FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
Unit 1.01 – Understand the Purpose & Functions of Business
1.
What is a difference between consumers and
customers?
(CTE_ES.6_12.CTE.EXPENT.1.01)
A.�
Consumers make goods and
services.
B.�
Consumers purchase goods and
services.
C.�
Customers make goods and
services.
D.�
Customers purchase goods and
services.
2.
What do wants and needs have in common?
(CTE_ES.6_12.CTE.EXPENT.1.01)
A.�
Both needs and wants are
goods.
B.�
Both needs and wants are
services.
C.�
Both needs and wants are things
people must have.
D.�
Both needs and wants are things
people use.
3.
What is a difference between wants and needs?
(CTE_ES.6_12.CTE.EXPENT.1.01)
A.�
Needs are goods and wants are
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
services.
B.�
Needs are necessary for
survival, wants are nice to have.
C.�
Needs are nice to have, wants
are necessary for survival.
D.�
Needs are services and wants
are goods.
Unit 1.02 – Classifying Businesses
1.
Plumbing, heating/air conditioning repair,
accounting services, and lawn care are all
considered what type of businesses?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
Product type
C.�
Service provider
D.�
Sole proprietorship
2.
Most car dealerships, beauty salons, and home
improvement stores are classified as which type
of business?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
Non-profit
C.�
Product type
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D.�
3.
Service provider
Clothing stores, CD stores, and electronics
stores are all classified as which type of
business? (CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
Non-profit
C.�
Product type
D.�
Service provider
4.
Barber shops, dry cleaners, and car repair shops
are all classified as which type of business?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
Non-profit
C.�
Product type
D.�
Service provider
5.
Norman and Jones Septic Tank Cleaners are the
best septic tank cleaners in Mount Airy. How is
Norman and Jones Septic Tank Cleaners
classified? (CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Non-profit
C.�
Product type
D.�
Service provider
6.
Feather Duster Maids Company employs seven
maids to clean people's houses. How is this
business classified?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
Non-profit
C.�
Product type
D.�
Service provider
7.
8.
The Starving Artists Society uses its gallery to
sell paintings of local artists. The funds raised
by The Starving Artists Society are used to help
local artists continue in their chosen profession.
The Starving Artists Society is classified as a:
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
combination product and
service.
B.�
for-profit.
C.�
non-profit.
D.�
service business.
The Gap, Dell, and IBM are all classified as
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
which type of business?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
For-profit
C.�
Non-profit
D.�
Service provider
9.
Homeless shelters, the March of Dimes, and the
Salvation Army are all classified as which type
of business?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
For-profit
C.�
Non-profit
D.�
Product type
10.
Tom and Clare met in college and started a
website maintenance business to earn money for
their college expenses. How is their website
maintenance business classified?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
For-profit
C.�
Non-profit
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D.�
11.
Product
Goodwill Industries helps poor and homeless
people with the money raised by selling donated
products in their stores. Goodwill is classified
as what kind of business?
(CTE_ES.6_12.CTE.EXPENT.1.02)
A.�
Combination product and
service
B.�
For-profit
C.�
Non-profit
D.�
Service provider
Unit 1.03 – Types of Businesses
1.
2.
What is an advantage of a franchise over a sole
proprietorship?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Franchisees can sell stock to
start up the business.
B.�
Franchisees do not have to work
in the business.
C.�
Parent company provides
training and support to
franchisee.
D.�
Parent company will pay all of
the franchisee's start up costs.
How are a franchise and a sole proprietorship
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
alike? (CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Can sell stock to raise money
B.�
Easy to start the business
C.�
Owner keeps all profits
D.�
Require a contract to start
3.
How is a corporation different from a sole
proprietorship and a partnership?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporations are easier to start.
B.�
Corporations do not require a
charter.
C.�
Corporations provide limited
owner liability.
D.�
Corporations provide lower
owner taxes.
4.
When comparing the four main business types,
which has the most risk and rewards for an
individual?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporation
B.�
Franchise
C.�
Partnership
D.�
Sole proprietorship
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
5.
When comparing the four main business types,
which allows the owner to start selling products
most quickly?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporation
B.�
Franchise
C.�
Partnership
D.�
Sole proprietorship
6.
When comparing the four main types of
businesses, which has the BIGGEST
DISADVANTAGE when it comes to paying
taxes? (CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporation
B.�
Franchises
C.�
Partnership
D.�
Sole proprietorship
7.
When comparing the four main types of
business organization, which type protects
owners the MOST from personal financial
liability due to being sued by a customer?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporation
B.�
Franchise
C.�
Partnership
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D.�
8.
Sole proprietorship
Steven and his brothers want to start a plumbing
business together. What is an advantage of
organizing the business as a partnership rather
than a corporation?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Partnerships can be started up
quickly.
B.�
Partnerships can issue stock to
raise money.
C.�
Partnerships have limited legal
liability.
D.�
Partnerships need a legal charter
to begin.
9.
How is a corporation different from a sole
proprietorship?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporations are owned by only
one person.
B.�
Corporations can sell stock to
raise money for the business.
C.�
Sole proprietorships have
limited liability for the owners.
D.�
Sole proprietorships require a
legal charter to start the
business.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
10.
How is a corporation different from a sole
proprietorship or partnership?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Corporation has only one or two
owners.
B.�
Corporation is usually owned
by one person.
C.�
Corporation requires a legal
charter to start.
D.�
The owners of the corporation
control the business.
11.
What is an advantage of a partnership over a
sole proprietorship?
(CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Equal owner control
B.�
Limited owner profit
C.�
No contracts are necessary to
start
D.�
Unlimited legal liability shared
12.
How are sole proprietorships and partnerships
alike? (CTE_ES.6_12.CTE.EXPENT.1.03)
A.�
Contracts are needed to start the
businesses.
B.�
Owners have complete control
of the business.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C.�
Owners have limited legal
liability.
D.�
The businesses are owned by
one person.
Unit 1.04 – The 6 Functions of Business
1.
