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Final Exam Study Guide

Total questions: 100

Worksheet time: 50mins

Name
Class
Date
1.

________________: an issue in which you must decide whether something is right or wrong.

a)

transparency

b)

ethical situation

c)

rule of law

2.

________________: moral rules and values governing the conduct of a person or group; set of standards which define right from wrong.

a)

ethics

b)

viability

c)

integrity

3.

________________: adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations.

a)

trustworthy

b)

integrity

c)

respect

4.

________________: an inflated sense of self-importance.

a)

arrogance

b)

consequence

c)

dilemma

5.

________________: the result of an action.

a)

arrogance

b)

consequence

c)

dilemma

6.

________________: a difficult situation in which you are required to make a decision.

a)

arrogance

b)

consequence

c)

dilemma

7.

________________:an issue in which you must decide whether something is right or wrong; sometimes referred to as an ethical situation.

a)

ethical dilemma

b)

intuition

c)

role model

8.

________________: instinct; gut feeling.

a)

ethical dilemma

b)

intuition

c)

role model

9.

________________: a business that operates out of a physical facility (instead of online).

a)

retailer

b)

brick and mortar

c)

builders

10.

________________: a business that buys consumer goods or services and sells them to the ultimate consumer.

a)

retailer

b)

brick and mortar

c)

builders

11.

________________: a type of producer that constructs roads, bridges, buildings, houses, etc.

a)

retailer

b)

brick and mortar

c)

builders

12.

________________: businesses that buy and sell goods to others; retailers and wholesalers.

a)

trade industries

b)

e-tailers

c)

consumers

13.

________________: the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

a)

price

b)

supply

c)

demand

14.

________________: a condition resulting from the gap between limited resources and unlimited wants for goods and services.

a)

human resources

b)

wants

c)

scarcity

15.

________________: giving up all or a part of one thing in order to get something else.

a)

scarcity

b)

trade-off

c)

need

16.

________________: the benefit that is lost when you decide to use scarce resources for one purpose rather than for another.

a)

opportunity cost

b)

consumer goods and services

c)

capital goods

17.

________________: the amount of money paid for a good, service, or resource.

a)

distribution

b)

price

c)

elasticity

18.

________________: the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.

a)

law of demand

b)

supply

c)

inelastic demand

19.

________________: a desire for something that is not required.

a)

capital goods

b)

want

c)

need

20.

________________: economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.

a)

law of demand

b)

exchange

c)

law of supply

21.

________________: something required or essential that is lacking.

a)

consumption

b)

want

c)

need

22.

________________: desires for things that can be obtained without spending money.

a)

need

b)

noneconomic want

c)

production

23.

________________: economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.

a)

law of demand

b)

inelastic demand

c)

law of supply

24.

________________: the study of how to meet unlimited, competing wants with limited resources.

a)

economics

b)

capital goods

c)

distribution

25.

________________: a command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.

a)

communism

b)

market economy

c)

socialism

26.

________________: an economic system in which all or many of the means of production and distribution are owned and controlled by the government.

a)

market economy

b)

command economy

c)

socialism

27.

________________: an individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts.

a)

private enterprise/free enterprise

b)

entrepreneur

c)

small business

28.

________________: a business that employs 500 or fewer people.

a)

private enterprise/free enterprise

b)

small business

c)

entrepreneur

29.

________________: the amount of money a business pays for the products it sells or for the raw materials from shich it produces goods to sell; the amount of money a businsss pays for the products (or for any part of the products) it sells.

a)

indirect competition

b)

income

c)

cost of goods

30.

________________: the rivalry between two or more businesses to attract scarce customer dollars.

a)

competition

b)

economic risks

c)

profit motive

31.

________________: the possibility of loss or failure that occurs as a result of the economy.

a)

economic risks

b)

natural risks

c)

human risks

32.

________________: the possibility of loss (failure) or gain (success) inherent in conducting business.

a)

business risk

b)

natural risk

c)

economic risk

33.

________________: amount of income earned by a business prior to paying income taxes.

a)

income

b)

cost of goods

c)

transfer

34.

________________: the money that a business spends.

a)

expenses

b)

gross profit

c)

income

35.

________________: an organized effort to produce and/or distribute goods and services.

a)

accounting

b)

business

c)

production

36.

