Consumer Economics Ch 2 Assessment
(231).webp "Consumer Economics Ch 2 Assessment - Quiz")
Consumer Management Skills
Questions and Answers
- 1.
Sending a daughter through college is an example of a long-term goal.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Sending a daughter through college is considered a long-term goal because it requires a significant amount of time, planning, and financial resources. College education typically spans over several years, and parents often start saving and preparing for this goal many years in advance. It involves setting aside funds for tuition, accommodation, books, and other expenses. Achieving this goal requires consistent effort and long-term commitment. Therefore, it is accurate to say that sending a daughter through college is an example of a long-term goal.Rate this question:
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- 2.
To achieve a goal successfully, you should ignore possible problems.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Ignoring possible problems is not a successful strategy for achieving a goal. In fact, it is important to acknowledge and address potential problems in order to increase the chances of success. By ignoring problems, one may not be adequately prepared to overcome obstacles that may arise, leading to failure in achieving the goal. Therefore, the correct answer is false.Rate this question:
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- 3.
Consumer choices are usually based on needs alone.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Consumer choices are not solely based on needs alone. While needs play a significant role in influencing consumer decisions, other factors such as wants, preferences, emotions, and personal values also come into play. Consumers often consider factors like price, quality, brand reputation, convenience, and social influence when making choices. Therefore, it is incorrect to assume that consumer choices are solely driven by needs.Rate this question:
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- 4.
All families go through the same stages of the family life cycle in the same order.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because not all families go through the same stages of the family life cycle in the same order. The family life cycle consists of various stages such as marriage, having children, raising children, and becoming empty nesters. However, the timing and order of these stages can vary greatly among different families. Factors such as cultural differences, socio-economic status, and personal choices can influence the sequence and duration of each stage in the family life cycle. Therefore, it is incorrect to assume that all families follow the same order of stages in the family life cycle.Rate this question:
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- 5.
Needs, wants, values, and standards all enter into the process of establishing priorities.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because when establishing priorities, individuals consider their needs, wants, values, and standards. Needs refer to the basic necessities required for survival, wants are desires beyond basic needs, values are personal beliefs and principles, and standards are the criteria used to judge or evaluate something. All these factors play a role in determining what is important and should be given priority.Rate this question:
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- 6.
The way to translate your priorities into action is by setting standards.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Setting standards is not the only way to translate priorities into action. Other methods, such as creating a plan, making a to-do list, or setting goals, can also be effective in turning priorities into actionable steps. Therefore, the given statement is false.Rate this question:
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- 7.
Habit is always a poor basis for making decisions.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that habit is not a reliable foundation for decision-making. However, this is not always the case. While some habits may lead to poor decisions, others can be beneficial and lead to positive outcomes. Therefore, it is incorrect to claim that habit is always a poor basis for decision-making.Rate this question:
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- 8.
Decisions about money management are affected by the size of the family.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The size of the family can indeed affect decisions about money management. A larger family typically requires more financial resources to meet their needs, such as housing, food, education, healthcare, and transportation. Therefore, families with more members may need to budget and allocate their money differently compared to smaller families. Additionally, the size of the family can also impact the ability to save and invest for future financial goals.Rate this question:
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- 9.
U.S. consumers would not be affected by an economic problem in Japan.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
An economic problem in Japan can have an impact on U.S. consumers due to the interconnectedness of the global economy. Japan is one of the largest economies in the world and a major trading partner with the United States. Any economic problem in Japan, such as a recession or financial crisis, can lead to a decrease in Japanese demand for U.S. goods and services, which can negatively affect U.S. businesses and workers. Additionally, disruptions in the Japanese supply chain can also impact the availability and prices of certain products in the U.S. market. Therefore, U.S. consumers can be affected by economic problems in Japan.Rate this question:
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- 10.
Advertising can create consumer desire for goods and services that are not needed.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Advertising has the power to influence consumer behavior and create a desire for goods and services that may not be necessary. Through persuasive techniques, such as emotional appeals and creating a sense of urgency, advertisers can convince consumers that they need a particular product or service. This can lead to unnecessary purchases and consumer spending on items that they may not have otherwise considered. Therefore, it is true that advertising can create consumer desire for goods and services that are not needed.Rate this question:
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- 11.
Cultural factors can affect consumer choices.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Cultural factors play a significant role in influencing consumer choices. People's beliefs, values, customs, and traditions, which are shaped by their culture, impact their preferences, needs, and purchasing decisions. Cultural factors can include language, religion, social norms, and even aesthetics. For example, certain cultures prioritize sustainable or eco-friendly products, while others may prioritize luxury or status symbols. Understanding and considering these cultural factors is crucial for businesses to effectively market and cater to different consumer segments.Rate this question:
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- 12.
