bus 101 final

business

A _____ is any activity that provides goods and services in an effort to earn a profit.

a detailed description of the firm's contingency plans.

A business plan should include all of the following topics EXCEPT

underpromise, thus setting consumer expectations too low

A common error marketers commit when trying to generate customer satisfaction is to

positioning statement

A firm's _____ is a brief statement articulating how the marketer wants the target market to envision his or her product relative to the competition.

collect, manage, and apply the right data at the right time to the right customer.

A key to successful customer relationship management is to

this very large group is nearing retirement, raising the possibility that firms will lose many of their most talented and experienced employees.

A major challenge human resource managers face with their baby boom generation employees is that:

whistle-blower

A person who reports illegal or unethical behavior within an organization is known as a

uses his/her power

A person's leadership style is defined by the way one:

line

A product _____ is a group of products offered by a firm that are closely related to each other, either in terms of how they work, or the customers they serve.

deficit

A trade ____ occurs when a country imports more goods and services than it exports.

code of ethics

A unifying written document that articulates a firm's ethical priorities is described as the company's:

a small new company with potential for rapid growth

A venture capitalist firm is most likely to be interested in investing in a

intranet

A(n) _____ is a network confined to sites on internal web servers and only available to individuals within an organization.

joint venture

A(n) _____ is an agreement among two or more two companies to join forces to pursue specific opportunities without actually merging their operations.

the self-actualization need

According to Maslow's hierarchy of needs theory, which of the following describes the need for fulfillment?

the value of what is given up in exchange for something.

Accountants define cost as

freedom of guaranteed profits

All of the following are basic freedoms encouraging entrepreneurship EXCEPT

aversion to risk

All of the following are entrepreneurial characteristics, EXCEPT

graphical user interface

All of the following are forms of Internet traffic EXCEPT

Cost of Goods Sold

All of the following are liabilities EXCEPT

public offering

An initial _____ is the first time a corporation issues stock that may be purchased by the general public.

management accountant

As a _____ you work within an organization, preparing reports and analyzing financial information such as budgets and cost management.

lower:higher

As competition has become truly global, free trade has resulted in ____ prices and ____ quality across virtually every product category.

selling its merchandise more quickly

At Chips and Dips, a local convenience market, an increase in the inventory turnover ratio would indicate that it was

efficiency doesn't guarantee success if other firms provide products of greater value

Back in the early 1980s TipeRite typewriters were popular among students, because they were solid but inexpensive. TipeRite was able to make a profit despite its low prices, because it kept its costs low. But in the late 1980s and 1990s, more and more students abandoned typewriters and began using personal computers and word processing software. Even though the new technology was much more expensive than typewriters, it was also much more versatile and powerful. Soon TipeRite couldn't find anyone to buy its products despite their low prices. The company's trouble illustrates that:

ambience

Background music, lighting and the use of scents are all factors of ____________ in servicescape designs.

Securities and Exchange Commission

Before going public, a firm must file a registration statement with the

not click on the link and call his bank, because it is likely to be a phishing scam.

Brady received an email claiming that his bank's records show some possible errors in his account and requesting that he click on a link to a site where he can confirm his password, social security number, and account numbers. The email looks official and contains his bank's logo. Brady should

loss

Business will incur a _____ when expenses are higher than revenue.

technology

Businesses in the relationship era focus efforts on building long-term customer relationships. To accomplish this, a key tool for business development during this era is

must complete an accounting-related internship while in college

Candidates wishing to become certified public accountants must complete all of the following to reach certification EXCEPT

Offer bonuses to existing employees for successful referrals.

Carl McNamara is a human resources manager who believes that his company needs some fresh energy and new ideas. Rather than hire from within, he's looking to fill some of the new openings in his company with qualified candidates from outside the company. Which of the following sources would probably provide him with the most effective way of locating potential employees who would be a good fit?

encourages collaboration among employees

Cloud computing has many advantages over traditional computing. One advantage of cloud computing is that it

the right to repayment of principle

Common stockholders have all of the following rights EXCEPT

larger populations and more economic growth

Compared to the U.S., the nations of China and India have

she is preparing for a large sale and does not want to run out.

