Business Foundation
government economy consumer trends
External Forces
A logo is used in a variety of circumstances, EXCEPT A job portfolio B websites C ads D storefronts
a
All the employees in the office are on a 'first name basis' with your supervisor. One day the vice-president of the company pays a visit to the office. When 'John Henry' (your supervisor) comes out of his office with the V.P. suddenly he is greeting everyone by their last names (e.g. Mr. Smith, Mrs. Cassidy). What is the appropriate response? A "Why did you just call me by my last name?" B "Hello Mr. Henry" C "Who are you talking to?!" D "Oh, we are trying to impress the bigwig!"
"Hello Mr. Henry"
A monopoly that exists because of an exclusive process or product is a 1 monopoly. When a monopoly exists because the business is so large and expensive to replicate, that is a 2 monopoly.
1 legal 2 natural
As employers review their candidates for employment, they value employees who can execute which of these skills? Check three. Organize their work Communicate effectively Solve problems and work well with others Use social media Plan for the future Perform well on tests
1,2,3
Select the characteristics that would benefit a new entrepreneur. Check all that apply. Well organized Highly motivated Resolve issues quickly Debate all sides before making a decision Flexible personality Enjoy weekends off Expensive lifestyle Self-starter
1,2,3,4,8
Building team effectiveness is most successful when which of these are occurring? Check all that are correct. Team members support one another. Team members perform better as a group than alone. Team members enjoy being on the team Team members are dependent. Team leadership rotates. Team members report to their supervisor not the team.
1,2,3,5
Which of these are the four most common barriers to teams succeeding in a company? Team members are unable to agree on team goals. Management doesn't support team goals. Teams are rewarded for their contributions. Members don't cooperate with each other. Team leaders don't build consensus and delegate authority. Members have similar attitudes and experiences.
1,2,4,5
The key to a team's success is a mix of which three of these skills? Decision-making skills Coaching skills Groupthink Interpersonal skills Information management Technical skills
1,4,6
An organization that provides services, such as education or free meals, and doesn't need to make a profit to stay in business is a 1_____. An organization that provides services or goods to consumers and needs to make a profit is a 2_____.
1non profit 2 business
For a business to be profitable, its ______ must be more than its ______ For example, at Kelly's Car Center, they made $10,000 in one month and the expenses for the month were $8,300. This difference was the ___.
1revenue 2expenses. 3profit
Check the five key characteristics of teams from the list below. Teams perform and execute change without oversight. Teams operate in a social context across the organization. Teams are communicators and spread the company's message. Teams have authority and are empowered to act. Teams function interdependently and share expertise. Teams are accountable for achieving specific common goals. Teams are stable and remain together to complete their assigned task.
2 4 5 6 7
Which of these are best practices for creating a PowerPoint slide presentation? Average one to two points per slide. Use at least an eighteen-point font. Keep slides clean by using key words and phrases. Contrast the font color with the background color. Incorporate graphs rather than words when possible.
2,3,4,5
Small businesses foster many opportunities. Check all those below that apply. spend more money overseas make the workforce more accessible for women and minorities develop new products and processes spark creativity and innovation
234
Which of these are communication skills needed in the workplace? Check all that apply. Engage in debates. Develop complex videos. Write technical reports. Develop memos and correspondence. Prepare presentations with visuals. Write emails.
3,4,5,6
How many sentences must be in a paragraph in an email A 1-2 B 6-7 C 3-4 D 5-6
3-4
Which of these are characteristics of a small business as defined by the Small Business Administration? Check all that apply. dominant in its field manufacturer with 1600 employees non-profit independently owned service firm with less than $2 million in revenues for profit
4,5,6
Approximately how many words must be in the subject line of an email? A 10 B 11 C 12 D 7
7
The words that closely define professional behavior in class except: A Altruism B Organized C Engaged D Punctual
Altruism
Example of an intro is A Have a wonderful day! B Hope you are having a great week so far! C I am reaching out to you..... D Thanks for answering my questions
B
What are the different team functions mentioned in Lencioni's team model, except A Create trust B Take accountability C Be punctual D Make commitments
C&D
management fiance accounting marketing operations
Functional Area
Which of these are characteristics of a business? Select all the correct responses. Organizes to make a profit Receives funding from private charities Provides services to consumers Provides goods for free Provides goods to consumers
Organizes to make a profit Provides services to consumers Provides goods to consumers
All of the following are Unwritten Rules and School /Workplace Ethics except: A Being courteous B Texting on cellphones during class and during meetings C Listening to others without interrupting D Not taking credit for others' ideas
Texting on cellphones during class and during meetings
Management
The organization and coordination of the activities of a business in order to achieve goals
The best way to make several points in an email is A Use lists with bullets or numbers B Include all the points in the first paragraph C Include all the points in the last paragraph D Send it as an attachment
Use lists with bullets or numbers
Which of these are part of the three sets of questions that economists seek to answer? There may be more than one answer. Where should goods and services be produced? When is the best time to produce the goods and services? Who should receive the goods and services produced? What goods and services need to be produced to meet customers' needs?
