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Total questions: 100
Worksheet time: 1hrs 3mins
Which is a way to show transparency?
XYZ Company makes sure its employees are taken care of.
XYZ Company ensures that all its products are biodegradable.
XYZ Company listens to multiple opinions before making a decision.
XYZ Company is always upfront about the financial situation of the company.
Tayshaun acts with honesty in all situations. He is demonstrating:
accountability.
integrity.
respect.
viability.
Piper looks up to her new boss and tries to learn from her behavior as much as possible. However, Piper knows that some of her boss's actions are unethical. Piper is uncertain whether she should follow her boss's example. Which ethical dilemma is Piper facing?
greed
a bad role model
pressure from others
the desire to prove herself
Jasmine thinks it is OK to steal a few things from work. Which ethical principle would help her realize that the long-term repercussions of her actions could create an ethical dilemma?
fairness
growth
trustworthiness
viability
Shayla is not breaking any laws, but her behavior still is unethical. How is this possible?
Because ethical means doing what is easiest.
Because doing what is legal can also be considered unethical.
Because doing what is easiest is sometimes what is considered unethical.
Because the ethical thing to do is always what a group or majority is doing.
When Tori considers taking something that belongs to someone else, which ethical principle could help her recognize that she is facing an ethical dilemma?
accountability
integrity
transparency
viability
Liam always says 'please' and 'thank you'. He demonstrates:
trust.
respect.
integrity.
rule of law.
What do service businesses sell?
raw goods and services
retail goods and services
intangible goods and services
wholesale goods and services
A business that buys goods or services and sells them to the ultimate consumer is a:
manufacturer.
producer.
retailer.
wholesaler.
The two main divisions of the trade industry are:
producers and retailers.
wholesalers and retailers.
wholesalers and producers.
manufacturers and wholesalers.
A large retailer wants to contribute to the well-being of society. It donates 10% of its proceeds to a charity that helps the environment. The retailer is demonstrating:
e-tailing.
wholesaling.
social responsibility.
voluntary merchandise.
Retailing occurs wherever goods are:
researched and designed.
created or manufactured.
traded or exchanged for other goods.
sold to consumers or the ultimate customer.
Monte works for a grocery store that buys food from producers and then sells it to customers. The grocery store is an example of a:
builder.
trade industry.
service business.
raw-goods producer.
All businesses should be socially responsible to whom?
endorsers
producers
providers
users
The process of keeping the financial records of a business is known as:
Financing
Controlling
Accounting
Bookkeeping
Why are accurate accounting records important to a business?
They show how the business is doing.
They increase the return on investments
They prevent any financial losses
They give the business an image of success.
A creditor is most likely to examine a business's financial accounting records if the business is
complying with regulatios
applying for a bank loan
using cash accounting
selecting a new market
For an accounting system to be useful to the business, the accounting information it contains must be
recorded using the accrual method
posted by an accountant
accurate and up to date
approved by the CEO
Which of the following is a requirement for a good accounting system:
It should be updated annually
It should provide needed information quickly
It should eliminate the end for an accountant
It should be replaced every two or three years
Which of the following is a true statement:
Bookkeeping is the same as accounting
Bookkeeping is limited to information on sales
Bookkeeping does not use computers
Bookkeeping records business transactions
Which of the following presents the first three steps in the accounting cycle in the correct order:
Post, journalize, and analyze
Analyze, journalize, and post
Post, analyze, and jouranlize
Analyze, post, and journalize
Which of the following financial reports provides estimates of when, where, and how much money will come into and out of a business next year:
Cash flow statement
Income statement
Balance sheet
Bank statement
Finance is the business function that involves managing
Money
marketing
information
production
The goals of the finance function are to ensure profitability and
advertise products
reduce risks
manufacture raw materials
gives out information
Accounting is distinct from finance because its main focus is on
money management decisions
recordkeeping activities
acquisition of funds
administration of assests
How does the finance function relate to company spending?
