INTRODUCTION TO BUSINESS B

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51) A legal commitment by a bank to lend up to a maximum amount is known as a

1 point

A) revolving credit agreement.

B) line of credit.

C) term loan.

D) mortgage.

Clear selection

52) When someone enters into a mortgage agreement, the house serves as which one of the five "C's" of credit?

1 point

A) Critique

B) Collateral

C) Capacity

D) Character

Clear selection

53) A patent gives the inventor of a new product the sole right to make, use, or sell the item for:

1 point

A) their lifetime.

B) 7 years.

C) 50 years.

D) 20 years.

Clear selection

54) Ethical behavior consists of:

1 point

A) doing what is right even when it's more tempting to do otherwise.

B) doing what is the most profitable for the company.

C) looking out for the individual's best interests.

D) questionable activities performed by a business.

Clear selection

55) Internet-based training courses are sometimes also called

1 point

A) vestibule training.

B) contingency training.

C) distance learning.

D) synchronized training.

Clear selection

56) Tracy, who runs a carpet cleaning business, has a group of employees who work in production and in installation. If she decides to use work teams as part of her leadership approach, she must increase

1 point

A) compensation.

B) supervision.

C) independence.

D) quality.

Clear selection

57) Job orientation applies most specifically to training given

1 point

A) during the first few days on the job.

B) during the first two years on the job.

C) during the employment review.

D) after selection, but prior to reporting for work.

Clear selection

58) Companies usually explain their procedures and policies during

1 point

A) orientation.

B) initial training.

C) job instruction training.

D) supervisory training.

Clear selection

59) ____________________ is the demand for equal pay for jobs requiring similar levels of education, training, and skill.

1 point

A) Affirmative action

B) Comparable worth

C) Equal opportunity pay

D) Compensation by objectives

Clear selection

60) Government regulations and taxes are part of the ________________ environment of business.

1 point

A) competitive

B) technological

C) social

D) economic and legal

Clear selection

61) The federal government attempts to prevent monopolies by using

1 point

A) Federal Fair Business Administration.

B) antitrust laws.

C) public utilities.

D) the Internal Revenue Service.

Clear selection

62) Expenses that a taxpayer may list to deduct on his or her income tax such as charitable contributions, interest on certain loans, certain taxes and losses, and other items, to name several are called

1 point

A) itemized deductions.

B) the deductions.

C) the exemptions.

D) standard deductions.

Clear selection

63) What is the process of meeting and talking to other people about their jobs called?

1 point

A) itemized deductions.

B) the deductions.

C) the exemptions.

D) standard deductions.

Clear selection

64) Work behaviors are important to developing a career and include all of the following except

1 point

A) punctuality.

B) appropriate appearance.

C) good attendance.

D) manual dexterity.

Clear selection

65) What trait is not considered an effective leadership characteristic?

1 point

A) confidence

B) aggressiveness

C) dependability

D) initiative

Clear selection

66) When beginning to plan your career, taking a personal inventory may be helpful. This inventory may include which of the following areas?

1 point

A) abilities, wants, goals, medical history

B) family and medical histories, educational background

C) interests, abilities, value, goals

D) wants, needs, abilities, educational background

Clear selection

67) Research predicts that individuals will change jobs ________ times before age 38.

1 point

A) 5-10

B) more than 15

C) 10-14

D) 1-5

Clear selection

68) The process of identifying and establishing a group of acquaintances, friends, and relatives who can assist you in the job search process is called:

1 point

A) networking.

B) projecting.

C) empowering.

D) planning.

Clear selection

69) The purpose of the cover letter is to:

1 point

A) request information about a job opening.

B) request a person to be a reference.

C) request the job.

D) request an interview.

Clear selection

70) The personal employment goal listed on the resume is called:

1 point

A) experience reference.

B) career objective.

C) education objective.

D) personal information.

Clear selection

71) A __________ is a good opportunity to ask specific questions about the job opening, career paths, and the company.

1 point

A) career day

B) job application session

C) job interview

D) phone conversation

Clear selection

72) During an interview, an employer

1 point

A) can judge an applicant without any further research.

B) can evaluate the appearance, job knowledge, and personality of the applicant.

C) should do most of the talking.

D) should find out whether a young woman plans to stay home with her children when they are born.

Clear selection

73) _____________ is a term that refers to the chance of loss, the probability of loss, and the amount of possible loss.

1 point

A) Hazard

B) Insurability

C) Speculation

D) Risk

Clear selection

74) _____ is not an example of an economic risk.

1 point

A) Uninsurable risk

B) Property risk

C) Liability risk

D) Personal risk

Clear selection

75) Commercial property insurance does not provide protection from

1 point

A) loss of property.

B) business interruption.

C) damage to property.

D) product obsolescence.

Clear selection

76) Which of the following is not considered a major area covered by health insurance?

1 point

A) mental health

B) hospitalization

C) surgical and medical

D) accidental death

Clear selection

77) This insurance guarantees payment of wages, medical care, and rehabilitation services for employees who are injured on the job.

