WorksheetsIntro to Business
Total questions: 86
Worksheet time: 43mins
Name
Class
Date
1.
Please type your full name:
4 lines
2.
Cultural diversity as it relates to business, represents:
a)
the differences among people in the workforce
b)
a technical skill
c)
a business theory that is no longer valid
d)
a statistical method used to project sales revenue and profit for global companies
3.
Of the following skills, which is not considered a basic management function necessary to be an effective manager:
a)
leading & motivating
b)
planning
c)
selling
d)
controlling
4.
Public utility companies are often referred to as:
a)
sole propreitorships
b)
socialistic competitors
c)
oligopolies
d)
monopolies
5.
The concept of sustainability focuses on which of the following?
a)
The maximization of profits for the company and its employees.
b)
The ability to maintain or improve standards of living without damaging natural resources for present and future generations.
c)
The needs of future employees.
d)
The needs of the government in the future.
6.
The Consumer Price Index (CPI):
a)
is a monthly index that tracks the prices paid by consumers.
b)
measures prices paid during periods of deflation.
c)
is a quarterly index that producers receive for their finished goods.
d)
measures increases or decreases in the level of worker performance.
7.
The study of an individual's economic decisions would be an example of:
a)
monetary policy
b)
fiscal policy
c)
microeconomics
d)
macroeconomics
8.
The total dollar value of all goods and services produced by all people within the boundaries of a country is called:
a)
gross national product
b)
productivity rate
c)
gross domestic product
d)
inflation factor
9.
A business provides goods and services in exchange for sales revenue and profits.
a)
True
b)
False
10.
A depression is a severe recession that lasts longer than a recession.
a)
True
b)
False
11.
A person must own stock in a company to be considered a stakeholder.
a)
True
b)
False
12.
According to Adam Smith, under laissez-faire capitalism, each person should be allowed to work toward his or her own economic gain without government interference.
a)
True
b)
False
13.
The factors of production include: natural resources, labor, government assistance, and entrepreneurship.
a)
True
b)
False
14.
The four resources that a business must use to operate successfully include: material resources, human resources, financial resources, operational resources.
a)
True
b)
False
15.
The national debt in the United States is about $1.5 billion
a)
True
b)
False
16.
The recurrence of periods of growth and recession in a nation's economic activity is call a depression.
a)
True
b)
False
17.
The term stakeholders refers only to the people who have invested money in a business.
a)
True
b)
False
18.
The U.S. business system is commonly referred to as a mixed economy.
a)
True
b)
False
19.
In the modern day workplace, managers and employees no longer are concerned about cultural diversity.
a)
True
b)
False
20.
When a business distributes profits to business owners, the profits become household income and are no longer part of the circular flow of the economy.
a)
True
b)
False
21.
A social audit is a:
a)
review of the costs of operating a social program
b)
report filed by social sector accountants
c)
report of what a business has done and is doing about social issues
d)
review of management's social activity for the past year
22.
Business ethics:
a)
are the laws and regulations that govern business
b)
do not vary from one person to another
c)
is most important for advertising agencies
d)
is the application of moral standards to business situations
23.
Companies that take their green marketing efforts too far without being able to substantiate their environmental claims may face fines from which federal agency?
a)
Food and Drug Administration (FDA)
b)
Federal Trade Commission (FTC)
c)
Bureau of Consumer Financial Protection (BCFP)
d)
US Sentencing Commission
24.
In the United States, bribes are considered:
a)
unethical
b)
economic returns
c)
uncommon in foreign countries
d)
ethical in certain circumstances
25.
Investors expect management to do all of the following, except:
a)
increase sales
b)
boost the company's profit
c)
make sensible financial decisions
d)
consult them on ethical dilemmas
26.
Long-distance providers are becoming increasingly concerned about certain activities within their industry. Various companies have come together voluntarily to implement new standards of social responsibility that members must abide by. What seems to be the primary motivation in this case for an increased interest in social responsibility?
a)
These companies are using social responsibility as a means to increase their profitability.
b)
These companies have realized it is in their best interest to increase their social responsibility before they are subjected to stricter regulations.
c)
These corporations are creations of society and therefore responsible for giving back to the communities in which they operate.
d)
These companies feel a responsibility to their stockholders, employees, government, and society as a whole.
27.
