Business Management Final Exam

What is a SWOT analysis used for?

• Marketing Strategy
• Evaluating a business's strengths and weaknesses
• Managing employees
• Increasing production

Which of the following is NOT one of the four functions of management?

• Planning
• Organizing
• Recruiting
• Controlling

Which one of these is not one of the 4 P's of Marketing

• Product
• Location
• Price
• Promotion

What is the difference between Business ethics and legal responsibility

• Ethics are personal and voluntary; legality is enforced by the government
• Ethics are laws passed by the government; legality is based on company policies
• Ethics and legality are always the same
• Legality concerns morals, while ethics concerns rules

What is a Sole proprietorship?

• A business owned by two or more people
• A corporation with publicly traded stock
• A nonprofit business supported by donations
• A business owned and operated by one individual

What is the purpose of a target market in a marketing strategy?

• To increase production costs
• To focus marketing efforts on a specific group of consumers
• To avoid competition entirely
• To reduce production costs

Which of the following is an example of a fixed cost for a business?

• Raw materials
• Electricity usage
• Monthly rent
• Shipping costs

What is a key advantage of forming a corporation over a sole proprietorship?

• Lower tax rates
• Limited liability protection for owners
• Easier to manage daily operations
• Fewer governmental regulations

A company is experiencing a drop in customer satisfaction. Which strategy is most effective for identifying the issue?

• Conduct customer feedback surveys
• Increase product prices
• Launch a new marketing campaign
• Reduce employee wages

What is a market economy primarily driven by?

• Government decisions
• Religious values
• Cultural beliefs
• Supply & demand