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1999 Introduction to Business 1. GDP per capita is found by dividing total GDP by the total work force. 2. Recovery in the business cycle occurs after a period of depression. 3. A copyright protects the creative work of authors, composers and artists. 4. The first step in the MIS systems process is to distribute reports for those who make decisions. 5. There are only 2 major types of industries: serviceproducing and goods-producing. 6. A venture business has no employees other than the owner. 7. Retailers generally run 4 types of sales: promotional, clearance, special purchase and holiday. 8. One of the main activities of the Office of Consumer Affairs is to present one firm form using unfair practices to force competing firms out of business. 9. A mutual savings bank is an example of a deposittype financial institution. 10. The main purpose of the Federal Reserve System is to supervise and regulate member banks in order to help service the public. 11. When preparing a bank reconciliation, an outstanding check must be added to the bank statement balance. 12. Simple interest includes the total percentage cost of credit on a yearly basis. 13. To compute the cost of credit, you need to know only the principal and interest rate. 14. Yield refers to the ease with which an investment can be turned into cash. 15. The assessed value is the amount used to calculate a person's property taxes. 16. Whole life is permanent insurance that extends over the lifetime of the insured. 17. HMO's emphasize preventive health care. 18. Discretionary income is income you spend on things you want for pleasure, satisfaction and comfort. 19. A cash flow statement reports what a person or family owns as well as owes. 20. Survivor planning involves the accumulation and management of property during one's lifetime and the distribution of one's property at death. 21. Social Security is paid only by employees. Page 1 a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True b. False a. True a. True b. False b. False a. True b. False a. True b. False a. True b. False 1999 Introduction to Business Page 2 22. The Securities and Exchange Commission is a watchdog agency that enforces federal laws pertaining to the Stock Market. 23. A person in the business of buying and selling OTC stocks is a stockbroker. 24. Technical analysis concentrates on charting stock prices, trends in the market and patterns in the indices with the averages. 25. A market that is going down is referred to as a bull market. 26. The means through which goods and services are produced are: 27. The person who pumps your gas is part of: a. True b. False a. True b. False a. True b. False a. True b. False a. factors of production a. natural resources b. natural resources 28. GDP is a. the total value of all goods produced in a year. 29. When the effect of price changes is taken out of GDP, we have 30. The business function that bridges the gap between the producer and the consumer is 31. Workers most likely to work on retainer are: 32. A two-dollar broker: a. inflated GDP b. the total value of all final goods and services produced in a year. b. undervalued GDP a. marketing a. salepeople a. handles trading in particular stocks 33. The Consumer Price Index is used to: a. monitor the rate of inflation 34. The form of business that requires written permission from the state in which it is organized and can have owners is: 35. The person or group receiving permission from a parent company to sell a product in a certain area in a certain manner is the: 36. When a country imports more than it exports, it has a: 37. Which of the following is inappropriate during a job interview: 38. Which of the following does not apply to small businesses: d. human resources e. employment e. business cycle c. the total value of all services produced in a year d. factors of production d. the total value of all goods and services produced in a year c. real GDP d. per capita GDP b. producing c. farming d. extracting e. Underinflated GDP e. financing c. doctors c. Are an alternative to paying full-service brokers d. lawyers d. Actually executes and order e. priests e. Is licensed by the SEC c. is a scientific look and the DJIA c. sole proprietorship d. forecasts economic activity 6-9 months down the road d. corporation e. is a private corporation a. cooperative b. farmers b. own their own seats on the exchange and make their income from fees. b. measure the total goods and services produced in a year b. partnership a. franchisee b. franchisor c. operator d. owner e. developer a. positive balance of trade. a. ask questions about the position a. usually has the owner as manager b. negative balance of payments b. dress appropriately c. positive balance of payments. c. take notes d. negative balance of trade d. be early e. a deficit b. is not dominant in its field of operation c. employs fewer than 500 people d. usually is local, serving the nearby community b. human resources c. production materials c. capital resources e. none of the above e. municipality e. talking too much e. is government owned 1999 Introduction to Business 39. Stores that offer a wide variety of goods are called: 40. Small stores that carry a wide variety of products and a narrow line: 41. Which of the following is not a consumer right: 42. Which of the following is not a consumer responsibility: 43. Programs that assist people in problem solving on technical topics. 