MGT 101- Second Half

In _______________, machines are designed to do multiple tasks so that they can produce a variety of products

flexible manufacturing

William Ouchi believed that a pure Type J approach to management would not work in the United States because it:

is based on the values and attitudes of Japanese culture

______________ emphasizes motivating the worker through the characteristics of the job itself

job enrichment

To cut storage costs, many companies have implemented

just-in-time inventory control

Rather than requiring cash payment for all sales, some firms offer credit to:

keep current customers happy and attract new customers

Which of the following is a characteristic of Type J management?

lifetime employment

Supermarkets and discount stores often advertise products at prices at or below their cost to attract people to the store. These products represent:

loss leaders

X-Sport Industries is a U.S.-based manufacturer of sporting goods. Until recently, all of its sales were within the United States. However, it has decided to make a major push to sell its products in the European Union. In order to succeed in this new market X-Sport will need to:

make sure it meets ISO 9000 standards

In the language of bonds, face value is synonymous with:

principle

In __________________, materials are physically or chemically changed to produce a product

process manufacturing

___________ involves producing what the customer wants while reducing errors before and after delivery to the customer.

quality

Which of the following is a benefit of a brand name for a buyer?

quality assurance

To strengthen its manufacturing base in the future the U.S. will have to:

According to David Audretsch, the director of the Institute for Development Strategies

________________ uses computeres to help design products

CAD

Sophisticated software that enables computer-aided design machines to communicate with computer-aided manufacturing machines is called:

Computer-integrated manufacturing

___________ is a computer application that enables multiple firms to manage all of their operations on the basis of a single, integrated set of corporate data.

Enterprise resource planning (ERP)

__________ is the process of selecting a geographic location for a company's operations

Facility location

A bar graph that clearly shows what projects are being worked on and how much of each project has been completed is called a(n):

Gantt chart

Manny Hernandez is a production and operations manager who likes to keep track of how various projects are progressing. One of Manny's favorite tools is a bar graph that shows how much work has been completed on the projects that are currently underway. Manny likes to use a(n):

Gantt chart

According to equity theory, employees are likely to ask:

If I do a good job, will it be worth it? What is fair?

Which of the following statements about marketing is most accurate?

Marketers recognize the need to learn as much as possible about customers and do everything possible to satisfy them.

The ________ represents a network of stockbrokers who trade in the securities of corporations not listed on the national exchanges

NASDAW

Which of the following would be most helpful to a production manager who wanted to determine the minimum time required to complete a proposed project?

PERT

____________ examines statistical samples of product components at each stage of the production process and plots the results on a graph in order to spot and correct any variances from desired quality levels.

Statistical process control

As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires:

a consistent application of fundamental marketing practices

the concept of the time value of money indicates that

a dollar received today is worth more than a dollar received a year from today

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

a market

The resurgence of U.S. manufacturing firms in recent years can be credited to

a number of significant changes in both the production techniques and management styles used by U.S. firms.

Aaron Nance is a freshman in college who has not yet decided on his major. He is thinking about majoring in operations management and is concerned about job opportunities in this field. Which of the following statements about jobs for operations management majors is most accurate? If he majors in operations management, Aaron will:

acquire skills and knowledge that are valuable to firms in both the manufacturing and service sectors

Which of the following statements about high-context cultures reflects how managers in this type of culture might operate?

as a sales professional trying to sell your product to a business that operates with a high context culture, you may have to visit the decision makers several times and get to know them on a personal level

A(n) ____________ puts together components to make a product

assembly process

When the stock prices decline steadily, investors refer to the market as a ____________ market

bear

Equity theory states that employees will perform well if they

believe the reward they receive fairly compensates them for their efforts when compared to others in similar positions

Which of the following securities are considered high quality and limited risk?

blue chip stocks

The corporate certificate indicating that an investor has loaned money to the organization is called a:

bond

Issuing ________ may adversely affect the financial community's perception of the firm.

bonds

Operations management is a specialized area in management that converts resources into

both goods and services

A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitor

brand

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called

brand loyalty

Which of the following describes a word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors?

brand name

A(n) ________ allocates dollars to various costs and expenses needed to operate a business at an estimated level of sales revenue.

budget

Carolina Financial Services is considering the purchase and installation of an expensive computer network. This is the type of expenditure that would be included in a(n)

capital budget

Contacting customers after a sale to reassure them that they made the right decision is intended to offset:

cognitive dissonance

Which of the following represents a source of short-term funding?

commercial paper

__________ represents the most basic form of ownership and includes voting rights in the company and dividends, if and when the firm pays dividends.

