Business Semester Exam
How many activities do marketers perform?
100s
During the great depression approximately ___% of the labor force was unemployed.
25
When is the best time to bring up your salary requirements?
After being offered the position
Which of the following is more commonly associated with a trade?
Apprenticeship
For most jobs, employers expect employees to: (Check all that apply)
Be able to communicate with others Read well enough to function in their job Be able to follow instructions Be able to work in a team Do simple math problems Be able to complete basic computer tasks, such as, entering or accessing data on a computer
Which of the following are examples of capital resources? (Check all that apply)
Computers Warehouse
Which of the following need to be present in order for a contract to be valid and enforceable? (Check all that apply)
Consideration Competent Parties Agreement Legaility
Businesses that are socially responsible try to do which of the following? (Check all that apply)
Create a workplace free from hazards Offer counseling for employees with drug or alcohol problems. Have a workforce that reflect the various groups that comprise the community Preserve our scarce natural resources
Choose the characteristics of the prosperity phase. (Check all that apply)
Demand for goods and services are high Businesses produce goods and services in record numbers Most people who want to work are working
A Recession deepens and spreads throughout the entire economy. Prolonged period of high unemployment, weak sales, and business failures. These are characteristics of the economic business cycle phase of ___.
Depression
Which are advantages of sole proprietorship? (Check all that apply)
Direct control of the business Profits go to the owner
Along with qualifications, employers also consider a person's character, personality, and ability to work with others. All these factors combined are called ___.
Employability skills
A code of conduct should be worded in terms of forbidden action rather than acceptable behavior.
False
A cover letter is a summary of your skills, education, and work experience.
False
A patent gives the inventor exclusive right to make, use, or sell the item for usually 10 years.
False
Businesses should never keep records because they will need to hire an accountant if they do.
False
If a business has overstocked a product, it would be more likely they would raise the price of the product?
False
If an employment application asks about your college education, but you have not attended college; you should leave that section of the application blank.
False
If the employment application asks what position you desire, it's considered acceptable to put "any" if you don't care what the position is and you would take any position offered.
False
Internships are usually paid.
False
Manufacturers are businesses that grow products or take raw materials from nature.
False
Research shows that the main reason people lose their job is because of lateness.
False
The Environmental Protection Agency regulates and enforces safety standards.
False
The main goal of state government is to oversee the activities that involve two or more states.
False
The marketing strategy considers the needs of customers when planning, pricing, distributing and promoting a product or service.
False
The means through which goods and services are produced are called the factors of profit.
False
The movement of the economy from one condition or phases to another, and back again is referred to as the economic profit cycle.
False
The price of a product made with scarce natural resources tends to be low.
False
The purpose of a resume is to persuade a potential employer to hire you.
False
There is a limited amount of wants people have.
False
When a new business enters a community, prices of similar products at other stores in the community increase.
False
When analyzing job options you should only concern yourself with the present demand for that job.
False
When evaluating the choice you made you should never second guess your decision.
False
Antitrust laws protect consumers from (Check all that apply)
False advertising Misleading labeling Deceptive pricing
International business is sometimes referred to as which of the following? (Check all that apply)
Foreign trade World trade
Which of the following are examples of wants? (Check all that apply)
Furniture Play station
Choose the characteristics of the recession phase. (Check all that apply)
GDP growth slows for two or more quarters The economy slows down Unemployment begins to rise Businesses lower production of goods and services
Things you can see and touch are referred to as _________________
Goods
The total dollar value of all final goods and services produced in a country during one year is called _________.
Gross Domestic Product
The key economic questions are: (Check all that apply)
How should the goods and services be produced? For whom should the goods and services be produced? What goods and services are to be produced?
Which of the following are examples of natural resources? (Check all that apply)
Iron Ore Fish
Which are examples of marketing businesses? (Check all that apply)
Kroger Grocery Store Toyota Dealership Target Pilot Truck Stop
Which of the following are hybrid organizations that offer the same liability protection as a corporation but may be taxed as either a partnership or a corporation? (Check all that apply)
LLP LLC
Which are advantages of a corporation? (Check all that apply)
Limited liability Unlimited life Ease of transferring ownership
Which of the following are activities that businesses perform? (Check all that apply)
Market Goods and Services Produce Goods and Services Keep Records Use Human Resources
Which are examples of a service business? (Check all that apply)
McDonalds Southwest airlines
The Environmental Protection Agency is responsible for which of the following? (Check all that apply)
Monitoring air quality Enforcing air quality standards Enforcing water quality standards Monitoring water quality
Which are advantages of a partnership? (Check all that apply)
More flexibility with time than a sole proprietorship Diversity of skills and expertise
A ___________________ is something that is necessary for survival.
