WorksheetsStart Businesses
Total questions: 31
Worksheet time: 1hrs 2mins
The primary purpose of developing organizational goals is to:
Establish loyalty
Ensure profitability
Assign authority
Provide direction
Within the next 3 years, the PRM company wants to set up an electronic data interchange with all of its suppliers. What type of organizational goal is PRM establishing?
Short term
Technology
Contingency
Financial
One way for businesses to help employees prioritize their work responsibilities is by conducting a/an:
Job analysis
Personnel audit
Internal review
Company study
Amy and Tom work in a busy purchasing department. Amy relies on Tom to provide her with important information every day to do her job. Because the businesses's ability to achieve its goals relies on Amy and Tom's collaborative efforts, these 2 employees' jobs are:
Interdependent
Incongruent
Symmetrical
Flexible
What is an appropriate guideline for writing a sales-oriented business letter?
It should encourage the reader to take action
It should criticize the competition
The closing should emphasize price
The opening should avoid mentioning problems
MOST businesses provide employee orientation as soon as new employees report for work because:
Employees can learn everything in the beginning
Orientation focuses on specific job tasks
That is when employees are anxious to learn
Employees cannot work until they have been oriented
When assisting employees with prioritizing work responsibilities, it is often helpful to:
Question the applicants
Interview the executives
Meet with industry experts
Talk with the employees
Which phrase summarizes the overall purpose of employee orientation?
What you don't know won't hurt you
Starting off on the right foot
Walking down the wrong path
Been there, done that
An important aspect of the organizing function of management involves:
Conductin performance reviews
Establishing levels of authority
Promoting employees
Motivating team members
Which is a benefit to businesses of orienting new employees?
Provides information
Increases profit
Reduces turnover
Eliminates training
Which is an activity associated with the organizing function of management?
Inspecting the quality of outputs
Developing a mission statement
Determining the division of labor
Providing employees with feedback
One way to determine if an employee is helping a business achieve its organizational goals is by:
Developing an incentive program
Providing the employee with extensive training
Analyzing external economic factors
Evaluating the employee's performance
The opening sentences of an effective business letter should:
Be completely impersonal
Come right to the point
Always be formal
Avoid specific details
What often appears at the bottom of a business letter if a sales brochure is attached?
Reference initials
Enclosure notation
Company signature
Writer's identification
Which factor could legitimately be used as the basis for prioritizing work responsibilities?
Importance of the work
Number of people required to get the work done
Preference for one job over another
Skills needed to do the work
What often happens to businesses when interest rates rise?
Consumer demand increases
Output decreases
Profits increase
Cost of goods decreases
How long do MOST business cycles last?
At least 10 years
Two consecutive quarters
Varying lengths of time
Two full years
What situation often exists when the economy is in a downturn, and many people are unemployed and can NOT buy more than the basic necessities?
Recession
Excess demand
Inflation
Trade deficit
An economy with a high unemployment level tends to have:
Rapid GDP growth
A high supply of money
Fewer monetary policies
A lower rate of inflation
Unemployment hurts the economy because unemployed people are unable to contribute to the:
Standard of living
Balance of payments
Annual federal deficit
Gross domestic product
When interest rates continue to increase to a high level, the economy might experience a/an:
Recession
Expansion
Shortage
Liability
If interest rates go down, which would MOST LIKELY occur?
U.S. exports will decrease
Banks will pay more to borrow money
Consumers will spend less
The stock market will go up
How does double counting affect the gross domestic product?
It inflates the GDP
It decreases the GDP
It causes trade surpluses, which help the GDP
It causes economic declines, which hurt the GDP
When consumer spending and consumption decrease, consumer confidence tends to:
Fall
Rise
Remain the same
Be unpredictable
The owner of a business has asked the manager to open another branch of the business. What phase of the business cycle would be MOST LIKELY to benefit this new branch?
Expansion
Contraction
Trough
Peak
Your chances of finding and maintaining a job are the greatest during the business cycle phase known as:
Contraction
Expansion
Trough
Recession
What usually decreases as the rate of inflation increases?
Money supply
Interest rates
Export quotas
Purchasing power
During an expansion phase of the expansion cycle, businesses will tend to:
Decrease stock prices
Borrow more money
Pay fewer dividends
Have more bankruptcies
Which is a factor that measures the condition of a country's economy?
Fiscal responsibility
Price stability
Profit margin
Financial cycle
What often happens when a nation has a high unemployment rate?
The consumer price index decreases
The nation experiences an economic slowdown
The gross domestic product increases
The stock market remains unaffected
Increased consumer spending indicates that the economy is stable and growing because increased spending leads to an increase in:
Scarcity of resources
Interest rates
Unemployment levels
Demand for products