Primary emphasis in the economic model of social responsibility is on
a)
conservation of resources
b)
production and profits
c)
quality of life
d)
social interests in the community
28.
Social Responsibility:
a)
is generally a scheme used to put competitors out of business
b)
can be extremely expensive and provide little benefit to the company
c)
is costly but provides tremendous benefit to society as well as the company
d)
has little or no associated costs
29.
The combination of environmental legislation, voluntary compliance, and EPA action...
a)
is effective in convincing corporations to reduce harmful actions but has little impact on private citizens
b)
has resulted in a decrease in fines for EPA related offenses
c)
has drastically reduced the need for legal action against offending companies
d)
can have a positive impact on cleaning up the environment and keeping it clean
30.
The manager of a successful local restaurant believes his responsibilities are to provide delicious meals & excellent service, provide job opportunities, comply with laws and the IRS, and earn a respectable profit on the restaurant. These are his only concerns. What business concept does this illustrate?
a)
economic model of social responsibility
b)
socialism
c)
socioeconomic model of social responsibility
d)
consumer protection
31.
The process of creating, making, delivering, and promoting products that are environmentally safe is called:
a)
sustainable farming
b)
recycling
c)
environmental advertising
d)
green marketing
32.
The study of the morality of choices people make is known as:
a)
ethics
b)
freedom of choice
c)
moral aptitude
d)
standard of behavior
33.
What are (2) major problems affirmative action programs have faced?
a)
reverse discrimination & lawsuits
b)
quotas & the creation of the EEOC
c)
quotas & lack of acceptance by some businesses
d)
unrealistic expectations & strict enforcement
34.
An effective program of social responsibility takes time, money, and organization.
a)
True
b)
False
35.
An individual's moral values and central value-related attitudes clearly influence one's business behaviors.
a)
True
b)
False
36.
Businesses' record of social responsibility today is much better than in past decades.
a)
True
b)
False
37.
Environmental offenses make up nearly one half of all crimes committed by business organizations.
a)
True
b)
False
38.
Generally, a program of social responsibility does not cost money.
a)
True
b)
False
39.
In business, all bribes are unethical.
a)
True
b)
False
40.
Incinerating garbage and waste produces ash that is lower in concentration of toxicity than the original garbage.
a)
True
b)
False
41.
It is easy for an organization to develop ethical codes of conduct, policies, and procedures to deal with all relationships and every situation.
a)
True
b)
False
42.
Manufacturers are not required by law to inform consumers about the potential dangers of using their products.
a)
True
b)
False
43.
Once they are made aware of the pollution problem, most firms respond rather than waiting to be cited by the EPA.
a)
True
b)
False
44.
One reason for the large amount of grocery waste in the United States is failing to meet consumer expectations.
a)
True
b)
False
45.
President Franklin D. Roosevelt's program for restoring the economy and improving social conditions became the foundation for increased government involvement in business.
a)
True
b)
False
46.
Relationships with customers and coworkers rarely create ethical dilemmas.
a)
True
b)
False
47.
Sponsors of advertisements aimed at children must be especially careful to avoid misleading messages.
a)
True
b)
False
48.
The economic model of social responsibility emphasizes profits.
a)
True
b)
False
49.
The Environmental Protection Agency (EPA) was created by the federal government to develop new and improved ways of cleaning and enhancing our ecosystems.
a)
True
b)
False
50.
The planning stage of a social responsibility program can involve outside consultants to help develop it.
a)
True
b)
False
51.
The right to service entitles consumers to convenience, courtesy, and responsiveness from manufacturers and sellers of consumer products.
a)
True
b)
False
52.
The Sarbanes-Oxley Act of 2002 deals with corporate responsibility, conflicts of interest, and corporate accountability.
a)
True
b)
False
53.
The translation of caveat emptor means "let the buyer beware."
a)
True
b)
False
54.
All of the following are advantages that small businesses have except:
a)
greater potential for making profit
b)
simplified record keeping
c)
ability to adapt to change
d)
independence & personal relationships with customers
55.
Approximately how many businesses are there in the United States?
a)
28.8 million
b)
4 billion
c)
900,000
d)
1.3 billion
56.
