BUSN 110
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
The Financial Accounting Standards Board (FASB) is a:
private organization that is responsible for establishing financial accounting standards in the United States
Symantec Corp. has been granted a judgment totaling $3 million in a suit against a Maryland software firm accused of selling counterfeit copies of Symantec software, including Norton SystemWorks and Norton Antivirus. Symantec won a legal judgment against the Maryland firm for:
software piracy
Which of the following is NOT a characteristic of an intermittent process?
standardized products
A(n) _____ is a summary of the money flowing into and out of a firm.
statement of cash flows
_____ is a permanent organization structure that combines functional and product departmentalization.
A matrix structure
_____ proposed a theory of motivation based on universal human needs.
Abraham Maslow
A corporation has:
All the above
A corporation:
All the above
Social responsibility should extend beyond the shareholders to include:
All the above
Which of the following would be stakeholders for a manufacturer of agricultural pesticides?
All the above
_____ are individual investors or groups of experienced investors who provide funding for start-up businesses.
Angel investors
The difference between a country's total payments to other countries and its total receipts from other countries is called its:
Balance of payments
The difference between the value of a country's exports and the value of its imports during a specific time is called its:
Balance of trade
Which of the following provides the legal and managerial guidelines for operating the firm?
Bylaws
The _____ is a specific group of consumers toward which a firm directs its marketing efforts.
target market
According to _____, workers respond to attention from superiors, and they like their opinions to be valued.
the Hawthorne effect
_____ is the process of grouping jobs together so that similar or associated tasks and activities can be coordinated.
Departmentalization
_____ is the process of distributing the original cost of a long-term asset over the years of its useful life.
Depreciation
All of the following terms are associated with international trade EXCEPT:
Discount rate
_____ is the process of dividing the work and assigning tasks to workers.
Division of labor
A corporation's earnings are taxed as corporate earnings and as dividends to the stockholders. This is known as:
Double taxation
Theories X and Y management styles are the result of studies by:
Douglas McGregor
How does an executive information system (EIS) differ from a decision support system (DSS)?
EIS is customized for an individual executive, and DSS is not.
Which type of information system is used only by operational managers?
transaction processing system
_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.
Financial accounting; Managerial accounting
The father of scientific management was:
Frederick Taylor
_____ refers to sending work functions to another country resulting in domestic workers losing their jobs.
Outsourcing
A computer program that copies itself into other software and can spread to other computer systems is called:
a computer virus
Managerial accounting provides information that would probably be most beneficial to:
a middle manager of the company
A person who works as a sales representative for a manufacturer or wholesaler and gets paid a commission on any sales is classified a(n):
agent
A well-written business plan should contain:
all of the above
Which of the following is an example of an advertising medium?
all of the above
Which of the following organizations would analyze their market environments, find a competitive advantage, and create a marketing mix?
all of the above
Which of the following is a type of on-the-job training?
apprenticeship
Self-managed work teams:
are accurately described by all of the above
Which of the following calculations is a formal expression of the accounting equation?
assets = liabilities + owners' equity
Among managers there are three distinctive leadership styles. They are:
autocratic, participative, and free-rein
The _____ summarizes an organization's financial status at the end of an accounting period.
balance sheet
Collecting data over a period of time and then processing that data all at the same time is called _____ processing.
batch
Middle managers usually:
carry out plans and policies of top management
In manufacturing, all costs directly related to production including raw materials, labor, and factory overhead are classified as:
cost of goods sold
The United States Army retains a history of all equipment acquisition from approval of requirements through funding, authorizing, fielding, and maintenance to equipment retirement. This data would be kept in a(n):
data mart
After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest). In other words, he used _____ financing.
debt
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
In accounting, every transaction must be recorded as two entries. This system is called:
double-entry bookkeeping
A(n) _____ system is a management support system that uses artificial intelligent to enable computers to reason and learn to solve problems in much the same way as humans do.
expert
Once the business plan is finished, the next step is to:
find financing for the business
Which of the following is NOT a reason why small business thrives in the United States?
guaranteed profits
Leadership is:
guiding others to achieve specific goals
Which of the following is NOT a typical task performed by a supply chain manager?
hiring packers and drivers
Which of the following is an example of an individual factor that influences Billy Bob's decision to buy a Sharps black powder cartridge rifle?
his desire to experience what it was like to be a Civil War soldier
A business plan:
is accurately described by all of the above
Venture capital:
is financing obtained from investment firms that specialize in financing small, high-growth companies
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:
job analyses
A(n) _____ is a manufacturing firm that produces goods in response to customized orders.
job shop
The physical arrangement of a production facility is called its:
layout
According to Theory Y, workers _____ their work.
like delegation and responsibility in
To stimulate the economy, the Federal Reserve can:
lower the reserve requirement
A country that exports more goods than it imports is said to have a(n):
Favorable balance of trade
How does unsolicited and unwanted e-mail pose a security risk to companies?
