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WorksheetsBusiness Mana Midterm
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
Which organization was developed to promote economic and cultural cooperation among Asian countries?
a)
ASEAN
b)
EU
c)
NAFTA
d)
OPEC
2.
When a country exports more than it imports, which of the following is created?
a)
Experiencing a trade surplus.
b)
Experiencing a trade deficit.
c)
Maintaining a balance of trade.
d)
Not specializing according to comparative advantage.
3.
The value of the U.S. dollar has declined when compared to the Euro. Which of the following is the likely outcome for U.S. firms who ship products to the European Union?
a)
Increased profits
b)
Decreased profits
c)
No change in profits
d)
No longer able to ship products
4.
What is a difference between an international firm and a multinational firm?
a)
An international firm designs, produces, and markets products in many nations, while a multinational firm conducts a significant portion of its business in foreign countries.
b)
An international firm conducts a significant portion of its business in foreign countries, while a multinational firm designs, produces, and markets products in many nations.
c)
There is no difference between an international firm and a multinational firm.
d)
An international firm and a multinational firm are both domestic companies that do not operate in foreign countries.
5.
The practice of using suppliers in foreign countries to perform business processes that were previously done in the United States is called
a)
offshoring
b)
onshoring
c)
outsourcing
d)
insourcing
6.
Which of the following industry groups is the largest segment of small business enterprise?
a)
Services
b)
Retail trade
c)
Manufacturing
d)
Wholesale trade
7.
Why is it difficult to compare relative job growth for different-sized businesses?
a)
Sourcing up-to-date employment figures is difficult.
b)
Many small businesses experience rapid unreported growth.
c)
Spheres of influence overlap between the small and big business sectors.
d)
Staff size of small businesses tends to change faster than staff size of big businesses.
e)
It is hard to determine the cutoff point at which a small business becomes a large business.
8.
Which of the following can assist a small business and helps to determine standards based on industry?
a)
The U.S. Department of Commerce
b)
The Small Business Administration
c)
A franchise
d)
Venture capitalist
e)
The Small Business Development Center
9.
Even though an investor is not interested in owning their own business, why do they need to understand entrepreneurship?
a)
To understand why someone would want to work so hard for a small return
b)
To determine the key characteristics of success
c)
To understand how to convert a great idea to a profitable idea
d)
To assess the market potential for up-and-coming businesses
10.
In a small business, who determines prices for wholesalers and customers?
a)
Customers
b)
Franchise owners
c)
Market forces
d)
Small business administration
11.
The contribution a small business on the U.S. economy is measured based on its impact to which economic systems?
a)
Bank loans, and contributions to big business
b)
International trade, interest rates, and the service industry
c)
Bank loans and innovation
d)
The service industry, the stock market, and job creation
e)
Job creation, contributions to big business, and innovation
12.
When do new businesses often get started?
a)
When an entrepreneur identifies a viable business opportunity
b)
When the entrepreneur has in place a comprehensive, well-crafted business plan.
c)
When there is a lack of competition in the marketplace
d)
When the entrepreneur has a unique product or service to offer
13.
Which term is most closely associated with enterprises that pursue entrepreneurship with the goal of independence from working for someone else, with a reasonable degree of financial security
a)
Large corporation
b)
Small business
c)
Franchise
d)
Nonprofit organization
14.
When an entrepreneur has the goals of growth and expansion, with the vision of turning the business into a large business, what term is used when referring to the business?
a)
Visionary
b)
Small Business
c)
Diversification
d)
Start-up
e)
Expansionist
15.
Which of the following is almost always a key element in entrepreneurship?
a)
Risk
b)
Certainty
c)
Stability
d)
Conformity
16.
Which of the following resulted from NAFTA?
a)
Companies from other countries, such as Japan, have made fewer business investments in North America.
b)
U.S. exports to Mexico have decreased.
c)
Mexican imports to the United States have increased.
d)
More jobs have been created than what was originally predicted. E) More U.S. jobs were eliminated than what was originally predicted.
17.
What typically happens to a country's balance of trade as the value of its currency falls?
a)
It improves.
b)
It declines.
c)
It remains the same.
d)
It fluctuates drastically.
e)
It fluctuates moderately.
18.
What is the result when a country can produce goods more efficiently or better than other nations?
a)
Balance of trade deficit
b)
Absolute advantage
c)
Increased globalization
d)
Comparative advantage
e)
National competitive advantage
19.
In addition to balance of trade, what do economists use to measure whether an overall balance exists between imports and exports?
a)
Competitive advantage
b)
Comparative advantage
c)
Exchange rates
d)
Balance of payments
e)
Trade deficit
20.
Which of the following best describes profit?
a)
Total money taken in by a corporation
b)
Increases in income from year to year
c)
Increases in a corporation's stock price
d)
Revenue generated by goods and services
e)
Difference between revenues and expenses
21.
As a teenager, Melinda started cutting grass for her neighbor. She did a good job, and more and more neighbors began to hire her. After saving money and investing in additional equipment, Melinda began to earn an even greater profit. Which of the following did Melinda create when she began cutting her neighbor's yard and earning income?
a)
Business Opportunity
b)
Business Trend
c)
Business Model
d)
Landscaping company
22.
In which way does consumer choice and demand affect the way a business operates? Choose all right answers
a)
High demand for a product or service may require businesses to increase production or expand their offerings.
b)
Low demand for a product or service may require businesses to adjust their pricing or marketing strategies to increase demand.
c)
Businesses only cater to the demands of a small minority of customers, and therefore, consumer choice has a negligible impact on their operations.
d)
Consumer choice and demand are only important in industries that are highly competitive. In less competitive markets, businesses can simply produce whatever they want without regard for their customers.
