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Management Final Exam 2024

Total questions: 75

Worksheet time: 53mins

Name
Class
Date
1.
All businesses make products.
a)
true
b)
false
2.
In a partnership, each partner is liable for all the debts of the business if the business fails.
a)
true
b)
false
3.
Most businesses use a functional organizational structure.
a)
true
b)
false
4.
Which of the following type of business is NOT a producer?
a)
pharmacy
b)
appliance factory
c)
coal mine
d)
chicken farm
5.
Of the MAJOR forms business ownership in the United States, the most difficult to form is a
a)
partnership
b)
franchise
c)
corporation
d)
proprietorship
6.
The people who make the major policy and financial decisions for a corporation are called the
a)
stockholders
b)
owners
c)
board of directors
d)
parners
7.
What is a business with 1 owner?
a)
proprietorship
b)
partnership
c)
corporation
8.
The employees aren't sure who they report to. The company does not seem to provide an adequate  _______.
a)
mission statement
b)
span of control
c)
unity of command
d)
matrix structure
9.
a list of steps to be followed for performing a particular work activity; a description of the way work is to be done
a)
policies
b)
procedures
c)
partnership agreement
d)
extractors
10.
people born between 1946 & 1964
a)
old people 
b)
grandparents
c)
baby boomers
d)
senior citizens
11.
What are the three categories of business?
a)
producers, intermediaries, farmers
b)
intermediaries, service businesses, manufacturers
c)
service businesses, manufacturers, corporations
d)
producers, intermediaries, service businesses
12.
Which type of organizational structure would have a group of people they work with temporarily?
a)
functional 
b)
matrix
13.
Goods and services sold to other countries are called
a)
exports
b)
tariffs
c)
imports
d)
contraband
14.
Which of the following is NOT a cultural/social factor that affects international business?
a)
language
b)
religion
c)
values
d)
climate
15.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
16.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
17.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
18.
How much people want something
a)
supply
b)
demand
19.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
20.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
21.
Something we pay for that we can touch
a)
goods
b)
services
22.
People who work to make goods or provide services
a)
human resources
b)
capital resources
c)
natural resources
d)
entrepreneurs
23.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
24.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
25.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
26.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
27.
How much of something is available
a)
supply
b)
demand
28.

Which of the following functional areas is most likely to use twitter to increase customer engagement?

a)

Business Operations

b)

Marketing

c)

Finance

d)

Human Resources

29.

Which of the following is a feature of a weak economic climate?

a)

High levels of consumer spending

b)

Low levels of consumer spending

c)

High levels of employment

d)

Low levels of unemployment

30.

Which of the following is a possible impact facing a hotel chain if facilities and accommodation are falsely described?

a)

Sales may increase

b)

Customer numbers may increase

c)

Profits may increase

d)

Reputation may decrease

31.

Which of the following is a drawback to a business of behaving in an environmentally responsible way?

a)

Sales increase due to positive public image

b)

Brand reputation is improved

c)

Publicity may not persuade customers to buy

d)

Easier to motivate and recruit employees

32.

Philanthropy refers to

a)

Giving money, time, & services to make other's lives better

b)

The study of money management principles

c)

The principle of compounding your money for growth

d)

Donating to a good cause in order to receive the tax savings

33.

Which is a common reason that people decide to do volunteer work? (hint: choose 2 correct answers)

a)

You learn from people who are more fortunate than you

b)

It is a way to earn additional income

c)

You are making a difference in the world

d)

You are able to help people less fortunate than you

34.

Which of the following best describes economic goods?

a)

Goods that are free for everyone

b)

Goods that are scarce and have a price attached

c)

Goods that are unlimited in supply

d)

Goods that are not useful to society

35.

What is a key component of economic activities?

a)

Social media engagement

b)

Innovation and creativity

c)

Production, distribution, exchange, and consumption

d)

Political activism

36.

Which type of economic resource refers to the physical and mental effort people use to produce goods and services?

a)

Natural resources

b)

Human resources

c)

Financial resources

d)

Capital resources

37.

What is a characteristic of a traditional economic system?

a)

Government control of resources and production

b)

Decisions based on customs, traditions, and rituals

c)

Private ownership of resources and production

d)

Market forces determine resource allocation

38.

How does entrepreneurship impact market economies?

a)

It leads to decreased competition

b)

It fosters innovation, creates jobs, and drives economic growth

c)

It increases government intervention

d)

It discourages small business development

39.

What is the difference between gross and net profit?

a)

Gross profit includes all expenses, while net profit excludes taxes

b)

Gross profit is the total revenue, while net profit accounts for all expenses

c)

Gross profit is before expenses, while net profit is after expenses

d)

Gross profit considers taxes, while net profit does not

40.

Which of the following is an example of a noncontrollable expense for a business?

a)

Employee salaries

b)

Utility bills

c)

Marketing expenses

d)

Taxes

41.

