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Business Admin Midterm Review
Leading means
Question 10.Most nations have a
Business Admin Midterm Review
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1
Question 10.Most nations have a
moderate command economy.
pure command economy.
mixed economy.
pure market economy.
2
Leading means
providing direction and vision.
making sure everyone is following you.
being the first in line.
telling subordinates what to do.
3
The recovery of the Great Depression was helped by
World War ll.
World War l.
increased demand.
innovation.
4
For businesses to stay successful, they must offer
competitive prices.
all of the above.
quality products.
outstanding service.
5
A self-managed team works best when members
cooperate.
understand each other's opinions.
delegate authority.
work independently.
6
An effective leader has
all of the above
confidence.
communication skills.
integrity.
7
All of the following are recommended traits for a career in entrepreneurship except being
enthusiastic.
cost-conscious.
a risk-taker.
goal-oriented.
8
Most of a manager's day is spent
interacting with people.
training entry-level employees.
writing business correspondence.
working on a computer.
9
Bribery occurs when gifts, money, or favors are offered
as bonuses to managers.
instead of payment of taxes.
in lieu of wages.
to encourage business deals.
10
During the early 1 600s, the U.S. economy was
service-based.
industry-based.
information-based.
agriculture-based.
11
Today's leadership trend is toward
autocratic leadership.
free-rein leadership.
self-managed teams.
democratic leadership.
12
One of the biggest obstacles in starting a business is
accepting responsibility.
having a good idea.
being good at something.
obtaining financing.
13
Market research provides information that can help a business
all of the above
evaluate demand.
identify opportunities.
respond to market goods and services.
14
Cooperatives were formed to
Help people cooperate
Sell more products
Promote each other
Save money on the purchase of certain goods and services
15
A police officer directing people in an emergency situation uses
consensus leadership.
autocratic leadership.
democratic leadership.
free-rein leadership.
16
An example of democratic leadership would be
A. a general commanding troops.
D. a fire captain directing activities at a fire.
C. a company president who works with and answers to a board of directors.
B. a police officer directing traffic.
17
Which statement is most true about leaders?
Leaders must be charismatic.
Leaders are born.
Everyone can be a leader.
Leadership qualities can be learned.
18
When developing a product or service, a business must do all of the following except
keep records to satisfy government requirements.
create a need for the product or service.
evaluate the demand for the product or service.
obtain start-up and operating capital.
19
A vision statement
expresses the specific aspirations of the company.
includes the major goals that the company will try to reach.
explains why the venture will succeed.
establishes the scope and purpose of the company.
20
An effective manager is one who
has the ability to lead.
understands employment law.
is a team player.
started as an entry-level employee.
21
Question 9. In a command economy,
highly skilled workers earn the same as low-skilled workers.
highly skilled workers are not needed.
highly skilled workers earn more than low-skilled workers.
highly skilled workers earn less than low-skilled workers.
22
Day-to-day supervision of employees is handled by
operational managers.
union managers.
middle managers.
top-level managers.
23
Which statement is most true?
Whatever it takes to win is a good business practice.
Different businesses and industries have different ethical standards.
All businesses have the same ethical standards.
Bribery is considered an ethical practice in some U.S.companies but not in
24
Most businesses are committed to
treating employees fairly.
providing safe products.
being truthful about their financial situation.
all of the above
25
An autocratic leader is one who
runs a company alone.
lets middle-level managers make most of the business's decisions.
makes all of the business's decisions.
listens to other people.
26
Recovery is marked by
People going back to work
All the above
Increases in production
More money to purchase goods and services
27
All of the following are examples of an industry except
auto mechanics.
medical supply companies.
food service businesses.
financial service firms.
28
Processed goods include all of the following except
gasoline.
white sugar.
organic vegetables.
steel.
29
In a market economy, producers set a price that
the government will allow.
will cover their costs and result in a profit.
consumers are willing to pay.
consumers can afford.
