SCDC Test Prep Exam Latest
Update
Subchapter S Corporation - Answer A type of corporation that is limited to 100 or fewer
shareholders, has limited shareholder liability, and requires little financial reporting;
taxed as a partnership; also known as an "S" corporation
This form of business ownership limits personal liability and offers a lower rate of
taxation. Profits go directly to stockholders who pay taxes as individuals. This avoids the
problem of
double taxation on corporate profits.
open corporation - Answer a corporation whose stock can be bought and sold by any
individual
Open corporations and close corporations offer limited liability but do not offer lower tax
rates.
franchise - Answer A business established or operated under an authorization to sell or
distribute a company's goods or services in a particular area
General Partnership - Answer A partnership in which all owners share in operating the
business and in assuming liability for the business's debts.
Partnerships offer lower tax rates but do not offer limited liability.
Which of the following is a relevant question for a job applicant to ask during an
employment interview:
A. What is your annual salary?
B. Are there any good restaurants nearby?
C. Why didn't the sales department meet its goals last month?
D. What type of training do you provide for this position? - Answer d
9. An individual calls your company and asks to speak with your coworker, Rhonda
Hoffman. What should
you do if Rhonda is not available to take the call?
A. Tell the caller that you would be glad to take his/her order.
,B. Advise the caller to call again in a few minutes.
C. Ask the caller if s/he would like to leave a message.
D. Put the caller on hold while you track down Rhonda. - Answer c
10. Jolie is working in a group in her business class. If she wants to contribute to her
group's discussion in a
meaningful way, what should she do?
A. Wait for other people to lead the conversation when it gets silent
B. Let someone know right away if his/her idea is bad or unrealistic
C. Summarize what's been discussed in the conversation
D. Ask questions as a way of judging someone else's suggestion - Answer c
mind mapping programs - Answer One computer tool that a businessperson can use to
organize online information for a research report is __.
Mind-mapping computer programs help individuals organize a lot of information in a
meaningful way. Some websites, such as Bubbl.us and Mindmeister, provide
mind-mapping programs free of charge. After mapping out the information in a logical
order, the writer can then prepare the report in a clear, understandable way. Index
cards are manual tools for organizing information. Statistical applications record
numerical data. Online survey services (e.g., SurveyMonkey.com) allow users to
prepare, distribute, and analyze online questionnaires.
Executive Summary - Answer A brief overview of the key points contained in a business
plan
appendix - Answer A section at the end of a paper that includes information that is too
detailed for the text of the paper itself and would "burden the reader" or be
"distracting," or "inappropriate"
What is one reason why businesses write informational messages?
A. To sell products
B. To prepare letters
C. To develop memos
D. To identify customers - Answer a
20. Businesses develop specific policies in order to increase their
A. employees' morale.
,B. sales and profits.
C. company benefits.
D. inventory levels. - Answer
22. When a customer sees a news story on television about a certain company or brand,
it's an example of
a(n)
A. touch point.
B. brand promise.
C. advertisement.
D. slogan. - Answer
23. What is a realistic example of a benefit that employees could expect for reinforcing
their company's
environmentally friendly image?
A. Extra day of vacation for riding a bike to work instead of driving
B. Bonus of $500 for finishing a project early
C. Airline ticket to the employee who recycles the most over one year
D. Luncheon for employees who turn in reports on time - Answer a
Noneconomic want - Answer Desires for things that can be obtained without spending
money
unlimited wants - Answer the insatiable desire of consumers for goods and services that
will give them satisfaction or utility
Tangible wants - Answer things you can touch
economic wants - Answer (spent with money) People's desires that can be satisfied by
consuming goods and/or services.
27. Which of the following statements about wholesale trade businesses is true:
A. They operate only from distribution centers.
B. They operate only from mail-order warehouses.
C. They operate from a variety of business premises.
D. They operate in areas convenient to ultimate consumers. - Answer c
, market economy - Answer Economic decisions are made by individuals or the open
market. (US)
Socialist/Command Economy - Answer production resources are owned by the state
and production decisions are centrally coordinated
Traditional Economy - Answer An economy in which production is based on customs
and traditions and economic roles are typically passed down from one generation to the
next.
Communist Command Economy - Answer all important economic decisions are made by
the government leaders.
private enterprise - Answer system where the means of production (resources and
businesses) are owned and operated by private individuals or groups of private
individuals
Traditional Market - Answer
capitalist market - Answer
Mixed Market - Answer
socialist market - Answer
43. When you must refuse a request, what is one way of being assertive while
sympathizing with the person?
