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1st Sem Exam Rvw (10 Questions ea from Chapters 1-10)

Total questions: 100

Worksheet time: 50mins

Name
Class
Date
1.

_____ is the term for all activities involved in developing and exchanging products.

a)

Business

b)

Entrepreneurship

c)

Economics

d)

Corporation

2.

The customer of a service business is often called a _____.

a)

Customer

b)

Consumer

c)

Client

d)

None of the above

3.

Anything that is bought or sold is called a(n)_____.

a)

Item

b)

Service

c)

Business

d)

Product

4.

Customers who purchase goods and services for their own use are called _____Groups

a)

Individuals

b)

Consumer

c)

Purchasers

d)

Groups

5.

_____ utility is added when a business changes the form of a good or service to make it more useful.

a)

Possession

b)

Time

c)

Form

d)

Place

6.

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

a)

Store

b)

Workplace

c)

Restaurant

d)

Market

7.

The difference between the income earned and the expenses incurred by a business during a specific period of time is called _____.

a)

Sales

b)

Profit

c)

Expenses

d)

Costs

8.

A science that examines how goods and services are produced, sold, and used is called _____.

a)

Economics

b)

Social Studies

c)

Biology

d)

Chemistry

9.

The law of ____________ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.

a)

Supply and Demand

b)

Physics

c)

Consumer behavior

d)

Business

10.

The study of how people satisfy unlimited wants and needs with limited resources.

a)

Business

b)

Economic System

c)

Economics

d)

Profit

11.

The things you wish you could have

a)

Needs

b)

Competition

c)

Wants

d)

Resources

12.

The gradual rise in prices

a)

savings

b)

principal

c)

inflation

d)

deflation

13.

Tasks that people or machines perform; satisfy some of your wants for things you can’t see or touch.

a)

Competition

b)

Services

c)

Profit

d)

Market research

14.

Customers who purchase goods or services for their own use

a)

Business

b)

customer

c)

product

d)

Consumer

15.

says that the price of a product is determined by the relationship of the supply of a product and demand for the product

a)

law of supply and demand

b)

economic system

c)

capital goods

d)

factors of production

16.

The money or fee you pay for borrowing money

a)

deposits

b)

withdrawls

c)

capital gains

d)

Interest

17.

What are the 4 functions of business?

a)

production, finance, marketing, management

b)

traditional, command, market, mixed

c)

peak, expansion, trough, recession

d)

land, labor, capital, entrepreneurship

18.
All of the people in a nation who are capable of working and want to work.
a)
Labor Force
b)
Antitrust Laws
c)
Perfect Competition
d)
Recession
19.
Period of significant decline in total output, income, employment, and trade in an economy.
a)
Labor Force
b)
antitrust laws
c)
perfect competition
d)
recession
20.
When two or more businesses work together to remove their competition, set prices, and control distribution.
a)
Sherman Antitrust Act
b)
price fixing
c)
collusion
d)
fair competition
21.

An individual's ideas of what is right and wrong are called_____________________

a)

Ethics

b)

Social Responsibility

c)

Morals

d)

Capacity

22.

A contract to rent something is a _______________

a)

Social Responsibility

b)

Contract

c)

Offer

d)

Lease

23.

Never sharing specific information about a company or its employees is called __________________________

a)

Consideration

b)

Philanthropy

c)

Confidentiality

d)

Ethics

24.

A legally binding agreement between two or more people or businesses is called a(n) _________________________________

a)

Offer

b)

Lease

c)

Capacity

d)

Contract

25.

What are businesses required by law to give all workers?

a)

Equal employment and advancement opportunities

b)

Equal pay

c)

Annual pay raises

d)

Collective bargaining

26.

Principles that help define appropriate behavior in a business setting are ___________________

a)

Business ethics

b)

Business regulations

c)

Corporate culture

d)

Morals

27.

Overstating the features and benefits or products is called ___________________________________

a)

A breach of confidentiality

b)

Not subject to government regulations

c)

False advertising

d)

Sometimes socially responsible

28.

Rules of behavior based on a group's ideas of what is right and wrong are called ________________________

a)

Morals

b)

Ethics

c)

Social Responsibility

d)

Philanthropy

29.

A proposal to provide a good or service is an _____________

a)

Contract

b)

Offer

c)

Lease

d)

Consideration

30.

Behaving with sensitivity to social, environmental, and economic issues is having ________________________________

a)

Morals

b)

Social Responsibility

c)

Ethics

d)

Consideration

31.

An organization that generates revenue -

a)

producer

b)

for-profit business

c)

nonprofit business

d)

retailer

32.

An association of two or more persons who co-own a business with the objective of earning a profit is called a(n)

a)

cooperative

b)

proprietorship

c)

producer

d)

partnership

33.

Business that is owned and often operated by a single individual

a)

partnership

b)

corporation

c)

limited liability corporation

d)

proprietorship

34.

