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WorksheetsTSA Test Prep Business Management Arizona State Standards
Total questions: 59
Worksheet time: 30mins
What is an example of a pro for manual accounting systems?
Less errors are made when adding up transactions
It takes less time to post all entries to all ledgers
Backing up the manual system it easy
Individual accounts can be easily reconciled
What is NOT an example of a con for a computerized system?
The ability to analyze trends is easier
It is difficult to access information when at another location
It is difficult to keep accounting system up to date
It is easier to erase transactions that are wrong
An autocratic leader
gives orders to employees
takes orders from employees
asks for employees input
Which type of management style asks for employee input?
autocratic style
bureaucratic style
democratic style
laissez-faire style
What organizational structure is the military an example of?
Horizontal Management
Chain of Command
Informal Organization
Total Quality Management
What term refers to your responsibility to someone or for some activity?
horizontal management
vertical management
authority
accountability
What does a lateral (or horizontal) organizational chart illustrate?
Areas of specialty
Different departments on same level
Each person reports to one supervisor
Areas of centralization
What does a line organizational chart illustrate?
Areas of specialty
Different departments on same level
Each person reports to one supervisor
Areas of centralization
What are the five functions of management?
Planning, organizing, staffing, selling, and controlling.
Planning, organizing, staffing, leading, and controlling.
Planning, staffing, leading, managing, and controlling.
Planning, staffing, leading, performing, and controlling.
Setting goals and developing methods to meet those goals is the definition for what?
Managing
Hiring
Planning
Leading
Which management function involves setting goals?
Controlling
Leading
Organizing
Planning
Which step determines that your goals are being accomplished?
Controlling
Integrating
Organizing
Planning
Which step involves obtaining, preparing and compensating employees?
Staffing
Leading
Organizing
Planning
Which step involves motivating the workforce to accomplish their work?
Controlling
Leading
Organizing
Planning
Who makes decisions regarding product production when a company uses TQM?
only the company president
everyone involved in production
the factory supervisor
the customer
What is the goal of Total Quality Management?
to cut factory defects by 50%
to cut factory defects to 50%
to cut factory defects to 0%
to cut factory defects by 0%
Which of the following is an example of demographic segmentation?
Teens aged 15-17
People who live in California
Bicyclists
Urban dwellers
Which of the following is an example of geographic segmentation?
Musicians who play only the flute
Adults between the ages of 40 and 80
Singles who live in Michigan
Christians
The combination of marketing elements used in the sale of a particular product would be what?
Marketing Mix
Product
Price
Promotion
The amount of money that consumers are willing to pay for a product or service would be what?
Promotion
Price
Place
Product
A communication process that takes place between a business and its various consumers would be what?
Product
Price
Place
Promotion
Having the right product, in the right location, at the right time to be purchased by consumers would be what?
Promotion
Price
Place
Product
An item that is intangible would be an example of what?
Product
Service
Good
Promotion
An item that is tangible would be an example of what?
Product
Service
Good
Promotion
Which of the following best describes the function of distribution?
Selling a product at a reduced price
Adding a new breakfast item to the menu
Storing ski equipment to sell during winter months
Having questions answered by a sales clerk
What function of marketing would you use for a new and improved product?
Selling
Product/service management
Pricing
Marketing Information Management
What is a Marketing Plan?
A detailed executive summary.
A long term forecast of future sales.
A set of company policies employees must follow.
A written document describing marketing activities of a company.
What are the components of the SWOT analysis?
Marketing mix decisions of product, price, place and promotion.
An analysis of strengths, weaknesses, threats, tactics.
An analysis of strengths, weaknesses, opportunities and threats.
Market segmentation using what people want to buy.
Which is not a characteristic of product-based marketing?
What products will be offered
Who will be the target customers
How much should be charged for the product
Market the product to promote a positive image for the company
Which is a characteristic of service-based marketing?
Pricing of the product or service
Based on relationship and value
Deciding how to target consumers
Based on how the product or service will reach the consumer
Which of the following would be considered top level management?
A production line supervisor
An office Manager
A Chief Financial Officer
Advertising department head
Which of the following activities would be a task for middle management?
Identifying resources for meeting goals
Controlling the structure for a company
Supervising day to day activities in a department
Implementing decisions for departments
Which of the following is the correct square footage for a room measuring 12’ x 12’?