Collecting money from customers, paying taxes,
and processing payroll checks are all classified
as which type of function?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Accounting
B.�
Human Resources
C.�
Information Technology
D.�
Operations
2.
3.
Promoting, distributing, and pricing products
are all classified as which type of function?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Accounting
B.�
Human Resources
C.�
Management
D.�
Marketing all classified as
which type of function?
Ensuring that the organization meets goals, and
working with employees to accomplish
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
organizational goals are both classified as which
type of function?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Accounting
B.�
Human Resources
C.�
Management
D.�
Marketing
4.
Hiring, firing, and managing the company
benefits and educational opportunities for
employees are all classified as which type of
function? (CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Accounting
B.�
Human Resources
C.�
Information Technology
D.�
Operations
5.
Maintaining email accounts, installing software
applications, and maintaining hardware are all
classified as which type of function?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Accounting
B.�
Human resources
C.�
Information technology
D.�
Operations
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
6.
Which is an example of an information
technology function for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Emailing customers to ensure
satisfaction
B.�
Processing paperwork for new
employees
C.�
Producing income statements
D.�
Testing new computer software
7.
Which is an example of an information
technology function for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Determining product pricing
B.�
Hiring new employees
C.�
Monitoring computer networks
D.�
Paying employees
8.
Which is an example of a human resources
function for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Calling customers to ensure
satisfaction
B.�
Obtaining new products to
replace sold stock
C.�
Processing new employees'
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
payroll paperwork
D.�
9.
Which is an example of a marketing function
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Creating a banner ad for the
company website
B.�
Interviewing potential sales
employees
C.�
Obtaining new products to
replace sold stock
D.�
Preparing income statements for
the business
10.
11.
Producing the annual company
balance sheet
Which is an example of an accounting function
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Handling the payments made by
customers
B.�
Obtaining new products to
replace sold stock
C.�
Re-stocking items in the
warehouse
D.�
Scheduling delivery of
purchased stock
Which is an example of a marketing function
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Interviewing potential
employees
B.�
Preparing a new TV advertising
campaign
C.�
Preparing income statements for
the business
D.�
Processing the employee
payroll a business?
12.
Which is an example of a marketing function
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Hiring new employees to fill
vacancies in the business
B.�
Placing products in strategic
locations in the stores
C.�
Producing financial statements
for the company
D.�
Producing payroll checks for all
employees
13.
Which is an example of an accounting function
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Calling customers about new
products
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Creating a new advertising
campaign
C.�
Maintaining computer
equipment
D.�
Preparing a cash flow statement
14.
Which is an example of an accounting function
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Designing print advertisements
B.�
Hiring employees
C.�
Preparing a balance sheet
D.�
Testing computer software
15.
16.
Which is an example of an information
technology function for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
A.�
Determining pricing
B.�
Hiring new employees
C.�
Maintaining computers
D.�
Paying employees
Which is an example of a marketing function
for a business?
(CTE_ES.6_12.CTE.EXPENT.1.04)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Preparing a loading dock
schedule
B.�
Preparing an advertisement for
TV
C.�
Preparing an income statement
D.�
Preparing an organizational
chart
Unit 2.01 – Types of Economic Systems
1.
What do a mixed economy and a market
economy have in common?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Big gap between the wealthy
and the poor
B.�
Competition in the marketplace
C.�
Equal standard of living for all
D.�
Government control of the
marketplace
2.
What is an ADVANTAGE of a market
economy compared with a traditional economy?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
In a market economy, economic
decisions are made the way they
have always been made.
B.�
In a market economy,
innovation and competition in
the marketplace are encouraged.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C.�
In a market economy, the
government decides what is
produced.
D.�
In a market economy, there is
an equal standard of living for
everyone.
3.
What is a DISADVANTAGE of a market
economy compared with a command economy?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Market economies create a huge
gap between the wealthy and
the poor.
B.�
Market economies do not offer
much competition for
consumers.
C.�
Market economies provide an
equal standard of living for
everyone.
D.�
The government sets prices in a
market economy.
4.
What do China's economy and France's
economy have in common?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Both allow the market to
distribute wealth.
B.�
Both have a strong central
government that controls
businesses.
C.�
Both have limited government
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
control over businesses.
D.�
5.
Both rely on the consumer to
guide and make production
decisions.
Compare the way economic decisions are made
in an Amish community with the way they are
made in Cuba.
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Individuals and government
make the decisions in an Amish
community.
B.�
Individuals make the decisions
in Cuba.
C.�
Tradition dictates how decisions
are made in Cuba.
D.�
Tradition dictates how decisions
are made in an Amish
community.
6.
Compare the way economic decisions are made
in the United States with the way they are made
in China. (CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Individuals and government
make the decisions in China.
B.�
Individuals and government
make the decisions in the
United States.
C.�
The government makes all the
decisions in the United States.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D.�
7.
Tradition dictates how decisions
are made in China.
What is a DISADVANTAGE of a traditional
economy compared to the other types of
economic systems?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Competition guides production
decisions.
B.�
Decisions are centered toward
the family.
C.�
Government takes care of
people's needs.
D.�
State-of-the-art technology is
not used.
8.
What is an ADVANTAGE of a command
economy compared with other types of
economic systems?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Business owners are free to
make their own economic
decisions.
B.�
Decisions are based on customs
and the way things have always
been done.
C.�
Government makes the
decisions about what is
produced.
D.�
Government provides an equal
standard of living for everyone.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
9.
What is a difference between a market economy
and a command economy?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Competition provides
consumers choices in a market
economy.
B.�
Supply and demand determine
prices in a command economy.
C.�
The government ensures much
competition in a command
economy.
D.�
The government selects what is
produced in a market economy.
10.
11.
What do the economic systems in China and
Cuba have in common?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Economic decisions are based
on customs.
B.�
Government controls or dictates
what is produced.
C.�
Government takes care of
people's needs; the market takes
care of wants.
D.�
Supply and demand regulate the
economy and determine price.
What do a command economy and a mixed
economy have in common?
