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WorksheetsPrinciples of Business and Finance Finals Review
Total questions: 71
Worksheet time: 36mins
Name
Class
Date
1.
Herbie is in charge of the company's potluck picnic. He doesn't need help deciding who to invite. It is a company picnic so you invite the employees. This is an example of what type of decision?
a)
Minimum Input
b)
Video Input
c)
Moderate Input
d)
Maximum Input
2.
Amber's academic adviser has asked her to set 3 academic goals for this semester. These goals are MOST LIKELY to be accomplished if:
a)
Amber lets her friends set her goals.
b)
Amber writes her goals down.
c)
Amber thinks about her goals weekly.
d)
Amber discusses her goals with her parents.
3.
One element of a SMART financial goal is missing the in the example below. Which one is it? "I will save $150 each month to go on a vacation in one year."
a)
Measurable
b)
Specific
c)
Time Bound
d)
Attainable
4.
I plan to save $1,500 to buy a used car by saving $75 from each paycheck. Which part of a SMART goal is this goal missing?
a)
Time bound
b)
Realistic
c)
Measurable
d)
Attainable
5.
This type of innovation occurs when a business either creates or improves a product.
a)
Process Innovation
b)
Position Innovation
c)
Product Innovation
d)
Paradigm Innovation
6.
This type of innovation occurs when the purpose of a product is changed.
a)
Product Innovation
b)
Position Innovation
c)
Process Innovation
d)
Paradigm Innovation
7.
This type of innovation involves a significant change in thinking.
a)
Product Innovation
b)
Process Innovation
c)
Paradigm Innovation
d)
Position Innovation
8.
This type of innovation occurs when a business changes how something is done.
a)
Process Innovation
b)
Paradigm Innovation
c)
Product Innovation
d)
Position Innovation
9.
Mark and Susan, a recently married couple with full-time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
a)
Short-term
b)
Intermediate
c)
Unrealistic
d)
Long-term
10.
One element of a SMART financial goal is missing the in the example below. Which one is it? "I will save $150 each month to go on a vacation in one year."
a)
Measurable
b)
Specific
c)
Time Bound
d)
Attainable
11.
To be able to explain and defend their ideas objectively to others, individuals usually need to have which type of effective skills?
a)
computer
b)
technical
c)
verbal
d)
reading
12.
Individuals who are able to defend their ideas objectively provide others with:
a)
personal opinions.
b)
emotional information.
c)
logical evidence.
d)
unrelated statistics.
13.
All calls coming into a business should end as pleasantly as possible in order to:
a)
provide callers with accurate information.
b)
make the best use of an employee's time.
c)
help an employee get a good review.
d)
leave a good last impression with callers.
14.
In order to be understood on the telephone, a business's employees should always:
a)
speak from notes.
b)
use technical terminology.
c)
enunciate clearly.
d)
speak rapidly.
15.
When Dawn answered the front desk telephone at her property, a female caller who sounded very upset said, "My daughter, Susan Smith, is staying at your hotel, and I need to reach her immediately because of a family emergency. Would you please give me her room number?" Dawn quickly answered, "Ms. Smith is in room 224. I will connect you." What did Dawn do wrong?
a)
She forgot to listen attentively to the caller.
b)
She did not take written notes about the call.
c)
She gave out a guest's room number.
d)
She did not answer the caller with enough courtesy.
16.
When Steven asks questions in an open-minded way, he avoids:
a)
stating his own opinion.
b)
attacking someone else's idea.
c)
suggesting a better way to do something.
d)
mentioning the truth.
17.
What type of communication style is usually appropriate for evaluation or counseling interviews with employees?
a)
Casual
b)
Formal
c)
Routine
d)
Technical
18.
Which is not a tool that people use when participating in discussions?
a)
Pointing out missing information
b)
Sharing a personal experience
c)
Building on someone else's comment
d)
Helping the group summarize what has been said
19.
Which is a reason why it is important to organize information before preparing a business report?
a)
to investigate the cause of the problem
b)
to understand the purpose of the report
c)
to arrange findings in a logical manner
20.
