Flashcards About intro to business

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If the demand for a product decreases, what is likely to happen?

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D. The price is likely to decrease.

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In capitalism, what does competition do for consumers?

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D. It keeps prices fair for consumers.

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In a planned economy, prices of commodities are controlled by _________.

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C. The government

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What is likely to happen if the price of a product goes up?

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A. The supply is likely to increase.

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A producer is someone who _____________.

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A. Makes a commodity available for sale or exchange

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Which of the following commodities is a good?

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B. A desk

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Which of the following is a sign of a strong economy?

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A. An increase in GDP

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A market economy is regulated by the interactions between which two things?

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B. Producers and consumers

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Which of the following is an indirect competitor for a company that makes chocolate chip cookies?

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D. A company that makes brownies

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What is an increase in competition likely to do to the demand?

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D. Make the demand more elastic

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As a factor of production, how is capital created?

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B. By adding human labor to land

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What is a commodity?

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D. Something of value that can be bought, sold, or traded

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What does scarcity force people to do?

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B. Make choices

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If your company uses a nonprice competition strategy, what should you focus on?

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B. Differentiation

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Hours of labor or number of workers are common ways of measuring a company's _________?

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B. Productivity

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A computer game that can be purchased online and played right away has good ________ utility.

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D. Time

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The law of diminishing returns is often used to analyze the ideal amount of which factor of production?

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D. Labor

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Which of the following is a fixed cost for a company that sells greeting cards online and mails the printed cards to customers?

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D. A paper cutting machine

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How is the value of a product determined?

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A. By the amount a consumer is willing to pay for it

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Which type of utility can only be added by the maker of the product?

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C. Form utility

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Which of the following is a way to increase possession utility for a refrigerator?

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B. Providing a delivery service

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A company's ________ tells you how much money the company has left over after subtracting all expenses.

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A. Net profit

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If productivity increases significantly and demand is not very elastic, what is likely to happen?

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B. Fewer workers will be needed.

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Economies of scale give an advantage to what type of company?

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B. A company that makes many sales

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Which of the following is a variable cost for a company that makes bread?

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C. An oven

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If your company has a large production-related task, such as assembling an airplane, what strategy could help you increase productivity?

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D. Division of labor

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Your company buys a car, and its value goes down over time. What is that process called?

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B. Depreciation

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What does a wholesaling company do?

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B. Sell products to companies that plan to resell them

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Which of the following business ownership structures is the simplest and easiest to set up?

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C. A sole proprietorship

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A company is usually unable to take advantage of economies of scale during the __________ stage of the product life cycle.

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B. Introduction

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A company that builds houses and a company that makes cars are part of the __________ industry.

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D. Manufacturing

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Which of the following business ownership structures offers the best liability protection but higher taxes?

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B. A C corporation

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Eggs, toilet paper, and candy bars are examples of __________.

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B. Convenience goods

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A company that is organized by both product and function is using ________ organization.

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D. Matrix

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A corn farm, a coal mine, and a fishing company are all part of the _________ industry.

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C. Extractive

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What does a company's customer service department do?

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B. Interact with customers after they have purchased the product.

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Which of the following types of business ownership has the highest personal liability risk?

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B. A partnership

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Which of the following describes a saturated market?

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D. Most potential buyers already have a product that satisfies this need or want.

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____________ is a way to turn a company into a parent company with smaller retail outlets owned by independent operators.

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D. Franchising

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If you want to compare two different investments, what should you calculate?

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B. The ROI percentages

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A __________ is when you take money out of the bank.

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D. Withdrawal

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What is the best way to deal with volatility and get the best return on your investment?

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D. Use diversification.

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A good investment should do one or both of which two things?

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A. Grow in value or produce income

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If you have many competing financial goals, what should you do to help yourself focus on the most important ones?

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B. Prioritize and make a budget.

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As a unit of measure, money makes it easier for consumers to do what?

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A. Compare prices of different products.

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Which of the following is an example of earned income?

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A. A paycheck you receive for work you have done

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If you want to take advantage of compound interest, what should you do when an investment produces interest?

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B. Reinvest the interest.

