Unit 2: Business & Management Concepts Review

Which of the following is NOT one of the four main functions businesses are built around?

• Production
• Marketing
• Management
• Distribution

Production involves:

• Selling products directly to customers
• Creating, growing, manufacturing, or improving products and services
• Managing employee schedules
• Advertising products online

Which is an example of marketing?

• A farmer growing corn
• A company placing ads on social media
• A manufacturer assembling vehicles
• An accountant filing taxes

Businesses are commonly categorized by:

• Profit orientation, size, product, and market
• Product quality and CEO salary
• Years in operation and tax rates
• Number of patents

A business with less than 100 employees is typically considered:

• A global business
• A small business
• A nonprofit organization
• A public business

Which type of business sells products or services to customers in many countries?

• E-commerce
• Small business
• Global business
• Local business

Which statement best describes e-commerce?

• Only businesses selling products in physical stores
• Businesses that operate exclusively in rural areas
• Any business activity using electronic communication for exchanges
• Businesses that avoid using technology

Which type of business reinvests profits to support a charitable cause instead of earning a profit?

• Public
• Nonprofit
• Private
• Global

Public businesses are primarily operated by:

• Private investors
• Families or sole proprietors
• Local, state, or federal government agencies
• Online-only corporations

Industrial markets primarily:

• Sell products directly to consumers
• Focus only on agriculture
• Cater to other businesses and depend on consumer demand
• Sell online only