ETS MAJOR FIELD TEST (PRACTICE
TEST) BACHELOR'S DEGREE IN
BUSINESS EXAM QUESTIONS &
ANSWERS RATED 100% CORRECT
The common characteristic possessed by all assets is
a) Long life
b) Great monetary value
c) Tangible nature
d) Future economic benefit - correct answer ✔✔d) Future economic benefit
Which Foreign Direct Investment (FDI) attempts to acquire particular resources at a lower real
cost than could be obtained in the home country?
a) Market-seeking FDI
b) Efficiency-seeking FDI
c) Resource-seeking FDI
d) Strategic asset-seeking FDI - correct answer ✔✔c) Resource-seeking FDI
Under the Uniform Commercial Code (UCC) statute of frauds, which of the following terms must
be included in writing in order to satisfy the writing requirement?
a) The price of the goods.
b) The quantity of the goods.
,c) The signatures and names of the buyer and the seller
d) The time and place for delivery - correct answer ✔✔b) The quantity of the goods
Which of the following is an appropriate Federal Reserve action to stimulate the United States
economy?
a) Selling government bonds on the open market
b) Increasing the discount rate
c) Reducing the reserve requirement
d) Cutting taxes - correct answer ✔✔c) Reducing the reserve requirement
Which of the following is true with regard to an exculpatory clause?
a) An exculpatory clause excuses one party from liability for his/her own tortious conduct.
b) Where one party has a superior bargaining position that has enabled him/her to impose an
exculpatory clause upon the other, the courts are inclined to nullify the provision.
c) An exculpatory clause may be unenforceable for unconscionability.
d) All of the above are true - correct answer ✔✔d) All of the above are true
Managers at ABC, Inc. analyze the current situation of their organization and then develop plans
to help their organization to accomplish its mission and achieve its goals. This is known as:
a) Synergy planning
b) Strategy formulation
,c) Functional planning
d) SWOT analysis - correct answer ✔✔b) Strategy formulation
A group that develops naturally as a result of employees' interaction within an organization is
referred to as
a) an informal group
b) a formal group
c) a work-team group
d) a formation group - correct answer ✔✔a) an informal group
When employees use email, word processors, electronic scheduling / calendars, they are using
which of the following?
a) Transaction processing systems
b) Process control systems
c) Office automation systems
d) Decision support systems - correct answer ✔✔c) Office automation systems
A standard procedure for numerically measuring a project's progress, forecasting its completion
date and cost and providing measures of schedule and budget variation as activities are
completed is referred to as
a) program evaluation and review technique (PERT)
b) the critical path method (CPM)
c) a Gantt chart
d) earned value analysis (EVA) - correct answer ✔✔d) earned value analysis (EVA)
, High product differentiation is generally accompanied by
a) higher market share
b) decreased emphasis on competition based on price
c) higher profit margins and lower costs
d) significant economies of scale - correct answer ✔✔b) decreased emphasis on competition
based on price
The essence of common law is:
a) its prospective nature.
b) the concept of stare decisis
c) its flexibility
d) the plain meaning doctrine - correct answer ✔✔b) the concept of stare decisis
The Organization of the Petroleum Exporting Countries (OPEC) reduces production by
10 percent, and the growth rate of the world economy begins to escalate. How will the
simultaneous occurrence of these events affect the equilibrium price and quantity in the world
petroleum market?
a) Price will increase, but quantity will remain unchanged
b) Price will increase, but quantity is indeterminate
c) Quantity will increase, but price is indeterminate
d) Both price and quantity will increase - correct answer ✔✔b) Price will increase, but quantity
is indeterminate
TEST) BACHELOR'S DEGREE IN
BUSINESS EXAM QUESTIONS &
ANSWERS RATED 100% CORRECT
The common characteristic possessed by all assets is
a) Long life
b) Great monetary value
c) Tangible nature
d) Future economic benefit - correct answer ✔✔d) Future economic benefit
Which Foreign Direct Investment (FDI) attempts to acquire particular resources at a lower real
cost than could be obtained in the home country?
a) Market-seeking FDI
b) Efficiency-seeking FDI
c) Resource-seeking FDI
d) Strategic asset-seeking FDI - correct answer ✔✔c) Resource-seeking FDI
Under the Uniform Commercial Code (UCC) statute of frauds, which of the following terms must
be included in writing in order to satisfy the writing requirement?
a) The price of the goods.
b) The quantity of the goods.
,c) The signatures and names of the buyer and the seller
d) The time and place for delivery - correct answer ✔✔b) The quantity of the goods
Which of the following is an appropriate Federal Reserve action to stimulate the United States
economy?
a) Selling government bonds on the open market
b) Increasing the discount rate
c) Reducing the reserve requirement
d) Cutting taxes - correct answer ✔✔c) Reducing the reserve requirement
Which of the following is true with regard to an exculpatory clause?
a) An exculpatory clause excuses one party from liability for his/her own tortious conduct.
b) Where one party has a superior bargaining position that has enabled him/her to impose an
exculpatory clause upon the other, the courts are inclined to nullify the provision.
c) An exculpatory clause may be unenforceable for unconscionability.
d) All of the above are true - correct answer ✔✔d) All of the above are true
Managers at ABC, Inc. analyze the current situation of their organization and then develop plans
to help their organization to accomplish its mission and achieve its goals. This is known as:
a) Synergy planning
b) Strategy formulation
,c) Functional planning
d) SWOT analysis - correct answer ✔✔b) Strategy formulation
A group that develops naturally as a result of employees' interaction within an organization is
referred to as
a) an informal group
b) a formal group
c) a work-team group
d) a formation group - correct answer ✔✔a) an informal group
When employees use email, word processors, electronic scheduling / calendars, they are using
which of the following?
a) Transaction processing systems
b) Process control systems
c) Office automation systems
d) Decision support systems - correct answer ✔✔c) Office automation systems
A standard procedure for numerically measuring a project's progress, forecasting its completion
date and cost and providing measures of schedule and budget variation as activities are
completed is referred to as
a) program evaluation and review technique (PERT)
b) the critical path method (CPM)
c) a Gantt chart
d) earned value analysis (EVA) - correct answer ✔✔d) earned value analysis (EVA)
, High product differentiation is generally accompanied by
a) higher market share
b) decreased emphasis on competition based on price
c) higher profit margins and lower costs
d) significant economies of scale - correct answer ✔✔b) decreased emphasis on competition
based on price
The essence of common law is:
a) its prospective nature.
b) the concept of stare decisis
c) its flexibility
d) the plain meaning doctrine - correct answer ✔✔b) the concept of stare decisis
The Organization of the Petroleum Exporting Countries (OPEC) reduces production by
10 percent, and the growth rate of the world economy begins to escalate. How will the
simultaneous occurrence of these events affect the equilibrium price and quantity in the world
petroleum market?
a) Price will increase, but quantity will remain unchanged
b) Price will increase, but quantity is indeterminate
c) Quantity will increase, but price is indeterminate
d) Both price and quantity will increase - correct answer ✔✔b) Price will increase, but quantity
is indeterminate
