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4th pd exam review

Total questions: 92

Worksheet time: 46mins

Name
Class
Date
1.

Which is a way to show transparency?

a)

XYZ Company makes sure its employees are taken care of.

b)

XYZ Company ensures that all its products are biodegradable.

c)

XYZ Company listens to multiple opinions before making a decision.

d)

XYZ Company is always upfront about the financial situation of the company.

2.

Tayshaun acts with honesty in all situations. He is demonstrating:

a)

accountability.

b)

integrity.

c)

respect.

d)

viability.

3.

What do service businesses sell?

a)

raw goods and services

b)

retail goods and services

c)

intangible goods and services

d)

wholesale goods and services

4.

The two main divisions of the trade industry are:

a)

producers and retailers.

b)

wholesalers and retailers.

c)

wholesalers and producers.

d)

manufacturers and wholesalers.

5.

A business that buys goods or services and sells them to the ultimate consumer is a:

a)

manufacturer.

b)

producer.

c)

retailer.

d)

wholesaler.

6.

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:

a)

e-tailing.

b)

wholesaling.

c)

social responsibility.

d)

voluntary merchandise.

7.

Retailing occurs wherever goods are:

a)

researched and designed.

b)

created or manufactured.

c)

traded or exchanged for other goods.

d)

sold to consumers or the ultimate customer.

8.

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:

a)

builder

b)

trade industry

c)

service business

d)

raw-goods producer

9.

All businesses should be socially responsible to whom?

a)

endorsers

b)

producers

c)

providers

d)

users

10.

A form of demand for products in which changes in price correspond to changes in demand is:

a)

consumer

b)

elastic

c)

equilibrium

d)

inelastic

11.

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

a)

equilibrium

b)

rationing

c)

shortage

d)

surplus

12.

A characteristic of a seller's market is:

a)

lower profits.

b)

higher prices.

c)

larger supply.

d)

smaller demand.

13.

Economic resources that help people be more productive are:

a)

human resources.

b)

natural resources.

c)

capital goods resources.

14.

The economic resource where people work to produce goods or services are:

a)

capital goods.

b)

human resources.

c)

natural resources.

d)

noneconomic goods.

15.

To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study:

a)

marketing.

b)

economics.

c)

job outlooks.

d)

supply chains.

16.

The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

a)

The price will increase, and the supply will increase.

b)

The price will decrease, and the supply will increase.

c)

The price will increase, and the supply will decrease.

d)

The price will decrease, and the supply will decrease.

17.

The Brooks Company produces sneakers and studies trends in the marketplace to price their sneakers. The Brooks Company supplied as many sneakers as consumers demanded to create which market condition?

a)

equilibrium

b)

rationing

c)

shortage

d)

surplus

18.

Deciding to stay home and study, instead of going to a basketball game, is an example of a/an:

a)

trade-off.

b)

capital good.

c)

economic want.

d)

economic service.

19.

Elastic demand is more likely when the good is:

a)

a luxury.

b)

imported.

c)

lower price.

d)

inexpensive.

20.

ABC Corporation bought a new conveyor belt. What type of good is the conveyor belt?

a)

capital good

b)

natural good

c)

public good

d)

consumer good

21.

Gasoline prices increased 30 cents per gallon. Raylee continued to purchase gasoline because her demand and need to commute to work had not changed. This is an example of what type of demand?

a)

complementary

b)

discretionary

c)

elastic

d)

inelastic

22.

A characteristic of an economic service is that it is:

a)

useful.

b)

tangible.

c)

nontransferable.

d)

free to everyone.

23.

Which is an example of a noneconomic want?

a)

a haircut

b)

sport ticket

c)

a concert ticket

d)

rain for the crops

24.

Prices are used in our economy to:

a)

offer excessive demand.

b)

cause no change demand.

c)

encourage excessive supply of products.

d)

determine what goods are to be produced and in what quantities.

25.

Customers cast economic votes every time they:

a)

buy a product.

b)

visit a business.

c)

give their opinion.

d)

participate in a survey.

26.

