INTRODUCTION TO BUSINESS - Commack Schools



NEW YORK STATE FBLAINTRODUCTION TO BUSINESS2013PLEASE DO NOT OPEN THIS TEST UNTIL DIRECTED TO DO SOTest DirectionsComplete the information requested on the answer sheet.PRINT YOUR NAME on the “Name” line.PRINT the name of the event, INTRODUCTION TO BUSINESS on the “Subject” line.PRINT the name of your CHAPTER on the “DATE” line.All answers will be recorded on the answer sheet.Please do not write on the test booklet.Scrap paper will be provided.Read each question completely before answering. With a NO. 2 pencil, blacken in your choices completely on the answer sheet. Do not make any other marks on the answer sheet, or the scoring machine will reject it.You will be given 60 minutes for the test. You will be given a starting signal and a signal after 50 minutes have elapsed.Tie will be broken using the last 10 questions of the test. What drives the economy?Goods and servicesWants and needsResourcesConsumersWhich is NOT true of public wants?They are widely shared by many.Resources are insured.They are often considered private.Examples include highways and parks.Which is true of resources?Resources are unlimited.Businesses and governments lack resources.Insurance and tourism are examples of resources.Resources are limited.Which is a name for items people can use to make or obtain what they need or want?ResourcesGoodsServicesProductsWhat should you do before making a decision?Make the best use of limited resources.Think of another decision you have made.Satisfy your needs and wants.Determine the pros and cons of alternatives.Which question would best help you evaluate a decision after you put it into effect?What resources are available to me?What are my needs and wants?Would I make the same choice again?What is the problem and what are my options?Which is true of both personal and business decisions?They should be made independently.They should be made without regard for consequences.They should consume the most resources available.They should be consistent with values and goals.What is a commercial activity that seeks profit by providing goods in exchange for money?ProfitMarket researchCompetitionA businessWhat is profit?Commercial activityMotivation and wealthMoney remaining after costs have been paidAn opportunity to earn a better livingWhich is NOT true of businesses?They pay taxes and provide jobs.The wealth they create benefits the entire community.They are rewarded with profits by satisfying consumers.They can survive without profits. What is competition?A contest to win customersThe freedom to produce new productsVoluntary exchangeInexpensive goods and servicesWhich is NOT something a competitive business needs to offer?Quality productsDiscontinued goodsOutstanding serviceGood pricesWhat must a business do when developing new products or services?Evaluate demandLend moneyPay taxesFocus on customer serviceWhat is one result of effective mark research?Immediate access to global marketsImmediate access to start-up capitalInformation that helps a business identify opportunitiesImproved production managementWhat might a business do if its products don’t meet consumer’s needs?Consider bankruptcyStart a new businessTry new selling techniquesModify its products to satisfy consumersWhat is scarcity?Unlimited wants and needsA shortage of resourcesA lack of goods and servicesLimited expensesWhich is NOT a factor of production?Natural resourcesLaborCapitalThe marketplaceWhich statement about natural resources is true?Water is renewable because it can be reproduced.Lumber is not renewable because it takes a long time to grow new trees.Coal is renewable because there is so much of it still in the ground.Agricultural products are renewable because new crops can be grown each season.Which statement about natural resources is NOT true?Natural resources can be processed to make goodsThe amount of natural resources available to a society has little effect on its economy.Synthetic materials such as nylon can be made from natural resources.Countries that have scarce natural resources must get them from somewhere else.Which means the same as human resources?Capital resourcesService providersLabor resourcesUnskilled workersWhich is an example of a capital resource?A machine used to make molded plastic toysA customer service representativeMoney borrowed from a bankThe president of a companyWhich is most likely to profit from society’s changing wants and needs?A business with existing capital resourcesA producer of goodsAn entrepreneurA business with substantial labor resourcesWhich refers to how people satisfy their needs and wants by making choices?EntrepreneurshipEconomicsEquilibriumOpportunityWhat is opportunity cost?The income people receive by taking risksGiving up the chance to use a resource for one thing instead of anotherThe methods and labor used to produce a goodThe income people have to purchase goods and servicesWhat are two basic types of economic systems?Supply and demandCompetition and profitPrivate enterprise and the free enterpriseMarket economy and command economyWhich is a characteristic of capitalism?Resources are privately owned.Resources are shared equally.There is an even distribution of incomePrices are determined by government planners.Which is true about people working in a market economy who have labor skills that are in demand?Their earnings are the same as other workers their age.Their incomes tend to be lower than others whose skills are not in demand.Their incomes