A. Telling a story
B. Offering a solution
C. Saying you're sorry
D. Taking a stand - Answer
contingency - Answer a future event or circumstance that is possible but cannot be
predicted with certainty
revolving credit account - Answer a type of credit agreement that offers a choice of
paying in full each month or spreading payments over a period of time
installment credit account - Answer A type of credit account set up to handle one total
amount of credit which is to be paid off in regular installments
Budget credit account - Answer A form of short-term credit often set up for 60- or
90-day periods with a payment due every 30 days
Regular Credit Account - Answer A credit account which allows credit users to buy at
any time during a set period, usually 30 days; also called an open account
Update
Subchapter S Corporation - Answer A type of corporation that is limited to 100 or fewer
shareholders, has limited shareholder liability, and requires little financial reporting;
taxed as a partnership; also known as an "S" corporation
This form of business ownership limits personal liability and offers a lower rate of
taxation. Profits go directly to stockholders who pay taxes as individuals. This avoids the
problem of
double taxation on corporate profits.
open corporation - Answer a corporation whose stock can be bought and sold by any
individual
Open corporations and close corporations offer limited liability but do not offer lower tax
rates.
franchise - Answer A business established or operated under an authorization to sell or
distribute a company's goods or services in a particular area
General Partnership - Answer A partnership in which all owners share in operating the
business and in assuming liability for the business's debts.
Partnerships offer lower tax rates but do not offer limited liability.
Which of the following is a relevant question for a job applicant to ask during an
employment interview:
A. What is your annual salary?
B. Are there any good restaurants nearby?
C. Why didn't the sales department meet its goals last month?
D. What type of training do you provide for this position? - Answer d
9. An individual calls your company and asks to speak with your coworker, Rhonda
Hoffman. What should
you do if Rhonda is not available to take the call?
A. Tell the caller that you would be glad to take his/her order.
,B. Advise the caller to call again in a few minutes.
C. Ask the caller if s/he would like to leave a message.
D. Put the caller on hold while you track down Rhonda. - Answer c
10. Jolie is working in a group in her business class. If she wants to contribute to her
group's discussion in a
meaningful way, what should she do?
A. Wait for other people to lead the conversation when it gets silent
B. Let someone know right away if his/her idea is bad or unrealistic
C. Summarize what's been discussed in the conversation
D. Ask questions as a way of judging someone else's suggestion - Answer c
mind mapping programs - Answer One computer tool that a businessperson can use to
organize online information for a research report is __.
Mind-mapping computer programs help individuals organize a lot of information in a
meaningful way. Some websites, such as Bubbl.us and Mindmeister, provide
mind-mapping programs free of charge. After mapping out the information in a logical
order, the writer can then prepare the report in a clear, understandable way. Index
cards are manual tools for organizing information. Statistical applications record
numerical data. Online survey services (e.g., SurveyMonkey.com) allow users to
prepare, distribute, and analyze online questionnaires.
Executive Summary - Answer A brief overview of the key points contained in a business
plan
appendix - Answer A section at the end of a paper that includes information that is too
detailed for the text of the paper itself and would "burden the reader" or be
"distracting," or "inappropriate"
What is one reason why businesses write informational messages?
A. To sell products
B. To prepare letters
C. To develop memos
D. To identify customers - Answer a
20. Businesses develop specific policies in order to increase their
A. employees' morale.
,B. sales and profits.
C. company benefits.
D. inventory levels. - Answer
22. When a customer sees a news story on television about a certain company or brand,
it's an example of
a(n)
A. touch point.
B. brand promise.
C. advertisement.
D. slogan. - Answer
23. What is a realistic example of a benefit that employees could expect for reinforcing
their company's
environmentally friendly image?
A. Extra day of vacation for riding a bike to work instead of driving
B. Bonus of $500 for finishing a project early
C. Airline ticket to the employee who recycles the most over one year
D. Luncheon for employees who turn in reports on time - Answer a
Noneconomic want - Answer Desires for things that can be obtained without spending
money
unlimited wants - Answer the insatiable desire of consumers for goods and services that
will give them satisfaction or utility
Tangible wants - Answer things you can touch
economic wants - Answer (spent with money) People's desires that can be satisfied by
consuming goods and/or services.
27. Which of the following statements about wholesale trade businesses is true:
A. They operate only from distribution centers.
B. They operate only from mail-order warehouses.
C. They operate from a variety of business premises.
D. They operate in areas convenient to ultimate consumers. - Answer c
, market economy - Answer Economic decisions are made by individuals or the open
market. (US)
Socialist/Command Economy - Answer production resources are owned by the state
and production decisions are centrally coordinated
Traditional Economy - Answer An economy in which production is based on customs
and traditions and economic roles are typically passed down from one generation to the
next.
Communist Command Economy - Answer all important economic decisions are made by
the government leaders.
private enterprise - Answer system where the means of production (resources and
businesses) are owned and operated by private individuals or groups of private
individuals
Traditional Market - Answer
capitalist market - Answer
Mixed Market - Answer
socialist market - Answer
43. When you must refuse a request, what is one way of being assertive while
sympathizing with the person?
A. Telling a story
B. Offering a solution
C. Saying you're sorry
D. Taking a stand - Answer
contingency - Answer a future event or circumstance that is possible but cannot be
predicted with certainty
revolving credit account - Answer a type of credit agreement that offers a choice of
paying in full each month or spreading payments over a period of time
installment credit account - Answer A type of credit account set up to handle one total
amount of credit which is to be paid off in regular installments
Budget credit account - Answer A form of short-term credit often set up for 60- or
90-day periods with a payment due every 30 days
Regular Credit Account - Answer A credit account which allows credit users to buy at
any time during a set period, usually 30 days; also called an open account
