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Q1 Business Study Guide

Total questions: 65

Worksheet time: 33mins

Name
Class
Date
1.

In a capitalist economy, private-sector businesses are free to decide how much they will charge for their products.

a)

True

b)

False

2.

What is the financial and social system of how resources flow through society?

a)

Fiscal Cliff

b)

Debt Ceiling

c)

Economy

d)

TARP

3.

Which of the following is a feature of capitalism?

a)

The system works toward improving the lot of the working class at the expense of the super-rich.

b)

Private-sector businesses are not free to hire and fire at their discretion.

c)

The government owns and operates key enterprises that directly affect public welfare.

d)

Private-sector businesses are free to make their own choices regarding what they will produce.

4.

_____ is a market structure with only a handful of competitors selling products that can be similar or different and has high barriers to entry.

a)

Monopolistic competition

b)

Monopoly

c)

Oligopoly

d)

Pure competition

5.

The controversial $700 billion economic bailout plan passed by Congress in early October 2008 was called the _____.

a)

American Recovery and Reinvestment Act

b)

Troubled Assets Relief Program

c)

Clayton Antitrust Act

d)

NCUA Corporate Stabilization Program

6.

The CARES Act was passed by Congress on March 25, 2020. The Consolidated Appropriations Act (2021) was passed by Congress on December 21, 2020 and signed into law on December 27, 2020.  The CARES Act implemented a variety of programs to address issues related to the _____.

a)

increased household size of American workers, families,

b)

onset and the continuation of the COVID-19 pandemic.

c)

budget deficit

d)

economic windfall of small businesses and industries

7.

What does C.A.R.E.S. (Act passed in 2020) stand for?

a)

The Congress Aim for Respite and Eventual Security Act

b)

The Congress Aiding Republicans and Everyone Suffers Act

c)

The Coronavirus Aid, Relief, and Economic Security Act

d)

The Coronavirus Aim to Recover from Economic Suffrage Act

8.

When Congress agreed to raise the debt ceiling during the economic meltdown in the United States in 2011, it temporarily averted a shutdown crisis, but the deal they reached to do so created the _____.

a)

risk return relationship

b)

fiscal cliff

c)

bottom up budgeting

d)

niche barrier

9.

In 1982, the total expenditure of the government of Kargenia, a European country, exceeded its revenue by a substantial amount. This forced the government of Kargenia to borrow funds to meet its legal obligations. In this scenario, the government of Kargenia incurred a _____ in 1982.

a)

fiscal drag

b)

budget deficit

c)

debt brake

d)

revenue backlog

10.

Macroeconomics involves the study of:

a)

spatial changes in the population of a country.

b)

the gross domestic product of a country.

c)

the competitive aspects of identical products.

d)

family incomes in a given region.

11.

Which of the following is one of the core purposes of the Fed?

a)

regulating taxes

b)

providing short term jobs

c)

investing in critical public assets

d)

influencing the size of the money supply

12.

When a country produces more of one good, it must produce less of another good (assuming that resources are finite). The value of the second-best choice—the value of the production that a country gives up in order to produce the first product—represents the _____ of producing the first product. 

a)

money cost

b)

opportunity cost

c)

sunk cost

d)

differential cost

13.

When the total value of a nation's exports is higher than the total value of its imports, that country has a(n) _____.

a)

absolute advantage

b)

trade surplus

c)

trade deficit

d)

comparative advantage

14.

Which of the following statements is true of international trade?

a)

It increases a firm's dependence on its domestic economy.

b)

It offers companies an invaluable source of new ideas.

c)

It increases the economic risk for multinational companies.

d)

It reduces a firm's opportunity to tap into growing new markets.

15.

Unless they face major trade barriers, the industries in any country tend to produce products for which they have a _____, which means that they tend to turn out those goods that have the lowest opportunity cost compared to other countries.

a)

comparative advantage

b)

balance of payments surplus

c)

positive balance

d)

trade surplus

16.

When the total value of a nation's exports is higher than the total value of its imports, that country has a(n) _____.

a)

absolute advantage

b)

trade surplus

c)

trade deficit

d)

comparative advantage

17.

In the context of global trade, the _____ is a measurement of the value of one nation's currency relative to the currency of other nations.

a)

liquidity ratio

b)

exchange rate

c)

countertrade ratio

d)

discount rate

18.

_____ means buying products domestically that have been produced or grown in foreign nations.

a)

Importing

b)

Franchising

c)

Outsourcing

d)

Licensing

19.

In the context of international trade restrictions, a(n) _____ is a total ban on the international trade of a certain item.

a)

voluntary export restraint

b)

tariff

c)

embargo

d)

quota

20.

A _____ is formed when two or more companies share resources, risks, and profits without actually merging, to pursue specific opportunities.

a)

joint venture

b)

limited liability partnership

c)

sole proprietorship

d)

limited liability company

21.