30
All of the following are resources except
money.
fuel.
labor.
transportation.
31
A most important skill needed by managers is the ability to
be creative.
give orders.
multi-task.
predict the future.
32
The following are examples of conflicts of interest except
a principal hiring her husband to teach at her school.
an elected official awarding a contract to his business partner.
a judge hearing a case defended by his former law firm partner.
a business hiring an accounting firm to oversee record-keeping.
33
To avoid failure, a business can modify
all of the above
its services.
its products.
its business practices.
34
Economic indicators measure
how the country compares to others.
whether its economy is growing.
all of the above
how much a country is producing.
35
All of the following are factors of production except
educational resources.
labor resources.
capital resources.
natural resources.
36
An example of a franchise is
a "mom and pop" grocery store.
a Wal-Mart superstore.
a McDonald's restaurant.
a Sears department store.
37
The best example of a sustainable development would be
drilling for oil in the ocean.
developing a new way to burn coal.
manufacturing a new type of SUV.
using recycled materials to build housing.
38
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
39
Most people enter the job market as a(n)
operational manager.
middle manager.
top-level manager.
entry-level employee.
40
One disadvantage that corporations face is
double taxation.
competition.
the cost of raw materials.
environmental laws.
41
An example of an ethical business practice would be
false advertising.
not paying overtime to workers.
keeping accurate financial records.
requiring employees to work on holidays.
42
A good communicator is one who
listens as well as speaks.
makes sure that his or her directives are understood.
makes sure everyone listens.
speaks intelligently.
43
Keeping inaccurate accounting records is
deceptive but not illegal.
a good business practice.
unethical and illegal.
unethical and legal.
44
A dividend is
the money made as a result of owning a share of stock.
the cost of a share of stock.
a tax paid by stockholders.
the money lost on a share of stock.
45
Some firms limit the damage they do to the environment by
any of the above
using recycled or recyclable paper.
installing filtration systems to reduce air pollutants.
using renewable energy sources.
46
An example of initiative would be
working as part of a team.
completing a task on time.
using a "how to" manual.
figuring out a new and efficient way to handle a problem on your own.
47
Consumers usually deal directly with
wholesalers.
retailers.
distributors.
manufacturers.
48
Which statement is most true?
Some men and women receive equal pay for equal work, but most do not.
Men deserve higher pay than women.
Women deserve more pay than men.
Men and women receive equal pay for equal work.
49
A business plan is used by
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.
the entrepreneur to keep focused on the goals of the business.
50
The line and staff authority structure can lead to
overstaffing.
more sales.
lower costs.
more efficient production.
51
The company description section of a business plan helps investors understand
the type of business.
the size of the business.
all of the above
the scope of the business.
52
In a self-managed team, the leader can be described as
a manager.
an autocratic leader.
a democratic leader.
a team player.
53
Nonprofit organizations
focus on providing services rather than making a profit.
must still pay taxes.
do not register with the government.
outnumber sole proprietorships in the United States.
54
An advantage of a partnership is
all of the above.
that the partners often bring different skills and talents to the business.
that the partners make decisions together.
that banks are often more willing to lend money to a partnership than to a
55
During a recovery,
production starts to increase.
money is scarce.
GDP is stagnant.
unemployment is nonexistent.
56
During a depression, there is
high unemployment and high production of goods and services.
high unemployment and low production of goods and services.
low unemployment and high production of goods and services.
low unemployment and low production of goods and services.
57
All of the following involve offering services except
banking.
sports and entertainment.
DVDs.
tourism.
58
The Federal Reserve is a government agency that guides the economy by
regulating the amount of money in circulation.
controlling interest rates.
all of the above
controlling the amount of money loaned.
59
A written description of a business venture that describes all aspects of the business is called
a company charter.
a business plan.
an executive summary
a company policy.
60
Unethical treatment of employees includes all of the following except
treating employees unfairly.
rewarding good employees with salary incentives.
inadequately compensating employees.
establishing no maternity leave policy.