1 point

A) workers' compensation

B) product liability

C) professional liability

D) malpractice

Clear selection

78) _____ is an example of a non-renewable resource.

1 point

A) Lumber

B) Agricultural crop

C) Oil

D) Solar energy

Clear selection

79) Nancy must decide between going to a concert or going to her night class. If Nancy chooses to go to her night class, the opportunity cost of her decision is

1 point

A) the best decision for Nancy.

B) the knowledge gained from attending class.

C) the time spent in class.

D) the entertainment value of the concert.

Clear selection

80) The basic economic problem for individuals throughout the world is:

1 point

A) lack of competition in the marketplace.

B) opportunity cost.

C) too many product choices.

D) scarcity.

Clear selection

81) The law of supply states that the quantity supplied is usually related to its:

1 point

A) labor costs.

B) price.

C) color.

D) cost to produce.

Clear selection

82) The demand for products or services for which there are no substitutes tends to be:

1 point

A) quite inelastic.

B) unit elastic.

C) somewhat elastic.

D) perfectly elastic.

Clear selection

83) Which of the following is not a characteristic of a private enterprise system?

1 point

A) closed markets

B) freedom to compete

C) freedom to start a new business

D) right to own property

Clear selection

84) A _____________ orientation refers to the process of determining the wants and needs of customers and then providing goods and services to meet or exceed their expectations.

1 point

A) profit

B) customer

C) market

D) production

Clear selection

85) Which of the following can reduce competition?

1 point

A) Acquisition of competitors

B) Marketing prices eliminate barriers to entry

C) Balanced marketing practices

D) An increased number of competitors

Clear selection

86) Under socialism

1 point

A) the basic goal is to make sure that those that create wealth are allowed to keep that wealth.

B) a major goal of the government is to reduce the inequality in the distribution of wealth.

C) a major goal of the government is to create incentives to encourage entrepreneurs to create jobs and economic growth.

D) the most important goal of the government is to keep tax rates extremely low.

Clear selection

87) An economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare, such as utilities, telecommunications, and healthcare is called:

1 point

A) Capitalism.

B) Communism.

C) Privatism.

D) Socialism.

Clear selection

88) Which of the following statements is most consistent with today's views on marketing?

1 point

A) "Learn about your customers and exceed their expectations."

B) "Find out what your competition does and do it better."

C) "There's a sucker born every minute."

D) "A good promotional campaign can sell anything."

Clear selection

89) The labor force consists of:

1 point

A) the working-age population plus those who are in the military.

B) the working-age population minus those who are in the military.

C) those employed plus those unemployed.

D) those employed plus those on temporary layoff.

Clear selection

90) The technology boom of the 1990s occurred during which stage of the business cycle?

1 point

A) recovery

B) prosperity

C) recession

D) depression

Clear selection

91) Kathleen’s income has remained stable over the past few years while the prices of goods and services have gone up. Nevertheless, Kathleen fees better off because the environment is cleaner, the crime rate has declined, she has more leisure time, and the quality of medical care has improved. If Kathleen’s experience is typical, we can conclude that the standard of living has:

1 point

A) increased, but the quality of life has decreased.

B) declined, but the quality of life has increased.

C) increased, and so has the quality of life.

D) declined, but so has the quality of life.

Clear selection

92) The local newspaper has a story in its business section that reports government spending will again exceed tax revenue. What does this mean?

1 point

A) rate of inflation is likely to fall

B) balance of payments will experience another deficit

C) monetary policies pursued by the Fed have been too loose

D) national debt will increase

Clear selection

93) ____ is the act of reporting unethical or illegal actions by one's superiors or peers to authorities or the media.

1 point

A) Emulating

B) Monitoring

C) Whistle-blowing

D) Reporting

Clear selection

94) ______ must take actions to prevent unethical behavior.

1 point

A) Executives

B) Employees

C) Everyone

D) Regulators

Clear selection

95) An example of ethical behavior is:

1 point

A) keeping company information confidential.

B) using company resources for personal use.

C) invading employee privacy.

D) accepting secret business gifts.

Clear selection

96) _____ occurs when a person returns an item as new for a refund after using it.

1 point

A) Consumer involvement

B) Retail fraud

C) Lapse of ethics

D) Consumer theft

Clear selection

97) A person who has a professional attitude:

1 point

A) does not keep an open mind.

B) is not flexible to change.

C) is ruled by his or her emotions.

D) refrains from making judgments about others.

Clear selection

98) An example of an informal organization is

1 point

A) a car pool.

B) an accounting office.

C) an engineering team.

D) a marketing department.

Clear selection

99) In countries considered less developed and less responsive to their citizens, economic questions are said to be:

1 point

A) planned.

B) directed.

C) custom-based.

D) market-based.

Clear selection

100) The value of a nation's currency will decline as a result of:

1 point

A) a favorable balance of payments.

B) higher inflation.

C) increased recession.

D) a trade surplus.

Clear selection

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