WorksheetsPrinciples of Business, Marketing & Finance Midterm
Total questions: 26
Worksheet time: 13mins
Products are commonly known as ____.
needs and wants
goods and services
factors of production
functions of business
The driving force in choosing to start a business is ____.
scarcity
needs and wants
opportunity costs
supply and demand
Which type of spending is not a component of GDP?
input
growth
output
policy
Fiscal policy involves ____ decisions made by the government.
Consumer
Business
Government
Stock market
A general rise in prices throughout an economy is called ____.
inflation
deflation
per capita GDP
fiscal policy
A company’s code of conduct is likely to include rules on ____.
Offer
Breach
Acceptance
Consideration
Principles that help define appropriate behavior in a business setting are ____.
Partnership agreement
Lease
Employment agreement
Employment offer
Which government agency works to prevent unfair competition and deceptive business practices?
Consumer Product Safety Commission
US Food and Drug Administration
Federal Trade Commission
US Department of Labor
____ describes how the owners and employees think, feel, and act as a business.
equal employment and advancement opportunities
equal pay
annual pay raises
collective bargaining
A major advantage of forming a corporation is ____.
Auto manufacturer
Auto parts manufacturer
New car dealership
Auto repair shop
An accounting firm that prepares taxes for an advertising agency operates in the ____ market.
B2B
NAICS
LLC
B2C
Cooperatives are run ____.
by the government
democratically
similarly to an LLC
without voting members
Which is not a benefit of exporting?
Reduce legal documents
Realize potential new markets
Increase profits
Generate jobs
A group of countries that have reduced or eliminated trade barriers among themselves is a(n) ____.
the previous year
average
with a floating currency
another country
The person or company that buys the rights to sell another company’s goods or services in a specific area is a(n) ____.
exports plus imports
exports minus imports
imports minus tariffs
the same as the balance of payments
Which of the following is a quality of effective leadership?
planning
profit
pro forma
professional advice
Entrepreneurs willingly risk resources to start and run a business in pursuit of ____.
Self-confidence
Self-reliability
Self-transferability
Self-mentoring
Two sources of equity financing are ____.
Mentoring
Basic math functions
Franchising
Angel investing
____ is when all authority rests with top management.
plan
short-term goal
long-term goal
procedure
Interactive forces within a group are called ____.
procedure
objective
goal
organization chart
New product introduction occurs during the ____ stage.
Time
Place
Possession
Form
Testing new services before they are available is done through ____.
mass production
division of labor
productivity
custom manufacturing
Ergonomics involves ____.
Recruiting and hiring
Training and development
Compensation
Scheduling resources
One way organizations help balance job and family life is ____.
conducting interviews
job-specific training
professional development
arbitration
Dividing the market by preferences or lifestyle choices is ____.
Customer satisfaction
Vendor satisfaction
Behavioral segmentation
All of the above
Which B2B buying decision involves the most research?
prime location
progressive marketing
promotion
production