Quistor Inc., a company based in the country of Waltefa, contracts with a small-scale supplier in the country of Carlesna to manufacture its computers and tablets that are sold across the world. This strategy by Quistor Inc. illustrates _____.

a)

joint venture

b)

franchising

c)

exporting

d)

foreign outsourcing

22.

A balance sheet includes ____, ____, and ____.

a)

income; expenses; net worth

b)

assets; expenses; liabilities

c)

income; liabilities; net worth

d)

assets; liabilities; net worth

23.

A(n) ________________ is a statistic that suggests how well the economy is doing now and in the future.

a)

economic isolator

b)

procyclical investment

c)

economic indicator

d)

countercyclic investment

24.

The U.S. government measures inflation using

a)

the gross domestic product.

b)

the index of leading economic indicators.

c)

the consumer price index.

d)

the consumer confidence index.

25.

______________ is the cost of decision measured by the value of the next best alternative that must be foregone

a)

Decision cost

b)

Marginal utility

c)

Marginal cost

d)

Opportunity cost

26.

Which of the following is not an activity listed in the statement of cash flows?

a)

Investing Activities

b)

Funding Activities

c)

Operating Activities

d)

Financing Activities

27.

Which of the following is a snapshot of the financial condition of a company at a particular time?

a)

The income statement

b)

The balance sheet

c)

The statement of cash flows

d)

All of these

28.

At the top of the income statement is the total amount of money brought in from sales of products or services. This top line is often referred to as

a)

the Allowances

b)

Gross revenue

c)

Earnings per share

d)

Capital

29.

_______ shows changes over time rather than absolute value dollar amounts at a point in time.

a)

Income Statement

b)

Balance Sheet

c)

Cash Flow Statement

d)