it produces reports about spending
it plans and controls spending
it spends on investments only
it does not relate to spending
To keep communication flowing with other departments, the finance function depends on:
production
information systems
marketing
accounts receivable
The finance function is usually responsible for which of the following processes:
Research
Operations
Budgeting
Manufacturing
The finance function would definitely be involved in a decision regarding
new business projects and strategies
new relations and publicity
hiring
personal selling
A company's current balance of assets and liabilities falls under the focus of
return on capital
capital investment decisions
the cash conversion cycle
working capital management
Determining which projects a business should invest in is know as
the cash conversion cycle
capital budgeting
return on capital
capital structuring
Which of the following is a key component of managing working capital:
Financing
Capital structure
Capital budgeting
Cash conversion cycle
The cash conversion cycle should be
on an upward trend
at equilibrium
as long as possible
as short as possible
Which of the following is a measure of how well a business generates cash flow:
capital structure
return on capital
accounts receivable
accounts payable
When return on capital is positive, the company is
losing value
low on cash
paying out dividends
growing in value
The process of keeping the financial records of a business is known as
accounting.
controlling.
financing.
bookkeeping.
Checks, receipts, invoices, and purchase orders are examples of
financial statements.
department ledgers.
source documents.
accounting standards.
What accounting record would summarize a business’s profit or loss for a previous year?
Income statement
Balance sheet
Bank statement
Inventory record
Which of the following financial reports provides estimates of when, where, and how much money will come into and out of a business next year:
Balance sheet
Cash flow statement
Income statement
Bank statement
Why are accurate accounting records important to a business?
They give the business an image of success.
They increase the return on investments.
They show how the business is doing.
They prevent any financial losses.
Finance is the business function that involves managing
information.
marketing.
production.
money.
The finance function would definitely be involved in a decision regarding
public relations and publicity.
new business projects and strategies.
personal selling.
hiring.
Which of the following is a capital investment decision:
How to manage cash flow
How to handle accounts payable
How to manage inventory
How to finance investments
The cash conversion cycle should be
at equilibrium.
on an upward trend.
as short as possible.
as long as possible.
Accounting is distinct from finance because its main focus is on
record keeping activities.
money management decisions.
administration of assets.
acquisition of funds.
The operations function consists mainly of activities that are performed on a __________ basis.
yearly
monthly
weekly
daily
An operations manager must determine the sequence materials will take through the production process. This activity is known as
site selection.
expense control.
routing.
scheduling.
Which form of technology creates tangible prototypes and products?
Social media
Computer-aided design
Smartphones
3D printing
Operations managers have two main goals in mind—efficiency (keeping costs low) and
effectiveness (keeping customers satisfied).
legality (keeping the business in good standing with the law).
productivity (keeping business running fast).
reputation (keeping up the business’s good name).
The money it takes to keep inventory in stock is called __________ cost.
purchasing
production
holding
stockout
According to the marketing concept, keeping company goals in mind means
putting marketing second to other company goals.
making product prices low.
containing marketing costs.
maintaining the firm’s purpose.
In an overall sense, where does marketing occur?
Wherever businesses are
Wherever stores are
Wherever customers are
Wherever advertisements are
Marketing encourages people from different countries to __________ frequently.
train
travel
think
trade
Of the following, which is a durable good:
Lip balm
Coffee mug
Insect repellent
Hamburger
The purpose of communicating with customers is to
gather participants for a survey.
befriend customers.
attract customers’ interest.
determine prices.
Calling in sick only if you are truly sick is an example of what type of behavior that builds positive working relationships?
Carrying your own weight
Getting to know others on your work team
Having a good attitude
Being cooperative
At Oh-so-Good Gourmet Cookie Company, Todd is the warehouse manager, Pamela is the lead shipping clerk, David is a p[art-time shipping clerk, Carrie is the shipping supervisor, and Sharon is the vice president of distribution. Following a vertical chain of command, who is Carrie's direct supervisor?
Todd
Sharon
David
Pamela
What aspect of collective bargaining signals the successful end of negotiations?
Union leaders and management have met to present their demands.
Management and union leaders have completed their research on the issues.
Management and union leaders have reached a tentative agreement.