What is a want that can be satisfied by spending money to consume a good, service, or leisure activity?

a)

economic

b)

limited

c)

noneconomic

d)

unlimited

27.

When the prices of iPhones increase, the quantity of iPhones offered for sale will increase. This is an example of the law of:

a)

equilibrium

b)

production

c)

shortage

d)

supply

28.

What do producers typically do when prices increase?

a)

increase supply

b)

decrease supply

c)

increase demand

d)

decrease demand

29.

Consumers, producers, and owners of resources use money to create a flow of resources, goods, and services through which economic activity?

a)

consumption

b)

distribution

c)

exchange

d)

marketing

30.

Inelastic demand is:

a)

variable

b)

fluctuating

c)

limited to luxury goods

d)

unaffected by price changes

31.

If a student purchases a laptop to use for homework assignments, then the computer is considered what type of good?

a)

capital

b)

consumer

c)

industrial

d)

ultimate

32.

What is the economic basis for the private enterprise economic system?

a)

competition

b)

the marketplace

c)

the motive of profit

d)

manufacturer supply chain

33.

Which factor is a barrier to small-business and entrepreneurial success?

a)

poor management

b)

no vision for expansion

c)

having a clear strategic vision

d)

having a surplus of employees

34.

A small business is defined as a business employing fewer than how many people?

a)

500

b)

750

c)

1,000

d)

1,500

35.

Which behavior best describes the primary business activity of operations?

a)

hiring qualified employees

b)

planning for future success

c)

producing goods and services

d)

keeping accurate financial records

36.

Ian works in the marketing department. What is the primary business objective of his department?

a)

to help its corporation merge with another company

b)

to hire qualified employees to perform complex job duties

c)

to meet customers’ needs by offering appropriate products

d)

to prepare for long-term success by planning and organizing

37.

When Caring Companions and Smiling Pets merged two years ago, what was the most likely effect on the primary business activities of both companies?

a)

All of the primary business activities were unaffected.

b)

Each primary business activity became two smaller business activities.

c)

All of the primary business activities combined into two distinct activities.

d)

Each primary business activity combined with the matching activity of the other firm.

38.

Which activity demonstrates information management?

a)

hiring appropriate employees

b)

researching customers’ needs

c)

conducting employee evaluations

d)

storing and retrieving employee payroll data

39.

A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the museum’s operating expenses. Will the museum be a business?

a)

Yes, the museum will be a for-profit business.

b)

No, the museum will be a charitable institution.

c)

Yes, the museum will be a not-for-profit business.

d)

No, the museum will not be considered a business

40.

Why is information management necessary for strategic information in a business?

a)

to write an annual report

b)

to make long-term decisions

c)

to create sales presentations

d)

to develop a short-term advertising campaign

41.

In the human resource management process, what is the first task to be completed for staffing?

a)

recruiting

b)

determining need

c)

determining job descriptions

d)

screening and selecting applicants

42.

Shannon is the manager and he ensures proper work effort by setting:

a)

job standards.

b)

diversity quotas.

c)

hiring objectives.

d)

expense budgets.

43.

Which statement is true about a management information system (MIS)?

a)

It includes people, processes, and practices.

b)

It is the same thing as an information management program.

c)

It does not assist with a business’s information management program.

d)

It may be one part of a business’s overall information management program.

44.

Which is a trend in proper information management?

a)

decreased competition

b)

increased number of workers in an office

c)

decreased number of electronic documents

d)

increased compliance of laws and regulations

45.

What is one reason human resources management is important to the success of a business?

a)

Human resources is responsible for customer complaints.

b)

Human resources is responsible for staffing the business.

c)

Human resources is responsible for reducing wasted inventory.

d)

Human resources is responsible for eliminating jobs for the company.

46.

Which is a reason that the role of human resources management is changing?

a)

Business costs are going down.

b)

The workforce is younger than ever.

c)

There is greater diversity in the workforce.

d)

Employees place a greater emphasis on personal lives.

47.

A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating which workplace ability?

a)

creativity

b)

natural talent

c)

technical skill

d)

aggressive behavior

48.