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What is a minimum balance?

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D. The smallest amount of money you can keep in a bank account

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If your bank is a member of the FDIC, what does that mean for you?

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D. Your money is protected by insurance up to a specific amount.

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What do you need to provide in order to get secured credit?

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A. An asset

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What does your credit score tell lenders about you?

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A. How likely you are to pay them back

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Which of the following is a strategy for using credit wisely while improving your credit score?

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A. Pay off your credit card in full each month.

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Which type of tax provides income for retired and disabled people and their families?

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A. Social Security tax

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When you receive a loan, the money the lender gives you is called the ____________.

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C. Principal

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If you use credit, what are you creating?

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B. Debt

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A company sells a car to a consumer and helps the consumer set up a loan with regular set payments. What type of credit is this?

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D. Installment credit

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Which of the following things can help you get a lower interest rate when you receive a loan?

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D. Collateral

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How is a line of credit similar to a credit card?

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A. Interest is charged only on the amount you actually borrow.

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Which of the following is an example of revolving credit?

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C. A credit card

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If you co-sign for a friend's credit card, what is the danger to you if your friend fails to pay?

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C. Your credit score might go down.

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______________ is the amount an employee earns before payroll withholding is performed.

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B. Gross pay

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The costs of running a business are called ___________.

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C. Operating expenses

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Which of the following statements describes GAAP?

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D. GAAP recommends accrual basis accounting.

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In double-entry accounting, where should you record money that is leaving your company to pay bills?

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B. In the credits column

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Which of the following assets is the most liquid?

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C. Money in the bank

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In the accounting equation, assets are equal to which two things?

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C. Liabilities + equity

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If you wanted to make sure a company has enough money available to pay its bills, which financial statement would be most helpful?

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D. Cash flow statement

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Money that your company has in the bank in case of unexpected financial needs or in case sales slow down is called ____________.

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B. A cash reserve

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If you want to know whether a company had a profit or a loss during a specific period of time, which financial statement would be most helpful?

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D. Income statement

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What is the opportunity cost of an investment?

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B. The value of the next most valuable opportunity

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The amount that people are willing to pay for each additional unit of a product or service is the _____________?

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B. Marginal benefit

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Which type of risk is most likely to be insurable?

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A. Pure risk

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Which of the following is a type of liability?

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C. Accounts payable

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Which of the following tips can hurt your cash flow?

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B. Pay your bills early.

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If your company uses accrual basis accounting, what do you need to pay special attention to?

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C. Cash flow

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Which type of funding requires that the business owner share ownership with investors?

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C. Equity funding

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Which of the following is likely to increase the value of a country's currency?

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D. The country has a high interest rate.

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What type of relationship do a lawyer and a client have?

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D. An agency relationship

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Which of the following is true of unethical behavior?

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A. It may cause people to lose trust in you.

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Which of the following is regulated by the FLSA?

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D. Minimum wage

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Which type of tort happens when you unfairly damage another company's reputation?

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D. Defamation

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Which of the following strategies can a country use to keep its products inexpensive for consumers in the U.S.?

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B. Keeping its interest rates low

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The U.S. encourages domestic companies to export because _____________.

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C. It increases the value of a U.S. dollar.

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Which of the following is a reason a country might put a tariff on imports?

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C. To protect domestic companies

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Which of the following agencies protects human health and the natural environment?

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D. The EPA

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If your company buys supplies from a company in a different state and sells your products to people within your city, what type of trade are you participating in?

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D. Domestic trade

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Which type of intellectual property can protect your company's logo?

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D. Trademark

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In a contract, what is consideration?

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A. Exchanging things of value

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A ________ is a civil wrong caused by negligence or intentional harm.

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D. Tort

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Which of the following is an example of a conflict of interest?

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C. A lawyer represents the plaintiff and the defendant.

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Which government agency enforces federal laws against employers who discriminate based on age or religion?

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D. The EEOC

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Which of the following sections of a business plan comes first but should be written last?

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B. Executive Summary

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The U.S. consumer market is large, but other markets may offer what advantage?

