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WorksheetsIntro to Business Final Review
Total questions: 70
Worksheet time: 52mins
Name
Class
Date
1.
Directing and Motivating Staff to achieve organizational goals is part of which managerial function?
a)
Planning
b)
Organizing
c)
Leading
d)
Controlling
2.
Monitoring performance and making adjustments is part of which managerial function?
a)
Planning
b)
Organizing
c)
Leading
d)
Controlling
3.
Determining a strucutre for both individual jobs and the overall organization is part of which managerial function?
a)
Planning
b)
Organizing
c)
Leading
d)
Controlling
4.
Determining organizational goals and action plans for how to achieve those goals is part of which managerial function?
a)
Planning
b)
Organizing
c)
Leading
d)
Controlling
5.
Organizational function and a set of processes for: Creating, communicating, and delivering value to customers
a)
Research and Development
b)
Discretionary Income
c)
Promotion
d)
Marketing
6.
The first step in the consumer decision making process is
a)
Information Search
b)
Post Purchase Evaluation
c)
Need Recognition
d)
Make the decision
7.
The final step of the decision-making process is:
a)
Post Purchase Evaluation
b)
Need Recognition
c)
Purchase
d)
Evaluation of Alternatives
8.
Dividing a large market into a smaller sub-market
a)
market segmentation
b)
utility
c)
customer relationship management
d)
value
9.
Which of the following is not a form of advertising?
a)
TV Commercial
b)
Billboard
c)
Weekly Sale Circular
d)
All of them are forms of advertising
10.
_______are anything of value owned, such as cash and buildings.
a)
Liabilities
b)
Assets
c)
Income Statement
d)
Mortgages
11.
The accounting equation is expressed as:
a)
Liabilities + Assets= Owner's Equity
b)
Assets=Liabilities-Owner's Equity
c)
Balance Sheet
d)
Assets=Liabilities + Owner's Equity
12.
______________ is the language of business.
a)
Accounting
b)
Marketing
c)
Management
d)
English
13.
What role do entrepreneurs play in economics?
a)
Entrepreneurs tell consumers what they should want or need.
b)
Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.
c)
Entrepreneurs borrow money from the economy to start their businesses.
d)
None of the choices
14.
Which of the following is an advantage of starting your own business?
a)
During the start-up phase, you do not have to think about funding.
b)
You are in charge of the decision-making so there is little to no risk.
c)
You have control over where and when you work.
d)
As long as you make a business plan, you will know what obstacles to expect.
15.
What is the best definition of an entrepreneur?
a)
An entrepreneur is someone who manages a business.
b)
An entrepreneur is someone who owns a business and makes profit from that business
c)
An entrepreneur is someone who creates, owns and potentially runs a business
d)
An entrepreneur is someone who buys stocks in other businesses
16.
Individuals who invest in start-up companies with high growth potential, in exchange for ownership are known as
a)
stakeholders
b)
whistle-blowers
c)
angel investors
d)
loan officers
17.
What is the main difference between a personal characteristic and a skill?
a)
You can learn a personal characteristic, but it is not possible to learn a skill.
b)
Personal characteristics become skills over time.
c)
Many people are born with business skills but you can't be born with characteristics.
d)
Skills can be learned and developed while personal characteristics are inherent qualities within.
18.
A motivation theory that suggests that human needs fall into a pyramid and that as each need is met, people become motivated to meet the next highest need in the pyramid.
a)
Autocratic Leadership Theory
b)
Maslow's Hierarchy of Needs
c)
Expectancy Theory
d)
Theory X and Y
19.
Leaders who set objectives for their followers but give them freedom to choose how they accomplish those goals.
a)
Autocratic Leaders
b)
Democratic Leaders
c)
Strategic Leaders
d)
Free-reign Leaders
20.
Leaders who hoard decision-making power for themselves and typically issue orders without consulting their followers.
a)
Autocratic Leaders
b)
Democratic Leaders
c)
Strategic Leaders
d)
Free-reign Leaders
21.
Leaders who share power with their followers. While they still make final decisions, they typically solicit and incorporate input from their followers.
a)
Autocratic Leaders
b)
Democratic Leaders
c)
Strategic Leaders
d)
Free-reign Leaders
22.