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Economic decisions are based
on customs in both systems.
B.�
Government controls or dictates
what is produced in both
systems.
C.�
Government takes care of
people's needs in both systems.
D.�
Supply and demand determine
prices in both systems.
12.
What is a difference between a traditional
economy and a free enterprise system?
(CTE_ES.6_12.CTE.EXPENT.3.01)
A.�
Decisions are made the way
they always have been in a free
enterprise system.
B.�
Economic decisions are
centered around the family in a
free enterprise economy.
C.�
Economic decisions are
determined by competition in a
traditional economy.
D.�
Supply and demand drive
economic decisions in a free
enterprise system.
Unit 2.02 – Supply & Demand
Please use the following passage for questions 1 through 4:
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
1
According to the Supply and Demand chart in Figure 3, when the demand is 400, what is the price suppliers
.
will charge? (CTE_ES.6_12.CTE.EXPENT.3.02)
A. $0.50
B. $1.00
C. $1.50
D. $2.00
2
According to the Supply and Demand Chart in Figure 3, at what demand does the equilibrium price occur?
.
(CTE_ES.6_12.CTE.EXPENT.3.02)
A. 200
B. 400
C. 600
D. 800
3
According to the Supply and Demand Chart in Figure 3, if the supply price is $2, what is the demand quantity?
.
(CTE_ES.6_12.CTE.EXPENT.3.02)
A. 200
B. 400
C. 600
D. 800
4
According to the Supply and Demand Chart in Figure 3, what is the equilibrium price?
.
(CTE_ES.6_12.CTE.EXPENT.3.02)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A. $0.50
B. $1.00
C. $1.50
D. $2.50
Please use the following passage for questions 5 through 9:
5
According to the Supply and Demand chart in Figure 2, when the demand is 90, what is the price suppliers will
.
charge? (CTE_ES.6_12.CTE.EXPENT.3.02)
A. $2
B. $3
C. $6
D. $10
6
According to the Supply and Demand Chart in Figure 2, at what demand does the equilibrium price occur?
.
(CTE_ES.6_12.CTE.EXPENT.3.02)
A. 0
B. 30
C. 50
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D. 100
7
According to the Supply and Demand Chart in Figure 2, if the supply price is $10 what is the demand quantity?
.
(CTE_ES.6_12.CTE.EXPENT.3.02)
A. 0
B. 15
C. 25
D. 50
8
According to the Supply and Demand Chart in Figure 2, if the seller chooses to set the price higher than the
.
equilibrium price, what can be assumed? (CTE_ES.6_12.CTE.EXPENT.3.02)
A. Fewer people will be willing to buy.
B. More people will be willing to buy.
C. The equilibrium price was set just right.
D. The equilibrium price was set too high.
9
According to the Supply and Demand Chart in Figure 2, what is the equilibrium price?
.
(CTE_ES.6_12.CTE.EXPENT.3.02)
A. $1
B. $4
C. $6
D. $10
Unit 2.03 – Federal Reserve, Stock Market and e-commerce
1.
How does e-commerce impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Businesses compete with
businesses all over the world.
B.�
Businesses must keep their
physical stores open 24-7.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
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C.�
Consumers demand only goods
produced in the U.S.
D.�
Consumers have less variety in
the goods they purchase.
2.
How does e-commerce impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Businesses increase building
rent expenses.
B.�
Businesses can sell and deliver
goods more easily.
C.�
Consumers only visit physical
storefronts for groceries.
D.�
Consumers want fewer goods
available online.
3.
4.
How does e-commerce impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Businesses have no need for
salespeople.
B.�
Businesses have very little
competition.
C.�
Consumers expect product
availability 24-7.
D.�
Consumers refuse to shop in
traditional malls.
How does a bear market impact the U.S.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Business sales will increase
rapidly.
B.�
Businesses will be able to hire
more workers.
C.�
Consumers will be able to
spend more money.
D.�
Consumers will spend less
money and save more.
5.
How does a bear stock market impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Americans will invest more
money in the stock market.
B.�
Americans will save more
money in the bank and spend
less.
C.�
Consumers will purchase more
large appliances and cars.
D.�
Consumers will purchase more
primary and vacation homes.
6.
How does a bull stock market impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Americans will invest less
money in the stock market.
B.�
Consumers will purchase fewer
single-family homes.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C.�
Consumers will purchase more
large appliances and cars.
D.�
Consumers will save more
money in the bank and spend
less.
7.
How does the stock market impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Individuals invest in the stock
market because they don't trust
banks.
B.�
Individuals invest in the stock
market to earn money for the
future.
C.�
Individuals invest in the stock
market because interest rates are
high.
D.�
Individuals invest in the stock
market to save money for
clothing.
8.
How does a bear stock market impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Americans will invest less
money in the stock market.
B.�
Americans will invest more
money in the stock market.
C.�
Consumers will purchase more
large appliances.
D.�
Consumers will purchase more
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
vacation homes.
9.
How does the Federal Reserve impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Circulates more money to
stimulate consumer purchasing
B.�
Decreases money circulation to
help businesses
C.�
Raises interest rates to increase
employment opportunities
D.�
Raises interest rates to stimulate
consumer purchasing
10.
11.
How does the Federal Reserve impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Lowers interest rates to
encourage consumers to save
money
B.�
Lowers interest rates to
encourage consumers to spend
money
C.�
Raises interest rates to
encourage consumers to spend
D.�
Raises interest rates when
individuals are saving more
money
How does the Federal Reserve impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Lowers interest rates to
encourage consumers to spend
money
B.�
Lowers interest rates when
individuals are not saving
enough money
C.�
Raises interest rates to
encourage consumers to spend
more money
D.�
Raises interest rates when
individuals are saving too much
money
12.
How does the Federal Reserve impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Lowering interest rates will
cause consumers to buy more
homes.
B.�
Lowering interest rates will
cause consumers to save more
money.
C.�
Raising interest rates will cause
consumers to borrow money.
D.�
Raising interest rates will cause
consumers to buy more
automobiles.
