Quiz 1
Quiz 1
Question 1
Munn, Inc. is a company that sells night vision equipment to
the public. When it first launched its website, some of the equipment was
incorrectly offered for sale at the company’s wholesale price. The company
received one hundred orders for the mispriced items before the mistake was
corrected and the price changed. If Munn, Inc. follows good business and
ethical practices, it will:
A)
Charge the one hundred customers the posted wholesale price
of the equipment
B)
Delete the one hundred customers’ orders, hoping they will
reorder at the correct price
C)
Charge the one hundred customers the correct retail price of
equipment
Question 2
Which of the following is/are an example(s) of a service?
A)
A flight from Los Angeles to Dallas
B)
A couch or sofa
C)
A computer
Question 3
Which of the following is/are internal stakeholders in a
business?
A)
Competitors
B)
Industry associations
C)
Managers
Question 4
A business cycle reflects changes in economic activity,
particularly real GDP. The phases of a business cycle, in order, are:
A)
Expansion, peak, contraction and trough
B)
Expansion, trough, contraction and peak
C)
Contraction, recession, expansion and boom
Question 5
The field of economics that focuses on the actions of
individual agents within the economy, like households, workers, and businesses
is:
A)
Global economics
B)
Microeconomics
C)
Macroeconomics
Question 6
Pertaining to international trade, the acronym WTO stands
for:
A)
World Trade Organization
B)
World Transaction Operations
C)
Working Trade Organization
Question 7
When the Japanese yen goes up relative to the U.S. dollar:
A)
U.S. citizens will receive more Japanese yen for each dollar
they exchange
B)
Japanese goods will be more expensive for U.S. citizens
C)
Japanese goods will be cheaper for U.S. citizens
Question 8
________ follow(s) the dictates of laws, which are written
down and interpreted by the courts.
A)
Legal behavior
B)
Morals
C)
Ethics
Question 9
Statistics that indicate change in the status of the economy
a few months in the past are called ________ economic indicators.
In
A)
Prognosticating
B)
Leading
C)
Lagging
Question 10
Pertaining to international trade, the acronym GATT stands
for:
A)
Global Agency of Textile Trade
B)
Georgia Affiliation of Timed Transit
C)
General Agreement on Tariffs and Trade
Question 11
In 2015, the fictional country Moonbeam Island had $1.8
billion in imports and $1.2 billion in exports. Its balance of trade is:
A)
$600 million surplus
B)
$600 million deficit
C)
$3 billion surplus
Question 12
Both capital and natural resources can be used to produce
other goods and services, but only capital resources:
A)
Require bank financing
B)
Have been produced
C)
Grow naturally
Question 13
A person who seeks to earn profits by finding new ways to
organize factors of production is a(n):
A)
Employee
B)
Manager
C)
Entrepreneur
Question 14
Shopping online you find a new pair of running shoes that is
a brand you have purchased before. They are offered for 1,500 Thai baht. You
check the exchange rate and find that the current exchange rate for the baht is
$.03 bahts per dollar. What is the price for the shoes in U.S. dollars?
A)
$4.50
B)
$45.00
C)
$450.00
Question 15
If the Consumer Price Index was 120 at the end of last year
and is 125 at the end of this year, the country is experiencing which of the
following?
A)
Inflation
B)
Stagnation
C)
Deflation
Question 16
A hotel provides both goods and services. Which of the
following is an example of a good provided by a hotel?
A)
Offering a bathrobe that you can purchase to take home with
you
B)
Offering rooms for rent
In
C)
Providing clean linens during your stay
Question 17
If Guatemala is seeking funding to invest in expanding
production and exports that will grow its economy then it would turn to:
In
A)
the World Trade Organization.
B)
the International Monetary Fund.
C)
the World Bank.
Question 18
When it was formed the World Trade organization absorbed:
A)
the IMF
B)
the World Bank
C)
all of GATT’s agreements
Question 19
A ________ is a formalized guide that describes the
principles and guidelines that all members must follow in the course of
job-related activities.
