Please get these right, please. 1. All of the following are key functions of ope
ID: 1206029 • Letter: P
Question
Please get these right, please.
1. All of the following are key functions of operating a business except:
A.
marketing
B.
finance
C.
personal credit systems
D.
management
2. The strategic planning process:
A.
identifies the primary goal of the firm
B.
identifies the business focus over a long-term period (typically 2 to 10 years)
C.
develops plans for the coming year
D.
is only important in emergency situations
3. All of the following examples are considered marketing activities of a business except:
A.
Red Bull decides to launch a new cola to compete with Coca-Cola Classic and Pepsi-Cola
B.
Red Bull decides to issue stock in order to raise money to fund the new manufacturing costs of Red Bull Cola.
C.
Red Bull decides to advertise Red Bull Cola through television commercials, and the firm decides to hire salespeople to visit convenience stores.
D.
Red Bull decides to charge $1.49 for a 12 oz. can of the new Red Bull Cola, a higher price than an average can of Coke or Pepsi
4. Which of the following is an advantage of a partnership?
A.
Profits are shared among partners
B.
If partners disagree how the business is run, the business relationship may be destroyed.
C.
General partners are subject to unlimited liability
D.
Multiple partners bring additional funding to the business
5. Producing products at a lower cost or of a higher quality than other companies in your industry can create a competitive advantage for a company. In turn, consumers want products in which the perceived benefits they receive outweigh the associated costs in comparison with other similar products. This creates __________for the consumer.
A.
value
B.
utility
C.
equity
D.
barriers
6. The management function that involves determining the structure for both individual jobs and the overall organization is:
A. controlling
B. directing
C. Organizing
D. Planning
You may refer to the graph above to answer the following two questions. The graph is not needed to answer the questions.
7. When the market price of a product is below the equilibrium price, the quantity supplied will be:
A.
greater than the quantity demanded, resulting in a surplus
B.
equal to the quantity demanded, allowing all customers to buy the good at a bargain
C.
greater than the quantity demanded, causing the price to fall
D.
less than the quantity demanded, resulting in a shortage
8. A typical demand schedule shows that as prices rise, quantity demanded
A.
will decrease
B.
will increase
C.
will remain exactly the same
D.
will do nothing; the two are not related
9. ____________ involves deciding how to best use the organization’s many resources to achieve the goals of the organization.
A.
Marketing
B.
Finance
C.
Management
D.
Accounting
10. Which of the following are the main functions of marketing?
A.
specialization, coordination, evaluation, regulation
B.
product, price, distribution (place), promotion
C.
planning, processing, promoting, performance
D.
planning, leading, organizing, controlling
11. Controlling is defined as
A.
directing and motivating people to achieve organizational goals
B.
the monitoring and evaluation of activities
C.
keeping track of financial transactions
D.
the preparation of a firm for future for future business conditions
12. All of the following are considered advantages of a sole proprietorship except:
A.
it is easy to establish
B.
the owner has limited liability
C.
it may provide a tax advantage for the owner compared to other forms
D.
the sole owner has complete control of the business
13. __________ involves applying the tactical plans to daily, weekly, and monthly operations.
A.
the social responsibility plan
B.
strategic planning
C.
top-down planning
D.
operational planning
14. A __________ is a state chartered entity that is separate and legally distinct from its owners.
A.
corporation
B.
limited liability company
C.
limited partnership
D.
cooperative
15. The management function that involves motivating and leading employees to achieve organizational objectives is:
A.
Planning
B.
Directing
C.
Leading
D.
controlling
A.
marketing
B.
finance
C.
personal credit systems
D.
management
Explanation / Answer
1. Personal credits system (It is not one of a key function of operating a business)