SDC Intro to Business Practice

Question 1

_ is the ability of goods and service to satisfy consumer needs and wants.

Accepted Answer

Utility

Question 2

Which of the following is a cost-effective mode for shipping very large amounts of bulk products over long distances?

Accepted Answer

Railroads

Question 3

If 1000 new jobs were created in your hometown, which scenario would likely occur in the local housing market?

Accepted Answer

Demand would increase and prices would increase

Question 4

What is exporting?

Accepted Answer

When a company ships a product to another country.

Question 5

A manager who is said to "lead with an iron fist" has the following leadership style:

Accepted Answer

Autocratic

Question 6

When the supply of a particular good increases beyond the demand, the good's price will likely:

Accepted Answer

decrease

Question 7

The business plan should contain a section that _ describes the purpose of the business, the reason for it to exist.

Accepted Answer

Mission Statement

Question 8

Leaders:

Accepted Answer

embrace change

Question 9

Which of the following is NOT a core activity in a supply chain?

Accepted Answer

Retail management

Question 10

Generally, when the money supply (M1) grows faster than the economy itself, the result is:

Accepted Answer

Inflation

Question 11

Which of the following job titles would NOT be considered a Business Management & Administration job?

Accepted Answer

Certified Public Accountant

Question 12

What is the Government's role in Business Ethics?

Accepted Answer

Enacting regulations

Question 13

Which of the key managerial skills involves the ability to think in large, abstract terms?

Accepted Answer

Conceptual

Question 14

Production processes add _

Accepted Answer

Value to the product

Question 15

A written guide of acceptable and ethical behavior for a given organization is called a...?

Accepted Answer

Code of ethics

Question 16

The amount that a company must pay to either borrow money or to owners as a return on their investment is called:

Accepted Answer

cost of capital

Question 17

A body of enforceable rules and principles of conduct is known as:

Accepted Answer

Law

Question 18

Production management deals with goods; operations management is an area that deals with _?

Accepted Answer

Both products and services

Question 19

The ultimate resource of a firm is its:

Accepted Answer

Employees

Question 20

Which of the following are the major sectors on a balance sheet?

Accepted Answer

Assets, liabilities, owner's equity

Question 21

The process of coordinating people and other resources to achieve the goals of an organization is called:

Accepted Answer

Management

Question 22

Historically, women have not received equal pay for equal work even when equally qualified. Today:

Accepted Answer

the disparity continues despite threats of legal action

Questions 22