Practice exam questions Flashcards
Revise and learn the questions I got wrong on the practice exams
Cultural imperialism
The imposition by one usually politically or economically dominant community of various aspects of its own culture onto another nondominant community
Human resources
The people who work for an organization and the collective skills, knowledge, abilities, and potential they bring to it
'’Tuition reimbursement is a way to combat the problem of limited human resource”’
A determining factor in what consumers buy and what producers make is
Money
Capital goods
Physical assets a company uses to produce goods and services for consumers for example, buildings, machinery, and equipments etc.
The best way for people to obtain information about a variety of career fields and options is by
accessing online employment services
Statement balance
The amount owed at the end of your billing cycle, which is the period between the last billing date and the current billing date
Matt is balancing his checkbook for the first time. He compares the checks he has written over the last month with those listed on his statement and finds that all of his checks have cleared. Next, he verifies that his latest paycheck, which he deposited the previous day, is on the list. It is not, so he adds it to his statement balance. After this, he should
Subtract fees and charges
What should a business employee do immediately after taking a telephone message for a coworker?
Thank the caller
Which of the following adds meaning to the words a speaker uses:
Tone of voice
Anna’s boss frequently demanded that she work late, even though she would not be paid for her overtime hours. Because of this, Anna lost respect for her boss and decided to look for a new job. This example demonstrates
how fairness is important to professional relationships
Taking responsibility for your team’s success or failure in achieving the vision is part of a team leader
being an example
It’s important to look at ethical dilemmas as
opportunities
A business purchases insurance to protect against the risk of burglary. This is an example of __________ the risk.
transferring
Transferring risk
A risk management technique in which risk is transferred to a third party
Assertive people are direct and upfront rather than being
manipulative.
Financial risk
The possibility of losing money on an investment or a business venture or any other situation
Paradigm
A standard, example, pattern
Which of the following information should be shared immediately with all staff:
A customer has complained about the service s/he received.
Integrated software application packages
Software that combines several applications in one program, typically providing at least word processing, spreadsheet and database management
Beneficiary
A person who receives money from a trust, will, or life insurance
Probate
The process of the courts formally accepting a will, or, if the deceased did not have a will, appointing someone to act on their behalf
Living trust
A legal arrangement used in estate planning and set up by someone during their lifetime
Power of attorney
A legal document that gives a person to make legal and financial decisions on your behalf
Strategic planning
A process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives
Variable expenses
Expenses that change in cost and occurrences
Touchpoints
Any way consumers can interact with a business organization
Which of the following is a true statement about developing self-understanding:
You can learn as much from your failures as you can from your successes.
Automatic render system
A tool or process used by businesses to manage inventory levels effectively
What is an effective way to support and encourage someone who is talking to you?
Make comments such as “yes” or “I see” occasionally
Marketing communications
The messages and media that marketers use to communicate with target markets
Operations activities
The daily activities of a company involved in producing and selling its product, generating revenues, as well as general administrative and maintenance activities
Once you get organized, in order to stay that way you will probably have to
change your habits.
Bid Analysis
A technique used to figure out the cost of a project by comparing the bids submitted by many suppliers
When the Silvers purchased their new car, the dealership representative sold their contract to another company in exchange for cash. To what type of business would the dealership have sold the Silvers’ contract?
Finance company
Which of the following is not a way that government provides protection to business property:
A. Providing insurance
B. Granting copyrights
C. Issuing trademarks
D. Issuing patents
A. Providing insurance
Integrated software
Integrated software is a software for personal computers that combines the most commonly used functions of many productivity software programs into one application.
Market intelligence
The information or data that is derived by an organization from the market it operates in or wants to operate in, to help determine market segmentation, market penetration, market opportunity, and existing market metrics
A reason that many companies update or alter existing products is to
make them competitive with similar products.
What does a group’s leader do?
Puts the group on a certain course
Socialism
Socialism is an economic system in which major industries are owned by workers rather than by private businesses
Logistics
The overall process of managing how resources are acquired, stored, and transported to their final destination
Employee turnover
Turnover refers to employees who leave an organization
Goods and services that are purchased by producers for resale, to make other goods and services, and/or to use in operating a business are known as __________ goods and services.
industrial
Retail banking
Banking that provides financial services to individual consumers rather than businesses
Holding company
A holding company is a parent company that is created to buy and control the ownership interests of other companies
Monopoly
A market structure that consists of a single seller or producer and no close substitutes
Equilibrium price
The market price where the quantity of goods supplied is equal to the quantity of goods demanded
Limited decision
A decision-making process that does not include much thought or consideration on the part of the consumer but isn’t too mundane either
Public relations manager
A professional who is in charge of managing an organization’s communication initiatives with media personnel.
Point-of-sale fraud
Where an employee steals money from their employer at the point in the business where a sale is made
Liquidate assets
To convert assets into cash. For example, a person may sell their home, car, or other asset and receive cash for doing so
Judicial lien
Created when a court grants a creditor an interest in the debtor’s property, after a court judgment
During the sale, touchpoints should be designed to
reinforce that the customer is making the right buying decision.
Aptitude test
An exam used to determine an individual’s skill or propensity to succeed in a given activity
Relative price
The price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices
Investment bank
A bank that provides financial services for corporate and institutional customers, such as investing and raising capital and arranging mergers and acquisitions.
Mortgage company
A lender specializing in originating home loans
Savings and loan bank
A financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers
Commercial bank
A financial institution that provides services like loans, certificates of deposits, savings bank accounts bank overdrafts, etc. to its customers
Credit Union
A not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products
Federal agency
special government organizations set up for a specific purpose such as the management of resources or national security issues. Federal agencies are created to regulate industries or practices that require close oversight or specialized expertise.
Common law
The part of English law that is derived from custom and judicial precedent rather than statutes.
What is created when the U.S. Supreme Court rules that a business activity is unconstitutional?
A. Federal agency
B. Common law
C. State law
D. International law
Common law
Marketing information management
The act of compiling, organizing, storing, analyzing, and reporting analytics based on marketing information and data
Sales tax
A consumption tax imposed by the government on the sale of goods and services
Excise tax
Any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale
Sales tax vs excise tax
Excise taxes apply to specific goods or services, particularly those deemed harmful to society, such as alcohol, tobacco, and fuels. Sales tax is typically applied to all individual transactions, regardless of the goods sold, meaning it applies to many different types of goods.
Estate tax
A tax on your right to transfer property at your death.
Capital gains tax
Applies after you sell investments such as stocks, bonds and mutual funds held in non-registered accounts
Quality circles
Groups of employees who regularly meet with the aim to solve problems, improve the quality control of products and facilitate high standards in the workplace