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B. Better opportunities for growth

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Which of the following is one of the main things to consider when evaluating a business opportunity?

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A. Customer demand for the product

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Health food and exercise are examples of what type of trend?

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D. Lifestyle trends

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It's helpful to write a company's mission statement in what way?

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C. By describing what the company does for its customers

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In a company's SWOT analysis, which of the following is an example of a strength?

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C. The company's employees are efficient and productive.

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A company's ____________ are the priorities, principles, and beliefs that guide the company.

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C. Values

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How does limiting a company's scope benefit the company?

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B. It makes it easier to produce a high quality product.

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The spoken version of your company's purpose is called _____________.

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A. An elevator pitch

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A _____________ is created by a consumer problem, need, or desire.

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D. Business opportunity

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In a company's SWOT analysis, which of the following is an example of a threat?

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C. There are many competitors in the market.

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If a company's scope is too big, what is likely to happen?

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D. The company will lose direction and focus.

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What is data mining?

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D. Analyzing data to detect patterns of shared characteristics

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If you collect personal information about your customers, what should you do?

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A. Tell customers how you will use and protect their information.

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Which of the following is an example of secondary data?

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C. Your company collects and analyzes data from the U.S. census.

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A company's ____________ is the percentage of the total target market for the product that belongs to the company.

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B. Market share

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If your company increases its market penetration, what is happening?

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B. More people in the target market are buying the company's product.

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What do fear-based marketing messages and advertisements focus on?

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C. The bad things that will happen to people who don't buy the product

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Which of the following is a reason that your company might not want to increase its market share?

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C. Your company has a limited capacity for producing your product.

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Which of the following is an example of promotion?

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C. An advertisement

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Instead of focusing on a good, a company that provides a service is likely to focus its marketing message on what?

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C. The people who provide the service or the experience customers will have

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_____________ are things people want in order to be happy and feel good.

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B. Desires

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In the five C's, how is cost different from price?

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D. It includes all of the costs related to the product.

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Which type of data does your company collect from customers or potential customers?

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C. Primary data

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When you gather primary or secondary data, what part of the market information management process are you participating in?

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B. Market research

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_____________ is when your company makes an effort to actively control and shape your brand image with your target market.

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D. Market positioning

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Which of the following types of advertising is most likely to help establish your company's credibility?

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A. TV advertising

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Which of the following is an example of a sales promotion?

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B. A coupon that expires in one month

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A print ad usually includes which two things?

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A. Images and text

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Word of mouth promotion is also known as what?

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B. Viral marketing

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Which of the following types of advertising is the most difficult for consumers to ignore?

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C. Product placement

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Which of the following types of ads is most likely to feel personal?

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D. A radio ad that is read by a trusted radio host

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Which type of advertisement is most likely to make you submit your ad far in advance?

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D. Magazine ads

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A company's PR efforts are often aimed at doing what?

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A. Getting publicity.

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Which of the following marketing messages are consumers most likely to trust?

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B. An article about the company in a city newspaper

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Which of the following types of promotion is usually the least expensive for a company?

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B. Publicity

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Which of the following can help you evaluate the performance of your ads and other marketing strategies?

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C. Asking customers how they found out about your company or product

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What is institutional advertising focused on promoting?

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A. A company

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Which of the following types of advertising has the advantage of being especially affordable?

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C. Internet advertising

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A company that is organized by function will group its employees into teams based on what?

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A. The type of work they do

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What is a sales lead?

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D. A potential customer who has shown interest in the company's product

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What is a clientele?

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D. A collection of customers who purchase and use a company's product

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Which of the following commission structures creates sales people who are highly motivated to close sales, because their entire income depends on it?

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D. Commission only

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Which of the following is an example of a variable cost?

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A. Hourly labor

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If a company has good customer retention, that means it has what?

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C. Repeat customers

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When a potential customer becomes serious about the purchase and is likely to buy the product, the customer becomes a ___________.

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A. Sales prospect

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Which selling method is most likely to irritate potential customers?

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B. Cold calling

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Price skimming works best for which type of product?

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D. High-end products with unique features

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A sales person who convinces a customer to buy a more expensive product than the customer originally intended is using what sales technique?

