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Business Enterprise Simulation Cumulative Test

Total questions: 100

Worksheet time: 54mins

Name
Class
Date
1.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
2.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
3.
Which of the following is likely to increase the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
4.
Which statement expresses a central idea of how the laws of supply and demand work?
a)
The government sets the prices for goods and services.
b)
Prices are determined by the interaction of producers and consumers.
c)
Consumers alone determine the prices for goods and services.
d)
Technology dictates the prices charged for goods and services.
5.

What do you call the person who buys goods and services?

a)

consumer

b)

entrepreneur

c)

resource

d)

currency

6.

A business or association usually formed to manufacture or supply products or services for profit.

a)

Private Corporation

b)

Sole Proprietorship

c)

Partnership

d)

Company

7.

Legally separate from stockholders who own it; does not sell shares to public; private shareholders contributing to business

a)

Private Corporation

b)

Sole Proprietorship

c)

Partnership

d)

Company

8.

Stock is owned and traded by individuals and investors; stockholders not responsible for the company's debt; continues to exist even if its' stockholders or managers change; stockholders can easily sell their ownership through the stock market

a)

Private Corporation

b)

Sole Proprietorship

c)

Company

d)

Public Corporation

9.

The particular group of customers you are interested in is the

a)

target market

b)

total market

c)

customer base

d)

market segment

10.

Which of the following are goods or components produced for sale to manufacturers.

a)

Raw materials

b)

Brands

c)

Industrial goods

d)

Retail goods

11.

What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?

a)

A.The price will increase

b)

B.The price will decrease

c)

both A and B

d)

All of the above

12.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
13.

Which of these is the amount of money we pay for a good or service?

a)

currency

b)

price

c)

inflation

d)

economics

14.

It is the individuals who come up with a new idea for a good or service, then they make it a reality ,Is what?

a)

resource

b)

human resources

c)

consumer

d)

entrepreneur

15.

Which of the following is the making, buying and selling of goods and services?

a)

economics

b)

inflation

c)

market

d)

barter

16.

What type of primary research that involves open questions between the interviewer & respondent

a)

surveys

b)

observations

c)

interviews

d)

quotas

17.
Ben is conducting a feasibility study for a new venture idea. Which of the following questions should Ben answer in terms of the venture's financial considerations:
a)
How will the business obtain the money it needs?
b)
What regulations is the business likely to encounter?
c)
Is there a real demand for the idea, good, or service?
d)
How will the business communicate information about its products?
18.

Which of the following involves collecting first-hand data

a)

Secondary inquiry

b)

Product analysis

c)

Primary research

d)

Feasibility study

19.

Which of the following is market research NOT LIKELY to find the answer to?

a)

Who are my competitors?

b)

Which production method is suitable?

c)

What price can I sell at?

d)

What consumers will buy my product?

20.

The collection and analysis of information aimed at understanding the behavior of consumers is called

a)

consumer focus

b)

market research

c)

market forecasting

d)

venture research

21.

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

a)

The supply probably went up.

b)

The supply probably went down.

c)

The price will increase

d)

All of the above

22.

What amount of a good or service that is available to consumers?

a)

Supply

b)

Demand

c)

Saver

d)

Spender

23.

What do you call the tasks that can completed for you by other people or by machines are called:

a)

Goods

b)

Needs

c)

Services

d)

Wants

24.

It is a person or company that makes, grows, or supplies goods to sell is called the__________?

a)

damand

b)

price

c)

producer

d)

shortage

25.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
26.
Which situation is most likely to lead to the lowest prices?
a)
There is only one producer making the good.
b)
Businesses secretly agree to share their profits.
c)
Competition between businesses is prohibited.
d)
Several producers compete to sell goods to the public.
27.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
28.
How does competition affect producers in a market economy? 
a)
They generally agree to share resources equally.
b)
They improve the quality of their goods to attract buyers.
c)
They look to the government to assign resources.
d)
They ration their goods equally among consumers.
29.

