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General Business Midterm (Ch 1-12) Flashcards | StudBud
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General Business Midterm (Ch 1-12)
General Business Midterm (Ch 1-12)
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Mr. Hill’s 9th grade General Business Midterm
Flashcards
100 cards
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Practice quiz
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Questions
100
Answers
1
Which of the following is NOT true about raising capital?
capital may come from the owner’s personal funds
start-up money is critical to a business
once raised, capital does not have to be raised again
loans from financial institutions are common sources of capital
2
A business that contributes to community groups, such as the arts, is being...
socially responsible
none of the above
careless with profits
ethically correct
3
Preserving our society’s scarce resources is an act of business known as...
soil engineering
conservation
all of the above
non-polluting
4
Which of the following is true about employee wellness?
sponsoring sports teams is for public relations purposes only
workers who have good health are valuable company assets
overweight workers are not an employer concern
smoking on the job is not a concern
5
Assigning jobs to workers and giving authority to certain people is a managing activity called...
planning
leading
organizing
controlling
6
Which statement is true about a proprietorship?
one person will supply the money needed to start the business
two people control the money, and a board of directors helps with decisions
partners contribute to the necessary financing of the business
the company is owned and operated by shareholders
7
Freedom of choice allows you to do which of the following?
all of the above
enter the business you want to enter
earn a profit by competing in business
select the career you want most
8
Businesses affect a community when they...
employ workers
all of the above
use services
buy products
9
Which of the following is NOT true about a non-profit corporation?
all of the above are true
it has no shareholders
it can be organized to serve citizens
examples are schools, clubs, colleges, and service organizations
10
The value of one currency compared with the value of another is the...
currency barometer
U.S. dollar conversion
currency exchange rate
currency divider
11
Prosperity is the condition when...
demand for goods and services is weak
the business cycle is at its high point
interest rates are low
businesses are beginning to lay off workers
12
Which of the following are goods?
CD players
jackets
all of the above
gasoline
13
Which of the following is NOT one of the five activities of business managers?
planning
purchasing
controlling
staffing
14
Which of the following is NOT a benefit of international trade?
jobs are created
mutual understanding and respect among countries is promoted
consumers must pay higher prices
there is a greater abundance of goods and services for consumers
15
The parent company of a franchise business is known as the...
all of the above
owner
franchisee
franshisor
16
Ethics are..
the natural behavior of people
principles of morality
behaviors preformed by groups
of little concern to businesses
17
Which of the following is NOT a reason for a business to keep records?
to provide jobs for accountants
to provide information for management decisions
to provide information for tax returns
to provide information about income and expenses
18
Which of the following statements about natural resources is true?
natural resources include people who operate plows and tractors
natural resources require people to turn them into goods
natural resources come from the earth and water but not the sky
natural resources satisfy wants by themselves
19
Which of the following is a true statement about the use of human resources by businesses?
all business firms have a system for hiring and developing workers
businesses cannot operate without people
human resource activities are carried out by financial managers
there are few regulations relating to employing workers
20
Which of the following is NOT true about marketing?
it creates many jobs
it benefits consumers
it is viewed positively by all comsumers
it increases our standard of living
21
What step is defining the problem in the decision-making process?
last
third
first
second
22
Which if the following is the best definition of supply?
what businesses would like consumers to buy
what producers would like to produce
what consumers are willing and able to buy
what producers are able to produce at a given price
23
Directing all marketing activities at profitably satisfying customer needs is called...
the marketing mix
the marketing concept
a commision
a target market
24
The part of the profits that are paid to shareholders is called...
excess profit
a surplus
none of the above
a dividend
25
Which of the following describes a situation in which scarcity can be a problem?
a family wants to go on an extended vacation
a business wants to enlarge its plant
a city wants to give fire fighters a large increase in pay
all of the above
26
Which of the following is NOT true about economic decision making?
it applies to almost all kinds if decisions
it has not been proven as a way of making good decisions
it is a six-step process
it is a process of choosing which wants will be satisfied
27
Short-term financing includes...
current operating activities
the cost of a building
equipment
land
28
Which of the following is a social-responsibility issue?
employment of the physically challenged
all of the above
protection of the environment
providing a healthy and safe workplace
29
What is the government agency that has been set up to help new businesses get started?
none of the above
New Business Agency (NBA)
Bureau of Labor Statistics (BLS)
Small Business Administration (SBA)
30
Communications that are common but unofficial ways that information moves in an organization are...
