The Ultimate Test On Business Studies

Reviewed by Editorial Team

The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.

Learn about Our Editorial Process

| By Brian1378

Brian1378

Community Contributor

Quizzes Created: 1 | Total Attempts: 2,355

| Attempts: 2,358

Quiz Flashcard

Questions

Feedback

During the Quiz End of Quiz

Difficulty

Easy First Hard First Sequential

1/164 Questions

Which of the following is a short term loan?
- One year.
- More than one year.
- About eight years.
- Five and a half years.

About This Quiz

Explore key business management concepts in 'The Ultimate Test on Business Studies'. This quiz assesses understanding of controlling functions, sales strategies, financial planning, economic indicators, labor management goals, and equity returns. Ideal for learners aiming to enhance their business acumen.

The Ultimate Test On Business Studies - Quiz

Quiz Preview

2.

Percentage of the working force that is not currently employed is known as:
- Unemployment rate.
- Ratio of unemployed workers to employed workers.
- Population rate.
- Working force rate.
Correct Answer

A. Unemployment rate.

Explanation

The correct answer is "Unemployment rate." This term refers to the percentage of the working force that is currently not employed. It is a commonly used measure to assess the health of an economy and the availability of job opportunities. The other options mentioned, such as the ratio of unemployed workers to employed workers, population rate, and working force rate, do not accurately describe the concept of the percentage of the working force that is not currently employed.

Rate this question:
3.

A monopoly in a given industry can be qualified as:
- One or only a few firms dominate.
- No firm dominates.
- Full market gets profit.
- Uncontrollable growth.
Correct Answer

A. One or only a few firms dominate.

Explanation

A monopoly in a given industry can be qualified as "one or only a few firms dominate" because in a monopoly market structure, there is a single seller or a small number of dominant firms that have significant control over the market. These firms have the ability to set prices, control supply, and restrict competition, resulting in limited choices for consumers and potential barriers to entry for new firms.

Rate this question:
4.

In terms of computers and technology, what is a Cookie?
- A small text file of information that certain Web sites attach to a user's hard drive while the user is browsing the Web site. A Cookie can contain information such as user ID, user preferences, archive shopping cart information, etc. Cookies can contain Personally Identifiable Information.
- Gateway that limits access between networks in accordance with local security policy.
- A measure of the capacity of a communications channel. The higher a channel's cookie load, the more information it can carry.
- A measure of memory, holding more capacity than a byte.
Correct Answer

A. A small text file of information that certain Web sites attach to a user's hard drive while the user is browsing the Web site. A Cookie can contain information such as user ID, user preferences, archive shopping cart information, etc. Cookies can contain Personally Identifiable Information.

Explanation

A cookie is a small text file that is attached to a user's hard drive while they are browsing a website. It can contain various types of information such as user ID, preferences, and shopping cart details. Cookies can also contain personally identifiable information. This explanation accurately describes what a cookie is in the context of computers and technology.

Rate this question:
5.

One disadvantage of offering straight salary compensation for salespeople is:
- It doesn’t pay salespeople enough.
- It makes accounting more complicated.
- Salespeople have less motivation to bring in more sales.
- It costs more than commission sales.
Correct Answer

A. Salespeople have less motivation to bring in more sales.

Explanation

When salespeople are offered a straight salary compensation, they receive a fixed amount of money regardless of their sales performance. This can lead to a lack of motivation for salespeople to bring in more sales because their income is not directly tied to their performance. Without the incentive of earning more money through commission or bonuses, salespeople may become complacent and not put in the extra effort to increase their sales numbers. As a result, the company may experience lower sales growth and revenue.

Rate this question:
6.

Where can consumers find information resources to protect and educate them?
- U.S. Office of Consumer Affairs.
- Consumer Product Safety Commission.
- Better Business Bureau.
- All of the above.
Correct Answer

A. All of the above.

Explanation

Consumers can find information resources to protect and educate themselves from the U.S. Office of Consumer Affairs, the Consumer Product Safety Commission, and the Better Business Bureau. These organizations provide valuable information and resources to help consumers make informed decisions, protect their rights, and avoid scams or unsafe products. By utilizing the resources offered by these organizations, consumers can stay informed and empowered in their purchasing decisions.

Rate this question:
7.

Wally’s Department Store is having a 35% markdown sale. What is the sale price of a sweater that retails for $60?
- $30
- $48
- $45
- $39
Correct Answer

A. $39

Explanation

During the 35% markdown sale, the sweater's price is reduced by 35% of its original price. To find the sale price, we need to subtract this markdown from the original price. 35% of $60 is $21, so the sweater's sale price is $60 - $21 = $39.