Which is an example of a textual graphic that is used in a business report?
a)
Pie chart
b)
Pictograph
c)
Map
d)
Flowchart
21.
When organizing information to present in a business report, it is effective to:
a)
remain objective.
b)
interpret the data.
c)
develop an outline.
d)
determine the purpose.
22.
Why is it often important to take notes during meetings or presentations?
a)
The audience needs something to do.
b)
The speaker is difficult to understand.
c)
This information will be needed later.
d)
Writing keeps the mind focused.
23.
As Kevin edits a professional report, he is not sure whether to italicize or underscore a book title. To obtain the correct information, Kevin should:
a)
refer to the appropriate publisher's style manual.
b)
ask his coworker for advice.
c)
look up the information in a current dictionary.
d)
identify the readers' preferences.
24.
Which is a formatting characteristic of a full-block business letter?
a)
double-spacing within the paragraph
b)
no paragraph indents
c)
indented first paragraph
d)
using a right justification for all paragraphs
25.
A business that writes letters to customers to confirm their orders or requests should make sure that the letters contain:
a)
product ratings and grades.
b)
all the necessary information.
c)
exchange rates.
d)
a map of all business locations.
26.
The primary reason customers give for not returning to a business is a lack of:
a)
courtesy from salespeople.
b)
available parking.
c)
advertised merchandise.
d)
customer-service personnel.
27.
The primary reason the business benefits when salespersons practice good customer relations is that it:
a)
develops repeat customers.
b)
prevents customer objections.
c)
promotes quality service.
d)
segments the business's market.
28.
It is easier for employees to develop positive customer/client relations if employees understand that each customer is:
a)
a possible problem.
b)
a unique individual.
c)
in a hurry.
d)
like most others.
29.
When businesses need to formalize the information provided to employees, customers, or other businesses, they often use which type of communication?
a)
upward
b)
lateral
c)
written
d)
verbal
30.
Joe's supervisor at work asked him to write a report comparing what their company is spending on electricity this year to what it has spent each of the previous four years. Which of the following would be the BEST source for Joe to research?
a)
His company's records
b)
Wikipedia
c)
The Environment Protection Agency's website
d)
weather.com
31.
Pete's teacher has assigned him to write a report on the life of Donald Trump based solely on primary sources. Which of the following would be the BEST source for Pete to research?
a)
Wikipedia
b)
Donald Trump's autobiography
c)
An article in Fortune magazine
d)
A blog he found about Donald Trump running for President
32.
The Internet has advantages and disadvantages when it comes to using it as a tool to access information. Which of the following is an advantage?
a)
Volume - You tend to get back an enormous number of search results, particularly if you are searching the Internet.
b)
Speed - You can search multiple databases in a matter of seconds.
c)
Cross-references - Lack of cross-references that take the researcher from a poor choice of keywords to terms that will result in a higher rate of success.
d)
Older sources - Since many online databases only index articles published after 1980, you will need to use print indexes to locate older articles.
33.
What website did Mr. Lowney say was an excellent source for helpful information about writing?
a)
Wikipedia
b)
researchpapersforsale.com
c)
Owl.english.purdue.edu
d)
writegood.com
34.
Which of the following statements are true?
a)
It is okay to plagiarize if you don't get caught.
b)
It is okay to plagiarize if you are writing something for work instead of school.
c)
It is okay to plagiarize if the original writer is dead.
d)
It is never okay to plagiarize.
35.
Joe is a Controller when it comes to communication style. If you are communicating with Joe, you should make sure you:
a)
get to the point.
b)
ask about his family.
c)
present facts and data.
d)
slow down, take your time.
36.
Sue is an Analyzer when it comes to communication style. If you are communicating with Sue, you should make sure you:
a)
pressure for an immediate decision.
b)
present facts and data.
c)
show enthusiasm, smile, and chat.
d)
slow down, and take your time.
37.
