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Principles of Business Midterm Review

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High School Principles of Business Quiz on Principles of Business Midterm Review, created by Tara McDonald on 20/03/2017.
Tara McDonald
Quiz by Tara McDonald, updated more than 1 year ago
Tara McDonald
Created by Tara McDonald over 7 years ago
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Resource summary

Question 1

Question
Which is a formatting characteristic of a full-block business letter?
Answer
  • double-spacing within the paragraph
  • no paragraph indents
  • indented first paragraph
  • using a right justification for all paragraphs

Question 2

Question
Which is available to all people around the world who have access to a computer that has connectivity?
Answer
  • Extranet
  • Intranet
  • Internet
  • Broadband

Question 3

Question
What type of software program would a business use to analyze its operating expenses and level of sales?
Answer
  • Word Processor
  • Spreadsheet
  • Database
  • Communication

Question 4

Question
Which is usually the quickest way that businesses can obtain information about unknown potential new vendors that are located in other parts of the country?
Answer
  • by searching the web
  • by sending an e-mail
  • by faxing a request
  • by phoning an agent

Question 5

Question
When e-mailing large files or documents to coworkers or customers, a businessperson sends them:
Answer
  • in codes.
  • as attachments.
  • in text boxes.
  • as reply messages.

Question 6

Question
Which type of software program would an employee use to prepare a form letter informing the company's clients of a change in product pricing?
Answer
  • spreadsheet
  • word processing
  • presentation
  • database

Question 7

Question
Which allows a computer to search and access information on the Internet?
Answer
  • cookie
  • folder
  • browser
  • server

Question 8

Question
Monitors, keyboards, and hard drives are examples of computer:
Answer
  • Software
  • Language
  • Hardware
  • Network

Question 9

Question
Businesses often use word-processing computer software to produce:
Answer
  • detailed reports, memos, and contracts.
  • complex graphics, letters, and reports.
  • research reports, spreadsheets, and tables.
  • business plans, contracts, and spreadsheets.

Question 10

Question
After an employee collects the necessary facts, what is the next step that an employee should take to solve a problem?
Answer
  • analyze the information
  • define the problem
  • act on assumptions
  • make a decision

Question 11

Question
Which is an internal factor that might influence a business owner's decision making?
Answer
  • opinions of others
  • competitors' activities
  • comfort with risk
  • market share

Question 12

Question
Mark, who owns a small home-appliance store, is in the process of placing an order for 12 refrigerators, 8 stoves, and 4 portable dishwashers. Mark is purchasing the refrigerators for $674.98 each, the stoves for $493.22 each, and the portable dishwashers for $284.83 each. What is the total cost of the stoves that Mark is purchasing?
Answer
  • $493.22
  • $3,945.76
  • $2,278.64
  • $5,399.84

Question 13

Question
What is one of the most important components of the production process?
Answer
  • new technology
  • goods and services
  • human resources
  • inputs and outputs

Question 14

Question
Which is a example of a short-term objective?
Answer
  • becoming president of a large corporation
  • paying off a twenty-five-year mortgage
  • finishing a six-week computer software course
  • becoming fluent in a foreign language

Question 15

Question
A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?
Answer
  • buyer's
  • discount
  • seller's
  • automotive

Question 16

Question
Which group of words best describes wants?
Answer
  • limited, changing, and compensating
  • unlimited, changing, and competing
  • limited, unchanging, and competing
  • unlimited, unchanging, and compensating

Question 17

Question
A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
Answer
  • distribution.
  • opportunity cost.
  • efficiency.
  • utility.

Question 18

Question
The desire for which item(s) would be considered a non-economic want?
Answer
  • a car
  • nutritious food
  • a walk
  • new clothing

Question 19

Question
Which is an external factor that affects market price?
Answer
  • location of items in store
  • consumer buying power
  • number of items in stock
  • available credit terms

Question 20

Question
Which is an example of an economic service?
Answer
  • car stereo
  • tennis shoes
  • baseball glove
  • concert ticket

Question 21

Question
A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
Answer
  • pure competition.
  • a buyer's market.
  • a seller's market.
  • inelastic demand.

Question 22

Question
Which is a natural resource that can be renewed through people's efforts?
Answer
  • Water
  • Crude
  • Trees
  • Mineral deposits

Question 23

Question
When prices increase, producers usually:
Answer
  • increase demand.
  • decrease supply.
  • increase supply.
  • decrease profits.

Question 24

Question
Equilibrium price of a good or service is determined by trial and error and exists when:
Answer
  • research shows what the market will tolerate.
  • the amount supplied is equal to the amount demanded.
  • businesses total their costs and markup.
  • businesses compute the average selling price in the area.

Question 25

Question
Which situations would cause prices to rise?
Answer
  • The corn crop is unusually large one summer.
  • Insects destroy a large cotton crop.
  • Animal rights activists march in front of a fur store.
  • A newspaper article describes poor service provided by a hotel.

Question 26

Question
Which is a reason that natural resources are considered limited?
Answer
  • People lack training or skills needed to do a job.
  • Technology has advanced faster than training.
  • Some countries are unable to manufacture them.
  • The earth has certain boundaries.

Question 27

Question
Which occurs when the supply of individuals who are able and willing to work diminishes?
Answer
  • Capital goods become unlimited.
  • Capital goods become limited.
  • Human resources become limited.
  • Human resources become unlimited.

Question 28

Question
A local dry cleaner that also launders and presses shirts is selling:
Answer
  • industrial supplies.
  • specialty goods.
  • tangible items.
  • consumer services.

