AS Associate Of Science In Business Administration 3

Question 1

Which type of market structure is characterized by one seller dominating the entire market?

Accepted Answer

Monopoly

Answer

A monopoly exists when a single firm controls the supply of a product with no close substitutes.

Question 2

In human resources management, 'on-the-job training' differs from 'off-the-job training' because it:

Accepted Answer

Occurs while the employee performs actual work duties

Answer

On-the-job training occurs in the actual work environment while employees perform their regular job tasks.

Question 3

What does 'accounts receivable' represent on a company's balance sheet?

Accepted Answer

Money owed TO the company by customers

Answer

Accounts receivable is a current asset representing money customers owe the company for goods or services already delivered.

Question 4

Which pricing strategy involves setting a high initial price and gradually lowering it over time?

Accepted Answer

Price skimming

Answer

Price skimming targets early adopters willing to pay a premium before reducing prices to attract more price-sensitive customers.

Question 5

Under the US Federal Reserve system, the 'federal funds rate' is:

Accepted Answer

The overnight lending rate between banks

Answer

The federal funds rate is the interest rate at which depository institutions lend reserve balances to other banks overnight.

AS - Associate In Science Degrees Practice Test