Elements Study Guide VOCAT Questions

Random Questions

100

7. Using the Internet and online communication, Shari presented a new product to potential customers in Peru, Costa Rica, and New York. This is an example of what type of technology application? A. Artificial intelligence B. Computer-aided design C. E-commerce D. Robotics

C. E-commerce

200

43.Eddie decided he would use real butter for his baked goods. Which economic question does this address? A. For whom to produce? B. How to produce? C. What to produce? D. When to produce?

B. How to produce?

300

38. Syria is banned from selling products within other countries. This is an example of which international trade barrier? A. Embargoes B. Free-trade zones C. Quotas D. Tariffs

A. Embargoes

400

36.Before arriving at meetings in other countries to negotiate contracts for a company located in the United States, Stacy learns about appropriate business behavior of the other countries. Which main factor of the international business environment is this information she learns classified? 36.Before arriving at meetings in other countries to negotiate contracts for a company located in the United States, Stacy learns about appropriate business behavior of the other countries. Which main factor of the international business environment is this information she learns classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns

A. Cultural influences

500

30. India’s terrain allows for its major production of rice, cotton, and wheat. Which main factor of the international business environment is this information about India classified? A. Cultural influences B. Economic development 30. India’s terrain allows for its major production of rice, cotton, and wheat. Which main factor of the international business environment is this information about India classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns

C. Geography

Random Questions

100

29. Which statement is true about balance of payment? A. Balance of payments is favorable when a company pays more money out of it than it receives in it. B. Balance of payments is favorable when a company receives more money into it than it pays out. C. Balance of payments is favorable when a country pays more money out of it than it receives in it. D. Balance of payments is favorable when a country receives more money into it than it pays out.

D. Balance of payments is favorable when a country receives more money into it than it pays out.

200

28. Goya Food Company survey results revealed that their customer base consists mostly of large families instead of individuals living alone. Which economic question does this address? A. For whom to produce? B. How to produce? C. What to produce? D. When to produce?

A. For whom to produce?

300

22. Laos has limited infrastructure that will hinder international businesses to conduct transactions in it. This country depends heavily on the agricultural industry. Which main factor of the international business environment is this information about this country classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns

B. Economic development

400

21. Cuba bans American products to be sold within its country. This is an example of which international trade barrier? A. Embargoes B. Free-trade zones C. Quotas D. Tariffs

A. Embargoes

500

17. Hank has ownership, even without liability over his initial investment, along with George for a local business. This is an example of what type of business ownership? A. Cooperative B. Corporation C. Partnership D. Sole proprietorship

C. Partnership

Random Questions

100

14.A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities

D. Labor activities

200

13.Companies located in the Research Triangle Park reported that they have hired many graduates who have earned technology degrees from the local community college. Which resource will the graduates provide for the companies? A. Capital B. Human C. Natural D. Service

B. Human

300

12.The government of the United States allows consumers to make decisions about goods and services consumed. Which main factor of the international business environment is this information about this country classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns

D. Political and legal concerns

400

11.Chun purchased 150 shares of stock in the Panasonic Company. How many votes will she have at the next stockholder’s meeting? A. 3 B. 30 C. 150 D. 300

C. 150

500

10.Todd prefers business ownership that will not require his attention to daily activities. He chose this form of ownership over sole proprietorship because of the ADVANTAGE of the owners? A. Limited liability B. Recipient of 100% of Profit C. Single taxation D. Limited life

A. Limited liability

Random Questions

100

8. Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities? A. Borrowing B. Consumer spending C. Investment activities D. Labor activities

C. Investment activities

200

4. Carlos ignores minor decisions in his business even though his name is on the sign as one of the owners. This is an example of what type of business ownership? A. Corporation B. Franchise C. Partnership D. Sole propriertorship

C. Partnership

300

B. Franchise

2. Since Jane’s corporation has become so popular, she has decided to allow other businesses to sell her products. This is an example of what type of business? A. Corporation B. Franchise C. Partnership D. Sole proprietorship

400

42. A report covering four quarters about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle does this report describe? A. Depression B. Prosperity C. Recession D. Recovery

C. Recession

500

A. Cooperative

45. Several small businesses that sell organic foods have joined together to increase their chances to pay lower prices for inventory. This is an example of what type of business? A. Cooperative B. Corporation C. Franchise D. Sole proprietorship

Random Questions

100

46. Michelle reviewed survey results of a completed project and set goals for the new project. This is an example of which function of management? A. Controlling B. Organizing C. Planning D. Staffing

C. Planning

200

47. A convenience store gave the rights to a company in Mexico to sell its products and services. This is an example of which global marketplace main entry mode? A. Chain B. Franchising C. Joint venture D. Licensing

B. Franchising

300

48. Jack and Henry are responsible for 20 people, who report to them directly. They collaborate frequently to make sure they will meet the production goal of the company established by another employee. This is an example of which level of management? A. Management by others B. Mid-management C. Supervisors D. Top management

C. Supervisors

400

50. Which is an example of a company establishing supply? A. Ann Express Shipping Company trains all new managers at its district offices. B. Palmolive Detergent Company produces fewer products. C. Reebok footwear company trying to lease a warehouse. D. Sears Department Store promotes a family-oriented atomshphere.

B. Palmolive Detergent Company produces fewer products.

500

51. India limits the amount of imported wheat products to protect its own industry. This is an example of which international trade barrier? A. Embargoes B. Free-trade zones C. Quotas D. Tariffs

C. Quotas