WorksheetsPBMF - Final Exam Review - Spring 2017
Total questions: 90
Worksheet time: 45mins
Name
Class
Date
1.
A(n) ____ business is an organization that generates revenue.
a)
not-for-profit
b)
for-profit
c)
collective
d)
union
2.
A(n) ____ exists to serve some public purpose.
a)
for-profit
b)
not-for-profit
c)
cooperative
d)
union
3.
v____ are businesses that use supplies from other producers to make products.
a)
Producers
b)
Extractors
c)
Manufacturers
d)
Wholesalers
4.
A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers is a ____.
a)
Producers
b)
Extractors
c)
Manufacturers
d)
Wholesalers
5.
In a private enterprise system, ____ directly provide consumers with products that meet their needs and wants.
a)
Retailers
b)
Producers
c)
Wholesalers
d)
Manufacturers
6.
A ____ is the simplest and most common form of business ownership.
a)
corporation
b)
proprietorship
c)
partnership
d)
cooperative
7.
A ____ is an association of two or more persons who co-own a business with the objective of earning a profit.
a)
corporation
b)
proprietorship
c)
partnership
d)
cooperative
8.
The numeric system used to classify businesses and collect economic statistics is called the ____.
a)
Bureau of Labor Statistics (BLS)
b)
North American Industry Classification System (NAICS)
c)
economic indicators
d)
employer identification number (EIN)
9.
The ____ is a group of individuals who make high-level management decisions for a corporation and
a)
executive leadership team
b)
executive management team
c)
board of directors
d)
board of trustees
10.
A share of ownership in a corporation is called a____.
a)
dividend
b)
stock
c)
annuity
d)
shareholder
11.
Form of ownership that provides limited liability to owners, but is taxed as a partnership.
a)
S corporation
b)
Cooperative
c)
Proprietorship
d)
Intermediary
12.
Business that is owned and operated by those using its services
a)
S corporation
b)
Cooperative
c)
Proprietorship
d)
Intermediary
13.
Business or person that takes natural resources from the land
a)
intermediary
b)
producer
c)
manufacturer
d)
extractor
14.
Business that sells primarily to other businesses
a)
intermediary
b)
cooperative
c)
business-to-business
d)
general partnership
15.
Person or business that sells the goods and services from producers to customers
a)
intermediary
b)
cooperative
c)
s corporation
d)
business-to-business
16.
Business that is co-owned by two or more general partners who are responsible for business operations.
a)
general partnership
b)
cooperative
c)
s corporation
d)
proprietorship
17.
Business that creates goods and services.
a)
producer
b)
manufacturer
c)
extractor
d)
proprietorship
18.
Business that is legally separate from its owners and has most of the legal rights of an actual person.
a)
cooperative
b)
corporation
c)
s corporation
d)
proprietorship
19.
Legal responsibility
a)
shareholder
b)
legality
c)
liability
d)
bylaw
20.
Business that uses supplies from other producers to make products.
a)
cooperative
b)
extractor
c)
producer
d)
manufacturer
21.
Portion of a corporation’s earnings distributed to stockholders
a)
dividend
b)
annuity
c)
interest
d)
share
22.
Nonprofit organization that may be either public or private.
a)
cooperative
b)
institution
c)
s corporation
d)
charity
23.
Explains the practices and procedures to be followed in conducting business.
a)
policies and procedures manual
b)
corporate regulations
c)
performance standards
d)
corporate bylaws
24.
Form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
a)
cooperative
b)
limited liability company
c)
proprietorship
d)
s corporation
25.
Business that is owned and often operated by a single individual.
a)
partnership
b)
limited liability company
c)
proprietorship
d)
s corporation
26.
Customers who buy products for use in a business are in the _____ market.
a)
business
b)
government/institution
c)
consumer
d)
multi-faceted
27.
A(n) ________ is a group of businesses that produce the same type of goods or services.
a)
market
b)
domain
c)
cooperative
d)
industry
28.
The money raised by a ___________ business is used to support a cause rather than profit for its owners.
a)
not-for-profit
b)
for profit
c)
business-to-business
d)
business-to-consumer
29.
Governmental agencies are part of the _________ sector.
a)
private
b)
for profit
c)
public
d)
not-for-profit
30.
__________ means stockholders and owners are not personally responsible for the debts and obligations of a business.
a)
limited liability
b)
unlimited liability
31.
