Units 2-3 Principles of Business and Finance

Which is a true statement about a management information system (MIS)? A. It may be one part of a business's overall information management program. B. It is the same thing as an information management program. C. It does not assist with a business's information management program. D. It includes people, processes, and practices.

A. It may be one part of a business's overall information management program.

Mark and Susan, a recently married couple with full-time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set? A. Long-term B. Short-term C. Intermediate D. Unrealistic

A. Long-term

"I plan to save $1,500 to buy a used car by saving $75 from each paycheck." Which part of a SMART goal is this goal missing? A. Time bound B. Attainable C. Realistic D. Measurable

A. Time bound

After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem? A. analyze the information B. define the problem C. act on assumptions D. make a decision

A. analyze the information

Shannon's best friend has been excluding her lately. They were supposed to go shopping together, but her friend called and canceled. Shannon is upset about it. This is an example of which type of problem? A. peer B. work C. school D. professional

A. peer

The newly redesigned Toyota Corolla is an example of: A. product innovation. B. process innovation. C. position innovation. D. paradigm innovation.

A. product innovation.

Several employees are facing the possibility of being laid off from work. By concluding that they should look for new jobs before that happens, they are: A. solving problems. B. doing research. C. asking questions. D. gathering information.

A. solving problems.

Why is it important for businesses to store information for future use? A. to make it accessible B. to interpret data C. to establish quality control D. to protect it from overuse

A. to make it accessible

Which is the most efficient tool for gathering the external information that businesses need? A. library B. Internet C. software D. textbooks

B. Internet

What do most businesses use to store information for future use? A. CD-ROMs B. computer systems C. display screens D. scanners

B. computer systems

Information management can be a challenge because: A. there is often not enough information to manage. B. many people do not understand what it is. C. there is only one "right" way to do it. D. no one wants to participate in it.

B. many people do not understand what it is.

An important problem-solving skill for individuals to have is the ability to be: A. aggressive. B. objective. C. economical. D. judgmental.

B. objective.

A long-term goal can be accomplished in A. 1 to 2 weeks B. Less than 1 year C. More than 1 year D. 2 to 3 months

C. More than 1 year

The reason businesses obtain information usually is to apply it in order to: A. determine a need. B. develop a database. C. accomplish a task. D. evaluate a source.

C. accomplish a task.

Which is an internal factor that might influence a business owner's decision making? A. opinions of others B. competitors' activities C. comfort with risk D. market share

C. comfort with risk

One of the purposes of information management is to provide businesses with the strategic information they need to: A. create sales presentations. B. develop a short-term advertising campaign. C. make long-term decisions. D. write an annual report.

C. make long-term decisions.

One way for businesses to obtain needed information efficiently is to: A. contact a competitor. B. schedule an interview. C. read a book. D. access a database.

D. access a database.

Businesses assess their information needs to determine the type of information that will help them deal with: A. ethical issues. B. job applicants. C. personal relationships. D. specific problems.

D. specific problems.

Employees who have innovation skills are able to: A. socialize effectively. B. behave aggressively. C. react to problems. D. think in new ways.

D. think in new ways.

Businesses evaluate the quality and source of the information they obtain to make sure the information is: A. random. B. scientific. C. technical. D. useful.

D. useful.

Which affects the business environment because it provides the most options for consumers?

Global Competition

If a business is not concerned about social responsibility, it is likely to:

be a failure

Which factor has aided the most in creating a global business environment?

Technology