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Bus Man-Unit 6 CA Review-Final Exam Review

Total questions: 90

Worksheet time: 1hrs 8mins

Name
Class
Date
1.

Finding individuals with the right skills to do the work is an example of which management function

a)

Planning

b)

Organizing

c)

Staffing

d)

Leading

e)

Controlling

2.

Deciding how plans can most effectively be accomplished and arranging resources to complete work is an example of which management function

a)

Planning

b)

Organizing

c)

Staffing

d)

Leading

e)

Controlling

3.

Deciding if a new product should be added after reviewing test-market results is an example of which management function

a)

Planning

b)

Organizing

c)

Staffing

d)

Leading

e)

Controlling

4.

Reviewing the financial statements for the past six months is an example of which management function

a)

Planning

b)

Organizing

c)

Staffing

d)

Leading

e)

Controlling

5.

Dividing a large sales territory into two smaller territories and assigning managers and salespeople to the territory is an example of which management function

a)

Planning

b)

Organizing

c)

Staffing

d)

Leading

e)

Controlling

6.

Discussing a problem with two employees to encourage them to work more closely together rather than continuing to have conflicts is an example of which management function

a)

Planning

b)

Organizing

c)

Staffing

d)

Leading

e)

Controlling

7.
The body of knowledge that relates to producing and using goods and services that satisfy human wants
a)
Economics
b)
Economic Wants
c)
noneconomic wants
d)
utility
8.
anything provided by nature that affects the productive ability of a country.
a)
human capital
b)
Capital Goods
c)
Natural Resources
d)
Labor
9.
the human effort, either physical or mental, that goes into the production of goods and services
a)
human capital
b)
Capital Goods
c)
Capital formation
d)
Labor
10.
an organized way for a country to decide how to use its productive resources
a)
economic system
b)
market economy
c)
command economy
d)
mixed economy
11.
an economic system in which a central planning authority, under the control of the country's government, owns most of the factors of production and determine what, how, and for whom goods and services will be produced
a)
privatization
b)
market economy
c)
command economy
d)
mixed economy
12.
an economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced
a)
privatization
b)
market economy
c)
command economy
d)
mixed economy
13.
an economic system that uses aspects of a market and command economy
a)
privatization
b)
market economy
c)
command economy
d)
mixed economy
14.
an economic political system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and to distribute what they produce
a)
Capitalism
b)
Socialsim
c)
Communism
d)
Private Property
15.
an economic political system in which the government controls the use of the country's factors of production
a)
Capitalism
b)
Socialsim
c)
Communism
d)
Private Property
16.
almost all of a nations factors of production are owned by the government. extreme socialism
a)
Capitalism
b)
Socialsim
c)
Communism
d)
Private Property
17.
Standards of moral conduct that individuals and groups set for themselves. defining what behavior they value as right or wrong.
a)
Business Ethics
b)
Code of ethics
c)
Ethics
d)
Values
18.
Underlying beliefs and attitudes
a)
Business Ethics
b)
Code of ethics
c)
Ethics
d)
Values
19.

Why is it important to entrepreneurs to be problem solvers?

a)

All of the answers are correct

b)

To effectively evaluate options

c)

To provide customers and employees with solutions

d)

To build confidence among employees

20.

Around whose work does the Myers-Briggs Indicator revolve?

a)

Carl Myers

b)

Mark Briggs

c)

Carl Jung

d)

Mark Myers

21.

What is the type of personality many entrepreneurs possess as measured by the Myers-Briggs Type Indicator?

a)

TRSE

b)

RRSP

c)

ESTP

d)

EPTT

22.

Which of the following factors of production is most relevant to entrepreneurship?

a)

Land

b)

Labor

c)

Capital

d)

All of the answers are correct

23.

What is the purpose of a feasibility study?

a)

To assess the potential of a business idea

b)

To evaluate employee performance over time

c)

To create a series of informal documents

d)

To develop business plan objectives

24.

Which of the following is NOT a good method for determining the potential of a business idea?

a)

Contacting the U. S. Small Business Administration

b)

Trusting your gut

c)

Surveying potential customers

d)

Identifying competitors, exploring why they have failed or succeeded and learning from them

25.

is simply the flow of cash into and out of the company.

a)

Cash flow

b)

Capital investment

c)

Factoring

d)

Stock

26.

is the process of allocating financial resources to maximize the profitability and wealth of the company

a)

Liquidity

b)

Financial planning

c)

Financial control

d)

Resource allocation

27.

is funding a new business from one's own savings

a)

Venture Capitalist

b)

Bootstrapping

c)

Factoring

d)

Crowdfunding

28.

are wealthy individuals or groups who provide start-up money for entrepreneurs in exchange for some form of equity ownership in the business.

a)

Incubator

b)

Crowdfunding

c)

Venture capitalist

d)

Angel investors

29.

exchange (goods or services) for other goods or services without using money

a)

Factoring

b)

Angel investor

c)

Bootstrapping

d)

Bartering

30.

a place, especially with support staff and equipment, made available at low rent to new small businesses.

a)

Incubator

b)

Angel Investor

c)

Capital investment

d)

Accounts receivable

31.

are wealthy individuals or groups who provide money to start or expand a business, but will generally only fund businesses with very high growth potential.

a)

Venture capitalist

b)

Crowdfunding

c)

Bootstrapping

d)

Bartering

32.