120 square feet
100 square feet
144 square feet
132 square feet
For best use of small spaces which of the following should considered?
Workspace should be multi-purpose
Employees should get to pick their furniture
Only one person should be assigned to a work space
Cost should not be a factor when planning space
Which of the following best describes the meaning of ergonomics?
The science of how fast employees can produce products in the workplace.
The science of designing environments/products to match the people who use them.
The Greek method of science involving work, productivity, and the law
The science of furniture, environments, productivity, and how much can be produced.
What is the number one cause of injury in the workplace?
Equipment accidents causing injury
Overexertion injuries
Being hit by falling items
Unsafe equipment injuries
What is the theory behind economies of scale?
Fixed costs increase as units produced increase
Fixed costs increase as economies increase
Costs per unit decrease as sales volume increases
Total costs decrease as sales volume increases
Costs that DON’T change based upon the number of items produced are called what?
Variable Costs
Unit Costs
Total Costs
Fixed Costs
What is a budget?
Statement of estimated receipts.
Statement of estimated expenditures.
Statement of estimated receipts and expenditures.
Statement of estimated profits and sales.
How is net income computed?
Expenses minus revenues
Expenses plus revenues
Expenses divided by revenues
Revenues minus expenses
The information from the income statement need to calculate gross profit does not include:
revenue
cost of goods sold
operating expenses
all are needed to calculate gross profit.
What is an income statement also known as?
profit and loss statement
earnings and revenue statement
proceeds and yield loyalty a statement
gain and benefit a statement
What is the basic accounting equation?
Liabilities = Assets + Owner’s Equity
Assets = Liabilities + Owner’s Equity
Assets = Liabilities - Owner’s Equity
Owner’s Equity = Liabilities - Assets
What is a balance sheet?
a financial statement about a company’s goals and objectives
a financial statement about a company’s net profit, gross profit and owner’s equity
a financial statement about a company’s assets, liabilities and owner’s equity
a financial statement about a company’s operating expenses, net profit and sales
What item does not appear on the asset side of a balance sheet?
Petty Cash
Wages owed
Land owned
Accounts Receivable
What item does not appear on the liability side of a balance sheet?
Interest payable
Wages payable
Inventory
Taxes payable
What does a cash flow statement show?
exchange of cash between a business and the owner
exchange of cash between a business and the outside world
deposit of cash from a business to a bank
withdrawal of cash from a bank by a business
What is financial management?
The effective acquisition and use of money.
The effective control of money.
The effective savings of money.
The effective investment of money.
What is financial control?
saving and spending money
analyzing and adjusting the financial plan
allotting resources
investing in stocks
What is risk management?
The process of finding the risk and eliminating it.
The process of analyzing exposure to risk and determining how to best handle such exposure.
The process of regulating elements of risk.
The process of controlling risk and determining how to eliminate it.
What is risk propensity?
A decision maker’s ability to take a risk.
The unwillingness of a decision maker to take a risk.
When a decision maker is willing to risk too much.
Extent to which a decision maker is willing to speculate when making a decision.
What is commercial bank?
A part-time service financial institution.
A full service financial institution.
A financial institution for corporations only.
A financial institution for non-business people.
What is a credit union?
A nonprofit financial institution restricted to members.
A nonprofit financial institution open to the public.
A for-profit financial institution restricted to corporations.
A for-profit financial institution restricted to members.
What is channel of communication?
The way a message is conveyed.
The means by which a message is conveyed.
The meaning of a message.
The words used in a message.
What are samples of business forms?
business letters, memorandums, telephone messages
block style, open punctuation, mixed punctuation
newspapers, magazines, flyers
instant messaging, email, text messages
What is customer relations?
How an organization to treats paying customers.
The manner in which an organization sells products to customers.
The approach of an organization to winning and retaining customers.
The paying customer’s relative.
What is an impression (in customer relations)?
A lasting print of somebody or something.
A pattern or design made by something hard being pressed onto something softer
A belief about or understanding of something.
A lasting effect, opinion, or mental image of somebody or something.
Which of the following is an example of a liability?
Car Loan
Checking Account
Value of Property
Stock
What are some of the best ways to develop Market Share?
Run negative ads about your competitors
Charge less than it costs you to make the product.
Come up with a new product
Lower prices and create more brand awareness