common stock

HandZone, a manufacturer of high quality gloves and a variety of fashion accessories, already has both computer-aided design and computer-aided manufacturing. Unfortunately, the two systems cannot communicate with each other. David Warmdigit, a production manager at HandZone, has heard about some software that allows CAD and CAM to work together, and wants to learn more about it. David is interested in:

computer integrated manufacturing

When Callie developed a detailed description of her ideas for a health club and asked for feedback from women about the proposal, she was engaging in:

concept testing

Efforts to redesign and rebuild America's manufacturing base are likely to:

continue to be an important issue in the near future

After owning a Cordero Company bond for five years, Gabrielle exercised an option that allowed her to exchange her bond for 20 shares of the company stock. Gabrielle apparently owned a(n)

convertible bond

acquiring funds through borrowing represents

debt financin

A firm that uses ___________ segmentation divides a market into groups based on age, income, or level of education.

demographic

A firm gathers ___________ data by conducting surveys, interviewing customers, or mailing out questionnaires.

primary

Which of the following problems would indicate that a manager ailed to apply the basic concepts of expectancy theory?

employees are unwilling to work toward achieving an important goal because they believe the reward offered is not sufficient to justify the effort

The first meeting between the new CEO of Idle Time Gaming, Inc., John Noble, and Howie Spradlin, the production manager did not go smoothly. The purpose of the meeting was to discuss the problem of declining productivity and to develop a strategy to turn the situation around.Howie started the conversation by handing Mr. Noble most recent production report. "I've always thought that most of our employees were lazy, and now I've got proof," Howie stated. "We pay these guys the highest wages in the industry, provide them with a safe place to work, and make the job as simple as possible. We aren't asking these guys to do brain surgery, but productivity still lags and our production costs increase. I've told all the supervisors to watch these lazy bums every second to make sure they put in a full day's work. If those guys think I'm going to let them get away with goofing off, they're in for a rude awakening."CEO Noble responded in a way that surprised Howie. "Maybe these employees aren't lazy, Howie, maybe they are just bored and resent the way we've treated them," he said. "The employees are experienced and well trained. They might work harder and smarter if the work were more interesting and rewarding. Their attitudes might even improve if we treated them with more respect. Maybe one of the best ways for you and I to understand where they're coming from is to spend some time along side them."For the next hour, the two discussed ways to improve worker motivation and performance. Howie left the meeting with an unsettled feeling. Many of Mr. Noble's suggestions seemed naïve to Howie. "Mr. Noble is the boss, but I think he is too optimistic regarding human nature," Howie mused. Reluctantly, Howie had to admit that his own approach had not succeeded in improving the plant's performance. He decided to take a hard look at some of Mr. Noble's ideas. Before ending the meeting, John Noble informed Howie that he would be sending out an email to all employees asking for suggestions as to how the jobs could be restructured to improve productivity. As Howie walked back to the production site, he shook his head, "Is Noble from a different planet? Does he really think our workers have a clue?" Unlike Noble, Howie does not realize that:

employees can be motivated by open-communication

With plans to build a $50 million theme park, Lakeview Enterprises intends to finance this project through the sale of additional shares of ownership in their firm. Selling new shares of stock represents ___________ financing.

equity

At Qliktech, the company CEO, Lars Bjork, honors employees who demonstrate the company's core values. Qliktech holds a summit each year, where it selects and awards one employee in each of several values categories that include (1) challenge; (2) move fast; (3) be open and straightforward; (4) teamwork for results; and (5) take responsibility. Rather than posting core values for everyone to pass by each day, the CEO finds that providing _________ rewards once each year provides the message to all employees that these are important values.

extrinsic

Maureen's supervisor was so impressed by her work that he named her the employee of the month. This praise from her supervisor is an example of a(n) _________ reward.

extrinsic

_____________ is the physical arrangement of resources in the production process

facility location

selling accounts receivable to obtain short-term funds is called

factoring

___________ refers to the process that identifies variances by comparing actual revenues and expenses to projected revenues and expenses.

financial control

________ examine the data prepared by ________ and then make recommendations to top management regarding strategies for improving the firm

financial managers; accountants

The idea behind the Deming Cycle is to

find potential errors before they occur

One of Sparky's goals is to expand globally. He is most interested in doing business with the nations of the European Union. In order to do business with the European Union, Sparky's company should:

gain ISO 9000 certification

In recent years, the service sector of the U.S. economy has:

grown much more rapidly than the manufacturing secor

Which of the following statements about the impact of CAD/CAM on manufacturing is most accurate? CAD/CAM:

has made it possible to produce custom-designed products with little increase in costs.

