Unit 3 Exam Review

	1.In order to grow, a business must be able to increase its liabilities
	True True if assets equals liabilities True if liabilities is greater than assets False
	2. A document that specifies what funds are needed by a business and for what period is called
	Marketing Plan Loan Request Financial Plan Income Statement
	3. The most often used and most practical training technique in business is
	Group Training Session Job Rotation On the Job Training Job Orientation
	4. In accounting, any activity that has an effect on the financial situation of the business is called a(n)
	Asset Transaction Credit Liability
	5. Which of the following is NOT a channel of distribution?
	Factory Worker Wholesaler Retailer Distributor
	6. The management function that involves coordinating activities and obtaining and coordinating resources is
	Planning Organizing Leading Controlling
	7. Any debts or amounts that a business owes are considered
	Liabilities Assets Credit Profits
	8. Managers such as the president of the company, vice president, and chief executive officer (CEO) are considered
	Top level management Middle level management First-line management Decentralization
	9. What is NOT included in an operations system?
	Place Process Facilities People
	10. Controlling refers to the manager’s responsibility for setting
	Long term goals Annual Report Statement on Income Standards for work
	11. In a centralized organization, authority is divided between a number of different managers True True if managers do all the planning True if decisions are made by middle level managers False
	12. What are the 4Ps of Marketing Mix?
	Planning, Price, People, Places Product, Price, Promotion, Place Promotion, Adveritising, Marketing, Publicity Product, Price, Promotion, People
	Score = Correct answers: