PBMF Final exam review 2022

Question 1

Interactive forces within a group are known as _____.

Accepted Answer

Group dynamics

Question 2

_____ is when all the authority within a business rest with top management.

Accepted Answer

Centralized organization

Question 3

Balance of trade is _____.

Accepted Answer

exports minus imports

Question 4

Utility describes the characteristics of a product that satisfy _____.

Accepted Answer

Scarcity

Question 5

Which pro forma financial statement projects revenue and expenses to show whether or not a business is profitable?

Accepted Answer

Income statement

Question 6

Capital goods.

Accepted Answer

Products businesses use to produce other goods.

Question 7

Most currencies today are _____.

Accepted Answer

floating

Question 8

Something to be achieved in a specified period of time, generally less than a year, is a _____.

Accepted Answer

Short-term goal

Question 9

The market price for a product is determined at a point where _____.

Accepted Answer

Supply equals demand

Question 10

Which of the following is not a required element of a contract?

Accepted Answer

Breach

Question 11

The person or company that buys the rights to sell another company’s goods or services in a specific area is a _____.

Accepted Answer

franchisee

Question 12

Entrepreneurs willingly risk resources to start and run a business in pursuit of _____.

Accepted Answer

profit

Question 13

Which of the following is a quality of effective leadership?

Accepted Answer

Self-confidence

Question 14

Overstating the features and benefits of products is _____.

Accepted Answer

false advertising

Question 15

Franchise.

Accepted Answer

Right to sell a company’s goods or services in a specific area.

Question 16

An operating guide for using equipment is an example of a(n) _____.

Accepted Answer

Procedure

Question 17

The government provides certain public goods and services that are available to everyone in the economy, except.

Accepted Answer

Increasing interest rates

Question 18

Products are commonly known as _____.

Accepted Answer

Goods and services

Question 19

_____ is a numeric system to classify businesses and collect economic statistics.

Accepted Answer

NAICS

Question 20

A major advantage of forming a corporation is _____.

Accepted Answer

limited liability

Question 21

The three major federal antitrust laws are the Sherman Antitrust, Clayton Antitrust, and FTC.

Accepted Answer

TRUE

Question 22

Someone who translates a conversation between individuals who do not speak the same language is a(n) _____.

Accepted Answer

interpreter

Question 23

Principles that help define appropriate behavior in a business setting are _____.

Accepted Answer

business ethics

Question 24

Two sources of equity financing are _____.

Accepted Answer

venture capital and angel investors

Question 25

Expressing individual needs with little interest in or respect to the needs of others is _____ behavior.

Accepted Answer

aggressive

Question 26

Which is a contract used when two or more individuals create a business?

Accepted Answer

Partnership agreement

Question 27

Cooperatives are run _____.

Accepted Answer

democratically

Question 28

leadership.

Accepted Answer

Ability to influence others to reach a goal.

Question 29

Which of the following is an example of an intermediary?

Accepted Answer

New car dealership

Question 30

A company’s code of conduct is likely to include rules on _____.

Accepted Answer

personal use of company Internet access

Question 31

The process of recognizing and resolving team disputes in a balanced and effective way is _____.

Accepted Answer

Conflict management

Question 32

Which of the following is a basic skill every entrepreneur should master?

Accepted Answer

Basic math functions

PBMF Final exam review 2022

Questions 32

PBMF Final exam review 2022

Questions 32