You should evaluate consumer informationm, even from reliable sources, before allowing it to influence your judgment.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
It is important to evaluate consumer information, even from reliable sources, before allowing it to influence your judgment. Just because a source is considered reliable does not guarantee that the information provided is accurate or relevant to your specific situation. By evaluating the information, you can ensure that it aligns with your needs, preferences, and values, and make informed decisions based on reliable and relevant information.Rate this question:
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- 13.
If an advertised "miraculous" product sounds too good to be true, it probably is.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement suggests that if a product is advertised as "miraculous" and sounds too good to be true, it is likely not true. This implies that the product is likely a scam or does not live up to its claims. Therefore, the correct answer is True, as it aligns with the idea that overly exaggerated claims should be approached with skepticism.Rate this question:
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- 14.
"This study suggests a link etween high cholesterol and heart disease" has the same meaning as "This study proves that high cholesterol causes heart disease".
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because suggesting a link between high cholesterol and heart disease does not necessarily mean that high cholesterol causes heart disease. It implies that there may be a correlation or association between the two, but it does not establish a cause-and-effect relationship. The word "suggests" indicates a possibility or likelihood, whereas "proves" implies certainty and conclusive evidence.Rate this question:
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- 15.
Reliable information is often anonymous.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement "Reliable information is often anonymous" is incorrect. Reliable information is typically attributed to a credible source, which means that the source is identified and accountable for the information provided. Anonymity can raise doubts about the credibility and trustworthiness of the information, as it lacks transparency and accountability.Rate this question:
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- 16.
Goals may be all of the following EXCEPT...
- A.
Long term
- B.
Short term
- C.
Realistic
- D.
Unchangeable
Correct Answer
D. UnchangeableExplanation
Goals can be long term, short term, and realistic as they are meant to be achievable within a certain time frame and based on realistic expectations. However, goals are not unchangeable as they can be adjusted or modified based on changing circumstances, new information, or feedback received. Therefore, unchangeable is the correct answer as it does not align with the nature of goals.Rate this question:
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- 17.
Things you desire that are not required in your life are...
- A.
Goals
- B.
Priorities
- C.
Standards
- D.
Wants
Correct Answer
D. WantsExplanation
The term "wants" refers to the things that a person desires but are not necessary for their survival or well-being. These are usually material or non-essential desires that vary from person to person. Goals, priorities, and standards are important aspects of life that help individuals achieve success and maintain a balanced lifestyle. However, wants are additional desires that may bring pleasure or satisfaction but are not essential for one's basic needs or overall happiness.Rate this question:
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- 18.
Tools and computers are examples of ____ resources.
- A.
Human
- B.
Material
- C.
Natural
- D.
Renewable
Correct Answer
B. MaterialExplanation
Tools and computers are examples of material resources because they are physical objects that are used to accomplish tasks or perform functions. Material resources are tangible and can be seen, touched, and manipulated. In contrast, human resources refer to the people who use these tools and computers, while natural resources are elements found in nature such as water, air, and minerals. Renewable resources are those that can be replenished or replaced over time, such as solar energy or wind power.Rate this question:
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- 19.
To conserve means to _____.
- A.
Add on
- B.
Specialize
- C.
Throw away
- D.
Use less
Correct Answer
D. Use lessExplanation
To conserve means to use less of something, whether it be resources, energy, or any other item. Conservation involves reducing consumption and waste in order to preserve and protect the environment or valuable resources. This can include actions such as turning off lights when not in use, using public transportation instead of driving, or recycling materials instead of throwing them away. By using less, we can help to ensure the sustainability of our planet and its resources.Rate this question:
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- 20.
If one well-paid roommate pays for all the food while an unemployed roommate shops and cooks, they are ____ resources.
- A.
Conserving
- B.
Exchanging
- C.
Expanding
- D.
Substituting
Correct Answer
B. ExchangingExplanation
In this scenario, the roommates are exchanging resources. One roommate is providing the financial resources by paying for all the food, while the other roommate is contributing their time and effort by shopping and cooking. This exchange of resources allows them to effectively manage their living situation and ensure that both their needs are met.Rate this question:
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- 21.
The correct sequence for the steps in the management process is ____.
- A.
Organizing, planning, implementingm, evaluating
- B.
Planning, evaluating, organizing, implementing
- C.
Planning, organizing, evaluating, implementing
- D.