A)
Business plan
B)
Code of conduct
C)
Balance sheet
Question 20
Which function is responsible for creating financial reports
that can be used to evaluate the financial performance of the business?
In
A)
Finance
B)
Management
C)
Accounting
Question 21
If a drop in the price of taxicab fares shifts the demand
curve of private limousine rentals leftward, what does this signify?
A)
Taxicab rides and limousine rentals are inferior goods
B)
Taxicab rides and limousine rentals are substitutes
C)
Taxicab rides and limousine rentals are normal goods
Question 22
The market value of all goods and services produced by the
economy in a given year is known as:
A)
Rate of Inflation
B)
Gross Domestic Product (GDP)
C)
Consumer Price Index (CPI)
Question 23
________ is the system of shared beliefs, values, customs,
and behaviors that govern the interactions of members of a society.
A)
Culture
B)
Organization
C)
Humanity
Question 24
All economies in the world share three primary goals, which
are:
A)
Growth, high employment, and price stability
B)
Productivity, high employment and price stability
C)
Growth, happiness and price stability
Quiz 2
Question 1
The business plan market analysis section should indicate
that the business owner has knowledge of the market, has conducted research
into the market and has ________?
A)
mapped out the company’s organizational structure
B)
narrowed the target market to a reasonable size
C)
estimated future funding requirements
Question 2
Individuals are motivated by a sense of fairness in their
interactions, and our sense of fairness is a result of the social comparisons
we make. This is the ________.
A)
acquired-needs theory
B)
equity theory
C)
two-factor theory
Question 3
Managers who adopt a ________ style communicate with
subordinates about what is expected of them and what happens if they meet these
objectives. Their attention tends to focus on identifying problems and disciplining
employees for poor performance.
A)
laissez-faire
B)
transformational
C)
transactional
Question 4
Which of the following definitions best describes a team (or
work team)?
A)
a group of people with complementary skills who work
together to achieve a specific goal
B)
a group of people performing the same job functions and
working in the same office space
C)
a group of people who go about their jobs independently and
meet primarily to share information
Question 5
A company’s mission statement should have what effect on its
employees?
A)
it should prompt employees to get additional training in
order to stay at the workplace
B)
it should instill fear and uncertainty
C)
it should inspire employees and resonate with their inner
motivations.
Question 6
When one company purchases and absorbs another company it is
called a(n):
A)
franchise
B)
merger
C)
acquisition
Question 7
In email messages, using all capital letters denotes:
A)
nothing out of the ordinary
B)
you are shouting or angry
C)
you are excited or happy
Question 8
Conceptual skills are most essential for:
A)
top-level managers
B)
lower-level managers and employees
C)
mid-level managers
Question 9
In the United States, the________ is the right of an
employer to fire an employee or an employee to leave an organization at any
time, without any specific cause. This principle gives both the employee and
employer freedom to terminate the relationship at any time.
A)
mandatory employment principle (MEP)
B)
right-to-work provision (RTW)
C)
employment-at-will principle (EAW)
Question 10
In his managerial role, Carlos starts every project with a
session focused on goal-setting and dialogue among team members about the best
approach for achieving these goals. This activity is part of which primary
function of management?
A)
directing
B)
planning
C)
controlling
Question 11
An approach of open communication and collaborative decision
making suggests which type of leadership?
A)
democratic leadership
B)
autocratic leadership
C)
laissez-faire leadership
Question 12
Joseph oversees the work of three team leaders at a software
company. He reports to the vice president of operations. Based on this
information, at which management level does Joseph work?
A)
first-line management
B)
top management
C)
middle management
Question 13
Which government entity insures loans for small businesses?
A)
the IRS
B)
the SBA (Small Business Administration)
C)
the Federal Reserve
Question 14
The first step in appraising employees’ performance is to:
A)
share performance appraisal results with the employee
B)
complete a written evaluation rating employee performance
according to the predetermined criteria
C)
set goals, performance expectations and specify the criteria
used to measure performance
Question 15
Allocating resources including people, equipment and money
to carry out the company’s plans is the ________ function of management.