Rate this question:

1
8.

What is Equity?
- Owner’s Claim.
- Private property.
- Bank Balance.
- None.
Correct Answer

A. Owner’s Claim.

Explanation

Equity refers to the owner's claim or ownership interest in a company or property. It represents the residual interest in the assets of an entity after deducting liabilities. In other words, it is the value that remains for the owners after all debts and obligations have been settled. Therefore, "Owner's Claim" is the correct answer as it accurately describes equity as the ownership stake or claim that an individual or entity has in a business or property.

Rate this question:
9.

Uncontrollable elements are always:
- Beyond the influence of the business.
- Under the influence of the business.
- Effected by the country.
- Depends on the business scale.
Correct Answer

A. Beyond the influence of the business.

Explanation

Uncontrollable elements refer to factors that are outside the control of a business. These factors are beyond the influence of the business and cannot be manipulated or controlled by the business's actions or decisions. Examples of uncontrollable elements include economic conditions, political stability, natural disasters, and changes in consumer behavior. The business may need to adapt and respond to these elements, but ultimately, they cannot control or influence them.

Rate this question:
10.

Reasons for legal termination of an employee include all of the following except::
- Falsification of records.
- Physical violence.
- Repeated lateness.
- Taking a leave of absence to correct substance abuse.
Correct Answer

A. Taking a leave of absence to correct substance abuse.

Explanation

Employees can be legally terminated for various reasons, including falsification of records, physical violence, and repeated lateness. However, taking a leave of absence to correct substance abuse is not a valid reason for termination. In fact, many companies have policies in place to support employees seeking help for substance abuse issues, as it is recognized as a medical condition. Termination in this case would likely be considered discriminatory and a violation of the employee's rights.

Rate this question:
11.

In December, Jaquin sells a $5,000 sewing machine to a woman for $200/month, with no interest. He reports it as $200 of income earned that year. What type of accounting method is Joe using?
- FIFO.
- LIFO.
- Cash and Accrual.
- Federal.
Correct Answer

A. Cash and Accrual.

Explanation

The correct answer is Cash and Accrual. This accounting method combines both cash basis and accrual basis accounting. In this scenario, Jaquin records the income earned from selling the sewing machine as $200 per month, which represents the cash received. This is the cash basis part of the method. However, he also recognizes the entire $5,000 sale as income earned in that year, which is the accrual basis part of the method. By using both cash and accrual accounting, Jaquin is able to accurately report his income by considering both cash inflows and the overall financial activity.

Rate this question:
12.

Which of the following pairs of goods is an example of substitutes?
- Tea and sugar.
- Tea and coffee.
- Pen and ink.
- Shirt and trouser.
Correct Answer

A. Tea and coffee.

Explanation

Tea and coffee are an example of substitutes because they are both beverages that serve a similar purpose and can be used interchangeably. If the price of tea increases, consumers may choose to buy coffee instead, as it provides a similar experience. Similarly, if the price of coffee increases, consumers may switch to tea as a substitute. This shows that there is a close relationship between the demand for tea and coffee, making them substitutes for each other.

Rate this question:
13.

The mindset of identifying unique opportunities in the market place and creating wealth by bringing resources together belongs to someone in:
- Entrepreneurship.
- Organization.
- Marketing.
- Advertisement.
Correct Answer

A. Entrepreneurship.

Explanation

The mindset of identifying unique opportunities in the market place and creating wealth by bringing resources together is characteristic of entrepreneurship. Entrepreneurs are individuals who take risks and start their own businesses, utilizing their innovative ideas and skills to create value and generate profits. They are driven by the desire to identify and capitalize on market gaps, and they bring together various resources such as capital, talent, and technology to turn their ideas into successful ventures. The other options, organization, marketing, and advertisement, may be related to entrepreneurship but do not encompass the entire concept of identifying unique opportunities and creating wealth.

Rate this question:
14.

50,000 air conditioner units were sold in your region last year. Your company sold 10,000 of them. What is your market share?
- 8,08,000
- 2,000
- 10%
- 20%
Correct Answer

A. 20%

Explanation

The company sold 10,000 air conditioner units out of the total 50,000 units sold in the region last year. To calculate the market share, we need to divide the company's sales by the total sales and multiply by 100. So, (10,000 / 50,000) * 100 = 20%. Therefore, the company's market share is 20%.

