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Business Management Semester 2 Exam

Total questions: 125

Worksheet time: 1hrs 7mins

Name
Class
Date
1.

The purpose of a business plan is to:

a)

Give you business ideas

b)

Guarantee that you will get capital from investors

c)

Help you hire employees

d)

Describe the intent or purpose of a new business idea

2.

Why should someone looking to start a business create a business plan?

a)

Obtain financing

b)

Makes you think about all aspects of your business

c)

Helps you communicate your ideas to others

d)

All of the above

3.

"To inspire and nurture the human spirit - one person, one cup, one neighborhood at a time" is an example of:

a)

Vision statement

b)

Goal statement

c)

Mission statement

d)

Value statement

4.

This section of the business plan is where you highlight the background and main idea of your business

a)

Executive summary

b)

Financial

c)

Market Analysis

d)

Company description

5.

This section of the business plan is where you describe who your competition is and what the industry outlook is for your type of business:

a)

Management

b)

Financial

c)

Market analysis

d)

Company description

6.

This section of the business plan is where you explain who your target market is and how you will get customers:

a)

Marketing

b)

Financial

c)

Market analysis

d)

Company description

7.

Who should write a business plan?

a)

Everyone that works in the business field

b)

Only people that enter the business field

c)

Only people who want to start their own business

d)

Everyone that operates an existing business

8.

All of the following are reasons to research your competition except...

a)

Helps determine your competitive advantage

b)

Helps you understand your competitors

c)

Tells you all about your industry

d)

Allows you to what you do and don't want to do

9.

Your competitive advantage is _____________ for success

a)

Stregnth

b)

Weakness

c)

Strategy

d)

Operation

10.

Which is NOT one of the six ways you can have a competitive advantage

a)

Employees

b)

Location

c)

Quality

d)

Price

11.

What is a business plan?

a)

A list of promotional ideas

b)

A document that defines a businesses strategies

c)

An estimation of the income and expenses of a business

d)

A calendar of activities for a business

12.

Strategic planning is

a)

Long term planning

b)

Short term planning

c)

General Planning

d)

Seasonal Planning

13.
a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
a)
planning
b)
organizing
c)
vision
d)
Marketing
14.

At what stage does a business plan often begin?

a)

When the company reaches its peak size

b)

After the first year of operations

c)

When the business is just starting up

d)

During the merger and acquisition phase

15.
A description that provides an outline of a business
a)
Executive Summary
b)
Company Description
c)
Contingency Plan
d)
Mission Statement
16.

When managers speak of a diverse workforce, they typically mean differences in skill and knowledge.

a)

true

b)

false

17.

Wages that are too high may result in in the company's products being over priced, making them uncompetitive in the market.

a)

True

b)

False

18.

A publishing house is in the process of choosing a new editor from a pool of potential candidates. Checking the applicants references would be done after this in the selection process.

a)

true

b)

false

19.

The cost of promoting from within is more expensive than hiring from an external source

a)

true

b)

false

20.

human resource management has increased in importance over the past few decades because work environments have become more complex.

a)

true

b)

false

21.

Human resource management does not involve compensating the employee.

a)

true

b)

false

22.

Affirmative action programs are legally mandated plans that try to increase job opportunities for underrepresented groups.

a)

true

b)

false

23.

What is a secondary characteristic of diversity?

a)

income

b)

age

c)

race

d)

gender

24.

What is a primary characteristic of diversity?

a)

age

b)

income

c)

religion

d)

marital status

25.

The difference between an arbitrator and a mediator is that an arbitrator's solution to a dispute is binding on the participants and a mediator's is not binding

a)

True

b)

false

26.

A similarity between conciliators and mediators is that both of them have formal power over labor and management.

a)

true

b)

false

27.

Strikebreaking does a great deal of damage between management and the employees.

a)

true

b)

false

28.

Managements version of a strike is called a

a)

boycott

b)

lockout

c)

picket

d)

seperation

29.

A strike does not halt production at all or slow it down in any way.

a)

true

b)

false

30.

Picketing is a form of public protest

a)

true

b)

false

31.

The objective of a collective bargaining agreement is for labor and management to come to an agreement on a labor contract.

a)

true

b)

false

32.

The purpose of a labor union is to help its members achieve better pay, hours, and working conditions.

a)

true

b)

false

33.

The company provides a financial amount and lets the employee pick which benefits that they want.

a)

soft benefits

b)

fringe benefits

c)

standard benefits

d)

cafeteria plan

34.