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C. Upselling

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Which category in Maslow's hierarchy includes basic survival needs such as air, food, water, and shelter?

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A. Physiological needs

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Which of the following is an example of a psychological pricing strategy?

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B. Odd pricing

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The __________ is the percentage of sales leads that actually end up buying the product.

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B. Conversion rate

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Which of the following is an example of an illegal business activity?

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D. Price fixing

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Which of the following employees is most at risk of repetitive strain injury?

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A. A shipping employee who performs the same lifting motion over and over

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Which buying method can save money but means you must have trust in the reliability of your supplier?

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D. Just in time

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Which of the following is a sign that you are listening to headphones too loudly?

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C. Someone else can hear what you're listening to through your headphones.

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Which type of inventory control is expensive but helps keep inventory especially secure?

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A. RFID tags

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A __________ is what customers expect they will get by purchasing a product.

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A. Brand promise

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Many workplace safety rules are created by which government agency?

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D. OSHA

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Which two terms are used for specific promises a company makes about the performance of its product?

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B. Guarantees and warranties

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Which type of unethical activity is sometimes caused by channel management?

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B. Unfair discrimination

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Which visual merchandising strategy can help you demonstrate how products can be combined?

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D. Displays

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Many companies state their brand promise directly in words, using a short phrase called what?

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D. A tagline

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If a store doesn't stock enough inventory of a product, what problem may the store face?

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C. Losing customers to competitors

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Which of the following actions may cause electrical shock?

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A. Using a computer that has been opened for maintenance

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The people who are working for and supporting a company's success are also known as what?

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D. Human resources

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Clear, accurate writing is a way for you to show what quality?

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C. Professionalism

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___________ is a collection of attitudes, values, and behaviors shared by a group of people.

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D. Culture

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Which of the following things could a company do to encourage innovation?

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C. Reward employees who show creativity and who lead positive changes

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A person who can imagine the experience of someone else's emotions has what ability?

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B. Empathy

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Which of the following nonverbal signals is most likely to show confidence?

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C. Eye contact

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Which of the following roles is the active head of the company?

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B. CEO

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Which of the following is an example of active listening?

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C. Staying focused and paying attention to the speaker

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What is etiquette?

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C. A collection of standards that define proper social behavior in a specific community

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A manager who involves members of the team in decisions is using which management style?

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C. Participative

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Which type of greeting is commonly used in American business culture?

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B. Shaking hands

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____________ is the ability to stand up for your own interests and to ask for what you want.

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C. Assertiveness

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What is a prejudice?

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D. A judgment or opinion made before becoming fully informed about a topic

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Many employers use which two things to judge an employee's performance?

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C. Behavior and outcomes

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Why should an employer have employees sign a copy of the company's personnel policy?

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C. So it's easier to hold employees accountable for following the policies

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Which document is necessary for nearly everyone who applies for a job?

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C. Resume

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Which document describes a worker's employment experience, strengths, skills, education, and other qualifications?

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A. Resume

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In the hiring process, ____________ are people who are willing to confirm the job candidate's previous employment and discuss the candidate's qualifications for the job being applied for.

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D. References

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Which question is most likely to be illegal in an interview?

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B. Do you plan to have children in the future?

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What is the section of a local newspaper that includes job advertisements usually called?

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B. Classifieds

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A full-time job usually means you will work how many hours per week?

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C. 40

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To help ensure that you make a good impression, what should you send to a potential employer after the interview?

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C. Follow-up letter

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A goal that you want to achieve by next year is which type of goal?

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A. Short-term

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What should you do before giving contact information for your references to a potential employer?

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A. Notify references and get their permission.

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Which of the following types of work would a company be most likely to perform through outsourcing?

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D. Specialized work that doesn't require much supervision

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______________ is when one person observes and follows around another person at their job.

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A. Job shadowing

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Which domain suffix is most frequently used by businesses?

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A. .com

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Where in an e-mail would you find information about the action required?

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B. In the message

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If you want to go directly to a specific web page using a URL, where should you type the URL in Firefox?

