Business 101 quiz

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1. Alternate definitions state that a business’ principal purpose is to serve the _______ of a larger group of stakeholders, including employees, customers, and even society as a whole.

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A. needs

B. preferences

C. interests

D. desires

2. Division of labor is the assigning of _______ for each organizational component to specific workers or group of workers.

A. processes

B. materials

C. work

D. responsibility

3. Many companies today have a _______ focus (or market orientation). This implies that the company focuses its activities and products on consumer demands.

A. organizational

B. production

C. marketing

D. customer

4. A sole proprietorship is owned and run by _____ receiving all profits, and ________ responsibility for all losses and debts.

A. one individual – has unlimited

B. many individuals – have limited

C. two individuals – have unlimited

D. two individuals – have limited

5. This indicates that business decisions will be made through the authorization of the majority of partners, protecting partners from one individual partner controlling the entire organization.

A. Consistent interest

B. Majority management

C. Annual account

D. Resolution of dispute

6. _____ is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. The primary characteristic it shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.

A. An S corporation

B. A nonprofit organization


D. A C corporation

7. _____ is a legal entity created by a government to undertake commercial activities on behalf of an owner government.

A. Public-private joint venture

B. Government-linked company

C. State-owned enterprise

D. Quasi-government organization

8. ____ is the pursuit of a given behavior for the simple sake of that behavior (i.e. the means, not the ends), and the desire for perfect execution of that behavior.

A. Ethics

B. Normative

C. Virtuousness

D. Consumerism

9. A form of financial fraud where the fraudster buys stocks cheaply, generates artificial excitement about them to create a temporary price increase, then sells the stocks before the price goes back down.

A. Pump and dump

B. Artificial market

C. Demand inflation

D. Ponzi scheme

10. ____ is charitable monetary donations (not political contributions or commercial sponsorships) by companies.

A. Corporate philanthropy

B. Business foundations

C. Business charity

D. Corporate nonprofits

11. A ____ market is an economic system that allows supply and demand to regulate prices, wages, etc, rather than government.

A. free

B. consolidated

C. planned

D. competitive

12. The raw GDP figure, as given by the GDP calculation equation, is called the ______, historical, or current GDP.

A. regular

B. nominal

C. real

D. market

13. ______ is an increase in the general level of prices or in the cost of living.

A. Supply

B. Deflation

C. Demand

D. Inflation

14. A socio-economic system based on the abstraction of resources into the form of privately-owned money, wealth, and goods, with economic decisions made largely through the operation of a market unregulated by the state.

A. Tripartite

B. Socialism

C. Capitalism

D. Pluralism

15. A type of unemployment explained by a mismatch between the requirements of the employers and the properties (such as skills, age, gender, or location) of the unemployed.

A. Frictional

B. Structural

C. Cyclical

D. Independent

16. A ____ is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves. In some cases, the servicers of the underlying debt are also given ratings.

A. Credit agency

B. Loan agency

C. Card agency

D. Tariff agency

17. Most trade barriers work on the same principle–the imposition of some sort of cost on trade that raises the price of the traded products. If two or more nations repeatedly use trade barriers against each other, then a ____ results.

A. trade war

B. quota war

C. incentive war

D. bid war

18. In macroeconomics and international finance, the ____ (also known as financial account) is one of two primary components of the balance of payments, the other being the current account. It reflects net change in national ownership of assets.

A. Consumer account

B. Capital account

C. Future account

D. Current account

19. The major purpose of _____ is to focus the attention of all involved on a common purpose and to inform the decisions that needs to be made along the way.

A. Organizing

B. Planning

C. Controlling

D. Directing

20. It is what will intervene to improve the process, if necessary. Let’s say overall only 2% of people clicked the ad and came to the website. This component will be the tactical changes management will take to get the current operational efficiency improved to the desired level.

A. The comparator

B. The process to be controlled

C. The activator

D. The sensor

21. This analysis identifies factors of the industry’s competitive environment that may substantially influence a company’s strategic design.

A. Market

B. Porter’s five-forces

C. Competition


22. Theory ___ focuses on the internal mechanisms of motivation (relative to the employee), assuming that employees have a natural drive to contribute, take ownership of their work, and pursue organizational objectives on their own.

A. Y

B. X

C. Z

D. Equity

23. ______ theory postulates that an individual’s motivation can be derived through identifying an appropriate expectation.

A. X

B. Z

C. Equity

D. Expectancy

24. Modifying behavior through reinforcement and environmental stimuli can increase positive actions and decrease negative actions in the workplace. This refers to:

A. Flextime

B. Behavior Modification

C. Job Design

D. Reinforcement

25. ______ are the four methods of collecting performance review data: objective production, personnel, judgmental evaluation, and peer or self evaluation.

A. Appreciation

B. Evaluation

C. Review techniques

D. Avaliation

26. A concerted refusal to work undertaken by a union to assert its members’ right to particular job assignments and to protest the assignment of disputed work to members of another union or to unorganized workers.

A. Jurisdictional strike

B. Snake strikes

C. Dog strikes

D. Wildcat strikes

27. Levels of executive pay have been controversial in recent times, with only tenuous links between executive pay and company performance.

A. Employers compensation

B. Executive compensation

C. Workers compensation

D. Company’s evaluation

28. As partnerships are often side projects, this obligates each partner to a certain amount of interest and/or time commitment in the venture. This refers to:

A. Annual account

B. Resolution of dispute

C. Consistent interest

D. Causes income losses

29. It is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends.

A. Nonprofit


C. S

D. C

30. _____ is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes).

A. Double taxation

B. Interest taxation

C. Joint taxation

D. Multiple taxation

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