informal communications
horizontal communications
strategic communications
oral communications
31
The first part of a business plan is...
a description of the competition
a customer analysis
financial plans
a description of the business
32
Which of the following is true about international businesses?
countries avoid international trade whenever possible
we engage in international trade on a limited basis
the U.S. doesn’t need international trade
countries take advantage of the productions capabilities of other countries
33
The way that managers treat and direct employees is...
team building
formal influence
human relations ability
leadership style
34
The economic system generally found in countries with democratic governments is...
none of the above
market
directed or controlled
custom-based
35
An organized group of employees that negotiate with employers about issues such as wages and working conditions is a...
labor union
work team
cooperative
strategic management unit
36
Managers rather than employees would be most concerned about...
job security
profits
working conditions
pay
37
Maximizing profits, increasing sales, and maintaining an image are objectives related to...
distribution
promotion
marketing
pricing
38
Which of the following are characteristics of capitalism?
choices about production & distribution are made through voluntary exchange
all of the above
economic resources are privately owned
individuals are free to decide what to produce
39
Which of the following is the correct sequence of the phases of the business cycle?
recovery, recession, depression, prosperity
prosperity, recession, recovery, depression
prosperity, recovery, recession, depression
prosperity, recession, depression, recovery
40
The person who checks out purchases at the supermarket is part of...
none of the above
natural resources
capital resources
human resources
41
The business function that adds value to products is...
marketing
producing
farming
extracting
42
The form of business that requires written permission from the state in which it is organized and can have many owners..
partnership
sole proprietorship
corporation
cooperative
43
A leader who has the personal trust and respect of group members will have what kind of influence?
expert
identity
reward
position
44
Which of the following is a type of manufacturing?
custom manufacturing
mass production
all of the above
processing
45
The form of business that represents two-thirds of the U.S. businesses is the...
partnership
corporation
cooperative
sole proprietorship
46
Which of the following is a function preformed by all businesses?
generating ideas
raising capital
keeping records
all of the above
47
Which of the following is the best definition of profit?
an operational device that makes business owners rich
the money a business takes in from its sales
the money left from sales after expenses have been paid
what is left after all merchandise has been sold
48
Which of the following is true about public utilities?
most are owned by the government
they are regulated for the public benefit
they are not generally regulated by the government
most are small businesses
49
The first step in developing a business plan is to...
gather and review information
develop a “game plan”
prepare
hire someone to write the plan
50
Which of the following is NOT true about prices?
if prices are too high, consumers won’t buy
prices are affected by both supply and demand
if prices are too low, businesses will not earn a profit
setting a price does not require any study by a business
51
Which of the following is true about your worker role?
your productivity is unimportant
it supports your consumer role
it is the least important of the three economic roles
it has no relation to your standard of living
52
When individuals or companies create new products, they may seek to obtain a...
none of the above
copyright
patent
contract
53
U.S. industries have become more productive and have imported product quality in a large part because of...
international trade
new managers
union contacts
government regulations
54
Today most promotion is done through...
sales promotions
media advertising
publicity
personal selling
55
The eight marketing functions do NOT include:
manufacturing
promotion
distribution
purchasing
56
A business that moves goods from producer to consumer is a...
manufacturer
marketer
extracter
government agency
57
Which of the following is true about our federal government?
it must raise money to fund operations and pay wages
it is the largest employer in our economy
all of the above
it is an important economic force because of its purchasing power
58
A market economy is one in which...
stores stay open until late at night
there is a central market committee that solves problems
buyers and sellers operate according to government guidelines
individuals are free to engage in business transactions
59
Which of the following in NOT one of the economic roles preformed in our country?
worker
citizen
leader
consumer
60
When compared to the past, today’s small-business owners are more likely to be...
minorities
less educated
males
older
61
Which of the following are considered to be natural resources?
farmers
TV announcers
bankers
fish
62
The factor that helps to keep prices at a reasonable level is...
kind-hearted people
competition among businesses
government regulations
profit motive
63
Money needed for the important resources of a business that will last for many years is...
legal financing
short-term financing
start-up financing
long-term financing
64
Which of the following is used to completely stop the import or export of a product?
embargo
duty
tax
tariff
65
In which of the following situations should a manager use tactical management?
when the work is routine with few new challenges
when the manager wants to improve group relations
when the employees are skilled and experienced
when the group is working under tight time pressues
66
What affect does a business have on a community?
few resources are needed
it has multiple benefits
other businesses are not affected
it profits only the new business
67
A federal organization set up to enforce standards for air quality is the...