Share of ownership in a corporation

a)

stock

b)

dividend

c)

board of directors

d)

liability

35.

______ is a numeric system to classify businesses and collect economic statistics.

a)

B2B

b)

NAICS

c)

LLC

d)

B2C

36.

An accounting firm that prepares taxes for an advertising agency operates in the ______ market.

a)

business-to-consumer

b)

consumer-to-business

c)

business-to-business

d)

consumer-to-consumer

37.

Which is not an example of a not-for-profit organization?

a)

American Cancer Society

b)

United Way

c)

Microsoft

d)

American Red Cross

38.

A business that buys large quantities of products directly from producers and sells products in smaller quantities to retailers is called a(n)

a)

cooperative

b)

business market

c)

wholesaler

d)

proprietorship

39.

A_________________________ is a market that consists of customers who buy products for use in a business.

a)

Not-for-Profit Organization

b)

Business Market

c)

Cooperative

d)

Wholesaler

40.

A major advantage of forming a corporation is _______.

a)

profit

b)

limited life

c)

management

d)

limited liability

41.
An organization that conducts business in several countries
a)
Corporation
b)
partnership
c)
Multinational Company
d)
Sole Proprietorship
42.

1. What are the 4 functions of business?

a)

production, finance, marketing, management

b)

traditional, command, market, mixed

c)

peak, expansion, trough, recession

d)

land, labor, capital, entrepreneurship

43.

1. What are the 4 levels of Inflation

a)

low, medium, high, super high

b)

low, medium, severe, hyperinflation

c)

peek, recession, trough, expansion

d)

land, labor, capital, entrepreneurship

44.

1. What are the 4 factors of production?

a)

expansion, peek, trough, recession

b)

land, labor, capital, entrepreneurship

c)

low, medium, high, super high

d)

monopoly, oligopoly, competition, perfect competition

45.

The gradual rise in prices

a)

savings

b)

principal

c)

inflation

d)

deflation

46.
If you are practicing CLEAR SPEAKING habits, you must do one of the following:
a)
Listen carefully
b)
Speak directly to a person or a group
c)
Use a microphone so that the group can hear you clearly
d)
Give out an outline
47.
The European Union (EU) introduced a new currency designed to be used in countries throughout the continent.  It is known as the:
a)
Peso
b)
Euro
c)
European Dollar
d)
Dollar
48.
a list of steps to be followed for performing a particular work activity; a description of the way work is to be done
a)
policies
b)
procedures
c)
partnership agreement
d)
extractors
49.
What is a business with 1 owner?
a)
proprietorship
b)
partnership
c)
corporation
50.
All businesses make products.
a)
true
b)
false
51.
If you have a garage sale how are you earning money?
a)
providing a service
b)
selling things
c)
earning interest
d)
volunteering
52.
A private business like a grocery store is an example of what?
a)
government
b)
free enterprise
c)
freedom of speech
53.
Which of these is a service?
a)
washing cars for $10 per car
b)
apples that cost $1
c)
your mom making you take out the trash as a chore
d)
saving for college
54.
Which American entrepreneur started Walmart?
a)
Henry Ford
b)
Bill Gates
c)
Mary Kay
d)
Sam Walton
55.
Which American entrepreneur started a company that produced automobiles?
a)
Henry Ford
b)
Bill Gates
c)
Mary Kay
d)
Sam Walton
56.

___________ is being able to work efficiently with anyone with different skill sets, personality, work styles or motivation level to achieve a better team result.

a)

teamwork skills

b)

communication skills

c)

people skills

d)

none of these

57.

Good ________ are codes of behavior that is considered acceptable in society.

a)

honesty

b)

moral values

c)

constructive criticism

d)

integrity

58.

A company that is independently owned and operated, it is not dominant in its field, and employs fewer than 500 people is considered a ___________.

a)

corporation

b)

small business

c)

enterprise zone

d)

monopoly

59.

The largest provider of services in the country is ___________.

a)

the government.

b)

the oil industry.

c)

Microsoft®.

d)

telephone companies.

60.

A(n) ____________________ is a word, symbol, design, or combination of these that a business uses to identify itself or something it sells.

a)

servicemark

b)

trademark

c)

elliptical

d)

venture

61.

The process of recruiting, hiring, training, evaluating, and compensating employees.

a)

management

b)

controlling

c)

staffing

d)

Human Resources

62.

To give up an idea, need or want so that the group can come to a solution.

a)

goal

b)

compromise

c)

procedure

d)

teamwork

63.

The process of controlling and making decisions about a business.

a)

management

b)

staffing

c)

controlling

d)

goal

64.

The efforts of more than one person is always greater than individual efforts.

a)

teamwork

b)

negotiation

c)

mediation

d)

staffing

65.

People who continuously have conflict in their lives and have difficulty getting along with others are lacking...

a)

compromise

b)

interpersonal skills

c)

goals

d)

smiles

66.

Something you want to achieve in a certain period of time.

a)

manners

b)

goals

c)

interpersonal skills

d)

management

67.