Statement of changes in equity

30.
1. Vincent and Paula Farelli have decided to pay off their $875 MasterCard debt by taking $875 out of their money market savings account. This transaction will:
a)
a. increase their net worth on their balance sheet.
b)
b. not change their net worth on their balance sheet.
c)
c. decrease the surplus on their income and expense statement.
d)
d. not change the surplus on their income and expense statement.
31.
2. Which of the following is the best example of a well-stated financial goal?
a)
a. Buy a $3,000 computer in 18 months
b)
b. Purchase a three-bedroom home in five years
c)
c. Buy a $2,000 stereo
d)
d. Pay off your credit cards as soon as possible
32.
3. The primary purpose of setting long-term financial goals is to help
a)
a. measure financial success or failure.
b)
b. provide direction for overall financial planning.
c)
c. acquire great wealth
d)
d. achieve a comfortable retirement.
33.
4. A balance sheet includes ____, ____, and ____.
a)
a. income; expenses; net worth
b)
b. assets; expenses; liabilities
c)
c. income; liabilities; net worth
d)
d. assets; liabilities; net worth
34.
5. The concept of "pay myself first," saving and investing before you pay other expenses, is a characteristic of successful financial managers.
a)
a. True
b)
b. False
35.
6. A(n) ________________ is a statistic that suggests how well the economy is doing now and in the future.
a)
a. economic isolator
b)
b. procyclical investment
c)
c. economic indicator
d)
d. countercyclic investment
36.
7. The U.S. government measures inflation using
a)
a. the gross domestic product.
b)
b. the index of leading economic indicators.
c)
c. the consumer price index.
d)
d. the consumer confidence index.
37.
8. ______________ is the cost of decision measured by the value of the next best alternative that must be foregone
a)
a. Decision cost
b)
b. Marginal utility
c)
c. Marginal cost
d)
d. Opportunity cost
38.
9. Which of the following is not an activity listed in the statement of cash flows?
a)
a. Investing Activities
b)
b. Funding Activities
c)
c. Operating Activities
d)
d. Financing Activities
39.
10. Which of the following is a snapshot of the financial condition of a company at a particular time?
a)
a. The income statement
b)
b. The balance sheet
c)
c. The statement of cash flows
d)
d. All of these
40.
11. At the top of the income statement is the total amount of money brought in from sales of products or services. This top line is often referred to as
a)
a. the Allowances
b)
b. Gross revenue
c)
c. Earnings per share
d)
d. Capital
41.
12. _______ shows changes over time rather than absolute value dollar amounts at a point in time.
a)
a. Income Statement
b)
b. Balance Sheet
c)
c. Cash Flow Statement
d)
d. Statement of changes in equity
42.
1. In order to be considered an ethical business, businesses should not engage in planned obsolescence.
a)
a. True
b)
b. False
43.
2. Which of the following is NOT a component of the triple bottom line?
a)
a. profits
b)
b. planet
c)
c. productivity
d)
d. people
44.
3. The obligation of a business to contribute to society is referred to as _____.
a)
a. planned obsolescence
b)
b. growthism
c)
c. societal consumerism
d)
d. social responsibility
45.
4. Which of the following statements is true of ethics?
a)
a. All ethical standards are codified in the law.
b)
b. Ethics and social responsibility are independent of each other.
c)
c. Establishing broad agreement on ethical standards is easier when society is diverse.
d)
d. Actions that are completely legal can still be unethical.
46.
5. Promoting high-calorie/low-nutrient foods with inadequate information about the risks is a(n) _____ practice.
a)
a. legal but unethical
b)
b. illegal and unethical
c)
c. legal and ethical
d)
d. illegal but ethical
47.
6. In the context of business ethics, _____ refers to a decision that involves a conflict of values.
a)
a. an ethical lapse
b)
b. ethical hacking
c)
c. an ethical dilemma
d)
d. ethical consumerism
48.
7. Finwes is an advertising company. Because of certain untoward incidents in the company, the management decides to create a formal written document that would guide the employees in making right decisions in various professional situations. In this scenario, the management wants to create a _____.
a)
a. negotiable instrument
b)
b. code of merit
c)
b. code of ethics
d)
d. document of compliance
49.
8. Yanmei, an employee at a news agency, learns that the reason her colleague was asked not to pursue a news story further was because the editor of the newspaper was bribed by the concerned party to suppress the matter. Yanmei reveals this information to the chief editor and her colleagues and also reports it to the media. In this scenario, Yanmei is a _____.
a)
a. social auditor
b)
b. corporate philanthropist
c)
c. grandstander
d)
d. whistle-blower
50.
9. In the context of social responsibility, _____ include employees and investors who have a personal interest in the performance and actions of an organization.
a)
a. focus groups
b)
b. philanthropists
c)
c. prosumers
d)
d. stakeholders
51.
10. One of the ways by which companies can show their responsibility toward the environment is by reducing their _____.
a)
a. anaerobic digestion
b)
b. leapfrogging
c)
c. carbon footprint
d)
d. green procurement
52.
1. It is important to include the term “mother tongue” or “native language” in the language skills portion of a resume.
a)
a. True
b)
b. False
53.
2. Which of the following should be included on a resume?
a)
a. The dates of attendance for all academic experience
b)
b. The dates of employment for all professional experience
c)
c. The dates of completion of all degrees or certifications
d)
d. The phrase “References available upon request”
54.
3. Which one of the following is true regarding references?
a)
a. At least three references should be included on the resume itself.
b)
b. The phrase “references are available on request” should be included on the resume.
c)
c. References should only be provided upon request.
d)
d. When using someone as a reference, it is not necessary to inform him/her.
55.
4. The first thing that is included under work experience is:
a)
a. the organization.
b)
b. the dates of employment.
c)
c. the job title.
d)
c. the job duties.
56.
5. Texting is an example of a communication channel with high channel richness.
a)
a. True
b)
b. False
57.
6. In face-to-face communication, the verbal content of a message conveys much more meaning to the listener than the tone of voice and body language.
a)
a. True
b)
b. False
58.
7. ___________ is listening that occurs when a listener focuses her/his complete attention on the speaker.
a)
a. Activated listening
b)
b. Acute listening
c)
c. Active listening
d)
d. Nonverbal communication
59.
8. Which of the following statements is true of effective business communication?
a)
a. The speaker should seek and understand feedback from the speaker's audience.
b)
b. The communication should be static and one way.
c)
c. The communication is most effective when a speaker is able to extensively use special effects and sounds in the presentation.
d)
communication is most effective when a speaker is able to extensively use jargon in his speech.
60.
9. Callie, an assistant supervisor in an automobile company, wants to actively contribute to the growth of the company by suggesting some changes in its administrative policies. However, she does not get the opportunity to do so because of a high power distance in the company. In the given scenario, Callie faces a(n) _____.
a)
a. cultural barrier
b)
b. physical barrier
c)
c. body language barrier
d)
d. organizational barrier
61.
10. As a communication channel, _____ has the highest level of channel richness and is used when the message to be communicated is personal, emotional, or high-priority.
a)
a. voice mail
b)
b. a face-to-face
c)
c. a text message
d)
d. a memo
62.
11. Which of the following factors is likely to create a language barrier to communication?
a)
a. the use of slang
b)
b. fidgeting
c)
c. having unique views on an issue
d)
d. A hierarchical organizational structure
63.
12. In the context of challenges to effective communication, the term _____ refers to any interference that causes the message you send to be different from the message your audience understands.
a)
a. noise
b)
b. deflate
c)
c. tardiness
d)
d. clone
64.
13. _____ has high channel richness, and especially with state-of-the-art equipment, it conveys much of the richness of actually being there.
a)
a. emailing
b)
b. Videoconferencing
c)
c. Blogging
d)
d. Texting
65.
14. During her English class, Ingrid was struggling to focus on the presentation given by her professor as the classroom was freezing cold. Also, the professor's table was creaking. In this scenario, both the cold atmosphere in the classroom and the creaking table are _____ to communication.
a)
a. perceptual barriers
b)
b. physical barriers
c)
c. body language barriers
d)
d. organizational barriers

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