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DSST Introduction to Business Exam Practice Test 2

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The DSST Introduction to Business exam covers the basics of economic issues; international business; government and business; business ownership; entrepreneurship and franchise; management process; human resource management; production and operations; marketing management; financial management; risk management and insurance; and management and information systems. The exam contains 100 questions to be answered in 2 hours. Exam content: Foundations of Business – 20% a. Forms of Business Ownership b. Government and Business c. Economics of Business Functions of Business – 60% a.... Show more

The DSST Introduction to Business exam covers the basics of economic issues; international business; government and business; business ownership; entrepreneurship and franchise; management process; human resource management; production and operations; marketing management; financial management; risk management and insurance; and management and information systems.

The exam contains 100 questions to be answered in 2 hours.

Exam content:

Foundations of Business – 20%
a. Forms of Business Ownership
b. Government and Business
c. Economics of Business

Functions of Business – 60%
a. Management
b. Marketing
c. Finance
d. Accounting
e. Production and Operations
f. Management Information Systems
g. Human Resources
h. Entrepreneurship

Contemporary Issues – 20%
a. Role of technology and e-commerce
b. Business ethics and social responsibility
c. Global business environment

Show less

DSST Introduction to Business Exam Practice Test 2

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1. Which of the following is an example of corporate philanthropy?

Shifting to recycled packaging for a company’s productsA network’s refusing to allow the product placement of cigarettes in a TV programSponsoring the Great American CleanupRefusing to do business with a company that uses sweatshops

2. A small business selling craft materials and needing money to balance out cash flow would most likely

apply for a bank line of credit.sell unsecured commercial paper.issue stock.sell a debenture.

3. Which of the following is an accounting function in a company?

Preparing income statementsInvesting a company’s surplus fundsProviding input for budgetingDetermining whether to borrow money or issue stock to fund capital needs

4. Net income is

gross profit minus operating expenses and income taxes.costs of materials used to produce goods during a given year.gross profit minus operating expenses.assets minus liabilities.

5. The ISO 9000 label indicates that a company’s products

are organic.adhere to the highest quality.are manufactured in a socially responsible way.are environmentally safe.

6. Which of the following is a contingent worker?

Truck driver who owns and drives his own truckLawyer on leaseDaughter employed as a sales agent for the family construction companyCall center employee

7. The benefits that buyers receive from a product are categorized as what type(s) of utility?

Price, promotion, and placeValueTime, form, and placeForm, time, place, and ownership

8. Businesses fail for which of the following reasons?
I. Ineffective financial controls
II. Lack of adequate capitalization
III. Inexperienced management

I, II, and IIIII and III onlyI and II onlyI only

9. An organization would typically write an intermediate goal for something it wished to accomplish

within one to three years.within one to five years.in less than one year.in one year.

10. Which of the following is an example of a company’s exercising its corporate social responsibility?

Labeling food packaging with nutrition informationReturning an overpayment to a customerConducting an audit of working conditions in a foreign factory producing components for its smartphonesTurning over e-mails requested by a federal investigation into fraudulent dealings by a CFO

11. A flat organizational structure is most often found in a/an

tall organization.decentralized organization.autocratic organization.centralized organization.

12. Total revenue minus cost of goods sold divided by revenue equals

operating expenses.operating profit margin.earning per share.gross profit margin.

13. Which of the following is a true statement about the minimum wage?

Any job that is negotiated by collective bargaining is not covered by the minimum wage.All hourly jobs are covered by the minimum wage.Violations of the minimum wage are investigated by the Equal Opportunity Employment Act.The Federal Fair Labor Standards Act mandates those jobs that must be paid the minimum wage.

14. Enterprise resource planning program (ERPP) software does which of the following?

Connects all functions of a business operation such as inventory control, scheduling, finance, marketing, and human resourcesHelps entrepreneurs predict the potential for successIs an online performance appraisal systemIs a tool for franchisees

15. Using an Internet job site is what type of recruiting for a new hire?

InternalProspectingExternalHeadhunting

16. Which of the following is an internal environment that affects how companies do business?

Cross-cultural environmentEconomic environmentCorporate culturePolitical-legal environment

17. Taking out a bank loan has an advantage over having an angel investor because

a bank will make a loan to a partnership, but angel investors typically prefer to invest in sole proprietorships.a bank will act in an advisory capacity to the entrepreneur, whereas an angel investor takes a hands-off role.it means that the entrepreneur will still be eligible for a SBA loan.a bank loan is paid off over time, whereas an angel investor is paid a share of the profits for as long as the business exists.

18. Statutory law is law

developed from court decisions.passed by state legislatures.established by administrative agencies.based on court precedents.

19. What is a major disadvantage of buying an existing business?

An existing business may have a poor reputation for customer service or product quality.Buying an existing business takes more time than setting up a new company.There is little opportunity for creating a new look for the business or introducing new products.It can be easier to obtain financing for a start-up than to buy an existing business.

20. Which of the following is an example of dumping?

Manufactures sell goods in a foreign country for less than what it cost to manufacture them.Clothing manufacturers cut up out-of-season clothes and trash them to clear inventory.Stores sell goods for less than what they paid in order to clear inventory.A foreign government offers a subsidy to domestic manufacturers that make and sell goods abroad to offset import duties.

21. Which of the following is characteristic of a market economy?

Central planningLow barriers to entry into industriesGovernment control of some industries and competition in othersThe right to own property

22. A Gantt chart shows the

products to be produced, their deadlines, and those who will be working on the projects.sequence of tasks that must be performed in order and the tasks that can be performed simultaneously with those tasks.structure of an organization.steps in a project and time required to perform each step.

23. In terms of assets, brand recognition and a company’s reputation are classified as

intellectual property.liquid assets.goodwill.tangible property.

24. Point-of-sale displays is an example of

a distribution channel.advertising.an impulse buy.sales promotion.

25. Which of the following can be binding on both sides in a labor dispute?

Check offCollective bargainingMediationArbitration

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