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Business Management State Test Review

Total questions: 44

Worksheet time: 22mins

Name
Class
Date
1.

Which of the types of business organizations is owned by shareholders/stockholders?

a)

Sole proprietorship

b)

Partnership

c)

LLC

d)

Corporation

2.

What is the name of an individual who owns a share of a corporation and is entitled to part of its profits?

a)

franchisee

b)

Board of Directors Member

c)

shareholder/stockholder

d)

employee

3.

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.

a)

Franchise

b)

Corporation

c)

Sole Proprietorship

d)

LLC

4.

What are the advantages of a franchise to the franchisor

a)

Franchisor support

b)

Minimal business experience necessary

c)

Established Brand

d)

All of the above

5.

What are the advantages of a franchise to the franchisor

a)

rapid expansion

b)

More control

c)

Tax breaks

d)

less regulations

6.

What legally protects a company's logo and slogan?

a)

trademark

b)

copyright

c)

patent

d)

intellectual property

7.

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

a)

intellectual property

b)

trademark

c)

patent

d)

copyright

8.

What legal protection should you file if you write a song or a book?

a)

copyright

b)

patent

c)

trademakr

d)

intellectual property

9.

What occurs when the market supply and demand balance each other?

a)

surplus

b)

equilibrium

c)

shortage

d)

demand

10.

What occurs if the quantity supplied is greater than the quantity demanded?

a)

surplus

b)

shortage

c)

demand

d)

equilibrium

11.

According to the Law of Supply, higher prices prompt suppliers to ...

a)

decrease demand

b)

produce less

c)

maintain current levels of production

d)

produce more

12.

_________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

a)

line and staff structure

b)

line structure

c)

matrix structure

d)

teams structure

13.

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.

a)

line and staff

b)

teams

c)

matrix

d)

line

14.

In the____structure, executives may seek third party advice or help and choose whether or not to use the help

a)

line and staff

b)

line

c)

teams

d)

matrix

15.

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

a)

team

b)

matrix

c)

line and staff

d)

line

16.

The S in "SWOT analysis" stands for______

a)

Supporters

b)

Surplus

c)

Strengths

d)

Sales

17.

The T in the "SWOT analysis" stands for

a)

Trading

b)

Tactics

c)

Threats

d)

Taxes

18.

 ________ 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.

a)

authoritarian

b)

democratic

c)

autocratic

d)

monarchic

19.

_______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.

a)

autocratic

b)

Laissez-faire

c)

democratic

d)

egalitarian

20.

Good leaders have which qualities

a)

Objectivity (no bias—look at all sides of a problem)

b)

Cooperation (work well with others)

c)

Honesty (high standards of integrity)

d)

All of the above

21.

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

a)

propriety

b)

stake

c)

equity

d)

capital

22.

Ownership in a company not earned with money but through labor

a)

moving up the ranks

b)

valuation

c)

proof of concept

d)

sweat equity

23.

the amount a company needs to spend to gain one new customer

a)

demographics

b)

customer acquisition costs

c)

market research costs

d)

psychographics

24.

the amount by which revenue from sales exceeds costs in a business

a)

Profit Margin

b)

Proof of concept

c)

Valuation

d)

Break even

25.

a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.

a)

entrepreneurial valuation

b)

Business model

c)

financial plan

d)

mental mapping

26.

The 4 P's of the marketing mix

a)

profit, production, pricing, product

b)

Product, Price, Promotion, Place

c)

productivity, price, promotion, profit

d)

partnerships, product, price, promotion

27.

Amazon 2 day delivery is an example of which utility

a)

time

b)

place

c)

possession

d)

marginal

28.

________is in charge of monitoring advertising practices to make sure they don't cross a line into being deceptive

a)

Department of Health and Human Services

b)

OSHA

c)

Federal Trade Commission

d)

Bureau of Economic Analysis

29.

Other than going online, the three other ways of distributing products is through

a)

retailers

b)

distributors

c)

wholesalers

d)

all of the above

30.

a management strategy that has a company receive goods as close as possible to when they are actually needed

a)

just-in-time distribution method

b)

exclusive distribution method

c)

Selective distribution method

d)

Supply Chain distribution method

31.

The specific group most likely to purchase a company's good or service

a)

People named Mark

b)

Target the store

c)

Target Market

d)

Basic white chicks

32.

the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research

a)

Emodagraphics

b)

Psychographics

c)

Demographics

d)

Physiographics

33.

________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.

a)

Possession

b)

Economic

c)

Marginal

d)

Form

34.

_____ 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

a)

Time

b)

Possession

c)

Place

d)

marginal

35.

Distributing products to be more accessible is which P in the marketing mix

a)

Price

b)

Place

c)

Product

d)

Promotion

36.

The professional maintenance of a favorable public image by a company or other organization or a famous person.

a)

Marketing Mix

b)

Plastic Surgery

c)

Public Relations

d)

Advertising campaign

37.

Frederick Herzberg is famous for

a)

The motivation-hygiene theory

b)

Hierarchy of Needs

c)

Theory X

d)

Theory Y

38.

The Peak of Maslow's hierarchy of needs is

a)

Relationships and Connection

b)

Self Esteem

c)

Self Actualization

d)

Salary

39.

Employees dislike and try to avoid work, so management needs to control, motivate, and closely supervise the workforce.

a)

Theory X

b)

Theory Y

c)

Theory Z

d)

Motivation- Hygiene Theory

40.

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.

a)

Theory X

b)

Theory Y

c)

Theory Z

d)

Motivation- Hygiene Theory

41.

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.

a)

Theory X

b)

Theory Y

c)

Theory Z

d)

Motivation- Hygiene Theory

42.

Salary, maternity/paternity leave, sick leave, bonuses, health insurance, and retirement accounts are examples of

a)

Compensation and Benefits

b)

Hygiene Factors

c)

Tasks that fall under Human Resources

d)

all the above

43.

Which is an ethics issue for management

a)

Diversity

b)

Environment

c)

Health of Employees

d)

All of the above

44.

Having _______ means knowing all sides of the issue, understanding why things are the way they are, and being open-minded to diverse opinions.

a)

Decision Making Skills

b)

Empathy

c)

Moral Citizenship

d)

Confirmation Bias