Business Management Final Exam Questions (1–40) – Comprehensive Practice
Test & Study Review
The idea that individuals, companies, and countries should specialize in what they do best is
most closely associated with ____. - correct answer ✔✔comparative advantage
A ____ is an agreement between two parties to carry out a transaction, such as the sale of
goods from a seller to buyer - correct answer ✔✔contract
Rent is an example of a(n)_____. - correct answer ✔✔fixed cost
When writing a cover letter, it is best to include ____ in the first paragraph. - correct answer
✔✔the full job title, the position you seek, and how you found out about it
This process spreads management decisions through the levels in an organization ____. -
correct answer ✔✔decentralization
The first step in planning a successful career is to ____. - correct answer ✔✔assess your
interests and abilities
This concept states that as the price of a good increases, the quantity of the good demanded
falls. - correct answer ✔✔law of demand
This law made it illegal to charge different prices to different wholesale customers. - correct
answer ✔✔Clayton Act of 1914
A Theory Y manager is most likely to ____. - correct answer ✔✔assume that all workers are
content with their work
, In the semi-autocratic management decision style, ____. - correct answer ✔✔subordinates may
or may not be informed of the decision
When a leader presents group members with a problem situation and asks the group to write
down their ideas rather than saying them aloud, he or she is encouraging creativity through
____. - correct answer ✔✔brainwriting
The combination of the unique qualities that make you who you are is known as your ____. -
correct answer ✔✔personality
When a manager gives guidance to employees to perform their tasks, he or she is said to be
performing the task of ____. - correct answer ✔✔leading
Frederick W. Taylor figured out "one best way" to perform a task through ____. - correct answer
✔✔time and motion studies
The largest exporter in the world is ____. - correct answer ✔✔China
Goods and services that are purchased abroad are called ____. - correct answer ✔✔imports
This level of management includes department heads and district sales managers. - correct
answer ✔✔middle management
Companies must comply with all of the following employment laws EXCEPT ____. - correct
answer ✔✔employee lay-off laws
Companies can sell their products or services in foreign countries in any of the following ways
EXCEPT ____. - correct answer ✔✔creating an embargo to transfer power to the host country
Test & Study Review
The idea that individuals, companies, and countries should specialize in what they do best is
most closely associated with ____. - correct answer ✔✔comparative advantage
A ____ is an agreement between two parties to carry out a transaction, such as the sale of
goods from a seller to buyer - correct answer ✔✔contract
Rent is an example of a(n)_____. - correct answer ✔✔fixed cost
When writing a cover letter, it is best to include ____ in the first paragraph. - correct answer
✔✔the full job title, the position you seek, and how you found out about it
This process spreads management decisions through the levels in an organization ____. -
correct answer ✔✔decentralization
The first step in planning a successful career is to ____. - correct answer ✔✔assess your
interests and abilities
This concept states that as the price of a good increases, the quantity of the good demanded
falls. - correct answer ✔✔law of demand
This law made it illegal to charge different prices to different wholesale customers. - correct
answer ✔✔Clayton Act of 1914
A Theory Y manager is most likely to ____. - correct answer ✔✔assume that all workers are
content with their work
, In the semi-autocratic management decision style, ____. - correct answer ✔✔subordinates may
or may not be informed of the decision
When a leader presents group members with a problem situation and asks the group to write
down their ideas rather than saying them aloud, he or she is encouraging creativity through
____. - correct answer ✔✔brainwriting
The combination of the unique qualities that make you who you are is known as your ____. -
correct answer ✔✔personality
When a manager gives guidance to employees to perform their tasks, he or she is said to be
performing the task of ____. - correct answer ✔✔leading
Frederick W. Taylor figured out "one best way" to perform a task through ____. - correct answer
✔✔time and motion studies
The largest exporter in the world is ____. - correct answer ✔✔China
Goods and services that are purchased abroad are called ____. - correct answer ✔✔imports
This level of management includes department heads and district sales managers. - correct
answer ✔✔middle management
Companies must comply with all of the following employment laws EXCEPT ____. - correct
answer ✔✔employee lay-off laws
Companies can sell their products or services in foreign countries in any of the following ways
EXCEPT ____. - correct answer ✔✔creating an embargo to transfer power to the host country
