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WorksheetsBusiness Essentials Practice
Total questions: 100
Worksheet time: 50mins
A business that buys goods or services and sells them to the ultimate consumer is known as?
manufacturer
producer
retailer
wholesaler
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?
The price will increase, and the supply will increase.
The price will decrease, and the supply will increase.
The price will increase, and the supply will decrease.
The price will decrease, and the supply will decrease.
What is the primary reason customers give for not returning to a business?
lack of available parking
lack of advertised merchandise
lack of courtesy from salespeople
lack of customer-service personnel
What do service businesses sell?
raw goods and services
retail goods and services
intangible goods and services
wholesale goods and services
Which behavior best describes the primary business activity of operations?
hiring qualified employees
planning for future success
producing goods and services
keeping accurate financial records
The accounting document that shows a business’s revenue and expenses is known as a/an?
balance sheet
income statement
cash flow statement
statement of owner’s equity
Which document, provided either in paper format or in electronic format from a prospective employer’s website, does a company use to collect employment information about a candidate?
license
résumé
job application
letter of application
Kathy wants to know whether her boutique made or lost money this month. What financial document should she view?
balance sheet
income statement
cash flow statement
statement of owner’s equity
Jordan owns a successful landscaping business. Landscaping is an example of a/an?
input
inventory
output
service
What are the two main divisions of the trade industry?
producers and retailers
wholesalers and retailers
wholesalers and producers
manufacturers and wholesalers
To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study:
marketing.
economics.
job outlooks.
supply chains.
A characteristic of a seller’s market is:
lower profits.
higher prices.
larger supply.
smaller demand.
What is the economic basis for the private enterprise economic system?
competition
the marketplace
the motive of profit
manufacturer supply chain
Economic resources that help people be more productive are:
human resources.
natural resources.
capital goods resources.
nonrenewable resources.
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?
database
presentation
spreadsheet
word processing
Which is a true statement about making promises to customers?
It is better to over-deliver.
It is better to over-promise.
Customers do not remember broken promises.
Businesses should not make promises to customers.
Which word processing document lists one’s detailed work history, educational history, skills, and references?
license
résumé
job application
letter of application
A business decides against opening a store in the next town because its research shows the location will be unprofitable. What form of risk management is this?
avoidance
reduction
retention
transfer
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
A form of demand for products in which changes in price correspond to changes in demand is:
consumer.
elastic.
equilibrium
inelastic
In the human resource management process, what is the first task to be completed for staffing?
recruiting
determining need
determining job descriptions
screening and selecting applicants
Tina is an architect who works with engineers to create precision drawings and technical illustrations. What type of computer technology does Tina use?
expert systems
networking technology
computer-aided design (CAD)
Voice over Internet Protocol (VoIP)
Why is information management necessary for strategic information in a business?
to write an annual report
to make long-term decisions
to create sales presentations
to develop a short-term advertising campaign
What are the programs that instruct computers to perform specific operations?
cookies
software
hardware
information systems
Bryan would like to send the same email message to multiple people at once. He wants to save their email contact information for future e-mail messages too. Which email service should he use?
virus
attachments
address book
distribution lists
What is the set of computer programs that manage the hardware and software of a computer?
electronic resource
digital connection
operating system
transfer protocol
What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?
oligopolies
monopolies
perfect competition
monopolistic competition
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.
Which application software is designed to create, store, manage, search, and extract information?
database application
presentation application
spreadsheet application
word processing application
The economic resource where people work to produce goods or services are:
capital goods.
human resources.
natural resources
non-economic goods
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?
database
presentation
spreadsheet
word processing
Competition helps create a healthy society by:
creating new jobs.
increasing the money supply.
making new government regulations.
replacing small businesses with large businesses.
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?
equilibrium
rationing
shortage
surplus
ABC Corporation bought a new conveyor belt. What type of good is the conveyor belt?
capital good
natural good
public good
consumer good
Connor is working on a billboard to showcase his new service. What part of the marketing mix is he working on?
place
price
product
promotion
The finance activity regarding how to source income is called:
accounting.
acquiring funds.
administering assets.
making capital investment decisions.