Businesses that sell primarily to individual consumers are in the ___________ market.
a)
business-to-business
b)
business-to-consumer
c)
government/institution
d)
multi-faceted
32.
A(n) _______ purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers
a)
manufacturers
b)
intermediary
c)
retailer
d)
wholesaler
33.
A(n) _________ is a business that buys products from wholesalers or directly from producers and sells them to consumers to make a profit
a)
manufacturers
b)
intermediary
c)
retailer
d)
wholesaler
34.
A form of business ownership that provides limited liability to its owners, but is taxed as a partnership is a(n)
a)
corporation
b)
s corporation
c)
general partnership
d)
limited partnership
35.
The _______ is a numeric system used to classify businesses and collect economic statistics.
a)
Numerical Economic Statistical Classification Code
b)
North American Industry Classification System
c)
EIN System
36.
A(n) ______ business earns profits by providing consumers with services that meet their needs and wants.
a)
service
b)
manufacturing
c)
goods producing
d)
retail
37.
A _____________ pools the resources of members to produce quality goods and services.
a)
service business
b)
cooperative
c)
s corporation
d)
partnership
38.
A(n) ____________ license may be required if a proprietorship business uses a name other than the owner’s name.
a)
Business Operations
b)
Small Business Association (SBA)
c)
Doing Business As (DBA)
d)
Entrepreneurship
39.
What are the three general types of businesses in the private sector?
a)
Producers, Intermediaries, and Services Businesses
b)
Wholesalers, Retailers, and Intermediaries
c)
For profit, Not-for-Profit, Multi-faceted
d)
Producers, Extractors, Manufacturers
40.
What are the three categories of customers that businesses can serve?
a)
Producers, Intermediaries, and Services Businesses
b)
Wholesalers, Retailers, and Intermediaries
c)
Consumers Market, Business Market, and Government & Institutions
d)
Producers, Extractors, Manufacturers
41.
What are the three basic forms of business ownership?
a)
Producers, Intermediaries, and Services Businesses
b)
Wholesalers, Retailers, and Intermediaries
c)
Proprietorship, Partnership, Corporation
d)
Producers, Extractors, Manufacturers
42.
Which of the following is not an advantage of a corporation?
a)
Continued Life
b)
Ability to raise capital
c)
Ease of transferring ownership
d)
Unlimited liability
43.
What are 3 disadvantages of a proprietorship type of business?
a)
Continued Life, difficult to start, difficult to end
b)
Limited liability, professional management, difficult to start
c)
Ease of transferring ownership, continued life of business, ability to raise capital
d)
Unlimited liability, limited expertise, limited life of business
44.
Domestic business refers to business activities needed for creating, shipping, and selling goods across national borders.
a)
True
b)
False
45.
The value of currency in one country compared with the value in another is called the interest rate.
a)
True
b)
False
46.
The value of currency in one country compared with the value in another is called the interest rate.
a)
True
b)
False
47.
With a free-trade zone, member countries agree to remove duties and trade barriers on products traded among them.
a)
True
b)
False
48.
Franchising is selling the right to use a trademark or brand name for a fee or royalty.
a)
True
b)
False
49.
Without foreign trade, many things you buy would cost more or not be available.
a)
True
b)
False
50.
If a country exports more than it imports, it has a trade surplus.
a)
True
b)
False
51.
An economy that is largely involved in agriculture is generally unable to provide its citizens with a large number of high-quality products.
a)
True
b)
False
52.
A country’s culture, traditions, and religion can sometimes act as informal trade barriers.
a)
True
b)
False
53.
One goal of the World Trade Organization is to eliminate import quotas.
a)
True
b)
False
54.
Multinational companies sometimes control a country’s political power.
a)
True
b)
False
55.
The amount a country owes to other countries is called
a)
trade deficit
b)
national debt
c)
foreign debt
d)
balance of payments
56.
Which of the following would likely cause the value of the dollar to RISE?
a)
lower U.S. inflation
b)
an increased U.S. trade deficit
c)
higher U.S. interest rates
d)
Saudi Arabia doubles the price of the oil it sells the United States.
57.
Infrastructure refers to a country’s
a)
system of local government
b)
legal systems
c)
educational system
d)
transportation, communication, and utility systems
58.
Which of the following tends to discourage international trade?
a)
a free-trade zone
b)
a free-trade agreement
c)
an embargo
d)
a common market
59.
