All of the following are reasons to restrict trade except

foreign companies' products may be inferior to those produced at home.

Governments allocate resources by

deciding how to spend tax revenues.

opens up new markets in other countries.

to focus on a particular activity, area, or product.

An autocratic leader is one who

makes all of the business's decisions.

Which statement is most true?

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

During a depression, there is

high unemployment and low production of goods and services.

a special benefit given to promote specific economic or social objectives.

Which of the following statements is not a reason why world trade is sometimes necessary?

A country's government may make the production of a certain good illegal.

Unlimited liability means

the owner is responsible for the company's debts.

Cooperatives were formed to

save money on the purchase of certain goods and services.

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Business Admin Final Review

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Questions 80

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1
A financial institution that offers short-term loans to businesses and consumers at higher rates than banks is a
credit union.
brokerage firm.
commercial bank.
finance company.
2
An effective manager is one who
has the ability to lead.
started as an entry-level employee.
is a team player.
understands employment law.
3
The leadership style that places most trust and confidence in workers is
committee leadership.
democratic leadership.
autocratic leadership.
free-rein leadership.
4
Intrastate commerce is overseen by
state governments.
local governments.
the federal government.
all of the above
5
All of the following are reasons to restrict trade except
foreign companies' products may be inferior to those produced at home.
companies at home need to be protected from unfair foreign competition.
foreign competition can lower the demand for products made at home.
other countries may not have the same environmental or human rights standar
6
An advantage of a partnership is
all of the above.
that the partners make decisions together.
that banks are often more willing to lend money to a partnership than to a
that the partners often bring different skills and talents to the business.
7
The Internet has created a demand for
all of the above
Web page designers.
software writers.
information technology security experts.
8
Governments allocate resources by
funding nonprofit organizations on a first come, first-served basis.
giving political candidates money to fund campaigns.
giving most of the funding to the military.
deciding how to spend tax revenues.
9
Free trade
opens up new markets in other countries.
creates hostility among competing nations.
forces business to produce poor-quality products.
causes a loss of jobs at home.
10
All of the following are transfer payments except
veterans' benefits.
Social Security.
income tax refunds.
unemployment pay.
11
All of the following are recommended traits for a career in entrepreneurship except being
goal-oriented
cost-conscious.
enthusiastic.
a risk-taker.
12
A worker's summary of academic and work history is called
a resume.
an employment transcript.
a cover letter.
a job application.
13
A performance appraisal is an evaluation of how well an employee
understands the importance of performance
is doing a job
is getting along with coworkers
is qualified for the job
14
A written description of a business venture that describes all aspects of the business is called
a company charter.
a company policy.
a business plan.
an executive summary.
15
Day-to-day supervision of employees is handled by
middle managers.
union managers.
top-level managers.
operational managers.
16
A commercial loan is a loan made to businesses to finance the purchase of
real estate.
commercials.
professional services.
supplies and equipment.
17
The two main types of bank accounts are savings accounts and
mutual funds.
checking accounts.
CDs.
money market accounts.
18
To specialize means
to give preferential treatment.
to take specific courses in college.
to promote a particular feature.
to focus on a particular activity, area, or product.
19
During a recovery
production starts to increase
GDP is stagnant
unemployment is nonexistent.
money is scarce
20
An autocratic leader is one who
runs a company alone.
makes all of the business's decisions.
lets middle-level managers make most of the business's decisions.
listens to other people.
21
Which statement is most true?
Women deserve more pay than men.
Men deserve higher pay than women.
Some men and women receive equal pay for equal work, but most do not.
Men and women receive equal pay for equal work.
22
Consumers usually deal directly with
retailers.
wholesalers.
distributors.
manufacturers.
23
Money paid to an employee on an hourly basis is
a wage.
a commission.
compensation.
a salary.
24
For businesses to stay successful, they must offer
outstanding service.
all of the above.
competitive prices.
quality products.
25
Today's leadership trend is toward
democratic leadership.
autocratic leadership.
self-managed teams.
free-rein leadership.
26
During a depression, there is
low unemployment and high production of goods and services.
high unemployment and low production of goods and services.
low unemployment and low production of goods and services.
high unemployment and high production of goods and services.
27
When applying for a job, a good person to use as a reference is a
friend.
cousin.
teacher.
parent.
28
A business plan is used by
top management involved in the start-up of a new business.
all of the above
the entrepreneur to keep focused on the goals of the business.
potential investors to see if they want to invest in the business.
29
Processed goods include all of the following except
steel.
white sugar.
gasoline.
organic vegetables.
30
In a self-managed team, the leader can be described as
a democratic leader.
an autocratic leader.
a team player.
a manager.
31
A good communicator is one who
makes sure everyone listens.
makes sure that his or her directives are understood.
listens as well as speaks.
speaks intelligently.
32
The line and staff authority structure can lead to
lower costs.
overstaffing.
more efficient production.
more sales.
33
During the early 1600s, the U.S. economy was
agriculture-based.
service-based.
information-based
industry-based.
34
Computers were first used by
IBM.
NASA.
the military.
school systems.
35
The total amount of money a government owes is its
national debt.
federal deficit.
national deficit.
federal debt.
36
The Federal Reserve is a government agency that guides the economy by
all of the above
controlling the amount of money loaned.
regulating the amount of money in circulation.
controlling interest rates.
37
To reduce limits on trade,
companies sell products illegally on the "black market."
