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DSST Things to know_Intro to Business

In a socialistic society which of the following best

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53. In a socialistic society, which of the following best describes the place of goods? (A) They are owned by the state. (B) They can be purchased and owned by individuals. (C) They are distributed by the state. (D) They are equally distributed among citizens. 54. Which of the following issues does NOT affect the business system today?
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55. A firm may enter the global market through direct investment by doing which of the following? 56. Which of the following is a possible benefit of a total quality management (TQM) policy? 57. Which of the following is NOT a primary function performed by managers? (A) Controlling (B) Planning (C) Leading (D) Selling 58. A company which prefers to hire management through promotions and transfers rather than through public advertising is practicing which of the following? 59. Which of the following is the main difference between arbitration and mediation? 60. According to the accounting equation, “assets equal liabilities plus . . .” which of the following? 1. The correct answer is (A). The Small Business Administration was created by Congress in 1953 to assist small businesses. 2. The correct answer is (C). Small businesses have a strong potential for failure. 3. The correct answer is (B). An advantage of franchising is that the franchisee can sell to existing clientele. 4. The correct answer is (B). A franchisee usually receives a business name, business plan, and management training from a franchiser. 5. The correct answer is (A). A company goal can be effective only if top management demonstrates commitment to it. 6. The correct answer is (B). Identifying an opportunity for profit is the first step in business planning. 7. The correct answer is (C). In a laissez-faire management system, an employee can work using the techniques the employee wishes. 8. The correct answer is (B). When two employees have a difference of
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opinion, they should seek a negotiator. 9. The correct answer is (D). Conceptual skills are those that deal with visualizing ideas and putting those ideas into practice.
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