Principles and Basis of Business Decisions Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is the final step in the decision-making process?

Question 2 2. The perpetual problem in economics is:

Question 3 3. Another phrase for intuition is _____.

Question 4 4. Economics looks at

Question 5 5. Does choosing a major lock you into a particular career?

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Question 6 6. What is the most recommended way for business people to make decisions?

Question 7 7. Economics is best described as the study of:

Question 8 8.

Read the scenario and identify which decision-making strategy was MOST likely utilized:

A supervisor overhears some members of his team complaining about workplace issues. He decides to take a survey of his employees' attitudes about the workplace. Next, he analyzes the results, discusses the data with his assistant supervisor, and then begins the process to implement changes to some workplace policies.

Question 9 9. Because resources are scarce, but wants are not:

Question 10 10. Mark met with four physicians about having surgery on his foot. He has enough money saved to undergo surgery and is able to take off six weeks of paid leave from work. He has an additional two weeks of vacation time, and his mom will stay with him for the first two weeks to help out. Knowing this information, that he is being rational, and that he wants to be free of pain, which alternative should Mark choose?

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Question 11 11. Why is it important to take aptitude and personality tests before choosing a major?

Question 12 12. What type of decision making uses analytics, facts and a step-by-step process to come to a solution?

Question 13 13. What is important to ask yourself before deciding on a major?

Question 14 14. What is a 'Passion'?

Question 15 15. Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

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Question 16 16. An individual who utilizes a cognitive process to select a choice among several available options is engaging in a _____ process.

Question 17 17. If Mark is considering having an experimental surgery on his foot to alleviate the pain he has while walking, which of the following is NOT part of the relevant information that he should collect in order to make an informed decision?

Question 18 18. Scarcity means:

Question 19 19. What concerns should students consider if they choose an 'Undecided' major?

Question 20 20.

Read the scenario and identify which decision-making strategy was MOST likely utilized:

A project manager must decide by the end of the day which colleague to move to an important project with a looming deadline. One candidate is still in training, but has proven to be a quick study who brings fresh ideas to the project. The second candidate has worked at the company for ten years and is a dedicated and knowledgeable employee. The project manager chooses the new hire for the project.

Principles and Basis of Business Decisions Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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