General Business 1st Semester Exam

Keeping in accurate accounting records is

Two basic types of economic systems are a market economy and a demand economy

Business conducted in the Internet is called a virtual business

There are three main types of business organizations are sole proprietorships partnerships and corporations

TV audience measurement is collected by

A medium of exchange is

Good leaders manage others by leaving them alone

Business etiquette

There 10 essential parts of a business plan

Resources are items used to make and provide goods and services

Federal law mandates that all companies employing more than 500 workers offer pension plans

The Triangle Shirtwaist Factory fire resulted in

Since the 1970s, world trade has decreased due to nations becoming more self sufficient

The Internet has created a demand for

An example of a public want is a family wanting a new car

you need to do market research to see if there is a demand for your product or service

Marketing a CD requires the same strategy as marketing diamond earrings

Resources are those things necessary for making only what people need

Good leader ship is only needed in the business world

All of the following are transfer payments except

An advantage of e-tail is that the consumer rarely has to pay shipping charges or sales taxes

Managers are usually task oriented

Different cultures, businesses, and industries have the same ethical standards for uniformity in international commerce

Income from a corporation is taxed twice

An effective manager is someone who

Unethical treatment of employees includes all of the following except

Companies tend to thrive when they have diversity

To avoid failure, a business can modify.

Demographics do not include

The use of self managed team approached started in the US right after WWI

Credit Union costumers are aka members

Bartering is the preferred method of exchange because you immediately have an item that you want

owning a partnership gets banks more willing to lend money to partnerships then to sole proprietorships

An example of involuntary separating is

Processed goods include all of the following except

The US had experienced two major economic shifts

The average person only sees a few advertisements every day

Television is the main advertising medium in the US

Business ethics focus on decisions considered good or bad, correct or incorrect

A multi-channel retailer sells its products

The following are examples of conflicts of interest except

Today’s leadership trend is toward

The ADA requires that employers make any and all accommodations necessary for a qualified person w/ a disability

If the value of the US dollar goes up compared with the euro,

Every society has enough productive resources to produce everything people want and need

Managing human resources is the same as supervising workers

To reach customers advertising uses a set format that is defined in terms of time or space

To evaluate customer acceptance once the product is introduced marketers track customers and the responses to it

A disadvantage to line authority is that it can lead to over staffing, which can be costly

A more diverse population means

Human Resources managers often work as recruiters

A small business as defined by the SBA serves a limited geographic area and employees no more than 100 people

Soft skills refer to personality traits and personal abilities

About 20% of savings and loan associations failed in the late 1980s

In a command economy

Magazine ads have a longer life than newspaper ads

A virtual business acts like a business, but it is not a real business

In some cultures, excessive gift giving in business is looked over and considered ethical

Middle managers are often responsible for only one department in a business

In a market economy a country’s economic health depends on business doing well

Most people have unlimited wants for goods and services

Leadership is no more that giving orders to your subordinates

A self managed team works best when members

Companies sometimes test applications to see

Even people with work experience need to adjust to new jobs

About half of all businesses in the US are sole proprietorships

Trade disputes occur when

Government is the largest provider of services in the country

Business is often called their stores in warehousesbrick and mortar

Every type of business needs labor resource to produce goods and provide services

Which statement is most true

The cost of all Internet advertising is the same as the potential for the size of the audience cannot be measured

Savings and loans are financial institutions that

Worker protection laws

The primary way banks generate profit is by repossessing cars and foreclosing in homes