Achieving the goals of an organization through planning, organizing, leading, and controlling organizational resources including people, money and time.
a)
Management
b)
Planning
c)
Command
d)
Maslow's Hierarchy of Needs
23.
In which level of Maslow's hierarchy of needs would an employee be the most motivated/engaged in their job?
a)
Safety
b)
Love and Belonging
c)
Esteem
d)
Self- Actualization
24.
The 4 P's (Product, Place, Price, and Promotion) are known as the _________.
a)
advertising factors
b)
marketing mix
c)
business plans
d)
target market
25.
A visual representation of a business's organizational structure
a)
Flat structure
b)
Organizational chart
c)
Board of directors
d)
Tall Structure
26.
_______is the difference between total revenue and total expenses.
a)
Total Sales Revenue
b)
Accounting
c)
Profit or Loss
d)
Stock Price
27.
___________all costs incurred in operating the business, such as the cost of equipment and supplies, inventory, and wages.
a)
Revenue
b)
Diamonds
c)
Expenses
d)
Profit
28.
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
a)
Creativity and collaboration
b)
Comfort with Risk
c)
Aggressiveness and Intensity
d)
Initiative and Self-Direction
29.
Motivating staff by giving them additional challenging tasks or making the job less repetitive
a)
Assembly Line System
b)
Delegation
c)
Job enrichment
d)
Job enlargement
30.
The most successful entrepreneurs create goods and services that change the way people _________.
a)
live
b)
think
c)
use technology
d)
make money
31.
When a country imports more than they export they have a
a)
Comparative Advantage
b)
Absolute Advantage
c)
Trade Deficit
d)
Trade Surplus
32.
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?
a)
Geographic segmentation
b)
Benefit segmentation
c)
Occasion segmentation
d)
Demographic segmentation
33.
What is the word for a person or group who uses products?
a)
earner
b)
consumer
c)
producer
d)
saver
34.
What type of marketing is in the picture
a)
Event Marketing
b)
Place Marketing
c)
People Marketing
d)
Idea Marketing
35.
What type of marketing is in the picture
a)
Event Marketing
b)
Place Marketing
c)
People Marketing
d)
Idea Marketing
36.
What type of marketing is in the picture
a)
Event Marketing
b)
Place Marketing
c)
People Marketing
d)
Idea Marketing
37.
What type of marketing is in the picture
a)
Event Marketing
b)
Place Marketing
c)
People Marketing
d)
Idea Marketing
38.
A paid form of non-personal communication transmitted through a mass medium, such as television commercials is known as________________.
a)
advertising
b)
public relations
c)
sponsorship
d)
social media
39.
The SWOT Analysis is... what's the correct acronym?
a)
Strengths, Weaknesses, Opportunities and Threats
b)
Strengths, Weaknesses, Obstacles, Threats
c)
Sales, Work Ethic, Organization, Training
d)
Strengths, Weaknesses, Options, Threats
40.
What is the main purpose of developing a business pitch?
a)
To determine whether your business idea is a business opportunity.
b)
To provide customers with an in-depth description of how your business was formed.
c)
To briefly share the most important information about your business to people in an engaging way.
d)
To tell investors all the important details and goals of your business so that they don’t need to read the business plan.
41.
Which of the following trade barriers is a block or restriction on trade with another country?
a)
Tariff
b)
Embargo
c)
Quota
d)
Free Trade
42.
Regarding the Marketing Mix: what is exchanged for the product or what customers are willing to pay?
a)
Price
b)
Dollar
c)
Coupon
d)
Rebate
43.
The goal of what marketing strategy is to deliver your product to the right people, in the right quantities, at the right time, in the right place?
a)
distribution (place) strategy
b)
product strategy
c)
promotion strategy
d)
pricing strategy
44.
Which of the 4 marketing strategies is all about communication and would include things like advertising?
a)
distribution (place) strategy
b)
product strategy
c)
promotion strategy
d)
pricing strategy
45.