Herbie is an Socializer when it comes to communication style. If you are communicating with Herbie, you should make sure you:
a)
don't waste time with chit chat.
b)
present facts and data.
c)
avoid small talk.
d)
ask about his family.
38.
In the model of communication we studied we learned that the main parts where a Sender, a Message, and a _____________.
a)
Socializer
b)
Controller
c)
Receiver
d)
Analyzer
39.
Accounting is:
a)
the process of obtaining funds and using them to achieve the goals of the business.
b)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
c)
the process of keeping and interpreting financial records.
d)
the methods and procedures used in consistently handling the business's financial information records.
40.
An accounting system is:
a)
the process of keeping and interpreting financial records.
b)
the process of obtaining funds and using them to achieve the goals of the business.
c)
the methods and procedures used in consistently handling the business's financial information.
d)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
41.
The accrual accounting method is:
a)
a type of accounting that involves preparing and reporting financial data to internal users who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business.
b)
used to reduce and eliminate costs in a business.
c)
a method of accounting that records transactions at the time they occur even if no money changes hands at the time.
d)
an accounting method in which income and expenditures are recorded at the time the money changes hands.
42.
Cash accounting is;
a)
the process of obtaining funds and using them to achieve the goals of the business.
b)
a method of accounting that records transactions at the time they occur even if no money changes hands at the time.
c)
used to reduce and eliminate costs in a business.
d)
an accounting method in which income and expenditures are recorded at the time the money changes hands.
43.
Cost accounting is:
a)
the process of obtaining funds and using them to achieve the goals of the business.
b)
the process of keeping and interpreting financial records.
c)
the methods and procedures used in consistently handling the business's financial information.
d)
used to reduce and eliminate costs in a business. It is used to determine the price for a product or service that will allow earning of a reasonable profit.
44.
Managerial accounting is;
a)
a type of accounting that involves preparing and reporting financial data to internal users who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business.
b)
a method of accounting that records transactions at the time they occur even if no money changes hands at the time.
c)
the process of obtaining funds and using them to achieve the goals of the business.
d)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
45.
Finance is:
a)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
b)
the process of obtaining funds and using them to achieve the goals of the business.
c)
management of a firm’s current balance of assets and liabilities; involves accounts payable and receivable, inventory and cash.
d)
the process of keeping and interpreting financial records.
46.
Capital investment decisions are:
a)
the process of obtaining funds and using them to achieve the goals of the business.
b)
decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to shareholders.
c)
the process of keeping and interpreting financial records.
d)
management of a firm’s current balance of assets and liabilities; involves accounts payable and receivable, inventory and cash.
47.
Working capital management is:
a)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
b)
management of a firm’s current balance of assets and liabilities; involves accounts payable and receivable, inventory and cash.
c)
the process of keeping and interpreting financial records.
d)
decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to shareholders.
48.
The cash conversion cycle of working capital management is:
a)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
b)
making decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to shareholders.
c)
the process of keeping and interpreting financial records.
d)
a ratio that refers to the number of days between a company’s paying for raw materials and receiving cash from selling the products made from those raw materials.
49.
Return on capital is:
a)
a measure of how well a business generates cash flow in relation to the capital it has already invested in itself.
b)
the process of keeping and interpreting financial records.
c)
the process of obtaining funds and using them to achieve the goals of the business
d)
management of a firm’s current balance of assets and liabilities; involves accounts payable and receivable, inventory and cash.
50.
Which of the following questions would best be answered by the purchasing function?
a)
How can we inform customers of available merchandise?
b)
How can we protect merchandise from pilferage?
c)
How much merchandise should we buy?
d)
How will merchandise be shipped to us?
51.
Comparing the prices offered by different vendors for the same goods and services is what part of the purchasing process?
a)
bid analysis
b)
invoice payment
c)
price fixing
d)
receipt of goods
52.
If the formula for the reorder point is lead time X maximum daily usage, and given the information below; what would be the reorder point? Maximum daily requirement 800 units Average daily requirement 700 units Minimum daily requirement 600 units Time required for refresh supplies One month (30 days)
a)
18,000 units
b)
21,000 units
c)
2,100 units
d)
24,000 units
53.
