WorksheetsBusiness Management Final Exam Review - Part 2
Total questions: 36
Worksheet time: 36mins
Name
Class
Date
1.
The demand for a product refers to
a)
the number of similar products that will be offered for sale at a particular time and at a particular price
b)
the number of similar products that will be bought at a given time at a given price
c)
the price at which a product will sell most readily
d)
the most competitive price for a product
2.
The quantity of products produced within a given time is known as
a)
specialization
b)
productivity
c)
output
d)
effectiveness
3.
In the United States, starting a small business
a)
is subject to many government controls
b)
is fairly easy
c)
requires a physical facility
d)
entails a large initial investment
4.
Which of the following statements is usually true about work teams?
a)
As quality of work increases, morale decreases.
b)
As quality of work decreases, morale increases.
c)
As quality of work increases, morale also increases.
d)
As quality of work decreases, morale also decreases.
5.
Which of the following statements about the treatment of employees is not true?
a)
Employees want more variety in their work.
b)
Employees want to participate in decisions affecting their work lives.
c)
Employees want to participate in wellness programs.
d)
Employees want less on-the-job responsibility.
6.
An example of ethical behavior is
a)
using company resources for personal use
b)
accepting secret business gifts
c)
keeping company information confidential
d)
invading employee privacy
7.
Which statement is most accurate about demand?
a)
If demand drops, profits drop.
b)
If demand increases, profits drop.
c)
If demand drops, profits increase.
d)
If demand drops, profits are not affected.
8.
Which one of the following statements is true about entrepreneurs?
a)
Entrepreneurs would rather work for others.
b)
Entrepreneurs prefer to assign the decision-making responsibility to employees.
c)
Entrepreneurs usually work hard and for long hours.
d)
Entrepreneurs usually give up quickly when their businesses are not immediately successful.
9.
Which of the following characteristics does not generally apply to entrepreneurs?
a)
They prefer consensus decision-making.
b)
They start businesses in fields they are experienced in.
c)
They are less interested in profit than in challenges.
d)
They rarely launch a new business after an unsuccessful start-up.
10.
The process of starting a business begins with a
a)
lease
b)
business plan
c)
balance sheet
d)
contract
11.
In a sole proprietorship,
a)
creditors have first claim against assets
b)
there are no employees
c)
assets are safe from creditors
d)
employees share in the liabilities
12.
One of the main reasons many proprietorships fail within a short time is that
a)
the owner lacks needed skills
b)
the owner lacks interest in the business
c)
proprietorships are not able to compete with corporations any longer
d)
proprietorships are not able to compete with partnerships
13.
The actual management of a corporation is the function of its
a)
officers
b)
board of directors
c)
stockholders
d)
employee teams
14.
An advantage of corporations in relation to partnerships is that
a)
corporations have a tax advantage
b)
corporations have a limited life
c)
shareholders have unlimited financial liability
d)
shareholders can transfer ownership easily
15.
Which of the ten rules of good listening is the one on which all others depend?
a)
Ask questions.
b)
Stop talking.
c)
Listen to understand, not to oppose.
d)
Hold your temper.
16.
The function being performed when a manager is carrying out plans and helping employees work effectively is
a)
planning
b)
organizing
c)
implementing
d)
budgeting
17.
To be considered a manager, you must
a)
regularly complete all four management functions
b)
have authority over other jobs
c)
have authority over other people
d)
all of the responses
18.
Which of the following is not one of the common responsibilities of supervisors?
a)
Communicate goals and directions to employees.
b)
Encourage employees to do their best work.
c)
Keep employee complaints and concerns from top management to prevent problems.
d)
Control costs and use resources efficiently.
19.
The general way a manager treats and supervises employees is called
a)
human relations
b)
management
c)
power
d)
leadership style
20.
Leaders have ambition and persistence in reaching goals. They are self-starters who plan what they want to do and then do it. This leadership trait is called
a)
initiative
b)
courage
c)
judgment
d)
stability
21.
When managers increase employees’ salaries when they meet the goals established for them, what type of power are the managers using?
a)
Position power
b)
Reward power
c)
Expert power
d)
Identity power
22.
What type of power is granted to managers by employees because the employees determine the managers are worthy of it?
a)
Expert and identity
b)
Expert and power
c)
Power and position
d)
Identity and position
23.
Managers allow employees a great deal of control over their own work and do not supervise them closely if the managers believe that employees
a)
enjoy their work
b)
dislike their work
c)
are having personal problems
d)
find the work repetitive
24.
If some employees do not seem to enjoy their work, a manager can
a)
ignore the problem because the attitudes will change
b)
punish them by giving them tasks they dislike
c)
find opportunities to involve the employees in decisions
d)
tell them to change their attitude or they will be terminated
25.
Managers usually find greater employee respect and support for work rules when
a)
the rules are applied only to serious problems
b)
each individual is treated differently
c)
employees help to develop the rules
d)
the work rules are part of a union contract
26.
Successful leaders
a)
continue to study and learn to improve their management skills
b)
work to solve conflicts and problems
c)
understand that they must help employees satisfy their own needs while accomplishing the goals of the company
d)
all of the responses
27.
The greatest resistance to change is experienced when
a)
it occurs suddenly
b)
people are not prepared for change
c)
no reasons for the change are given
d)
all of the responses
28.
Management is most concerned when
a)
performance exceeds standards
b)
performance meets standards
c)
performance is lower than standards
d)
all of the responses
29.
An operating budget includes projected
a)
sales
b)
all of the responses
c)
costs
d)
profits
30.
The amount a retailer pays to a supplier for goods it then resells is called the
a)
gross profit
b)
net profit
c)
current asset
d)
cost of goods sold
31.
Which of the following would not be a useful guide in determining what to purchase?
a)
Feedback from customers
b)
Company records
c)
Personal favorites of the business's owners
d)
Comparison studies of competing businesses
32.
Which of the following is a disadvantage for a business that buys all of its products from one supplier?
a)
The supplier would likely charge a higher price.
b)
If the supplier’s workers went on strike, the buyer might not be able to get the products it needs.
c)
The business may not be able to get good credit terms from the supplier.
d)
The supplier’s service may not be as good if it doesn’t have to worry about other suppliers.
33.
For manufacturers, the total cost of the materials, operations, and personnel used to make a product is the
a)
cost of goods sold
b)
selling price
c)
markup
d)
discount
34.
The cost of goods sold plus operating expenses plus net profit equals the
a)
gross profit
b)
margin
c)
markup
d)
selling price
35.
The manufacturer of a product that is very popular will benefit from pricing based on
a)
consumer demand
b)
meeting competitors’ prices
c)
earning a specific profit
d)
selling more merchandise
36.
Selling is successful when
a)
the customer buys an item suggested by the salesperson
b)
the customer buys more than he or she intended
c)
the customer is satisfied with the purchase
d)
none of the responses
100 %