23.
Aimee wants to open her retail shop in her local community so that she can establish strong relationships with suppliers and customers, and distinguish herself and her shop from the competition. In which environment does Aimee wish to do business?
a)
Global
b)
Political-legal
c)
Domestic
d)
Economic
e)
Technological
24.
Which country in the Pacific Asia region has one of the world's largest economies?
a)
South Korea
b)
China
c)
Indonesia
d)
Japan
e)
Taiwan
25.
The titles of supervisor, office manager, and group leader are examples of which level of
management?
a)
First-line managers
b)
Middle managers
c)
Top managers
26.
When top managers set organizational goals, who is primarily responsible for determining
how to meet these goals?
a)
First-line managers
b)
Middle managers
c)
Top managers
27.
Joel is managing a sink hole repair. He spends most of his time working with and supervising
the employees who report to him, but also interacts with community officials and upper-level
management at the home office. Which of the following describes Joel's position?
a)
First-line managers
b)
Middle managers
c)
Top managers
28.
Who is responsible for production and quality control?
a)
Operation Managers
b)
Human Resource Managers
c)
Marketing Managers
d)
Information Managers
e)
Financial Managers
29.
Which managers are directly responsible for getting product information from producers to
consumers?
a)
Marketing Managers
b)
Human Resource Managers
c)
Operation Managers
d)
Information Managers
e)
Financial Managers
30.
Who is responsible for designing and implementing systems to gather, organize, and distribute
facts and data essential for the running of the company?
a)
Information Managers
b)
Human Resource Managers
c)
Operation Managers
d)
Marketing Managers
e)
Financial Managers
31.
Which managers are responsible for planning and overseeing the firm's accounting functions?
a)
Financial Managers
b)
Human Resource Managers
c)
Operation Managers
d)
Marketing Managers
e)
Information Managers
32.
Which of the following is responsible for the hiring and training of employees, performance
evaluation, and compensation strategy for a firm?
a)
Human Resource Managers
b)
Operation Managers
c)
Marketing Managers
d)
Information Managers
e)
Financial Managers
33.
What type of manager needs to understand foreign markets, cultural differences, and motives
of foreign rivals?
a)
Global management Skills
b)
Technical Skills
c)
Human Relations Skills
d)
Conceptual Skills
e)
Decision-making Skills
34.
Fostering new ideas and innovation, and resolving conflicts within a department is a
responsibility under which managerial role?
a)
Interpersonal Roles
b)
Informational Roles
c)
Decisional Roles
35.
Factors such as international trade agreements, economic conditions, and political unrest will have the greatest impact on which type of business environment?
a)
Global business environment
b)
Sociocultural business environment
c)
Economical environment
d)
Domestic environment
36.
Mario's Pizza is a very successful pizza shop just off campus. Mario has noticed that as soon as the fall semester starts, he sells twice as many pizzas as he does during the summer months. Which aspect of a market economy is Mario experiencing?
a)
Seasonal Demand
b)
Law of Gravity
c)
Lunar Eclipse
d)
Governmental Intervention
37.
What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer, yet have some product remain unsold?
a)
Surplus
b)
Shortage
c)
Excess demand shortfall
d)
Underconsumption surplus
38.
Which term refers to the specification of jobs to be done within an organization and the ways in which those jobs relate to one another?
a)
Organizational Structure
b)
Organizational Chart
c)
Specification of Labour
39.
Which of the following clarifies structure and shows employees where they fit into a firm's operations?
a)
Organizational chart
b)
Organizational structure
c)
Mission & Strategy
d)
Company's Value
40.
Which factor plays a key role in determining an organization's structure?
a)
Mission
b)
Strategy
c)
Goals
d)
Objectives
41.
What is the advantage of an organization that is unstructured and informal?
a)
Flexibility
b)
Creativity
c)
Innovation
d)
Relaxed
42.
The Basic Broom Company orders much of its raw material from overseas markets, even though the product is made locally. Which of the following business environments might prevent The Basic Broom Company from being able to get its supply of raw material when they need it?
a)
Global
b)
Political-legal
c)
Domestic
d)
Economic
e)
Technological
43.
Which of the following business environments includes the customers, mores, values, and demographic characteristics of the society where the organization functions?
a)
Sociocultural
b)
Economic
c)
Technological
d)
Cultural
44.
Which of the following is an advantage of job specialization?
a)
Learned easily
b)
Perform efficiently
c)
Replace people easily
d)
Higher career opportunity
45.
Which organizational structure is characteristic of decentralized firms?
a)
Flat organizational structure
b)
Tall organizational structure
46.
Which organizational structure is characteristic of centralized firms?
a)
Flat organizational structure
b)
Tall organizational structure
47.
In which type of organization are decisions approved by upper management before they are implemented?
a)
Centralized organization
b)
Decentralized Organization
c)
Flat organizational structure
d)
Tall organizational structure
48.
What type of structure represents one with relatively few layers of managers?
a)
Flat organizational structure
b)
Tall organizational structure
49.
What kind of organization becomes more responsive to its environment by breaking the company into more manageable units?
a)
Decentralized Organization
b)
Centralized Organization
c)
International Organizations
d)
Domestic Organizations
50.
Which organizational structure is characteristic of decentralized firms?
a)
Decentralized structure
b)
Flat organizational structure
c)
Tall organizational structure
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