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C. In the address bar

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Which of the following is the best subject line for an e-mail sent to co-workers about rescheduling a team meeting?

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A. Rescheduling the team meeting

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When you're finished using your Google account, what should you do to help keep your information secure?

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D. Sign out.

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Buying and selling products online is called ____________.

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C. E-commerce

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In Google search results, how are organic links different from sponsored links?

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D. Organic links go to websites that didn't pay Google to display them. Sponsored links go to sites that paid Google to display them.

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Which of the following tools is most helpful in finding information on the web?

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D. Search engine

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Which citation style did you learn to use in this course?

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C. Modern Language Association style

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What is the Internet?

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A. A collection of computers that are linked together

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What should a safe username do?

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C. Keep your personal information private

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How can you stop inappropriate text and pictures from appearing in search results?

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B. Change filtering settings.

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Which of the following is the best time to use the Bcc address field?

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D. When you are sending a group invitation and want to keep their addresses private from each other

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Which of the following sentences uses "too" or "two" correctly?

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C. My friends are going to the movie, and I want to go too.

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If you want more blank white space around the text in a document, you should increase the ____________.

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B. Margin

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Times New Roman, Arial, and Helvetica are examples of what?

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A. Fonts

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What type of spacing should you use for a cover letter?

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A. Single spacing

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Which of the following sentences uses correct punctuation?

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A. I am a good communicator, and I am a strong team member.

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How long should a cover letter be?

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A. Less than one page

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Which text style makes the text look slanted?

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D. Italic

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When should you use capitalization?

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C. At the beginning of a sentence and for proper nouns

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Why should you check the spelling by reading a document even if you used Writer's Spell Check feature?

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B. Spell Check won't recognize mistakes you've made when you misspell a word in a way that makes another word.

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The OpenOffice.org software program creates files with the _______ file extension.

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C. .odt

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Which of the following sentences uses "your" or "you're" correctly?

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B. You're going to learn how to proofread in this course.

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What type of orientation is being used if a document is wider than it is tall?

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C. Landscape

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In the heading of a cover letter, which of the following formats should be used for the date?

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C. November 10, 2015

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When you add text in the footer of a Writer document, where will that text appear?

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B. On every page in the document

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In an MLA style citation for an image, what information should be listed first?

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A. The name of the creator

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The way that text and images are arranged on a slide is called _________.

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A. Layout

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Which of the following tips can help make your presentation professional?

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A. Using simple transitions and slide backgrounds

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How does an informal outline usually organize information?

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B. With bullet points

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If you use a work without the creator's permission, you could be breaking what law?

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C. Copyright law

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Which of the following is most likely to distract viewers?

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B. Changing the slide background and transitions on every slide

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When you are choosing an image for a presentation, which of the following is the most important consideration?

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B. The image is relevant to the topic of the slide.

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___________ is a way of saving a file so it can be used by a different program.

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B. Exporting

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Each screen in an Impress presentation is called a _________.

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D. Slide

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Which of the following design tips can help make a presentation clear and effective?

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C. Using a large font

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In a spreadsheet, what is the rectangular space where a row meets a column?

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D. A cell

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Which of the following is an internal event?

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C. A company picnic for employees

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In a database table, which field stores the unique identifying piece of data for a record?

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D. The primary key

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If you wanted to ask a database a one-time question, what method would you be most likely to use?

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A. A query

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Which part of a database is organized most like a spreadsheet, with rows and columns?

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C. A table

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When you are creating a database table, you need to create a separate ________ for each specific piece of data in a record.

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C. Field

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In a spreadsheet, what is a line of data organized vertically, from top to bottom?

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B. A column

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If you wanted to find and display a collection of data from a table on a regular weekly basis, what method would you be most likely to use?

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D. A report

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How is Google Drive more collaborative than OpenOffice.org software?

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B. It's easy for multiple users to make changes to the same Google Drive documents at one time.

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In Calc, a mathematical equation is called a ____________.

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C. Formula

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What can a database designer create to make it easy for people to create records?

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B. A form

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In Calc, what does the * symbol mean?

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B. Multiply by

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