Read the following situation to determine what the outcome would be:


A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions?

a)

The price will remain the same.

b)

The price will rise.

c)

The price will fall.

d)

The price will increase

30.

Read the following situation to answer the question:


The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?

a)

The price will rise.

b)

The price will stay the same.

c)

The price will fall.

d)

All of the above

31.

What business process of creating relationship with and satisfying customers.

a)

Advertisement

b)

Marketing

c)

Market Research

d)

Market Study

32.

The collection and analysis of information aimed at understanding the behavior of consumers is called

a)

consumer focus

b)

market research

c)

market forecasting

d)

venture research

33.

The study how individuals, groups and organizations selects, buy, use and dispose of goods, services, ideas, or experience to satisfy their needs and wants is the meaning of...

a)

consumer market

b)

consumer value

c)

consumer behavior

d)

consumer decision

34.

what factors influence the characteristics of consumers?

a)

Personal and Social

b)

Cultural and Personal

c)

Politic and Social

d)

Economi and Politic

35.

which of the following is a part of consumer behavior?

a)

how competitor prices its products

b)

factors that influence how people purchase and use products and services

c)

the design of marketing research study

d)

all are correct

36.

____________ refers to marketing activities to discover opinions, preferences and beliefs of customers to anticipate needs and wants

a)

Market analysis

b)

Market research

c)

Market observations

d)

Market sampling

37.

____________ are a method of primary research that involves watching customer behavior in different situations

a)

Sampling

b)

Surveys

c)

Observations

d)

Focus groups

38.

Group of people most likely to become customers, identified for a specific marketing program

a)

Target Market

b)

Marketing Research

c)

Primary Data

d)

Secondary Data

39.

The process and methods used to gather information, analyze it and report findings related to marketing goods and services

a)

Attitude Research

b)

Marketing Research

c)

Media Research

d)

Qualitative Research

40.

AKA advertising research; focuses on issues of media effectiveness, selection, frequency and ratings

a)

Secondary Data

b)

Marketing Research

c)

Media Research

d)

Product Research

41.
Define the term 'risk'
a)
A person who spots an opportunity to provide goods or services to customers in order to make a profit
b)
The process/activities by which new businesses are formed in order to offer products and services in a market
c)
This is the possibility that the business will have a lower than expected profit or a loss
d)
Check it satisfies a customer need = market research
42.
Which of the following is not a risk of running your own business?
a)
Recession /economic / political problems and instability
b)
Poor reputation  which can lead to loss of sales, loss of revenue and loss of profitability
c)
Commercial risks, failure of suppliers to supply and customers to pay
d)
Better work/life balance
43.
What is meant by a financial risk?
a)
Businesses rely on equipment 24/7.  If this breaks down this leads to lower production and repair costs.
b)
Setting up a business can mean you lose your own or the banks money
c)
It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services.
d)
Blockbusters failed to address the threat of Netflix as they had no digital content available online.
44.
One of the most common reasons for a new business not surviving is:
a)
too much time spent on developing the business plan
b)
no competitors in the industry
c)
poor cash flow as a result of poor financial planning
d)
consumers like dealing with small firms providing a service
45.

Which platforms could be used for virtual marketing?

a)

Facebook

b)

Ms Excel

c)

Powerpoint

d)

UCAS

e)

Microsoft

46.

This refers to the personnel who will help your business in the long run.

a)

technology

b)

skills

c)

suppliers input

d)

manpower

47.

Many people earn money working at a job. Another way to earn money is by —

a)

buying new things at the store

b)

volunteering

c)

keeping money in a savings account

d)

invest

48.

Which of the following are characteristics of a Free Market economy?

a)

competition

b)

freedom of choice

c)

little or no government control

d)

all of the above

49.

Which of the following is not the expectation of a A feasible or viable business idea?

a)

Withstand the risks it will encounter

b)

Generate adequate cash flow and profits

c)

Remain viable in short period

d)

Meet the goals of the founders

50.

"Determining whether the proposed venture is generating enough profit to make the proposed venture feasible" statement best refer to?

a)

Financial Routing

b)

Profitability Analysis

c)

Capital Distribution

d)

Start-up Plan

51.

