Business and Tech ‘FINAL EXAM
REVIEWED QUESTIONS WITH
ANSWERS.’
A __________ is a word, letter, or symbol linked with a specific company or product. ANS - Trademark
Does nearly every business in the US use some type of computer? ANS - Yes
A _______ ______ __________ is an ordered system of processing and reporting information in an
organization. ANS - management information system
What type of business are most Americans employed by? ANS - A small business
__________ _____________ are a large number of small businesses in the US. ANS - Service business
What is the first step in developing a business plan? ANS - Gather and review information
Is the most important role of business is to provide employment for people? ANS - No, it is to make and
distribute products and services.
Are service jobs the lowest paying jobs in the U.S. economy? ANS - No
Should all businesses complete some marketing activities even if that is not their focus? ANS - Yes,
marketing is essential to the success of a business
Is product packaging the least important part of product planning because consumers simply throw
away the packaging before using the product? ANS - No, it is a very important part of product
development
, What are some examples of different types of promotional tools for business product and/or services?
ANS - Traditional tools; online tools; and personal networking
How are management functions usually divided among the owners of a partnership? ANS - They are
usually divided by the skills of the managers.
Do all managers devote the same amount of attention and time to each of the management functions?
ANS - No
Do effective managers always find a way to make decisions with which every employee agrees? ANS -
No
If expenses are less than revenue, the business will have a _______. ANS - profit
What type of record identifies all purchases and sales made using credit? ANS - Records of accounts
Because they are so vital to businesses, are financial records still usually prepared manually using paper
documents? ANS - No, most records are prepared electronically now
What can help you buy wisely and avoid credit problems? ANS - A budget
An _________ is the costs of operating a business. ANS - expense
Can you use your checkbook as a budgeting system? ANS - No, because it does not serve the purpose
of planning for spending.
Do your financial needs change as you move through your life? ANS - Yes
What do savings and loan associations traditionally specialize in? ANS - Making loans for home
mortgages
REVIEWED QUESTIONS WITH
ANSWERS.’
A __________ is a word, letter, or symbol linked with a specific company or product. ANS - Trademark
Does nearly every business in the US use some type of computer? ANS - Yes
A _______ ______ __________ is an ordered system of processing and reporting information in an
organization. ANS - management information system
What type of business are most Americans employed by? ANS - A small business
__________ _____________ are a large number of small businesses in the US. ANS - Service business
What is the first step in developing a business plan? ANS - Gather and review information
Is the most important role of business is to provide employment for people? ANS - No, it is to make and
distribute products and services.
Are service jobs the lowest paying jobs in the U.S. economy? ANS - No
Should all businesses complete some marketing activities even if that is not their focus? ANS - Yes,
marketing is essential to the success of a business
Is product packaging the least important part of product planning because consumers simply throw
away the packaging before using the product? ANS - No, it is a very important part of product
development
, What are some examples of different types of promotional tools for business product and/or services?
ANS - Traditional tools; online tools; and personal networking
How are management functions usually divided among the owners of a partnership? ANS - They are
usually divided by the skills of the managers.
Do all managers devote the same amount of attention and time to each of the management functions?
ANS - No
Do effective managers always find a way to make decisions with which every employee agrees? ANS -
No
If expenses are less than revenue, the business will have a _______. ANS - profit
What type of record identifies all purchases and sales made using credit? ANS - Records of accounts
Because they are so vital to businesses, are financial records still usually prepared manually using paper
documents? ANS - No, most records are prepared electronically now
What can help you buy wisely and avoid credit problems? ANS - A budget
An _________ is the costs of operating a business. ANS - expense
Can you use your checkbook as a budgeting system? ANS - No, because it does not serve the purpose
of planning for spending.
Do your financial needs change as you move through your life? ANS - Yes
What do savings and loan associations traditionally specialize in? ANS - Making loans for home
mortgages