13.
How does the Federal Reserve impact the U.S.
economy? (CTE_ES.6_12.CTE.EXPENT.3.03)
A.�
Lowering interest rates will
cause consumers to invest more
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
money.
B.�
Lowering interest rates will
cause consumers to save more
money.
C.�
Raising interest rates will cause
consumers to buy less.
D.�
Raising interest rates will cause
consumers to buy more.
Unit 3.01 – Personal Characteristics & Skills of
Entrepreneurs
1.
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs believe in themselves?
(CTE_ES.6_12.CTE.EXPENT.4.01)
A.�
Goal-oriented
B.�
Independent
C.�
Risk-takers
D.�
Self-confident
2.
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs want to make their own decisions,
set their own schedules, and can work without
supervision?
(CTE_ES.6_12.CTE.EXPENT.4.01)
A.�
Goal-oriented
B.�
Independent
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
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C.�
Risk-takers
D.�
Self-confident
3.
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs develop a plan of action and make
decisions to help achieve that plan?
(CTE_ES.6_12.CTE.EXPENT.4.01)
A.�
Goal-oriented
B.�
Independent
C.�
Risk-takers
D.�
Self-confident
4.
5.
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs are curious about things that may
affect their business and are not afraid to ask
questions? (CTE_ES.6_12.CTE.EXPENT.4.01)
A.�
Creative
B.�
Inquisitive
C.�
Persistent
D.�
Responsible
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs are accountable for their actions?
(CTE_ES.6_12.CTE.EXPENT.4.01)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Creative
B.�
Inquisitive
C.�
Persistent
D.�
Responsible
6.
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs are constantly looking for new
ways to solve problems?
(CTE_ES.6_12.CTE.EXPENT.4.01)
A.�
Creative
B.�
Persistent
C.�
Responsible
D.�
Self-confident
7.
Which personal characteristic of successful
entrepreneurs reflects that successful
entrepreneurs work until the job is done?
(CTE_ES.6_12.CTE.EXPENT.4.01)
A.�
Creative
B.�
Inquisitive
C.�
Persistent
D.�
Self-confident
Unit 3.02 – The Entrepreneurial Process
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
1.
Having a large grand opening sale or a summer
clearance sale and promoting the sale of new
clothing and shoes through advertised specials
are all examples of which stage of the
entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Concept Development
B.�
Resourcing
C.�
Actualization
D.�
Harvesting
2.
Offering shares of stock to public investors,
planning goals for the business during the next
five years, and planning goals for the business
during the next ten years are all classified as
which stage of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Concept Development
B.�
Resourcing
C.�
Actualization
D.�
Harvesting
3.
What is an example of an activity that is
performed during the actualization phase of the
entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Conduct a survey of potential
customers
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Hold a clearance sale to reduce
inventory
C.�
Sell stock to the public through
the NYSE
D.�
Decide to locate the business in
Charlotte
4.
What is an example of an activity that is
performed during the concept development
phase of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Complete an application for a
SBA loan
B.�
Conduct a survey of potential
customers
C.�
Create a five-year plan for the
business
D.�
Decide where to locate the
business
5.
What is an example of an activity that is
performed during the harvesting phase of the
entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Complete an application for a
SBA loan
B.�
Conduct a survey of potential
customers
C.�
Create a five-year plan for the
business
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
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D.�
6.
Listing people and businesses who might give
money to start the business, completing an
application for a business loan at the bank, and
advertising for people to work in the new
business are all classified as which stage of the
entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Discovery
B.�
Concept Development
C.�
Resourcing
D.�
Actualization
7.
8.
Decide to locate the business in
Charlotte
Preparing a business plan for a new business,
renting a building for the new store, and
copyrighting the website for the new business
are all classified as which stage of the
entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Discovery
B.�
Concept Development
C.�
Resourcing
D.�
Actualization
Sending email surveys to various families,
offering samples of Tops Popcorn at the grocery
store, and doing research to see how many
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
families in the area buy popcorn are all
classified as which stage of the entrepreneurial
process? (CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Discovery
B.�
Concept Development
C.�
Resourcing
D.�
Actualization
9.
Jeff worked for IBM for twenty years and
recently changed jobs. He decided to start a
computer repair business out of his home and is
currently seeking people and companies to
invest in this business venture. Jeff is in what
stage of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Actualization
B.�
Concept Development
C.�
Discovery
D.�
Resourcing
10.
Joan's Jewelry Junction is a business that is
independently owned and operated. This
business is not dominant in its field but has been
in business for two successful years. Joan is in
what stage of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Actualization
B.�
Discovery
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C.�
Harvesting
D.�
Resourcing
11.
What is an example of an activity that is
performed during the concept development
stage of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Complete a loan application
B.�
Conduct a market survey
C.�
Create a five-year plan
D.�
Develop a business plan
12.
13.
What is an example of an activity for a business
person who is entering the harvesting stage of
entrepreneurship?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Considering opening a second
store
B.�
Gathering market research data
about the product
C.�
Having a grand opening for the
business
D.�
Seeking financial assistance
from the Small Business
Administration
Emma and Ivy are considering beginning a
jewelry-making business. They have been
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
collecting, reviewing, and interpreting the
surveys they distributed last week about their
business idea. Emma and Ivy are in what stage
of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Actualization
B.�
Concept Development
C.�
Discovery
D.�
Harvesting
14.
Jonathan is interested in starting a lawn mowing
business. He has been acquiring the money
needed to start his business. Jonathan is in what
stage of the entrepreneurial process?
(CTE_ES.6_12.CTE.EXPENT.4.02)
A.�
Actualization
B.�
Concept Development
C.�
Discovery
D.�
Resourcing
Unit 3.03 – Procedures for Starting a Business
1.
What would cause a new business to be fined a
penalty from the federal government?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Failure to apply for a loan or a
grant
B.�
Failure to pay taxes for the new
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
business
C.�
Lack of a good advertising
campaign
D.�
Shortage of trained employees
2.
