Principles of Business RC Quiz questions

Which of the following bonds grants the issuer the right to pay off the bond prior to the maturity​ date? A. Convertible bond B. Series EE bond C. Callable bond D. Serial bond E. General obligation bond

Callable bond

In a​ market-based economy, which of the following is a fundamental​ force? A. Competition B. Natural resources C. Social environment D. Technology E. Government

Competition

Which of the following indices tracks the 30 largest capitalized public companies in the United​ States? A. Amex Composite B. VINX30 C. NASDAQ 100 D. ​S&P 500 E. DJIA

DJIA

During which stage of the product life cycle are sales of a product expected to​ peak? A. Growth B. Embryonic C. Decline D. Maturity E. Introduction

Maturity

Which function of management involves assigning tasks and​ authority, grouping tasks into​ departments, and allocating physical and human resources to ensure that the work of the company can be carried out efficiently and​ effectively? A. Organizing B. Monitoring C. Leading D. Planning E. Controlling

Organizing

Having to deal with older generations is an aspect of which of the following​ environments? A. Natural B. Competitive C. Political D. Technology E. Social

Social

Which of the following is a common B2B sales promotion​ technique? A. ​Frequent-user incentives B. Trade allowances C. Free samples D. ​Point-of-purchase displays E. Coupons

Trade allowances

Steven owns a restaurant that routinely orders supplies from a national vendor of restaurant cleaning products. The national vendor bills Steven for the​ supplies, and Steven is supposed to issue payment within 30​ days, but if he pays earlier​ -- within 10 days of receiving the​ bill, the vendor will deduct 4 percent from​ Steven's bill. What type of financing option does Steven​ use? A. Line of credit B. A microloan C. Factoring D. Commercial paper E. Trade credit

Trade credit

Which government debt security must be purchased directly from the U.S. government rather than on the secondary​ market? A. Treasury bills​ (T-bills) B. U.S. savings bonds C. Treasury​ Inflation-Protected Securities​ (TIPS) D. Treasury notes​ (T-notes) E. Floating rate notes​ (FRNs)

U.S. savings bonds

In​ 2013, berry pickers at Sakuma Farms went on strike. Joined by supporters along the Pacific​ Coast, they encouraged consumers not to purchase berries sold by Sakuma Farms at stores like Costco and Whole Foods. This is an example of​ _______. A. strikebreakers B. a lockout C. picketing D. arbitration E. a boycott

a boycott

China, the​ world's largest clothing​ producer, has​ a(n) __________ over other countries that produce apparel. A. offshoring advantage B. absolute advantage C. trade surplus D. licensing advantage E. comparative advantage

absolute advantage

​Paid, non-personal mass communication from an organization or individual that is intended to persuade or influence a targeted audience is referred to as​ _______. A. public relations B. publicity C. a sales promotion D. personal selling E. advertising

advertising

Ennio dowloaded​ __________ onto his computer by​ mistake, Now every time he opens his​ browser, it displays a ton of unwanted and annoying ads. A. adware B. a database C. shareware D. a virus E. spyware

adware

Telecommuting​ __________. A. requires companies to acquire and maintain more office space B. is a trend that has started to decline C. means employees only work from home D. causes an increase in travel costs E. allows companies to employ people from around the globe

allows companies to employ people from around the globe

Alicia has been investing for several years and has divided her portfolio among different asset​ categories, such as​ stocks, bonds, and even commercial real estate. This is referred to as​ _______. A. the​ risk-return relationship B. asset allocation C. diversification D. compound interest E. insider trading

asset allocation

Variable

chief financial officer

The process through which the union negotiates with management on issues such as​ wages, insurance,​ benefits, and grievance procedures is known as​ _______. A. mediation B. the bargaining unit C. arbitration D. collective bargaining E. a boycott

collective bargaining

Shareholders who own​ _______ stock are entitled to elect a board of directors and can vote on various aspects of corporate policy. A. primary B. preferred C. mutual D. common E. capital