Planning, organizing, implementing, evaluating
Correct Answer
D. Planning, organizing, implementing, evaluatingExplanation
The correct sequence for the steps in the management process is planning, organizing, implementing, evaluating. Planning involves setting goals and determining the best course of action. Organizing involves arranging resources and tasks to achieve those goals. Implementing is the actual execution of the plan. Evaluating is the final step where the outcomes are assessed to determine if the goals were achieved and if any adjustments need to be made.Rate this question:
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- 22.
Bartering does NOT involve...
- A.
Exchanging
- B.
Goods or services
- C.
Money
- D.
Negotiation
Correct Answer
C. MoneyExplanation
Bartering is a system of exchanging goods or services without the use of money. It involves negotiating and reaching an agreement between two parties on the exchange of items or services. Money is not involved in this process, as the transaction is based on a direct trade rather than using a standardized currency.Rate this question:
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- 23.
All of the following are natural resources EXCEPT...
- A.
Air
- B.
Houses
- C.
Trees
- D.
Water
Correct Answer
B. HousesExplanation
Houses are not considered natural resources because they are man-made structures created for human habitation. Natural resources, on the other hand, are materials or substances that occur naturally in the environment and are used by humans for various purposes. Examples of natural resources include air, trees, and water, which are all elements found in nature and are essential for sustaining life.Rate this question:
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- 24.
An impulse purchase involves...
- A.
Consulting others
- B.
Following a whim
- C.
Planning ahead
- D.
Weighing pros and cons
Correct Answer
B. Following a whimExplanation
An impulse purchase refers to buying something on a sudden urge or desire without much thought or planning. It is often driven by emotions or spontaneous decisions rather than careful consideration of the pros and cons or consulting others. Therefore, the correct answer is "following a whim" as it accurately describes the characteristic of an impulse purchase.Rate this question:
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- 25.
Examples of how social factors can influence consumer decisions include all of the following EXCEPT...
- A.
Conspicuous comsumption
- B.
Fads
- C.
Internet shopping
- D.
Status symbols
Correct Answer
C. Internet shoppingExplanation
Internet shopping is not an example of how social factors can influence consumer decisions because it is primarily driven by individual convenience and personal preferences rather than social influences. Conspicuous consumption, fads, and status symbols, on the other hand, are all examples of how social factors such as social status, peer pressure, and societal trends can influence consumer decisions.Rate this question:
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- 26.
The first step in the decision-making process is...
- A.
Evaluated the decision
- B.
Identify resources
- C.
Identify the decision
- D.
Identify options
Correct Answer
C. Identify the decisionExplanation
The first step in the decision-making process is to identify the decision. This means recognizing that a decision needs to be made and clearly defining what the decision is about. Without identifying the decision, it would be impossible to move forward in the decision-making process as there would be no clarity on what needs to be evaluated, what resources are required, or what options are available. Identifying the decision sets the foundation for the rest of the decision-making process.Rate this question:
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- 27.
The last step in the decision-making process is...
- A.
Evaluate the decision
- B.
Identify resources
- C.
Identify the decision
- D.
Identify options
Correct Answer
A. Evaluate the decisionExplanation
The last step in the decision-making process is to evaluate the decision. This step involves assessing the outcome of the decision and determining its effectiveness. By evaluating the decision, one can determine whether it achieved the desired results and if any adjustments or improvements need to be made. This step helps in learning from past decisions and making better choices in the future.Rate this question:
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- 28.
Information that you use as the basis of consumer decisions should NOT be....
- A.
Accessible
- B.
Baised
- C.
Current
- D.
Factual
Correct Answer
B. BaisedExplanation
The information that is used as the basis of consumer decisions should not be biased. This means that it should not be influenced by personal opinions, prejudices, or a specific agenda. Biased information can mislead consumers and lead to poor decision-making. It is important for consumers to have access to objective and unbiased information in order to make informed choices.Rate this question:
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- 29.
Impartial information about a product may be best obtained from its...
- A.
Advertising
- B.
Consumers
- C.
Manufacturer
- D.
Packaging
Correct Answer
B. ConsumersExplanation
Impartial information about a product may be best obtained from its consumers. Consumers who have used the product can provide unbiased feedback and opinions based on their personal experiences. They are not influenced by advertising or marketing tactics employed by the manufacturer. Therefore, their insights can offer a more accurate and honest assessment of the product's quality, performance, and value.Rate this question:
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- 30.
Suppose you are reading information posted on anorganization's Web site. Actions that would help you evaluate its reliability include all of the following EXCEPT...
- A.
Comparing information from other sources
- B.
Learning more about the organization
- C.
Looking for the name of the author
- D.