Nonfinancial forms of compensation are called

a)

commision

b)

benefits

c)

bonuses

35.

What form compensation includes an employee stock ownership plan?

a)

wages

b)

bonuses

c)

profit sharing

d)

salaries

36.

Teachers get paid a

a)

wage

b)

commission

c)

salary

37.

Car salesmen get paid a

a)

salary

b)

commission

c)

wage

38.

McDonald's front line employees get paid a

a)

commission

b)

wage

c)

salary

39.

A separation from employment means the employee has departed the company

a)

true

b)

false

40.

An experienced employee who supports, trains, and guides a new employee is a

a)

buddy

b)

partner

c)

mentor

d)

corporate analyst

41.
________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.
a)
Positioning
b)
Mass customization
c)
Market targeting
d)
Market segmentation
42.
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here? 
a)
Geographic segmentation
b)
Benefit segmentation
c)
Occasion segmentation
d)
Demographic segmentation
43.
"Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods." This is an example of ________.
a)
Geographic segmentation
b)
Product diversification
c)
Branding
d)
Psychographic segmentation
44.
________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. 
a)
Mass customization
b)
Market targeting
c)
Market segmentation
d)
Differentiation
45.
Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach. 
a)
Gender
b)
Income
c)
Geographic
d)
Benefit
46.
Mass marketing involves identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each.
a)
True
b)
False
47.
Which word best describes PLACE in the marketing mix?
a)
shelf height
b)
shopping mall
c)
distribution channel
d)
Auckland city
48.
The place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
a)
Marketing
b)
Market Segment
c)
Target Market
d)
Position
49.
one segment of a market
a)
positioning
b)
niche
c)
target market
d)
satisficers
50.
Segmenting markets on the basis of personality, motives, lifestyles, and geodemographics
a)
Psychographic segmentation
b)
benefit segmentation
c)
usage rate segmentation
d)
geodemographic segmentation
51.
Product, price, place, and promotion make up the _____________________.
a)
Marketing Concept
b)
Marketing Mix
c)
Marketing Oriented
d)
Marketing Behavior
52.
Which of the following best describes a target market?
a)
Close competitors of a business
b)
The people who buy a business's products
c)
Groups that do not buy a business's products
d)
The individuals at whom a business's marketing strategies are aimed
53.
How potential customers will be told about a company's products, including the message, media selected, special offers and the timing of campaigns.
a)
company advertisement
b)
Product
c)
Placement of product
d)
Promotion
54.
A ____________is anything offered to a market by the business to satisfy needs, could include physical products or intangible services.
a)
Price
b)
Product
c)
Place/Distribution
d)
Promotion
55.
The amount of money charged and/or the sum of values that consumers exchange for the benefits of having or using the product
a)
Sell
b)
Price
c)
Product/Service Management
d)
Promotion
56.

When managers speak of a diverse workforce, they typically mean differences in skill and knowledge.

a)

true

b)

false

57.

Wages that are too high may result in in the company's products being over priced, making them uncompetitive in the market.

a)

True

b)

False

58.

A publishing house is in the process of choosing a new editor from a pool of potential candidates. Checking the applicants references would be done after this in the selection process.

a)

true

b)

false

59.

The cost of promoting from within is more expensive than hiring from an external source

a)

true

b)

false

60.

human resource management has increased in importance over the past few decades because work environments have become more complex.

a)

true

b)

false

61.

Human resource management does not involve compensating the employee.

a)

true

b)

false

62.

Affirmative action programs are legally mandated plans that try to increase job opportunities for underrepresented groups.

a)

true

b)

false

63.

What is a secondary characteristic of diversity?

a)

income

b)

age

c)

race

d)

gender

64.

What is a primary characteristic of diversity?

a)

age

b)

income

c)

religion

d)

marital status

65.

The difference between an arbitrator and a mediator is that an arbitrator's solution to a dispute is binding on the participants and a mediator's is not binding

a)

True

b)

false

66.

A similarity between conciliators and mediators is that both of them have formal power over labor and management.

a)

true

b)

false

67.

Strikebreaking does a great deal of damage between management and the employees.

a)

true

b)

false

68.

Managements version of a strike is called a

a)

boycott

b)

lockout

c)

picket

d)

seperation

69.

A strike does not halt production at all or slow it down in any way.

a)

true

b)

false

70.

Picketing is a form of public protest

a)

true

b)

false

71.

The objective of a collective bargaining agreement is for labor and management to come to an agreement on a labor contract.

a)

true

b)

false

72.

