NEW
Font size
WorksheetsA*S*K Business Institute Certification Exams
Total questions: 61
Worksheet time: 31mins
The American Red Cross is an example of a(n) ________ corporation.
nonprofit
hybrid
C
S
Jackie is a dentist. Which channel of distribution will Jackie use to provide services to clients?
Indirect
Industrial
Direct
Consumer
A farmer recently purchased 1,400 acres of farmland and six new pieces of farm machinery. What categories of resources did the farmer acquire?
Natural and capital
Natural and land
Labor and human
Capital and labor
What type of market likely exists when a local car dealer has many vehicles for sale at low prices but demand is low?
Inelastic
Buyer's
Elastic
Seller's
In order to have exclusive rights to their literary and artistic works, authors and artists can apply for a
tariff
trademark
copyright
patent
Individuals put limits on their own economic freedom by
deciding to learn new job skills
complying with the law
competing with others
making personal economic choices
Many businesses reinvest the profits that they make to
improve their credit rating
increase employees' bonuses
increase their emergency funds
expand their operations
One characteristic of trade-industry businesses is that they sell
only full product lines.
products to others.
only limited product lines.
a narrow assortment of products.
A willingness to learn, to change, and to take occasional risks all refer to a leader with
a passion for work and people.
credibility.
flexibility.
business knowledge.
Employees who value differences in the workplace are more satisfied and increase the company's
workforce.
assets.
benefits.
productivity.
When DeShawn's teacher compliments his work on the group project, DeShawn gives credit to the other group members who helped. DeShawn is demonstrating
trust.
viability.
rule of law.
transparency.
Siobhan always treats others the way that she'd like to be treated. She is building trust by
being fair.
keeping her promises.
taking responsibility for her mistakes.
communicating often and openly.
Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery:
Interest rate fluctuations
Technological advancements
Increased cultural diversity
Industry deregulation
Which of the following is a tool that an entrepreneur develops to project sales for a new business venture:
Marketing objectives
Promotional budget
Sales forecast
Inventory report
Which of the following is a major cost that every new business startup must plan for:
Expansion costs
Continuous improvement costs
Capital expenditures
Legal battles
Which of the following is an example of a person financing a new business by selling assets:
Ann offers her home as collateral for a bank loan.
Logan uses his credit card to purchase business supplies.
Jonathan sells his vintage sports car.
Isabella asks her brother for $5,000.
An entrepreneur who wants to make their own business decisions, versus passing that responsibility on to someone else, is least likely to fund their new business with
a bank loan.
a family loan.
peer-to-peer lending.
an angel investor.
To open a new business, an entrepreneur often needs to purchase inventory and equipment, which are commonly called
capital resources.
irreplaceable goods.
tax incentives.
unexpected expenses.
To be feasible, your venture must
fulfill a need for the target market.
create a new or improved product.
serve the greater public good.
be innovative.
During the discovery process, an entrepreneur must determine whether the proposed business venture will
require financial risk.
create loyal customers.
meet a need or a want.
generate large profits.
Which of the following attitudes should an entrepreneur have about new technological developments:
The impact of new technologies should always be evaluated.
New technologies should be applied to all business practices.
The benefits of new technologies do not outweigh their high cost.
New technologies are overrated and should be avoided.
Business accounting information often is summarized in which of the following types of financial statements:
Balance sheet
Fiscal policy
Trade report
Sales forecast
The administration of assets refers to decisions about
investments.
spending.
accounting.
financing.
At an exhibit, an employee helps customers make selections of new items that appeal to them. Which function of marketing is the salesperson performing?
Distribution
Pricing
Promotion
Selling
The owner of a business is meeting with the company's managers and supervisors to set objectives for the next year. This group is developing the company's
business goals.
promotional mix.
channels of distribution.
market share.
In order to reach its marketing goal of increasing profits by 10% this year, Wilco General Business has adopted a strategy to reduce costs. Which of the following is a tactic Wilco could use to carry out this strategy:
Increase the budget for promotion
Take advantage of quantity discounts
Offer additional incentives to salespersons
Increase selling prices at least 10%
Which of the following is an example of market segmentation by life stage:
People with a high income
Baptist church members
Married adults
College-educated people
The section of the marketing plan that addresses advertising, publicity, and personal selling is called the ________ section.
product
promotion
price
place
What type of SWOT interviews work best?
Telephone
Large group
One-on-one
Small group
Considering the quality of products being sold by similar businesses in the same community is an important aspect of conducting a
sales evaluation
competitive analysis
marketing test
geographic review
"Helsinki is the capital of Finland" is an example of what type of information?