Making sure the site is secure
Correct Answer
D. Making sure the site is secureExplanation
To evaluate the reliability of information on an organization's website, it is important to compare information from other sources to ensure accuracy and consistency. Additionally, learning more about the organization can provide insights into their credibility and reputation. Looking for the name of the author can help determine their expertise and qualifications. However, making sure the site is secure does not directly contribute to evaluating the reliability of the information. While site security is important for protecting personal information, it does not guarantee the accuracy or trustworthiness of the content provided.Rate this question:
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- 31.
Credit is an example of a(n) ___________ resource.
Correct Answer
financialExplanation
Credit is an example of a financial resource because it refers to the ability to borrow money or obtain goods or services with the promise of repayment in the future. It is a form of financial assistance or support that allows individuals or businesses to access funds or make purchases without immediate payment, relying on the trust and agreement to pay back the borrowed amount or fulfill the financial obligation. Therefore, credit falls under the category of financial resources, which involve monetary assets, investments, or financial instruments that hold value and contribute to an individual's or organization's financial well-being.Rate this question:
- 32.
A library is an example of a(n) _______ resource.
Correct Answer
communityExplanation
A library is an example of a community resource because it is a place where people from the community can come together to access books, information, and other educational resources. It serves as a hub for learning, sharing knowledge, and fostering community engagement. Libraries often offer various programs and services that benefit the entire community, such as book clubs, workshops, and computer access. Therefore, the correct answer is community.Rate this question:
- 33.
The problem of _______ exists because of limited resources.
Correct Answer
scarcityExplanation
The problem of scarcity exists because there are limited resources available. This means that there is not enough of a resource to satisfy all the wants and needs of individuals or society. Scarcity forces individuals and societies to make choices about how to allocate these limited resources, leading to trade-offs and the need to prioritize certain needs over others. Without scarcity, there would be no need to make choices or allocate resources, as everything would be abundant and readily available.Rate this question:
- 34.
The process of using resources effectively is called ______.
Correct Answer
managementExplanation
The process of using resources effectively is called management. Management involves planning, organizing, coordinating, and controlling resources to achieve organizational goals. It includes activities such as setting objectives, allocating resources, making decisions, and leading and motivating employees. Effective management ensures that resources are utilized efficiently and effectively to maximize productivity and achieve desired outcomes.Rate this question:
- 35.
Making a(n) ________ of what you want to accomplish each day can help you make better use of your time and energy.
Correct Answer
listExplanation
Creating a list of tasks or goals that you want to achieve each day can help you prioritize and organize your time and energy more effectively. By having a clear and structured outline of what needs to be done, you can stay focused and ensure that important tasks are completed. A list serves as a visual reminder and allows you to track your progress, making it easier to stay on track and avoid wasting time on unproductive activities.Rate this question:
- 36.
Books are examples of _______ resources.
Correct Answer
materialExplanation
Books are examples of material resources because they are tangible and physical objects that can be used and consumed. Material resources are those that are derived from the earth and have economic value. Books are made from materials such as paper, ink, and binding materials, which are all physical substances. Additionally, books can be bought, sold, and traded, further emphasizing their status as material resources.Rate this question:
- 37.
Being tired is an example of a(n) _______factor that can affect your decisions.
Correct Answer
personalExplanation
Being tired is an example of a personal factor that can affect your decisions. Personal factors refer to individual characteristics and experiences that influence decision-making. When a person is tired, their cognitive abilities may be impaired, leading to decreased focus, attention, and judgment. As a result, they may make hasty or irrational decisions. Therefore, being tired is a personal factor that can significantly impact decision-making processes.Rate this question:
- 38.
A purchase made on a whim is made on _________.
Correct Answer
impulseExplanation
A purchase made on a whim is made on impulse. This means that the decision to buy something is made suddenly and without much thought or consideration. It is often driven by a strong desire or urge in the moment, rather than being carefully planned or thought out.Rate this question:
- 39.
Wanting to impress others is an example of a(n) _________ factor that can affect your decisions.
Correct Answer
socialExplanation
Wanting to impress others is a social factor that can affect your decisions. When we are in social situations, we often feel the need to conform to societal norms and gain approval from others. This desire to impress can lead us to make decisions that align with what we believe others will find impressive or desirable. This social pressure can influence our choices in various aspects of life, such as our appearance, behavior, and even career decisions.Rate this question:
- 40.
_____________ Reports magazine is a reliable source of information.
Correct Answer
Consumer - 41.
Established levels of quality or quantity to measure against
- A.
Goals
- B.
Priorities
- C.
Standards
- D.
Values
- E.
