Test Bank For Introduction to
Business
One of the disadvantages of having a partnership is - ANSWERSunlimited liability
An organization that is owned and operated by its members is a ______ -
ANSWERScooperative
A contractual agreement to use the name and sell the products or services of a company in
a designated geographic area is called a ______ . - ANSWERSfranchise
If one of your goals is to limit your personal liability, it would be best to organize your
business as a ______ . - ANSWERScooperation
A business owned by ten people who share the risks and rewards of the business is a ____ -
ANSWERSpartnerships
3 c's - ANSWERSCapital, Capacity, Character,
makes a completely finished product out of raw or processed parts. -
ANSWERSmanufacturer
packagers - ANSWERSprocessor
producer - ANSWERSmake the before final product
moves finished goods, stores them, and resells them to a wholesaler -
ANSWERSintermediary
Which department in a company sets the price of a product? - ANSWERSmarketing
,The highest level of management in the organization; responsible for direction and control
of the organization as a whole (such as director; general manager; partner; chief officer and
executive manager). - ANSWERStop level management
Responsible for meeting the goals that senior management sets - ANSWERSmiddle
management
Responsible for monitoring the daily activities of the business - ANSWERSoperational
management
Which managerial function comes first when executing business goals? - ANSWERSplanning
Which is NOT an aspect of the organizing function? - ANSWERScreating strategies
Which is NOT part of the leadership function for a manager in charge of a project? -
ANSWERShiring employees
In a large company, to whom would an operational manager generally report? - ANSWERSa
middle manager
the ability to make decisions on your own - ANSWERSinitiative
integrity - ANSWERShonesty
Who makes the final decision in a democratic leadership situation? - ANSWERSthe
democratic leader
Which kind of leader does the most delegating? - ANSWERSfree-rein
when leaders set goals for managers and employees, then allow them to make the decisions
to achieve those goals. - ANSWERSfree rein
, leader gets input from the group, then makes the final decision about a situation. -
ANSWERSdemocratic leader
do not ask for input from their workers; they expect their orders to be obeyed without
question. - ANSWERSautocratic
Which is NOT considered an aspect of technology? - ANSWERSinventors
Which was inspired by the invention of the telephone? - ANSWERSfax
What makes a cell phone different from a telephone? - ANSWERScells are small computers
Anyone who uses a computer while working - ANSWERSe-workforce
a store that sells products in stores and online - ANSWERSclick and mortar
Which types of products do other countries mostly buy from the U.S.? -
ANSWERSagricultural
When a country's currency is higher than another's, it has - ANSWERSmore buying power
NAFTA - ANSWERSNorth American Free Trade Agreement
business that takes place within the borders of one state. - ANSWERSinterstate commerce
OSHA - ANSWERSOccupational Safety and Health Administration
formed by a small number of companies rather than just one. - ANSWERSoligopoly
best for keeping money in a financial institution for a short period. - ANSWERSchecking
accounts
Business
One of the disadvantages of having a partnership is - ANSWERSunlimited liability
An organization that is owned and operated by its members is a ______ -
ANSWERScooperative
A contractual agreement to use the name and sell the products or services of a company in
a designated geographic area is called a ______ . - ANSWERSfranchise
If one of your goals is to limit your personal liability, it would be best to organize your
business as a ______ . - ANSWERScooperation
A business owned by ten people who share the risks and rewards of the business is a ____ -
ANSWERSpartnerships
3 c's - ANSWERSCapital, Capacity, Character,
makes a completely finished product out of raw or processed parts. -
ANSWERSmanufacturer
packagers - ANSWERSprocessor
producer - ANSWERSmake the before final product
moves finished goods, stores them, and resells them to a wholesaler -
ANSWERSintermediary
Which department in a company sets the price of a product? - ANSWERSmarketing
,The highest level of management in the organization; responsible for direction and control
of the organization as a whole (such as director; general manager; partner; chief officer and
executive manager). - ANSWERStop level management
Responsible for meeting the goals that senior management sets - ANSWERSmiddle
management
Responsible for monitoring the daily activities of the business - ANSWERSoperational
management
Which managerial function comes first when executing business goals? - ANSWERSplanning
Which is NOT an aspect of the organizing function? - ANSWERScreating strategies
Which is NOT part of the leadership function for a manager in charge of a project? -
ANSWERShiring employees
In a large company, to whom would an operational manager generally report? - ANSWERSa
middle manager
the ability to make decisions on your own - ANSWERSinitiative
integrity - ANSWERShonesty
Who makes the final decision in a democratic leadership situation? - ANSWERSthe
democratic leader
Which kind of leader does the most delegating? - ANSWERSfree-rein
when leaders set goals for managers and employees, then allow them to make the decisions
to achieve those goals. - ANSWERSfree rein
, leader gets input from the group, then makes the final decision about a situation. -
ANSWERSdemocratic leader
do not ask for input from their workers; they expect their orders to be obeyed without
question. - ANSWERSautocratic
Which is NOT considered an aspect of technology? - ANSWERSinventors
Which was inspired by the invention of the telephone? - ANSWERSfax
What makes a cell phone different from a telephone? - ANSWERScells are small computers
Anyone who uses a computer while working - ANSWERSe-workforce
a store that sells products in stores and online - ANSWERSclick and mortar
Which types of products do other countries mostly buy from the U.S.? -
ANSWERSagricultural
When a country's currency is higher than another's, it has - ANSWERSmore buying power
NAFTA - ANSWERSNorth American Free Trade Agreement
business that takes place within the borders of one state. - ANSWERSinterstate commerce
OSHA - ANSWERSOccupational Safety and Health Administration
formed by a small number of companies rather than just one. - ANSWERSoligopoly
best for keeping money in a financial institution for a short period. - ANSWERSchecking
accounts