Question 29

Question
Who decides how goods and services will be marketed in a private enterprise economic system?
Answer
  • legislators
  • business people
  • competitors
  • consumers

Question 30

Question
What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?
Answer
  • $368,730
  • $232,420
  • $471,350
  • $523,820

Question 31

Question
For a business, income remaining after payment of expenses is:
Answer
  • loss.
  • capital.
  • profit.
  • debt.

Question 32

Question
A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
Answer
  • Celler-Kefauver Act
  • Clayton Act
  • Sherman Act
  • Robinson-Patman Act

Question 33

Question
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
Answer
  • military
  • capitalist
  • consumer
  • welfare

Question 34

Question
The basic role of the United States government is to:
Answer
  • limit business startups.
  • maintain control of prices.
  • increase production.
  • protect U.S. citizens.

Question 35

Question
In a private enterprise economic system, the interaction of supply and demand primarily determines:
Answer
  • government regulation.
  • economic choices.
  • the extent of pollution.
  • product prices.

Question 36

Question
Which is a problem associated with communist command economies?
Answer
  • There is no competition.
  • There are high taxes.
  • Supply and demand control what will be produced.
  • Individuals run the risk of losing their businesses.

Question 37

Question
In business terms, what is profit?
Answer
  • a risky venture
  • a good investment
  • a holiday bonus
  • a monetary reward

Question 38

Question
A major characteristic of a market economy is which type of ownership of property
Answer
  • monopolistic
  • limited
  • government
  • private

Question 39

Question
Which is a factor that affects the business environment?
Answer
  • industry competition
  • staff organization
  • information management
  • conflict negotiation

Question 40

Question
A U.S. company would decide to offer its products in other countries as a reason to:
Answer
  • subsidize developing countries.
  • sell obsolete, outdated products.
  • expand to new, untapped markets.
  • provide jobs to people in other countries.

Question 41

Question
A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?
Answer
  • No, the museum will not be considered a business.
  • No, the museum will be a charitable institution.
  • Yes, the museum will be a not-for-profit business.
  • Yes, the museum will be a for-profit business.

Question 42

Question
The two main divisions of the trade industry are:
Answer
  • manufacturers and wholesalers.
  • wholesalers and retailers.
  • producers and retailers.
  • wholesalers and producers.

Question 43

Question
Which is an example of ethical business behavior?
Answer
  • testing products to ensure they are safe to use
  • accepting a bribe from a prominent customer
  • using advertisements to confuse customers
  • disclosing partial information about products

Question 44

Question
Which affects the business environment because it provides the most options for consumers?
Answer
  • command economy
  • international sanctions
  • monopoly
  • global competition

Question 45

Question
Business ethics involve considering issues about what is:
Answer
  • positive and negative.
  • legal and illegal.
  • safe and unsafe.
  • right and wrong.

Question 46

Question
Which situation would most likely indicate the need to adapt to changes in the business environment?
Answer
  • The supply of materials used in manufacturing a product has decreased.
  • The number of the business's competitors has decreased.
  • The demand for the product is stable.
  • The business has experienced little employee turnover during the past year.

Question 47

Question
Which is an example of an economic factor that affects the business environment?
Answer
  • business cycle
  • employee morale
  • management style
  • long-term goals

Question 48

Question
Which factor has aided the most in creating a global business environment?
Answer
  • technology
  • government
  • cultural change
  • exchange rate

Question 49

Question
Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:
Answer
  • injunction.
  • authority.
  • initiative.
  • attrition.

Question 50

Question
One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:
Answer
  • provides experience that increases the business's credibility.
  • assumes all legal responsibility for the business's actions.
  • helps with the day-to-day operations of the business.
  • evaluates the performance of the business's employees.

Question 51

Question
A small-business owner whose business is a sole proprietorship is planning to “go global.” What method for going global would be best to recommend to the small-business owner?
Answer
  • Start by hiring an export management company.
  • Start by building facilities in the countries of interest.
  • Start by merging with a foreign business that can sell your products.
  • Start by renting facilities in the countries of interest and hiring foreign employees.

Question 52

Question
Businesses that successfully adapt to current market situations often realize that:
Answer
  • cutting costs is important.
  • more financing is necessary.
  • diversification is the key.
  • change is an opportunity.

Question 53

Question
The government can borrow money from the private sector in order to pay the costs of regulation by:
Answer
  • setting prices.
  • raising taxes.
  • issuing bonds.
  • selling licenses.

Question 54

Question
One reason that has caused the government's role in business to expand is that:
Answer
  • competition in the marketplace has increased.
  • products have become very technical.
  • costs of production have continued to increase.
  • people's attitudes have changed.

Question 55

Question
The productivity of an individual worker can be measured by:
Answer
  • dividing the dollar totals of sales by the number of salespeople who made the sales.
  • dividing the total number of products produced by the number of production steps.
  • dividing the dollar totals of sales by the costs of making all of those sales.
  • dividing the number of customers served by the number of hours an employee worked.

Question 56

Question
If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
Answer
  • 67
  • 31
  • 93
  • 105

Question 57

Question
The formula that is generally used to measure productivity is:
Answer
  • outputs divided by inputs.
  • labor divided by resources.
  • goods divided by time.
  • inputs divided by labor.

Question 58

Question
A characteristic of a sole proprietorship is that the owner:
Answer
  • has access to unlimited funds.
  • receives all the profit.
  • transfers all the risk.
  • delegates all functions.

Question 59

Question
The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?
Answer
  • partnership
  • cooperative
  • corporation
  • proprietorship

Question 60

Question
A type of business ownership in which one or more of the owners does not have full liability is called a:
Answer
  • general partnership.
  • limited partnership.
  • sole proprietorship.
  • service organization.
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