Business Management And Law Semester Exam Practice Test

54 Questions | Total Attempts: 307

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Business Management Quizzes & Trivia

Sample/practice questions to prepare for the BML first semester exam.


Questions and Answers
  • 1. 
    The careful study of management decisions and procedures in order to improve the operation of businesses and organizations is called:
    • A. 

      Management science

    • B. 

      Decision science

    • C. 

      Operational science

    • D. 

      Business science

  • 2. 
    Many small business owners serve as managers in their own business.
    • A. 

      True

    • B. 

      False

  • 3. 
    Staffing and implementing are normally performed by which level of management?
    • A. 

      Supervisors

    • B. 

      Mid-management

    • C. 

      Executives

    • D. 

      Non-managers

  • 4. 
    Managers using which leadership style are the most flexible in their approach?
    • A. 

      Situational

    • B. 

      Open

    • C. 

      Autocratic

    • D. 

      Democratic

  • 5. 
    Which of these is NOT a common leadership characteristic?
    • A. 

      Inflexibility

    • B. 

      Objectivity

    • C. 

      Dependability

    • D. 

      Stability

  • 6. 
    What is the first step in the decision-making process?
    • A. 

      Define the problem

    • B. 

      Identify possible solutions

    • C. 

      Choose a solution

    • D. 

      Reflect on your choice

  • 7. 
    Which of these is NOT a strategy for dealing with conflict?
    • A. 

      Multicultural

    • B. 

      Win/lose

    • C. 

      Avoidance

    • D. 

      Compromise

  • 8. 
    Which law requires that pre-employment testing must be related to job requirements?
    • A. 

      Civil Rights Act of 1964

    • B. 

      Employment Non-Discrimination Act

    • C. 

      Fair Hiring Act of 1983

    • D. 

      Equal Pay Act of 1963

  • 9. 
    Employers are NOT legally required to do which of these?
    • A. 

      Ensure employees have comfortable working conditions.

    • B. 

      Ensure employees have safe working conditions.

    • C. 

      Compensate employees at least the legally set minimum.

    • D. 

      Give employees time off to attend to certain family medical situations.

  • 10. 
    Entrepreneurs
    • A. 

      Come from all age categories and educational backgrounds.

    • B. 

      Must have a very low tolerance for ambiguity.

    • C. 

      Almost always own their first business while in their teens.

    • D. 

      Must have a business degree to be successful.

  • 11. 
    Which of these allows an individual entrepreneur the most flexibility in decision-making?
    • A. 

      Proprietorship

    • B. 

      Partnership

    • C. 

      Corporation

    • D. 

      Limited liability company

  • 12. 
    Who bears the most risk of loss as well as the chances of benefits in a business?
    • A. 

      The owner

    • B. 

      Management

    • C. 

      Employees

    • D. 

      Customers

  • 13. 
    Which of these is NOT a risk involved in business ownership?
    • A. 

      Excess job security

    • B. 

      Technological changes

    • C. 

      Changing legal or political environment

    • D. 

      Changing economic conditions

  • 14. 
    To which of these groups do business owners have obligations?
    • A. 

      All of these

    • B. 

      Customers

    • C. 

      Employees

    • D. 

      Investors

    • E. 

      None of these

  • 15. 
    What follows prosperity in the normal business cycle?
    • A. 

      Recession

    • B. 

      Depression

    • C. 

      Recovery

    • D. 

      Prosperity

  • 16. 
    The point where the supply curve and the demand curve meet is called the
    • A. 

      Market price.

    • B. 

      Sale price.

    • C. 

      Retail price.

    • D. 

      Wholesale price.

  • 17. 
    What does it mean to say that "the dollar is weak"?
    • A. 

      All of these.

    • B. 

      People prefer to have other forms of currency.

    • C. 

      The dollar has less purchasing power in other countries.

    • D. 

      Foreign currency has more purchasing power in the US.

  • 18. 
    With a website, a business can get customers from
    • A. 

      All of these.

    • B. 

      The local neighborhood.

    • C. 

      Almost anywhere in the world.

    • D. 

      Nationwide.

  • 19. 
    Which of these affects a country's exchange rate?
    • A. 

      All of these

    • B. 

      Balance of payments

    • C. 

      Political stability

    • D. 

      Economic conditions

  • 20. 
    Most business transactions take place
    • A. 

      Entirely within one country.

    • B. 

      Between two countries.

    • C. 

      Between three or more countries.

    • D. 

      Between large corporations.

  • 21. 
    A positive balance of trade means that
    • A. 

      A country exports more than it imports.

    • B. 

      A country imports more than it exports.

    • C. 

      A country brings in more money than it sends out.

    • D. 

      A country sends out more money than it brings in.

  • 22. 
    Selling the right to use some intangible property for a fee or royalty is called
    • A. 

      Licensing.

    • B. 

      A joint venture.

    • C. 

      Franchising.

    • D. 

      A free-trade agreement.

  • 23. 
    Which of these is a good source for researching an international market?
    • A. 

      All of these

    • B. 

      United States Department of State

    • C. 

      Companies that specialize in international business research

    • D. 

      Businesses that are located in a particular market

  • 24. 
    A complete ban on trade of a certain item or with a certain country is called a(n)
    • A. 

      Embargo

    • B. 

      Tariff

    • C. 

      Quota

    • D. 

      Free-trade zone

  • 25. 
    Goods shipped into a country are called
    • A. 

      Imports.

    • B. 

      Exports.

    • C. 

      Domestic trade.

    • D. 

      Interstate trade.

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