OSHA
OPA
EPA
OSPA
68
Which of the following is the largest source of revenue for local governments?
income tax
real estate property tax
sales tax
excise tax
69
Which of the following is NOT one of the ways in which the government raises money?
through selling stock
through fees and licenses
through selling bonds
through taxes
70
Which of the following statements is NOT true about safety in the workplace?
OSHA sets and enforces safety standards
there are federal and state laws relating to workplace safety
workers need to know how to avoid the unexpected
smoking in the workplace is not a business issue
71
Operating a business requires skill in...
management
finance
marketing
all of the above
72
An economic system in which the government makes decisions about what and how much is to be produced is a...
marketplace economy
mixed economy
capitalistic economy
directed or planned economy
73
An argument to exchange goods or services for something of value is called...
contract
bargain
market
copyright
74
Which of the following is a correct description of a copyright?
continues for the life of the person receiving it, and beyond
lasts for 50 years only
issued for inventions
issued for 17 years
75
Which of the following is a true statement about the social responsibility of business?
the government pays the costs
socially responsible actions take away from profits
only corporations have to be concerned
all of the above
76
Business transactions involving companies in more than one state are referred to as...
interstate commence
multiple estate business
intrastate commerce
none of the above
77
Which of the following is NOT true about a monopoly?
can charge higher prices for low-quality service
operates in a some cases with permission of government
promotes competition and tends to set fair prices
controls a market for a particular product of service
78
In preforming economic roles, which of the following is NOT true?
everyone preforms all three roles to some degree
the entire economy is affected
it is helpful to understand the private enterprise system
you don’t need to know the importance of making good decisions
79
Which of the following is NOT one of the three key economic questions?
for whom should goods and services be produced?
what goods and services should be produced?
how should goods and services be produced?
when should the production of goods and services take place?
80
Advertisements that are aimed at making consumers want to but “new” or “improved” products result primarily from...
private property ownership
competition in the marketplace
newspapers that need to fill space
requirements of the market economies
81
To have a work force that reflects the various groups comprising a community, a business must be concerned with...
the Americans with Disabilities Act
age discrimination in employment
all of the above
workplace diversity
82
A statement developed for guiding the behavior of employees is called...
a statement of guidelines
a code of ethics
none of the above
a box of standards
83
People who become part owners of a corporation are called...
shareholders
special owners
cooperative owners
partners
84
Barriers to trade may be set for which of the following reasons?
all of the above
to express disapproval with the social behavior of a country
to keep supplies low and prices at a certain level
to protect domestic industries
85
Employees have discovered that when they cooperate with managers...
managers will have a better understanding of employee needs and expectation
managers will tend to be more likely to use tactical management
there will be less vertical communication
manager tend to take advantage of them
86
Members of a family might not be able to afford the things they want because of an economic factor called...
the family economic problem
human desires
the basic economic problem
multiple greeds
87
What is the effect of dollar votes by consumers?
all of the above
businesses are helped in making decisions
businesses learn about consumer preferences
demand is affected
88
The location and method used to make products or services available to customers is called...
distribution
marketing
promotion
pricing
89
Preforming the management activities of planning includes...
influencing people
staffing the business
developing organization charts
coming up with strategies to meet goals
90
The way that people get along with each other is known as...
human relations
leadership
identity influence
communications
91
When a country exports more than it imports, it has a...
negative balance of trade
positive balance of payments
negative balance of payments
positive balance of trade
92
The means through which goods and services are produced are called...
natural resources
factors of production
production materials
human resources
93
Which of the following is NOT a need?
housing
food
clothing
car
94
Which of the following is true about the business cycle?
there is a pattern of good times go bad times and back again
it has four phases
there are recurring ups and downs
all of the above
95
A business that takes natural resources and converts them to consumer goods is a...
wholesaler
manufacturer
extractor
marketer
96
Goods and services we sell to other countries are known as...
embargoes
exports
all of the above
imports
97
To be effective, promotion must...
be noticed
encourage consumers to pay attention to the message
all of the above
result in consumers taking action
98
The owner of a successful small business develops and follows a...
team approach plan
market plan
business plan
banking plan
99
Which of the following is NOT true about inflation?
prices of goods and services rise faster than wages
it is one problem that out country has not had to worry about
in general, most people think inflation is harmful
it is a sustained increase in the general level of prices
100
The right to own, use, and dispose of things of value is the right of...
competition
private property
profit
choice
