Governments allocate resources by

deciding how to spend tax revenues.

opens up new markets in other countries.

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.

Diversity training programs are designed to

promote tolerance among workers.

A more diverse population means

companies can target several distinct market segments

The best example of a sustainable development would be

using recycled materials to build housing.

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

Competition forces businesses to

decide how to best use and conserve their resources.

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

it will take fewer dollars to buy Italian leather.

the money made as a result of owning a share of stock.

The following are examples of conflicts of interest except

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

providing direction and vision.

Unlimited liability means

the owner is responsible for the company's debts.

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Business Admin Final Review

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Questions 80

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

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