________________: keeping accurate and useful financial records; and analyzing and interpreting the recorded information.

a)

accounting

b)

marketing

c)

production

37.

________________: the day-to-day activities required for continued business functioning.

a)

operations

b)

production

c)

outsourcing

38.

________________: the process of planning, controlling, and organizing an organization or department.

a)

strategic management

b)

production

c)

operations

39.

________________: the process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.

a)

accounting

b)

business

c)

financial analysis

40.

________________: the process or activity of producing goods and services.

a)

marketing

b)

production

c)

outsourcing

41.

________________: the management function that monitors the work effort.

a)

planning

b)

staffing

c)

controlling

42.

________________: the ability to communicate, interact, and build relationships with others.

a)

interpersonal skills

b)

technical skills

c)

information

43.

________________: the management function of providing guidance to workers and work projects.

a)

directing

b)

compliance

c)

data processing

44.

________________: an integrated technology that assists with an organization's information management needs.

a)

Management Information System (MIS)

b)

mid-level management

c)

professional development

45.

________________: the management function of setting up the way the business's work will be done.

a)

planning

b)

staffing

c)

organizing

46.

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

a)

lack of available parking

b)

lack of courtesy from salespeople

c)

lack of half price sales

47.

How can positive customer relations boost productivity.

a)

by ensuring proper bookkeeping

b)

by avoiding wasted time and resources

c)

by cutting down on equipment costs

48.

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

a)

They are developing repeat customers.

b)

They are promoting poor service.

c)

They are preventing customer objections.

49.

________________: An individual who has had specialized training in accounting procedures.

a)

accountant

b)

accural

c)

finance

50.

________________: a method of accounting that records transactions at the time they occur.

a)

accountant

b)

accrual

c)

finance

51.

________________: a process or series of steps that businesses complete to maintain their financial records effectively.

a)

accounting cycle

b)

assets

c)

accounting standards

52.

________________: the process of keeping financial records.

a)

accounting

b)

expenses

c)

income

53.

________________: finance activity involving making decisions about financing.

a)

acquisition of funds

b)

administration of assets

c)

statement of owner's equity

54.

________________: anything of value that a business owns.

a)

accounting cycle

b)

assets

c)

accounting standards

55.

________________: the monies that a business spends; also called expenditures.

a)

accounting

b)

expenses

c)

income

56.

________________: rules that accountants must follow when preparing financial statements.

a)

accounting cycle

b)

assets

c)

accounting standards

57.

________________: finance activity involving making decisions about a firm’s investments.

a)

acquisition of funds

b)

administration of assets

c)

statement of owner's equity

58.

________________: a financial summary of recording as to when, where, and how much money will flow into and out of a business.

a)

balance sheet

b)

cash flow statement

c)

owner's equity

59.

________________: a business's net income; the decisive point.

a)

bottom line

b)

holding cost

c)

inputs

60.

________________: in the operations function - resources utilized.

a)

bottom line

b)

holding cost

c)

inputs

61.

________________: the money it takes to keep inventory in stock.

a)

bottom line

b)

holding cost

c)

inputs

62.

________________: refers to managing the flow of goods and services from production to consumption.

a)

inventory

b)

logistics

c)

operations

63.

________________: tracking the amount, the kind, and the value of inventory that a business has on hand.

a)

inventory control

b)

outputs

c)

purchasing

64.

________________: the buying of goods and services for a business.

a)

inventory control

b)

outputs

c)

purchasing

65.

________________: the day-to-day activities for continued business functioning.

a)

inventory

b)

logistics

c)

operations

66.

________________: any paid form of nonpersonal presentation of ideas, goods, or services.

a)

advertising

b)

marketing

c)

personal selling

67.

________________: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

a)

advertising

b)

marketing

c)

personal selling

68.

________________: programs that instruct computers to perform specific operations.

a)

data processing

b)

hardware

c)

software

69.

________________: facts and figures.

a)

data

b)

information system

c)

intranet

70.

What is the set of computer programs that manage the hardware and software of a computer?

a)

electronic resource

b)

operating system

c)

motherload

71.

________________: keyboards, mouse, scanners, cameras, joysticks, and microphones; a piece of equipment used to provide data and control signals to an information processing system.

a)

computer system

b)

embedded system

c)

input devices

72.

