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Introduction to business

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Tesfaye Madda
Tesfaye Madda

This document provides an introduction to business concepts and terms. It contains 10 multiple choice questions that cover topics such as the consumer decision making process, types of business ownership, financial institutions, economic systems, and business ethics. The questions assess understanding of key business terminology and concepts. The answer key at the end provides the correct response for each question.

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INTRODUCTION TO BUSINESS 1. The first step in the consumer decision-making process is called: a. alternative evaluation b. problem recognition c. purchase/no purchase decision d. information search Competency: Consumerism Task: List sources of consumer information. 2. ________________ marketing involves developing a unique mix of goods and services for each individual customer. a. One-to-one b. B2B c. Usage d. Volume Competency: Consumerism Task: Describe the use of advertisements and other marketing strategies. 3. Limited liability for business debts is granted to: a. general partners b. strategic alliances c. sole proprietors d. shareholders in S corporations Competency: Characteristics and Organization of business Task: Define the main features, advantages, and disadvantages of various types of business ownership. 4. Groups of people such as workers who pool their money together for savings and to make loans is called a: a. union bank b. credit union c. state of the union d. labor union Competency: Money Management and Banking, Investments Task: Compare services provided by banks, credit unions, and other financial institutions
5. When compared to a traditional savings account, a certificate of deposit is: a. equally liquid b. less liquid. c. more dynamic d. more liquid Competency: Money Management and Banking, Investments Task: Evaluate savings and investment options (stocks, bonds, mutual funds, real estate, etc.) to meet short- and long-term goals. 6. Employees often work with managers to develop a(n) ____________ that outlines the fundamental purposes of their organization. a. organization chart b. value statement c. PERT diagram d. mission statement Competency: Rights and responsibilities of employees, managers, owners, and government Task: Identify ways to improve employee morale and customer satisfaction. 7. Spending a few hours observing someone in your chosen occupation is called a. job mentoring b. job training c. job orientation d. job shadowing Competency: Career Awareness Task: Identify personal qualities and characters and match to business careers. 8. The conflict between unlimited wants and limited resources is known as: a. scarcity b. factors of production c. resource allocation d. capital resources Competency: Economic Systems Task: Define key economic terms. 9. All of the following are among the primary differences between a business market and a consumer market except: a. purchase decisions to satisfy needs b. market structure and demand c. the nature of the buying unit d. the types of decisions and the decision process involved Competency: Economic Systems Task: Identify economic trends/indicators to measure economic conditions.
10. ______ are rules about how businesses and their employees should behave. a. Mission statements b. Standards c. Values d. Business ethics Competency: Ethics Task: Apply a professional code of ethics to a workplace problem or issue.
Introduction to Business Answer Key 1) B 2) A 3) D 4) B 5) B 6) D 7) D 8) A 9) A 10) D
? Copyright of Future Business Leaders of America – Phi Beta Lambda (FBLA-PBL) – This document is property of Future Business Leaders of America – Phi Beta Lambda (FBLA-PBL) and its contents may not be copied or emailed to multiple sites or posted to a listserve without the copyright holder’s express written permission. However, users may print, download, or email articles for individual use. A full version of this document can be purchased at http://www.fblamarketplace.com/ under the competitive events section.

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Introduction to business

  • 1. INTRODUCTION TO BUSINESS 1. The first step in the consumer decision-making process is called: a. alternative evaluation b. problem recognition c. purchase/no purchase decision d. information search Competency: Consumerism Task: List sources of consumer information. 2. ________________ marketing involves developing a unique mix of goods and services for each individual customer. a. One-to-one b. B2B c. Usage d. Volume Competency: Consumerism Task: Describe the use of advertisements and other marketing strategies. 3. Limited liability for business debts is granted to: a. general partners b. strategic alliances c. sole proprietors d. shareholders in S corporations Competency: Characteristics and Organization of business Task: Define the main features, advantages, and disadvantages of various types of business ownership. 4. Groups of people such as workers who pool their money together for savings and to make loans is called a: a. union bank b. credit union c. state of the union d. labor union Competency: Money Management and Banking, Investments Task: Compare services provided by banks, credit unions, and other financial institutions
  • 2. 5. When compared to a traditional savings account, a certificate of deposit is: a. equally liquid b. less liquid. c. more dynamic d. more liquid Competency: Money Management and Banking, Investments Task: Evaluate savings and investment options (stocks, bonds, mutual funds, real estate, etc.) to meet short- and long-term goals. 6. Employees often work with managers to develop a(n) ____________ that outlines the fundamental purposes of their organization. a. organization chart b. value statement c. PERT diagram d. mission statement Competency: Rights and responsibilities of employees, managers, owners, and government Task: Identify ways to improve employee morale and customer satisfaction. 7. Spending a few hours observing someone in your chosen occupation is called a. job mentoring b. job training c. job orientation d. job shadowing Competency: Career Awareness Task: Identify personal qualities and characters and match to business careers. 8. The conflict between unlimited wants and limited resources is known as: a. scarcity b. factors of production c. resource allocation d. capital resources Competency: Economic Systems Task: Define key economic terms. 9. All of the following are among the primary differences between a business market and a consumer market except: a. purchase decisions to satisfy needs b. market structure and demand c. the nature of the buying unit d. the types of decisions and the decision process involved Competency: Economic Systems Task: Identify economic trends/indicators to measure economic conditions.
  • 3. 10. ______ are rules about how businesses and their employees should behave. a. Mission statements b. Standards c. Values d. Business ethics Competency: Ethics Task: Apply a professional code of ethics to a workplace problem or issue.
  • 4. Introduction to Business Answer Key 1) B 2) A 3) D 4) B 5) B 6) D 7) D 8) A 9) A 10) D
  • 5. ? Copyright of Future Business Leaders of America – Phi Beta Lambda (FBLA-PBL) – This document is property of Future Business Leaders of America – Phi Beta Lambda (FBLA-PBL) and its contents may not be copied or emailed to multiple sites or posted to a listserve without the copyright holder’s express written permission. However, users may print, download, or email articles for individual use. A full version of this document can be purchased at http://www.fblamarketplace.com/ under the competitive events section.