Business Essentials QUIZ 1 - Part 2

What identifies performance targets used by organizations and their managers to measure success or failure at every level?

• tactics

• goals

• strategies

• mission statements

• promotions

Which of the following types of tariff is meant to discourage the import of particular products?

• revenue tariff

• quota tariff

• labor tariff

• subsidy tariff

• protectionist tariff

What type of skills requires defining problems and selecting the best course of action to take?

• human relations skills

• production skills

• conceptual skills

• decision-making skills

• technical skills

Distributors who are in a grocery store restocking shelves are normally considered part of the ________ rather than the ________.

• environment; culture

• organization; environment

• culture; store

• environment; organization

• None of these are correct.

When the value of one country's currency relative to that of another varies with market conditions, which of the following exists?

• floating exchange rate

• fixed exchange rate

• indexed exchange rate

• flat exchange rate

• balanced exchange rate

Which of the following is the name for the overall flow of money into or out of a country?

• exchange rate

• trade rate

• balance of exchange

• balance of payments

• balance of trade

Which of the following types of firms design, produce, and manufacture products in many nations?

• multinational firms

• importing firms

• domestic firms

• international firms

• exporting firms

Which description defines the planning function of the management process?

• guiding and motivating employees to meet organizational objectives

• discussing how best to arrange an organization's resources into a coherent structure

• scanning the business environment for threats and opportunities

• determining what an organization needs to do and how best to get it done

• monitoring a firm's performance to make sure that it is meeting its goals

Shirley is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT an advantage Shirley will have in operating her business?

• freedom

• simplicity of operation

• limited liability

• low start-up costs

• choice of location

Which kind of strategy takes place at the level of the product line and focuses on a firm's competitive position?

• functional

• business

• local

• fundamental

• environmental