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Principles of Business, Marketing & Finance Midterm

Total questions: 26

Worksheet time: 13mins

Name
Class
Date
1.

Products are commonly known as ____.

a)

needs and wants

b)

goods and services

c)

factors of production

d)

functions of business

2.

The driving force in choosing to start a business is ____.

a)

scarcity

b)

needs and wants

c)

opportunity costs

d)

supply and demand

3.

Which type of spending is not a component of GDP?

a)

input

b)

growth

c)

output

d)

policy

4.

Fiscal policy involves ____ decisions made by the government.

a)

Consumer

b)

Business

c)

Government

d)

Stock market

5.

A general rise in prices throughout an economy is called ____.

a)

inflation

b)

deflation

c)

per capita GDP

d)

fiscal policy

6.

A company’s code of conduct is likely to include rules on ____.

a)

Offer

b)

Breach

c)

Acceptance

d)

Consideration

7.

Principles that help define appropriate behavior in a business setting are ____.

a)

Partnership agreement

b)

Lease

c)

Employment agreement

d)

Employment offer

8.

Which government agency works to prevent unfair competition and deceptive business practices?

a)

Consumer Product Safety Commission

b)

US Food and Drug Administration

c)

Federal Trade Commission

d)

US Department of Labor

9.

____ describes how the owners and employees think, feel, and act as a business.

a)

equal employment and advancement opportunities

b)

equal pay

c)

annual pay raises

d)

collective bargaining

10.

A major advantage of forming a corporation is ____.

a)

Auto manufacturer

b)

Auto parts manufacturer

c)

New car dealership

d)

Auto repair shop

11.

An accounting firm that prepares taxes for an advertising agency operates in the ____ market.

a)

B2B

b)

NAICS

c)

LLC

d)

B2C

12.

Cooperatives are run ____.

a)

by the government

b)

democratically

c)

similarly to an LLC

d)

without voting members

13.

Which is not a benefit of exporting?

a)

Reduce legal documents

b)

Realize potential new markets

c)

Increase profits

d)

Generate jobs

14.

A group of countries that have reduced or eliminated trade barriers among themselves is a(n) ____.

a)

the previous year

b)

average

c)

with a floating currency

d)

another country

15.

The person or company that buys the rights to sell another company’s goods or services in a specific area is a(n) ____.

a)

exports plus imports

b)

exports minus imports

c)

imports minus tariffs

d)

the same as the balance of payments

16.

Which of the following is a quality of effective leadership?

a)

planning

b)

profit

c)

pro forma

d)

professional advice

17.

Entrepreneurs willingly risk resources to start and run a business in pursuit of ____.

a)

Self-confidence

b)

Self-reliability

c)

Self-transferability

d)

Self-mentoring

18.

Two sources of equity financing are ____.

a)

Mentoring

b)

Basic math functions

c)

Franchising

d)

Angel investing

19.

____ is when all authority rests with top management.

a)

plan

b)

short-term goal

c)

long-term goal

d)

procedure

20.

Interactive forces within a group are called ____.

a)

procedure

b)

objective

c)

goal

d)

organization chart

21.

New product introduction occurs during the ____ stage.

a)

Time

b)

Place

c)

Possession

d)

Form

22.

Testing new services before they are available is done through ____.

a)

mass production

b)

division of labor

c)

productivity

d)

custom manufacturing

23.

Ergonomics involves ____.

a)

Recruiting and hiring

b)

Training and development

c)

Compensation

d)

Scheduling resources

24.

One way organizations help balance job and family life is ____.

a)

conducting interviews

b)

job-specific training

c)

professional development

d)

arbitration

25.

Dividing the market by preferences or lifestyle choices is ____.

a)

Customer satisfaction

b)

Vendor satisfaction

c)

Behavioral segmentation

d)

All of the above

26.

Which B2B buying decision involves the most research?

a)

prime location

b)

progressive marketing

c)

promotion

d)

production