________________: store your contacts, which makes it easy to correspond and share contact information with others.

a)

address book

b)

attachments

c)

browsers

73.

________________: files included with emails.

a)

address book

b)

attachments

c)

browsers

74.

________________: software programs that allow you to view webpages, such as Internet Explorer, Safari, Firefox, or Google Chrome.

a)

address book

b)

attachments

c)

browsers

75.

________________: software used to create a sequence of text and graphics, and often audio and video, to accompany a speech or public presentation.

a)

presentation software

b)

search engines

c)

spreadsheet software

76.

________________: file made of rows and columns that help sort, organize, and arrange data efficiently, and calculate numerical data.

a)

presentation software

b)

search engines

c)

spreadsheet software

77.

________________: designed to create databases and to store, manage, search, and extract the information contained within them.

a)

database software

b)

distribution lists

c)

email application

78.

________________: help you email multiple people at once.

a)

database software

b)

distribution lists

c)

email application

79.

________________: an application that allows users to send, receive, and read electronic messages between users.

a)

database software

b)

distribution lists

c)

email application

80.

________________: the use of computer software to control machines, tools, and processes involved in manufacturing products.

a)

Computer-aided manufacturing (CAM)

b)

Voice over Internal Protocol (VoIP)

c)

Telecommuting software

81.

________________: the use of computer technology to plan, design, test, and alter products.

a)

Computer-aided design (CAD)

b)

Global positioning system (GPS)

c)

Personal identification number (PIN)

82.

________________: software utilized to allow working from home or a remote location.

a)

Computer-aided manufacturing (CAM)

b)

Voice over Internal Protocol (VoIP)

c)

Telecommuting software

83.

________________: a number you choose to gain access to an account.

a)

Computer-aided design (CAD)

b)

Global positioning system (GPS)

c)

Personal identification number (PIN)

84.

________________: the state of being accountable, liable, or answerable.

a)

accountability

b)

attitude

c)

gratitude

85.

________________: the manner, disposition, feeling, position, etc., with regards to a person or thing; tendency or orientation, especially of the mind.

a)

accountability

b)

attitude

c)

gratitude

86.

________________: a payment or gift, as one made to help someone or given by an employer, an insurance company, or a public agency.

a)

benefits

b)

hazards

c)

responsibilities

87.

________________: something causing unavoidable danger, peril, risk, or difficulty.

a)

benefits

b)

hazards

c)

responsibilities

88.

________________: the state or fact of being responsible, answerable, or accountable for something within one's power, control, or management.

a)

benefits

b)

hazards

c)

responsibilities

89.

________________: natural talents for learning specific skills.

a)

analytical skills

b)

aptitudes

c)

communication skills

90.

________________: the abilities you use when giving and receiving different kinds of information. These skills involve listening, speaking, observing, and empathizing.

a)

analytical skills

b)

aptitudes

c)

communication skills

91.

________________: a person who makes a formal application or request for something, especially a job.

a)

applicant

b)

attitude

c)

career

92.

________________: the company department charged with finding, screening, recruiting, and training job applicants, as well as administering benefits.

a)

Human Resources (HR) Department

b)

interview

c)

job

93.

________________: an occupation undertaken for a significant period of a person's life and with opportunities for progress.

a)

applicant

b)

attitude

c)

career

94.

________________: the way a person looks at life.

a)

applicant

b)

attitude

c)

career

95.

________________: a paid position or regular employment.

a)

Human Resources (HR) Department

b)

interview

c)

job

96.

________________: principles or beliefs that guide and regulate actions and behavior.

a)

job application

b)

occupation

c)

values

97.

________________: a formal meeting at which someone is asked questions in order to find out if they are suitable for a post of employment.

a)

Human Resources (HR) Department

b)

interview

c)

job

98.

________________: a form that employers ask job applicants to fill out to learn about their work history.

a)

job application

b)

occupation

c)

values

99.

________________: an occupation undertaken for a significant period of a person's life and with opportunities for progress.

a)

advancement opportunity

b)

career

c)

entry-level

100.

________________: when an employee advances to a position that is classified at a higher salary grade, or in certain circumstances, an acknowledgment of significant greater responsibilities within the same grade.

a)

job promotion

b)

long-term goals

c)

short-term goals