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WorksheetsSpring 2025 Business Management Final
Total questions: 97
Worksheet time: 49mins
Name
Class
Date
1.
True or False: A merchandising business is a business that purchases finished products and resells them to consumers
a)
True
b)
False
2.
True or False: Human Resources is the division of a business responsible for finding, recruiting, screening, and training job applicants.
a)
True
b)
False
3.
True or False: Management is the coordination and organization of business
activities.
a)
False
b)
True
4.
True or False: Manufacturing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services
a)
True
b)
False
5.
True or False: Marketing is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.
a)
True
b)
False
6.
True or False: Corporation is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity
a)
True
b)
False
7.
True or False: Manufacturing is the process of transforming raw materials into finished goods through the use of tools, machines, and labor.
a)
True
b)
False
8.
A processes that involve different activities that lead to the extraction of raw materials from the earth (such as oil, metals, mineral and aggregates), processing and utilization by consumers.
a)
Extracting Industry
b)
Merchandising Industry
c)
Manufacturing
d)
Service Industry
9.
An organization or enterprising entity engaged in commercial, industrial, or professional activities
a)
Corporation
b)
Marketing
c)
Management
d)
Business
10.
Members are not personally liable for the company's debts. _____ are taxed on a "pass-through" basis, all profits and losses are filed through the member's personal tax return
a)
LLC
b)
PARTNERSHIP
c)
CORPORATION
d)
SOLE PROPRIETORSHIP
11.
A group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes.
a)
Corporation
b)
Actuary
c)
Partnership
d)
Sole Proprietorship
12.
This career guides businesses and individuals in decisions about expending money to attain profit.
a)
Venture Capitalist
b)
Takeover Specialist
c)
Research Analysis
d)
Financial Analyst
13.
The person who calculates the risks for an insurance company or financial institution
a)
Copay
b)
Actuary
c)
Beneficiary
d)
Underwriter
14.
This provides specific products or services that meet a need or are otherwise useful to customers.
a)
Manufacturing Industry
b)
Service Economy
c)
Service Sector
d)
Service Industry
15.
This manages how others see and feel about a person, brand, or company
a)
Marketing
b)
Public Relations
c)
Human Resources
d)
Management
16.
Special type of corporation allowed by states that is taxed as if it were a sole proprietorship or partnership
a)
Limited Liability Corporation
b)
Partnership
c)
Corporation
d)
Sole Proprietorship
17.
Dentists and Accountants are examples of what kind of business?
a)
Service Businesses
b)
Merchandise/Service Businesses
c)
Manufacturing
d)
Extracting
18.
A business owned and managed by one person.
a)
Corporation
b)
LLC
c)
Sole Proprietorship
d)
Partnership
19.
Business owned and operated by its user-members for the purpose of supplying themselves with goods and services.
a)
Corporation
b)
Joint Venture
c)
Cooperative
d)
Creditor
20.
Business owned by two or more people.
a)
Corporation
b)
Joint Venture
c)
Partnership
d)
Franchise
21.
What % of small businesses fail in 5 years?
a)
50%
b)
90%
c)
30%
d)
80%
22.
Organization that does not pay taxes and does not exist to make a profit
a)
Non-Profit Businesses
b)
Corporations
c)
Personal Businesses
d)
Sole Proprietorships
23.
Which is not one of the 4 types of partnerships?
a)
Limited Partnerships
b)
Boss Partnership
c)
Silent Partnership
d)
General Partnerships
24.
Who governs a corporation?
a)
CEO
b)
Owner
c)
CFO
d)
Board of Directors
25.
What is the difference between a privately owned corporation and a publicly owned corporation?
a)
All the shares are owned by a small number of individuals, often family members or the managers of the company.
b)
Who owns the shares and can purchase shares of stock for the corporation.
c)
a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership
d)
Owned by a relatively large number of shareholders, most of whom have no connection with the company beyond the desire to make a profitable investment from owning shares of it
26.
Which of the following is an example of a franchise?
a)
McDonald's
b)
American Airlines
c)
Green Top Grocery
d)
Rosie's Pub
27.
True or False: A Marketing plan is a group of consumers a company aims its products at
a)
False
b)
True
28.
True or False: Push Marketing is a company's market position and successful strategies
a)
False
b)
True
29.
True or False: a USP is a factor that differentiates a product from competitors
a)
False
b)
True
30.
True or False: Pricing and Position Strategy is pricing products based on competitors and positioning
a)
False
b)
True
31.
True or False: An example of retention strategy is perception among customers.
a)
False
b)
True
32.
True or False: Promotion Strategy includes advertising, personal selling, sales promotions, direct marketing, internet marketing, and public relations
a)
False
b)
True
33.
Path a product takes from manufacturer to consumer
a)
Place
b)
Promotion
c)
Channels of Distribution
d)
Channel Management
34.