A)
planning
B)
controlling
C)
organizing
Question 16
Marc leads a unit focused on business-to-business sales of
the specialty office furniture his company manufactures. His division includes
teams that perform sales and marketing, accounting, product development and
installation. Another company unit focuses on selling to retailers, designers
and households. How does Marc’s employer structure this organization?
A)
customer division structure
In
B)
functional organization
C)
process division structure
Question 17
________ is the process of identifying suitable candidates
and encouraging them to apply for job openings in the organization.
A)
firing
B)
training
C)
recruiting
Question 18
When a corporation makes payments to its shareholders these
are called:
A)
stock benefits
B)
stock buy-back
C)
dividends
Question 19
________ is the tendency to conform to group pressure in
making decisions, while failing to think critically or to consider outside
influences.
A)
group dynamic
B)
groupthink
C)
group cohesiveness
Question 20
Attracting talented employees, developing existing
employees, retaining good employees, and managing these tasks is a matter of
________: the process of developing a plan to satisfy an organization’s human
resources (HR) needs.
A)
strategic human resource planning
B)
strategic employee planning
C)
critical human resource planning
Question 21
What is the purpose of a mission statement?
A)
it explains how the company was created
B)
it describes the purpose of the organization
C)
it defines who will do what in the company
Question 22
The ability to reason abstractly and analyze complex
situations is known as:
A)
organizational skills
B)
technical skills
C)
conceptual skills
Question 23
Lois works at ActiveTech’s headquarters where she leads a
team of eight people. The team is focused on providing technical support and
customer service for ActiveTech’s new line of wearable computing gear for
runners. It is Lois’s sole responsibility to set team goals, assign tasks and
monitor the performance of team members. Lois reports to her manager on team
progress, outcomes and performance metrics. Lois’s team structure is:
A)
a virtual team
B)
a self-managing team
C)
a manager-led team
Question 24
By asking individuals what satisfies them on the job and
what dissatisfies them, Frederick Herzberg came to the conclusion that:
A)
aspects of the social environment that satisfy and
dissatisfy employees are very similar
B)
the same work environment satisfies some employees while
dissatisfying others
C)
aspects of the work environment that satisfy employees are
very different from aspects that dissatisfy them
Quiz 3
Question 1
An airplane manufacture assembles a plane in one location
and the workers and equipment go to the airplane when they need to work on it.
This is an example of a ________.
A)
Fixed-position layout
B)
Product layout
C)
Cellular layout
Question 2
The purpose of this legislation is to reduce unethical
corporate behavior, protect investors from the possibility of fraudulent
accounting activities by corporations, and decrease the likelihood of future
corporate scandals. It is the:
A)
Securities and Exchange Commission (SEC).
B)
Sarbanes-Oxley Act (SOX).
C)
Generally Accepted Accounting Principles (GAAP).
Question 3
In conducting financial analysis of the company, external
parties often use:
A)
Specialized internal reports
B)
Financial statements
C)
Better Business Bureau Rating
Question 4
After planning the production process at a manufacturing
plant, the next step is to determine the:
A)
Technological infrastructure
B)
Plant layout
C)
Labor requirements
Question 5
What is the primary purpose of product placement?
A)
To increase consumer awareness of products
B)
To get products to the customer
C)
To assemble inputs that go into the production process
Question 6
When an individual impersonates another user or site to act
in a malicious way, it is called:
A)
A Trojan horse
B)
Spoofing
C)
A worm
Question 7
A firm’s strategic plan and its marketing plan both start
with ____.
A)
Focus on customers
B)
Social responsibility
C)
Sales projections
Question 8
A ________ chart is useful when the production process is
fairly simple and the activities aren’t interrelated.