Needs
Which of the following are examples of indirect channels of distribution? (Check all that apply)
Producer to Middleman to Consumer Producer to Retailer to Consumer Producer to Wholesaler to Retailer to Consumer
Which of the following are part of the marketing mix? (Check all that apply)
Product Promotion Place Price
Which of the following are activities that businesses perform? (Check all that apply)
Raise capital Generate ideas Buy Goods and Services
Which of the following usually describes your natural skill?
Talent
Which of the following are factors that will effect the price of a product? (Check all that apply)
The quantity of a product purchased by a customer The level of customer service offered by the business The amount of advertising and communications needed to inform customers Whether the product is fragile or requires special handling The number of businesses in the channel of distribution
If there are 3 spots on an employment application to list references, how many references do you need to list?
Three
A decrease in the general level of prices is called deflation.
True
A resume is best kept to one page?
True
A service business does things for you instead of making or marketing products.
True
A sustained increase in the general level of prices is called inflation.
True
A target market is a clearly identified group of consumers with needs that the business wants to satisfy.
True
As citizens we decide as a group how some of the community's scarce resources will be used and what will be provided for the common use is referred to as collective decision making.
True
Because of marketing, we have more choices, better products, and lower prices.
True
Businesses often hire employees from the community in which they are located.
True
Career Counselors are people trained to provide information and guidance on choosing a career.
True
Employers value employees that are honest, dependable, and hard working.
True
Ethics are principles of morality or rules of conduct.
True
For most jobs, employers look for someone with at least a high school diploma.
True
If you place great emphasis on freedom and independence, you might want to become an entrepreneur.
True
In the define the problem step you should be sure to state the real issue at hand, not the choices.
True
It is a good idea to have someone review your resume before applying?
True
Making a list of the advantages and disadvantages is a good strategy to help you compare your choices.
True
Marketers are businesses that are in involved with moving goods from producers to consumers.
True
Marketing activities create millions of jobs.
True
Marketing is all of the activities used to exchange goods and services between businesses and consumers.
True
Most economies of the world are mixed.
True
Most of us have similar values, but we might put them in vastly different orders of importance.
True
Salespeople work with customers to learn their needs, understand their buying motives, and provide information to help the customer make a purchase decision.
True
The constitution gives the federal government the power to regulate foreign and interstate commerce.
True
The value of a country's currency is affected by supply and demand.
True
There needs to be a balance between social responsibility and profit.
True
To attract new customers, a business uses promotion to inform prospective customers and persuade them that its product is a better choice.
True
Without foreign trade, many of the things we buy in the United States might cost more or not be available to our consumers.
True
You should ask an individual to be your reference prior to placing them on an application.
True
Choose the characteristics of the recovery phase. (Check all that apply)
Unemployment begins to decrease GDP begins to rise again Demand for goods and services increase
________________are things not necessary for survival, but which add comfort and pleasure to our lives.
Wants
Which of the following are examples of needs? (Check all that apply)
Water Food
GDP includes which of the following? (Check all that apply)
What businesses spend for buildings, equipment, and supplies. What consumers spend for food, clothing, and housing. What government agencies spend to pay employees and to buy supplies.
The GDP per ___ is calculated by dividing GDP by total population.
capita
An example of a position that might be the first step on the career ladder is a ___.
cashier
A couple planning a vacation may choose a hotel that costs more but uses appealing advertisements showing people enjoying a hot tub is an example of a(n) ___ buying motive.
emotional
When two or more firms join to form a new company, which often takes on a new corporate identity the transaction is referred to as a(n) ___.
merger
The right ________ is when businesses can compete against each to sell their goods and services to buyers.
of competition
The right to own a business is referred to as the right ___.
of free enterprise
The right _______ gives you the right to own, use, or dispose of things of value.
of private property
Which of the following limits the quantity of a product that can be traded?
quota
A person renting a car may select the company that is closest to the airport or that offers the best weekly rate is an example of a(n) ___ buying motive.
rational
The conflict between unlimited wants and limited resources is referred to as _________.
scarcity
Which of the following is a tax on a product?
tariff
Businesses supply goods and services to the marketplace because they have the right ___.
to earn a profit