BUS 201 - MIDTERM MCQ TEST STUDY QUESTIONS
WITH ACCURATE ANSWERS
________ are particularly important to marketers because marketers can,
through marketing
efforts, sway consumers' likes and dislikes.
A) Demographics
B) Geographics
C) Marital status and age
D) Psychographics
E) Product uses correct answer D) Psychographics
________ is the comprehensive information system for collecting, analyzing, and
communicating financial information, while ________ is the recording of financial
transactions.
A) Financial accounting; managerial accounting
B) Managerial accounting; financial accounting
C) Bookkeeping; accounting
D) Accounting; bookkeeping
E) Controlling; accounting correct answer D) Accounting; bookkeeping
________ is the governing body of a corporation.
A) The board of directors
B) The majority shareholders committee
C) The audit committee
D) The CEO
,E) A shareholders' board correct answer A. The board of directors
14. In _______, there are generally only a few large suppliers or sellers of a
product or service.
A. a natural monopoly
B. an oligopoly
C. a monopoly
D. monopolistic competition
E. perfect competition correct answer B. Oligopoly
A business is considered "small" if it has fewer than
_______ employees.
A. 250
B. 1,000
C. 1,500
D. 100
E. 500 correct answer D. 100
A company that meets all of its legal and ethical requirements, and even exceeds
them in some
areas, takes which stance toward social responsibility?
A. Obstructionist stance
B. Proactive stance
C. Lobbyist
D. Accommodative stance
,E. Defensive stance correct answer D. Accommodative Stance
A limited partnership attempts to
A) avoid the problem of unlimited liability for the owners.
B) limit the number of partners who may purchase a share of ownership.
C) provide for continuity of operation upon the departure of one of the partners.
D) limit the number of partners who may vote at board meetings.
E) limit the geographical area of operation for a business firm correct answer A.
Avoid the problem of unlimited liability for the owners
A new business typically adopts one of four main organizational forms. They are
A) franchise, sole proprietorship, partnership, or corporation.
B) franchise, partnership, corporation, or co-operative.
C) sole proprietorship, franchise, corporation, or co-operative.
D) sole proprietorship, partnership, corporation, or co-operative.
E) debt, equity, venture capital, or gifted correct answer D) sole proprietorship,
partnership, corporation, or co-operative.
A transit supervisor who monitors bus schedules, passenger safety, and the
behaviour of bus
drivers is a(n) ________ manager, while a plant manager in a manufacturing plant
is a ________
manager.
A) middle; top
B) officer; supervisor
C) top; middle
, D) middle; first-line
E) first-line; middle correct answer E) first-line; middle
A(n) ________ is a nation's method for allocating its resources among citizens and
organizations.
A. market economy
B. economic system
C. physical resource
D. planned economy
E. factor of production correct answer B. Economic System
Abels Enterprises fully observes its legal requirements in doing business but
considers profits a more
important role than social responsibility, so it does nothing more than follow the
"letter of the law." Which
of the following BEST describes this company's approach to social responsibility?
A. Accommodative stance
B. Preemptive stance
C. Obstructionist stance
D. Proactive stance
E. Defensive stance correct answer E. Defensive Stance
After working for a large firm for several years, Tyler started his own landscaping
design business.
However, he soon ran out of money and was forced to close the business
because he couldn't pay the
WITH ACCURATE ANSWERS
________ are particularly important to marketers because marketers can,
through marketing
efforts, sway consumers' likes and dislikes.
A) Demographics
B) Geographics
C) Marital status and age
D) Psychographics
E) Product uses correct answer D) Psychographics
________ is the comprehensive information system for collecting, analyzing, and
communicating financial information, while ________ is the recording of financial
transactions.
A) Financial accounting; managerial accounting
B) Managerial accounting; financial accounting
C) Bookkeeping; accounting
D) Accounting; bookkeeping
E) Controlling; accounting correct answer D) Accounting; bookkeeping
________ is the governing body of a corporation.
A) The board of directors
B) The majority shareholders committee
C) The audit committee
D) The CEO
,E) A shareholders' board correct answer A. The board of directors
14. In _______, there are generally only a few large suppliers or sellers of a
product or service.
A. a natural monopoly
B. an oligopoly
C. a monopoly
D. monopolistic competition
E. perfect competition correct answer B. Oligopoly
A business is considered "small" if it has fewer than
_______ employees.
A. 250
B. 1,000
C. 1,500
D. 100
E. 500 correct answer D. 100
A company that meets all of its legal and ethical requirements, and even exceeds
them in some
areas, takes which stance toward social responsibility?
A. Obstructionist stance
B. Proactive stance
C. Lobbyist
D. Accommodative stance
,E. Defensive stance correct answer D. Accommodative Stance
A limited partnership attempts to
A) avoid the problem of unlimited liability for the owners.
B) limit the number of partners who may purchase a share of ownership.
C) provide for continuity of operation upon the departure of one of the partners.
D) limit the number of partners who may vote at board meetings.
E) limit the geographical area of operation for a business firm correct answer A.
Avoid the problem of unlimited liability for the owners
A new business typically adopts one of four main organizational forms. They are
A) franchise, sole proprietorship, partnership, or corporation.
B) franchise, partnership, corporation, or co-operative.
C) sole proprietorship, franchise, corporation, or co-operative.
D) sole proprietorship, partnership, corporation, or co-operative.
E) debt, equity, venture capital, or gifted correct answer D) sole proprietorship,
partnership, corporation, or co-operative.
A transit supervisor who monitors bus schedules, passenger safety, and the
behaviour of bus
drivers is a(n) ________ manager, while a plant manager in a manufacturing plant
is a ________
manager.
A) middle; top
B) officer; supervisor
C) top; middle
, D) middle; first-line
E) first-line; middle correct answer E) first-line; middle
A(n) ________ is a nation's method for allocating its resources among citizens and
organizations.
A. market economy
B. economic system
C. physical resource
D. planned economy
E. factor of production correct answer B. Economic System
Abels Enterprises fully observes its legal requirements in doing business but
considers profits a more
important role than social responsibility, so it does nothing more than follow the
"letter of the law." Which
of the following BEST describes this company's approach to social responsibility?
A. Accommodative stance
B. Preemptive stance
C. Obstructionist stance
D. Proactive stance
E. Defensive stance correct answer E. Defensive Stance
After working for a large firm for several years, Tyler started his own landscaping
design business.
However, he soon ran out of money and was forced to close the business
because he couldn't pay the