A)
Gantt
B)
PIE
C)
PERT
Question 9
A secure computer network that links computers that operate
in offices in different states or regions is a:
A)
Local area network
B)
Wide area network
C)
Database
Question 10
Elaine has just opened a new business near campus that is a
combination of a laundromat, a nail salon, and a tanning studio. There is an
accounting firm located just down the street and Elaine is paying them to do
all of her accounting. At the end of the first quarter (three months of
business), Elaine has several questions about how things are going. If she
wants to understand how much total cash has come into the business this quarter,
then she should look at the ________ that her accountant has prepared.
A)
The Statement of Cash Flows
B)
The Statement of Owner’s Equity
C)
The Income Statement
Question 11
What is the basic structure of the Federal Reserve System?
A)
There are 12 district banks, a Board of Governors and a
Federal Open Market Committee.
B)
The combination of all private banks in the U.S. excluding
Savings and Loans banks.
C)
There is one major bank located in Washington D.C. with branch
banks located in several major cities.
Question 12
Over a given period under normal working conditions, the
maximum quantity of goods that a manufacturing facility can produce is called
its:
A)
Warranty
B)
Capacity
C)
Durability
Question 13
The software used to design models of potential products is
called ________.
A)
Computer-aided manufacturing (CAM)
B)
Computer-aided design (CAD)
C)
Computer-created design (CCD)
Question 14
Using outside vendors to manufacture entire products,
components or provide services is called ________.
A)
Resource alignment
B)
Manufacturing strategy
C)
Outsourcing
Question 15
When Apple introduced the first iPhone, it was priced
substantially higher than other mobile phones at the time. But because it was
also the latest technology, Apple was confident it would sell well. This is an
example of:
A)
Skimming
B)
Penetration pricing
C)
Odd-Even pricing
Question 16
A creditor, such as a bank, would review a company’s cash
and other assets that can easily be converted into cash to determine its:
A)
Liquidity
B)
Break-even point
C)
Owner’s equity
Question 17
What is the important first step in any marketing research
project?
A)
Development of an approach to the problem
B)
Research design formulation
C)
Problem definition
Question 18
68. Elaine has just opened a new business near campus that
is a combination of a laundromat, a nail salon, and a tanning studio. There is
an accounting firm located just down the street and Elaine is paying them to do
all of her accounting. At the end of the first quarter (three months of
business), Elaine has several questions about how things are going. If she
wants to understand how much money she has put into the business so far, then
she should look at the ________ that her accountant has prepared.
A)
The Statement of Owner’s Equity
B)
The Statement of Cash Flows
C)
The Balance Sheet
Question 19
“Higher price equates to higher quality,” is an
example of a ________ pricing strategy in action.
A)
Prestige
B)
High/low
C)
Skimming
Question 20
Accounting has collected data on the length of time it takes
Wanda’s Widgets to pay its bill every month while sales has collected data
about which model of widgets they purchased last quarter. Shipping has been
tracking the number of orders that Wanda’s has returned over the last year.
Belinda, the sales manager is going to make a personal visit to Wanda’s Widgets
and needs information to inform her conversation with the owners. When she
makes her request, the information manager will use the ________ to obtain the
data to analyze.
A)
Enterprise resource planning system
B)
Data mine
C)
Data warehouse
Question 21
Elaine has just opened a new business near campus that is a
combination of a laundromat, a nail salon, and a tanning studio. At the end of
the first quarter (three months of business), Elaine wants to see if she has
made a profit so she makes an appointment to meet with her accountant. When she
gets to the appointment, her accountant will review which of the following
financial statements with Elaine?
A)
Statement of Owner’s Equity
B)
Balance Sheet
C)
Income Statement
Question 22
To calculate the net income from business operations a
manager would apply which of the following equations?
A)
Net income = liabilities + equity
B)
Net income = total revenue – total expenses
C)
Net income = debts – credits
Question 23
Every week, the grocery store chain Great Seals advertises
weekly specials and coupons, hoping to attract customers with great sale
prices. This is an example of:
A)
High/low pricing
B)
Prestige pricing
C)
Everyday low pricing
Question 24
Which of the four Ps is defined as creating goods and
services to offer customers?
A)
Place
B)
Promotion
C)
Product