Which U.S. law relates to information management?

a)

The Taft-Hartley Act

b)

The Sarbanes-Oxley Act

c)

The Landrum-Griffin Act

d)

The Sherman Antitrust Act

49.

How can information management be a challenge?

a)

No one wants to participate in it.

b)

There is only one right way to do it.

c)

Many people do not understand what it is.

d)

There is often not enough data to organize.

50.

Which is a characteristic of human resources management?

a)

evaluating sales

b)

working with people

c)

creating inventory list

d)

scheduling production orders

51.

Which is an important function of human resources management?

a)

social media

b)

capital investment

c)

domain development

d)

employee recruitment

52.

What is the main purpose of management?

a)

to obtain the needed resources

b)

to accomplish the business’s goals

c)

to reach a specific level of customer

d)

to create accurate financial statements

53.

Which action is a part of information management?

a)

customer service protocols

b)

management of technology

c)

management of security operations

d)

disseminating information for decision-making

54.

What is the primary reason customers give for not returning to a business?

a)

lack of available parking

b)

lack of advertised merchandise

c)

lack of courtesy from salespeople

d)

lack of customer-service personnel

55.

Which is a true statement about making promises to customers?

a)

It is better to over-deliver.

b)

It is better to over-promise

c)

Customers do not remember broken promises.

d)

Businesses should not make promises to customers.

56.

When should customer relations skills, such as courtesy and friendliness, be emphasized during a business’s activities?

a)

during facilities design

b)

during the hiring process

c)

during marketing research

d)

during technology planning

57.

When someone says that a business has good internal relations, this means the business has which?

a)

strong managers

b)

happy employees

c)

business partners

d)

satisfied customers

58.

What should employees understand about each customer in order to develop positive customer/client relations?

a)

The customer is in a hurry.

b)

The customer is like most others.

c)

The customer is a possible problem.

d)

The customer is a unique individual.

59.

An office supply company provides discounts to teachers to make them feel important. The company is modeling which activity?

a)

positive customer service

b)

business planning

c)

technology upgrade

d)

communication skills

60.

How can positive customer relations boost productivity?

a)

by ensuring proper bookkeeping

b)

by cutting down on equipment costs

c)

by avoiding wasted time and resources

d)

by creating new manufacturing processes

61.

How are salespeople who practice good customer relations primarily benefiting a business?

a)

They are promoting poor service.

b)

They are developing repeat customers.

c)

They are preventing customer objections.

d)

They are segmenting the business’s market.

62.

Kathy wants to know whether her boutique made or lost money this month. The financial document she should view is her:

a)

balance sheet.

b)

income statement.

c)

cash flow statement.

d)

statement of owner’s equity.

63.

The accounting document that shows a business’s revenue and expenses is a/an:

a)

balance sheet.

b)

income statement.

c)

cash flow statement.

d)

statement of owner’s equity.

64.

Isabelle owns a home cleaning business. She invoices her customer and records the transaction as soon as she finishes each home cleaning. Which type of accounting method is Isabelle using?

a)

accrual

b)

cash

c)

cost

d)

managerial

65.

The finance activity regarding how to source income is called:

a)

accounting

b)

acquiring funds

c)

administering assets

d)

making capital investment decisions

66.

The Happy Toys Company Board of Directors has decided to give some of its profits from the year to its shareholders. It has decided to pay a:

a)

bribe

b)

dividend

c)

liability

d)

tax

67.

Cash is an example of:

a)

assets

b)

expenses

c)

equity

d)

liabilities

68.

Which represents the inflow of funds into a business?

a)

cash

b)

debt

c)

expenses

d)

liabilities

69.

The purpose of having accounting standards is to:

a)

create jobs for people.

b)

avoid experiencing employee conflicts.

c)

create uniformity between financial statements.

d)

produce documents that look professional.

70.

Jordan owns a successful landscaping business. Landscaping is an example of a/an:

a)

input.

b)

inventory.

c)

output.

d)

service.

71.

