WorksheetsFinal Exam Review-Business For Today Test
Total questions: 22
Worksheet time: 12mins
Name
Class
Date
1.
What is the key difference between direct and indirect competition?
a)
Direct competition involves the same product or service, while indirect competition satisfies the same need in different ways.
b)
Direct competition involves different products, while indirect competition involves identical products.
c)
Direct competition only applies to online businesses, while indirect competition applies to physical stores.
d)
Direct competition involves pricing, while indirect competition does not.
2.
Which type of market structure is characterized by a small number of companies controlling the supply of a good or service, with high barriers to entry?
a)
Monopolistic competition
b)
Oligopoly
c)
Pure competition
d)
Regulated monopolies
3.
In what type of market do businesses compete on factors such as brand, quality, or features instead of price?
a)
Price competition
b)
Pure competition
c)
Non-price competition
d)
Monopoly
4.
What is a regulated monopoly?
a)
A market where many businesses compete with similar products.
b)
A monopoly allowed under government supervision for efficiency, such as utility companies.
c)
A monopoly created through unfair business practices.
d)
A market where businesses differentiate their products to gain an advantage.
5.
Which of the following is an example of secondary data?
a)
Conducting interviews with customers about a product
b)
Observing customer behavior in a store
c)
Launching a survey to gather customer feedback
d)
Analyzing sales reports from a competitor
6.
The process of recording, maintaining, and reporting an organization’s financial transactions and records is known as:
a)
Accounting
b)
Operations
c)
Finance
d)
Strategy
7.
A for-profit or non-profit organization involved in commercial, industrial, or professional commerce is called a:
a)
Finance
b)
Business
c)
Management
d)
Chain of Command
8.
Which term focuses on the management of assets, liabilities, equity, and cash flow, as well as financial analysis like ROI and ROE?
a)
Accounting
b)
Finance
c)
Human Resources
d)
Operations
9.
Which business function is responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees?
a)
Information Management
b)
Operations
c)
Human Resources
d)
Professional Development
10.
A business function that involves people, processes, and systems that collect, organize, store, and secure relevant data for decision-making is:
a)
Operations
b)
Information Management
c)
Marketing
d)
Staffing
11.
The process of planning, organizing, staffing, controlling, and leading to achieve a goal is known as:
a)
Strategy
b)
Leadership
c)
Management
d)
Marketing
12.
The process of ideation, creation, and delivery of profitable products and services to customers is called:
a)
Finance
b)
Operations
c)
Marketing
d)
Management
13.
A company's purpose, its reason for being, and the problem it is solving is referred to as:
a)
Vision
b)
Strategy
c)
Mission
d)
Tactic
14.
The daily functioning of an organization, managing inputs and outputs, including logistics, is called
a)
Management
b)
Operations
c)
Marketing
d)
Onboarding
15.
ROE is a measure of a company’s financial performance calculated as net income divided by total shareholder’s equity. This is known as:
a)
True
b)
False
16.
Return on Investment measures the gain or loss generated on an investment relative to the amount of money invested. It is known as ROE
a)
True
b)
False
17.
A route or plan designed to achieve certain goals and objectives in business is called:
a)
Management
b)
Strategy
c)
Tactic
d)
Chain of Command
18.
A specific action used to support strategy to achieve a business goal is referred to as:
a)
Tactic
b)
Strategy
c)
Management
d)
Vision
19.
An aspirational view of the future that shows what the company hopes to achieve is called a:
a)
Mission
b)
Vision
c)
Strategy
d)
Tactic
20.
An organizational structure that shows who reports to whom is known as:
a)
Organizational Chart
b)
Leadership
c)
Chain of Command
d)
Management
21.
What is the primary characteristic of an oligopoly market structure?
a)
A single seller dominates the market
b)
There are many sellers and buyers
c)
A few large firms dominate the market
d)
Products are always homogeneous
22.
Which type of business does this image represent?
a)
Wholesale
b)
Retail
c)
Service
d)
Manufacturing
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