Business Foundation
________ audit the financial reports of public companies as required by law.
External auditors
________ refers to some aspect of a product or company that makes it more appealing to target customers.
Competitive advantage
Creating new goods and services for a firm's current markets is called ________.
product development
A(n) ________ is a framework of how a business intends to generate revenue
business model
Which of the following sources of short-term debt is characterized by revolving credit terms?
credit card
Concentrated marketing differs from micromarketing in that concentrated marketing ________.
focuses on only a single market segment
Micromarketing differs from undifferentiated marketing in that micromarketing ________.
targets a single location or even a single customer
Capital structure is ________.
a firm's mix of debt and equity financing
Which of the following is a source of long-term debt financing?
corporate bond
Selling existing products to new markets is called ________.
market development
What type of utility is created when a customer actually purchases and has a product?
possession
________ is the most important and pervasive interpersonal skill that managers use.
Communication
________ skills refer to the ability to understand the relationship of parts to the whole.
Conceptual
What is one of the key roles of management?
Creating an environment where employees can excel in their work.
________ leaders act as advisors and supporters and generally let subordinates chart and adjust their own course toward meeting agreed-upon goals and objectives.
Laissez-faire
________ is the technique of increasing the rate of return on an investment by financing it with borrowed funds.
Leverage
________ refers to a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
Market environment
________ involves selling more of your existing products into the markets you already serve.
Market penetration
________ encompasses all the people and processes used to create the goods and perform the services that a company sells.
Operations management
Which of the following is the best example of a technical skill that managers must possess?
ability to prepare a formal profit and loss statement
Which of the following is a field of study that might offer better insight into consumer buying behavior?
behavioral economics
Which of the following is an example of an administrative skill that managers possess?
being skillful in information gathering
A ________ is a planning and control tool that reflects expected revenues, operating expenses, and cash receipts and outlays.
budget
The ________ outlines expenditures for real estate, new facilities, major equipment, and other such investments.
capital budget
What do most lenders require on unsecured loans to protect themselves from default while the loan is outstanding?
compensating balances
The conditions that affect the cost and availability of goods, services and labor, and the behavior of buyers and sellers are BEST described as the ________ environment.
economic
Who are those responsible for investigating financial crimes?
forensic accountants
Providing leadership to employees is an example of a(n) ________ role of management.
interpersonal
The policies and practices of government bodies would shape the ________ environment for a business.
legal and regulatory
What is a company faced with when it doesn't have enough cash to meet short term needs?
liquidity crisis
What should be done to limit your own filters and biases and to truly seek to improve the communication process?
listen actively
A loan that is paid back in installments over an extended period of time is an example of a ________.
long-term loan
Which of the following refers to the interrelated tasks that lead an organization in pursuit of its goals?
management
The process of collecting and interpreting information about customers, competitors, and other related marketing issues is known as ________.
marketing research
An HR specialist is most likely to be responsible for which of the following activities?
motivate and train diverse workforces
Which of the following are based on intuitive judgments?
qualitative forecasts
What is the difference between secured and unsecured loans?
secured loans are back by collateral
When you segment a market using psychographics, you subdivide your customers according to characteristics such as their ________.
self-concept
The use of social media as a marketing tool has led to ________, which involves the promotion of products or services to customers who don't know they are being marketed to.
stealth marketing
Which of the following is a typical role of middle managers in an organization?
translating strategic goals and objective into actions