governments enact embargoes.
nations reduce their comparative advantage.
nations form trade alliances.
38
Most of the banks in the United States are
savings and loan associations.
commercial banks.
savings banks.
credit unions.
39
Local taxes pay for
interstate highways.
city streets and parks.
motor vehicle departments.
defense.
40
A tax break is
a special benefit given to promote specific economic or social objectives.
a suspension of taxes to provide temporary relief for the taxpayer.
is the break-even point in the calendar year for taxpayers.
the amount of tax levied that the taxpayer can no longer afford to pay.
41
Which of the following statements is not a reason why world trade is sometimes necessary?
A country cannot produce a desired good because it does not have a suitable
A country's government may make the production of a certain good illegal.
A business in one country may produce better products or services at cheape
A country may not have the necessary resources to produce certain products.
42
Recovery is marked by
all of the above
increases in production.
people going back to work.
more money to purchase goods and services.
43
The function of management that involves resolving conflicts between workers is
planning.
leading.
organizing.
controlling.
44
Unlimited liability means
the owner is responsible for the company's debts.
the owner is responsible for only accidents that occur on business property
the owner shares the liability with the company's stockholders.
the owner must have insurance.
45
A group's culture can be considered In terms of its
art
religious beliefs
all the above
history
46
The recovery of the Great Depression was helped by
innovation
World War II
World War I
increased demand
47
All of the following are factors of production except
labor resources.
natural resources.
capital resources.
educational resources.
48
The rate that the bank pays customers for keeping their money is called
interest.
a service fee.
a service charge.
a finance charge.
49
One of government's roles is to
provide health care for all its citizens.
guarantee the safety of all citizens.
generate sales revenues.
foster economic success.
50
An example of voluntary separation is
transfer
resignation
retirement
termination
51
Cooperatives were formed to
sell more products.
help people cooperate.
promote each other.
save money on the purchase of certain goods and services.
52
The following are examples of conflicts of interest except
an elected official awarding a contract to his business partner.
a judge hearing a case defended by his former law firm partner.
a principal hiring her husband to teach at her school.
a business hiring an accounting firm to oversee record-keeping.
53
E-ticket holders can
all of the above
print their own boarding passes.
use self-service check-in.
avoiding some lines in crowded airports.
54
Question 51. Which of the following is not an example of world trade?
The United States sells airplanes to Russia.
A grocery store chain in North Carolina buys avocados from a farm in Califo
The United States buys pepper from India.
Australia buys wheat from the United States.
55
An example of a franchise is
a Sears department store.
a McDonald's restaurant.
a "mom and pop" grocery store.
a Wal-Mart superstore.
56
A business that puts authority with top management has
line authority.
centralized organization.
line and staff authority.
decentralized organization
57
Technology makes
life easier.
communication faster and easier.
business processes faster.
all of the above
58
On-the-job training is usually done under the guidance of
a middle manager.
an operational manager.
a supervisor.
a coworker.
59
A most important skill needed by managers is the ability to
predict the future.
be creative.
multi-task.
give orders.
60
Worker protection laws
severely curtail outsourcing.
impose safety requirements.
require employers to provide health insurance.
ensure that every employee earns a living wage.
61
Giving managers and employees the power to run things is called
divesting.
delegating.
directing.
dictating.
62
Most people enter the job market as a(n)
middle manager.
entry-level employee.
top-level manager.
operational manager.
63
Competition forces businesses to
decide how to best use and conserve their resources.
file for bankruptcy.
lower their prices.
drive their competitors out of business.
64
The following are public goods except
shopping malls.
highways.
libraries.
schools.
65
A police officer directing people in an emergency situation uses
democratic leadership.
autocratic leadership.
consensus leadership.
free-rein leadership.
66
Leading means
telling subordinates what to do.
providing direction and vision.
making sure everyone is following you.
being the first in line.
67
Another name for money is
exchange.
currency.
unit.
barter.
68
If the value of the U.S. dollar goes up compared with the euro,
it will take fewer euros to buy American products.
it will take fewer dollars to buy Italian leather.
the same amount of U.S. dollars will buy less French cheese.
the United States will reduce European imports.
69
All of the following are examples of an industry except
auto mechanics.
medical supply companies.
financial service firms.
food service businesses.
70
One disadvantage that corporations face is
environmental laws.
competition.
the cost of raw materials.
double taxation.
71
To avoid failure, a business can modify
its services.
its products.
its business practices.
all of the above
72
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.
73
When all the steps in a process are linked digitally, it is called a
digital workflow.
streamlined production.
technology center.
paper workflow.
74
SBA is an acronym that stands for the
Small Businesses of America
Start-Up Business Administration.
Small Businesses Agency.
Small Business Administration.
75
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.
76
Insurance companies
cannot offer loans to businesses and consumers.
can offer loans to businesses and consumers as well as protection against f
provide loans for buying homes or businesses.
are not-for-profit financial institutions.
77
A more diverse population means
more companies have difficulty communicating with
more companies will fail
higher-quality products and services
companies can target several distinct market segments
78
Economic indicators measure
how much a country is producing.
all of the above
how the country compares to others.
whether its economy is growing.
79
The most common technology staple in business today is the
all of the above
computer.
telephone.
automobile.
80
Diversity training programs are designed to
teach human resources managers how to hire a diverse workforce.
help marketers improve their strategy.
help "Americanize" employees of different backgrounds.
promote tolerance among workers.

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