Who should receive the goods and services produced? What goods and services need to be produced to meet customers' needs?
Gayle, Dan, Mary, and Peter are exceptional people in their attitudes toward work. They have been placed on a _ made up of workers who perform shared tasks and make many of the decisions previously made by their supervisors. A self-managing team B virtual team C manager -led team D cross-functional
a
Most appropriate attire for the career fair is/are__ A suits B bright colored shirt and pants C khakhis with a polo shirt D A shirt and shorts
a
Why did designer Chris Arnholt create a mock-up of his design using models sculpted out of cornstarch? To allow all members of his team, as well as key individuals in other areas of the organization, to understand the product. Because he didn't write or speak English. So he could see if he was on the right track. So the engineers wouldn't mess up the design.
a
You need to ___ before you begin A to "sign in" B to log out C to review D to lock
a
monopolistic competition
a market structure in which many firms sell products that are similar but not identical
In the fictional country of Unozarica, all the airlines, buses and trains are owned by businesses not the government, but the government has oversight on them, especially for safety reasons. No one is guaranteed a job, but citizens are guaranteed income in their old age. This is an example of _____. a competitive market privatization a mixed market economy communism
a mixed market economy
DonutsDelite Bakery sells out of their oatmeal chocolate chunk muffins every day for two weeks. After that, they decide to increase the price of the muffins by 10%. This is an example of _____. a shortage causing an increase in market price DonutsDelite not planning ahead a surplus causing a decrease in market price a shortage causing a decrease in market price
a shortage causing an increase in market place
In contrast to a team, members of a working group: A are responsible for achieving specific goals. B are highly dependent on each other. C meet primarily to share information. D have more authority to make decisions than teams do.
a&c
Small business (and the self-employed) make up 1 of the workforce at this time. Compared to large companies, small businesses hire 2 and fire 3.
about 50% more frequently more frequently
Cafe' Name selection is part of a _ A Special incident B Start-up decision C Decision Summary D None of the above
b
For the start-up decision, you must select the___ A Insurance for the cafe' B cafe' name, furniture, and equipment C coffee cups, coffee, and number of employees D The managers to run the cafe'
b
Funds for starting up your business are coming from: A $10,000 grant and 15,000 loan B $25,000 Loan C $25,000 grant D None of the above
b
Special decision _ A A special scenario when the company is in crisis B Is an incident which is like a mini-case C Is a management issue D Is an issue that cannot be resolved
b
The three MOST important tools available in the library's website, EXCEPT A Advanced Search B EBSCO Host C Research Guide D All Databases
b
To understand where _ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector. A Struggling B Small C Profitable D Innovative
b
What are the important parts of the elevator pitch, except A Greeting with an open question B Acknowledge the audience C Educational background D Experience and skills
b
Which format would work best for uploading your company logo in the simulation interface? A GIF B PNG C JPEG D DOC
b
Which of the following is true regarding group cohesiveness? A It is low when members in a group are happy. B It refers to the attractiveness of a team to its members. C It is low when group members have similar attitudes and experiences. D It is low when the team is motivated to outperform other teams.