common

The United States has seen a significant percentage of its steel production move to nations that can produce the product for a cheaper price. The means that the United States has lost its​ _________ in the steel industry. A. competitive advantage B. equitable positioning C. absolute dominance D. comparative advantage E. market access

competitive advantage

A​ locally-operated credit union is an example of a​ __________. A. ​not-for-profit business B. limited liability company C. sole proprietorship D. partnership E. cooperative

cooperative

The​ _______ product is the benefit of the product that makes it valuable to the consumer and motivates​ his/her purchase. A. core B. total C. actual D. enhanced E. augmented

core

The interest rate on a bond is also known as its​ __________. A. coupon B. par value C. dividend D. load E. debenture

coupon

All of a​ company's inventory​ records, customer​ purchases, customer​ preferences, and tax records are recorded in a database. Until these items are sorted into a format that is​ useful, all of these records are just​ ________. A. hard copies B. information C. transactions D. data E. software

data

Toyota has a car brand geared toward young drivers who are most likely purchasing their first new car. Toyota is practicing​ __________ because it is segmenting its market by age and income. A. targeted marketing B. demographic segmentation C. geographic segmentation D. positioning E. psychographic segmentation

demographic segmentation

The intentional adjustment of the value of a​ country's currency by its government is known as​ _______. A. surplusing B. devaluing C. depreciating D. revaluing E. laundering

devaluing

​Darcy won​ $20,000 from the State Lottery. She intends to invest her winnings in the stock market. Following her​ grandfather's advice, Darcy decides to purchase​ $2,000 of stock in ten different​ companies, all in different sectors of the economy. What is​ Darcy's investment strategy known​ as? A. insider trading B. diversification C. the​ risk-return relationship D. market risk E. asset allocation

diversification

Jason puts in long hours finalizing his presentation because he believes that if he does well then he will get a promotion. In this​ case, Jason is motivated by​ _________. A. extrinsic motivators. B. instrumentality C. physiological needs D. intrinsic motivators E. hygiene factors

extrinsic motivators

Full owners of an unincorporated business who share equal amounts of risk are​ __________. A. full partners B. limited partners C. investors D. master partners E. general partners

general partners

One of the ways that a company can extend a​ product's life cycle during the​ _______ stage is to lower the price. A. embryonic B. decline C. maturity D. introduction E. growth

growth

​Jennifer's job inside the company is to review resumes to identify potential candidates to itnerview. It is most likely likely that Jennifer works in​ _______. A. human resource management B. operations management C. employment contracts D. labor relations E. employee training and development

human resource management

TV programs that are devoted exclusively to promoting a product or service are known as​ _________. A. testimonials B. public relations C. sales promotions D. infomercials E. product placements

infomercials

George will buy only Yoplait​ yogurt; he will not buy any other brand of yogurt. If the store​ doesn't have any Yoplait in​ stock, he will buy a different type of healthy food rather than buy a different yogurt.​ George's level of brand loyalty would BEST be described as brand​ _______. A. insistence B. awareness C. preference D. recognition E. equity

insistence

Ming runs a small manufacturing shop. His runs are​ short, due to the customized nature of the products his customers order. Ming uses​ __________ because his production runs are​ short, and he needs to swap out equipment to accommodate product changes. A. intermittent processes B. mass customization systems C. flexible manufacturing systems D. a​ fixed-position layout E. continuous flow production

intermittent processes

Joe's job as an mailroom attendant requires him to deliver incoming letters and packages to​ recipients' desks and offices. and collect outgoing mail for pickup by The US Postal Service and FedEx. These duties are part of​ Joe's __________. A. job analysis B. job description C. work benefits D. job title E. workforce profile

job description

​Jennfier's company decides to buy a large office complex and proceeds to finance the purchase using bond sales. Despite the fact that​ Jennifer's company will have to pay​ 8% interest on the​ bonds, she is confident that the complex will provide a significantly greater return for the company. This example BEST describes​ _______. A. factoring B. liquidity C. venture capital D. equity financing E. leverage

