Business management exam queries
and answers graded A+
The idea that individuals, companies, and countries should specialize in what they do best is most
closely associated with ____. - ANS✅✅comparative advantage
A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods
from a seller to buyer - ANS✅✅contract
Rent is an example of a(n)_____. - ANS✅✅fixed cost
When writing a cover letter, it is best to include ____ in the first paragraph. - ANS✅✅the full job
title, the position you seek, and how you found out about it
This process spreads management decisions through the levels in an organization ____. -
ANS✅✅decentralization
The first step in planning a successful career is to ____. - ANS✅✅assess your interests and abilities
This concept states that as the price of a good increases, the quantity of the good demanded falls. -
ANS✅✅law of demand
This law made it illegal to charge different prices to different wholesale customers. -
ANS✅✅Clayton Act of 1914
A Theory Y manager is most likely to ____. - ANS✅✅assume that all workers are content with their
work
In the semi-autocratic management decision style, ____. - ANS✅✅subordinates may or may not
be informed of the decision
When a leader presents group members with a problem situation and asks the group to write down
their ideas rather than saying them aloud, he or she is encouraging creativity through ____. -
ANS✅✅brainwriting
, The combination of the unique qualities that make you who you are is known as your ____. -
ANS✅✅personality
When a manager gives guidance to employees to perform their tasks, he or she is said to be
performing the task of ____. - ANS✅✅leading
Frederick W. Taylor figured out "one best way" to perform a task through ____. - ANS✅✅time and
motion studies
The largest exporter in the world is ____. - ANS✅✅China
Goods and services that are purchased abroad are called ____. - ANS✅✅imports
This level of management includes department heads and district sales managers. - ANS✅✅middle
management
Companies must comply with all of the following employment laws EXCEPT ____. -
ANS✅✅employee lay-off laws
Companies can sell their products or services in foreign countries in any of the following ways
EXCEPT ____. - ANS✅✅creating an embargo to transfer power to the host country
The difference between what a business earns (revenue) and what it spends (costs) is known as
____. - ANS✅✅profit
Taxes levied against buildings and land owned by a business are called ____. - ANS✅✅property
taxes
A manager who provides leadership within the company or interacts with others outside the
organization is said to be working within his or her ____. - ANS✅✅interpersonal role
A system of management based on involving all employees in a constant process of improving
quality and productivity by improving how they work is known as ____. - ANS✅✅TQM
and answers graded A+
The idea that individuals, companies, and countries should specialize in what they do best is most
closely associated with ____. - ANS✅✅comparative advantage
A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods
from a seller to buyer - ANS✅✅contract
Rent is an example of a(n)_____. - ANS✅✅fixed cost
When writing a cover letter, it is best to include ____ in the first paragraph. - ANS✅✅the full job
title, the position you seek, and how you found out about it
This process spreads management decisions through the levels in an organization ____. -
ANS✅✅decentralization
The first step in planning a successful career is to ____. - ANS✅✅assess your interests and abilities
This concept states that as the price of a good increases, the quantity of the good demanded falls. -
ANS✅✅law of demand
This law made it illegal to charge different prices to different wholesale customers. -
ANS✅✅Clayton Act of 1914
A Theory Y manager is most likely to ____. - ANS✅✅assume that all workers are content with their
work
In the semi-autocratic management decision style, ____. - ANS✅✅subordinates may or may not
be informed of the decision
When a leader presents group members with a problem situation and asks the group to write down
their ideas rather than saying them aloud, he or she is encouraging creativity through ____. -
ANS✅✅brainwriting
, The combination of the unique qualities that make you who you are is known as your ____. -
ANS✅✅personality
When a manager gives guidance to employees to perform their tasks, he or she is said to be
performing the task of ____. - ANS✅✅leading
Frederick W. Taylor figured out "one best way" to perform a task through ____. - ANS✅✅time and
motion studies
The largest exporter in the world is ____. - ANS✅✅China
Goods and services that are purchased abroad are called ____. - ANS✅✅imports
This level of management includes department heads and district sales managers. - ANS✅✅middle
management
Companies must comply with all of the following employment laws EXCEPT ____. -
ANS✅✅employee lay-off laws
Companies can sell their products or services in foreign countries in any of the following ways
EXCEPT ____. - ANS✅✅creating an embargo to transfer power to the host country
The difference between what a business earns (revenue) and what it spends (costs) is known as
____. - ANS✅✅profit
Taxes levied against buildings and land owned by a business are called ____. - ANS✅✅property
taxes
A manager who provides leadership within the company or interacts with others outside the
organization is said to be working within his or her ____. - ANS✅✅interpersonal role
A system of management based on involving all employees in a constant process of improving
quality and productivity by improving how they work is known as ____. - ANS✅✅TQM
