Strictly Business LAP Test

1. A business can be described as a(n)

   
   

• 1. organized effort to produce goods and services.

• 1. disorganized method of manufacturing products.

• 1. reasonable way to make a profit.

• 1. unreasonable means for increasing revenues.

1. A business that exists to fulfill a specific mission or undertaking is called a __________ business.

• 1. for-profit

• 1. nonprofit

• 1. mission-central

• 1. focused

1. Every business must accomplish which of the following:

• 1. Issue corporate bonds

• 1. Trade or sell business assets/property

• 1. Produce or provide goods/services

• 1. Obtain venture capital

1. Which of the following represents a primary business activity:

• 1. Scheduling

• 1. Designing

• 1. Marketing

• 1. Supervising

1. Financial analysis occurs when a business

• 1. plans for long-term success.

• 1. effectively retrieves data.

• 1. communicates with potential customers.

• 1. keeps accurate expense records.

1. Within a local pizza shop, financial analysis is most likely used to

• 1. attract customers.

• 1. oversee the baking process.

• 1. obtain funding for supplies.

• 1. develop the best recipe.

1. Which of the following activities demonstrates human resources management:

• 1. The business gives its preferred customers a special discount.

• 1. The business takes care of the responsibilities associated with having employees.

• 1. The business includes top-level managers in long-term planning.

• 1. The business acts on new information about a competitor.

1. Janelle’s Creative Supplies is opening an additional location on the other side of town. To successfully operate the new location, Janelle primarily needs

• 1. more advertising spots.

• 1. additional employees.

• 1. new carpet and paint.

• 1. extra free time.

1. Which of the following activities demonstrates information management:

• 1. Storing and retrieving information

• 1. Researching customers’ needs

• 1. Hiring appropriate employees

• 1. Conducting employee evaluations

1. TeJuan’s Fishing Shack demonstrates effective information management by

• 1. accessing a list of fishing equipment appropriate for a particular customer.

• 1. removing wasted materials from the process of providing goods to customers.

• 1. promoting new fishing equipment in a popular trade magazine.

• 1. hiring fishing experts to explain how to use the goods offered.