Business Management Final Exam

What is the primary function of management?

• Selling products

• Planning, organizing, leading, and controlling

• Hiring employees

• Investing money

A business plan is best described as:

• A daily schedule for employees

• A document outlining the goals and strategy of a business

• A financial report

• A marketing flyer

What is an entrepreneur?

• A person who works for a company

• A business consultant

• Someone who starts and runs a business

• An investor

The "Four Ps" of marketing are:

• Planning, Producing, Packaging, Promoting

• Product, Price, Place, Promotion

• Price, Production, Profit, People

• Product, Planning, People, Pricing

Which leadership style involves making decisions with little or no input from others?

• Democratic

• Laissez-faire

• Autocratic

• Transformational

Which of the following is an example of a fixed cost?

• Hourly wages

• Electricity bill

• Rent

• Raw materials

SWOT stands for:

• Sales, Work, Organization, Timing

• Strengths, Weaknesses, Opportunities, Threats

• Structure, Work, Outcomes, Training

• Strategy, Worth, Opportunity, Technology

The term “break-even point” refers to:

• When a business goes bankrupt

• When total revenue equals total costs

• When a company makes a large profit

• When production is halted

A mission statement:

• Outlines a business’s daily operations

• Explains the company’s financial goals

• Defines a company’s purpose and values

• Lists employees’ duties

In a sole proprietorship:

• Ownership is shared

• The business is publicly traded

• One person owns and controls the business

• The government controls the business