A mediator has clarified the issues and offered suggestions to both sides.
What effect does orderly and systematic behavior have on stress in the workplace?
Reduces Stress
Increase's stress
Creates stress
Maintains stress
How do unions benefit business?
Unions can help businesses save time by recruiting employees.
Unionized companies pay higher wages .
Unions sometimes take control of personnel matters such as promotions.
Unions give employees more bargaining power.
Which of the following is a benefit of effective human relations at work?
Increased wages
More downtime
Low productivity
Increased cooperation
Which of the following is an advantage to workers of having a union represent them?
Payment of union dues
Democratic votes on issues
Payment of wages during strikes
Fair treatment of employees
Organizing a charity event with your coworkers is an example of what type of behavior that builds positive working relationships?
Getting to know others on your work team
Carrying your own weight
Having a good attitude
Being cooperative
Being enthusiastic about your job is an example of what type of behavior that builds positive working relationships?
Demonstrating courtesy and respect
Being cooperative
Getting to know others on your work team
Having a good attitude
Being patient with coworkers is an example of type of behavior that builds positive working relationships?
Demonstrating courtesy and respect
Carrying your own weight
Getting to know others on your work team
Having a good attitude
Why are unions a powerful force in business?
They organize workers into a single bargaining unit and increase their bargaining power.
They encourage non-striking employees to work for striking employees.
They enable management to close businesses temporarily during labor conflicts.
They increase the number of concessions that employees must make in negotiation.
Sharing both praise and constructive criticism is an example of what type of behavior that builds positive working relationships?
Being cooperative
Carrying your own weight
Getting to know others on your work team
Having a good attitude
Rhonda would like to develop her desirable personal traits so she can be more successful at work. What is the first step she needs to take?
Analyze her undesirable traits
Determine which traits are desirable
Exercise her desirable traits
Seek a mentor to help her
Which of the following is the most serious consequences to an employee who fails to follow the business's rules of conduct?
Verbal Warning
Dismissal
Suspension
Written documentation
Why do many businesses provide opportunities for their employees to continue their education or receive additional training?
To be able to promote from within
To provide financial assistance
To identify problems in the company
To support the local community college
How does exploring different kinds of activities help to define your own personality?
It helps you to accomplish more than other employees
It helps you to motivate others
It helps you to keep friends
It helps you to determine what you prefer
Which of the following statements about change in the workplace is true?
Being receptive to change helps employees to be successful
An employee often can change the behavior of coworkers
Employees accept change better if it is unexpected
Employees usually can refuse to make changes they don't like
Sharing equipment with your coworkers is an example of what type of behavior that builds positive working relationships?
Being cooperative
Carrying your own weight
Demonstrating courtesy and respect
Having a good attitude
Which one of the following is the most serious consequence to an employee who fails to follow the business's rule of conduct?
Verbal warning
Dismissal
Suspension
Written documentation
If three employees have the same ability level and competence, what factor might a business use to decide which one to promote?
Seniority
Gender
age
looks
Penny finds her daily work tasks to be less mundane now that she understands how they contribute to accomplishing the team's shared vision. Which benefit of a shared vision has helped penny in this situation?
It provides focus for team members' energy
It creates accountability
It acts as a guide for decision making
It stimulates creativity
Some job application forms ask why the applicant left a previous job. Which of there following would be an acceptable answer to this question?
" I was seeking a more responsible job "
" I was expected to do too much work "
" I couldn't get along with my supervisor "
" I wanted to get out of a difficult situation "
Which of the following is one way that employees to show loyalty to the business?
Coming to work on time
Working overtime without pay
Ignoring safety hazards
Socializing with coworkers
Which of the following is a skill that coaches need to master to be effective?
Management
Communication
Flexibility
Integrity
If three employees have the same level ability and competence, what factor might a business use to decide which one to promote?
