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Business Management Concepts
Business Management Concepts
40 terms
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Test your knowledge on various business management concepts and principles
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
What term assesses strengths and weaknesses?
RATIO analysis
IDEA analysis
SWOT analysis
SMART analysis
2
What reduces manufacturing errors?
Lean
Total Quality Management
Break-even Analysis
Supply chain
3
What is a company's reason for existence?
Business plan
Mission statement
Long-term goal
Marketing plan
4
What function includes setting goals?
Controlling
Planning
Organizing
Directing
5
Which agency lends money to small businesses?
Federal Deposit Insurance Corporation
Venture Capitalists
Small Business Administration (SBA)
Credit Union
6
What term describes investors funding small firms?
Small business owners
S-corporations
Laissez-faire capitalists
Venture capitalists
7
What principle seeks positive community impact?
Natural responsibility
Human responsibility
Social responsibility
Fiscal responsibility
8
What term describes product availability locations?
Price
Product
Promotion
Place
9
Which function evaluates company objectives?
Leading
Planning
Controlling
Organizing
10
What is the correct order of decision-making?
Identify pros & cons
Define goal
Choose good options
Establish criteria
11
What term evaluates production level?
Break-even analysis
PERT
Value engineering
Critical path sequencing
12
What is it called when the GDP decline for two quarters?
Expansion
Recession
Depression
Inflation
13
What describes health insurance and vacation?
Overtime
Commission
Salary
Benefits
14
What is the function of influencing members?
Planning
Leading
Controlling
Organizing
15
What shows revenues and expenses?
Balance Sheet
Equity Statement
Cash Flow Statement
Income Statement
16
Which agency oversees workplace discrimination?
Equal Employment Opportunity Commission (EEOC)
Occupational Safety and Health Administration (OSHA)
Small Business Administration (SBA)
Federal Trade Commission (FTC)
17
What type of plan is long-term?
Management
Strategic
Contingency
Functional
18
What describes rising prices and dollar power?
Inflation
Depression
Deflation
Recession
19
What will happen to lemonade prices after a Hurricane assuming the lemon trees were damaged?
No change will occur
Price will increase
Price will decrease
Tax will increase
20
Which department handles hiring and training?
Operations/production
Finance/accounting
Marketing
Human resources
21
What describes products purchased from another country?
Exports
Tariff
Embargo
Imports
22
What economic system has unrestricted competition?
Command Economy
Mixed Economy
Market Economy
Communist Economy
23
Which statement about budgets is TRUE?
Budgets can help in planning a business.
Budgets state what will happen.
Budgets must be followed exactly.
Budgets guarantee profit.
24
Which group uses autocratic style?
Jury
Military
United Nations
Congress
25
What theory states basic needs improve performance?
Herzberg's Motivational Hygiene Factor
Maslow's Hierarchy of Needs
McClelland's Achievement Theory
McGregor's Theory X and Y
26
What marketing concept targets male consumers?
Market segmentation
Crowdsourcing
Price skimming
Market penetration
27
What describes follow-through on commitments?
Stability
Honesty
Dependability
Courage
28
What type of ownership provides assistance?
Partnership
Franchise
Limited Liability Company (LLC)
Sole Proprietorship
29
What describes locating qualified job applicants?
Selection
Development
Appraisal
Recruitment
30
What theory states workers are motivated by recognition?
Theory Z
Theory X
Theory Y
Herzberg
31
What is the most common business structure?
Franchise
Sole proprietorship
Partnership
Corporation
32
What leadership style has minimal supervision?
Laissez-Faire
Participative
Democratic
Autocratic
33
What describes moral principles governing behavior?
Goals
Laws
Policies
Ethics
34
What strategy uses skimming methods?
Promotion
Place
Product
Price
35
What happens to lemonade prices after a hurricane?
Price will decrease
Price will increase
Tax will increase
No change will occur
36
What describes credit card debt?
Revenue
Expense
Asset
Liability
37
What is the flow process from manufacturer to consumer?
Total quality management
Supply chain management
Right place, right time
Comparative advantage
38
Which agency oversees workplace safety?
EEOC
FTC
ADA
OSHA
39
What strategy uses advertising methods?
Price
Place
Promotion
Product
40
What is the function of influencing members to work together?
Planning
Leading
Organizing
Controlling