What is the balance sheet equation?

a)

Assets + Owner's Equity= Liabilities

b)

Assets = Liabilities - Owner's Equity

c)

Assets= Liabilities + Owner's Equity

d)

Assets + Liabilities= Owner's Equity

33.

What are the standards that all financial reports are created by?

a)

CAAP

b)

IASB

c)

GAAP

d)

IRS

34.

The act of both parties agreeing to carry out their promise is which element of a contract?

a)

Consideration

b)

Intent

c)

Acceptance

d)

Offer

35.

Which of the following statements is the best explanation of how insurance allows a company to manage risk?

a)

By avoiding risk

b)

Transferring risk

c)

By preventing risk

d)

Modifying risk

36.

Of the following statements, which one BEST explains how the theory of negligence differs from the theory of strict liability?

a)

Negligence requires the consumer to prove who caused the injury

b)

Strict liability requires the consumer to prove who caused the injury

c)

Negligence is based on implied warranties

d)

Strict liability is based on express warranties

37.

Which of the following is NOT a step in the risk management process?

a)

Assessing risks

b)

Mitigating risks

c)

Identifying risks

d)

Adding risks

38.

_____ is the legal responsibility imposed on businesses for the manufacturing or selling of defective goods.

a)

Product liability

b)

Strict liability

c)

Defective liability

d)

Negligence liability

39.

What is the term used by recruiters to describe their ideal candidate?

a)

Pink cow

b)

Red rabbit

c)

Purple squirrel

d)

Yellow submarine

40.

What feedback mechanism is most likely to appear in the employee break room?

a)

Suggestion box

b)

Videoconferencing

c)

Surveys

d)

Survey monkey

41.

Which law prohibits employment discrimination based on race?

a)

Rehabilitating Act

b)

Civil Rights Act

c)

Americans with Disabilities Act

d)

Congressional Summit Act

42.

What is an enhanced form of communication where each person focuses on what the other person is saying and then repeats back what they thought they heard?

a)

Macromanagement

b)

Micromanagement

c)

Active listening

d)

Telecommunication

43.

What is the process whereby unions negotiate with employers on behalf of the employees?

a)

Collective socializing

b)

Collective negotiating

c)

Collective bargaining

d)

Collective recycling

44.

What was created with the idea that there's strength in numbers?

a)

Unions

b)

Associations

c)

Clubs

d)

Coalitions

45.

What is the name of the person who helps set up a union in a workplace?

a)

Union promoter

b)

Union jurist

c)

Union organizer

d)

Union boss

46.

Some economists say strong unions help strengthen which socioeconomic group?

a)

Poor

b)

Rich

c)

Minorities

d)

Middle Class

47.

Manufacturing companies compete primarily on what factor?

a)

Price

b)

Weight

c)

Revenue

d)

Sales

48.

What is the name for a legally binding agreement in which the company agrees to provide products and services?

a)

Bid

b)

Contract

c)

Open Tender

d)

Request for propsal

49.

A graphical representation of a process is known by which term?

a)

Flow chart

b)

Organizational chart

c)

Timeline

d)

Venn diagram

50.

What is the most common form of business ownership?

a)

Sole proprietorship

b)

Corporation

c)

LLC

d)

Partnership

51.

What is the name of a person who owns part of a corporation?

a)

Stakeholder

b)

Shareholder

c)

Trust agent

d)

Chairman

52.

What type of corporation combines the benefits of a partnership and a corporation?

a)

Limited Liability Company (LLC)

b)

Trust

c)

Company

d)

Non-profit Company

53.

What is the term used for a table of statistical data that shows the likelihood of a risk, such as death, occurring to an individual in a certain profile?

a)

Risk aversion

b)

Statistical table

c)

Death table

d)

Actuarial table

54.

What do we call the contractually agreed upon amount of money that a company pays each month or each quarter to the insurance company?

a)

Insurance cost

b)

Insurance policy

c)

Insurance premium

d)

Insurance money

55.

What is defined as the people, parts, and processes involved in getting products or services from suppliers, on through to manufacturing and production, and then on to customers?

a)

Efficiency chain

b)

Economic chain

c)

Supply chain

d)

Turnover chain

56.

What is the term used to describe the point where your revenue equals your expenses?

a)

Tipping point

b)

Break-even point

c)

Satisfaction point

d)

Nexus point

57.

What is the type of pricing determined largely by what other companies in your industry are charging?

a)

Competitor's pricing

b)

Value-based pricing

c)

Simple pricing

d)

Cost-plus pricing

58.

What starts the bidding process?

a)

Invitation to bid

b)

Proposal

c)

Presentation

d)

PowerPoint

59.

Making sure the company has enough production capability to meet demand is an example of which concept?

a)

Project planning

b)

Capacity planning

c)

Resource planning

d)

Financial planning

60.

