Week 9 Knowledge Check Study Guide 1 
Week 9 Knowledge Check Study Guide
Concepts
Mastery
Score: 7 / 7
Questions
Law of Supply
100%
1
Law of Demand
100%
2
Business Systems
100%
3
SWOT Analysis
100%
4
Levels of Leadership
100%
5
100%
6
100%
7
Five Components of
Human Resource
Management
Approaches to Leadership
Concept: Law of Supply
Mastery
100%
Questions
1
1.
What term best describes the buyers and sellers available for a particular product?
A.
Market
B.
Demand
C.
Company
D.
Supply
Correct:
The Correct Answer is: A.
“A market consists of all the buyers and sellers for a particular product” (Jones,
2007, p. 13).
Concept: Law of Demand
Mastery
100%
Questions
2
2.
When looking at a demand curve for a particular product. The slope falls downward from left to right. This slope shows which of the following:
A.
As price decreases, quality increases.
B.
As price decreases, quantity increases.
C.
As quantity decreases, price decreases.
D.
As price increases, quality increases.
Correct:
The Correct Answer is: B.
As the price for a good or service falls, the demand will increase with respect to the quantity of goods or services purchased; looking at the demand curve, the slope falls downward from left to right.
Concept: Business Systems
Mastery
100%
Questions
3
3.
Marketing, operations, sales distribution, and customer service support are included in what functions of a business?
A.
Tertiary function
B.
Complimentary function
C.
Primary value function
D.
Secondary value function
Correct:
The Correct Answer is: C.
“Marketing and product developmentâ¦, operations and material management⦠and sales distribution and customer relationship managementâ¦are all considered primary functions because they are the ones directly responsible for utilizing scarce resources most efficiently and effectively to create goods and services” (Jones,
2007, p. 27).
Concept: SWOT Analysis
Mastery
100%
Questions
4
4.
A detailed SWOT analysis would classify
Concepts
Mastery
Score: 7 / 7
Questions
Law of Supply
100%
1
Law of Demand
100%
2
Business Systems
100%
3
SWOT Analysis
100%
4
Levels of Leadership
100%
5
100%
6
100%
7
Five Components of
Human Resource
Management
Approaches to Leadership
Concept: Law of Supply
Mastery
100%
Questions
1
1.
What term best describes the buyers and sellers available for a particular product?
A.
Market
B.
Demand
C.
Company
D.
Supply
Correct:
The Correct Answer is: A.
“A market consists of all the buyers and sellers for a particular product” (Jones,
2007, p. 13).
Concept: Law of Demand
Mastery
100%
Questions
2
2.
When looking at a demand curve for a particular product. The slope falls downward from left to right. This slope shows which of the following:
A.
As price decreases, quality increases.
B.
As price decreases, quantity increases.
C.
As quantity decreases, price decreases.
D.
As price increases, quality increases.
Correct:
The Correct Answer is: B.
As the price for a good or service falls, the demand will increase with respect to the quantity of goods or services purchased; looking at the demand curve, the slope falls downward from left to right.
Concept: Business Systems
Mastery
100%
Questions
3
3.
Marketing, operations, sales distribution, and customer service support are included in what functions of a business?
A.
Tertiary function
B.
Complimentary function
C.
Primary value function
D.
Secondary value function
Correct:
The Correct Answer is: C.
“Marketing and product developmentâ¦, operations and material management⦠and sales distribution and customer relationship managementâ¦are all considered primary functions because they are the ones directly responsible for utilizing scarce resources most efficiently and effectively to create goods and services” (Jones,
2007, p. 27).
Concept: SWOT Analysis
Mastery
100%
Questions
4
4.
A detailed SWOT analysis would classify