Indicate whether the statement is true or false. Personalized promotion is the most effective and least expensive form of marketing communication.

Indicate whether the statement is true or false. 3. To prepare a budget, a business must be able to identify and predict the amount of each source of income and each type of expense.

Indicate whether the statement is true or false. 4. With group insurance, a large number of employees and their family members are covered under one policy.

Indicate whether the statement is true or false. 5. All entrepreneurship opportunities emerge from inventions and innovations.

Indicate whether the statement is true or false. 6. Every manager gives the same amount of time and attention to each of the management functions.

Indicate whether the statement is true or false. 7. All businesses have the same business operations.

Indicate whether the statement is true or false. 8. Most businesses try to keep much more inventory on hand than they will need in the immediate future.

Indicate whether the statement is true or false. 9. The person or company buying an insurance policy is called the insurer.

In the United States, nearly as many small businesses close as begin each year.

With intermittent processing, raw materials constantly move through specially designed equipment, which changes them into a specific product useable for consumption.

The company’s liabilities divided by the owners’ equity is the current ratio.

Payroll taxes consist of income taxes, Social Security, Medicare, and unemployment taxes.

Work groups are an ineffective way for employees to gain experience with management activities.

Once a business plan is written, it should never be revised nor updated.

Sales, expenses, and profits or losses for a specific period are reported in a company’s income statement.

Influence enables a person to affect the actions of others.

Almost everyone has the same beliefs about what constitutes ethical behavior.

Usually, several manufacturers are a part of the total activity needed to produce goods that are purchased by consumers or other businesses.

Management is the ability to motivate individuals and groups to achieve increased morale.

Which of the following usually is NOT a long-term asset?

The members of Kimberly’s work unit support her because they like her and believe she has the best interests of her employees in mind. This is an example of

Retailers lose more than $44 billion of their inventories each year. The largest source of these losses is

Gross margin is

Which of the following pays the amount of an insurance policy upon the death of the insured?

In modern factories,

John, a customer service manager, has sent a memo to Brianne, one of his employees. This is an example of

Which of the following is NOT an example of intellectual property?

Short-term financing is obtained for a period of less than

If you start a new business, you need information about

Businesses that use the Internet for communications and information sharing

What is the most basic form of production?

The first activity in production planning is

Facilities management begins with

Which marketing function involves communicating directly with potential customers to determine their needs?

A key difference between advertising and publicity is that

A speaker manufacturer is studying the current design to find ways to improve the speaker’s sound. This is an example of

Just one person is MOST likely responsible for all of the management functions in a

Which of the following would NOT generally be considered one of the marketing functions?

To reduce international business risk, a business should

Which of the following is NOT an important human relations skill needed by leaders and managers?

Most of the money needed to start a new business comes from

Of all new businesses,

Which type of financial records identify the amount assets have decreased in value due to their age and use?

This shows how much profit is being made by each dollar of sales for the period being analyzed.

In which of the following situations should a manager use tactical management?

A time plan for completing activities is called a(n)

The first step in the consumer decision-making process is to

To plan effective promotions, marketers must first

50. In simple terms, are what a company owns.

The amount a policyholder must pay for insurance coverage is a

The first step in developing a business plan is to

The three major categories of business insurance are

Businesses that take part in a channel of distribution are known as

Independent insurance agents

Mission statements

This type of operational software keeps track of project calendars, tasks, to-do lists, and work assignments.

Employees at the first level of management in a business are

Executives spend most of their time on

The way a manager treats and involves employees is called

An income statement usually covers

All of the following would be considered expenses EXCEPT

Which of the following does NOT describe a typical small business?

Managers typically spend much of their time dealing with

Having too many products in inventory

The exclusive right of an inventor to make, sell, and use a product or process is called a

Which of the following is probably the LEAST important factor in becoming an entrepreneur?

Building a specific and unique product to meet the needs of one customer is done with

Which element of a business plan discusses the entrepreneur’s short- and long-term goals for the business?

Which of the following would NOT be discussed in the operations plan section of a business plan?

In 2014, U.S. businesses, universities, and government spent more than ____________________ on product research.

A business will make a profit if

Successful entrepreneurs tend to have all of the following characteristics EXCEPT

Personal selling is usually done

The person or business for which an insurance company assumes the risk is called the

Small businesses account for of the U.S. gross domestic product each year.

Which type of budget is an estimate of the actual money received and paid out for a specific period?

Ethical behavior consists of

Which of the following is probably NOT a mid-management job?

Which of the following is NOT a major logistical activity?

The amount of money needed to open a business is called ____________________ financing.

Money needed to pay for the current operating activities of a business is referred to as ____________________ financing.

A business ____________________ is a written description of a business idea and how it will be carried out.

The type of business operation associated with a business’s buildings is called ____________________ management.

85. ____________________ records identify the type and number of products on hand for sale.

Top-level managers such as presidents and chief executive officers, with responsibilities for the direction and success of the entire business, are called ____________________.

The important principles that guide decisions and actions in a company are called ____________________ values.

88. ____________________ are the principles of conduct governing an individual or group.

89. ____________________ communications methods have been established and approved by the organization.

90. The Small Business ____________________ is a U.S. government agency that helps small business owners obtain financing and other support for their companies.

91. ____________________ influence is the ability to get others to accomplish tasks because group members recognize that the leader has special knowledge in the area.

In a(n) ________________ group, a small number of consumers discuss their ideas, experiences, and opinions in a group discussion.

Most business plans are developed for ________________ year(s).

Proprietors must pay ________________-employment taxes, which are contributions to Medicare and Social Security.

Life insurance payments are made to people named in the policy known as ________________.

Risk can be thought of as the possibility of incurring a(n) ________________.

________________ assets include cash and those items that can be readily converted into cash.

A company reports its assets, liabilities, and owner’s equity on the ________________ sheet.

Supervisors spend most of their time on the ________________ management function.

________________ records are financial records that name the buildings and equipment owned by the business, their original and current value, and the amount owned if money was borrowed to purchase them.