Rate this question:
15.

When security is offered for a loan, what is offered?
- Information privacy.
- Collateral.
- An armored car for the transaction.
- Several copies of paperwork for records purposes.
Correct Answer

A. Collateral.

Explanation

When security is offered for a loan, collateral is offered. Collateral refers to an asset or property that the borrower pledges to the lender as a form of security for the loan. In the event that the borrower defaults on the loan, the lender has the right to seize and sell the collateral to recover the amount owed. This provides assurance to the lender that they have a means of recovering their money if the borrower fails to repay the loan.

Rate this question:
16.

An accounts payable entry appears in the
- Asset section of the balance sheet
- Liability section of the balance sheet
- Capital section of the balance sheet
- Cost of goods sold section of the income statement
- Operating expense section of the income statement
Correct Answer

A. Liability section of the balance sheet

Explanation

An accounts payable entry appears in the liability section of the balance sheet because it represents the amount of money that a company owes to its creditors or suppliers for goods or services received but not yet paid for. This liability is recorded on the balance sheet as it represents an obligation that the company has to settle in the future.

Rate this question:
17.

Managers at a company determine that they could improve productivity if their accounting department had access to information stored by their shipping department. Which of the following is the most appropriate solution to this problem?
- Link the computers via a local area network (LAN).
- Load the same software applications on the computers of the two departments.
- Link the computers via modems and phone lines.
- Link the computers to a CD-ROM file server.
Correct Answer

A. Link the computers via a local area network (LAN).

Explanation

Linking the computers via a local area network (LAN) would be the most appropriate solution to improve productivity in this case. LAN allows for the sharing of information and resources between different departments within a company. By connecting the accounting department's computers to the shipping department's computers through a LAN, the accounting department would have access to the information stored by the shipping department, enabling them to work more efficiently and effectively. This solution would facilitate seamless communication and collaboration between the two departments, ultimately leading to improved productivity.

Rate this question:
18.

Collective bargaining is a process that:
- Provides an opportunity for both sides to cooperate on human resource policies so that union strike can be avoided.
- Provides an opportunity for the management to work by their own way.
- Provides an opportunity for a union to work by their own way.
- Provides an opportunity for both sides to cooperate through court.
Correct Answer

A. Provides an opportunity for both sides to cooperate on human resource policies so that union strike can be avoided.

Explanation

Collective bargaining is a process that allows both the management and the union to cooperate and negotiate on human resource policies. This cooperation aims to avoid union strikes by finding mutually beneficial solutions and agreements. It is not about the management or the union working independently or through the court system. The goal is to foster collaboration and reach agreements that satisfy both parties involved.

Rate this question:
19.

Word processing, spreadsheets, and presentation programs are examples of:
- Business software applications.
- Database management.
- Control units.
- None of these.
Correct Answer

A. Business software applications.

Explanation

Word processing, spreadsheets, and presentation programs are commonly used in business settings to perform various tasks such as creating documents, analyzing data, and delivering presentations. These software applications are specifically designed to meet the needs of businesses and enhance productivity. Therefore, the correct answer is "Business software applications."

Rate this question:
20.

Which of the following is not a goal of labor management?
- Increase commission-based compensation.
- Improve productivity.
- Get new workers trained and “up to speed” more quickly.
- Increase employee retention.
Correct Answer

A. Increase commission-based compensation.

Explanation

The goal of labor management is to efficiently utilize and manage the workforce to achieve organizational objectives. This involves improving productivity, ensuring quick training and onboarding of new workers, and increasing employee retention. However, increasing commission-based compensation is not a specific goal of labor management. While it may be a strategy to motivate and incentivize employees, it is not a primary goal of labor management itself.

Rate this question:
21.

In information processing, a byte is:
- A unit of power.
- A machine for inputting data.
- A unit of information.
- An on or off switch.
Correct Answer

A. A unit of information.

Explanation

A byte is a unit of information in information processing. It represents a sequence of 8 bits, each of which can be either a 0 or a 1. It is commonly used to measure the storage capacity of computer systems and represents the amount of data that can be stored or transmitted. Therefore, the correct answer is that a byte is a unit of information.

Rate this question:
22.