What could cause a new business to not be able
to keep up with the demand for its new service?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Failure to apply for a loan or a
grant
B.�
Failure to pay taxes for the new
business
C.�
Lack of a good advertising
campaign
D.�
Shortage of trained employees
3.
What could cause a new business to have very
few sales during its first year?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Failure to apply for a loan or a
grant
B.�
Failure to pay taxes for the new
business
C.�
Lack of a good advertising
campaign
D.�
Lack of a trademark for the
company logo
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
4.
What could cause a new business to run short of
cash during its first year?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Failure to apply for a loan or a
grant
B.�
Failure to pay taxes for the new
business
C.�
Failure to secure proper permits
and licenses
D.�
Shortage of trained employees
5.
How are grandparents, Wachovia Bank, and
credit unions classified?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Friends and relatives of the
entrepreneur
B.�
Legal protection for the new
business
C.�
Marketing strategies for the new
business
D.�
Potential investors for an
entrepreneur
6.
How are copyrights, trademarks, and patents
classified? (CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Contracts between business
partners
B.�
Investment sources for the
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
entrepreneur
C.�
Legal protection for the
entrepreneur
D.�
Permits for the new business
7.
Chen is writing a description of how he will
deliver lawn care services to his customers in
his new business. What section of the business
plan is he writing?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Financial plan
B.�
Industry/market analysis
C.�
Operational plan
D.�
Organizational plan
8.
9.
Janelle is writing a description of her new petsitting businesses and telling how this is the
only business of its kind in the area. What
section of the business plan is she writing?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Financial plan
B.�
Marketing plan
C.�
Organizational plan
D.�
Product/service plan
Brian is writing his plans for expanding his new
auto shop business during the next ten years.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
What section of the business plan is he writing?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Executive summary
B.�
Growth plan
C.�
Industry/market analysis
D.�
Management team plan
10.
In which section of the business plan would
Maria state the vacation, attendance, and
training policies for her future employees?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Financial plan
B.�
Industry/market analysis
C.�
Operational plan
D.�
Organizational plan
11.
James is starting a new website development
business. In which section of the business plan
would he analyze other website development
businesses in his area?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Executive summary
B.�
Growth plan
C.�
Industry/market analysis
D.�
Management team plan
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
12.
In which section of the business plan would
Juanita give short descriptions of the key points
of each of the other sections in the business
plan? (CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Executive summary
B.�
Growth plan
C.�
Industry/market analysis
D.�
Management team plan
13.
Mark has experience and training in
landscaping. He is preparing to start his own
landscaping business. In which section of the
business plan would he describe his landscaping
training and experience?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Financial plan
B.�
Growth plan
C.�
Management team plan
D.�
Marketing plan
14.
In which component of the business plan should
an entrepreneur state that the new business will
be selling primarily to teenage boys?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Financial plan
B.�
Marketing plan
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C.�
Organizational plan
D.�
Product/service plan
15.
Maria is creating the part of her business plan
that states why her business idea is feasible and
how she will secure funding for her new
business. What part of the business plan is
Maria developing?
(CTE_ES.6_12.CTE.EXPENT.4.03)
A.�
Financial plan
B.�
Industry/market analysis
C.�
Marketing plan
D.�
Operational plan
Unit 4.01 – Accounting & Finance & Careers
1
. What is one difference between a bookkeeper and an accountant? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accountants need less education than bookkeepers.
B. Accountants need more education than bookkeepers.
C. Bookkeepers earn more money than accountants.
D. Bookkeepers work in banks and accountants work for companies.
2
What is one difference between an investment counselor and a stock broker?
.
(CTE_ES.6_12.CTE.EXPENT.2.01)
A. Investment counselors only sell corporate stock for clients.
B. Investment counselors recommend all types of investments for clients.
C. Stock brokers buy and sell any type of investment for clients.
D. Stock brokers only recommend traditional bank accounts for clients.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
3
. What is one difference between an accountant and an auditor? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accountants assist auditors in recording financial transactions.
B. Accountants work for auditors to help them verify financial records.
C. Auditors assess the accuracy of the firm's financial statements.
D. Auditors speed up the process of collecting money owed to the firm.
4
. What is one difference between an accountant and a CPA? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accountants must have more education.
B. Accountants must pass a national exam.
C. CPAs must pass a national exam.
D. CPAs usually receive a lower salary.
5
Chief financial officers, personal financial advisers, and financial analysts are examples of which type of
.
career? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
6
Opening new checking accounts for customers, preparing certified checks for customers, and processing
.
college loan applications are classified as which type of activity? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
7
Managing a customer's investment portfolio and giving a business advice about its investments are classified as
.
which type of activity? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C. Budgeting
D. Finance
8
Checking the company financial records for accuracy, printing monthly paychecks for employees, and
.
preparing an Income Statement are classified as which type of activity? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
9
John works buying and selling stocks and bonds for his customers. John's job is an example of which type of
.
career? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
1
0.
A savings and loan branch manager is an example of which type of career?
(CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
1
1.
Bernice has a job sending bills to customers and recording their payments. Bernice's job is an example of
which type of career? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
1
2.
Counseling customers who want to buy corporate bonds, selling life insurance, and analyzing company
spending and savings plans are classified as which type of activity? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B. Banking
C. Budgeting
D. Finance
1
3.
Accepting money that customers put in their savings accounts, counting cash to give to customers who have
requested it, and processing a car loan request are classified as which type of activity?
(CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
1
4.
Recording payments made on account, preparing balance sheets, and preparing a quarterly income tax report
are classified as which type of activity? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Accounting
B. Banking
C. Budgeting
D. Finance
Please use the following passage for questions 15 through 16:
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
1
5.
In Income Statement B, what is the Net Income/Net Loss? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Loss of $4,000
B. Loss of $500
C. Profit of $4,000
D. Profit of $500
1
6.
In Income Statement B, how was the Net Income/Net Loss determined? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Costs minus Sales
B. Sales plus Total Costs
C. Total Costs minus Total Revenue
D. Total Revenue minus Total Costs
Please use the following passage for questions 17 through 18:
1
7.