Outer Banks Transmission Company specializes in automotive repair. Which computer technology helps the mechanic to diagnose car engine trouble?
expert systems
networking technology
computer-aided design (CAD)
Voice over Internet Protocol (VoIP)
Deciding to stay home and study, instead of going to a basketball game, is an example of a/an:
trade-off.
capital good.
economic want.
economic service.
In 1890, Congress passed a law that prevents monopolies from forming and hinders price fixing. What law is this?
Clayton Act
Sherman Anti-trust Act
Robinson Patman Act
Celler-Kefauver Antimerger Act
Shannon is the manager and he ensures proper work effort by setting:
job standards.
hiring objectives.
diversity quotas.
expense budgets.
Ian works in the marketing department. What is the primary business objective of his department?
to help its corporation merge with another company
to hire qualified employees to perform complex job duties
to meet customers’ needs by offering appropriate products
to prepare for long-term success by planning and organizing
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?
equilibrium
shortage
rationing
surplus
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?
accrual
cost
cash
managerial
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.
Why do many businesses store information in a computerized database?
to maintain client lists
to transcribe word documents
to calculate and chart economic trends
to communicate company policies to employees
Which question should one ask himself/herself to determine whether one is facing a true ethical dilemma?
Is there money at stake?
Could someone be hurt by these actions?
Does the action make me look good to others?
Is my choice based on the most popular option?
When Caring Companions and Smiling Pets merged two years ago, what was the most likely effect on the primary business activities of both companies?
All of the primary business activities were unaffected.
Each primary business activity became two smaller business activities.
All of the primary business activities combined into two distinct activities.
Each primary business activity combined with the matching activity of the other firm.
Which statement is true about a management information system (MIS)?
It includes people, processes, and practices.
It is the same thing as an information management program.
It does not assist with a business’s information management program.
It may be one part of a business’s overall information management program.
When someone says that a business has good internal relations, this means the business has which?
strong managers
happy employees
business partners
satisfied customers
A characteristic of an economic service is that it is:
useful.
tangible.
nontransferable.
free to everyone.
What do businesses often develop to be able to store and analyze data for the purpose of making business decisions?
advertisements
employee policies
information systems
machinery operating guides
When should customer relations skills, such as courtesy and friendliness, be emphasized during a business’s activities?
during facilities design
during the hiring process
during marketing research
during technology planning
Which is a trend in proper information management?
decreased competition
increased number of workers in an office
decreased number of electronic documents
increased compliance of laws and regulations
Elastic demand is more likely when the good is:
a luxury.
imported.
lower price.
inexpensive.
Kaylyn is a department manager for a local retail store. She likes her job and wants to advance within the store. Kaylyn’s current work experience is a:
hobby.
step in her career.
part-time position.
momentary liking or a whim.
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?
complementary
discretionary
elastic
inelastic
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?
marketing
logistics
purchasing
quality control
What is the computerized storage of information and facts called?
database application
telecommuting software
Global Positioning System (GPS)
Personal Identification Number (PIN)
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 virus.
a browser.
the World Wide Web (WWW).
the uniform resource locator (URL).
Miriam is very polite, kind to her friends, and positive in her outlook. These characteristics are called:
aptitudes.
attitudes.
flaws.
standards.
Which factor is a barrier to small-business and entrepreneurial success?
poor management
no vision for expansion
having a clear strategic vision
having a surplus of employees
The Equal Employment Opportunity Commission is responsible for:
improving worker health and safety protection.
requiring employers to treat all workers with fairness.
showing prejudicial treatment, especially as an indication of bias.
creating bargaining power and expressing job concerns with employers.
Which is a reason that the role of human resources management is changing?
Business costs are going down.
The workforce is younger than ever.
There is greater diversity in the workforce.
Employees place a greater emphasis on personal lives.
In some places, a company can have exclusive control of the supply of a good or service such as the trash service. This is an example of:
price competition.
price discrimination.
nonprice competition.
a regulated monopoly.
