Business Management 1
A disadvantage to a business in using outsourcing
A) Lack of customer focus.
B) Increased expertise
C) Risk-sharing
D) Reduced recruitment costs
What is A) Lack of customer focus?
A characteristic of a successful manager
A) He/she has low expectations of the employee base
B) He/she is a self-starter
C) He/she is narrowly focused
D) He/she uses select accountability
What is B) He/she is a self-starter?
The science of reducing a job or task to its basic physical motions
A) Job design
B) Workflow analysis
C) Motion study
D) Task analysis
What is C) Motion study?
Someone who purchases and runs a franchise is considered an entrepreneur
a. True
b. False
What is a. True?
The study of how organizations produce goods and services
A) Managerial effectiveness
B) A transformation system
C) Management science
D) Operations management
What is D) Operations management?
The selling price of an item, less than the cost of goods sold
A) Debt service
B) Net profit after taxes
C) Net profit before taxes
D) Gross margin
What is D) Gross margin?
A plan used by a business for identifying future spending items and incoming funds
A) Asset list
B) Budget
C) Balance sheet
D) Income statement
What is B) Budget?
Not a characteristic of an entrepreneur
a. Focus and goal oriented
b. Afraid of risk
c. Independent
d. Desire to achieve
What is b. Afraid of risk?
The first section of an effective business plan (a concise overview of your business plan)
A) Market analysis
B) Executive summary
C) Strategic plan
D) Organizational structure
What is B) Executive summary?
A market economy based on supply and demand with little or no government control
A) Free market economy
B) Socialistic economy
C) Barter economy
D) Communist economy
What is A) Free market economy?
A document authorizing a seller to deliver goods, with payment to be made at a later date by the customer receiving the goods
A) Purchase Order
B) Invoice
C) Receipt
D) RFQ
What is A) Purchase Order?
The occurrence of scarcity
a. people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited
b. people's needs and wants are limited and the resources to produce the goods and services to meet those needs and wants are limited
c. people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are unlimited
d. people's needs and wants are limited and the resources to produce the goods and services to meet those needs and wants are unlimited
What is a.?
The $1.00 that Blight Manufacturing has decided to pay each of its stockholders for each share of stock the stockholder owns
A) Stock dividend
B) Cash dividend
C) Stock option
D) Principal payment
What is B) Cash dividend?
A tax imposed on imported goods and services
A) Import
B) Tariff
C) Excise tax
D) Embargo
What is B) Tariff?
The type of employer that agrees to hire union members only, and employees must remain members of the union at all times in order to remain employed
A) Diverse company
B) Open shop
C) Closed shop
D) Right to work company
What is C) Closed shop?
Andy has invented a new type of hat rack. He wants to be the only person that can make, use and sell his invention or give others the right to use it. What he should apply for
a. patent
b. copyright
c. trademark
d. registration
What is a. patent?