The purpose of a labor union is to help its members achieve better pay, hours, and working conditions.

a)

true

b)

false

73.

The company provides a financial amount and lets the employee pick which benefits that they want.

a)

soft benefits

b)

fringe benefits

c)

standard benefits

d)

cafeteria plan

74.

Nonfinancial forms of compensation are called

a)

commision

b)

benefits

c)

bonuses

75.

What form compensation includes an employee stock ownership plan?

a)

wages

b)

bonuses

c)

profit sharing

d)

salaries

76.

Teachers get paid a

a)

wage

b)

commission

c)

salary

77.

Car salesmen get paid a

a)

salary

b)

commission

c)

wage

78.

McDonald's front line employees get paid a

a)

commission

b)

wage

c)

salary

79.

A separation from employment means the employee has departed the company

a)

true

b)

false

80.

An experienced employee who supports, trains, and guides a new employee is a

a)

buddy

b)

partner

c)

mentor

d)

corporate analyst

81.

When managers speak of a diverse workforce, they typically mean differences in skill and knowledge.

a)

true

b)

false

82.

Wages that are too high may result in in the company's products being over priced, making them uncompetitive in the market.

a)

True

b)

False

83.

A publishing house is in the process of choosing a new editor from a pool of potential candidates. Checking the applicants references would be done after this in the selection process.

a)

true

b)

false

84.

The cost of promoting from within is more expensive than hiring from an external source

a)

true

b)

false

85.

human resource management has increased in importance over the past few decades because work environments have become more complex.

a)

true

b)

false

86.

Human resource management does not involve compensating the employee.

a)

true

b)

false

87.

Affirmative action programs are legally mandated plans that try to increase job opportunities for underrepresented groups.

a)

true

b)

false

88.

What is a secondary characteristic of diversity?

a)

income

b)

age

c)

race

d)

gender

89.

What is a primary characteristic of diversity?

a)

age

b)

income

c)

religion

d)

marital status

90.

The difference between an arbitrator and a mediator is that an arbitrator's solution to a dispute is binding on the participants and a mediator's is not binding

a)

True

b)

false

91.

A similarity between conciliators and mediators is that both of them have formal power over labor and management.

a)

true

b)

false

92.

Strikebreaking does a great deal of damage between management and the employees.

a)

true

b)

false

93.

Managements version of a strike is called a

a)

boycott

b)

lockout

c)

picket

d)

seperation

94.

A strike does not halt production at all or slow it down in any way.

a)

true

b)

false

95.

Picketing is a form of public protest

a)

true

b)

false

96.

The objective of a collective bargaining agreement is for labor and management to come to an agreement on a labor contract.

a)

true

b)

false

97.

The purpose of a labor union is to help its members achieve better pay, hours, and working conditions.

a)

true

b)

false

98.

The company provides a financial amount and lets the employee pick which benefits that they want.

a)

soft benefits

b)

fringe benefits

c)

standard benefits

d)

cafeteria plan

99.

Nonfinancial forms of compensation are called

a)

commision

b)

benefits

c)

bonuses

100.

What form compensation includes an employee stock ownership plan?

a)

wages

b)

bonuses

c)

profit sharing

d)

salaries

101.

Teachers get paid a

a)

wage

b)

commission

c)

salary

102.

Car salesmen get paid a

a)

salary

b)

commission

c)

wage

103.

McDonald's front line employees get paid a

a)

commission

b)

wage

c)

salary

104.

A separation from employment means the employee has departed the company

a)

true

b)

false

105.

An experienced employee who supports, trains, and guides a new employee is a

a)

buddy

b)

partner

c)

mentor

d)

corporate analyst

106.

John is starting an online business and is researching different types of e-commerce. Which of the following is NOT a type of e-commerce he should consider?

a)

B2B (Business-to-Business)

b)

B2C (Business-to-Consumer)

c)

C2B (Consumer-to-Business)

d)

B2E (Business-to-Employee)

107.

Imagine you are starting an online business and you need a platform to sell your products. Which of the following would be an example of a third-party e-commerce platform you could use?

a)

Shopify

b)

Amazon

c)

eBay

d)

All of the above

108.

John owns a small bakery. He is considering moving his business online. Which of the following could be a potential disadvantage of this move?

a)

His bakery could reach customers beyond his local area

b)

He might face higher operational costs due to website maintenance and online marketing

c)

Customers might trust his business more because of its online presence

d)

His business could scale up more easily with online sales

109.

