can offer loans to businesses and consumers as well as protection against f

Which of the following statements is not a reason why world trade is sometimes necessary?

A country's government may make the production of a certain good illegal.

All of the following are reasons to restrict trade except

foreign companies' products may be inferior to those produced at home.

to focus on a particular activity, area, or product.

Which statement is most true?

Some men and women receive equal pay for equal work, but most do not.

If the value of the U.S. dollar goes up compared with the euro,

it will take fewer dollars to buy Italian leather.

Governments allocate resources by

deciding how to spend tax revenues.

The best example of a sustainable development would be

using recycled materials to build housing.

A more diverse population means

companies can target several distinct market segments

Diversity training programs are designed to

promote tolerance among workers.

The following are examples of conflicts of interest except

a business hiring an accounting firm to oversee record-keeping.

During a depression, there is

high unemployment and low production of goods and services.

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Business Admin Final Review

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Questions 80

Answers

1
The Internet has created a demand for
information technology security experts.
software writers.
all of the above
Web page designers.
2
A business that puts authority with top management has
decentralized organization
line and staff authority.
line authority.
centralized organization.
3
Insurance companies
provide loans for buying homes or businesses.
can offer loans to businesses and consumers as well as protection against f
cannot offer loans to businesses and consumers.
are not-for-profit financial institutions.
4
For businesses to stay successful, they must offer
all of the above.
competitive prices.
quality products.
outstanding service.
5
The two main types of bank accounts are savings accounts and
CDs.
money market accounts.
checking accounts.
mutual funds.
6
A written description of a business venture that describes all aspects of the business is called
a business plan.
a company charter.
a company policy.
an executive summary.
7
All of the following are recommended traits for a career in entrepreneurship except being
enthusiastic.
a risk-taker.
goal-oriented
cost-conscious.
8
Which of the following statements is not a reason why world trade is sometimes necessary?
A country may not have the necessary resources to produce certain products.
A country cannot produce a desired good because it does not have a suitable
A business in one country may produce better products or services at cheape
A country's government may make the production of a certain good illegal.
9
All of the following are reasons to restrict trade except
foreign companies' products may be inferior to those produced at home.
other countries may not have the same environmental or human rights standar
foreign competition can lower the demand for products made at home.
companies at home need to be protected from unfair foreign competition.
10
All of the following are examples of an industry except
auto mechanics.
food service businesses.
medical supply companies.
financial service firms.
11
Most people enter the job market as a(n)
entry-level employee.
operational manager.
middle manager.
top-level manager.
12
In a self-managed team, the leader can be described as
a manager.
an autocratic leader.
a team player.
a democratic leader.
13
A business plan is used by
the entrepreneur to keep focused on the goals of the business.
top management involved in the start-up of a new business.
potential investors to see if they want to invest in the business.
all of the above
14
To specialize means
to take specific courses in college.
to focus on a particular activity, area, or product.
to promote a particular feature.
to give preferential treatment.
15
A worker's summary of academic and work history is called
a resume.
a job application.
an employment transcript.
a cover letter.
16
An example of voluntary separation is
retirement
termination
transfer
resignation
17
During a recovery
money is scarce
production starts to increase
unemployment is nonexistent.
GDP is stagnant
18
The line and staff authority structure can lead to
more efficient production.
overstaffing.
more sales.
lower costs.
19
Day-to-day supervision of employees is handled by
middle managers.
top-level managers.
operational managers.
union managers.
20
The leadership style that places most trust and confidence in workers is
committee leadership.
free-rein leadership.
autocratic leadership.
democratic leadership.
21
All of the following are transfer payments except
unemployment pay.
veterans' benefits.
Social Security.
income tax refunds.
22
The rate that the bank pays customers for keeping their money is called
a finance charge.
a service fee.
interest.
a service charge.
23
Which statement is most true?
Men and women receive equal pay for equal work.
Some men and women receive equal pay for equal work, but most do not.
Women deserve more pay than men.
Men deserve higher pay than women.
24
If the value of the U.S. dollar goes up compared with the euro,
the same amount of U.S. dollars will buy less French cheese.
it will take fewer euros to buy American products.
it will take fewer dollars to buy Italian leather.
the United States will reduce European imports.
25
Governments allocate resources by
giving most of the funding to the military.
deciding how to spend tax revenues.
funding nonprofit organizations on a first come, first-served basis.
giving political candidates money to fund campaigns.
26
To reduce limits on trade,
companies sell products illegally on the "black market."
nations reduce their comparative advantage.
governments enact embargoes.
nations form trade alliances.
27
Money paid to an employee on an hourly basis is
a commission.
a salary.
compensation.
a wage.
28
The best example of a sustainable development would be
using recycled materials to build housing.
developing a new way to burn coal.
drilling for oil in the ocean.
manufacturing a new type of SUV.
29
Another name for money is
exchange.
currency.
unit.
barter.
30
To avoid failure, a business can modify
all of the above
its services.
its products.
its business practices.
31
A more diverse population means
companies can target several distinct market segments
higher-quality products and services
more companies will fail
more companies have difficulty communicating with
32
Diversity training programs are designed to
promote tolerance among workers.
help "Americanize" employees of different backgrounds.
help marketers improve their strategy.
teach human resources managers how to hire a diverse workforce.
33
The following are examples of conflicts of interest except
a business hiring an accounting firm to oversee record-keeping.
a principal hiring her husband to teach at her school.
a judge hearing a case defended by his former law firm partner.
an elected official awarding a contract to his business partner.
