Comex

Intro to Business (Practice Test I) 1. When is the best time to review class lecture notes? a. Within a day of the lecture. 2. The title "Plant Manager" is an example of a ________ management position. b. Middle 3. When an instructor writes something on the board or emphasizes something with his or her tone of voice, he or she is giving: c. cues about what is important to write down. 4. Stanislav lives in a country where all the factors of production are owned by the government. The economic system in his country is: d. Communism 5. The ________ manager is responsible for developing a deep understanding of the needs of the customer. e. Marketing 6. The law of demand states that buyers will purchase more of a product as its price drops. 7. The technical skills, human relations skills, and conceptual skills of managers: f. shift in their degree of importance as the manager rises to the top of the organization 8. The ________ of a firm spend most of their time working with and managing the employees who report to them. g. first-line managers 9. An economic system that permits private ownership and control of small businesses but where the government controls large critical industries is known as: h. Socialism 10. Profit is: i. what remains after business expenses are subtracted from business revenues 11. A producer of automobile batteries notes that the price of batteries has risen in each of the past three years. The firm decides to expand its battery production. This illustrates: j. the law of supply 12. Operations managers are typically responsible for production, inventory, and quality control. 13. The concept that producers will offer more of a product for sale as its price increases and less as its price decreases is known as: k. the law of supply 14. Jackie is responsible for hiring, training, development, and evaluation of