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WorksheetsCoach Simon Principles of Business FINAL
Total questions: 90
Worksheet time: 45mins
According to the segment, how are businesses classified?
Number of employees
Work activities the business performs
Age of the company
Profit level of the business
Which of the following is an example of a producer?
Cotton Mill
Juice Factory
Mine
Landscape Company
Which of the following is NOT an example of a processor?
Cotton Mill
Automobile Factory
Oil Refinery
Textile Mill
Which of the following is an example of a service firm?
Cotton Mill
Juice Factory
Mine
Lanscape Company
Which of the following is NOT a business department mentioned in the segment?
Human Resources
Finance
Marketing
External Relations
Which of the following is NOT a step of the employment process in the Human Resources department according to the segment? A. Assess employment needs B. Recruit potential employees C. Select employee who fulfills goals D. Negotiate salary and benefits of new hires
Assess employment needs
Recruit potential employees
Select employee who fulfills goals
Negotiate salary and benefits of new hires
Which of the following is NOT a role the Human Resources department plays when helping orient employees?
Introducing co-workers
Helping fill out paperwork
Assisting employees in their adjustment phase
Analyzing new employee morale
Evaluating employee performance helps with all of the following EXCEPT which of the following? A. Transfers B. Sick leave C. Layoffs D. Promotions
Transfers
Sick leave
Layoffs
Promotions
Items of value owned by a business are known as which of the following?
Assets
Liabilities
Owner's Equity
Bonds
Which of the following are the debts or obligations of a business?
Assets
Liabilities
Owner's Equity
Bonds
Which of the following is NOT a source of funding?
Borrowing Funds
Selling Stocks
Investors
Decreasing owner contributions
Which of the following is NOT a component of the marketing mix?
Product
Price
Promotion
Perception
Which of the following are the activities used to persuade consumers they need the product?
Product
Price
Promotion
Perception
Which of the following is NOT a stage of the product life cycle?
Introduction
Growth
Evaluation
Maturity
Which of the following is NOT a role of production and distribution in a company?
Facilities
Processing
Marketing
People
Which type of business produces processed goods by changing raw goods into a more finished form?
Intermediaries
Service Firms
Processors
Producers
Which of the following is an example of a non-profit organization?
Beauty salon
Salvation Army®
ITT Technical Institute
Amazon®
The employment process is carried out by which department?
Marketing
Distribution
Management
Human Resources
Intrinsic motivation occurs internally and includes enjoyment and accomplishment.
True
False
Group training gives employees hands-on practice with supervision.
True
False
A system used to record, classify, summarize and report the financial position of a business is known as which of the following?
Management
Distribution
Accounting
Human Resources
Which of the following is NOT one of the modes of transportation distribution typically uses?
Cable
Railroads
Trucks
Waterways
Supply and demand are __________ related.
Not
Rarely
Inversely
Uniformly
The place where the supply curve intersects the demand curve is known as which of the following?
Marginal cost
Elasticity of supply
Utility
Equilibrium
. Customer willingness depends on which of the following?
Advertising and promotion
Prices and personal financial habits
Inflation and currency conversion
All of the above
Which of the following are the beginning step in the manufacturing process?
Builders
Manufacturers
Traders
Producers
The marketing mix should relate directly to who?
The company’s managers
The company’s top salespeople
The company’s competitors
The company’s target market
Jordan is making a decision about how the products his business sells are transported to his store. Which of the four Ps would this decision fall under? A. Price B. Product C. Place D. Promotion
Price
Product
Place
Promotion
Which of the following is NOT one of the strategies included in price? A. Using promotional pricing techniques B. Determining discounts C. Creating a price list D. Lowering production costs
Using promotional pricing techniques
Determining discounts
Creating a price list
Lowering production costs
Which of the following is NOT a basic pricing decision?
Generating seasonal pricing
Creating volume discounts
Implementing a pricing strategy
Determining sales associate pay rates
Pricing strategies must relate to which of the following to be successful? A. Customer habits B. Competitors’ pricing strategies C. The economy D. Advertising
Customer Habits
Competitors' pricing strategies
The Economy
Advertising
Which of the following is a consideration associated with product?
Determining which retail outlet will carry specific products
Naming and packaging products
Deciding when the product will be marked down
Creating activities to increase sales of a product
Which of the following is NOT a consideration associated with product? A. Developing new uses for a product B. Researching product designs C. Making customers aware of products D. Adding features to products
Developing new uses for a product
Researching product designs
Making customers aware of products
Adding features to products
Customers do not buy products, they buy which of the following?
Features
Packaging
Services
Benefits
Products must do which of the following?
Have a low price
Include accessories and batteries
Satisfy a customer want or need
Be appealing to young people
Which of the following are used to create customer loyalty?
Bright, colorful packaging
Advertising
A unique name, logo and slogan
Extended services and warranties
Place is also described as which of the following?
Market Location
Selling Venue
Distribution
Establishment
Which of the following may drive customers away? A. A store’s location B. Poor warehousing C. Inventory shortage D. A poorly lit display
A store’s location
Poor Warehousing
Inventory shortage
A poorly lit display
A store’s location may impact which of the following?
Inventory available
Salespeople’s attitudes
The production process
Customers’ buying decisions
Decisions about which of the following are associated with promotion?
Store Location
Product Design
Personal Selling
Target Market
Promotion requires selecting which of the following?
Media Outlets
Store Design
Product Features
Company Mission
Promotion should stimulate which of the following?