Taking products to customers (e.g. negotiating with retailers)
a)
Target Market
b)
Push Strategy
c)
Push Marketing
d)
Promotion
35.
Attracting customers through mass media promotions and sales promotions
a)
Pull Marketing
b)
Place
c)
Pull Strategy
d)
Push Marketing
36.
Comprehensive plan to advertise a target market
a)
Business plan
b)
Target market
c)
Marketing strategy
d)
Marketing plan
37.
Transforming a person into a paying customer
a)
Marketing Plan
b)
Checkout Process
c)
Product Experience
d)
Conversion Strategy
38.
The following statement is an example of which part of the SWOT? "McDonalds brand image is very strong"
a)
Strength
b)
Weakness
c)
Opportunities
d)
Threats
39.
The following statement is an example of which part of the SWOT? "McDonalds has the opportunity to grow and expand in developing countries."
a)
Strength
b)
Weakness
c)
Opportunities
d)
Threats
40.
The following statement is an example of which part of the SWOT? "McDonalds standardization ensures consistency but also reduces the companies flexibility"
a)
Strength
b)
Weakness
c)
Opportunities
d)
Threats
41.
The following statement is an example of which part of the SWOT? "The restaurant industry is highly competitive"
a)
Strength
b)
Weakness
c)
Opportunities
d)
Threats
42.
Commodities involves those economic transactions that take place inside the geographical boundaries of a country
a)
true
b)
False
43.
Export- a commodity, article, or service brought in from abroad for sale.
a)
true
b)
false
44.
Commodities- A port is a maritime facility comprising one or more wharves or loading areas, where ships load and discharge cargo and passengers
a)
true
b)
False
45.
Gross National Product- any business that operates across international borders.
a)
True
b)
False
46.
Trade- the action of buying and selling goods and services.
a)
True
b)
False
47.
Import- a tax or duty to be paid on a particular class of imports or exports.
a)
True
b)
False
48.
a commodity, article, or service sold abroad.
a)
Trade
b)
Import
c)
Export
d)
Domestic
49.
an official ban on trade or other commercial activity with a particular country.
a)
Tariff
b)
Export
c)
Import
d)
Embargo
50.
goods transported in bulk by truck, train, ship, or aircraft.
a)
Transit
b)
Freight
c)
Cargo
d)
Haulage
51.
Total market value of all goods and services produced in a country in a year.
a)
Gross Domestic Product
b)
Consumer Price Index
c)
Gross National Product
d)
Gross National Income
52.
a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
a)
Import
b)
Export
c)
Commodities
d)
Resources
53.
The total value added from domestic and foreign sources claimed by residents of a country.
a)
Gross Domestic Product
b)
Purchasing Power Parity
c)
Gross National Product
d)
International Monetary Fund
54.
What is leadership?
a)
a) A form of control
b)
b) Influencing individuals and groups to achieve organizational goals
c)
c) Isolation from others
d)
d) Following orders blindly
55.
Which of the following is NOT a leadership characteristic?
a)
a) Intelligence
b)
b) Initiative
c)
c) Cooperation
d)
d) Aggressiveness
56.
How many main styles of leadership were discussed in this topic?
a)
a) Two
b)
b) Three
c)
c) Four
d)
d) Five
57.
Which leadership style encourages employee participation but can be time-consuming?
a)
a) Autocratic
b)
b) Democratic
c)
c) Open
d)
d) Situational
58.
Laissez-Faire leadership works well with:
a)
a) Experienced employees
b)
b) Unskilled employees
c)
c) Aggressive employees
d)
d) All employees equally
59.
Which of the following is NOT a main type of communication?
a)
a) Listening
b)
b) Verbal
c)
c) Nonverbal
d)
d) Technical
60.
What is one way to improve listening skills?
a)
a) Ignore feedback
b)
b) Stop practicing after a few days
c)
c) Practice every day
d)
d) Focus only on the message
61.
Which is a characteristic of verbal communication?
a)
a) Speaking without thinking
b)
b) Repeating minor points
c)
c) Believing in the message
d)
d) Using nonverbal cues
62.
Which of the following is NOT a verbal channel of communication?
a)
a) Written
b)
b) Email
c)
c) Face-to-face conversation
d)
d) Hand gestures
63.
Nonverbal communication involves:
a)
a) Speaking clearly
b)
b) Writing messages
c)
c) Communicating without speaking
d)
d) Using technical jargon
64.
What is an example of nonverbal forms of communication?
a)
a) Email
b)
b) Presence
c)
c) Phone call
d)
d) Written report
65.
According to the information, what do managers spend most of their time doing?
a)
a) Talking
b)
b) Writing reports
c)
c) Listening
d)
d) Making decisions
66.
What is a key leadership style where leaders give clear instructions but may bore employees?
a)
a) Autocratic
b)
b) Democratic
c)
c) Open
d)
d) Situational
67.
Which leadership style leaves decisions to individual employees and gives little direction?
a)
a) Autocratic
b)
b) Democratic
c)
c) Open
d)
d) Situational
68.