34
Recovery is marked by
more money to purchase goods and services.
all of the above
people going back to work.
increases in production.
35
During the early 1600s, the U.S. economy was
service-based.
industry-based.
information-based
agriculture-based.
36
Local taxes pay for
motor vehicle departments.
defense.
city streets and parks.
interstate highways.
37
During a depression, there is
low unemployment and high production of goods and services.
low unemployment and low production of goods and services.
high unemployment and high production of goods and services.
high unemployment and low production of goods and services.
38
SBA is an acronym that stands for the
Small Businesses Agency.
Start-Up Business Administration.
Small Businesses of America
Small Business Administration.
39
The total amount of money a government owes is its
federal debt.
federal deficit.
national deficit.
national debt.
40
The recovery of the Great Depression was helped by
World War II
innovation
increased demand
World War I
41
A commercial loan is a loan made to businesses to finance the purchase of
real estate.
professional services.
supplies and equipment.
commercials.
42
An advantage of a partnership is
that the partners often bring different skills and talents to the business.
all of the above.
that banks are often more willing to lend money to a partnership than to a
that the partners make decisions together.
43
Processed goods include all of the following except
organic vegetables.
gasoline.
steel.
white sugar.
44
Intrastate commerce is overseen by
all of the above
the federal government.
state governments.
local governments.
45
All of the following are factors of production except
educational resources.
natural resources.
labor resources.
capital resources.
46
A good communicator is one who
speaks intelligently.
makes sure everyone listens.
makes sure that his or her directives are understood.
listens as well as speaks.
47
Economic indicators measure
how the country compares to others.
how much a country is producing.
whether its economy is growing.
all of the above
48
One of government's roles is to
provide health care for all its citizens.
generate sales revenues.
foster economic success.
guarantee the safety of all citizens.
49
The most common technology staple in business today is the
all of the above
computer.
telephone.
automobile.
50
A police officer directing people in an emergency situation uses
consensus leadership.
democratic leadership.
free-rein leadership.
autocratic leadership.
51
Today's leadership trend is toward
autocratic leadership.
free-rein leadership.
self-managed teams.
democratic leadership.
52
A group's culture can be considered In terms of its
art
history
religious beliefs
all the above
53
Giving managers and employees the power to run things is called
divesting.
dictating.
delegating.
directing.
54
Leading means
telling subordinates what to do.
being the first in line.
providing direction and vision.
making sure everyone is following you.
55
A performance appraisal is an evaluation of how well an employee
is getting along with coworkers
is doing a job
is qualified for the job
understands the importance of performance
56
Most of the banks in the United States are
savings banks.
credit unions.
savings and loan associations.
commercial banks.
57
When applying for a job, a good person to use as a reference is a
friend.
parent.
cousin.
teacher.
58
Worker protection laws
impose safety requirements.
ensure that every employee earns a living wage.
require employers to provide health insurance.
severely curtail outsourcing.
59
The following are public goods except
schools.
highways.
shopping malls.
libraries.
60
When all the steps in a process are linked digitally, it is called a
digital workflow.
streamlined production.
technology center.
paper workflow.
61
Consumers usually deal directly with
retailers.
wholesalers.
distributors.
manufacturers.
62
An effective manager is one who
understands employment law.
is a team player.
started as an entry-level employee.
has the ability to lead.
63
A most important skill needed by managers is the ability to
predict the future.
multi-task.
give orders.
be creative.
64
A dividend is
a tax paid by stockholders.
the money lost on a share of stock.
the cost of a share of stock.
the money made as a result of owning a share of stock.
65
A tax break is
is the break-even point in the calendar year for taxpayers.
a suspension of taxes to provide temporary relief for the taxpayer.
the amount of tax levied that the taxpayer can no longer afford to pay.
a special benefit given to promote specific economic or social objectives.
66
Competition forces businesses to
decide how to best use and conserve their resources.
drive their competitors out of business.
lower their prices.
file for bankruptcy.
67
One disadvantage that corporations face is
the cost of raw materials.
double taxation.
environmental laws.
competition.
68
An autocratic leader is one who
runs a company alone.
makes all of the business's decisions.
listens to other people.
lets middle-level managers make most of the business's decisions.
69
On-the-job training is usually done under the guidance of
a supervisor.
a coworker.
a middle manager.
an operational manager.
70
An example of a franchise is
a Wal-Mart superstore.
a McDonald's restaurant.
a "mom and pop" grocery store.
a Sears department store.
71
E-ticket holders can
print their own boarding passes.
use self-service check-in.
avoiding some lines in crowded airports.
all of the above
72
Question 51. Which of the following is not an example of world trade?
A grocery store chain in North Carolina buys avocados from a farm in Califo
The United States sells airplanes to Russia.
The United States buys pepper from India.
Australia buys wheat from the United States.
73
Cooperatives were formed to
help people cooperate.
save money on the purchase of certain goods and services.
sell more products.
promote each other.
74
Computers were first used by
the military.
school systems.
NASA.
IBM.
75
Unlimited liability means
the owner shares the liability with the company's stockholders.
the owner is responsible for the company's debts.
the owner must have insurance.
the owner is responsible for only accidents that occur on business property
76
A financial institution that offers short-term loans to businesses and consumers at higher rates than banks is a
brokerage firm.
commercial bank.
credit union.
finance company.
77
The function of management that involves resolving conflicts between workers is
controlling.
planning.
leading.
organizing.
78
The Federal Reserve is a government agency that guides the economy by
regulating the amount of money in circulation.
controlling the amount of money loaned.
all of the above
controlling interest rates.
79
Free trade
forces business to produce poor-quality products.
causes a loss of jobs at home.
opens up new markets in other countries.
creates hostility among competing nations.
80
Technology makes
communication faster and easier.
life easier.
business processes faster.
all of the above

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