Classify the mentioned business activity.

Assign machines and supplies for each workers.

a)

Controlling

b)

Influencing

c)

Organizing

d)

Planning

52.

Increasing sales by 10% in the next quarter is an important type of plan. Identify the type of plan.

a)

Objective

b)

Policy

c)

Strategy

d)

Programme

53.

Which of the following is not a part of Management process

a)

Directing

b)

Planning

c)

Delegating

d)

Controlling

54.

Management as a profession has which of the features

a)

well defined and systematised knowledge

b)

Service motive

c)

Code of conduct

d)

All of the above

55.

which of following is a benefit of planning?

a)

helps in avoiding confusion and misunderstanding

b)

ensures clarity in thought and action

c)

useless and redundant activities are minimised or eliminated

d)

all of above

56.

What is a business plan?

a)

A list of promotional ideas

b)

A document that defines a businesses strategies

c)

An estimation of the income and expenses of a business

d)

A calendar of activities for a business

57.

What business type has full liability?

a)

Sole Proprietorship

b)

Partnership

c)

LLC

d)

Corporations

58.

Which business type is the easiest and commonly formed?

a)

Sole proprietorship

b)

Partnership

c)

Corporation

d)

LLC

59.

Which function of management requires an organization chart and sets up the framework needed for staffing

a)

staffing

b)

organizing

c)

leading

d)

Hiring

60.

A business that is owned by two individuals is called a

a)

Sole Proprietorship

b)

Corporation

c)

S Corporation

d)

Partnership

61.

Management process/functions involve 4 basic activities...

a)

Planning, Organizing, Leading and Controlling

b)

Planning, Organizing, Lideding and Controlling

c)

Planning, Organizing, Efficiently and Controlling

d)

Planning, Organizing, Designing and Controlling

62.

What activities and responsibilities are not associated with management's functions?

a)

Planning

b)

Accountability

c)

Controlling

d)

Directing

63.

The management function that requires managers to look ahead and establish objectives is

a)

controlling.

b)

directing.

c)

planning.

d)

constraining.

64.

The work of factory employees that can be directly associated with converting raw materials into finished goods is

a)

manufacturing overhead.

b)

indirect materials.

c)

indirect labor.

d)

direct labor.

65.

Which one of the following is not a cost element in manufacturing a product?

a)

Manufacturing overhead

b)

Direct materials

c)

Office salaries

d)

Direct labor

66.

Which of the following is not a benefit of planning?

a)

Planning reduces overlapping and wasteful activities

b)

Planning is a mental exercise.

c)

Planning provides directions.

d)

Planning reduces the risks of uncertainty.

67.

Name the function of management which involves setting objectives and developing appropriate courses of action to achieve these objectives.

a)

Directing

b)

Organising

c)

Planning

d)

Staffing

68.

Rama Stationery Mart. has made a decision to make all the payments by e-transfers only. The type of plan adopted by Rama Stationery Mart is:

a)

Strategy

b)

Policy

c)

Rule

d)

Procedure

69.

Maruti started offering a discount of Rs. 20,000 on purchase of Wagon R. In response to this, Hyundai started with a scheme of free MP3 player with every Santro. Identify the type of plan indicated in the given statement.

a)

Policy

b)

Rule

c)

Strategy

d)

Procedure

70.

It is the function of management which consists of monitoring and checking alignment of performance of predetermined standards.

a)

Controlling

b)

Influencing

c)

Organizing

d)

Planning

71.

Classify the mentioned business activity.

Assign machines and supplies for each workers.

a)

Controlling

b)

Influencing

c)

Organizing

d)

Planning

72.

Legally separate from stockholders who own it; does not sell shares to public; private shareholders contributing to business

a)

Private Corporation

b)

Sole Proprietorship

c)

Partnership

d)

Company

73.