An employee who is adept at inputting data via alphabetical and numerical characters by using keys has mastered the skill of:
- Keyboarding.
- Word processing.
- SWOT analysis.
- Hardware applications.
Correct Answer

A. Keyboarding.

Explanation

The employee who is adept at inputting data via alphabetical and numerical characters by using keys has mastered the skill of keyboarding. This skill refers to the ability to efficiently and accurately use a keyboard to type and input data. It involves familiarity with the layout of the keyboard, the placement of keys, and the ability to use both alphabetical and numerical characters effectively. Word processing, SWOT analysis, and hardware applications are not directly related to this specific skill of keyboarding.

Rate this question:

1
23.

During his first college presentation, Rico earned some laughs from a few male classmates, a few frowns from his female classmates, and criticism from his instructor for having a scantily clad woman on each slide of his slideshow presentation. What suggestion might his instructor have for him for future presentations?
- Some female students might be offended, and interpret his material as being a step toward sexual harassment.
- Gender bias was evident in the presentation, and must be avoided in the future.
- Rico struggled to adapt his presentation to his audience effectively, and should consider his audience and their feelings when putting a presentation together.
- All of the above.
Correct Answer

A. All of the above.

Explanation

The correct answer is "All of the above" because all three suggestions mentioned in the options are valid and applicable in this situation. Rico's instructor might suggest that he should consider his audience and their feelings when putting a presentation together, as Rico struggled to adapt his presentation effectively. Additionally, the instructor might point out that gender bias was evident in the presentation and it should be avoided in the future. Lastly, the instructor might mention that some female students might be offended and interpret his material as being a step toward sexual harassment, so Rico should be mindful of this and avoid such content.

Rate this question:
24.

An account payable entry appears in the:
- Asset section of the balance sheet.
- Liability section of the balance sheet.
- Capital section of the balance sheet.
- Cost of goods sold section of the income statement.
- Operating expense section of the income statement.
Correct Answer

A. Liability section of the balance sheet.

Explanation

An account payable entry represents an amount owed by a business to its creditors for goods or services received but not yet paid for. It is a liability because the business has an obligation to settle the debt in the future. The balance sheet categorizes accounts payable under the liability section, along with other obligations and debts of the business. This section reflects the company's financial obligations and helps assess its ability to meet its short-term and long-term liabilities.

Rate this question:
25.

Which of the following equations is correct for an ending accounts ledger?
- Debits (DR) = Credits (CR).
- Debits (DR) > Credits (CR).
- Debits (DR) < Credits (CR).
- Debits (DR) + Credits (CR) = 0.
Correct Answer

A. Debits (DR) = Credits (CR).

Explanation

The equation "Debits (DR) = Credits (CR)" is correct for an ending accounts ledger. This equation represents the fundamental principle of double-entry bookkeeping, where every debit entry must have a corresponding credit entry of equal value. This ensures that the total debits equal the total credits, maintaining the balance in the accounts ledger.

Rate this question:
26.

A clock unit is part of what piece of hardware?
- Register.
- CPU.
- LAN/WAN.
- Printer.
Correct Answer

A. CPU.

Explanation

A clock unit is a crucial component of the CPU (Central Processing Unit). The clock unit generates timing signals that synchronize the operations of the CPU, ensuring that instructions are executed in a coordinated manner. It provides a timing reference for the CPU's internal operations and helps maintain the overall efficiency and performance of the processor. Therefore, the correct answer is CPU.

Rate this question:
27.

What important aspect of the workplace hinges on employee feelings, informal procedures, symbols, stories, and formal rites and ceremonies?
- Change theory.
- Corporate culture.
- Public relations.
- Business communication systems.
Correct Answer

A. Corporate culture.

Explanation

Corporate culture is the correct answer because it encompasses employee feelings, informal procedures, symbols, stories, and formal rites and ceremonies. Corporate culture refers to the shared values, beliefs, and behaviors that shape the work environment and guide employee behavior. It influences how employees interact with each other, make decisions, and approach their work. These aspects of corporate culture are crucial in creating a positive work environment, fostering employee engagement, and promoting a sense of belonging and identity within the organization.

Rate this question:
28.

The planning, pricing, promotion, and distribution involved in getting goods or services from producers to consumers is known as
- Merchandising
- Retailing
- Wholesaling
- Marketing
- Producing
Correct Answer

A. Marketing

Explanation

Marketing refers to the process of planning, pricing, promoting, and distributing goods or services from producers to consumers. It involves various activities such as market research, advertising, sales, and customer relationship management. Marketing aims to identify and satisfy customer needs and wants, create value, and build strong customer relationships. It is a comprehensive approach that encompasses all aspects of bringing products or services to the market and ensuring their success.

Rate this question:
29.