In Income Statement A, what is the Net Income/Net Loss? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Loss of $1,500
B. Loss of $8,500
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
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C. Profit of $1,500
D. Profit of $8,500
1
8.
In Income Statement A, how is the Net Income/Net Loss determined? (CTE_ES.6_12.CTE.EXPENT.2.01)
A. Costs plus Sales
B. Sales plus Total Costs
C. Total Costs minus Total Revenue
D. Total Revenue minus Total Costs
Unit 4.02 – Business Mgmt. & Careers
1.
College presidents, school superintendents, and
school principals are all classified as which
business management career?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Administrative service manager
B.�
Education administrator
C.�
Human resources manager
D.�
Public relations manager
2.
Hospital CEO, nursing home manager, and
medical clinic manager are all classified as
which business management career?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Administrative service manager
B.�
Health service manager
C.�
Human resources manager
D.�
Public relations manager
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
3.
Managing reservations, banquets, and
housekeeping are examples of duties for which
business management career?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Administrative services
manager
B.�
Hotel manager
C.�
Human resources manager
D.�
Public relations manager
4.
Communicating a positive image for the
company is an example of job duties for which
business management career?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Administrative services
manager
B.�
Education administrator
C.�
Human relations manager
D.�
Public relations manager
5.
Overseeing the personnel department of a
company, including posting job vacancies,
screening resumes, and setting interview
appointments are examples of job duties for
which business management career?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Administrative services
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
manager
B.�
Education administrator
C.�
Human resources manager
D.�
Public relations manager
6.
Managing the office administrative support
services to help the office run more smoothly is
an example of a job duty for which business
management career?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Administrative services
manager
B.�
Education administrator
C.�
Human resources manager
D.�
Public relations manager
7.
8.
Helping to resolve a dispute between two
workers in the department is an example of
which business management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
Assigning various job tasks to managers to
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
accomplish goals is an example of which
business management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
9.
Reviewing monthly sales report to see if the
department has achieved its goals is an example
of which business management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
10.
Setting the company objectives for the coming
year is an example of which business
management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
11.
Which activity would be classified as
controlling?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Assigning managers tasks for
the sales promotion
B.�
Keeping company employees
on course to accomplish goals
C.�
Setting company objectives and
targets
D.�
Setting company performance
and quality measures
12.
Which activity would be classified as leading?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Assigning managers tasks for
the sales promotion
B.�
Keeping company employees
on course to accomplish goals
C.�
Setting company objectives and
targets
D.�
Setting company performance
and quality measures
13.
Which activity would be classified as
organizing?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Assigning managers tasks for
the sales promotion
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Keeping company employees
on course to accomplish goals
C.�
Setting company objectives and
targets
D.�
Setting company performance
and quality measures
14.
Brent frequently walks through the office to be
sure that all the employees in his section are on
target to complete the company objectives. This
is an example of which business management
function? (CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
15.
16.
Determining human resources needs in the
company is an example of which business
management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
Janice coordinates a weekly meeting for all the
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
managers in her company so each manager can
update the others on the activities in his/her
section. This is an example of which business
management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
17.
Helping a new employee learn ways to manage
work time effectively is an example of which
business management function?
(CTE_ES.6_12.CTE.EXPENT.2.04)
A.�
Controlling
B.�
Leading
C.�
Organizing
D.�
Planning
Unit 4.03 – Info. Tech. (I.T.) & Careers
1.
What is one difference between a computer
programmer and a software designer?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
A computer programmer
coordinates the coding work.
B.�
A computer programmer plans
the computer program.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
C.�
A computer programmer writes
the code for a computer
program.
D.�
A software designer writes code
for systems programs.
2.
The nature of work for a help desk technician
would usually include:
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
answering telephone calls.
B.�
creating software.
C.�
managing computer networks.
D.�
working outside.
3.
4.
Fay is a programmer who plans and manages
the development of business applications at her
company. What is her profession?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Computer analyst
B.�
Computer engineer
C.�
Computer programmer
D.�
Software designer
Kaylee developed the code for the software for
the new gift registry kiosk at the local
department store. What is her profession?
(CTE_ES.6_12.CTE.EXPENT.2.02)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Computer engineer
B.�
Computer administrator
C.�
Computer programmer
D.�
Help desk technician
5.
Lacey designs computer systems for Dell
computers. What is her profession?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Computer engineer
B.�
Computer administrator
C.�
Computer programmer
D.�
Help desk technician
6.
7.
Juan maintains and operates the network of
computer systems at the hotel. What is his
profession?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Systems administrator
B.�
Systems analyst
C.�
Technical writer
D.�
Webmaster
Sara is responsible for maintaining and updating
the website for a school system. What is her
profession?
(CTE_ES.6_12.CTE.EXPENT.2.02)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Systems administrator
B.�
Systems analyst
C.�
Technical writer
D.�
Webmaster
8.
Jalen created the user-guide for the new grading
software for teachers in North Carolina. What is
his profession?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Systems administrator
B.�
Systems analyst
C.�
Technical writer
D.�
Webmaster
9.
10.
Carol is working to modify the computer
systems in her office to improve the
productivity of the workflow. This is an
example of which IT activity?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Networking
C.�
Support
D.�
Troubleshooting
A digital camera is an example of computer:
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Hardware.
B.�
Software.
C.�
Networks.
D.�
Multimedia.
11.
Sal is using Microsoft PowerPoint to complete a
project. This is an example of which type of
software? (CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Multimedia
B.�
Desktop Publishing
C.�
Word Processing
D.�
Database
12.
13.
Carmen is watching a streaming video with
sound on a website. This is an example of
which type of software?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Desktop Publishing
B.�
Multimedia
C.�
Word Processing
D.�
PowerPoint
Which is an example of systems software?
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Windows XP
B.�
MS Word
C.�
Typingmaster
D.�
MS Publisher
14.