tend to be higher than others whose skills are not in demand.Their earnings are not related to demand.Which is most important in determining the price of a product or service?Profit and competitionBusiness owners’ preferencesEquilibrium pricingSupply and demandWhich is most likely to happen when the price for a good or service is high?Demand fallsProfits riseSupply increasesCompetition decreasesWhich is a characteristic of socialism?Individuals own all major resources.Major industries are government owned.There is little choice for consumers.There is no incentive to create better products.Which is the current emphasis in the U.S. economy?AgricultureServiceIndustryInformation When did the Industrial Revolution lead to the industry-based economy?1600s1700s1800s1900s Which is NOT an indicator of a country’s economic health?GDPStandard of livingEnvironmental awarenessInflationWhich is NOT considered an indicator of a higher standard of living?Increasing availability of goodsDecreasing availability of goodsIncreasing purchase of luxury goodsIncreasing availability of servicesWhat should happen to unemployment if the economy is picking up?It increases.It decreases.It reverts to previous levels.It remains the same.Which is NOT a cause of inflation?Increased defense spending for a warIncreased supply of goods in excess of demandIncreased taxationIncreased production costsWhat is the main source of income for governments?TaxesEducationBudget surplusSocial security Which term applies when a government makes more money than it spends in a year?Budget deficitNational debtBudget surplusRevenueWhich is NOT a job that the Federal Reserve does?Passes laws about tax policiesControls the circulation of moneySets interest ratesControls the amount of money loanedIn the business cycle, what generally comes after a period of depression?ProsperityRecessionRecoveryAnother depressionWhat is another tern for a period of economic prosperity?DownturnDemandDeclinePeakWhich is true of a recession?Businesses produce lessWages are higherNew businesses openMore people buy housesWhat is another term for depression?DeclineBlack TuesdayBank holidayDeep recessionWhich would NOT characterize a depression?High unemploymentLow wagesLess goods and services producedDecreased capacity in manufacturing plantsWhich would NOT help during a period of recovery?WarRenewed recessionBusiness innovationIncreased consumer purchasing Write the letter of the missing word for each sentence below.Depression is a _______ that lasts for several years.National debtRecessionProsperityInflationA _________ is a slowdown in economic activity.National debt RecessionProsperityInflationA peak of economic activity is called __________.National debtRecessionProsperityInflation_________is the total amount of money a government owes.National debtRecessionProsperityInflation____________are rules based on moral principles.Code of ethicsBusiness ethicsSocial responsibilityConflict of interest_______________is to do what is best for the good of society.Code of ethicsBusiness ethicsSocial responsibilityConflict of interestBusinesses need a ___________to maintain a workplace.Code of ethicsBusiness ethicsSocial responsibilityConflict of interestA _______may exist between self-interest and professional obligation.Code of ethicsBusiness ethicsSocial responsibilityConflict of interestWhich is NOT another word for ethics?PrinciplesHonorRecyclingIntegrityWhich might indicate that a company is run according to ethical standards?Employees are treated fairly.The cost of making products increases.The government investigates the company’s accounting practices.Environmental problems related to manufacturing are not addressed.Which is true of ethics in business?Everyone is ethical nowadays.Everyone agrees to the same code of panies are not interested in ethics training.Sometimes laws are needed to uphold ethics.Which is NOT necessarily characteristic of a sweatshop?Long hoursLow wagesProduction of clothesUnhealthy or unsafe conditionsWhat is one result of the Triangle Shirtwaist fire?Overcrowded conditionsA famous tragedyRecyclingNew laws making sweatshops saferWhich is NOT a consequence of unethical business practices?Losing repeat businessHaving a well-trained employeeBeing fined by the governmentLosing employeesHow might an employer treat an employee fairly?Provide good trainingOffer less than average pay for the jobEncourage the employee to leaveAsk the employee to do another’s workWhich is NOT a good way for an employer to handle a decision that leads to conflict of interest?Consider the decision carefully and not make it in the first place.Fix the problem as soon as the employer realizes the mistake.Apologize to any employees involved.Ignore or cover up the problem and look out for himself.Which is NOT an example of how you can be socially responsible?Promote recycling in the workplaceConsider ethics only when necessaryVolunteer for a cause that interest youTreat others wellWho protects consumers from dangerous or falsely advertised goods?BusinessesEarth-friendly productsOther consumersFederal Trade CommissionHow are consumers affected when companies restrict competition?They have fewer choices in products and pricing.They pay less.They can determine the price.They can buy out the company.What group of workers are NOT necessarily protected by American law?Workers who volunteerChildrenWomenThose with disabilitiesWhat kind of responsibility does a business have to its owners and creditors?Ethical, but