Which type of bid is restricted to a select group of pre-screened manufacturers?

a)

Open Tender

b)

Restricted Tender

c)

Request for Proposal

d)

Closed Tender

61.

What is the process of finding and hiring the best candidates for any given open position?

a)

Recruiting

b)

Soliciting

c)

Strategy

d)

Evaluation

62.

What is a new tool used to collect employee feedback?

a)

Social media

b)

Satellite

c)

Television

d)

Skype

63.

What is the life cycle of an idea, from the original idea through, in some cases, its actual implementation?

a)

Elaboration

b)

Justification

c)

Ideation

d)

Collaboration

64.

What is not a reason workers will go on strike?

a)

Pay

b)

Benefits

c)

Ill treatment

d)

Not observing National Boss Day

65.

What is another name for a strike?

a)

Arbitration

b)

Industrial dispute

c)

Disengagement

d)

Split

66.

Which of the following is not part of employee supervision?

a)

Communication

b)

Mentoring

c)

Encouragement

d)

Office party

67.

The difference between net profit and gross profit is that net profit takes what into account?

a)

Revenue

b)

Expenses

c)

Taxes

d)

Assets

68.

What do we call the amount of money (or income) that a company gets from its customers?

a)

Profit

b)

Revenue

c)

Cashflow

d)

Salary

69.

The balance sheet is at the heart of which type of bookkeeping?

a)

Double-entry

b)

Cash

c)

Taxation

d)

Profitability

70.

An operations manager can be likened to which other occupation?

a)

Orchestra conductor

b)

Attorney

c)

Journalist

d)

All of the above

71.

What is the term used to describe the art and science of creating processes within an organization

a)

Design theory

b)

Workflow

c)

Process design

d)

Instructional design

72.

What is the term for the process of planning production by ensuring that raw materials get to the factory floor on time, and finished products get to customers in a timely manner?

a)

Materials requirements planning

b)

Enterprise resource planning

c)

Capacity planning

d)

Project planning

73.

What is the term used for a 3-5 year forecast of your income and expenses?

a)

Financial model

b)

Profits and losses model

c)

Spreadsheet model

d)

Forecast model

74.

Which type of company only spends money when absolutely necessary?

a)

Thin startup

b)

Low startup

c)

Efficient startup

d)

Lean startup

75.

What is the rate at which the business grows or increases revenue from sales?

a)

Profit margin

b)

Monthly profit

c)

Growth percentage

d)

Net profit

76.

What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?

a)

Deductible

b)

Copay

c)

Premium

d)

Expense

77.

What is the term used for amount that an employee must pay for medical or dental care before insurance begins paying?

a)

Copay

b)

Deductible

c)

Premium

d)

Cost

78.

A cap on the amount of claims that a policyholder can file, in total and for specific health needs, over a given period of time is know as what?

a)

Coverage limit

b)

Stop gap limit

c)

Spending limit

d)

Insurance limit

79.

What is a form of general partnership formed for a short period of time?

a)

Limited partnership

b)

Curtailed partnership

c)

Joint venture

d)

Timed partnership

80.

What kind of corporation can be taxed in the same way as a partnership?

a)

"A" corporation

b)

"B" corporation

c)

"T" corporation

d)

"S" corporation

81.
gives direct, clear, and precise orders with detailed instructions as to what, when and how work is to be done
a)
autocratic leader
b)
democratic leader
c)
open leader
d)
situational leader
82.
one who encourages workers to share in making decisions about their work and work related problems
a)
autocratic leader
b)
democratic leader
c)
open leader
d)
situational leader
83.
an economic system in which a central planning authority, under the control of the country's government, owns most of the factors of production and determine what, how, and for whom goods and services will be produced
a)
privatization
b)
market economy
c)
command economy
d)
mixed economy
84.
an economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced
a)
privatization
b)
market economy
c)
command economy
d)
mixed economy
85.
an economic system that uses aspects of a market and command economy
a)
privatization
b)
market economy
c)
command economy
d)
mixed economy
86.

What is the typical way a small business is funded?

a)

Sale of stock only

b)

Bank loans only

c)

Sales of stock and bank loans

d)

Personal savings and bank loans

87.

Which one of the following is an example of entrepreneurial creativity?

a)

Developing an innovative marketing plan

b)

Occasionally assuming the role of an employee

c)

Creating a flexible schedule

d)

Taking daring financial and operational risks

88.

What is the best explanation of a microenterprise?

a)

A small business

b)

A business that employs no more than 25 employees

c)

A business with less than ten employees

d)

A big business that owns a group of small businesses

89.

What is initiative?

a)

The drive to solve many problems in a timely manner

b)

The drive to delegate as many responsibilities as necessary and possible

c)

The drive to oversee a variety of business-related details

d)

The drive to do whatever is necessary to make a business successful

90.

What can be a disadvantage associated with the use of a franchise?

a)

Turnkey operation for franchise

b)

Proven business and system for franchisor

c)

Lack of flexible decision-making for franchisee

d)

Brand recognition for franchiser

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