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