BUS 151 Final Exam
Which of the following is an example of an industrial service?
A management consulting company
Accounting provides a framework for looking at
All of the above
Which of the following is a consumer durable?
Bedroom dresser
A short story describing how reluctant British citizens are to play party games that might result in them looking foolish is an example of how ______ shapes human behavior
Culture
Bo Riley pays his rent and utility bills each month by writing checks. Riley is using a _____ account
Demand Deposit
Manufacturers' representatives usually
Do all of the above
______ is the process in which a firm continuously collects and evaluates information about its external environment
Environmental scanning
Podcasts are significantly different from blogs.
False
Preferred stock is a form of debt financing because the dividend must be paid before dividends can be paid to the equity owners.
False
Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called:
Financial intermediation
Which of the following statements does NOT describe an advantage inherent in equity financing?
Interest is tax-deductible.
Gerald Cooksie owns a restaurant in Panama Beach, Florida. He has arranged a business loan with the bank where he has his business account. The terms of the loan allow him to borrow up to $13,500 within the next year if the bank has funds available to lend; he must pay interest only on the unpaid loan balance. Cooksie has arranged a
Line of Credit
A(n) _____ is the collective term that describes the methods and the equipment used to provide information about all aspects of a firm's operation.
Management information system
Any object or objects that a group of people use to buy and sell goods and services is called
Money
________ is anything (regardless of form) that is acceptable as payment for goods and services
Money
Which of the following statements about knowledge management is true?
None of the above statements about knowledge management is true.
A face-to-face sales presentation of a good or service to a prospective customer is called:
Personal selling
The first step in the selling process is to
Prospect and qualifying
The process of creating quality standards and measuring finished goods and services against standards is called:
Quality control
Copying of software programs by people who haven't paid for them is called
Software Piracy
Consumer finance companies make loans to individuals; commercial finance companies make loans to businesses.
True
Data marts are special subsets of a data warehouse that deals with a single area of data, which are organized for quick analysis
True
Money is anything that is acceptable as payment for goods and services
True
Short-term loans
are shown as a current liability on the balance sheet
A recent seminar on attracting retail customers addressed the following fact: "Time is on the mind of the consumer. If you ask anybody you know, 'Would you rather have an extra day off or an extra day's pay?' people in America would take the time off 2-to-1." This topic indicates that these retailers supported a need for more _____ segmentation to reach the time-poor consumer.
benefit
Business products are classified into two categories. Large, expensive items with long life spans are called _____ products, and; smaller, less expensive items with short life spans are called _____ products.
capital; expense
_____ is a production technique that uses small, self-contained work stations and has each perform all or most of the tasks necessary to complete a manufacturing order.
cellular manufacturing
In manufacturing, all costs directly related to production including raw materials, labor, and factory overhead are classified as:
cost of goods sold
The _____ is an important scheduling tool for large projects. It breaks the projects into a sequence of events and smaller tasks.
critical path method
Financial institutions can be divided into two broad categories. These are ______ institutions.
depository and nondepository
Computer-aided design (CAD) can be used to
do all of the above
The ratio of net profit to total owners' equity is called return on
equity
Which of the following business products would be considered an accessory in the offices of a travel agency?
filing cabinet
Financial intermediation is the process in which
financial institutions act as intermediaries between the suppliers and demanders of funds
Selling more rainwear in Seattle than in San Diego due to the annual rainfall is an example of which type of marketing segmentation?
geographic
Trademarks, franchises, patents, and copyrights are carried on the company's books as
intangible assets
_____ uses a master computerized system to ensure that materials, labor, and equipment are available for production.
materials requirement planning
Gross sales for Nevada Silver, a retailer of silver jewelry was $120,000 for the month of May. Sales discounts amounted to $18,000. There were no returns. The difference, $102,000, is Nevada Silver's
net sales
Gantt charts are most helpful when:
only a few tasks are involved
The purchasing function, sometimes called _____, is an important part of any firm's production strategy.
procurement
The _____ is a specific group of consumers toward which a firm directs its marketing efforts.
target market
When compared to the consumer market, the business-to-business market:
uses more direct channels of distribution
The categories of heavy, moderate, and light users have to do with which type of segmentation?
volume
Thrift institutions
were formed specifically to encourage household savings
Which of the following companies would be LEAST likely to use the continuous process?
A bakery
Grainger Distribution Company sold Long Electronics ten circuit breakers for $179.00 each. Long Electronics will be allowed thirty days to pay the bill. Grainger will carry the $1790.00 on its books as a(n):
Account receivable
Which of the following statements about the Federal Deposit Insurance Corporation (FDIC) is true?
All of the above statements about the FDIC are true
_______ ratios measure the degree and effect of the firm's use of borrowed funds to finance its operations
Debt
One of the keys to successful production planning is resource management. _____ is a system that would note how a possible strike in an Evanston, Indiana, plant will threaten supplies of a needed component part as well as how customer growing preference for time-saving devices such as the company markets and use this information in production planning.
Enterprise resource planning (ERP)
The blend of the marketer's tools is called the five Ps. Which of the following is NOT one of the five Ps?
Possession strategy
In a retail store, a point-of-sale (POS) terminal would be used to
Track inventories
Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.
True
Service companies generally use a repetitive or intermittent production process rather than the continuous process.
True
_____ are distribution channel members that buy finished products from manufacturers and sell them to retailers.
Wholesalers
The _______ ratio is a measure of the firm's ability to pay its current liabilities once inventory is subtracted from current assets
acid-test
Collecting data over a period of time and then processing that data all at the same time is called _____ processing.
batch
In a transaction processing system the database can be updated in two ways. They are _____ processing.
batch and on-line
A system that collects and stores the company's key data and produces the information needed by managers for analysis, control, and decision making is called a(n):
Management support system
The Federal Reserve controls the minimum amount that a purchaser of securities must deposit with a stock brokerage firm in order to purchase stock. This minimum amount is called the ____________ requirement
Margin
The ______ is based on the five P's
Marketing Mix
A(n)______ is any good or service that satisfies wants, along with its perceived attributes and benefits
Product
In which of the following industries are you most likely to find a broker?
Real estate
A product that passes test-marketing is ready for market introduction, which is called _____, a step that requires extensive logistical coordination.
Rollout
_____ are two types of thrift institutions.
Savings banks and savings and loan associations
______ are investment certificates that represent either ownership of a corporation or a loan to the corporation
Securities
Public relations is the term used for any communication or activity designed to win goodwill or prestige for a company or person.
True
The critical path method is a sophisticated scheduling system that is based on the minimum time the project will take to complete.
True
The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. This _____ will be used for solving crimes.
Database
Price skimming is often used an an inducement to get customers to switch brands or companies
False
The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A(n) _____ will be used to store, maintain, and acquire data from these records.
database management system
According to the text, the three IT trends that are having the greatest impact on the IT environment are:
digital forensics, the distributed workforce, and grid computing
The ______ is a series of marketing entities through which goods and services pass on their way from producers to end-users
distribution channel
_____ allows people with PCs or other types of machines connected to the Internet to donate processor cycles to the search for extraterrestrial life. This process involves sifting through the static of deep space on billions of radio channels looking for stray signals that are generated by alien civilizations.
grid computing
The process that products go through as they pass through their introduction, growth, maturity, and decline stages is called the
product life cycle
Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home. They have compared the quality, style, and price of four models. For the Thomasons, a refrigerator-freezer is a(n) _____ product.
shopping