Opinion
Factual
Criticism
Unproven
Information that has been printed for publication is often more reliable than many internet sources because
publishers do not support special interest groups
the information is typically carefully checked for accuracy
published information is current and up to date
authors have affiliations with professional organizations
So the company can make wise business decisions, it is important for the company to effectively manage its
ratings
information
demand
markets
Are the outputs of production limited to tangible items?
Yes, outputs are limited to tangible items
No, outputs are limited to intangible items
Yes, outputs are tangible goods and services
No, outputs can be tangible or intangible
Which of the following expenses should Charlene categorize as a fixed cost:
Rent
Cost of goods sold
Commissions
Delivery charges
Complying with environmental laws is part of which operations activity?
Purchasing
Safety and security
Logistics
Inventory control
Before starting their business ventures, which of the following would entrepreneurs recognize first:
Reductions
Opportunities
Associations
Regulations
Shonda needs to choose between two colleges. After doing a lot of research about both schools, she has a gut feeling that one is the right choice, so she decides to go there. Shonda is using ________ to solve her problem.
the seven-step method
mind mapping
brainstorming
intuition
A producer decides to use better materials to make its products. This results in an increase in the price of the products because of the
costs of production.
change in production methods.
company image.
customers' demands.
Which of the following is a factor that affects the final cost of a product to a business buying goods for resale:
Markdowns
Commissions
Shrinkage
Discounts
When planning a business's product mix, the business must make decisions about components such as the product line, packaging, and
credit terms.
tag line.
brand development.
publicity goals
The name "Coca-Cola" is an example of a
trade character.
slogan.
symbol.
trademark.
A health food company believes in customer satisfaction and cares about providing customers with healthy, high-quality food. These beliefs are known as
brand identity
brand values
brand personality
private brands
A unique selling proposition is an attribute of your product or brand that
relates only to your pricing strategy
shows why customers should buy elsewhere
can be found anywhere
separates your business from competitors
What type of promotion would a business use to inform consumers about the company's commitment to social and environmental issues?
Institutional
Product
Primary
Secondary
What unique benefit does television offer advertisers?
Quick and easy to produce
Shows the product in use
Reaches a very select audience
Has limited time available
A person who wants to start a new company and needs financial support should develop a business plan to present to potential
promoters
competitors
investors
clients
Which of the following is an example of a broad objective that top management might develop for a business:
Replace damaged equipment
Sponsor a charitable event
Increase profitability
Purchase promotional advertising
Which of the following questions does the company description section of a business plan answer:
Where is the business located?
What is your business's marketing plan?
What is the general outlook for your industry?
What will you charge for your products?
Which of the following is an example of an external financial risk that a company might experience:
Poor budgeting and planning
Change in currency exchange rates
Poorly produced products
Significant accounting errors
Which of the following is NOT a type of economic resource?
Land
Human resources
Capital
Elastic
What is a copyright?
Legal protection of an invention or process granted by government
Legal protection of books and artistic works granted by government
A symbol, design, or word used by a producer to identify a good or service
A tax on imported goods
What is the role of trade industries in the market?
To provide services to consumers
To sell goods to other businesses and consumers
To produce goods from raw materials
To offer a wide range of products in a broad assortment
What is the relationship between productivity and benefits in a workplace?
Higher productivity leads to fewer benefits for workers
Productivity has no impact on the benefits provided to workers
Greater productivity usually means more income for the workers and more profits for the business
Productivity is solely determined by the assets owned by the company
What does transparency in communication mean according to the text?
Only avoiding lies and being honest about the facts.
Being truthful, speaking about your feelings, and communicating openly even when it's difficult.
Taking all the credit for group work.
Spinning your accomplishments to be something they're not.
What is collateral in the context of financing a new business?
A valuable belonging pledged to the lender to guarantee a loan
A government tax incentive for new businesses
A method of peer-to-peer lending
An investment made by an angel investor
What is a balance sheet?
A document that predicts future sales over a specific period of time.
A financial statement that captures the financial condition of a business at that particular moment.
A report that details government spending and taxation.
A sales forecast that includes exports and imports.
What does logistics refer to in a business context?
The increase in the price of the product
The recognition or identification of business opportunities
The movement of goods and services from production to consumption
The brainstorming and mind mapping to solve problems
What is a product mix?
The total cost associated with creating a product
The assortment of goods and services that a business offers
A strategy for reducing business expenses
The process of registering a trademark
What is the primary goal of financial management within a company?
To minimize operational costs only
To maximize shareholder wealth
To ensure that the company pays no taxes
To sell as many products as possible regardless of profit
What is a Sole Proprietorship?
A business owned by two or more people
A business owned by one person
A business owned by a group of people with limited liability
A business owned by shareholders
