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Business 101 exam
1. During a recession, unemployment ________ while inflation A. falls; falls. B. rises; falls. C. rises; rises. D. falls; rises. 2. Student A says that customer satisfaction is a mark of a world-class business. Student B says that proactive ethics is a mark of a world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners’ Equity − Liabilities = Assets B. Liabilities = Assets + Owners’ Equity C. Assets = Liabilities + Owners’ Equity D. Assets + Liabilities = Owners’ Equity 4. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into position, as specified in the company’s ________ plan. A. tactical B. strategic C. contingency D. operational 5. Sole proprietorships have all of the following advantages except A. unlimited life. B. ease of liquidation. C. profits subject only to a single tax. D. ease of formation. 6. Team diversity is often established in a ________ team, by bringing together the expertise of members from various functions in the organization. A. working B. cross-functional C. self-managed D. problem-solving 7. All of the following are assets except A. inventory. B. cash. C. patents. D. bank loans. 8. If you’re developing a human resource inventory, you should exclude which of the following? A. Names B. Education C. Capabilities D. Perpetual inventory 9. The rate the Fed charges member banks for short-term loans is called the A. margin rate. B. federal funds rate. C. discount rate. D. reserve requirement. 10. _______ planning involves choosing specific work targets and assigning employees and teams to carry out plans. A. Contingency B. Operational C. Strategic D. Tactical 11. The Social Club is conducting a breakeven analysis to determine how many tickets it must sell at $15 each to break even on the Holiday Dance. Fixed costs are $2,000, and the variable cost per person is $10. To break even, the Social Club must sell ________ tickets. A. 500 B. 400 C. 800 D. 80 12. The country Artesia exported products totaling $86 billion last year. During the year, Artesia imported products valued at $43 billion. Artesia has a/an A. trade deficit of $43 billion. B. unfavorable balance of payments. C. trade surplus of $43 billion. D. exchange rate of 2 to 1. 13. Which of the following is not a method of retail competition? A. Price B. Location C. Service D. Travel 14. Pham is employed as a human resource manager. His responsibilities might include all of the following activities except A. projecting sales for the coming six-month period. B. administering employee benefit programs. C. developing employee training programs. D. administering compensation plans. 15. Camden Products buys a $500,000 machine by taking out a bank loan. The company’s assets will ________ by $500,000 while its liabilities will ________ by $500,000. A. fall; rise B. rise; rise C. rise; fall D. fall; fall 16. If a firm has a current ratio of 2.00, it means that for every $2 in ________ it has $1 in A. total assets; total liabilities. B. current assets; total liabilities. C. current assets; current liabilities. D. total assets; current liabilities. 17. What prompted Congress to enact the Sarbanes-Oxley Act in 2002? A. Stockholders petitioned for increased access to financial records. B. A series of improper financial disclosures were found during investigations. C. Major companies requested government regulation following negative publicity. D. Congress wanted to make accounting practices more efficient. 18. Mario is part of a strategic planning team. He has identified that his company is the low-cost producer in its industry. This should be listed on a SWOT analysis as a/an A. opportunity. B. weaknesses. C. threat. D. strength. 19. Omar, an electrician for Quality Builders, is paid $35 for each hour he works during the day. After 5 p.m. and on weekends, he is paid the overtime rate of one and one-half times the regular hourly rate. Omar is paid a A. bonus. B. salary. C. commission. D. wage. 20. Efficiency means producing _______ using the least amount of A. goods; resources. B. human resources; time. C. capital; natural items. D. entrepreneurship; people. 21. The curve that shows the relationship between different prices and the quantity requested at each price is the ________ curve. A. demand B. buying C. supply D. equilibrium 22. The method of determining the minimum sales volume needed at a certain price level to cover all costs is A. breakeven analysis. B. equilibrium pricing. C. market share analysis. D. return on sales. 23. Student A says that if you’re going to prepare alternative course of action, you need to do strategic planning. Student B says that if you’re going to prepare alternative courses of action, you need to do contingency planning. Which student is correct? A. Student A only B. Student B only C. Both D. Neither 24. Price auctions on eBay are an example of A. e-business. B. communication. C. entertainment. D. information. 25. The salesperson’s task of identifying potential customers is known as A. prospecting. B. selection. C. follow-up. D. demonstration. 26. Ida works on creating ways to ensure that customers receive goods at the right time and correct location. Ida is involved in her firm’s ________ strategy. A. transportation B. promotion C. product D. pricing 27. If you want to turn self-directed gain into social and economic benefits for all, you should use a/an _______ strategy. A. charitable aid society B. invisible hand C. government D. visible hand 28. Television is an attractive advertising medium because it A. is relatively inexpensive. B. offers a rapidly growing network audience. C. provides instant feedback which can be used to measure effectiveness. D. offers mass coverage and flexibility. 29. One way for a country to obtain an absolute advantage in marketing a product outside its borders is to . A. revalue the currency. B. produce the good at the lowest cost. C. adopt many trade restrictions. D. enter into an orderly marketing agreement. 30. In which stage of the product life cycle are profits at their highest? A. Maturity stage B. Decline stage C. Introductory stage D. Growth stage 31. Joe is developing the marketing mix for his company’s new line of power tools. A brand name, price, and distribution system have been decided. Now Joe is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Joe’s ________ strategy. A. pricing B. production C. product End of exam D. promotional 32. The Fair Labor Standards Act A. established the federal minimum wage. B. legalized collective bargaining. C. outlawed secondary boycotts. D. outlawed union shops. 33. If you seek to determine the value of one nation’s currency relative to the currencies of other countries, you should isolate the nation’s A. governmental surplus. B. international current module. C. exchange rate. D. countertrading activity.
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