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1. Sole proprietorships have all of the following advantages except
A. unlimited life.
B. ease of liquidation.
C. profits subject only to a single tax.
D. ease of formation.

2. Team diversity is often established in a ________ team, by bringing together the expertise of members from various functions in the organization.
A. working
B. cross-functional
C. self-managed
D. problem-solving

3. All of the following are assets except
A. inventory.
B. cash.
C. patents.
D. bank loans.

4. If you’re developing a human resource inventory, you should exclude which of the following?
A. Names
B. Education
C. Capabilities
D. Perpetual inventory

1. Which of the following is not a method of retail competition?
A. Price
B. Location
C. Service
D. Travel

2. Pham is employed as a human resource manager. His responsibilities might include all of the following activities except
A. projecting sales for the coming six-month period.
B. administering employee benefit programs.
C. developing employee training programs.
D. administering compensation plans.

3. Camden Products buys a $500,000 machine by taking out a bank loan. The company’s assets will ________ by $500,000 while its liabilities will ________ by $500,000.
A. fall; rise
B. rise; rise
C. rise; fall
D. fall; fall

4. If a firm has a current ratio of 2.00, it means that for every $2 in ________ it has $1 in
A. total assets; total liabilities.
B. current assets; total liabilities.
C. current assets; current liabilities.
D. total assets; current liabilities.

 

1. During a recession, unemployment ________ while inflation
A. falls; falls.
B. rises; falls.
C. rises; rises.
D. falls; rises.

2. Student A says that customer satisfaction is a mark of a world-class business. Student B says that proactive ethics is a mark of a world-class business. Which student is correct?
A. Both
B. Student A only
C. Neither
D. Student B only

3. Which of the following represents the basic accounting equation?
A. Owners’ Equity − Liabilities = Assets
B. Liabilities = Assets + Owners’ Equity
C. Assets = Liabilities + Owners’ Equity
D. Assets + Liabilities = Owners’ Equity

4. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into position, as specified in the company’s ________ plan.
A. tactical
B. strategic
C. contingency
D. operational

1. During a recession, unemployment ________ while inflation
A. falls; falls.
B. rises; falls.
C. rises; rises.
D. falls; rises.

2. Student A says that customer satisfaction is a mark of a world-class business. Student B says that proactive ethics is a mark of a world-class business. Which student is correct?
A. Both
B. Student A only
C. Neither
D. Student B only

3. Which of the following represents the basic accounting equation?
A. Owners’ Equity − Liabilities = Assets
B. Liabilities = Assets + Owners’ Equity
C. Assets = Liabilities + Owners’ Equity
D. Assets + Liabilities = Owners’ Equity

4. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into position, as specified in the company’s ________ plan.
A. tactical
B. strategic
C. contingency
D. operational

1. The rate the Fed charges member banks for short-term loans is called the
A. margin rate.
B. federal funds rate.
C. discount rate.
D. reserve requirement.

2. _______ planning involves choosing specific work targets and assigning employees and teams to carry out plans.
A. Contingency
B. Operational
C. Strategic
D. Tactical

3. The Social Club is conducting a breakeven analysis to determine how many tickets it must sell at $15 each to break even on the Holiday Dance. Fixed costs are $2,000, and the variable cost per person is $10. To break even, the Social Club must sell ________ tickets.
A. 500
B. 400
C. 800
D. 80

4. The country Artesia exported products totaling $86 billion last year. During the year, Artesia imported products valued at $43 billion. Artesia has a/an
A. trade deficit of $43 billion.
B. unfavorable balance of payments.
C. trade surplus of $43 billion.
D. exchange rate of 2 to 1.