What are some leadership characteristics mentioned?
a)
a) Charisma, secrecy, isolation
b)
b) Intelligence, initiative, cooperation
c)
c) Dictatorship, manipulation, aggression
d)
d) Isolation, obedience, deception
69.
Which type of communication involves the sender, receiver, message, and feedback?
a)
a) Listening
b)
b) Verbal
c)
c) Nonverbal
d)
d) Technical
70.
Which of the following is NOT a main type of communication?
a)
a) Visual
b)
b) Listening
c)
c) Nonverbal
d)
d) Verbal
71.
What is a characteristic of laissez-faire leadership?
a)
a) High control and supervision
b)
b) Works well with less confident workers
c)
c) Requires constant micromanagement
d)
d) Works well with experienced employees
72.
Which of the following is an example of a verbal channel of communication?
a)
a) Reading body language
b)
b) Sending an email
c)
c) Using hand gestures
d)
d) Maintaining a neutral presence
73.
What is the accounting equation?
a)
Assets = Revenue - Expenses
b)
Assets = Liability + Equity
c)
Equity = Revenue + Expenses
d)
Liability = Assets - Revenue
74.
What is the average starting salary for accountants?
a)
$78,000
b)
$68,000
c)
$50,500
d)
$120,000
75.
Which of the following best defines assets?
a)
Amounts owed to lenders and suppliers
b)
Capital amassed by the company
c)
Resources owned by a company with future economic value
d)
Money invested by stockholders
76.
What does liquidity refer to?
a)
The total amount of debt a company has
b)
The speed at which an asset can become cash
c)
The value of company stocks
d)
The amount of equity in a business
77.
What is a liability in accounting terms?
a)
Resources owned by a company
b)
Obligations and amounts owed to others
c)
Profits earned by the business
d)
Investment returns
78.
What are fixed expenses in a budget?
a)
Expenses that vary monthly
b)
One-time purchases
c)
Costs that do not fluctuate
d)
Optional spending categories
79.
What education requirement is needed for accountants?
a)
2-year Associate's degree
b)
Master's degree
c)
4-year Bachelor's degree
d)
Professional certification only
80.
What represents equity in a company?
a)
Total assets minus total liabilities
b)
Total revenue minus expenses
c)
Cash and investments only
d)
Property and equipment value
81.
Which financial statement summarizes a company's assets, liabilities, and equity?
a)
Income Statement
b)
Cash Flow Statement
c)
Balance Sheet
d)
Equity Statement
82.
What is the primary purpose of an income statement?
a)
To show only company debts
b)
To track daily expenses
c)
To measure financial performance over a specific period
d)
To record employee salaries
83.
Which of these is considered a current asset?
a)
Long-term investments
b)
Cash and cash equivalents
c)
Fixed assets
d)
Intangible assets
84.
Which of these is considered a variable expense?
a)
Mortgage payment
b)
Insurance
c)
Utilities
d)
Rent
85.
What is a budget?
a)
A record of past transactions
b)
An estimate of future costs and revenues
c)
A list of assets only
d)
A statement of current debt
86.
How frequently are companies required to release their balance sheets?
a)
Annually
b)
Monthly
c)
Quarterly
d)
Semi-annually
87.
What is retained earnings?
a)
Current month's revenue
b)
Money set aside for expenses
c)
Accumulated profits kept by the company
d)
Employee savings accounts
88.
Which item is considered a liability?
a)
Stock investments
b)
Accounts receivable
c)
Accounts payable
d)
Retained earnings
89.
What is capital surplus in accounting?
a)
Extra inventory
b)
Excess cash
c)
Additional paid-in capital from investors
d)
Unused budget funds
90.
What is gross profit?
a)
Total revenue minus all expenses
b)
Total revenue minus cost of revenue
c)
Total assets minus liabilities
d)
Net income plus taxes
91.
Which of these is part of stockholders' equity?
a)
Accounts payable
b)
Short-term debt
c)
Common stock
d)
Inventory
92.
What is the relationship between assets and liabilities plus equity?
a)
They should be different
b)
They must be equal
c)
Assets should be less
d)
Liabilities should be more
93.
Understanding the legal system and how these laws impact businesses, consumers, and society is crucial for your success as a future professional.
a)
True
b)
False
94.
Laws are required to be followed, and they are put in place for a reason.
a)
True
b)
False
95.
Unethical and illegal activity within a business is acceptable if it benefits the business.
a)
True
b)
False
96.
Business Laws are created for which of the following reasons?
a)
They protect the liberties and rights of companies and the people who work there.
b)
To maintain order amongst businesses, brands, and employees.
c)
They help resolve disputes within a company.
d)
All of the above
97.
What does OSHA stand for?
a)
Occupational School Health Association
b)
Occlusive Safety and Health Association
c)
Occupational Safety and Health Administration
d)
Occupational School Safety Administration
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