Final Exam Part I (Quiz)

Thom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production?

natural resources

Jay Pontiac, an auto dealer, wanted to develop a service reminder program in the form of brochures that could be sent to individual customers. On the cover of each individualized brochure was an image of the customer's vehicle, the customer's name, and vehicle model name. Inside was the vehicle's estimated current mileage at the time of the mailing. Recommended services for that vehicle based on the estimated mileage were also included. Detailed service information was provided in the service history section of the brochure. On the back of the brochure were four coupons directly related to the service recommendations. Jay Pontiac used: Group of answer choices

one-to-one marketing

Which of the following statements about human rights is true?

Human rights are expressed in the U.S. Constitution. WRONG

_____ are independent accountants who serve organizations and individuals on a fee basis.

Public accountants

Which of the following is a disadvantage of sole proprietor ownership? Group of answer choices

Unlimited liability

Which of the following is an example of a data security issue? software piracy unauthorized access and use deliberate damage introduction of a computer virus all of the above

all of the above

The Sara Lee Company sells the Hanes brand of hosiery in the United States. The manufacturer of this hosiery brand in Great Britain sells it under the brand name of Pretty Polly. The Sara Lee Company is using _____ to broaden its global marketing base without investing in overseas plants and equipment. Group of answer choices

contract manufacturing

As part of her marketing project, Lily Unruh is studying how Marriott operates. Since she thought it was simply a hotel chain, she was amazed to learn that its food divisions provide food for school cafeterias, airlines, hotels, and fast-food restaurants. Marriott's food divisions are departmentalized by:

customer

_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money. Group of answer choices

venture capital

Holiday Confections has the following balance sheet figures for the year ending December 31, 2018:Cash $1,000Marketable securities 5,000Inventory 3,000$9,000Accounts payable $2,000Notes payable 1,000$3,000Its net working capital is:

6,000

Hannah Li wants to quit her job as a legal secretary and start her own small business. She knows that she will be successful if she can find the right idea. Where can Li look for ideas for her new business? Problems she noticed in her old job Her interest in the history of Asian art Suggestions from her family Other businesses in other regions of the country All of the above

All of the above

_____ is the set of values, ideas, attitudes, and symbols created to shape human behavior.

Culture

____ is the process of dividing the work and assigning tasks to workers.

Division of labor

_____ management focuses on gathering and sharing an organization's collective knowledge to improve productivity and foster innovation. Group of answer choices

Knowledge

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Management

_____ provides the structure of people, positions, departments, and activities within which the company objectives can be accomplished.

Organizing

Which of the following statements about preferred stock is true? Group of answer choices

Preferred stock produces a fixed-amount dividend.

Which of the following actions would be deemed illegal by the Occupational Safety and Health Act?

The employer paid less than minimum wage. WRONG

Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner's inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:

Utilitarianism

Which of the following statements about utilitarianism is true?

Utilitarianism holds that an action that affects the majority adversely is morally wrong.

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:

a secondary boycott WRONG

A corporation has: limited liability ease of transferring ownership continuity of life ability to attract financing all of the above

all of the above

The _____ is defined as the difference in value of a country's exports and imports over a period of time.

balance of trade

Profitability ratios are used to:

determine how efficiently a company's manages its retained earnings WRONG

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers. Jain used _____ financing.

equity

Once the business plan is finished, the next step is to:

find financing for the business

An advertising agency that has separate departments for artwork, creative design, print advertising, radio advertising, television advertising, and specialty advertising is using _____ departmentalization.

functional

Radial tires installed on four-wheel drive vehicles are examples of:

installations WRONG

_____ is the sense of national consciousness that boosts the culture and interests of one country over those of all other countries.

nationalism

The typical problem-solving team: makes final decisions allocates resources is comprised of employees from several different functional areas meets on a regular basis to share information and discuss ways to improve processes is accurately described by all of the above

is accurately described by all of the above WRONG

Capital Radio PLC, the United Kingdom's biggest commercial radio firm announced in 2002 that it would cooperate with Walt Disney Co. to create a radio network for children under the age of 16. The company will broadcast to a potential audience of 25 million under the name Capital Disney. This new radio network will be created as the result of: Group of answer choices

joint venture

Karl Metzger plans to invest $5,000 in a partnership with his brother to produce and sell handcrafted violins, zithers, and other string instruments. Metzger does not plan to work in the business and wants no more liability than his investment. He should be a:

limited partner

Management's refusal to let workers enter a plant or building to work is a:

lock out

Two co-workers at Nortel came up with an idea for renting software over the Internet. Nortel's top management liked the idea and set up a special division called Channelware devoted to taking the idea and making a new product. The establishment of a new company and assigning the employees in the division the task of making an idea a reality requires which management function?

organizing

Securities that are not traded on the organized stock exchanges are traded in the:

over-the-counter market

Demography is the study of

people's attitudes, interests, and values WRONG

Ethan Djuna is a territorial salesperson 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 RATIONALE: A performance appraisal is a comparison of actual performance with expected performance to assess an employee's contributions to the organization.

A company has achieved the level of _____ responsibilities when it has met its ethical, legal, and economic responsibilities.

philanthropic

There are a lot of talented people. Many singers who have not been discovered are as talented or more so than some of the best-known musical artists. For instance, pricing a musical act at $20,000 when a small community arts center can get just as great an entertainment experience for its audience for $5,000 is an example of: Group of answer choices

prestige pricing

Martha Maguire recently was laid off from her telemarketing job for a large catalog retailer. Each January, Maguire is laid off as soon as the Christmas season is over. She will be hired back sometime during the summer. In terms of unemployment, Maguire is a good example of _____ unemployment.

seasonal

Copying of software programs by people who haven't paid for them is called: Group of answer choices

software piracy

Articles of incorporation do NOT include:

the minimum capital requirements WRONG

Which one characteristic most clearly defines a market structure?

the number of suppliers in a market

On a statement of cash flows for a manufacturer of digital thermometers, the cash flows from investment activities section would include:

the sale of land adjacent to the manufacturer's administrative office building

A relatively small group of managers at the head of an organization that establishes overall strategy and long-range goals is called _____ management.

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