Gross Domestic Product (GDP) is different from Gross National Product (GNP) because GDP does not include the following financial measurement:
- Net exports.
- Government purchases
- Quarterly products of goods and services
- Net income from foreign sources.
Correct Answer

A. Net income from foreign sources.

Explanation

Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders, regardless of who owns the resources. On the other hand, Gross National Product (GNP) includes the GDP plus net income from foreign sources, which represents the income earned by a country's residents from investments or work abroad. Therefore, the correct answer is net income from foreign sources because GDP does not take into account this financial measurement.

Rate this question:
30.

Dana earns $4500 of cash in one summer from baby-sitting. Neither party reports this income to the IRS and no taxes are paid on it. This income is considered part of the:
- GDP and GNP.
- GDP but not GNP.
- Underground economy.
- Free-market economy.
Correct Answer

A. Underground economy.

Explanation

The correct answer is "Underground economy." The scenario described in the question involves earning cash from babysitting without reporting it to the IRS or paying taxes on it. This type of income that goes unreported and untaxed is considered part of the underground economy. The underground economy refers to economic activities that are not regulated or monitored by the government, and therefore, do not contribute to the official calculations of GDP and GNP.

Rate this question:

1
31.

Downloading MP3s from the company network on free file sharing systems and implementing company software onto a personal computer for personal use are best described as examples of:
- Piracy.
- Resourcefulness.
- Network sharing.
- Downloading.
Correct Answer

A. Piracy.

Explanation

Downloading MP3s from the company network on free file sharing systems and implementing company software onto a personal computer for personal use are best described as examples of piracy. Piracy refers to the unauthorized copying, distribution, or use of copyrighted material without permission from the copyright owner. In this case, downloading MP3s and using company software without permission would be considered piracy as it violates copyright laws.

Rate this question:

1
32.

When a loan is issued, the date(s) for erasing the debt is put together. What is payment set-up called?
- Time to maturity.
- Interest.
- Repayment schedule.
- Project termination.
Correct Answer

A. Repayment schedule.

Explanation

The payment set-up for erasing the debt is commonly referred to as the repayment schedule. This schedule outlines the dates and amounts of the payments that need to be made in order to fully repay the loan. It helps the borrower plan and budget their payments over the course of the loan term.

Rate this question:
33.

What is the segment of a business plan that lays out the methods and activities that will be used to reach revenue goals, specifies sales programs, and projects revenue outcomes?
- Financial Plan.
- Sales and Marketing Plan.
- Executive Summary.
- Description of Products and Services.
Correct Answer

A. Sales and Marketing Plan.

Explanation

The segment of a business plan that lays out the methods and activities that will be used to reach revenue goals, specifies sales programs, and projects revenue outcomes is the Sales and Marketing Plan. This section outlines the strategies and tactics that will be implemented to generate sales and attract customers. It includes details about target markets, pricing, promotion, distribution channels, and sales forecasts. By focusing on sales and marketing strategies, businesses can effectively plan and execute their revenue generation efforts.

Rate this question:
34.

Which of the following is not a marketing goal?
- Increase sales.
- Increase product quality.
- Increase market share.
- Create brand image.
Correct Answer

A. Increase product quality.

Explanation

Increase product quality is not a marketing goal because marketing primarily focuses on promoting and selling products or services to target customers. While product quality is important for customer satisfaction and retention, it is typically the responsibility of product development and operations teams to ensure high-quality products. Marketing goals usually revolve around increasing sales, market share, and building brand image to attract and retain customers.

Rate this question:
35.

In the accounting cycle, what is the importance of calculating the unadjusted trial balance?
- To ensure debits and credits are equal.
- To ensure subsidiary ledgers can be funneled into general ledger accounts.
- To create more backup information.
- To make an accountant look busy.
Correct Answer

A. To ensure debits and credits are equal.

Explanation

The importance of calculating the unadjusted trial balance in the accounting cycle is to ensure that the total debits and credits recorded in the general ledger are equal. This step helps in detecting any errors or discrepancies in the recording of financial transactions. By comparing the totals of debits and credits, accountants can identify and correct any mistakes before proceeding to the next step of the accounting process. This ensures the accuracy and integrity of the financial statements that will be prepared based on the trial balance.

Rate this question:

1
36.

