2023 Flashcards
The part of a business letter that follows the inside address is the
A. Body
B. Signature line
C. Dateline
D. Salutation
D, Salutation
SAMPLE:
Dateline
Inside Address
Salutation,
Body
Signature Line
A message from the company leader to all employees regarding a change in insurance coverage is a form of:
A. Upward communication
B. Informal comms
C. Staff comms
D. Lateral comms
C, Staff
As the letter was sent to all staff members, it is a form of staff communication.
What role does utility play in the implementation of the marketing concept?
A. A payment method
B. A satisfaction gauge
C. A cost-saving tool
D. A delivery process
B, A satisfaction gauge.
Both utility and the marketing concept consider the consumer’s point of view about a product. In the implementation of the marketing concept, utility functions as a gauge of the consumer’s satisfaction. Utility is used as a measurement tool—not as a payment method, a cost-saving tool, or a delivery process.
Which of the following is not one of the four main idealized market structures used in trade theory:
A. Monopolistic competition
B. Perfect competition
C. Monopoly
D. Perfect monopoly
D, Perfect monopoly.
Perfect monopoly is not a term used to refer to market structure. The four main idealized market structures used in trade theory are perfect competition, monopoly, oligopoly, and
monopolistic competition.
Perfect competition is an idealized market structure that includes large numbers of buyers and sellers.
A monopoly is a market structure in which there is only one seller.
An oligopoly is a market structure in which there are a number of small sellers.
A monopolistic competition is a market structure in which there are many sellers producing differentiated products.
An individual with a higher income who pays a larger percentage of his/her income as taxes than an individual with a lower income is in a __________ tax system.
A. flat
B. regressive
C. proportional
D. progressive
D, Progressive.
In a progressive income tax system, those who have a higher income pay a larger percentage of their income to the government.
In a regressive tax system, those who have a higher income pay a comparatively smaller percentage of their income as tax than those who have a smaller income.
In a proportional tax system, all individuals of all incomes pay the same proportion of their incomes to the government.
In a flat tax system, all individuals pay the same amount to the government regardless of their income.
Limited commodities can cause
A. price stability.
B. cost-push inflation.
C. demand-pull inflation.
D. hyperinflation.
B, Cost-push inflation.
Cost-push inflation occurs when limited commodities drive up the costs of creating products and, in turn, their prices.
Price stability is a state in which prices don’t change rapidly and the value of money is stable; it is not caused by limited commodities.
Demand-pull inflation happens when the money supply grows faster than the economy does.
Inflation targeting is an effort by a government to
hit a set inflation rate.
Finance charges are expressed as a(n)
A. annual percentage rate.
B. monthly percentage rate.
C. annual balance rate.
D. monthly balance rate.
A, Annual percentage rate.
Finance charges are expressed as an annual percentage rate (APR). This makes it easier for credit users to compare the costs of various credit plans. Finance charges are not expressed as monthly percentage rates, annual balance rates, or monthly balance rates
Who is legally responsible for repaying a bank loan if the loan borrower fails to make payments as indicated in the loan contract?
A. Treasury Department
B. Credit union
C. Cosigner
D. Debt collectors
C, Cosigner.
When a borrower agrees to a loan, s/he is making a contractual agreement to pay back the
loan in a certain manner within a specific period of time. When the borrower does not have the collateral or credit history to obtain the loan, the lender often requests that another person cosign for the loan. A cosigner is responsible for paying back the loan if the borrower does not. The credit union, Treasury Department, and debt collectors are not responsible for repaying a loan unless they agree to be
cosigners on loan contracts.
Fiona made a $500 donation to a local homeless shelter last year. When she prepares her personal
income tax form, she can claim the donation as part of her
A. public property.
B. tax deductions.
C. living expenses.
D. discretionary income.
B, Tax deductions.
Tax deductions are expenses that can be subtracted from gross income. For example, charitable donations can be claimed as tax deductions on an individual’s personal tax return. The tax filer
may need to provide a receipt for donations that exceed a certain amount of money.
Other examples of tax deductible expenses include college tuition, home-mortgage interest, and child care. Charitable donations are not claimed on tax returns as public property, living expenses, or discretionary income.
Mr. Gates owns two successful businesses and would like to open a third. Which of the following
business activities should he consider first:
A. Marketing
B. Accounting
C. Production
D. Management
B, Accounting.
Accounting is the process of keeping financial records. Accurate accounting records can show the owner how the business is doing at any point in time, and enable the owner to plan for the
future.
Production creates the products that businesses offer for sale.
Marketing provides the avenue for
businesses to sell their products and consumers a way to obtain needed products.
Management oversees all of the other business activities.
Which of the following are elements that appear in the heading of a memorandum?
A. To, title, from, and date
B. To, from, date, and subject
C. Date, title, to, and company
D. Company, to, subject, and date
B, To, from, date, and subject
The purpose of depositing large bills in drop boxes upon receipt is to prevent
A. burglary.
B. fraud.
C. robbery.
D. pilferage.
C, Robbery.
Cash drop boxes are built into the floor of the business and cannot be removed or opened by
employees. Businesses using drop boxes often attempt to prevent robberies by posting a sign indicating that they use a drop box.
Fraud, deceiving or cheating an individual or a business out of money; burglary, any illegal entry into a building to commit a theft; and pilferage, theft of small sums of money or inexpensive items, are all types of losses that businesses try to prevent.
Which of the following employees has an operations management career:
A. Samuel manages his company’s call center.
B. Kylie is a district manager.
C. Wyatt is in charge of recruiting employees.
D. Valerie trains her company’s new employees.
A, Samuel manages his company’s call center.
Managing a call center is an operations management job duty.
Kylie has a general management career, while Wyatt and Valerie have human resources management careers.
Government protects consumers by establishing
A. a measure of effectiveness in government.
B. requirements for product testing.
C. rules to generate competition.
D. laws to monitor the growth of business.
B, Requirements for product testing.
The government has passed many laws intended to protect consumers. In addition to requiring product testing, these laws prohibit false advertising and deceptive labeling, make food inspection mandatory, and set standards of safety in building construction.
None of these laws are intended to monitor business growth or to generate competition. Making government effective does not necessarily protect consumers.
Determining a project’s feasibility, developing a statement of work (SoW), creating SMART objectives,
and developing a project charter occur during the __________ stage of project management.
A. initiation
B. planning
C. execution
D. closure
A, Initiation.
The project life cycle consists of four stages: initiation, planning, execution, and closure.
The initiation stage involves determining a project’s feasibility, developing a statement of work (SoW),
creating SMART objectives, and developing a project charter.
The planning stage involves in-depth project planning to ensure that the project’s scope is clearly defined. This entails developing a Work
Breakdown Structure, identifying needed human and nonhuman resources, developing a project
schedule, and preparing a project plan.
The execution, or implementation, stage requires the project manager to monitor and control project activities by maintaining ongoing communication with all project participants, updating and modifying the project plan, monitoring risks, controlling project quality, gaining change approvals, and maintaining project records.
The closure stage entails writing final project reports and preparing a lessons learned document.