Molly plans out each part of the operations process to ensure the right item is in the right place at the right time. What part of the operations function is this?

a)

marketing

b)

logistics

c)

purchasing

d)

quality control

72.

Jerome makes laptop computers. The laptops are part of his:

a)

input

b)

output

c)

parts

d)

resources

73.

Cliff wants to know how much money his business made this year. He wants to know his business’s:

a)

margin

b)

cash flow

c)

end result

d)

bottom line

74.

A change in products will have the most direct impact on a business’s:

a)

distribution

b)

finances

c)

marketing

d)

operations

75.

Beverly has noticed that during the holiday season, her business needs more inventory, which also increases her:

a)

debits

b)

holding cost

c)

profit and revenue

d)

opportunity for shortages

76.

Isaac buys wood from a lumber mill to make some park benches. The wood is part of his:

a)

Inputs

b)

Outcomes

c)

Outputs

d)

Services

77.

Dalton diagrams out where each machine in the production process needs to go to maximize the efficiency of the space. What part of the operations function is this?

a)

routing

b)

logistics

c)

purchasing

d)

quality control

78.

Which application software is designed to create, store, manage, search, and extract information?

a)

database application

b)

presentation application

c)

spreadsheet application

d)

word processing application

79.

Bryan would like to send the same e-mail message to multiple people at once He wants to save their e-mail contact information for future e-mail messages too. Which e-mail service should he use?

a)

virus

b)

attachments

c)

address book

d)

distribution lists

80.

Mrs. Taylor is helping her students create accounting forms in class. They are entering numbers and text to create the forms, which calculate the ending financial information. Which application software are they using?

a)

database

b)

presentation

c)

spreadsheet

d)

word processing

81.

Hugo is creating a book report for his English class. He can create an outline, the report, and a list of works cited all in the same application. Which application software is Hugo using?

a)

database

b)

presentation

c)

spreadsheet

d)

word processing

82.

Corbin browses for workout gear online. He needs to type in the website address of the company to access the website. This website address is called:

a)

a virus

b)

a browser

c)

the World Wide Web (WWW)

d)

the uniform resource locator (URL)

83.

Which software enable users to enter and store their written work as various types of docutments?

a)

database

b)

presentation

c)

spreadsheet

d)

word processing

84.

Andre keeps track of all orders, customer names and addresses, and inventory in an application software. Which application software is Andre using?

a)

database

b)

presentation

c)

spreadsheet

d)

word processing

85.

Berneice received an e-mail with an attachment from an unknown person. She quickly deletes this e-mail because it could contain a/an:

a)

virus

b)

address book

c)

distribution list

d)

span message

86.

Jordan is using software to create a letter of application that he will sent to a potential employer. Which application software is he using?

a)

database

b)

presentation

c)

spreadsheet

d)

word processing

87.

Sahara stores her friends' and co-workers' contact information in her e-mail application. Which type of e-mail service is this?

a)

virus

b)

attachments

c)

address book

d)

distribution lists

88.

Anna created a computer program that will alter the way a computer operates without the permission of the user. She attaches this file to an e-mail message. What is this attachment called?

a)

virus

b)

browser

c)

worksheet template

d)

uniform resource locator (URL)

89.

Ethan is creating a personal budget to help him manage his income and expenses for the month. He enters all the numerical information and calculates the results. Which application software is Ethan using?

a)

database

b)

presentation

c)

spreadsheet

d)

word processing

90.

An employer is looking for an employee who is responsible and answerable. These employee qualities are called:

a)

accountability

b)

ambition

c)

gratitude

d)

professionalism

91.

The Equal Employment Opportunity Commission is responsible for:

a)

improving worker health and safety protection

b)

requiring employers to treat all workers with fairness

c)

showing prejudicial treatment, especially as an indication of bias

d)

creating bargaining power and expressing job concerns with employers

92.

Labor unions allow employees to :

a)

improve worker health and safety protection

b)

require employers to treat all worker with fairness

c)

show prejudicial treatment, especially as an indication of bias

d)

create bargaining power and express their job concerns with their employer