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IBT Final Exam Cumulative Review-S2

Total questions: 45

Worksheet time: 23mins

Name
Class
Date
1.

Supervisors are the _____ level of management.

a)

first

b)

second

c)

third

2.

This type of influence arises when employees recognize that the leader has special knowledge or ability in a specific area:

a)

Position

b)

Identity

c)

Expert

d)

Reward

3.

Which of the following is a management style that is effective when a group of employees is experienced and works well together?

a)

Strategic

b)

Tactical

c)

Mixed

4.

Student leaders fall into which category of influence?

a)

Formal

b)

Informal

c)

Position

d)

Identity

5.

Identify an example of an executive:

a)

Customer Service Manager

b)

Sales Director

c)

Vice President

d)

Restaurant Manager

6.

A blue-collar worker has a job where the work is more mental than physical.

a)

TRUE

b)

FALSE

7.

Having the ambition and motivation to get work done without being asked describes which leadership characteristic?

a)

Taking the initiative

b)

Having intelligence

c)

Being stable

d)

Having confidence

8.

Which benefit allows employees the ability to choose their work hours?

a)

Family Leave

b)

Flextime

c)

Flexplace

d)

Personal Time

9.

What type of tax would I pay if I gave my mom $1 million?

a)

Gift tax

b)

Sales tax

c)

Excise tax

d)

Income tax

10.

The assignment of an employee to another job in the company with a similar level of responsibility is called a job:

a)

Promotion

b)

Termination

c)

Discharge

d)

Transfer

11.

Which law requires that employers pay at least minimum wage to employees?

a)

The Civil Rights Act of 1964

b)

The Fair Labor Standards Act

c)

The Equal Pay Act

d)

The Pay Discrimination Act

12.

​To cut costs, Allen & Associates removed its customer service department and sent the operation to another company that can do it for cheaper. This is an example of Allen & Associates doing what to its customer service department?

a)

Terminating

b)

Expanding

c)

Downsizing

d)

Outsourcing

13.

Identify all of the components of the selling price formula (hint: select 3 answers).

a)

Product Costs

b)

Operating Expenses

c)

Profit

d)

Revenue

14.

Which is an example of mass promotion?

a)

Advertising

b)

Telephone Sales Calls

c)

Personal Selling

d)

All are examples of mass promotion

15.

Jane typically sells products grown on her farm at the local Famer's Market. This is an example of which form of distribution?

a)

Indirect

b)

Direct

c)

Wholesale

d)

Consumer

16.

Jess works as a Mary Kay Consultant. Her job is to communicate with individual clients to assess their makeup and skin care needs. What type of marketing does this describe?

a)

Public Relations

b)

Sales Promotion

c)

Publicity

d)

Personal Selling

17.

People are typically willing to pay higher prices for products/services that have few close competitors. This describes which pricing factor?

a)

Season

b)

Age

c)

Uniqueness

d)

Convenience

e)

Complexity

18.

Which type of retirement plan is offered by a non-profit company?

a)

401K

b)

403B

19.

This provides money to retired workers; minor children, and disabled people.

a)

Social Security

b)

Disability

20.

Identify examples of a for-profit company (hint: select 2 answers).

a)

Church of Allen

b)

Amazon

c)

McDonald's

d)

Allen Credit Union

21.

A specific group of consumers who have similar wants and needs is called:

a)

Personal Seller

b)

Target Market

c)

Internal Customer

d)

Marketer

22.

A tax based on the value of items such as cars, boats, and trucks is called:

a)

Personal property tax

b)

Income tax

c)

Excise tax

d)

Inheritance tax

23.

Identify the central bank of the United States:

a)

Department of Education

b)

The White House

c)

Internal Revenue Service

d)

The Federal Reserve

24.

The difference between your personal assets and your personal liabilities is your:

a)

Net Worth

b)

Gross Income

c)

Net Income

d)

Variance

25.

Items of value are called:

a)

liabilities

b)

assets

26.

The FDIC insures accounts at commercial banks up to how much?

a)

$100,000

b)

$150,000

c)

$200,000

d)

$250,000

27.

Which type of endorsement allows you to transfer a check (where you are the payee) to someone else?

a)

Restrictive

b)

Blank

c)

Full / Special

28.

Financial protection to a family when the insured passes away is called:

a)

Life Insurance

b)

Health Insurance

29.

Who is the DRAWEE on a check?

a)

The owner of the account

b)

The bank that pays the check

c)

The person the check is written to

d)

The person who signs the check

30.

If a covered person experiences a loss, they must first pay a _______ before the insurance pays its portion.

a)

Deductible

b)

Insurance

c)

Claim

d)

Premium

31.

What is an insurance claim?

a)

The monthly fee for insurance paid by a policyholder

b)

The type of risk taken by the insurance company

c)

The type of insurance a policyholder can purchase

d)

A policyholder’s request to pay for a loss covered by an insurance policy

32.

The person named in a life insurance policy to receive benefits upon the death of the policyholder is called the:

a)

Insured

b)

Payee

c)

Beneficiary

d)

Policyholder

33.

Identify all elements of the marketing mix (hint: select 4 answers).

a)

Promotion

b)

Price

c)

Premium

d)

Product

e)

Place

34.

This is considered to be the way people get along with each other:

a)

Influence

b)

Management

c)

Communication

d)

Human Relations

35.

If an employee receives a specific amount of money for each unit produced, they are receiving what type of pay?

a)

Salary

b)

Hourly wage

c)

Piece Rate

d)

Commission

36.

Which auto coverage helps pay for damage that YOU cause to another person's vehicle?

a)

Collision

b)

Comprehensive

c)

PIP

d)

Liability

37.

Which auto coverage protects you from damage to your car caused by theft?

a)

PIP

b)

Comprehensive

c)

Liability

d)

Collision

38.

Anna took out a $20,000 life insurance policy. The $20,000 is called the (hint: select 2 answers):

a)

Cash Value

b)

Death Benefit

c)

Face Value

d)

Policy Benefit

39.

Identify how people can deal with risk (hint: select 4 answers).

a)

Hide

b)

Ignore

c)

Transfer

d)

Reduce

e)

Avoid

40.

Which of the following is NOT good advice for someone preparing for a job interview?

a)

Prepare questions to ask during the interview

b)

Take several friends for moral support

c)

Be on time

d)

Dress professionally

41.

Which management function involves analyzing information, setting goals, and making decisions about what needs to be done?

a)

Staffing

b)

Planning

c)

Organizing

d)

Implementing

42.

What is considered a fixed expense in a budget?

a)

Birthday gift

b)

Gas (car)

c)

Groceries

d)

Rent

43.

Identify the type of insurance needed: Jasmine breaks her leg in a car accident and will be out of work for 6 months.

a)

Health and Disability

b)

Auto and Life

c)

Life and Health

d)

Disability and Renter's

44.

What is a deductible?

a)

Monthly fee paid by the insured to have insurance

b)

Amount paid by the insured before insurance kicks in

c)

Small amount paid at the time of service

d)

Yearly fee paid by the insured to have insurance

45.

Skateboarding, driving, and eating junk food fall into which category?

a)

Risk that comes with action

b)

Risk that comes with lack of action

c)

Risks you know about but don't think will happen

d)

Risks that will get you hurt