PRINCIPLES OF BUSINESS ADMIN
By: Saideep Vollala
WHAT ARE PRINCIPLES EVENTS?
▪Intended for starters
▪4 categories – finance, business management and
admin, hospitality, and marketing
▪TESTS ARE THE SAME
▪ROLEPLAYS ARE DIFFERENT
WHAT ARE PRINCIPLES EVENTS?
▪Test consists of 100 multiple choice questions over
basics of business, including, economics,
management, and more
▪ 90 minutes to take
▪ developed by MBAResearch
▪Roleplay consists of scenario and response – you
have 10 mins to prepare and 10 mins to present in
front of judge
SAMPLE QUESTIONS
What type of market structure is most commonly
found in a private enterprise economy?
A. Perfect competition
B. Regulated monopoly
C. Oligopoly
D. Monopolistic competition
SAMPLE QUESTIONS
What type of market structure is most commonly
found in a private enterprise economy?
A. Perfect competition
B. Regulated monopoly
C. Oligopoly
D. Monopolistic competition
What the answer key looks like
D
Monopolistic competition. This is a type of market structure in which a lot of
businesses sell similar products that have only a few differences. It is most
commonly found in a private enterprise economy. Perfect competition rarely
exists on a large scale. A regulated monopoly is a monopoly that government
allows to exist legally under controlled conditions. An oligopoly is a market
structure in which there are relatively few sellers, and industry leaders usually
determine prices.
SOURCE: EC:012
SOURCE: EC LAP 8—Ready, Set, Compete! (Competition)
SAMPLE QUESTIONS
The operations manager schedules quarterly reviews
of office equipment whether there have been recent
problems or not. This is an example of
A. safety precautions.
B. installation.
C. preventive maintenance.
D. corrective maintenance.
SAMPLE QUESTIONS
The operations manager schedules quarterly reviews
of office equipment whether there have been recent
problems or not. This is an example of
A. safety precautions.
B. installation.
C. preventive maintenance.
D. corrective maintenance.
KEY TERMS TO STUDY
▪Types of economy
▪Types of businesses (such as corporation, sole
proprietorship, etc)
▪Basic economy (such as scarcity, profit, elasticity, etc)
▪Functions of money
▪Definitions of stock, stock mutual fund, etc
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