Under what circumstance would a disposable asset result in a gain?
- If the asset was sold after its declared value had reached zero.
- If the asset was sold for more than the depreciable value.
- If the asset was used after its deprecation.
- Both a) and b) are correct.
- None of these are correct.
Correct Answer

A. Both a) and b) are correct.

Explanation

A disposable asset would result in a gain if it was sold after its declared value had reached zero or if it was sold for more than its depreciable value. In the first scenario, the asset has already been fully depreciated, so any sale price would result in a gain. In the second scenario, if the asset is sold for more than its depreciable value, it means that its market value has increased, resulting in a gain. Therefore, both options a) and b) are correct.

Rate this question:

1
37.

Developing an organizational culture of tolerance and acceptance requires training and human resource management in what area?
- Continuing education.
- Diversity training.
- Employee communication.
- Productivity training.
Correct Answer

A. Diversity training.

Explanation

Developing an organizational culture of tolerance and acceptance requires diversity training because it helps employees understand and appreciate the differences among individuals, such as race, gender, ethnicity, sexual orientation, and disabilities. Diversity training educates employees about the importance of inclusivity, promotes empathy and respect, and helps create a safe and welcoming environment for all. It also equips employees with the necessary skills to effectively communicate and collaborate with diverse colleagues, fostering a culture of acceptance and understanding within the organization.

Rate this question:
38.

Which of the following actions by the Federal Reserve System would be most likely to increase consumer spending?
- (A) Increasing reserve requirements for member banks
- (B) Increasing the discount rate to member banks
- (C) Decreasing the discount rate to member banks
- (D) Selling large amounts of government securities
- Keeping reserve requirements of member banks constant
Correct Answer

A. (C) Decreasing the discount rate to member banks

Explanation

Decreasing the discount rate to member banks would be most likely to increase consumer spending. When the Federal Reserve decreases the discount rate, it makes borrowing cheaper for member banks. This, in turn, allows member banks to offer lower interest rates on loans to consumers. Lower interest rates incentivize consumers to borrow and spend more, which increases consumer spending in the economy.

Rate this question:
39.

When an organization sets a level of standards and then evaluates a manager’s activities to determine if organizational goals are being met, this function of business management is being performed:
- Planning.
- Organizing.
- Directing.
- Controlling.
Correct Answer

A. Controlling.

Explanation

Controlling is the correct answer because it involves evaluating a manager's activities to ensure that they align with the organization's standards and goals. This function of business management focuses on monitoring and measuring performance against predetermined criteria, making adjustments if necessary, and ensuring that organizational objectives are being achieved. Planning, organizing, and directing are important functions as well, but they do not specifically involve the evaluation and monitoring of activities to ensure goal attainment.

Rate this question:

3
40.

The process of recording, reporting, and evaluating economic events and transactions that affect business enterprise is called:
- Marketing.
- Accounting.
- Trend analysis.
- Financial reliability.
Correct Answer

A. Accounting.

Explanation

Accounting is the correct answer because it involves the process of recording, reporting, and evaluating economic events and transactions that affect a business enterprise. This includes activities such as bookkeeping, financial statement preparation, and analysis of financial data. Marketing, trend analysis, and financial reliability are not directly related to the recording and reporting of economic events and transactions.

Rate this question:
41.

What is the most effective means of increasing profits?
- Switching accounting methods.
- Introducing additional products.
- Raising prices.
- Lowering expenses.
Correct Answer

A. Lowering expenses.

Explanation

Lowering expenses is the most effective means of increasing profits because it directly impacts the bottom line. By reducing costs, a company can improve its profit margins without relying on external factors such as increasing sales or prices. Lowering expenses can be achieved through various strategies such as cutting unnecessary expenses, negotiating better deals with suppliers, optimizing operational efficiency, and implementing cost-saving measures. This approach allows the company to maintain or even improve its profitability even in times of economic downturn or increased competition.

Rate this question:
42.

The importance of corporate culture cannot be understated. Which of the following is not a likely affect of corporate culture?
- Employees may be alternatively motivated or disillusioned depending on the prevailing corporate culture.
- Corporate culture can help determine an organization’s business effectiveness.
- The price of raw goods is lower than for the competition.
- General patters of power structure, interpersonal relations, and human- centered processes can be observed in different types of corporate cultures.
Correct Answer

A. The price of raw goods is lower than for the competition.

Explanation

The given answer, "The price of raw goods is lower than for the competition," is not a likely effect of corporate culture. Corporate culture primarily focuses on the values, beliefs, and behaviors within an organization, which can impact employee motivation, business effectiveness, and overall organizational dynamics. The price of raw goods is typically influenced by factors such as market conditions, supply and demand, and production costs, rather than corporate culture.