Differences among cultures in language, attitudes, and values are known as
a)
economic differences
b)
legal differences
c)
political differences
d)
socioculutral differences
46.
A __________________ is a group of closely related products that are treated as a unit because of similar marketing strategy, production or end-use considerations (Example: Mac and Cheese for Kraft)
a)
processed materials
b)
product line
c)
brand
d)
license
47.
The point where supply and demand are balanced is?
a)
shortage
b)
demand
c)
surplus
d)
equilibrium
48.
The United States has which type of economy?
a)
Traditionalist
b)
Capitalist
c)
Socialist
d)
Communist
49.
What does the WTO stand for?
a)
World Tax Organization
b)
World Totalitarian Organization
c)
World Trade Organization
d)
World Tariff Organization
50.
The __________________ of an organization defines its purpose, values, and core goals, which provides the framework for all other plans.
a)
mission
b)
centralization
c)
innovation
d)
SWOT analysis
51.
A teacher in a school is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
52.
A pizza oven is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
53.
Wheat in a cereal factory is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
54.
The owner of a mini golf course is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
55.
ATM's offer banking services located in many large supermarkets
a)
Form Utility
b)
Ownership (Possession) Utility
c)
Time Utility
d)
Place Utility
56.
Honda Car Dealership offers buyers 0% interest for the first 12 months
a)
Form Utility
b)
Ownership (Possession) Utility
c)
Time Utility
d)
Place Utility
57.
McDonald's offers a drive thru open 24 hours a day
a)
Form Utility
b)
Ownership (Possession) Utility
c)
Time Utility
d)
Place Utility
58.
Jamba Juice blends fruit, frozen yogurt, sherbet, and juice together to make a
a)
Form Utility
b)
Ownership (Possession) Utility
c)
Time Utility
d)
Place Utility
59.
Leading edge firms now focus on customer satisfaction more than ever before. Delivering value has become vital for success. Imagination, innovation, speed-to-market, and a top-notch workforce are crucial elements.
a)
global environment
b)
social environment
c)
competitive environment
d)
economic environment
60.
U.S. culture is increasingly diverse, with a large and rapidly growing Hispanic population. The American population is rapidly aging, offering both opportunities and threats for business. .
a)
global environment
b)
social environment
c)
competitive environment
d)
economic environment
61.
E-commerce continues to grow rapidly, allowing firms to offer customized products at a comparable price to standardized products. It is important to adapt quickly in this fast-moving environment.
a)
technological environment
b)
social environment
c)
competitive environment
d)
economic environment
62.
U.S. government actively promotes fair competition and supports small business. Corruption and bribery are relatively low for the U.S. compared to other countries. Underlying issues such as a high federal and consumer debt may threaten long-term health of the economy.
a)
technological environment
b)
social environment
c)
competitive environment
d)
economic environment
63.
Economies around the world are increasingly interwoven. Jobs are migrating to the highest bidder. Free trade has lowered prices and increased quality across product categories.
a)
technological environment
b)
global environment
c)
competitive environment
d)
economic environment
64.
The percentage of people in the labor force over the age of 16 who do not have jobs and are actively seeking employment is known as the
a)
unemployment rate
b)
labor percentage
c)
productivity rate
d)
workforce
65.
This is the current business era we are in, where the focus is on creating long-term, profitable relationships
a)
relationship era
b)
marketing era
c)
industrial revolution
d)
entrepreneurship era
66.
The Toyota Prius targets consumers who care about protecting the environment. What type of market segmentation is occurring?
a)
psychographic
b)
demographic
c)
geographic
d)
none of the choices
67.
This includes all of the business activities necessary for selling goods across national borders
a)
domestic business
b)
big brother
c)
international business
d)
bribery
68.
This is a period of rising average prices across the economy
a)
inflation
b)
expansion
c)
contraction
d)
business cycle
69.
This is defined as increases in the firm’s assets that result from activities intended to earn income is known as
a)
revenue
b)
expenses
c)
capital
d)
owner's equity
70.
During this stage of the product life cycle, firms may eliminate models, cut costs and finally phase out products.
a)
introduction
b)
growth
c)
maturity
d)
decline
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