Unit 3 Business Essentials

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

a __________ business.

• mission central

• focused

• for-profit

• non profit

Every business must accomplish which of the following:

• Produce or provide goods/services

• Obtain venture capital

• Issue corporate bonds

• Trade or sell business assets/property

Which of the following activities demonstrates information management:

• Storing and retrieving information

• Researching customers’ needs

• Hiring appropriate employees

• Conducting employee evaluations

An example of performing business activities through outsourcing is when a business

• operates as the link between customers and products.

• begins long-term planning and organization.

• offers a new product in a popular product line.

• hires an outside firm to perform its marketing.

For the long-term success of the business, Stacey’s Coffee House

has decided to add a self-serve laundromat. Which of the following

behaviors describes the business activity that Stacey’s Coffee House

was likely engaged in before making this decision:

• Determining what will put it in reach of its goals

• Establishing a system for retrieving information

• Add a change machine and games to keep the kids busy

• Organizing itself for meeting its objectives

When Caring Companions and Smiling Pets merged two years

ago, what was the most likely effect on the primary business activities of

both companies?

• None of the primary business activities combined into one activity.

• Each primary business activity combined with the matching activity of

  the other firm.

• Each primary business activity became two smaller business activities.

• All of the primary business activities combined into two distinct activities.

Which of the following demonstrates the interrelationship among

primary business activities:

• A business changes its goals, so its strategies and tactics change, too.

• A new product is introduced, so business advertisements must adjust.

• A business manager becomes vice president, so his/her department

  must adjust to the change.

• One business activity changes, so the others must adjust.

Janelle’s Creative Supplies is opening an additional location on the

other side of town. To successfully operate the new location, Janelle

primarily needs

• new carpet and paint

• extra free time

• different take out boxes

• additional employees

TeJuan’s Fishing Shack demonstrates effective information

management by

• accessing a list of fishing equipment appropriate for a particular

  customer.

• removing wasted materials from the lake

• promoting new fishing equipment in a popular trade magazine.

• changing the bait

Franco’s Bread Shop is introducing a new type of sandwich bread

to the community this week. Which of the following describes the

business activity that the bread shop will likely partake in before the

release:

• Collecting information on last year’s new breads

• Creating a system for storing new bread recipes

• Planning for the long-term results of introducing new breads

• Promoting the new bread through advertising