Imagine you are running an online store. Which of the following would be an example of a strategy you could use to keep your customers coming back?

a)

Implementing a loyalty program where customers earn points for every purchase

b)

Hosting flash sales where products are heavily discounted for a short period of time

c)

Using pop-up ads to advertise your products

d)

Offering one-time discounts to first-time customers

110.

Imagine you are developing an e-commerce website for a client. Why would you implement responsive web design?

a)

To enhance the security of the website

b)

To optimize the checkout process for the customers

c)

To ensure a consistent user experience across different devices like smartphones, tablets, and desktops

d)

To efficiently track and display customer reviews and ratings

111.

Imagine you are starting a small business and want to leverage a social commerce platform for selling your products. Which of the following would be an example of such a platform?

a)

Facebook Marketplace

b)

PayPal

c)

Google AdWords

d)

WordPress

112.

You are starting a new online business and you need to set up an "E-commerce" platform. What does "E-commerce" stand for?

a)

Electronic Computer

b)

Electronic Communication

c)

Electronic Commerce

d)

Energetic Community

113.

John is studying different types of E-commerce for his business class. He came across B2B (Business-to-Business), C2C (Consumer-to-Consumer), G2C (Government-to-Consumer), and P2P (Peer-to-Peer). However, he is unsure which one is NOT a type of E-commerce. Can you help him?

a)

B2B (Business-to-Business)

b)

C2C (Consumer-to-Consumer)

c)

G2C (Government-to-Consumer)

d)

P2P (Peer-to-Peer)

114.

Which of the following is an example of a B2C (Business-to-Consumer) E-commerce transaction?

a)

IBM purchasing computer chips from Intel

b)

John selling his handmade wooden toys on Etsy

c)

Mike selling his old bicycle to his neighbor, Steve

d)

The Department of Defense procuring military equipment from Lockheed Martin

115.

John wants to sell his old iPhone on the internet. Which of the following scenarios best describes this situation?

a)

John buys a new book from Amazon

b)

John's company purchases office supplies from Staples

c)

John sells his iPhone to Mike through eBay

d)

A government agency buys software from Microsoft

116.

John is considering starting an online store for his handmade crafts. Which of the following could be a potential benefit of this E-commerce venture for his business?

a)

His products would only be available to a limited market

b)

He would have to deal with high operational costs

c)

He could potentially reduce overhead expenses

d)

He would be stuck with inflexible pricing strategies

117.

Imagine you are a small business owner looking to expand your online presence. Which of the following social media platforms would you use if you wanted to take advantage of integrated E-commerce functionality?

a)

Facebook

b)

Twitter

c)

LinkedIn

d)

Snapchat

118.

You are shopping online and want to make a payment. Which of the following would be a popular online payment system you could use for this E-commerce transaction?

a)

PayPal

b)

Western Union

c)

Venmo

d)

Cash on delivery (COD)

119.

You are starting an online store and want to improve its visibility on search engines. What does the acronym "SEO" stand for in this context?

a)

Social E-commerce Optimization

b)

Search Engine Optimization

c)

Secure E-commerce Operations

d)

Sales Enhancement Opportunities

120.

John is considering buying a new laptop online. What could be a potential disadvantage of this E-commerce approach for him?

a)

The convenience and ease of use of online shopping

b)

Limited laptop models available on the online store

c)

Lower prices compared to physical electronics stores

d)

Lack of personalized customer service in case he needs help

121.

You are planning to start an online store that sells products directly to customers. In E-Commerce terminology, what is this business model referred to as?

a)

Business-to-Business

b)

Business-to-Consumer

c)

Consumer-to-Consumer

d)

Consumer-to-Business

122.

You are planning to start an online business and you are researching on various platforms where you can set up your online store. Which of the following is a popular E-Commerce platform?

a)

Amazon

b)

Facebook

c)

Shopify

d)

Netflix

123.

You've just launched a new website for your business and you want it to appear higher in search engine results. What process should you use?

a)

Search Engine Marketing

b)

Pay-per-Click advertising

c)

Search Engine Optimization

d)

Social Media Marketing

124.

Imagine you are starting an online business and you want to promote your products. Which of the following social media platforms would you commonly use in E-Commerce?

a)

LinkedIn

b)

Instagram

c)

WhatsApp

d)

TikTok

125.

Why does an online bookstore like Amazon provide a detailed description for each book?

a)

To promote their ongoing sales and discounts

b)

To display reviews from customers who have read the book

c)

To provide information about the book's content, author, and publication details

d)

To share links to their social media pages

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