Viruses spread through e-mail attachments.
Articles of incorporation do NOT include:
a list of all stockholders' names
An accountant who has a bachelor's degree, passes a test prepared by the professional organization AICPA, and has a certain number of years of on-the-job training becomes a:
certified public accountant
Which of the following statements about utilitarianism is true?
Utilitarianism is designed to create both winners and losers.
In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask?
What are you going to do with the down payment?
Kirby Frigo has opened a dog grooming business. Frigo, like other small business owners, probably will experience:
burdensome government regulations
A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.
business plan
An economic system based on complete freedom of trade and little, if any, government control is known as:
Capitalism
With its ease of registration and pro-corporate policies, _____ is called the "state of incorporation." About half of the Fortune 500 companies are incorporated there.
Delaware
Which of the following statements describes one the strengths of group decision making?
Group decision making results in a higher-quality decision then individual decision making.
Sole proprietorships:
Have unlimited liabality
Fred Pittman has invested $10,000 in his son's motorcycle repair shop, but he takes no part in its management. Pittman is a(n):
Limited partner
_____ is the process of separating, identifying, and evaluating the layers of a market to design a marketing mix.
Market segmentation
Codes of ethics:
May be influential in determining a person's decision-making behavior
Those people designated by demographics as _____ are defined as Americans born between about 1981 and 1997.
Millennials
In Canada, the government owns the communications, transportation, and utilities industries, while most other activity is carried on by private enterprise. Canada is an example of:
Mixed economy
_____ are entrepreneurs who start a series of companies.
Multipreneurs
The highest level of the corporate social responsibility pyramid is:
Philanthropic responsibilities
Japan bans importation of rice to protect its domestic rice industry. This ban is an example of:
Protectionism
_____ are independent accountants who serve organizations and individuals on a fee basis.
Public accountants
A decline in real GDP that lasts for two consecutive quarters is called a(n):
Recession
_____ is the process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job.
Selection
Which of the following is NOT a type of retailer?
manufacturers' representative
The _____ is based on the five P's.
marketing mix
In _____, goods are produced using mass production techniques up to a point. Then production is custom tailored to the needs or desires of individual customers.
mass customization
A _____ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy.
mission statement
Which of the following elements does NOT typically appear in a well-prepared business plan?
names of all employees
A LAN is a:
network of computer systems that share the use of software and hardware
Demography is the study of:
people's vital statistics
Mike and Ike, the fruit-flavored chewy candies, needed a major facelift. The brand had a small but loyal core of "munchers." A relatively small brand, it needed visibility to take on share leaders like Starburst and Skittles. The company changed its packaging and developed contests all geared to 12- to 17-year-olds. The makers of Mike and Ike have modified its _____ strategies.
product and promotion
During production planning, the operations manager must make decisions about all of the following EXCEPT:
product design
Channels of distribution make distribution easier by performing all of the following functions EXCEPT:
production
Personal selling, advertising, public relations, and sales promotions are decisions made when planning the _____ strategy.
promotion
The three principal tools of the Federal Reserve System are:
reserve requirements, discount rate, and open market operations
The Sarbanes-Oxley Act:
restricts the types of nonaudit services auditors can provide audit clients
The dollar amount of sales plus any other income received from sources like interest and dividends is called:
revenues
Frederick Taylor's scientific management emphasized:
work efficiency
Ethan Djuna is a territorial salesman for Lennox heating and air conditioning systems. Every six months Djuna's sales manager gives him feedback by showing Djuna a comparison between his actual sales figures and his sales objectives. This feedback is called a _____ appraisal.
performance
In the production of corn meal for baking, corn is ground. This conversion process is an example of:
process manufacturing