Which is the most diplomatic leadership style for all involved?

a)

Democratic

b)

Authoritative

68.

Which skills have the ability to analyze a situation, interpret information and make reasonable decisions?

a)

Critical Thinking Skills

b)

Interpersonal Skills

c)

Verbal Skills

69.

A teacher, manager or parent who "let's its people do what they want" is demonstrating which type of leadership? (hands-off approach)

a)

authoritative

b)

helicopter parenting

c)

laizze-faire

70.

A SMART goal is one that is specidic, measurable, attainable, realistic, and technical.

a)

True

b)

False

71.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
72.

Mass production is .........

a)

the manufacturing of goods in large quantities using standard techniques

b)

converting resources to a product that fits the specifications of a particular customer.

c)

the process of changing and improving resources to create goods or services.

d)

changing the form of raw materials for another use.

73.

What are the four functions of business?

a)

Finance, Management, Marketing, Production

b)

Finance, Management, Training, Production

c)

Operations, Management, Marketing, Production

d)

Finance, Management, Marketing, Advertising

74.

The specialization of individuals who perform specific tasks

a)

custom manufacturing

b)

mass production

c)

division of labor

d)

teamwork

75.
Which of the following is a claimed advantage of flow production?
a)
Each worker enjoys doing one repetitive job all the time.
b)
Making a product that allows all consumer needs to be met
c)
The capital costs of setting up a production line are low.
d)
The mass production helps to keep costs per unit low.
76.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
77.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
78.

Manufacturing is the process of making _____ in a workshop or factory.

a)

parts

b)

toys

c)

goods

79.

On an assembly line, ____ is divided into steps.

a)

work space

b)

production

c)

printing

80.

Factories _____ goods, often using an assembly line.

a)

mass-produce

b)

partially produce

c)

rarely produce

81.

What is the main purpose of human resource management?

a)

to ensure people employed in an organization are being used to the fullest potential for achieving company goals and objectives

b)

to build the nation

c)

to pay wages

d)

to enable employees to work in a free environment and protect their rights

82.

What does the term ‘human resource management’ describes ?

a)

concept of competing through technical resources in organizations

b)

policies and practices involved in managing managers of an organization

c)

economic value of employees’ knowledge, skills and capabilities

d)

effective utilization of an organization’s people and their talent

83.

Which of the following refers to how much a job pays and the benefits offered?

a)

minimum wage

b)

promotion

c)

compensation

d)

wage

84.

When evaluating a job opportunity, you should pay attention to health care, retirement benefits, and your special needs.

a)

True

b)

False

85.

Supervisors might use this to prevent boredom, keep morale high, and teach a variety of work experiences.

a)

job rotation

b)

orientation

c)

performance appraisal

d)

separation

86.

Which is the process of finding, selecting, training, and evaluating employees?

a)

orientation management

b)

performance appraisal

c)

supervising workers

d)

human resources management

87.

Which of the following is an evaluation of how well an employee is doing?

a)

recruitment

b)

group training

c)

compensation

d)

performance appraisal

88.

Which of these would not normally be found in a job description?

a)

Job Title

b)

Skills and abilities required

c)

Roles and duties

d)

Employment conditions

89.

Designation, location, and job-related duties are mentioned in the:

a)

Job Description

b)

Job Evaluation

c)

Job Specification

d)

Recruitment Letter

90.

Which is considered a voluntary separation?

a)

transfer

b)

retirement

c)

lay off

d)

resignation

91.

The function of marketing that includes decisions about advertising, personal selling, customer service, publicity, promotional events, and store design and layout is _____.

a)

Selling

b)

advertising

c)

promotion

d)

construction

92.

Process of communicating with potential customers in an effort to influence their buying behavior.

a)

product

b)

promotion

c)

pricing

d)

place

93.

Many businesses use _____ to gather, store and use customer data for marketing.

a)

influence

b)

B2C

c)

segmentation

d)

database marketing

94.

The three levels of buying decisions for businesses are new purchase, repeat purchase, and _____ purchase.

a)

situational

b)

modified

c)

limited

d)

automatic

95.

The influence that comes from the society in which a person lives is called _____.

a)

business influence

b)

mass marketing

c)

social influence

d)

marketing

96.

A(n) _____ buying decision is when a consumer purchase is made with no planning or research.

a)

impulse

b)

limited

c)

routine

d)

ordinary

97.

A _____ is a document describing business and marketing objectives and the strategies and tactics to achieve them.

a)

business report

b)

business plan

c)

sales analysis

d)

marketing plan

98.

Segmenting a market based on where customers live is _____ segmentation.

a)

place

b)

location

c)

geographic

d)

location

99.

_____ selling focuses on building long-term rapport with customers.

a)

Customer

b)

Consumer

c)

Relationship

d)

Target

100.

Activity that is done for another person, ex. house cleaning

a)

service

b)

sales

c)

public relations

d)

marketing plan

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