Questions and Answers
According to the segment, how are businesses classified?
Work activities the business performs
Which of the following is an example of a producer?
Which of the following is NOT an example of a processor?
Which of the following is an example of a service firm?
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Which of the following is NOT a business department mentioned in the segment?
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Which of the following is NOT a step of the employment process in the Human Resources department according to the segment?
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Which of the following is NOT a role the Human Resources department plays when helping orient employees?
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Evaluating employee performance helps with all of the following EXCEPT which of the following?
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Which of the following is NOT a level of Maslow's hierarchy of needs?
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Which of the following is NOT a function of management?
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According to the segment, why is the Finance and Accounting department important to a business?
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Items of value owned by a business are known as which of the following?
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Which of the following are the debts or obligations of a business?
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Which of the following is NOT a responsibility of the Finance department?
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Which of the following is NOT a source of funding?
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Which of the following is NOT a component of the marketing mix?
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Which of the following are the activities used to persuade consumers they need the product?
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Which of the following is NOT a stage of the product life cycle?
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Which of the following correctly lists the needs of consumers which should be met?
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Which of the following is NOT a role of production and distribution in a company?
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Study Notes
Business Classification
- Businesses are categorized based on the work activities they perform.
- Producers create raw materials or goods; miners exemplify this role.
Processors and Service Firms
- An automobile factory does not qualify as a processor; processors typically transform raw materials.
- A landscape company is a prime example of a service firm, focusing on providing services rather than products.
Business Departments
- "External relations" is not recognized as a business department.
- The Human Resources department's employment process excludes negotiating salary and benefits for new hires.
- HR does not analyze new employee morale during employee orientation.
Employee Evaluation
- Evaluating employee performance does not pertain to managing sick leave.
Maslow's Hierarchy of Needs
- "Personal interest" does not appear as a level in Maslow's hierarchy.
- Core levels include physical, social, and psychological needs, which must be addressed to satisfy consumers.
Management Functions
- Functions of management are distinct from roles involving analysis.
Finance and Accounting
- Essential for business operations, the Finance and Accounting department manages cash flow, a critical component for survival.
- Assets refer to valuable items owned by a business, while liabilities denote the company's debts or obligations.
- Finance's responsibilities omit establishing external relations.
Funding Sources
- Potential sources of funding do not include decreasing owner contributions, as this reduces available capital.
Marketing Mix
- "Perception" is not a component of the marketing mix; key components include product, price, place, and promotion.
Promotion
- Promotion encompasses activities aimed at persuading consumers of the product's necessity.
Product Life Cycle
- "Evaluation" is not identified as a stage within the product life cycle, which typically includes development, introduction, growth, maturity, and decline.
Roles in Production and Distribution
- Marketing is not considered a role associated with production and distribution within a company.
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Description
Test your knowledge on the classification of businesses with these flashcards. Explore examples of producers, processors, and service firms to strengthen your understanding of key business concepts. Perfect for students looking to grasp the fundamentals of business characteristics.
