaign

In the human resource management process, what is the first task to be completed for staffing?

• recruiting

• determining need

• determining job descriptions

• screening and selecting applicants