Wants
Correct Answer
C. StandardsExplanation
Standards refer to established levels of quality or quantity that are used as a measure against goals, priorities, values, or wants. They provide a benchmark or criteria to assess performance or determine whether certain objectives have been met. By having standards in place, individuals or organizations can ensure that their work or products meet a certain level of quality or conform to specific requirements. Standards help maintain consistency, reliability, and accountability in various areas, such as manufacturing, education, or professional practices.Rate this question:
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- 42.
Things you must have in order to live.
- A.
Goals
- B.
Needs
- C.
Priorities
- D.
Standards
- E.
Wants
Correct Answer
B. NeedsExplanation
In order to live, there are certain things that are essential for our survival and well-being. These are our needs, which include basic necessities such as food, water, shelter, and clothing. Without these essentials, it would be impossible to sustain life. Goals, priorities, standards, and wants are important aspects of our lives, but they are not necessary for our basic survival. Therefore, the correct answer is needs.Rate this question:
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- 43.
Targets for what you want to accomplish.
- A.
Accomplishments
- B.
Goal
- C.
Priorities
- D.
Values
- E.
Wants
Correct Answer
B. GoalExplanation
The word "goal" accurately reflects the concept of targets for what you want to accomplish. Goals are specific objectives or aims that individuals or organizations set for themselves in order to achieve desired outcomes. Accomplishments, priorities, values, and wants are all related to the idea of goals, but the term "goal" encompasses the overall concept more comprehensively.Rate this question:
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- 44.
Your judgments about the relative importance of alternatives.
- A.
Goals
- B.
Needs
- C.
Priorities
- D.
Standards
- E.
Values
Correct Answer
C. PrioritiesExplanation
The question is asking about the relative importance of alternatives. In this context, priorities refer to the ranking or order of importance assigned to different options or choices. Priorities help individuals or organizations determine what needs to be addressed or focused on first. While goals, needs, standards, and values are all important factors in decision-making, priorities specifically refer to the ranking of these factors in terms of importance.Rate this question:
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- 45.
Strongly held beliefs and principles about what is worthwhile.
- A.
Goals
- B.
Priorities
- C.
Standards
- D.
Values
- E.
Wants
Correct Answer
D. ValuesExplanation
Values refer to strongly held beliefs and principles about what is worthwhile. They are the guiding principles that shape our decisions, actions, and behaviors. Goals are specific objectives or targets that we aim to achieve. Priorities are the tasks or activities that we consider as most important. Standards are the established criteria or levels of quality that we strive to meet. Wants are the desires or preferences that we have. Among all the options given, values best align with the description of strongly held beliefs and principles about what is worthwhile.Rate this question:
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- 46.
The process of using resources effectively to reach goals.
Correct Answer
managementExplanation
Management refers to the process of using resources effectively to reach goals. It involves planning, organizing, leading, and controlling various activities within an organization to achieve desired outcomes. Through effective management, resources such as human, financial, and material are allocated and utilized efficiently to ensure the successful accomplishment of objectives. Managers play a crucial role in coordinating and directing the efforts of individuals or teams towards the achievement of organizational goals. Therefore, management is the correct answer that encompasses the essential elements of utilizing resources effectively to reach goals.Rate this question:
- 47.
Anything that is useful or helpful in the process of achieving goals or solving problems
Correct Answer
resourceExplanation
A resource refers to anything that is useful or helpful in achieving goals or solving problems. It can be a person, material, tool, or information that can be utilized to accomplish a task or overcome a challenge. Resources play a crucial role in enhancing productivity, efficiency, and effectiveness in various domains such as business, education, and personal life. They provide the necessary support and assistance required to achieve desired outcomes.Rate this question:
- 48.
To exchange goods or services with another person.
Correct Answer
barterExplanation
Barter refers to the act of exchanging goods or services with another person without involving money. It is a system of trade where individuals or communities directly exchange items they possess for items they need. This practice was common before the invention of currency and is still used in some parts of the world today.Rate this question:
- 49.
What you give up when you decide to use resources one way rather than another.
Correct Answer
opportunity costExplanation
Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. When choosing to use resources in a specific way, there are always other possible uses for those resources. The opportunity cost is the benefit or value that could have been gained from the alternative use of those resources. In other words, it is the cost of not choosing the next best option.Rate this question:
- 50.
To put off taking action
Correct Answer
procrastinateExplanation
The word "procrastinate" means to delay or postpone taking action or completing a task. It implies a tendency to put off doing something that needs to be done, often due to laziness, indecision, or a lack of motivation. Therefore, "procrastinate" is the correct answer as it directly relates to the given phrase "to put off taking action".Rate this question:
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Mar 07, 2024Quiz Edited by
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Feb 07, 2010Quiz Created by
Mspafford
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