Unit 3 Business Concepts Test

What functional area has the goal of identifying customer needs and designing product ideas and services to meet those needs?

• Mechanics

• Finance

• Marketing

• Operations

Why did the company Gold Rush Nugget struggle to grow sales?

• They were unclear on who their customer was and how to give them what they wanted.

• They didn’t really like their customers and it showed in their customer service.

• They knew their customers too well and it made their customers uncomfortable.

• They couldn’t manufacture the product fast enough for the demand.

If Cameron prepares information—such as reports on costs and operations—for the use of employees only, what type of accountant is he?

• Managerial

• Financial

• Tax-specific

• Educational

Topper recently secured a job that will make him responsible for recruiting, compensation, training, and all areas of the business related to people as business resources. Based on this, what functional area will Topper be working in?

• Customer service

• Sales

• Human resources

• Financial

_____ accountants prepare financial information for people who are both inside and outside the company to assess if the company is performing well.

• Inspection

• Quarterly

• Financial

What functional area of a business is responsible for the work performance of other people through planning, organizing, directing, and controlling?

• Accounting

• Marketing

• Operations

• Management

Samantha is trying to explain what a sole proprietor is to her class partner for the project that they need to complete. What are some examples of common sole proprietors that Samantha could share with her partner?

• Teachers or accountants

• Freelance graphic designers or pet groomers

• Dental hygienist or paralegal

• Home renovator or healthcare services

Byron is studying the practice of selling outside the United States to buyers in other nations for a research paper he needs to write. What keyword could Byron search for to start his research?

• Imports

• Exports

• GDP

• Taxes

Howie assumed that pricing his grocery items significantly lower than his competitors’ prices would be a surefire way to be successful; however, this was not the case. Why?

• His profit margin was too low

• His profit margin was too high

• His employees were unmotivated

• His competitor badmouthed his business

High start-up costs and competing against powerful, well-established, competitive brands with loyal customers are examples of what type of industry forces?

• Barriers to entry

• Competitive rivalry

• Supplier power

• Buyer power