Business Principles Test 2

Price:

Something given in exchange for a product, may be monetary or nonmonetary

Product:

Something offered in exchange and for which marketing actions are taken and marketing decisions made.

5

Antonio is a guitarist. His guitar got smashed in an unfortunate accident. Now he is thinking of buying a new guitar to play some gigs in his hometown. The guitar will cost $1000. He expects each gig to pay $200. How many gigs would he need to play to "break even" and justify the cost of buying the guitar?

recruitment

CMI International, a composite plastic manufacturer, wants to improve its involvement with the community, so it has established a Community Involvement Office. To fill the positions within this office, the company will attempt to find and attract qualified applicants from the external labor market. This process is called:

Controlling

Feedback is an important part of which function of management?

autocratic

In which leadership style does information typically flow in one direction, from manager to subordinate?

establish performance standards

The first step in controlling is to:

1200

You and your dad go in together to start a business. In the first month, you sell $1,200 worth of product, and you spend a total of $900 on rent, supplies, utilities, etc. What is your total revenue?

3000

You and your dad go in together to start a business. You put up $1000. Your dad puts up $2000. You get a loan from a friend for $500. You put all the money in the bank. How much is the Owner Equity?

3500

You and your dad go in together to start a business. You put up $1000. Your dad puts up $2000. You get a loan from a friend for $500. You put all the money in the bank. What are the business's assets?

500

You and your dad go in together to start a business. You put up $1000. Your dad puts up $2000. You get a loan from a friend for $500. You put all the money in the bank. What are the total liabilities?

Recruitment branding

_____ involves presenting an accurate and positive image of the firm to those it is recruiting for jobs.

Outsourcing

_____ is the assignment of various functions, like human resource management, accounting, or legal work, to outside firms.

Collective bargaining

_____ is the process of negotiating labor agreements between union members and management.

Promotion:

Methods for informing and influencing customers to buy the product.

People:

Methods of utilizing organization employees to support the marketing strategies of the company.

mission statement

A _____ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy.

labor union

A _____ is an organization of employees formed to represent workers in their disputes with management over wages, hours, and working conditions.

grievance

A ______ is a formal complaint, by an employee or by the union that management has violated some part of the contract.

national union

A(n) _____ is a union that consists of many local unions in a particular industry, skilled trade, or geographic area and thus represents workers throughout an entire country.

autocratic, participative, and free-rein

According to your text, among managers there are three distinctive leadership styles. They are:

specific groups that are protected against employment discrimination

Protected classes are:

profit sharing plan

Randall Brook Enterprises, Inc., is a small company that manufacturers electronic devices. It has a sales force of twenty who sell all over the U.S. Last year the company wanted to motivate employees, so they decided to give each employees a portion of the profit of the company. Randall Brook Enterprises used a(n) _____ to reward its salespeople.

strategic

Reader's Digest Association, Inc., has published Reader's Digest magazine for over 80 years, and many believe the publication is dated and can no longer attract many readers. They believe _____ plans are needed to revamp the magazine's content, editorial staff, and readership.

Place:

Some method of getting the product from the creator of the product to the customer.

net profit

what's the "bottom line?"

Accounts Receivable

which asset is easiest to convert into cash?

Fill more of their seats

How can airlines improve their revenue per seat-mile?

autocratic

In order to attract younger customers to the Lacoste brand of clothing, CEO Robert Siegel made all of the major decisions in product planning, distribution, and promotion. He asked for no input from his employees. Siegel used a(n) _____ style to increase Lacoste's sales.

It helps managers detect problems before they get worse

Why is feedback essential to the controlling process?

Managing the human resources of an organization

The main idea of Chapter 8 is:

selection interview

The tool most widely used in making hiring decisions is the:

3

Valeria creates hand-crafted, leather boots. She sells each pair for $400. She creates the boots and sells them in a small storefront, which she rents for $500 per month. She pays utilities of $400 per month. It costs her $100 in materials for each pair of boots. How many pairs of boots will she need to sell each month to cover all her expenses?

Guiding and motivating others

What is the primary function of leadership in an organization?

Developing strategic plans

What is the primary responsibility of top-level managers in an organization?

Attaining organizational goals

What is the primary role of management?

To assign authority and responsibilities to employees

What is the purpose of delegation in organizing activities?

To determine if a performance gap exists

What is the purpose of measuring actual performance against performance standards?

Empowerment

What is the term for giving employees increased autonomy and discretion to make their own decisions and control over the resources needed to implement those decisions?

picketing

When union members carry signs and march near the entrance of their employer to publicize their view of the dispute and discourage customers, they are engaging in:

autocratic

Which leadership style prefers to make decisions on their own and expects subordinates to implement solutions according to specific instructions?

Participative

Which leadership style shares decision-making with group members and encourages discussion of issues and alternatives?

Controlling

Which management function involves measuring performance and taking necessary actions to improve it?

Developing strategic plans

Which of the following is NOT a component of organizing in the management process?

HireMeNow

Which of the following is NOT a leading online job posting and recruiting site listed on the web site.?

compensating employees, labor unions, EEOC, legal issues in recruiting employees, selecting employees, collective bargaining, creating a job description, affirmative action

Which of these were discussed in chapter 8 (choose all that apply)?

CEO, president, and vice presidents

Who typically comprises top-level management in an organization?

job analysis

Wolfgang Reithofer, a human resource manager at an Austrian brick making company, gathers information about various jobs within the company and specifies the skills and knowledge needed to do each job well. Reithofer is responsible for:

900

You and your dad go in together to start a business. In the first month, you sell $1,200 worth of product, and you spend a total of $900 on rent, supplies, utilities, etc. What are your expenses?

300

You and your dad go in together to start a business. In the first month, you sell $1,200 worth of product, and you spend a total of $900 on rent, supplies, utilities, etc. What is your profit?