Employee Action
A need and desire to buy
Suppliers' interest
Lower Prices
The marketing mix must be which of the following?
Profit Driven
Driven by the economy
Customer Driven
Driven by the industry
Which of the 4 Ps relates to packaging?
Price
Product
Place
Promotion
Which of the 4 Ps relates to warehouse inventory?
Price
Promotion
Place
Product
Which of the 4 Ps includes creating a 50-percent-off coupon?
Price
Place
Product
Promotion
Which of the 4 Ps would include offering credit arrangements?
Price
Product
Place
Promotion
Which of the following is NOT a basic pricing decision?
Determining suggested retail price
Creating volume discounts
Determining packaging
Producing price bundles
Leveraging the full power of __________ may be a key business strategy.
Publicity
A target market
Social Status
The Internet
Which of the following defines credit?
Fees for getting cash advances
Yearly membership or participation fees
The ability to acquire money, goods or services from others without immediate payment
Loans which will be in repayment for less than an 18 month time period
What type of loan would one need to buy a house?
Short-term
Intermediate
Long-term
None of the above
Which of the following is NOT a source of credit?
Checking accounts
Mortgage companies
Credit unions
Credit card companies
Which of the following defines APR?
Yearly membership or participation fees
A measure of the cost of credit, expressed as a yearly rate
Loans which will be in repayment for less than an 18 month time period
Fees for getting cash advances
You are entitled to a free copy of your credit report twice a year.
True
False
What is the highest credit score number?
750
800
850
900
Errors on a credit report are easy to fix.
True
False
Which type of loan will be in repayment for more than 10 years?
Timely Loans
Intermediate-term loans
Long-term loans
Large lump loans
Your credit rating is a number calculated by using information on a credit report which shows lenders the risk they take by loaning money to you.
True
False
Credit allows for purchases without cash.
True
False
Credit agreements are not legally binding.
True
False
Credit is free.
True
False
Which of the following is NOT a type of credit?
Loans
Debit Cards
Revolving Credit Account
Credit Cards
Which of the following is an example of an intermediate-term loan?
Automobiles
Houses
Credit Cards
IOUs
A grace period is a free period which allows you to avoid finance charges by paying your balance in full before the due date.
True
False
Which of the following is NOT part of the analysis for the creditworthiness of borrowers?
Judgment
Family Interviews
Formal credit scoring models
Risk assessment worksheets
A borrower’s interest rate can be determined using which of the following?
Loan amounts
Loan terms
Credit scores
Repayment schedules
Borrowers have five FICO scores — one for each of the credit bureaus.
True
False
Age is a factor in someone’s FICO score.
True
False
Budgeting finances requires calculating __________ and __________.
Income; expenses
Investments; savings
Utility; opportunity cost
Inflation; taxes
If income exceeds expenses, which of the following is recommended?
Increase income sources
Go on vacation
Decrease income sources
Research investment and savings options
Anyone can open a 401K savings plan.
True
False
Which of the following accurately describes stocks?
Employee-sponsored retirement benefit plans
Savings accounts which include tax benefits
Investments providing ownership of public companies
Contributions for the government required of people
After creating his budget, John realized his expenses exceed his income. To resolve this issue he can do which of the following?
Invest more in the stock market
Eat out less frequently
Go on a shopping spree
Work fewer hours
CDs are a common way to save money and are offered by most financial institutions. In this instance, CD stands for which of the following?
Compact disc
Certificate of development
Certificate of deposit
Canadian dollar
Which of the following is NOT an employability skill?
Ethical Behavior
Teamwork
Technology
Sales
Which of the following describes mannerisms?
Style of speaking or behaving
Dressing appropriately
Values and standards
Working effectively with others
Which of the following is a leadership skill?
Breaking new ground
Anticipating problems
Treating everyone fairly
Prioritizing
Which of the following is important when using technology?
Governance
Credentialing
Ethical conduct
Preparation
Which of the following is a way to exhibit professionalism? A. Certifications B. Teamwork C. Technology D. Speech
Certifications
Teamwork
Technology
Speech
Which of the following is considered the most important skill in the workplace?
Effective communication
Knowledge of technology
Certifications or licensures
Leadership strategies
Which of the following is considered a Knowledge of Technology skill?
Teamwork
Creating a final product
Active listening
Willingness to learn
Time Management may NOT lead to which of the following?
Better professional status
Less stress in the workplace
Greater productivity and efficiency
Advanced degrees
Which of the following is NOT a problem-solving strategy?
Developing a process
Use of technology
Anticipating problems
Brainstorming
Which of the following is the cooperative action and effort of a group of people acting together?
Leadership
Teamwork
Team roles
Learning
How can teamwork fail?
Dealing with conflict
Providing clear instructions
Providing no training
Dealing with poor planning
Which of the following learning styles involves doing and feeling?
Diverging
Assimilating
Converging
Accommodating
Which of the following teamwork settings can help support families who are struggling financially?
Classroom
Workplace
Meetings
Communities
If a team is lacking energy, which personality should a leader look for in a new team member?
Driver
Expressive
Analytical
Amiable
Which of the following leadership styles demonstrate a participative style, which allows team members to be included in the decision-making process?
Transactional
Democratic
Laissez-Faire
Bureaucratic
When a teacher does NOT direct students during an activity, which style of leadership is the teacher exhibiting?
Transactional
Democratic
Laissez-Faire
Bureaucratic
