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WorksheetsMidterm Exam - PBMF & ESB
Total questions: 50
Worksheet time: 25mins
Who first identified cyclical patterns in the economy and created what is often referred to as "the business cycle"?
George Washington
Clemente Juglar
Warren Buffett
Steve Jobs
Which of the following describes the growth part of the business cycle?
Accounts for the time when business activity has reached a maximum
Commonly defined as 2 consecutive quarterly declines in GDP
Occurs when persistent increases in key measurements of aggregate economic activity are present
Is the lowest levels during a recession
Which of the following is NOT an indicator of the business cycle?
Labor force
Wages
Labor costs and productivity
Birth rate
Which of the following describes the term productivity?
Measurement of physical output for each unit of input used, usually referring to labor hours.
The period in which business activity has reached a maximum
Two consecutive quarterly declines in GDP
The sum or whole amount of something
Which of the following lists each part of the business cycle?
Peak, Downhill, Pit, Expansion
Rise, Fall, Fallout, Resolution
Peak, Recession, Trough, Expansion
Peak, Recession, Pit, Explosion
Which of the following describes the virtuous cycle?
A representation concerning the patterns of expansion and contraction in the economy, consisting of the growth, peak, recession & trough phases.
Increase in sales results in increase in production which causes increase in employment leading to increased income which starts the cycle over again.
The lowest levels experienced during a recession.
The period in which business activity has reached fa maximum.
Which of the following is NOT a business cycle indicator?
Labor Force
National Defense
Personal incomes and consumer attitudes
Out of date products
What is the lowest level of a recession?
Peak
Trough
Pit
Resolution
Which of the following is a cause of a trough?
A brand new product
A broken product
An expensive product
A severely outdated product
In which of the following categories does a recession NOT cause a decline?
Total output
Income
Tax Rate
Employment
A ____ is a systematic grouping of individuals which has been brought together to accomplish a goal.
Informal structure
Organization
Concord
Affiliation
An organization's products and services are the driving forces in accomplishing its purpose.
True
False
Which of the following is NOT one of the four basic organizational levels?
Supervisors
Middle Managers
Top Management
Lower Managers
____ structures are laid-back and undefined.
Matrix
Learning
Informal
Staff
____ is the principle in which an employee should have only one supervisor to whom he or she is responsible.
Chain of command
Span of control
Work Specialization
Supervision
An assembly line is an example of ____.
Chain of command
Span of control
Work specialization
Supervision
____ is the grouping of individuals into departments
Centralization
Decentralization
Centralmentalization
Departmentalization
Simple structures are flexible and inexpensive, but are often only effective in small organizations.
True
False
A ____ structure is composed of self-contained units or divisions.
Simple
Divisional
Matrix
Learning
A ____ organization structure combines the elements of functional and product-based departmentalization.
Simple
Divisional
Matrix
Learning
Physical location of the business is a factor which should influence the type of ownership chosen.
True
False
Which of the following forms boards to act as governing bodies and is the most complicated form of business.
Franchise
Partnership
Sole proprietorship
Corporation
Which of the following is owned and operated by one individual?
Franchise
Partnership
Sole proprietorship
Corporation
Which of the following is the right or license to sell a company's product or service at a designated location?
Franchise
Partnership
Sole proprietorship
Corporation
A ____ is a legal agreement between two or more people and is the lease common form of business.
Franchise
Partnership
Sole proprietorship
Corporation
Which of the following is NOT a financing option suggested in the presentation?
Investors
Loans
Sale of assets
Small Business Administration
Angel investors are wealthy individuals who seek high returns through private investments.
True
False
____ are words, symbols, names or devices used to specify goods and differentiate one good from others.
Copyrights
Patents
Licenses
Trademarks
Patents are issued by state governments.
True
False
Capital is wealth in the form of money or property.
True
False
Accounting is simply the process used to figure out how much money a business made during a certain time period.
True
False
What are the accounting rules used to prepare, present and report financial statements called?
Standard Business Financial Practices
Financial Accounting Standards
Generally Accepted Accounting Principles
Financial Account Management Techniques
____ are items of value your company owns.
Profits
Revenues
Liabilities
Assets
____ are any debts or obligations owed by the company.
Profits
Revenues
Liabilities
Assets
It is often beneficial for a business owner to use business accounts and personal accounts interchangeably
True
False
A ____ is a summary of a company's profit or loss during any one given period of time.
Income Statement
Balance sheet
Subledger
Fixed asset statement
How often should a business calculate profitability and review financial statements?
Weekly
Monthly
Quarterly
Annually
The Financial Accounting Standards Board is the government agency regulating the accounting industry.
True
False
How many steps are in the business operating cycle?
Eighteen
Twelve
Nine
Five
Income statements are used to help determine ____.
Employee pay
Prices of goods and/or services
An accountant's capabilities
Credit limits
Which of the following defines business ethics?
An approach toward decision making in which a person evaluates moral principles
Professional standards of conduct, based on moral principles and values, guiding decision-making and actions
Choices made based on moral principles and values
A set of guidelines which govern behavior
Ethical choices are made based on moral principles and values while legal choices are made according to the law.
True
False
Which of the following is NOT an example of unethical behavior occurring in the workplace?
Workplace harassment
Discrimination
Employment contingent upon passing a drug screening
Personal use of company property
Which of the following defines workplace politics?
Choices made according to law
Beliefs of a person or social group in which they have an emotional investment
Games played in a workplace environment to achieve status, advancement and money
Professional standards of conduct, based on moral principles and values, guiding decision-making & actions
Which of the following is NOT an ethical issue raised due to technological advances in the workplace?
Privacy and confidentiality breaches
Use of company property for personal use
Ownership disputes about electronic information
Encourages deceptive advertising
Selecting the best choice is final step of the ethical decision-making process.
True
False
Which of the following is a business ethics development from the 1960s?
Established codes of conduct and value statements
Federal Corrupt Practices Act was passed
ERC forms first business ethics office at General Dynamics
ERC established international business ethics center
Which of the following is NOT a government regulation created to protect employees from unethical business practices?
The Fair Labor Standards Act of 1938
The Equal Pay Act of 1963
Amendment XIV to the U.S. Constitution in 1868
Title VII of the Civil Rights Act of 1964
Amendment XIV to the U.S. Constitution in 1868 resulted in the prohibition of pay discrimination on the basis of sex.
True
False
Which of the following is NOT an example of a situation in which an employee can apply the Family and Medical Leave Act of 1993?
During birth and care of a newborn child
After placement of an adopted or foster care child
When caring for a great-aunt or great-uncle with a serious medical condition
When unable to work because of a serious medical condition