Rate this question:

0
43.

The planning, pricing, promotion, and distribution involve din getting goods or services from producers to consumers is known as:
- Merchandising.
- Retailing.
- Wholesaling.
- Marketing.
- Producing.
Correct Answer

A. Marketing.

Explanation

Marketing encompasses the entire process of planning, pricing, promoting, and distributing goods or services from producers to consumers. It involves identifying consumer needs, developing products or services to meet those needs, determining appropriate pricing strategies, creating promotional campaigns to generate awareness and interest, and implementing distribution channels to deliver the products or services to the target market. Merchandising, retailing, and wholesaling are all components of marketing, but marketing is the broader term that encompasses these activities.

Rate this question:
44.

The server for one location of an organization’s telecommunications system is down. How does this affect the overall telecommunications system?
- No information can be sent or received to the location whose server is down.
- The entire system is unable to exchange information since the server from one location is connected to the main server of all locations.
- Every system location can send and receive information with exception of the location with a down server.
- Both a) and c) are true.
- None of these are true.
Correct Answer

A. Both a) and c) are true.

Explanation

If the server for one location of an organization's telecommunications system is down, it means that no information can be sent or received to that specific location. Additionally, since the server from that location is connected to the main server of all locations, the entire system is unable to exchange information. Therefore, both statement a) and c) are true.

Rate this question:
45.

What do “trusts” accomplish?
- Formed upon the death of an individual, a trust is designed to provide continuity of the investments and business activities of the deceased individual.
- Trusts are charitable or civic organizations that have substantial responsibilities for reporting activities, income, and assets to ensure they are in compliance with federal and state laws governing charities.
- Created from a business perspective, trusts are the strategies a company quietly honors.
- Trusts are pieces of paper receipt issued by a stock broker to a buyer before a stock transaction has been officially completed.
Correct Answer

A. Formed upon the death of an individual, a trust is designed to provide continuity of the investments and business activities of the deceased individual.

Explanation

A trust is created after the death of an individual in order to ensure that their investments and business activities continue. It allows for the management and distribution of assets according to the wishes of the deceased.

Rate this question:

0
46.

Computer storage is considered to be part of computer hardware. True or false?
- True.
- False.
Correct Answer

A. True.

Explanation

Computer storage is indeed considered to be part of computer hardware. Computer hardware refers to the physical components of a computer system, including devices such as the processor, memory, and storage. Storage devices like hard drives, solid-state drives, and flash drives are essential components of a computer's hardware, as they provide the means to store and retrieve data. Therefore, the statement that computer storage is part of computer hardware is correct.

Rate this question:

1
47.

Ms. Robinson, a new business teacher, looks up the academic profi le of every student in her fi fth-period class. For each student, she customizes a report containing their contact information, the grades earned in previous business courses, and their current career pathway/ cluster. The report is generated from a collection of the student’s records called a
- Spreadsheet
- Database
- Fi eld
- Table
- Template
Correct Answer

A. Database

Explanation

Ms. Robinson, the new business teacher, customizes a report for each student in her fifth-period class. This report includes their contact information, grades from previous business courses, and their current career pathway/cluster. The report is generated from a collection of the student's records, which is called a database. A database is a structured collection of data that can be organized, managed, and accessed easily. In this case, the database contains all the necessary information about the students, allowing Ms. Robinson to generate personalized reports for each of them.

Rate this question:

1
48.

Wally’s Department Store received all new inventories and must price it. Each pair of jeans wholesales for $15, and Wally’s sells it for $25 retail. What is the markup for these jeans?
- 66.6%
- 60%
- 50%
- 10%
Correct Answer

A. 66.6%

Explanation

The markup for these jeans is 66.6%. Markup is calculated by subtracting the wholesale cost from the retail price, dividing that difference by the wholesale cost, and then multiplying by 100 to get the percentage. In this case, the difference between the retail price ($25) and the wholesale cost ($15) is $10. Dividing $10 by $15 gives us 0.6667. Multiplying by 100 gives us 66.67%, which rounds to 66.6%. This means that the jeans are marked up by 66.6% from the wholesale cost to the retail price.

Rate this question:

3
49.

What is the relationship between gigabytes and megabytes?
- One gigabyte is equal to 100 megabytes.
- One megabyte is equal to 100 gigabytes.
- One gigabyte is equal to 1000 megabytes.
- One megabyte is equal to 1000 gigabytes.
Correct Answer

A. One gigabyte is equal to 1000 megabytes.

Explanation

The relationship between gigabytes and megabytes is that one gigabyte is equal to 1000 megabytes. This means that a gigabyte is 1000 times larger than a megabyte in terms of storage capacity.