Ethan is working on connecting the company
computer networks between cities. This is an
example of which IT activity?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Networking
C.�
Support
D.�
Troubleshooting
15.
Sandra is trying to help her fellow worker solve
a problem he/she is having with his/her systems
software. This is an example of which IT
activity? (CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Managing
B.�
Programming
C.�
Networking
D.�
Troubleshooting
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
16.
Carrie works with connecting computers
together in her company so that all users can
interact with each other. This is an example of
which IT activity?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Designing
C.�
Networking
D.�
Troubleshooting
17.
Harlin is writing code for the computer software
that his company is developing. This is an
example of which IT activity?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Designing
C.�
Programming
D.�
Troubleshooting
18.
Grettel is responsible for the operation and
control of all the computers in her office
building. This is an example of which IT
activity? (CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Designing
C.�
Managing
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D.�
19.
Support
Jazmin is creating a web page for her company.
This is an example of which IT activity?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Designing
C.�
Managing
D.�
Support This is an example of
which IT activity?
20.
Mike is working answering phones for the help
desk of Microsoft Corporation. This is an
example of which IT activity?
(CTE_ES.6_12.CTE.EXPENT.2.02)
A.�
Analyzing
B.�
Designing
C.�
Managing
D.�
Support
Unit 4.04 – Marketing & Careers
1.
Jerry promotes concerts, hockey games, and
basketball games for the arenas in his area. How
is Jerry's career classified?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Fashion merchandising
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Sales manager
C.�
Sports and entertainment
marketing
D.�
Travel and tourism
2.
Suzanne is a clothing designer and follows the
trends in the clothing world. How is her career
classified? (CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Fashion merchandising
B.�
Sales manager
C.�
Telemarketer
D.�
Travel and tourism
3.
4.
Michael uses the telephone to call people to
promote the products for his company. This is
an example of which marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Buyer
B.�
Market Researcher
C.�
Sales Manager
D.�
Telemarketer
Jonah works for a pharmaceutical company. He
visits doctor's offices to persuade them to write
patient prescriptions for his company's products.
This is an example of which marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Marketing management
B.�
Salesperson
C.�
Sports and entertainment
marketing
D.�
Travel and tourism
5.
Jordan is analyzing data in order to determine
the target market for the new video game. This
is an example of which marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Fashion Merchandising
B.�
Market Researcher
C.�
Salesperson
D.�
Sales Manager
6.
Sara is studying the shopping behavior of teens
ages 13-18 in order to create a new product line
of cosmetics. This is an example of which
marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
e-marketing
B.�
Fashion merchandising
C.�
Marketing research
D.�
Sales manager
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
7.
Clay advertises his products over the Internet.
This is an example of which marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Buyer
B.�
e-Marketing
C.�
Marketing Manager
D.�
Sales Manager
8.
Jeannie supervises the sales people at the local
JC Penney's store. This is an example of which
marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Fashion Merchandising
B.�
Marketing Management
C.�
Sales Manager
D.�
Telemarketer
9.
Rachel works at the corporate offices for Belk
Store Services in Charlotte. In her job, she
purchases a large number of Carolina
Hurricanes teeshirts to sell in all North Carolina
Belk stores. This is an example of which
marketing career?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Buyer
B.�
e-Marketing
C.�
Marketing Manager
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
D.�
10.
Sales Manager
Paul owns a small sandwich shop. He has been
so successful that he is going to open a second
shop. He is trying to decide where the shop
should be located. Under which marketing
function would his action fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
11.
Annette designs dresses and sells them to local
dress stores. How would Annette's occupation
BEST be classified?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
e-Marketing
B.�
Fashion merchandising
C.�
Telemarketing
D.�
Travel and tourism
12.
In his job, James must call people and try to
convince them to buy tickets to local concerts.
How would James' work BEST be classified?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
E-Commerce
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Fashion merchandising
C.�
Retail
D.�
Telemarketing
13.
Amazon.com decided to create banner ads to
place on MySpace.com. Under which marketing
function does this action fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
14.
15.
Because HDTV sets had become so popular,
Sears decided to offer a special promotional sale
on traditional TV sets. Under which marketing
function does this action fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
When customers rushed to Old Navy to buy
jeans for $19.99, the Gap decided to offer
customers a similar discount. Under which
marketing function does this action fall?
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
16.
Mary's Muffin Shop has been in business for
three years. Since the shop has been so
successful, Mary is looking for a location for a
second shop. Under which marketing function
does this action fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
17.
Sean is trying to decide where he should locate
his new business. Under which marketing
function does this action fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
18.
A cell phone manufacturing company is
working to improve its least popular cell phone.
Under which marketing function does this
action fall? (CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
19.
Which marketing function would Old Navy use
when it is creating a new commercial for
television? (CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
20.
Alltel decided to market its new line of video
phones. Under which marketing function does
this decision fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
21.
Coca-Cola decided to offer a new type of soft
drink, Coke 2. Under which marketing function
does this decision fall?
(CTE_ES.6_12.CTE.EXPENT.2.03)
A.�
Place
B.�
Price
C.�
Product
D.�
Promotion
Unit 5.01 – Business Etiquette & Business Communication
1.
2.
Jonathon is the personnel manager for a small
firm. He must communicate with candidates
who have expressed an interest in working in
his firm. Which form of business
communication should he use?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
Emma is the office manager for a large firm.
She must communicate the new official mail
room procedure with all the employees in the
office. Which form of business communication
should she use?
(CTE_ES.6_12.CTE.EXPENT.5.01)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
3.
Maria is working from home as she recovers
from recent surgery. She wants to briefly and
quickly remind her employees to submit their
time sheets before the end of the pay period.
Which form of business communication should
she use? (CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
4.
Shawn is preparing his company's annual
communication to the stockholders for their
review. This is an example of which form of
business communication?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
5.
Mark is the manager of a carpet cleaning
business. He wants to communicate a short
message to all his sales people the fastest way
possible. Which form of business
communication should he use?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
6.