Deciding how much inventory to keep on hand can be a challenge. Jackie, a local toy store manager has ordered a large number of skateboards for the holiday season. Most likely, her reason for this tactic is:

binding on all parties involved in the dispute

Decisions of the World Trade Organization in settling trade disputes are

planned obsolescense

Deliberately designing a product to fail in order to shorten the time between consumer purchase and repurchase is known as

measurable characteristics

Demographic segmentation divides the market by

a distribution of profits that are paid only if approved by the company's board of directors.

Dividends to common stockholders are

have high expectations about pay and opportunities for advancement but low expectations about her employer's loyalty to her.

Eileen is 23 years old and a recent college graduate who just accepted her first full-time position as a web designer. If Eileen is like most in her generation, it is likely that she will:

create benefits for others while seeking profit for themselves.

Entrepreneurs

owners, creditors

Equity financing is provided by ____ while debt financing is provided by ____.

individuals

Ethical choices begin with ethical ________________.

sets of belief about right and wrong

Ethics refer to __________.

offering an incentive for customers to come at off-peak times.

Everyday at lunch time customers for Tran's Asian cuisine are lined up outside the door. Tran can not afford to build a larger facility so in order to spread out demand Tran should consider

making decisions about the appropriate way to promote products.

Financial management includes all of the following functions EXCEPT

sustainability

Finding ways to meet an organization's current objectives while protecting and preserving the environment for future generations is known as _____

it ensures that a highly qualified individual will get the job.

Firms that use internal recruitment to fill job openings are likely to benefit in all of the following ways EXCEPT:

500

For research purposes, the Small Business Administration defines small business as companies with up to _____ employees.

outsourcing

Foreign _____ is contracting with foreign suppliers to produce products usually at a fraction of the cost of domestic production

the flow of materials and finished goods through all firms involved in production and distribution, plus the corresponding flows of services, financial resources, and information.

From an operations management perspective, a manufacturing firm's value chain includes:

gain a better understanding of past business choices in order to make better future decisions

From the business perspective, a key reason to study economics is to

channels of distribution

HP relies heavily on wholesale and retail channel partners to distribute its computers. Dell elects to sell most of its computers directly to consumers without using intermediaries. Clearly, these firms have different

production

Henry Ford's famous quote that customers could have any color car they wanted "as long as it is black" best reflects marketing attitudes during the _____ era.

maximizing the value of the firm to its owners

Historically the most widely accepted goal of financial management is

taking proactive steps to reintegrate women back into the workforce.

Human resource managers are trying to ease the "brain drain" in the workforce caused by highlyqualified, professional women leaving the workforce early—with specific retention plans and:

physical, intellectual, and creative contributions of individuals working within an economy.

Human resources include the

Jill holds a BS in business and another in landscape architecture. While she works at a coffee shop to make ends meet, she cannot stop herself from staying up late into the night researching the landscape architecture industry and making a strategy.

Identify the entrepreneur.

competition would increase, resulting in lower prices and increased choices for consumers

If trade restrictions among nations were eliminated, economists predict

less competition

Imports and exports enhance international trade, while creating growing opportunities for nations. Which of the following is NOT a benefit of global trade?

tarriff

In 2002, the U.S. steel industry lobbied the U.S. government to place a tax on the importation of foreign-produced steel. The goal was to make imported foreign steel more expensive, thus giving economic relief to U.S. steel producers through a(n) _____.

data mining

In an effort to make better decisions, many companies develop _____ that give managers access to large amounts of data and processing power to covert data into high-quality information.

decision support systems

In an effort to make better decisions, many companies develop _____ that give managers access to large amounts of data and processing power to covert data into high-quality information.

someone is forced to choose among bad options

In challenging business decisions, true ethical delimmas are when _____________.

public relations

In its broadest sense, _____ refers to an organization's ongoing efforts to create positive relationships with its consumers, employees, suppliers, the community, the general public, and the government.

electronic bill presentment and payment

In its statement stuffers, Comcast is advertising a new paperless statement program. With a few clicks of the mouse, you can now get your bill, pay it, and get a receipt. This is one example of a number of retailers now offering

communication intended to influence consumer purchase decisions through information, persuasion, and reminders.

In marketing, promotion refers to

the obligation of a business organization to contribute to society

In the business world, social responsibility refers to

Managerial accounting is primarily focused inward for benefit of the company.

In what key ways does managerial accounting differ from financial accounting?

merchant wholesalers and agent/brokers.

Independent wholesalers fall into two categories:

broker

Individual investors are not permitted to directly trade stocks on the NYSE or NASDAQ. Therefore, individuals most seek the help of a(n) _____________.

outsourcing, importing, exporting, licensing, franchising, and foreign direct investment

International trade provides businesses with access to new customers through

annual reports

Investors are provided with _____ from the firms whose stock they own. These documents provide additional information about the firm's practices and operations.

She should diversify her portfolio by investing in something other than cosmetics, like an up-and-coming tire manufacturer.

Jesse loves cosmetics. It is her passion; she performs makeover magic all day everyday for thousands of fabulously satisfied customers. As a result, she has invested in the stock of every solid-performing cosmetics manufacturer or distributor she could get her hands on. What's the deal with her investment strategy?

an example of illegal insider trading

Jorge is a senior vice president for his company. He learned at a senior staff meeting today that the company's research staff has made an amazing discovery that is almost certain to result in several profitable new patents. He is confident that once this information becomes public knowledge, the price of his company's stock will soar. He calls his broker and places an immediate order to buy 5,000 additional shares of stock in the company. Jorge's actions are

transportation, communication, energy

Key infrastructure challenges to consider when entering a foreign market include:

sociocultural differences

Language, customs, educational background, social values, and religious holidays need to be understood and respected by foreign businesses in considering

centralized

Lauren works at CDz, the local music store. Lately, she has noticed that Mike, the regional manager, is making more of the decisions for store displays and music selections than the store manager. When she asks Mike why he has picked up the added responsibility, he says, "Headquarters wants to ensure a more consistent approach for our customers, so they've decided to adopt a more _____ approach."

infected with a computer virus

Lucy Luddite is frustrated with her computer. Many files on the hard drive have been modified or erased, and now it takes forever for the computer to boot up. Based on this information, it appears her computer has been

the major issues facing the national economy that may seem abstract, but directly affect an individual's day-to-day life.

Macroeconomics focuses on ____.

lean production

Mary Harris heads a team of employees at Panther Creek Production. The goal of the team is to reduce or eliminate any function that uses resources that do not create value. Mary Harris and her team are charged with implementing:

Mary should decline to bring the client list with her, since this request is unethical.

Mary found out that there is a management position available at competitor's store and has applied for it. During the interview process, the prospective new employer asks Mary if she has access to her company's client list. The prospective new employer implies that Mary would be guaranteed the position with a sizable compensation package if she would be willing to bring the client list with her. Mary really could use the extra money. Mary has encountered an ethical dilemma, what should she do?

The Federal Deposit Insurance Corporation will only insure up to $250,000 in each account per customer, per bank. He would need more than one bank to ensure his money is federally protected in the event of an economic collapse of the banking system.

Michael has inherited $500,000 from the sale of a family business. His banker is advising him to find multiple banks to deposit his money. Why?

tarriff

Nashika spent a two-week vacation in Africa and purchased more than $4,000 worth of African tribal art. Upon returning to the U.S., she was required to pay a(n) _____ on the artwork.

prevention, correction

One goal of TQM is to focus on _____ rather than _____ of problems.

often bring optimism and a proven ability to multitask to work.

One of the advantages of hiring younger workers is that they:

prevent relationships that created conflicts of interest between CPA firms and the firms they audit.

One of the purposes of the Sarbanes-Oxley Act of 2002 was to

manage money more wisely

One reason many small businesses fail is the founder's inability to

nonstore retailers

Online selling, direct response retailing, and vending machines are all examples of

how Noodle will reach its potential customers

Paige founded Noodle, an Internet search provider. In order to secure the first round of financing, she wrote a business plan. Which of the following information would she include in her business plan?

protect your computer from viruses and online threats

Performing timely backups, updating operating systems regularly, and not opening emails or attachments from people you do not know are just a few suggestions to

All of these statements are benefits of budgeting.

Preparing a good budget is beneficial because

revenues and expenses

Profit is the difference between

human resources

Promoting career development of employees is one of the duties of a company's _____ department.

protect national security

Reasons to eliminate trade restrictions include all of the following EXCEPT

cause related-marketing

Recently, Estée Lauder announced that it will donate a portion of each sale of its Gwyneth Paltrow-endorsed perfume to breast cancer research. This is an example of

capital

Relative to other nations, the United States appears to have more plentiful ____ available.

has significant influence on the individual employee's ethical behavior.

Research indicates that the organizational culture

personal resources of the founder

Research suggests that many entrepreneurs find their new business with:

how well a product satisfies the preferences of customers.

Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to "feel" or "hear".

opportunity cost

Ross has two different projects he would like to work on this weekend; he wants to paint the spare bedroom or perform some minor repairs on his old '83 Chevy. Unfortunately, he doesn't have time to do both this weekend. The fact that Ross must give up one thing in order to do something else illustrates the concept of

Shane is engaged in strategic planning

Shane has worked for Alpha Fastener, LLC for over 20 years. He has worked his way up to the top management. He spends his time at work thinking about how the firm should execute a hostile takeover of its primary local competitor, Gamma Nuts & Bolts, Inc., so as to enrich its stake in the local marketplace. Which of the following kinds of planning is Shane engaging in?

Small Business Administration

Sheila loves taking care of animals and has thought about starting her own pet grooming business. However, she doesn't know much about the growth potential for this type of business or the amount of competition she would face. She also wants to find out if there are any government regulations she would need to follow. A good starting point to help her find answers to her questions is to contact the:

groups or individuals with a personal interest in the performance and actions of a business.

Stakeholders are

turnover

Strong orientation programs help to significantly reduce employee _____.

product must not only be different from those of competitors, it must also be better.

Successful product differentiation requires that the

multichannel marketing

The Creamy Cow is a maker of gourmet ice cream. The company uses _____ to sell its products by using a variety of venues, including grocery stores, online, and mail order.

legal and unethical

The Drof Motor Company has created an exciting new vehicle, the Terminator. One reason that the company is so excited about this vehicle is that once the 60,000-mile warranty ends, the vehicle will begin to experience mechanical problems generating more service income for the company. This behavior is

central bank

The Federal Reserve is the _____ of the United States

Federal Reserve Act of 1913

The _____ created the Federal Reserve System, with its primary responsibility being to oversee our nation's banking system.

budgeted balance sheet

The _____ forecasts the types and amounts of assets a firm will need to implement its future plans as well as the amount of additional financing the firm must arrange in order to acquire those assets.

organizing

The _____ function of management means creating a logical structure for people, their jobs, and their patterns of interaction.

world bank

The _____ influences the global economy by providing technical advice to the governments of developing countries for projects in a range of areas including infrastructure and education.

product life cycle

The _____ is a theoretical model that includes the stages of introduction, growth, maturity, and decline.

Small Business Administration

The _____ is the federal government agency dedicated to maintaining and strengthening the national economy by aiding, counseling, assisting, and protecting the interests of small businesses.

CAN-SPAM Act of 2003

The _____ requires senders of unsolicited commercial emails to label their messages as ads and to tell the recipients how to decline future messages.

supply curve

The _____ shows the quantity of products that producers will offer at various market prices.

balance sheet

The _____ summarizes a firm's financial position at a specific point in time (i.e., a specific quarter or year).

provides a document to keep employees focused; necessary to seek outside funding.

The business plan has two main purposes

maturity

The exact date when the issuing firm must repay the principal to a bondholder is known as the bond's _____ date.

check the accuracy of every transaction

The external audit process includes all of the following EXCEPT:

sustainable development

The goal of _____ is to meet the needs of the current generation without harming the ability of future generations to meet their needs.

enterprise resource planning

The goal of a(n)_____ system is to integrate the information flows of all aspects of a business's operations.

get the right product to the right person at the right place and time.

The goal of distribution is to

provide guidelines that apply to everyone across a broad spectrum of situations.

The goal of universal ethical standards is to

has begun to impact high-tech, high-pay positions as well as low-end jobs.

The practice of outsourcing

keep inventories at a minimum

The purpose of just-in-time production is to:

encourage worldwide trade

The purpose of the General Agreement on Tariffs and Trade (GATT) was to

to establish high ethical standards, clearly communicate these standards, and demonstrate a strong personal commitment to them.

The role of the CEO in setting the ethical tone for a company is

from firms that never contribute to socially responsible causes to firms that choose to integrate social responsibility into their strategic plans.

The spectrum of how firms address issues concerning social responsibility ranges

common stock, preferred stock, bonds

The three basic types of securities corporations issue to raise long-term financial capital are

Canada, Mexico, USA

The three countries participating in the North American Free Trade Agreement (NAFTA) are

a positive culture to motivate employees

The top companies in Fortune magazine's 100 Best Companies to Work for in 2013 emphasize:

system software and applications software

The two broad categories of software are

information technology department

The vital function of _____ involves transforming data into useful information for decision makers.

generally accepted accounting principles (GAAP)

To provide external shareholders with relevant, reliable, consistent, and comparable financial information, the accounting profession has adopted _____ to guide the practice of financial accounting.

often helps the firm increase value for its owners

Today's financial managers generally believe that treating customers, employees, suppliers, creditors, and other stakeholders with fairness and respect

contraction and expansion

Two key phases of the business cycle are

common market

What is the European Union?

assets= liabilities + owner's equity

What is the accounting equation?

significant job loss for the US economy

What was the predicted result of NAFTA?

view it as an opportunity to learn from their mistakes

When entrepreneurs fail they tend to

Is the prospective location near customers and suppliers?

When the vice president of operations for McDonald's looks for a new franchise location, what should he or she consider first?

Hank said, "We can charge whatever the market will bear."

Which best describes the equilibrium price in the relationship between supply and demand?

Some people just need a good challenge. As an entrepreneur they will find it; along with the independence to meet it however they see fit.

Which choice best describes some key reasons for starting up your own business?

Government spending is of great concern, as well as its accompanying tax burden in a wild economic environment. But technology has not yet found a limit. The entrepreneurial spirit is alive and well in America, though competition has increased exponentially due to international trade agreements

Which of the following best describes the current business environment?

It means that it's best to have money today, so it can be put to work sooner to make even more money.

Which of the following best explains the time value of money?

salaries payable

Which of the following does not classify as an asset of a company?

product or service, employees, revenue, sales, and a primary purpose of doing good

Which of the following features best describe a nonprofit?

The objective must be specific and measurable.

Which of the following is a characteristic of an ideal objective emerging out of the planning process?

They rely on teams of workers to carry out specific projects to improve quality.

Which of the following is a similarity between total quality management and six sigma?

lack of business knowledge and expertise by the owners

Which of the following is an actual competitive disadvantage for many small businesses?

right to keep profits and not pay taxes

Which of the following is not a fundamental right of capitalism?

In general, riskier investment strategies offer the potential for a higher return

Which of the following is true of personal investing?

Small businesses generate about half of the U.S. gross domestic product.

Which of the following is true of small businesses?

an independent auditor's report

Which of the following is used to interpret financial statements of a firm?

Countries that place extensive, complex regulations on business

Which of the following nations is likely to have the lowest percentage of entrepreneurs?

idea screening

Which of the following stages of the new product development process involves weeding out ideas that don't fit with a company's objectives and ideas that are too expensive to develop?

Strengths and weaknesses include factors that would either build up or drag down the firm's performance.

Which of the following statements is true of SWOT analysis?

ERP makes it easier for organizations throughout a value chain to coordinate their activities.

Which of the following statements is true of enterprise resource planning (ERP)?

They must have exceptional human skills

Which of the following statements is true of middle management?

Organic juice manufacturer Odwalla finds e.coli bacteria in its product, but not before it hits the market. Several people become ill, and one little girl dies. The CEO shuts down all production, recalls all product, conducts an investigation to fix the problem, resumes production, and attends the girl's funeral all before FDA intervention occurs.

Which scenario is preferable, ethically speaking, for stakeholder groups?

Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to "feel" or "hear".

Which statement about robots is false?

reducing deficits

While TQM has several goals, Six Sigma is about _____

Budweiser

Who holds the record for the most humorous Super Bowl ads?

Inventory

____ consist(s) of the stocks of goods, materials, parts, and work-in-process that firms hold as part of doing business.

Intellectual property

____ is the result of creative efforts such as books, musical works, inventions, and computer software.

Computer-aided manufacturing

____ software takes the electronic design for a product and creates the programmed instructions that robots must follow to produce that product as efficiently as possible.

Public

_____ accountants provide services such as tax preparation, external auditing, or management consulting to clients on a fee basis.

bribery and corruption

_____ are among the most challenging issues faced by companies and individuals that are involved in international businesses.

Small Business Development Centers

_____ are local offices affiliated with the Small Business Administration that provide comprehensive management assistance to current and prospective small business owners

Hackers

_____ are skilled computer users who try to gain unauthorized access to other people's computers.

Ethics; Ethical dilemna

_____ are the moral principles that govern behavior, while a(n) _____ occurs when the behavior results in a choice among alternatives, each of which has negative consequences.

Angel investors

_____ are wealthy individuals who invest in new and growing firms

B2B

_____ e-commerce involves businesses buying and selling supplies, components, machinery, equipment, or services from other businesses.

Accounting

_____ is a system for recognizing, recording, organizing, summarizing, analyzing, and reporting information about the financial transactions that affect an organization.

Viral marketing

_____ is an Internet marketing strategy that attempts to involve customers and others not employed by the seller in activities that promote a product.

Marketing

_____ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Operations management

_____ is concerned with all of the activities involved in creating goods and services and the distribution of those goods and services to customers.

Spyware

_____ is software installed, often erroneously, on a computer that might log each keystroke in an effort to capture passwords and user names to accounts.

Management

_____ is the achievement of the goals of an organization through planning, organizing, leading, and controlling organizational resources.

Janet Yellen

_____ is the current chairman of the Federal Reserve.

Value

_____ is the customer's perception that a product has a strong, positive relationship between its cost and benefits.

Finance

_____ is the functional area of business that is responsible for finding, among many alternatives, the best sources of funds and the best way to use them.

Customer relationship development

_____ is the marketing strategy of building relationships with customers. It has experienced a tremendous boost due to the growth of the Internet.

FASB

_____ is the private, self-regulating, seven-member board established to develop generally accepted accounting principles used in the practice of financial accounting.

Lean production

_____ is the set of strategies and practices to eliminate waste.

Consumerism

_____ is the social movement supporting the consumer's right to be informed, to be safe, to choose, and to be heard.

Data

_____ is/are the raw facts and figures businesses collect.

owner's equity

_____ is/are what the firm owes its creditors.

Expenses

_____ refer to the cash spent by a firm to carry out business activities and generate revenue.

Consumer behavior

_____ refers specifically to how people act when buying goods and services for personal consumption.

Fiscal policy

_____ refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation

standard of living

_____ refers to the quality and quantity of products and goods available to a population at a given time.

Cafeteria-style benefits

_____ would appeal to employees who want to have some flexibility in the choice of the benefits they receive.

spyware, computer viruses, and worms

______ are all examples of malware.

Market niches

_____are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them.

Overhead costs for small businesses

are often lower than they are for big companies, giving small businesses a competitive opportunity.