Final Exam Review-Business For Today Test

What is the key difference between direct and indirect competition?

• Direct competition involves the same product or service, while indirect competition satisfies the same need in different ways.
• Direct competition involves different products, while indirect competition involves identical products.
• Direct competition only applies to online businesses, while indirect competition applies to physical stores.
• Direct competition involves pricing, while indirect competition does not.

Which type of market structure is characterized by a small number of companies controlling the supply of a good or service, with high barriers to entry?

• Monopolistic competition
• Oligopoly
• Pure competition
• Regulated monopolies

In what type of market do businesses compete on factors such as brand, quality, or features instead of price?

• Price competition
• Pure competition
• Non-price competition
• Monopoly

What is a regulated monopoly?

• A market where many businesses compete with similar products.
• A monopoly allowed under government supervision for efficiency, such as utility companies.
• A monopoly created through unfair business practices.
• A market where businesses differentiate their products to gain an advantage.

Which of the following is an example of secondary data?

• Conducting interviews with customers about a product
• Observing customer behavior in a store
• Launching a survey to gather customer feedback
• Analyzing sales reports from a competitor

The process of recording, maintaining, and reporting an organization’s financial transactions and records is known as:

• Accounting
• Operations
• Finance
• Strategy

A for-profit or non-profit organization involved in commercial, industrial, or professional commerce is called a:

• Finance
• Business
• Management
• Chain of Command

Which term focuses on the management of assets, liabilities, equity, and cash flow, as well as financial analysis like ROI and ROE?

• Accounting
• Finance
• Human Resources
• Operations

Which business function is responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees?

• Information Management
• Operations
• Human Resources
• Professional Development

A business function that involves people, processes, and systems that collect, organize, store, and secure relevant data for decision-making is:

• Operations
• Information Management
• Marketing
• Staffing