Which of the following is an example of a global strategy?
a)
Advertising for women’s underwear does not feature live models in many Muslim countries to avoid offending religious sensibilities.
b)
The formula for Coca-Cola is the same no matter where in the world it is sold.
c)
Pizza Hut restaurants in Japan sell pizzas with squid toppings because squid is a popular Japanese food.
d)
All of the above are global strategies.
60.
An agreement between two or more companies to share a business project is called
a)
a joint venture
b)
licensing
c)
franchising
d)
a proprietorship
61.
This group helps maintain an orderly system of world exchange rates.
a)
World Trade Organization
b)
World Bank
c)
International Monetary Fund
d)
European Union
62.
Items bought from other countries.
a)
imports
b)
exports
c)
tariffs
d)
embargos
63.
A tax that a government places on certain imported products.
a)
interest rate
b)
quota
c)
tariffs
d)
embargos
64.
Occurs when a country sells more than it buys.
a)
trade surplus
b)
trade deficit
c)
absolute advantage
d)
comparative advantage
65.
A limit on the quantity of a product that may be imported or exported.
a)
embargo
b)
trade limit
c)
tariff
d)
quota
66.
Exists when a country can produce a good or service at a lower cost than other countries.
a)
comparative advantage
b)
absolute advantage
c)
surplus
d)
deficit
67.
Completely prohibiting the import or export of a product.
a)
trade refusal
b)
quota
c)
tariff
d)
embargo
68.
Items sold to other countries.
a)
exports
b)
imports
c)
goods
d)
services
69.
Exists when a country specializes in the production of a good or service at which it is relatively more efficient.
a)
absolute advantage
b)
opportunity cost
c)
comparative advantage
d)
trade-off
70.
Occurs when a country buys more than it sells.
a)
absolute advantage
b)
comparative advantage
c)
trade surplus
d)
trade deficit
71.
The difference between a country’s total exports and total imports is called balance of _____.
a)
deficit
b)
surplus
c)
payments
d)
trade
72.
The difference between the amount of money that comes into a country and the amount that goes out of it is called balance of ____________.
a)
deficit
b)
surplus
c)
payments
d)
trade
73.
The three main factors that affect currency exchange rates among countries are the country’s balance of payments, economic conditions, and ____________________.
a)
political stability
b)
education
c)
technology
d)
tradition
74.
A(n) _____________ company is an organization that does business in several countries.
a)
domestic
b)
global
c)
international
d)
multinational
75.
consists of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit
a)
advertising
b)
business
c)
marketing
d)
promotion
76.
is an approach to business that focuses on satisfying customers as the means of achieving profit goals
a)
marketing concept
b)
marketing
c)
marketing strategy
d)
marketing mix
77.
The four P's of marketing
a)
principle, production, portion, promotion
b)
product, production, portion, proce
c)
product, price, place, promotion
d)
pancakes, pickles, popsicles, pineapples
78.
is anything the can be bought or sold
a)
product
b)
goods
c)
services
d)
market
79.
is the process of communicating with potential customers in an effort to influence their buying behavior
a)
marketing strategy
b)
marketing plan
c)
advertising
d)
promotion
80.
is the process of dividing the market into smaller groups
a)
geographic segmentation
b)
demographic segmentation
c)
market segmentation
d)
behavioral segmentation
81.
is segmenting a market based on where customers live
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
82.
is dividing the market of potential customers by their personal statistics
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
83.
is dividing the market by certain preferences or lifestyle choices
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
84.
divides a market by the relationships between customers and the good or service
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
85.
is a detailed description of the typical consumer in a market segment
a)
relationship selling
b)
customer profile
c)
marketing mix
d)
target market
86.
is the specific group of customers whose needs a company will focus on satisfying
a)
relationship selling
b)
customer profile
c)
marketing mix
d)
target market
87.
is a document describing business and marketing objectives and the strategies and tactics to achieve them
a)
marketing plan
b)
marketing strategy
c)
marketing mix
d)
target market
88.
is a system to track contact and other information for current and potential customers
a)
customer relationship management system
b)
database marketing
c)
front office applications
d)
customer profile system
89.
for B2C are the influences that come from the environment
a)
social influence
b)
personal influence
c)
situational influence
d)
psychological influence
90.
are the influences that come from within a person or why a person has specific needs and wants
a)
social influence
b)
personal influence
c)
situational influence
d)
psychological influence
100 %
