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: