MCQ Knowledge Flashcards
7 cards from real FBLA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 MCQ Knowledge flashcards as text
Which marketing concept focuses on understanding and meeting customer needs better than competitors?
Answer: Marketing concept
The marketing concept holds that achieving organizational goals depends on knowing customer needs and satisfying them better than competitors do.
What is the primary purpose of a business plan?
Answer: To serve as a roadmap for achieving business goals and attracting investors
A business plan outlines goals, strategies, market analysis, and financial projections to guide the business and attract funding.
Which leadership style involves making decisions without consulting team members?
Answer: Autocratic
Autocratic (authoritarian) leadership involves the leader making decisions unilaterally without input from subordinates.
What does 'accounts receivable' represent on a company's balance sheet?
Answer: Money owed TO the company by customers
Accounts receivable represents money that customers owe the company for goods or services already delivered but not yet paid for.
In economics, what occurs when a market experiences 'price elasticity of demand'?
Answer: Quantity demanded is sensitive to price changes
Price elasticity of demand measures how much the quantity demanded changes in response to a change in price.
What is 'depreciation' in accounting?
Answer: The systematic allocation of an asset's cost over its useful life
Depreciation is the accounting method of spreading the cost of a tangible asset over its expected useful life.
Which of the following best describes 'supply chain management'?
Answer: Overseeing the flow of goods from raw materials to end consumers
Supply chain management oversees the entire process from sourcing raw materials through production to delivering the final product to customers.