44. A bank that offers a full range of services, sometimes called a "financial department store" 45. Your honesty and willingness to pay debts is Page 3 a. full-service stores a. full-service store b. specialty stores b. specialty store c. convenience stores c. convenience store d. warehouse markets d. warehouse market e. supermarkets e. supermarket a. the right to be informed a. be honest b. the right to confidentiality b. complain reasonably b. artificial intelligence b. consumer finance company b. character c. the right to choose d. the right to be heard d. report unethical practices d. robots e. the right to a remedy e. be uninformed e. SMART cards d. Federal Reserve System d. curiosity e. Credit union c. credit memorandum c. the Lemon Law a. expert systems a. savings and loan a. capacity c. be involved c. user friendly software c. commercial bank c. capital 46. A record of your transactions during a billing period is called a: 47. The law that requires the prompt correction of billing errors after they have been reported to a creditor is: 48. The rate of return on an investment is also called: a. statement of account a. the Fair Credit Reporting Act a. safety b. receipt 49. a. an unusually high risk b. a guaranteed rate of return c. low risk a. compulsory insurance laws b. financial responsibility laws c. insurance laws d. securities issued by the federal government d. assigned-risk plans a. owner's equity a. fixed expenses b. capital b. variable expenses c. assets c. allowances d. net worth d. budgets e. liabilities e. liabilities a. stock b. bond c. Roth d. Traditional e. 401 K a. faxing b. modem c. telecommuting d. commuting e. e-mail a. blue collar crime b. white collar crime c. hacking d. piracy e. virus a. What to produce b. How to produce it a. career planning b. career c. For whom to produce c. job e. None of the above e. mobility a. scarcity b. resources c. drought d. How much to produce d. tentative career decision d. needs a. competition b. freedom of choice c. profit motive d. business A speculative investment usually involves: 50. Laws that require you to carry certain types of automobile insurance before your car can be licensed are called: 51. Items of value are: 52. Costs that occur regularly and are for the same amount each time are: 53. An IRA that is used for educational purposes without penalty is called: 54. The term used to describe the activities of a worker using a computer to do a job at home is: 55. Illegal acts performed by office or professional workers while at work: 56. Which of the following is not a key economic question: 57. A goal in life that is fulfilled through a job or a series of jobs: 58. The conflict between unlimited wants and limited resources: 59. The desire to work for profit is the: b. the Fair Credit Billing Act b. liquidity c. yield d. credit check e. none of the above e. bank reconciliation e. the Fair Credit Act e. compound interest e. stocks and bonds d. the Truth-inLending Law d. equity e. collision insurance e. human resources e. private enterprise system 1999 Introduction to Business Page 4 60. Which of the following is not an economic role played by you: 61. Which of the following is the correct cycle for economic conditions: a. consumer b. worker c. citizen d. voter a. prosperity, depression, recession, recovery b. depression, recession, prosperity, recovery c. prosperity, recession, depression, recovery d. recession, recovery, prosperity, depression 62. This person takes the extractor's products or raw materials and changes them into a form consumers can use: 63. Which of the following is not a function of business: 64. Stopping the importing or exporting of a certain product or service: 65. The negotiations that take place between an organized body of workers and an employer which deal with wages and working conditions are called: 66. A refusal to work until demands are met is called a: 67. The words, letters or symbols that are associated with a specific company or product: 68. A situation that exists when the government spends more than it collects: 69. A sales letter written for the purpose of getting a personal interview: 70. Inspecting on wrench out of every 50 to make sure it operates correctly is a form of: 71. If Patrick buys a radio on the installment plan from Radio Hut for $102, what would be the interest cost of the money is borrowed at 12 a year? Keep in mind that a down payment of $12 was made at the time of purchase and $9 was paid at the end of each of the following 10 months. The radio could have been purchased for $92 in cash. 72. SCORE represents: a. manufacturer b. wholesaler c. extractee d. marketer a. planning a. embargo b. organizing b. tariff c. controlling c. trade d. leading d. quotas a. grievance procedures b. collective bargaining c. strikes d. pickets e. incorporating e. export violations e. arbitrations a. boycott a. logo b. strike b. copyright c. lockout c. patent d. picket d. slogan e. injunction e. trademark a. national debt b. deficit c. deflation d. revenue e. depression a. personal data sheet c. letter of recommendation c. quality control d. application form e. reference sheet a. cost control b. letter of application b. inventory control d. asset control a. $3.96 b. $2 c. $10 d. $4.98 e. management control e. $80 a. Service Corps of Retired Executives b. Service Corps of Retired Employees c. Service Corporation of Rescued Employees d. Security Corps of Retired Entertainers 73. Buying too rapidly without much thought: a. comparison shopping a. guarantee b. bargain shopping c. impulse buying d. smart shopping b. implied warranty c. express warranty a. mainframe b. microcomputer c. minicomputer d. certificate of warranty d. super computer a. check b. investment c. time deposit d. NOW account 74. A guarantee made orally or in writing that promises a specific quality of performance. 