b
Your new coworker at your company transferred from the office in France. Every time there is a staff meeting, she is late and then when she does arrive, she talks about what she had for lunch and her new apartment. This is a _____. lazy coworker cultural barrier lack of respect functional barrier operational barrier
b
_ involve(s) the design and management of the processes that transform resources into goods or services. A Marketing B Operations C Finance D Ownership
b
are a tool that was created to help locate resources on specific subjects. A Google B Research Guides C Advanced Search D All Databases
b
Businesses such as hospitals, insurance companies, financial institutions, and attorneys convert resources into _ products. A Secondary B Tangible C Intangible D Operational
c
In a college setting, which of these is the best path to take to make sure the team-based project is sucessful? Divide up the tasks randomly and meet once before the final presentation. Keep your ideas to yourself and let someone else do all the work. Create a team charter (or contract) and ensure that team members abide by items covered in the charter. Do the entire project yourself in case no one else does anything.
c
Sometimes the only section of a business plan that readers will consider is the A Mission statement B Business summary C Executive summary D Product overview
c
The name of the cafe' and the logo should A Should appeal just to the baby boomers B Look trendy C Reflect the image you want for your cafe' D None of the above
c
Which of the following is NOT a characteristic of an entrepreneur? A Is innovative or has a business idea B Is willing to work under a certain degree of uncertainty C Avoids risk D Has the flexibility to adjust to changing situations
c
Oligopolistic
characterizing an industry whose markets are dominated by a few firms
operations
converting the materials into the final product
" If he says he'll deliver the product tomorrow, I trust him, because he's dependable." This is A Self-Orientation B credibility C Intimacy D Reliability trust
d
Customer feedback in the Customer Survey Incident can be obtained through all the of the following, EXCEPT A A Suggestion Box B Survey Forms on tables C A Professional Survey D Cold calling customers
d
On the day of the career fair, do not A Check in B Plan day with map C "Warm up" elevator pitch D Visit all the employers
d
When starting a new business, the first step should be to: A Find a location for the business B Name the business C Seek the start-up capital D Write a business plan
d
In the marketplace, if consumers are buying fewer new cars, the price will 1. If consumers start buying more cars and the production of new cars can't match demand, then the price will 2.
decrease , increase
Capitalism, communism, and socialism are examples of _____, the way a society allocates and distributes its products. input markets economic systems free market systems output markets
economic systems
The point at which the supply curve crosses with the demand curve is the _____. historical price maximum price a seller can demand equilibrium price constant demand
equilibrium price
marketing
focusing on the needs and relations with customers
effective team leadership qualities.
honesty , clear and consistent, able to influence
factors of production
land, labor, capital
Select the best definition of groupthink. Teams refuse to offer a final plan until they have 100% approval. Members ignore individuals and respond to those outside of the team. Members agree and submit a unified decision. Members conform to the thoughts of the group when making decisions in order to get along.
members conform to the thoughts of the group when making decisions in order to get along
The companies that provide utilities, like gas and electricity, are considered what type of monopoly? legal perfect competitive natural
natural
Which of these is not a common reason for a business to fail? ineffective management not enough or poorly designed advertising funding idea was bad
not enough or poorly designed advertising
finance
obtaining funding for a business
Monopoly
one seller
When a standardized product is available from many sources, this is an example of _____. perfect competition competition price perfection oligopoly
perfect competition
Part of GDP
produced in US by US and Non US companies sold to final user
To create a supply curve, you would plot the 1 of a product that sellers are willing to part with at a specific price, regardless of the 2.
quantity, demand
Accounting
reporting material cost and financial strength of business.
small business is considered a ____ when it buys candy from a manufacturer and sets up a store to sell to consumers. If it buys the candy from a manufacturer and sells to grocery stores, it's would be a _____.
retailer, wholesaler
The majority of small businesses are in the 1 sector and cover a wide variety of business types, including 2 and 3.
service-producing ,accounting, dry cleanering
Manager-led teams
set goals, monitors performance
More cohesive
shares attitude, team is better than others, team is difficult to be a member of
small businesses in strong economy
small companies expand add more workers more small businesses are started
Why are team-based activities required by instructors? To force students to do something they hate. To see which students should continue in the class. To find students who can become good teaching assistants. To prepare students for working with others in the business world.
to prepare students for working with others in the business world
Instant messaging and videoconferencing have made _____ feasible for companies. virtual teams autonomous teams media teams self-managing teams
virtual teams
