Business Final

Which of the following best describes the concept of business ethics?

• The study of how to increase profits

• The principles and standards that determine acceptable conduct in business

• The process of creating a business plan

• The methods used to market products

Tags

DOK Level 2: Skill/Concept

Which of the following is an example of a marketing strategy?

• Setting up a code of ethics for employees

• Conducting a SWOT analysis

• Launching a social media campaign to promote a new product

• Filing for a business license

Tags

DOK Level 2: Skill/Concept

What is the primary purpose of a SWOT analysis?

• To determine the financial health of a business

• To identify strengths, weaknesses, opportunities, and threats

• To create a marketing plan

• To establish business ethics guidelines

Tags

DOK Level 2: Skill/Concept

Which of the following is a characteristic of an entrepreneur?

• Prefers to work for a large corporation

• Avoids taking risks

• Innovates and takes risks to create new business opportunities

• Focuses solely on maintaining existing business operations

Tags

DOK Level 2: Skill/Concept

Which type of business ownership involves two or more individuals sharing the profits and responsibilities?

• Sole proprietorship

• Partnership

• Corporation

• Franchise

Tags

DOK Level 2: Skill/Concept

How can a business ethically handle a situation where a product defect is discovered?

• Ignore the defect and continue selling the product

• Inform customers and offer a recall or replacement

• Blame the defect on the supplier

• Increase the price to cover potential lawsuits

Tags

DOK Level 3: Strategic Thinking

What is a key factor in developing a successful marketing strategy?

• Understanding the target market's needs and preferences

• Reducing production costs

• Hiring more employees

• Increasing the price of products

Tags

DOK Level 3: Strategic Thinking

Which of the following best describes a sole proprietorship?

• A business owned and operated by one individual

• A business owned by shareholders

• A business owned by a group of partners

• A business that is part of a franchise

Tags

DOK Level 2: Skill/Concept

How can a business use a SWOT analysis to improve its marketing strategy?

• By identifying internal strengths to leverage in marketing campaigns

• By reducing the number of employees

• By increasing product prices

• By ignoring external threats

Tags

DOK Level 3: Strategic Thinking

Which of the following is an example of a business opportunity?

• A new market trend that aligns with the company's strengths

• A decrease in employee productivity

• An increase in operational costs

• A new government regulation that restricts business operations

Tags

DOK Level 2: Skill/Concept