ADMN 400 UPDATED Exam Questions
and CORRECT Answers
what are core competencies - CORRECT ANSWER - a businesses advantages over
competitors in the market
what is market segmentation - CORRECT ANSWER - the process of dividing a market
into categories of consumer types
what is the financial statement that shows the businesses profits and losses - CORRECT
ANSWER - income statement
what form of finance is mostly used by new businesses - CORRECT ANSWER - loans
from family and friends are the most common
what does KSA stand for - CORRECT ANSWER - knowledge, skill, and ability
what is the MIS that receives raw data from internal and external sources and prepares this date
for storage in a large database? - CORRECT ANSWER - the transaction processing
system (TPS)
what production process produces goods using mass production, but only up to a certain point?
the product or service is customized to meet the buyers desires - CORRECT ANSWER -
mass customization
what are the elements of the promotion mix? - CORRECT ANSWER - traditional
advertising, personal selling, sales promotion, public relations, social media, and E-Commerce
market penetration, market development, and product development are all examples of what
growth strategy? - CORRECT ANSWER - intensive growth strategies
, what makes a business sustainable? - CORRECT ANSWER - when it has wide variety of
stakeholder groups, qualified employees, and is loyal to customers, and social investors
why is market research important? - CORRECT ANSWER - its important because you
want to understand your customers, competitors, and other external factors
what is the difference between a income statement and balance sheet - CORRECT
ANSWER - a balance sheet shows what a company owns at a specific point in time, a
income statement shows how a company performed at a specific point in time
when starting a business, where can you get funding from? - CORRECT ANSWER -
community banks, corporate banks, credit unions, and hard money lenders
what do you look for when hiring new employees? - CORRECT ANSWER - KSA's,
experience, knowledge of something, a degree, etc.
what are some data collection methods? - CORRECT ANSWER - survey, experiment,
interviews, social media, research, etc.
what is a critical path analysis (CPA) used for? - CORRECT ANSWER - its used as a
project management tool to handle compiled and time-sensitive operations
what is a promotion strategy and what are some examples? - CORRECT ANSWER -a
plan to create or increase demand for a product, ex: advertising, emails, social media, event
targeting, etc.
what is cold calling and how does it help a company grow? - CORRECT ANSWER - its
when a company invests in different tactics to bring its customers, it helps a company grow by
bringing in different customers.
what is the least required responsibility on the pyramid of CSR - CORRECT ANSWER -
philanthropic
and CORRECT Answers
what are core competencies - CORRECT ANSWER - a businesses advantages over
competitors in the market
what is market segmentation - CORRECT ANSWER - the process of dividing a market
into categories of consumer types
what is the financial statement that shows the businesses profits and losses - CORRECT
ANSWER - income statement
what form of finance is mostly used by new businesses - CORRECT ANSWER - loans
from family and friends are the most common
what does KSA stand for - CORRECT ANSWER - knowledge, skill, and ability
what is the MIS that receives raw data from internal and external sources and prepares this date
for storage in a large database? - CORRECT ANSWER - the transaction processing
system (TPS)
what production process produces goods using mass production, but only up to a certain point?
the product or service is customized to meet the buyers desires - CORRECT ANSWER -
mass customization
what are the elements of the promotion mix? - CORRECT ANSWER - traditional
advertising, personal selling, sales promotion, public relations, social media, and E-Commerce
market penetration, market development, and product development are all examples of what
growth strategy? - CORRECT ANSWER - intensive growth strategies
, what makes a business sustainable? - CORRECT ANSWER - when it has wide variety of
stakeholder groups, qualified employees, and is loyal to customers, and social investors
why is market research important? - CORRECT ANSWER - its important because you
want to understand your customers, competitors, and other external factors
what is the difference between a income statement and balance sheet - CORRECT
ANSWER - a balance sheet shows what a company owns at a specific point in time, a
income statement shows how a company performed at a specific point in time
when starting a business, where can you get funding from? - CORRECT ANSWER -
community banks, corporate banks, credit unions, and hard money lenders
what do you look for when hiring new employees? - CORRECT ANSWER - KSA's,
experience, knowledge of something, a degree, etc.
what are some data collection methods? - CORRECT ANSWER - survey, experiment,
interviews, social media, research, etc.
what is a critical path analysis (CPA) used for? - CORRECT ANSWER - its used as a
project management tool to handle compiled and time-sensitive operations
what is a promotion strategy and what are some examples? - CORRECT ANSWER -a
plan to create or increase demand for a product, ex: advertising, emails, social media, event
targeting, etc.
what is cold calling and how does it help a company grow? - CORRECT ANSWER - its
when a company invests in different tactics to bring its customers, it helps a company grow by
bringing in different customers.
what is the least required responsibility on the pyramid of CSR - CORRECT ANSWER -
philanthropic
