NOCTI Study Guide Practice Questions with answers

NOCTI Study Guide Practice Questions |\ |\ |\ |\ |\




with answers |\




If a business conducts SWOT analysis to decide whether
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or not to expand, which of the following would be
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categorized as an ''O''? |\ |\ |\




A. money is available for the expansion
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B. there is the potential for increased profits
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C. new competition could enter the market
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D. company expenses have increased - CORRECT
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ANSWERS ✔✔B. there is the potential for increased profits |\ |\ |\ |\ |\ |\ |\ |\




B is correct because a SWOT analysis is a planning tool
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used to determine or evaluate an organization's
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strengths, weaknesses, opportunities, and threats as |\ |\ |\ |\ |\ |\



related to a project or decision. An opportunity refers to
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an external condition or possibility that may benefit a
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company if it pursues the action or decision. A potential
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for increased profits is an example of an opportunity.
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The North American Free Trade Agreement (NAFTA)
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created a free-trade area for: |\ |\ |\ |\




A. Mexico, the U.S., and Canada
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B. Mexico and Canada
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,C. Mexico and Panama
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D. Mexico, Guatemala, and Belize - CORRECT ANSWERS
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✔✔A. Mexico, the U.S., and Canada
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A is correct because the North American Free Trade
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Agreement (NAFTA) created a freetrade area for Mexico, |\ |\ |\ |\ |\ |\ |\ |\



the United States, and Canada.
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Two types of business partnerships are general and:
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A. contractual
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B. fiduciary
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C. limited |\




D. cooperative - CORRECT ANSWERS ✔✔C. limited
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C is correct because the two types of business
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partnerships are general and limited. A general |\ |\ |\ |\ |\ |\ |\



partnership is a business that is made up of two or more |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



individuals where each partner contributes money, |\ |\ |\ |\ |\ |\



property, labor, or special skills and each partner shares
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in the business's profits or losses. A limited partnership
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resembles a general partnership but the limited partner is
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not liable for the partnership's debts other than the funds
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that were contributed to the partnership. The limited
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partner will not normally participate in the activities of the
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partnership.
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, The planning, pricing, promoting, and distribution of
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goods and services is known as:
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A. advertising
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B. marketing
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C. logistics
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D. forecasting - CORRECT ANSWERS ✔✔B. marketing
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B is correct because marketing involves the planning,
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pricing, promoting, and distribution of goods and services.
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The main purpose of an effective performance evaluation
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is to:
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A. help companies determine who to fire when times get
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hard
B. help workers to determine when they should ask for a
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salary increase |\




C. help workers develop their strengths and work on their
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weaknesses
D. help companies to determine what other jobs workers
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might be good at - CORRECT ANSWERS ✔✔C. help
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workers develop their strengths and work on their
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weaknesses