Business Savvy Exam Prep ACTUAL QUESTIONS AND CORRECT ANSWERS -

Business Savvy Exam Prep ACTUAL
QUESTIONS AND CORRECT ANSWERS
- _______ help managers with the skills required to accomplish a
specific kind of work. - CORRECT ANSWERS technical skills


Which of the following is not true of analytic skills?
-They help managers to think in abstract terms in order to see the "big
picture."
-They are the ability to identify problems correctly.
-They help managers generate reasonable alternatives.
-They allow managers to choose the "best" alternatives to solve
problems. - CORRECT ANSWERS They help managers to
think in abstract terms in order to see the "big picture."


_________ is an economic system in which individuals own and
operate the majority of business that provide goods and services.
-Communism
-Capitalism
-Socialism
-A mixed economy - CORRECT ANSWERS Capitalism


Understanding which soft skills and characteristics businesses are
looking for is part of which reason for studying business?
-To improve management skills
-Be a successful employee
-To be a better informed consumer and investor

,-Help in choosing a career - CORRECT ANSWERS Be a
successful employee


Businesses that buy products from manufacturers and resell them
would be classified as ________.


-manufacturing businesses
-marketing intermediaries
-e-businesses
-service businesses - CORRECT ANSWERS marketing
intermediaries


Which type of essential resource for businesses would buildings and
machinery be considered?
-Material resources
-Informational resources
-Financial resources
-Human resources - CORRECT ANSWERS material resources


When expenses total more than sales revenue, a business ________.
-is operating at a loss
-should work to decrease
-revenues and increase expenses
-must declare bankruptcy
-earns a profit - CORRECT ANSWERS is operating at a loss

,Which of the following is not true according to Adam Smith's
capitalism?
-Government should own private property and the resources used to
create wealth.
-The role of government should be limited to providing defense
against foreign enemies, ensuring internal order, and furnishing public
works and education.
-Economic freedom ensures the existence of competitive markets that
allow both sellers and buyers to enter and leave the market as they
choose.
-The creation of wealth is the concern of private individuals, not the
government. - CORRECT ANSWERS Government should
own private property and the resources used to create wealth.


In a communist society, the government determines "who gets what"
based on _______.
-need
-wealth
-contribution
-ability - CORRECT ANSWERS need


According to _____________, an individual's personal gain benefits
others and a nation's economy. - CORRECT ANSWERS the
invisible hand


The gross domestic product (GDP) is _______.
-the sum of all goods and services produced by a nation in a year

, -the difference between gross domestic output and the nation's
imports in a year
-the dollar amount of all goods exported out of a nation in a year
-the total amount of money earned by a nation's population in a year -
CORRECT ANSWERS the sum of all goods and services
produced by a nation in a year


__________ is rising prices caused by some combination of excess
demand and increasing cost of factors of production, while
__________
is a general decrease in prices. - CORRECT ANSWERS
Inflation, deflation


When comparing gross national product (GDP) over several different
time periods, one would need to _______.
-consider the consumer price index (CPI)
-compare the unemployment rates over the same time periods
-compare countries of similar sizes
-adjust dollar amounts for inflation - CORRECT ANSWERS
adjust dollar amounts for inflation


During the peak period, _______.
-unemployment is low and total income is high
-unemployment peaks
-unemployment rises and total buying power declines