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WorksheetsBusiness Management State Test Review
Total questions: 44
Worksheet time: 22mins
Which of the types of business organizations is owned by shareholders/stockholders?
Sole proprietorship
Partnership
LLC
Corporation
What is the name of an individual who owns a share of a corporation and is entitled to part of its profits?
franchisee
Board of Directors Member
shareholder/stockholder
employee
Which business entity is best defined as the right or license granted by a company to an individual or group to market its products or services in a specific territory.
Franchise
Corporation
Sole Proprietorship
LLC
What are the advantages of a franchise to the franchisor
Franchisor support
Minimal business experience necessary
Established Brand
All of the above
What are the advantages of a franchise to the franchisor
rapid expansion
More control
Tax breaks
less regulations
What legally protects a company's logo and slogan?
trademark
copyright
patent
intellectual property
What legal term grants an exclusive right for an invention, which is a product or a process that provides a new way of doing something
intellectual property
trademark
patent
copyright
What legal protection should you file if you write a song or a book?
copyright
patent
trademakr
intellectual property
What occurs when the market supply and demand balance each other?
surplus
equilibrium
shortage
demand
What occurs if the quantity supplied is greater than the quantity demanded?
surplus
shortage
demand
equilibrium
According to the Law of Supply, higher prices prompt suppliers to ...
decrease demand
produce less
maintain current levels of production
produce more
_________has direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting to only one supervisor. The military and many small businesses are organized this way
line and staff structure
line structure
matrix structure
teams structure
Disadvantages of a_______structure are:
Its costly and complex.
It can cause confusion among employees as to where their loyalty belongs to the project manager or to their functional unit.
It may be only a temporary solution to a long-term problem.
line and staff
teams
matrix
line
In the____structure, executives may seek third party advice or help and choose whether or not to use the help
line and staff
line
teams
matrix
Company XYZ develops phones, but they hire company ABC to make the camera feature on the phone. The companies work together so the combination of their efforts will create a seamlessly stylish and good quality phone. They use the same marketing team, and customer service team to learn what customers want. Company ABC even uses a portion of Company XYZ’s building as they constantly interact.
This is an example of a ______ structure
team
matrix
line and staff
line
The S in "SWOT analysis" stands for______
Supporters
Surplus
Strengths
Sales
The T in the "SWOT analysis" stands for
Trading
Tactics
Threats
Taxes
________ leaders make all the decisions themselves. They do not consult their team, or let them make decisions. Once the decision has been made, they impose it and expect obedience.
authoritarian
democratic
autocratic
monarchic
_______leaders take an active role in the decision-making process but they involve others. They carry the responsibility for seeing that the decisions made achieve the desired outcomes for group members.
autocratic
Laissez-faire
democratic
egalitarian
Good leaders have which qualities
Objectivity (no bias—look at all sides of a problem)
Cooperation (work well with others)
Honesty (high standards of integrity)
All of the above
The amount of money that would remain (and be returned to a company's owners) if all of the assets were sold and all of the company's debt was paid off
propriety
stake
equity
capital
Ownership in a company not earned with money but through labor
moving up the ranks
valuation
proof of concept
sweat equity
the amount a company needs to spend to gain one new customer
demographics
customer acquisition costs
market research costs
psychographics
the amount by which revenue from sales exceeds costs in a business
Profit Margin
Proof of concept
Valuation
Break even
a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.
entrepreneurial valuation
Business model
financial plan
mental mapping
The 4 P's of the marketing mix
profit, production, pricing, product
Product, Price, Promotion, Place
productivity, price, promotion, profit
partnerships, product, price, promotion
Amazon 2 day delivery is an example of which utility
time
place
possession
marginal
________is in charge of monitoring advertising practices to make sure they don't cross a line into being deceptive
Department of Health and Human Services
OSHA
Federal Trade Commission
Bureau of Economic Analysis
Other than going online, the three other ways of distributing products is through
retailers
distributors
wholesalers
all of the above
a management strategy that has a company receive goods as close as possible to when they are actually needed
just-in-time distribution method
exclusive distribution method
Selective distribution method
Supply Chain distribution method
The specific group most likely to purchase a company's good or service
People named Mark
Target the store
Target Market
Basic white chicks
the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research
Emodagraphics
Psychographics
Demographics
Physiographics
________utility may include offering consumers lower prices, more convenience, or a wider selection of products. The goal of these efforts is to increase and maximize the perceived value of the products.
Possession
Economic
Marginal
Form
_____ utility could be offering favorable financing to allow ease of purchase allows customers to buy more and buy earlier and obtain utility for a product they get to access easier
Time
Possession
Place
marginal
Distributing products to be more accessible is which P in the marketing mix
Price
Place
Product
Promotion
The professional maintenance of a favorable public image by a company or other organization or a famous person.
Marketing Mix
Plastic Surgery
Public Relations
Advertising campaign
Frederick Herzberg is famous for
The motivation-hygiene theory
Hierarchy of Needs
Theory X
Theory Y
The Peak of Maslow's hierarchy of needs is
Relationships and Connection
Self Esteem
Self Actualization
Salary
Employees dislike and try to avoid work, so management needs to control, motivate, and closely supervise the workforce.
Theory X
Theory Y
Theory Z
Motivation- Hygiene Theory
Under conducive conditions, employees are self-motivated, enjoy work and will seek opportunities to excel. Therefore, Managers establish a climate of trust with the workforce, involving employees in decision-making, allowing them to exercise their talents and seek out further responsibilities.
Theory X
Theory Y
Theory Z
Motivation- Hygiene Theory
Employees are motivated when loyal. Increasing employee loyalty to the company by providing a job for life with a strong focus on the well-being of the employee, both on and off the job. Management tends to promote stable employment, high productivity, and high employee morale and satisfaction.
Theory X
Theory Y
Theory Z
Motivation- Hygiene Theory
Salary, maternity/paternity leave, sick leave, bonuses, health insurance, and retirement accounts are examples of
Compensation and Benefits
Hygiene Factors
Tasks that fall under Human Resources
all the above
Which is an ethics issue for management
Diversity
Environment
Health of Employees
All of the above
Having _______ means knowing all sides of the issue, understanding why things are the way they are, and being open-minded to diverse opinions.
Decision Making Skills
Empathy
Moral Citizenship
Confirmation Bias
