establishes the scope and purpose of the company.

An autocratic leader is one who

makes all of the business's decisions.

The following are examples of conflicts of interest except

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

Which statement is most true about leaders?

Leadership qualities can be learned.

An example of democratic leadership would be

C. a company president who works with and answers to a board of directors.

Nonprofit organizations

focus on providing services rather than making a profit.

Cooperatives were formed to

Save money on the purchase of certain goods and services

Unethical treatment of employees includes all of the following except

rewarding good employees with salary incentives.

An example of initiative would be

figuring out a new and efficient way to handle a problem on your own.

Question 9. In a command economy,

highly skilled workers earn the same as low-skilled workers.

During a depression, there is

high unemployment and low production of goods and services.

An example of an ethical business practice would be

keeping accurate financial records.

In a market economy, producers set a price that

will cover their costs and result in a profit.

The best example of a sustainable development would be

using recycled materials to build housing.

When developing a product or service, a business must do all of the following except

create a need for the product or service.

Competition forces businesses to

Decide how to best use and conserve their resources

Which statement is most true?

Different businesses and industries have different ethical standards.

Which statement is most true?

Some men and women receive equal pay for equal work, but most do not.

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Business Admin Midterm Review

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Questions 60

Answers

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

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