Cynthia Catucci is considering going into business. She wants to offer an income tax service. To minimize her chances of failure, she might consider:
a)
dealing only with wealthy people
b)
borrowing money from the SBA
c)
buying a franchise of a tax prep service
d)
starting from scratch
57.
Large firms generally buy parts and assemblies from smaller firms because:
a)
they can control small businesses this way
b)
doing so creates goodwill
c)
they are required to do so by government regulation
d)
it is less expensive than making their own parts and assemblies
58.
Professors at most universities are highly encouraged to participate in community service. What organization provides low-cost courses and workshops and would welcome management professors with an interest in small companies?
a)
FDIC
b)
SBA
c)
FDA
d)
SCORE
59.
SBA is the acronym of which organization?
a)
Special Bureaucratic Agency
b)
Society of Business Alliances
c)
Small Business Administration
d)
Small Bonds Association
60.
What is the main advantage of small business that helps retain their effective employees who could earn more at a larger company?
a)
limited ability to raise capital
b)
ability to adapt to change
c)
personal relationships with employees
d)
simplified record keeping
61.
Which of the following is not a reason to start a small business?
a)
desire for guaranteed financial return
b)
desire to create something new
c)
willingness to find and accept a challenge
d)
desire for independence
62.
Women comprised 51% of the US population in 2017, and according to the SBA, they owned at least ____ percent of small businesses at that time.
a)
52%
b)
74%
c)
25%
d)
36%
63.
According to government sources, more than half of this century's technological innovations came from small business entrepreneurs.
a)
True
b)
False
64.
Because of small business competition, large companies must become more efficient and responsive to consumers' needs.
a)
True
b)
False
65.
Economically, the US government is not concerned with whether or not small businesses succeed.
a)
True
b)
False
66.
For those who like dealing with people, small business is the place to be.
a)
True
b)
False
67.
John Wells, an African-American small business owner, might be eligible for a grant from the Minority Business Development Agency.
a)
True
b)
False
68.
Money invested in small firms with the potential to become very successful is known as venture capital.
a)
True
b)
False
69.
SCORE is a group of retired and active businesspeople who volunteer their services to small businesses through the SBA.
a)
True
b)
False
70.
Small businesses are generally managed by professional managers.
a)
True
b)
False
71.
Some advantages of the sole proprietorship also apply to small businesses.
a)
True
b)
False
72.
Statistically, one can expect about 50% of new businesses to fail within the first five years of their founding.
a)
True
b)
False
73.
The main reasons small businesses fail are: poor management skills on part of owners, inadequate capital, and poor planning.
a)
True
b)
False
74.
The purchaser of a franchise is called:
a)
franchisor
b)
manager
c)
franchisee
d)
business director
75.
The SBA is a private organization, not a government agency.
a)
True
b)
False
76.
There is much less likelihood of failure with a franchised outlet than with an independently owned small business.
a)
True
b)
False
77.
Which of the following is one of the primary differences between a social media plan and a traditional advertising campaign?
a)
Social media plan is less expensive than a traditional ad campaign
b)
More media outlets are involved in a social medial plan
c)
Social media plan doesn't necessarily have a start and stop date
d)
The products associated with a social media plan endure longer than products advertised traditionally
78.
Which of the following is a key performance indicator (KPI) a business may use to determine the success of its social media plan?
a)
Six Sigma measurement standards
b)
Assessment of the dollar value of merchandise returned
c)
Management plans
d)
Followers, Likes, or visitors on a company's website
79.
These are used to describe the typical customer of an e-business in terms of age, gender, income, and ethnicity:
a)
customer profiles
b)
engagement objectives
c)
client lists
d)
consumer databases
80.
A podcast is a website that allows a customer to share information with a company.
a)
True
b)
False
81.
Data mining refers to searching large amounts of data looking for useful information.
a)
True
b)
False
82.
Number of followers and retweets are typical social media measurements of Facebook.
a)
True
b)
False
83.
There are no such things as special e-business resources.
a)
True
b)
False
84.
Webinars are social media tools used to sell to other businesses.
a)
True
b)
False
85.
What do we call a piece of data from a website that is stored in our device's web browser?
a)
hashtag
b)
blog
c)
cookie
d)
malware
86.
If a product is promoted by an Influencer on TikTok, Instagram, or other social media app; then that product has been verified as a reliable and reputable product that is safe to buy.
a)
True
b)
False
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