FBLA MCQ Knowledge 3

Question 1

Which marketing concept focuses on understanding and meeting customer needs better than competitors?

Accepted Answer

Marketing concept

Answer

The marketing concept holds that achieving organizational goals depends on knowing customer needs and satisfying them better than competitors do.

Question 2

What is the primary purpose of a business plan?

Accepted Answer

To serve as a roadmap for achieving business goals and attracting investors

Answer

A business plan outlines goals, strategies, market analysis, and financial projections to guide the business and attract funding.

Question 3

Which leadership style involves making decisions without consulting team members?

Accepted Answer

Autocratic

Answer

Autocratic (authoritarian) leadership involves the leader making decisions unilaterally without input from subordinates.

Question 4

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

Accepted Answer

Money owed TO the company by customers

Answer

Accounts receivable represents money that customers owe the company for goods or services already delivered but not yet paid for.

Question 5

In economics, what occurs when a market experiences 'price elasticity of demand'?

Accepted Answer

Quantity demanded is sensitive to price changes

Answer

Price elasticity of demand measures how much the quantity demanded changes in response to a change in price.

FBLA - Future Business Leaders of America Practice Test