pobf example #49181

4 February 2024
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42 test answers

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question
One way a business can reduce the risk of accidents in the workplace is by providing its employees with:
answer
safety training.
question
Mark, who owns a small home-appliance store, is in the process of placing an order for 12 refrigerators, 8 stoves, and 4 portable dishwashers. Mark is purchasing the refrigerators for $674.98 each, the stoves for $493.22 each, and the portable dishwashers for $284.83 each. What is the total cost of the stoves that Mark is purchasing?
answer
$3,945.76
question
Which is a example of a short-term objective?
answer
finishing a six-week computer software course
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Which occurs when the supply of individuals who are able and willing to work diminishes?
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Human resources become limited.
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Which group of words best describes wants?
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unlimited, changing, and competing
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When prices increase, producers usually:
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increase supply.
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The desire for which item(s) would be considered a noneconomic want?
answer
a walk
question
Which is an example of an economic service?
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concert ticket
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Which change provides the most time utility for a consumer?
answer
staying open for business on the weekend
question
A local dry cleaner that also launders and presses shirts is selling:
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consumer services.
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Which is a reason that natural resources are considered limited?
answer
The earth has certain boundaries.
question
A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?
answer
buyer's
question
Which situations would cause prices to rise?
answer
Insects destroy a large cotton crop.
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When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:
answer
offering rebates.
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Which would customers need to present at the time of purchase to get money taken off the purchase price of the item?
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discount coupons
question
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
answer
welfare
question
A major characteristic of a market economy is which type of ownership of property?
answer
private
question
Which is a problem associated with communist command economies?
answer
There is no competition.
question
What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?
answer
$232,420
question
Which is an example of a speculative business risk?
answer
A special promotion fails to increase sales.
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The basic role of the United States government is to:
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protect U.S. citizens.
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Which is a factor that affects the business environment?
answer
industry competition
question
A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?
answer
Yes, the museum will be a not-for-profit business
question
Which factor has aided the most in creating a global business environment?
answer
technology
question
Which is an example of an economic factor that affects the business environment?
answer
business cycle
question
The owner of a small company decides to stock a new product. Which business activity should the owner use to inform potential customers about the new product?
answer
marketing
question
The two main divisions of the trade industry are:
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wholesalers and retailers.
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If a business is not concerned about social responsibility, it is likely to:
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be a failure.
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Businesses that successfully adapt to current market situations often realize that:
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change is an opportunity.
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One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:
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provides experience that increases the business's credibility.
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A small-business owner whose business is a sole proprietorship is planning to "go global." What method for going global would be best to recommend to the small-business owner?
answer
Start by hiring an export management company.
question
Which provides government protection of business property?
answer
patents
question
The government can borrow money from the private sector in order to pay the costs of regulation by:
answer
issuing bonds.
question
If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?
answer
93
question
The formula that is generally used to measure productivity is:
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outputs divided by inputs.
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The productivity of an individual worker can be measured by:
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dividing the number of customers served by the number of hours an employee worked.
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What is one of the main reasons why businesses need to keep accurate accounting records?
answer
to control expenses
question
Businesses use the information collected through the accounting process to prepare accurate:
answer
balance sheets.
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Businesses would not be able to determine if they are meeting their financial goals without accurate:
answer
accounting systems.
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When businesses invest funds to expand, they are involved in the process of:
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finance.
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Assets a company already owns and can use to finance a new venture are called:
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equity.
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The role of finance in business often involves:
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obtaining funds.