VOCATS/ELEMENT Questions 26-50

Questions 26-30

100

The North American Free Trade Association (NAFTA) eliminates tariffs and embargoes among its members while trading goods and services. This is an example of which encouragement of international trade? A. Embargo B. Free-trade agreement C. Free-trade zone D. Tariff

(26) B. Free-trade agreement

200

Several Prime Ministers of East African countries are negotiating the trade of products and services throughout the Eastern region. This is an example of which encouragement of international trade? A. Common markets B. Embargo C. Free-trade zone D. Tariff

(27) A. Common markets

300

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

(28) B. Franchising

400

An organization assisted two countries on settling a trade disagreement on tariffs. This action is an example of assistance provided by which international trade organization? A. International Monetary Fund B. Joint Venture C. World Bank D. World Trade Organization

(29) D. World Trade Organization

500

An organization assisted two countries on settling a trade disagreement on the amount of bananas to be traded. This action is an example of assistance provided by which international trade organization? A. International Monetary Fund B. Joint Venture C. World Bank D. World Trade Organization

(30) D. World Trade Organization

Questions 31-35

100

Even though a company may sell shares of stock, it relies on a central body of people for financial directions. This is an example of what type of business? A. Cooperative B. Corporation C. Partnership D. Sole proprietorship

(31) B. Corporation

200

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

(32) B. Franchise

300

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

(33) C. 150

400

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

(34) C. Partnership

500

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

(35) C. Partnership

Questions 36-40

100

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

(36) A. Cooperative

200

Tami opened an auto body shop after repairing a couple of cars to the high satisfaction of customers. She has experienced which ADVANTAGE over a corporation? A. Double taxation B. Ease of formation C. Limited capital D. Unlimited liability

(37) B. Ease of formation

300

Tami wants to invest money in shares of stock. She would have to pay taxes on her earnings twice. Which is an ADVANTAGE of a sole proprietorship over a corporation? A. Limited capital B. Limited life C. Single taxation D. Unlimited liability

(38) C. Single taxation

400

Tami prefers working alone in her auto body shop and being in control of the daily activities. This type of business ownership ADVANTAGE over corporation is: A. control of decisions. B. limited capital. C. limited life. D. unlimited liability.

(39) A. control of decisions.

500

Both Bob and Jeri contributed to the expansion of their business to sell more brands of tires. They both experienced which ADVANTAGE of a partnership over a sole proprietorship? A. Limited liability B. Limited life C. More capital available D. Unlimited capital

(40) C. More capital available

Questions 41-45

100

Todd decided to form a corporation instead of a sole proprietorship because of which ADVANTAGE listed below? A. Limited liability B. Ease of formation C. Single taxation D. Limited life

(41) A. Limited liability

200

Mary owns stock for several companies, which she plans to pass ownership to her grandchildren. She chose this form of ownership over sole proprietorship because of the ADVANTAGE of: A. limited capital. B. potential of unlimited liability. C. potential of unlimited life. D. single taxation.

(42) C. potential of unlimited life.

300

Jan coordinated access to open source software, office space, and equipment for her team. This is an example of which function of management? A. Implementing B. Organizing C. Planning D. Staffing

(43) B. Organizing

400

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

(44) C. Planning

500

All of Josh's employees will be trained on operating the new machines. This is an example of which function of management? A. Controlling B. Implementing C. Organizing D. Staffing

(45) D. Staffing

Questions 46-50

100

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

(46) C. Supervisors

200

John is responsible for processing applications submitted by applicants. He is performing which level of management? A. Management by others B. Mid-management C. Supervisors D. Top management

(47) B. Mid-management

300

Tim approves for his employees to attend regional meetings so that he knows exactly when they are off site. This is an example of which style of management? A. Mixed B. Strategic C. Tactical D. Varied

(48) C. Tactical

400

Jim solicited feedback from Jack, who is one of his employees, about a new display case. This is an example of which style of management? A. Mixed B. Strategic C. Tactical D. Varied

(49) B. Strategic

500

Jason decided for long-term projects that he would allow employees to give input and for daily routines he would determine the necessary duties. This is an example of which style of management? A. Mixed B. Strategic C. Tactical D. Varied

(50) A. Mixed