Econ Exam

A vibrant classroom setting with students engaging in a lively discussion about economics, with charts and graphs on the walls to represent various business structures.

Econ Exam Quiz

Test your knowledge on various aspects of economics and business structures with our comprehensive Econ Exam Quiz. This quiz features 45 questions that cover topics such as partnerships, corporations, management functions, and more.

Challenge yourself today and see how much you know!

45 Engaging Questions
Multiple Choice Format
Suitable for All Knowledge Levels

45 Questions11 MinutesCreated by LearningEagle375

In Canada, corporations must have "Corporation," "Incorporated," or "Limited" in their names to show that their owners have limited liability

True

False

When after-tax corporate profits are paid out as dividends to the shareholders, the dividends are taxed a second time as part of the individual owner's income. This process creates double taxation for the shareholders of dividend-paying corporations

True

False

If Hershey's Chocolate wants to purchase a large sugar refinery—to ensure a ready supply of sugar for its candy—a horizontal merger would result.

True

False

One of the most popular and easiest to establish forms of business organization in Canada is the:

All of the following are advantages of a sole proprietorship, except:

The income earned by sole proprietorships is:

Taxed twice

Not taxable

Taxed as personal income

Audited less often than others

Which of the following requires their owners to perform many diverse functions and possess multiple skills to make decisions?

Selling a partnership interest may be hard because:

Partnerships are subject to unlimited liability.

Of regulatory controls.

It is difficult to place a value on a share of the partnership.

of double taxation.

Charles has been asked to join a new partnership that is developing a recreation facility. He does not want to be liable for the firm's debts, if the project should fail. He could still participate as a:

Which of the following stockholders usually have the right to vote and control the board of directors?

Preferred

Common

Preemptive

Primary

All of the following are advantages of a corporation, except:

Which of the following forms of business organization is a partnership established for a specific project or for a limited time?

When a group of investors borrows money to buy a company or division, using the company's assets to guarantee the loan, it is called a(n):

A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a:

Determining an organization's objectives and deciding how to accomplish them are part of the management function known as:

The type of planning conducted on a long-range basis by top managers is usually called:

The type of planning conducted on a short-term basis to implement activities and objectives is called:

Determining whether an organization has fulfilled a certain objective is most closely associated with which of the following management functions?

Production and operations managers are concerned with:

Identifying and efficiently using sources of financing.

Managing a division.

Planning, pricing, and promoting products.

Transforming resources into products.

Recruiting new employees and developing employee programs.

Departmentalization is the division of labour into small, specialized tasks and the assignment of single tasks to employees.

True

False

A wide span of management is best when the manager and subordinates are not in close proximity.

True

False

Small businesses are most likely to employ:

An organization operating in a complex and unpredictable environment is likely to be:

Highly centralized.

Decentralized.

Companies that have flat organizations also tend to have:

Project teams:

Are permanent, formal groups.

Are composed of individuals from one functional area.

Never last for more than six months.

Have total control of a specific work project.

Solve specific quality problems.

The planning of human resources includes all of the following, except:

Determining how many employees and what skills the organization needs.

Forecasting how many employees the organization needs to hire and what qualifications they must have.

Forecasting the supply of people in the workforce who will have the necessary qualifications to meet the firm's needs.

Considering the status of current personnel.

Appraising performance.

All of the following are objectives of performance appraisal, except to:

Provide employees with feedback on their performance.

Provide the organization with information on its development programs.

Provide a basis for reward distribution.

Train employees on how to improve their performance

Provide employees with information on what they need to do to improve their performance.

Companies often determine the compensation for a specific job by:

Conducting a job evaluation.

Conducting a wage/salary survey.

Surveying what the competition pays.

Asking the employee how much he or she wants.

Ranking employees according to seniority.

A marketing strategy is a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.

True

False

Total-market approach is one where a firm tries to appeal to everyone and assumes that all buyers have similar needs.

True

False

Among the marketing functions are:

Production, distribution, and consumption.

Financing, market researching, buying, and selling.

Comparing performance to standards and correcting performance.

Directing, controlling, and planning.

Recruiting, promoting, and terminating employees.

Richard has acquired a supply of canned fruits and vegetables. He does not yet have a buyer for them, but he's using promotion and other activities to find a buyer. He is performing the marketing function of:

When a television manufacturer provides stores with credit to get the televisions into the stores for sale, the manufacturer is involved in the marketing function of:

The marketing mix is a combination of:

Product, price, promotion, and distribution.

Compensation, regulation, segmentation, and ethics.

Sales, advertising, and publicity.

Product, price, advertising, and distribution.

Marketing, operations, and finance.

The level of market coverage for convenience items could be described as:

Intensive distribution.

Exclusive distribution.

Selective distribution.

Coordinated distribution.

Which of the promotion mix variables is best for promoting expensive products with specialized uses, such as houses?

If a manufacturer offers a wholesaler a special incentive to carry a new product line, which strategy is being applied?

Pull

Advertising

Creative financing

Push

Effective promotional positioning uses promotion to:

Create and maintain an image of a product in consumers' minds.

Create an image that appeals to multiple market segments.

Expedite product delivery.

Become an unnatural result of market segmentation.

All of the choices are correct.

Unlock and Upgrade

Remove all limits from your Quizzes

Econ Exam

Econ Exam Quiz

More Quizzes