Seniority
Gender
Age
Tenure
You have two jobs offers, and you're trying to decide which one to accept. Each job has its advantages and disadvantages. You're facing a(n)
principle
ethical dilemma
dilemma
value conflict
You are trying to decide whether or not to plagiarize a paper for school. This is an example of an ethical
value
principle
dilemma
moral
Ethical dilemmas involve choosing between what is
right or wrong
easy or hard
opinion or fact
wanted or needed
In a(n) _____________, someone could be harmed.
dilemma
problem
situation
ethical dilemma
Mara's ethical belief don't change, whether she's at her part-time job or hanging out with her friends. Mara follows
ethical principles
ethical dilemmas
subjective morals
situational beliefs
Neal has a coworker who doesn't think that bribery is wrong. The coworker is from another culture where bribery is much more accepted, and he tries to convince Neal that it isn't a big deal. Neal is facing an ethical dilemma because of
conflicting values
a lack of consequences
greed
transparency
Thaddeus feels that his job doesn't pay him enough, so he feels like he deserves to take money out of the register every once in a while. Thaddeus is motivated by
conflicting values
the desire to provie himself
bad role models
greed
Piper looks up to her new boss and tries to learn from her behavior as much as possible. However, Piper knows that some of her boss's actions are unethical. Piper isn't sure if she should follow her boss's example or not. Piper is facing an ethical dilemma because of
a lack of consequences
a bad role model
greed
pressure from others
DeMarcus behaves ethically at his job even when no coworkers or supervisors are watching.
transparency
viability
integrity
greed
Nicole considers stealing because she doesn't think anyone will catch her. Nicole is facing an ethical dilemma because of
pressure from others
a bad role model
the desire to prove herself
a lack of consequences
What is customer acquisition?
Customer acquisition is the process of maintaining current customers
Customer acquisition is the process of losing customers
Customer acquisition is the process of reducing customer satisfaction
Customer acquisition is the process of gaining new customers for a business or product.
Name one traditional method of customer acquisition.
Cold calling
Billboard advertising
Door-to-door sales
Networking
Explain the difference between customer acquisition and customer retention.
Customer acquisition is losing customers, while customer retention is gaining new customers.
Customer acquisition is gaining new customers, while customer retention is keeping existing customers.
Customer acquisition is gaining new customers, while customer retention is losing customers.
Customer acquisition is keeping existing customers, while customer retention is gaining new customers.
What role does marketing play in customer acquisition?
Marketing helps in attracting and retaining customers by promoting products or services to target audiences.
Marketing is only relevant for small businesses
Marketing only focuses on existing customers
Marketing has no impact on customer acquisition
How can social media be utilized for customer acquisition?
Utilize engaging content, targeted ads, influencer collaborations, giveaways, and active engagement with followers.
Posting irrelevant content unrelated to the brand
Ignoring customer comments and messages
Sending mass spam messages to random users
What are some key metrics used to measure customer acquisition success?
LTV
Customer Satisfaction Score
CAC, CLV, Conversion Rate, Churn Rate, ROI
Customer Retention Rate
Discuss the importance of customer acquisition cost (CAC) in business.
Customer Acquisition Cost (CAC) is important in business as it helps in evaluating marketing and sales strategies, allocating resources efficiently, and making informed decisions to improve profitability.
Customer Acquisition Cost (CAC) is irrelevant in business
CAC only applies to small businesses
Businesses should not consider CAC when making decisions
How can businesses personalize their customer acquisition strategies?
Utilize data analytics, segment target audience, create personalized campaigns, offer tailored recommendations, provide exclusive deals.
Use outdated demographic data
Ignore customer feedback
Send generic mass emails
What is the significance of customer lifetime value (CLV) in customer acquisition?
CLV is only applicable to certain industries
CLV is only relevant for short-term customer acquisition
CLV has no impact on customer acquisition strategies
CLV helps businesses understand the long-term value each customer brings, enabling more targeted and cost-effective acquisition strategies.
Explain the concept of lead generation in the context of customer acquisition.
Lead generation involves randomly contacting people without any prior interest in the product.
Lead generation involves attracting potential customers and converting them into leads through various marketing tactics.
Lead generation focuses on retaining existing customers rather than acquiring new ones.
Lead generation is about selling products directly to customers without any marketing efforts.