not financialFinancial, but not ethicalFinancial and ethicalCreditors have a responsibility to a businessWhy was the EPA formed?To enforce laws in societyTo protect the environmentSo that big businesses would be more truthful about financesTo help corporations with their accountingWhat are human resources?FoodMoneyEmployeesManagementWhich is NOT an aspect of human resources management?Finding employeesSelecting employeesEvaluating employeesFiring employeesWhich is usually NOT included in a job description?SalaryJob dutiesQualificationsConditionsWhich is NOT considered compensation?SalaryCompany carWage BenefitsWhat is the definition of a wage?A fixed amount of pay for each week, month or yearExtra compensationA profit sharing planAn amount of money paid on an hourly basisWhich term refers to actively looking for qualified people to fill a job?Resources managementHiringRecruitmentApplicationWhich is a form potential employees must complete?ApplicationResumeJob descriptionJob listingWhich is a person who can comment on a job applicant’s qualifications?Resume writerRecruiterJob coachReferenceWhich is the process of helping new employees adjust to a company?TrainingRecruitmentHuman resources managementOrientationWhich term refers to learning a new job by doing it?OrientationJob shadowingReferenceOn-the-job trainingWhich term refers to the teaching of several employees in a classroom setting?On-the-job trainingJob rotationGroup trainingOrientationWhich is NOT considered a soft skill?Computer knowledgeFriendlinessLanguage skillsProper dressWhich is an evaluation of how well an employee is doing a job?Job descriptionPerformance appraisalReferenceOrientationWhich of the following is based on rank or length of service?SeniorityPromotionEvaluationPerformance appraisalWhich of the following is NOT a reason for employee separation?Getting firedTransferring to a new positionResigningRetiringWhich is a job that you would most likely find at a hospital?Retail buyerGraphic designerSales associateOperations administratorWhich term refers to basic skills you need to get a job, keep it and do well at it?Employability skillsHigh school diplomaWork experienceWork-related skillsWhich is true of experienced workers?They usually make a good first impressionThey need less training to do a new job.They usually lack computer skills.They have extensive formal education.Which term is a synonym for body language?Verbal communicationNonverbal communicationGestures and fidgetingEye contactWhich is probably NOT a way a potential employer might learn about your personality?Your body language during an interviewYour history of work experienceYour performance in school and extracurricular activitiesYour ability to make a good first impression.Which is probably the least effective way you can make a good first impression during an interview?By dressing appropriatelyBy being well-groomedBy using only standard EnglishBy apologizing politely for being lateWhich statement about beginning a job search is true?You should limit your search to one type of job.It is wise to apply for jobs which require no experience.You should have a sense of which jobs you might like and be able to do well.Potential employers will pay little attention to your resume.Which is the way most people organize the work experience section of a resume?A job that is most like the one you are applying for is listed first.Jobs are listed in order of increasing responsibility.Jobs are listed in chronological order.The job you held for the longest period of time is listed first.Which usually comes at the end of a resume?Job objectiveEducation sectionSkills summaryWork experienceWhich type of job might require drug and lie-detector testing?Government and law enforcement jobsSales and sales support jobsTruck driver and delivery jobsPublic relations and advertising jobsWhat might an interviewer think of you if you show up late for the interview?You are unreliable and perhaps even disrespectfulYou are a very busy person with lots of responsibilities.Your personality is better suited to another type of job.You had another interview that went longer than expected.Which term refers to things you want to accomplish?BudgetsRisksExpensesGoalsWhich is NOT one of the six steps of financial planning?Develop your financial goals.Apply for credit.Evaluate alternatives.Implement a financial plan of action.Which term refers to the risk that you may have to withdraw your savings or investments?Inflation riskInterest rate riskLiquidity riskIncome riskWhich term refers to giving up something by making one choice instead of another?Income riskPersonal riskLiquidity riskOpportunity costWhich term refers to a plan of using your income in a way that best meets your wants and needs?Opportunity costA variable expenseA budgetA budget varianceWhich term refers to the actual amount of money you earn or receive during a given period of time?IncomeDeductionsGross payExpensesWhich term refers to expenses that occur regularly and are regularly paid?Net expensesFixed expensesVariable expensesGross expensesANSWER KEYB41. D81. AC42. A82. AD43. D83. DA44. B84. AD45. B85. BC46. B86. BD47. B87. BD48. C88. DC49. A89. CD50. B90. CA51. C91. BB52. A92. AA53. D93. AC54. A94. DB55. A95. BB56. D96. CD57. C97. DD58. D98. CB59. B99. AC60. A100. BA61. DC62. BB63. DB64. AD65. AA66. CC67. BD68. CA69. DB70. AC71. AC72. DC73. CB74. AB75. DB76. DA77. DC78. CA79. AC80. B ................
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