R & R Real Estate company buys errors and omissions liability insurance. What form of risk management is this?
avoidance
reduction
retention
transfer
What is a want that can be satisfied by spending money to consume a good, service, or leisure activity?
economic
limited
noneconomic
unlimited
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.
Retailing occurs wherever goods are:
researched and designed.
created or manufactured.
traded or exchanged for other goods.
sold to consumers or the ultimate customer.
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:
bribe.
dividend.
liability.
tax.
Applications and programs that instruct computers to perform specific operations are called:
hardware.
networks.
satellites.
software.
Prices are used in our economy to:
offer excessive demand.
cause no change demand.
encourage excessive supply of products.
determine what goods are to be produced and in what quantities.
How can positive customer relations boost productivity?
by ensuring proper bookkeeping
by cutting down on equipment costs
by avoiding wasted time and resources
by creating new manufacturing processes
In a socialist economy, what determines how basic economic questions are answered?
government
products
resources
retailers
Which software enables users to enter and store their written work as various types of documents?
database
presentation
spreadsheet
word processing
Arc Electric Company holds regular safety training meetings for its employees. What form of risk management is this?
capital
reduction
retention
transfer
What should employees understand about each customer in order to develop positive customer/client relations?
The customer is in a hurry.
The customer is like most others.
The customer is a possible problem.
The customer is a unique individual.
Cliff wants to know how much money his business made this year. He wants to know his business’s:
margin
cash flow
end result
bottom line
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
William plans to graduate high school in six months. Which type of goal is his plan?
ultimate goal
long-term goal
short-term goal
stepping-stone goal
Which document provides a brief introduction of the employment candidate and includes paragraphs about that person’s qualifications and work experiences?
license
references
job application
letter of application
What is one reason human resources management is important to the success of a business?
Human resources is responsible for customer complaints.
Human resources is responsible for staffing the business.
Human resources is responsible for reducing wasted inventory.
Human resources is responsible for eliminating jobs for the company.
Customers cast economic votes every time they:
buy a product.
visit a business.
give their opinion.
participate in a survey.
The economic system that adopts the fewest new ideas or improvements is:
A. communist.
B. market.
C. socialist.
D. traditional.
Jerome makes laptop computers. The laptops are part of his:
A. input.
B. output.
C. parts.
D. resources.
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?
A. fairness
B. growth
C. trustworthiness
D. viability
André keeps track of all orders, customer names and addresses, and inventory in an application software. Which application software is André using?
A. database
B. presentation
C. spreadsheet
D. word processing
Beth wants to hire a disc jockey for her son’s graduation party. Deanna offers her a promotional package that includes three hours of music, special effect lighting, and a video. Deanna is marketing:
A. goods.
B. places.
C. ideas.
D. services.
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.
A change in products will have the most direct impact on a business’s:
A. distribution.
B. finances.
C. marketing.
D. operations.
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
Which is an example of a noneconomic want?
A. a haircut
B. sport ticket
C. a concert ticket
D. rain for the crops
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.
Tayshaun acts with honesty in all situations. He is demonstrating:
A. integrity.
B. empathy.
C. flexibility.
D. creativity.
Which computer technology uses databases of highly skilled knowledge to offer advice or make decisions in such areas as medical diagnosis and stock exchange trading?
expert systems
networking technology
computer-aided design (CAD)
Voice over Internet Protocol (VoIP)
Which represents the inflow of funds into a business?
cash
debt
expenses
liabilities
Cash is an example of:
assets
expenses
equity
liabilities
José likes to travel across the country in his recreational vehicle. When he arrives in a new town, he stays at a local campground. He looks for part-time employment while he is in town. The type of work José is looking for is best called a:
career
hobby
job
routine
Jordan is using software to create a letter of application that he will send to a potential employer. Which application software is he using?
database
spreadsheet
presentation
word processing
Which U.S. law relates to information management?
The Taft-Hartley Act
The Sarbanes-Oxley Act
The Landrum-Griffin Act
The Sherman Antitrust Act
A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating which workplace ability?
creativity
natural talent
technical skill
aggressive behavior