Amy's company just completed market research
for expansion. She will need to prepare the
results of the research to be given to the Board
of Directors. Which form of formal business
communication is most appropriate?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
7.
John is the manager of an office supply store.
He must communicate with one of the
companies that supplies pens to his store.
Which form of formal business communication
is most appropriate?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Letter
C.�
Memo
D.�
Report
8.
William's boss wants him to send a short,
official message about health care benefits to all
the employees in the office. Which form of
business communication should he use?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Email
B.�
Letter
C.�
Memo
D.�
Report
9.
Compare business etiquette in India with
business etiquette in Mexico.
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
In India, businesspeople wink at
each other to show
understanding.
B.�
In India, the host should always
be thanked at the end of the
meeting.
C.�
In Mexico, avoiding eye contact
is a sign of respect.
D.�
In Mexico, businesspeople
always step back to speak to
one another.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
10.
Compare business etiquette in India with
business etiquette in Mexico.
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
In India, it is rude to have
refreshments at a business
meeting.
B.�
In India, tea is served before
starting a business meeting.
C.�
In Mexico, business meetings
are usually held early in the
morning.
D.�
In Mexico, it is rude to have
iced tea during a business
meeting.
11.
Compare business etiquette in the United States
with business etiquette in Japan.
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
In Japan, businesswomen are
encouraged to wear pants to
cover their legs.
B.�
In Japan, businesswomen
should not wear pants to
meetings.
C.�
In the United States,
businesswomen cannot wear
pants to meetings.
D.�
In the United States,
businesswomen must wear
pants to meetings.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
12.
Which is an example of proper netiquette in an
email message?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Be on time!
B.�
DON'T BE LATE!
C.�
Latecomers will not be admitted
D.�
Please be prompt
13.
Which is an example of proper netiquette in an
email message?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
Susan M. Jones
B.�
Susie
C.�
Susie J.
D.�
Suzey Q
14.
Which is an example of proper netiquette in an
email message?
(CTE_ES.6_12.CTE.EXPENT.5.01)
A.�
UR invited to attend.
B.�
You are cordially invited to
attend.
C.�
You R inv. to a partee.
D.�
YOUR PRESENCE IS
REQUIRED.
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
Unit 5.02 – Business Ethics & Ethical Behavior
1.
A co-worker, Stacy, also runs a small business
in her home. Several times a month she collects
paper clips, post-it-notes, and other office
supplies from the office to take to her home
business. What action that Stacy could take
represents an ethical decision?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Stop taking the office supplies
home except once a month
B.�
Stop taking the office supplies
home for any reason
C.�
Take the office supplies home
only if there are plenty of
supplies at work.
D.�
Take the supplies home as long
as they are in open packages
2.
When Claire used the copier, she found a
$10.00 bill under the edge of the copier. Which
action by Claire represents an ethical decision?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Give the money to her best
friend in the office
B.�
Give the money to the boss to
try to find the owner
C.�
Give the money to the lowest
paid employee in the office
D.�
Take the $10.00 for herself and
quietly put it in her pocket
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
3.
Ross is an employee in Helga's office. Ross
forgot his login and password. Helga knows that
a coworker, Jamie, is out of the office. Helga is
tempted to give Ross her own login and
password and to use Jamie's for herself. Which
action represents an ethical decision?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Do not sign Ross in; he needs
his own login and password
B.�
Give Ross Jamie's login and
password so he can sign in as
Jamie
C.�
Sign Ross in as herself using
her own login and password
D.�
Sign Ross in as Jamie, using
Jamie's login and password
4.
5.
What could be a result of ethics abuse in the
workplace?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Business failure
B.�
Happier employees
C.�
More jobs created
D.�
Satisfied managers
What could be a result of ethics abuse in the
workplace?
(CTE_ES.6_12.CTE.EXPENT.5.02)
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
A.�
Higher prices
B.�
Happier employees
C.�
Less employee turnover
D.�
Satisfied managers
6.
What could result when a company has a good
code of ethics?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Customers decide to do
business elsewhere.
B.�
Employees continue to work at
the company.
C.�
Employees leave to find other
employment.
D.�
Managers discipline employees
more often.
7.
Which is an example of ethics abuse concerning
copyright? (CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Applying for a copyright for the
newly created company website
B.�
Creating a graphic and
neglecting to apply for a
copyright
C.�
Using graphics from the
Microsoft website on the
company website
D.�
Using the � symbol to indicate
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
a copyrighted graphic in a
report
8.
Which is an example of ethics abuse regarding
an Email Privacy Policy?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Reminding employees to submit
time cards through an email
B.�
Requesting permission to take
vacation via email to supervisor
C.�
Sending holiday greetings to
personal friends through email
D.�
Sending meeting minutes to
employees through email
9.
10.
Which is an example of ethics abuse regarding
the company's Computer Use Policy?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Using the company computer to
update employee payroll
records
B.�
Using the company computer to
play Solitaire at work
C.�
Using the company computer to
schedule job assignments
D.�
Using the company computer to
update employees' addresses
Which is an example of ethical behavior in the
workplace?
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Sending a coworker an email
asking for a date after work
B.�
Telling a friend in another
company something the boss
said confidentially
C.�
Telling the boss that you cannot
work with a coworker
D.�
Turning in actual receipts for a
business trip reimbursement
11.
Which is an example of ethical behavior in the
workplace?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Arriving at work on time every
day and reading the newspaper
B.�
Arriving at work on time every
day and starting right to work
C.�
Taking a coworker's pens from
his/her desk for personal use
D.�
Telling the supervisor that an
assignment is finished when it
is not
12.
Which is an example of ethical behavior in the
workplace?
(CTE_ES.6_12.CTE.EXPENT.5.02)
A.�
Completing a work assignment
a week late
FINAL EXAM REVIEW QUESTI0NS Answer Key for Exploring
Business, Marketing & Entrepreneurship 2014-2015
B.�
Ignoring a coworkers request
for help on a project
C.�
Submitting reimbursement
receipts for items used at home
D.�
Treating coworkers the way one
would like to be treated