Stock is owned and traded by individuals and investors; stockholders not responsible for the company's debt; continues to exist even if its' stockholders or managers change; stockholders can easily sell their ownership through the stock market

a)

Private Corporation

b)

Sole Proprietorship

c)

Company

d)

Public Corporation

74.
Ben is conducting a feasibility study for a new venture idea. Which of the following questions should Ben answer in terms of the venture's financial considerations:
a)
How will the business obtain the money it needs?
b)
What regulations is the business likely to encounter?
c)
Is there a real demand for the idea, good, or service?
d)
How will the business communicate information about its products?
75.

What type of primary research that involves open questions between the interviewer & respondent

a)

surveys

b)

observations

c)

interviews

d)

quotas

76.

Who is the Father of Scientific Management?

a)

Frederick W. Taylor

b)

Frank Gilbreth

c)

Henry Gantt

77.

It is a graphical chart that shows which tasks must be completed at which times in order to complete a project or task

a)

Kantt Chart

b)

Gantt Chart

c)

Bubble Chart

d)

Max Weber

78.

Which management theory runs organizations on the basis of knowledge, fairness and logical rules

a)

Scientific Management Theory

b)

Bureaucratic Management Theory

c)

Administrative Management Theory

d)

Frederick Taylor

79.

This theory recommends studying and testing different work methods to identify the best, most efficient ways to complete a job.

a)

Scientific Management Theory

b)

Bureaucratic Management Theory

c)

Administrative Management Theory

d)

Max Weber Theory

80.

Which theory states that the success of an enterprise generally depends much more on the administrative ability of its leaders than on their technical ability.

a)

Scientific Management Theory

b)

Bureaucratic Management Theory

c)

Administrative Management Theory

d)

Human Relation Theory

81.

He is a German sociologist who though well-run bureaucracies would become fairer, more impartial, and predictable.

a)

Frederick Taylor

b)

Max Weber

c)

Henri Fayol

d)

George Elton Mayo

82.

This theory by George Elton Mayo is centered around human interactions and relationships. What do you call this theory?

a)

Organizational Behavior and Management Theory

b)

Administrative Management Theory

c)

Bureaucratic Management Theory

d)

Human Relations Management Theory

83.

it involves specialization of the workforce by dividing a small part of work. It promotes mastery among the workers.

a)

Division of work

b)

Discipline

c)

Order

d)

Initiative

84.

Which theorist postulated that there is a structure to human needs- ie- some needs are higher than others?

a)

Douglas McGreggor

b)

Herzberg

c)

Elton Mayo

d)

Abraham Maslow

85.

What kind of manager spends nearly half of their time for networking?

a)

Average Manager

b)

Successful Manager

c)

Effective Manager

d)

Efficient Manager

86.
Sound financial management requires assets to be managed and acquired effectively and efficiently.
a)
True
b)
False
87.

Money is the lifeblood of the business.

a)

True

b)

False

88.

A project feasibility study is a document prepared to determine whether a certain project is worth pursuing or not.

a)

True

b)

False

89.

In planning to have a business one should have money to use or finance the business.

a)

True

b)

False

90.

In a Democratic leadership style leaders make decisions only if requested by the team.

a)

True

b)

False

91.

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

a)

True

b)

False

92.

Critical thinking skills are the ability to analyze a situation, interpret information, and make reasonable decisions.

a)

True

b)

False

93.

Administrative theory this theory states that upper management commands and controls all employees, so when upper management is improved, employees will follow.

a)

True

b)

False

94.

This theory states the promotion of social interaction within an organization should be implemented for maximum employee motivation is called scientific theory

a)

True

b)

False

95.

A bank is a financial institution that offers both individuals and businesses a wide range of services to help them manage their money.

a)

True

b)

False

96.

National Savings and Investment is a state owned savings bank that attracts individual savers to reduce the governments need to borrow money.

a)

True

b)

False

97.

A project feasibility study is a document prepared to determine whether a certain project is worth pursuing or not.

a)

True

b)

False

98.

Money is the lifeblood of the business.

a)

True

b)

False

99.
Equity capital consists of funds obtained through borrowing.
a)
True
b)
False
100.

In planning to have a business one should have money to use or finance the business.

a)

True

b)

False

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