Rate this question:

Quiz Review Timeline (Updated): Mar 22, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 08, 2009

Quiz Created by
Brian1378

Recent Quizzes

Planning Chapter quiz Planning Chapter quiz

Ultimate Trivia Facts and Questions on Business Studies! Ultimate Trivia Facts and Questions on Business Studies!

Edexcel GCSE: Business Studies Quiz- II Edexcel GCSE: Business Studies Quiz- II

Edexcel GCSE: Business Studies Quiz- III Edexcel GCSE: Business Studies Quiz- III

A Unique quiz on Business Studies A Unique quiz on Business Studies

Are You Ready For A Business Studies Quiz? Are You Ready For A Business Studies Quiz?

Back to top

The Ultimate Test On Business Studies

Which of the following is a short term loan?

Quiz Preview

Percentage of the working force that is not currently employed is known as:

A monopoly in a given industry can be qualified as:

In terms of computers and technology, what is a Cookie?

One disadvantage of offering straight salary compensation for salespeople is:

Where can consumers find information resources to protect and educate them?

Wally’s Department Store is having a 35% markdown sale. What is the sale price of a sweater that retails for $60?

What is Equity?

Uncontrollable elements are always:

Reasons for legal termination of an employee include all of the following except::

In December, Jaquin sells a $5,000 sewing machine to a woman for $200/month, with no interest. He reports it as $200 of income earned that year. What type of accounting method is Joe using?

Which of the following pairs of goods is an example of substitutes?

The mindset of identifying unique opportunities in the market place and creating wealth by bringing resources together belongs to someone in:

50,000 air conditioner units were sold in your region last year. Your company sold 10,000 of them. What is your market share?

When security is offered for a loan, what is offered?

An accounts payable entry appears in the

Managers at a company determine that they could improve productivity if their accounting department had access to information stored by their shipping department. Which of the following is the most appropriate solution to this problem?

Collective bargaining is a process that:

Word processing, spreadsheets, and presentation programs are examples of:

Which of the following is not a goal of labor management?

In information processing, a byte is:

An employee who is adept at inputting data via alphabetical and numerical characters by using keys has mastered the skill of:

An account payable entry appears in the:

Which of the following equations is correct for an ending accounts ledger?

A clock unit is part of what piece of hardware?

What important aspect of the workplace hinges on employee feelings, informal procedures, symbols, stories, and formal rites and ceremonies?

The planning, pricing, promotion, and distribution involved in getting goods or services from producers to consumers is known as

Gross Domestic Product (GDP) is different from Gross National Product (GNP) because GDP does not include the following financial measurement:

Dana earns $4500 of cash in one summer from baby-sitting. Neither party reports this income to the IRS and no taxes are paid on it. This income is considered part of the:

Downloading MP3s from the company network on free file sharing systems and implementing company software onto a personal computer for personal use are best described as examples of:

When a loan is issued, the date(s) for erasing the debt is put together. What is payment set-up called?

What is the segment of a business plan that lays out the methods and activities that will be used to reach revenue goals, specifies sales programs, and projects revenue outcomes?

Which of the following is not a marketing goal?

In the accounting cycle, what is the importance of calculating the unadjusted trial balance?

Under what circumstance would a disposable asset result in a gain?

Developing an organizational culture of tolerance and acceptance requires training and human resource management in what area?

Which of the following actions by the Federal Reserve System would be most likely to increase consumer spending?

When an organization sets a level of standards and then evaluates a manager’s activities to determine if organizational goals are being met, this function of business management is being performed:

The process of recording, reporting, and evaluating economic events and transactions that affect business enterprise is called:

What is the most effective means of increasing profits?

The importance of corporate culture cannot be understated. Which of the following is not a likely affect of corporate culture?

The planning, pricing, promotion, and distribution involve din getting goods or services from producers to consumers is known as:

The server for one location of an organization’s telecommunications system is down. How does this affect the overall telecommunications system?

What do “trusts” accomplish?

Computer storage is considered to be part of computer hardware. True or false?

Wally’s Department Store received all new inventories and must price it. Each pair of jeans wholesales for $15, and Wally’s sells it for $25 retail. What is the markup for these jeans?

What is the relationship between gigabytes and megabytes?