ABC Ltd. is a retailer of footwear. They like to keep 5 days of safety stock just in case they are busier than usual. They It sells 500 units of one of a famous brand daily. Its supplier takes a week to deliver the order. At what quantity should the inventory manager place his/her next order? They use a formula for the reorder point with safety stock: lead time + safety stock X daily usage.
a)
2,500 units
b)
3,500 units
c)
6,000 units
d)
17,500 units
54.
What production activity evaluates products to make sure that the products the business produces meet certain quality standards?
a)
Form utility
b)
Follow-up
c)
Automation
d)
Standardization
55.
What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?
a)
$471,350
b)
$523,820
c)
$232,420
d)
$368,730
56.
Which of the following is an outside factor that affects the business environment?
a)
Staff organization
b)
Industry competition
c)
Conflict negotiation
d)
Information management
57.
Businesses that successfully adapt to current market situations often realize that:
a)
more financing is necessary.
b)
diversification is the key.
c)
cutting costs is important.
d)
change is an opportunity.
58.
If three employees each work 35 hours a week and produce a total of 9,764 items, what is their total hourly productivity level?
a)
105
b)
93
c)
31
d)
67
59.
The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?
a)
Corporation
b)
Cooperative
c)
Partnership
d)
Proprietorship
60.
A type of business ownership in which one or more of the owners does not have full liability is called a
a)
general partnership.
b)
limited partnership.
c)
service organization.
d)
sole proprietorship.
61.
A characteristic of a sole proprietorship is that the owner
a)
has access to unlimited funds.
b)
receives all the profit.
c)
transfers all the risk.
d)
delegates all functions.
62.
One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually
a)
provides experience that increases the business's credibility.
b)
helps with the day-to-day operations of the business.
c)
evaluates the performance of the business's employees.
d)
assumes all legal responsibility for the business's actions.
63.
A travel agency usually offers vacation packages starting at $399. The manager has determined that its operating expenses have increased; therefore, it will increase its markup by 45%. What will the new starting price for a vacation packages?
a)
A travel agency usually offers vacation packages starting at $399. The manager has determined that its operating expenses have increased; therefore, it will increase its markup by 45%. What will the new starting price for a vacation packages?
b)
$179.55
c)
$358.55
d)
$578.55
64.
New York Fashions Clothing Company surveys customers to find out which zip codes most of their customers reside. The results will help with the company's relocation plans. This is an example of which marketing function?
a)
Distribution
b)
Financing
c)
Marketing-information management
d)
Selling
65.
What type of information is it acceptable to leave out of a job application?
a)
Salary requirements
b)
Educational background
c)
Personal data
d)
Professional experience
66.
Which of the following is a guideline for writing a job application letter?
a)
Provide as much information as possible
b)
Mention your other prospects
c)
Include a list of references in the letter
d)
Be brief and to the point
67.
Manuel is preparing his job resume, but he has never held a paying job. He has only worked for his father and done some volunteer work in the community. What should Manuel do about the work experience section of his job resume?
a)
He should not include a work experience section.
b)
He should list his family job and volunteer work.
c)
He should explain that he hasn't had a real job.
d)
He should describe the kind of job he'd like to have.
68.
A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
a)
Clayton Act
b)
Robinson-Patman Act
c)
Celler-Kefauver Act
d)
Sherman Act
69.
Which of the following is a way that businesses often use database software programs?
a)
To calculate weekly payroll.
b)
To prepare promotional material.
c)
To organize vendor information.
d)
To diagram work schedules.
70.
Why is it important for businesses to store information for future use?
a)
To establish quality control
b)
To protect if from overuse
c)
To interpret data
d)
To make it accessible
71.
Which of the following protects employees from liability when they administer first aid to customers?
a)
Worker's compensation
b)
Good Samaritan Law
c)
Occupational Safety and Health Administration
d)
Health and Human Services Department
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