Today, U.S. companies in the manufacturing sector

have altered their production and managerial styles in order to regain their competitive edge in many industries

The purpose of management by objectives it to

help employees motivate themselves with a goal-setting model that involves, discussion, review, and evaluation by management and employees.

Herzberg's research found that safe working conditions and good pay

helped maintain worker satisfaction, but did little to increase motivation

A(n) _____________ refers to the first public offering of a corporation's stock

initial public offering (IPO)

Using information not available to the public to unfairly benefit in the stock market represents:

insider trading

Which of the following accurately describes an advantage of selling bonds to raise long-term capital?

interest is a tax-deductible expense

The stages of the product life cycle are

introduction, growth, maturity, and decline

________ is the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives

marketing

A ________marketing strategy develops products and promotions designed to please large groups of people

mass

Unlike an assembly line where workers perform only a few tasks, in a _________ layout, teams of workers combine to perform a variety of tasks needed to produce more complex units of a final product.

modular

Enterprise resource planning (ERP) is considered more complex than MRP primarily because it can:

monitor processes in multiple firms at the same time

The major benefit of open communication in a company setting is

motivated employees

Ellen Cleary is an operations manager who is under a great deal of pressure to make sure a project is completed on time. She has used the PERT method to help her determine how long the project is likely to take. In order to ensure that the project does not take longer than necessary to complete, Ellen should keep careful tabs on those activities that are:

on the critical path of the PERT network

Attracting attention, describing contents, explaining benefits and identifying the uses of a product are all functions of:

packaging

Equity judgments are based on

people's perceptions

The purpose of __________ is to create real or perceived product difference

product differentiation

The purpose of __________ is to create real or perceived product differences.

product differentiation

The ____________ is a theoretical model that describes the sales and profit performance of a product class over time

product life cycle

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

product line

The Procter & Gamble Company produces bar soap, disposable diapers, deodorants, laundry detergents, peanut butter, cookies, cake mix, shampoo, shortening, coffee, and many other products. These products are part of P&G's:

product mix

The combination of product lines offered by a manufacturer is called the firm's:

product mix

____________ is the creation of goods and services using land, labor, capital, entrepreneurship, and knowledge.

production

the business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following

production era

Some suppliers hesitate to offer trade credit to firms with a poor credit history. In these cases, the supplier may insist that the customer sign a(n):

promissory note

A(n) ________ represents a condensed version of the registration statement that enables prospective investors to evaluate a stock for possible purchase

prospectus

A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests.

psychographic

Which of the following would normally involve long-term financing?

purchase of modern equipment

Every month Sam Tabor is assigned a different job at Russo & Daughters Financial Consulting. Sam enjoys the task variety and finds that switching jobs on a regular basis keeps the work from becoming boring. Russo & Daughters is using a technique known as job:

rotation

New employees at Throneberry Manufacturing are carefully trained to use the most efficient production methods. They are then placed on an assembly line and expected to perform the same task day after day, using the methods they were taught. The work is boring, but the pay is good. Throneberry's approach is consistent with the principles of:

scientific management

__________ consists of information that has already been researched by others and is published in journals or books, or has been made available online.

secondary data

The trading of previously issued securities from one investor to another takes place in the:

secondary market

A loan that requires the borrower to provide collateral represents a(n):

secured loan

Which of the following refers to the process of dividing the total market into several groups with similar characteristics? market:

segmentation

During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on selling.

selling

The U.S. economy is now dominated by the ___________ sector

service

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

shopping goods

Firms establish a ________ fund so that sufficient funds are available to repay bondholders on the maturity date.

sinking

Managers who advocate job enrichment focus on creating jobs with

skill variety and autonomy

Cool People Publications focuses their marketing efforts on reaching African-American teenage girls. The firm believes that they are positioned to profitably serve this group of consumers. Cool People utilizes the strategy of:

target marketing

Whether a consumer thinks a product provides the best value depends upon:

the consumer's perceptions

As the owner of Kingdom's Treasures, Jerry negotiates with suppliers who hope to place their products in his high volume retail gift store. Jerry finances his inventory through the ________ credit offered by suppliers who delay his payments for up to 60 days after the merchandise has been delivered to his business.

trade

Investment bankers ________ new issues of bonds or stocks by purchasing, at a discount, the entire security issue of a firm. The investment bank earns a profit by attempting to sell the securities to investors at higher prices.

underwrite

_________ goods and services represent those products that consumers are unaware of or haven't thought of buying

unsought

In manufacturing, one way to compete with cheap labor is to

use robots

Which of the following statements would a proponent of management by objectives likely make?

when all is said and done, employees must motivate themselves

In an evaluation of an area as a possible site for a facility location, quality-of-life considerations

would include factors such as crime rates and quality of schools