What is the primary role of the Federal Reserve System?

a)

Setting tax rates

b)

Regulating the money supply and interest rates

c)

Controlling government spending

d)

Managing international trade agreements

42.

Which market structure is characterized by a large number of firms competing with similar products?

a)

Monopoly

b)

Perfect competition

c)

Oligopoly

d)

Monopolistic competition

43.

What phase of the business cycle is characterized by declining economic activity?

a)

Expansion

b)

Peak

c)

Contraction

d)

Trough

44.

Which agency facilitates international trade agreements and enforces trade regulations in the United States?

a)

Federal Reserve System

b)

Environmental Protection Agency (EPA)

c)

Securities and Exchange Commission (SEC)

d)

International Trade Administration (ITA)

45.

How is productivity typically measured in business?

a)

By the number of employees hired

b)

By the amount of revenue generated

c)

By the ratio of output to input

d)

By the total number of products sold

46.

What is the purpose of labor unions?

a)

To increase competition among workers

b)

To advocate for workers' rights and improve working conditions

c)

To reduce job opportunities

d)

To eliminate collective bargaining

47.

What economic concept describes the situation where the addition of one more unit of input leads to a proportionally smaller increase in output?

a)

Law of demand

b)

Law of diminishing returns

c)

Law of supply

d)

Law of comparative advantage

48.

Which type of tax is imposed on the income earned by businesses?

a)

Sales tax

b)

Property tax

c)

Income tax

d)

Excise tax

49.

How does specialization contribute to productivity?

a)

By reducing efficiency

b)

By increasing the variety of tasks performed

c)

By allowing individuals to focus on tasks they are most efficient at

d)

By limiting the scope of work

50.

What is a characteristic of a monopolistic market structure?

a)

Many sellers offering similar products

b)

One seller dominating the market

c)

Limited entry barriers for new firms

d)

Identical products sold by each firm

51.

In which phase of the business cycle does the economy reach its highest point of activity?

a)

Expansion

b)

Peak

c)

Contraction

d)

Trough

52.

How do government regulations typically impact businesses?

a)

By decreasing operational costs

b)

By providing more opportunities for innovation

c)

By imposing compliance requirements and restrictions

d)

By reducing taxes and increasing subsidies

53.

What is the primary function of the circular flow of income model in economics?

a)

To illustrate the flow of goods and services in the economy

b)

To demonstrate the relationship between producers and consumers

c)

To explain how money circulates between households and firms

d)

To describe the impact of government spending on economic growth

54.
Ownership represented by stock
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
55.
Profits DO NOT need to be split
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
56.
Shortest lifespan
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
57.
Limited Liability
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
58.
Most expensive to start
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
59.

What is the most common form of business ownership?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

60.
The owners of a corporation are called
a)
Directors
b)
Partners
c)
Shareholders
d)
Founders
61.
How is a sole proprietorship taxed?
a)
The owner pays income tax on profits but the business isn't separately taxed
b)
The business is taxed on profits but the owner doesn't have to pay income tax
c)
The business is taxed on profits and the owner also pays income tax
d)
Neither the business nor the owner is subject to taxes
62.
How many people typically work for a sole proprietorship?
a)
It varies by state
b)
Only one
c)
One supervisor and no more than one other employee
d)
No more than five total people
63.
How does an owner incorporate a sole proprietorship?
a)
File forms through the County Clerk's office
b)
File a Doing Business As form with the state
c)
Contact the Secretary of State's office
d)
Sole proprietorships aren't incorporated
64.

Two companies come together to complete a specific project

*ends after a specific period of time

a)

General partnership

b)

Limited partnership

c)

Joint venture

d)

Strategic Alliange

65.

This form of ownership is the owner has unlimited liability and enjoy full custody of profits

a)

Sole Proprietor

b)

Partnership

c)

Corporation

d)

Franchise

66.
More people in the world start corporations than sole proprietorships
a)
True
b)
False
67.
Disadvantage of a Sole Proprietorship:
a)
Inexpensive to create
b)
Make your own decisions
c)
Least regulated
d)
Unlimited liability
68.
Top advantage of Sole Proprietorship
a)
Owner receives all profit
b)
Difficult to raise capital
c)
Long hours
d)
Work by yourself
69.
Business ownership in which 2 or more people share assets, liabilities, and profit
a)
Sole Proprietor
b)
Partnership
c)
Corporation
d)
Franchise
70.
Advantage of a Partnership
a)
Easier to raise capital
b)
Share profit
c)
Legally responsible
d)
Unlimited liability
71.
Alternative approach for starting a company
a)
Sole proprietor
b)
Partnership
c)
Corporation
d)
Franchising
72.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
73.

Fee paid from franchisee to franchisor based on percentage of sales

a)

royalty fee

b)

license fee

c)

advertising fee

74.

A franchise is a very flexible business with a lot of operational freedom

a)

True

b)

False

75.

A franchisor offers lots of training to the new franchisee

a)

True

b)

False

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