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POB Objective 5 Flashcards | StudBud
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POB Objective 5
POB Objective 5
30 terms
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VOCATS Review
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Which would customers need to present at the time of purchase to get money taken off the price?
refund checks
rebate cerificates
discount coupons
sales receipts
2
A local dry cleaner that also launders and presses shirts is selling:
consumer services
specialty goods
industrial supplies
tangible items
3
Business ethics involve considering issues about what is:
positive and negative
safe and unsafe
right and wrong
legal and illegal
4
A vendor gives credit to Sams in return to use Sam as a supplier. What Federal Act is violating
Celler-Kefauver Act
Clayton Act
Sherman Act
Robinson-Patman Act
5
Countries who give free medical care, education and other benefits are referred as which state
military
capitalist
consumer
welfare
6
Which is an example of a speculative business risk?
a supplier's shipment is lost in transit
a special promotion fails to increase sales
7
For a business, income remaining after payment of expenses is:
loss
debt
captial
profit
8
When a manufacturers give back part of the purchase price of an item to the customer, they are:
offering rebate
non-price competition
price fixing
clearance sales
9
One reason small businesses develop an organizational board of directors is usually because:
helps with the day to day operation of the business
provides experience that increase business credibility
evaluates the performance of the business's employees
assumes all legal responsibilities for the business actions
10
Which is an example of ethical business behavior?
testing products to ensure they are safe to use
accepting a bribe fro ma prominent customer
using advertisements to confuse customers
disclosing partial information about products
11
The formula that is generally used to measure productivity is:
inputs divided by labor
labor divided by resources
outputs divided by inouts
goods divided by time
12
Which provides government protection of business property?
revenues
economic incentives
patents
consumer protection laws
13
A U.S. company would decide to offer its product in other countries as a reason to:
subsidize developing countries
sell obsolete
expand to new, untapped markets
provide jobs to people in other countries
14
Equilibrium price of a good or service is determined by trial and error and exists when:
businesses compute the average selling price in the area
research shows what the market will tolerate
the amount supplied is equal to the amount demanded
businesses total their costs and markup
15
Factors affecting the structure of a business include interpersonal relationships, task and
injuction
authority
attrition
initiative
16
The two main divisions of the trade industry are:
wholesalers and retailers
wholesalers and producers
manufacturers and wholesalers
producers and retailers
17
If a business is
not
concerned about social responsibility, it is likely to:
become solvent
prosper
be a failure
grow
18
Which is a factor that affects the business environment?
industry competition
staff organization
conflict negotiation
information management
19
Which factor has aided the
most
in creating a global business environment?
government
cultural change
technology
exchange rate
20
Which represents a natural risk for the owner of a delivery service?
accident
snowstorm
government intervention
rising prices
21
The basic role of the United States government is to:
limited business startups
protect U.S. citizens
increase production
maintain control of prices
22
In business terms, what is profit?
a good investment
a monetary reward
a holiday bonus
a risky venture
23
Businesses that successfully adapt to current market situations often realize that:
cutting costs is important
diversification is the key
change is an opportunity
more financing is necessary
24
Which group of words
best
describes wants?
unlimited, unchanging, and compensating
unlimited, changing, and competing
limited, changing, and compensating
limit, unchanging, and competing
25
Which situation would cause prices to rise?
newspaper article describes bad service provided by a hotel
insects destroy a large cotton crop
animal rights activists march in front f fur store
the corn crop is unusually large one summer
26
Which occurs when the supply of individuals who are able to and willing to work diminishes?
human resources become unlimited
capital goods become limited
human resources become limited
capital goods become unlimited
27
When prices increases, producers usually:
increase demand
decrease profits
decrease supply
increase supply
28
Which affects the business environment because it provides the
most
options for consumers?
monopoly
command economy
global competition
international sanctions
29
Which is a reason that natural resources are considered limited?
some countries are unable to manufacture them
the earth has certain boundaries
technology has advanced faster than training
people lack training or skills needed to do a job
30
Which is an example of an economic service?
tennis shoes
concert ticket
car stereo
baseball glove