75. A large computer system which can handle more instructions and process data faster than smaller computers. 76. Money put into a checking account. e. none of the above e. recovery, recession, prosperity, depression e. producer e. Security Company of Rigalto Entertainment e. none of the above e. manufacturer's warranty e. central processing unit e. Demand deposit 1999 Introduction to Business Page 5 77. A form attached to a check that keeps a record of the checks written and any current deposit. 78. The owner of the checking account and the person who signs the checks. 79. This type of endorsement consists of only the endorser's name. 80. A form sold by a bank stating that money is to be paid to the person or business named on the form. 81. Anyone who buys on credit or receives a loan is a: 82. Which of the following is the formula for computing simple interest? 83. Calculate the simple interest of $1000 borrowed at 9 for 12 months. 84. Calculate the interest on a loan for $100 at 12 for 60 days. 85. How many months have 31 days? 86. This type of account pays a variable interest rate based on rates paid to holders of short-term government debt, namely US Treasury bills. 87. Which of the following is not true about EE series savings bonds? a. deposit slip b. check register c. checkbook d. check stub e. sharedraft a. drawer b. drawee c. payee d. endorser e. joint owner a. special b. full c. restrictive d. multiple e. blank a. bank money order a. creditor a. P=I*R*T b. postal money order b. debtor b. I=P*R*T c. express money order c. character c. I*P=R*T d. telegraphic money order d. loan officer d. T=P*I/R e. traveler's check e. trustee e. R=P*I*T a. $9,000 b. $900 c. $90 d. $9 e. .90 a. $7.20 b. $2 c. $20 d. $72.00 e. $6 a. 4 a. certificate of deposit b. 5 b. Super NOW account c. 6 c. IRA d. 7 d. Mutual fund e. 8 e. Money market account a. pay interest when the bond is cashed c. is bought at half its face value d. has no annual purchase limit e. matures in 10 years 88. Which of the following is not used to determine the cost of automobile insurance? a. your age c. the value and type of car d. the community in which you live e. your gender 89. This term refers to the obligation of a business to contribute to the well-being of its community. 90. Take home pay, or the amount of money remaining after taxes are deducted from a paycheck, is called: 91. Which of the following is not income? a. social responsibility a. gross income b. come in denominations from $50 to $10,000 b. the purpose for which you use your car b. ethics c. business ethics d. social ethics e. morals b. net income c. profit d. deductibles e. investments a. money earned from babysitting b. interest earned on a savings account c. interest paid on a bank loan d. a paycheck 92. The primary reason for the formation of unions was to: a. help generate profit for business owners c. restrict competition 93. Which of the following is not a feature of the US market economy? 94. Evaluating choices is which step in the decision making process? 95. The planned reduction in the number of employees needed h a firm in order to reduce costs and make the business more efficient. 96. An interview in which your employer asks how you liked your wok and what improvements might be made. a. private enterprise b. meet the demands of the Fair Labor Law b. private property c. profit d. give workers greater control over working conditions d. property e. change received from a store clerk e. meet the demands of OSHA e. personnel a. 1 b. 2 c. 3 d. 4 e. 5 a. unemployment b. downsizing c. layoffs d. human resources reduction e. promoting a. initial interview b. formal interview c. exit interview d. promotional interview e. none of the above 1999 Introduction to Business 97. Which of the following does not belong to the goodsproducing industry? 98. Which of the following occupations has the greatest growth potential from 1992-2005 according to the Bureau of Labor Statistics? 99. This magazine publishes information about a variety of careers, including job duties, working conditions education and training requirements, earnings, and employment outlook. 100. Change the common fraction of 4/100 to a percentage. Page 6 a. transportation b. construction c. manufacturing d. mining e. agriculture a. service b. technicians and related support c. marketing and sales d. production e. professional speciality a. The Occupational Outlook Handbook b. The Encyclopedia of Careers and Vocational Guidance c. Career World d. Occupational Quarterly e. Guidance Counselor a. 40% b. 4% c. .4% d. 25% e. .04%