leverage

Product​ _______ refers to the number of different product lines a company offers. A. life cycle B. differentiation C. mix length D. mix width E. line length

mix width

Quickly Boba Milk Tea has an advertising campaign which sends messages to your smart phones telling you how many miles you are from a Quickly location and gives you an offer for​ $1 off a Boba drink product. This is an example of​ _______. A. an infomercial B. mobile marketing C. viral advertising D. Internet advertising E. product placement

mobile marketing

According to​ Herzberg's motivator-hygiene​ theory, responsibility,​ recognition, promotion, and job growth are all​ __________ factors. A. safety B. extrinsic C. motivator D. hygiene E. intrinsic

motivator

A company that produces its products in another​ country, usually to save on labor​ costs, is engaged in​ __________. A. onshoring B. offshore outsourcing C. a joint venture D. a multidomestic strategy E. insourcing

offshore outsourcing

Through equity​ financing, investors become​ _______ of the company. A. employees B. creditors C. customers D. owners E. debtors

owners

Nancy owns a gas station in a small town. Her friend Chuck owns the only other station in the community. One​ day, Nancy and Chuck get together and decide to drastically raise their prices. This is an example of​ _______. A. price fixing B. ​whistle-blowing C. a Ponzi scheme D. situational ethics E. socially responsible investing

price fixing

Samadhi is responsible for acquiring the materials and services needed to manufacture televisions. Samadhi is most likely a​ _______ manager. A. purchasing B. project C. production D. process E. quality control

purchasing

A​ whistle-blower is someone who​ __________. A. reports corporate misconduct B. fines companies for illegal activity C. reports ethical behavior to clients D. investigates wrongdoing by a company E. takes credit for company wrongdoings

reports corporate misconduct

Muncel owns a minor portion of equity in his​ great-aunt's electric vehicle​ factory, which is a C corporation. This makes him a​ __________. A. member of the Board of Directors B. shareholder C. chief operations officer D. limited partner E. general partner

shareholder

Once a salesperson has identified potential suitable​ customers, the next step is to learn as much as possible about those customers to determine their wants and needs and determine how the​ company's products can best meet those needs. This process is referred to as​ _______. A. qualifying the prospect B. the actual approach C. prospecting D. the​ pre-approach E. the​ follow-up

the​ pre-approach

Competition includes​ __________. A. two or more businesses that sell similar products and services operating in a​ market-based economy B. only one company selling a product or service C. the amount of money left over after all expenses are accounted for D. ignoring customer satisfaction E. preventing a company from making better products

two or more businesses that sell similar products and services operating in a​ market-based economy

Stephanie works for a publishing firm. Every​ year, she invites existing and potential customers to test and provide feedback for her​ firm's upcoming titles. What is this activity known​ as? A. A meet and greet B. Promotion C. Environmental scanning D. A focus group E. Product placement

A focus group

Rob is a stern leader. His favorite saying​ is, "It's my​ way, or the​ highway!" What type of leader does this behavior fit​ best? A. A democratic leader B. An affiliative leader C. A laissez faire leader D. A visionary leader E. An autocratic leader

An autocratic leader

Quincy works for a large supermarket​ chain, and he has noticed that many of his product lines are not selling as well as he would like in many markets. What kind of application can he use to help forecast sales numbers for the product lines which he is concerned​ about? A. Enterprise social networking B. A data mart C. An online analysis package D. A data mine E. An electronic monitoring system

An online analysis package

Digital Electronics LLC purchases a​ high-volume wave soldering machine for use in its manufacturing facility. How would this product be BEST​ classified? A. As a​ maintenance, repair, operating​ (MRO) product B. As equipment C. As a specialized professional service D. As a component part E. As a raw and processed good

As equipment

Which of the following production layouts would be most appropriate for producing large quantities of goods that are identical to one​ another? A. Process layout B. ​Fixed-position layout C. Batch system D. Assembly line E. Cellular layout

Assembly line

The fundamental accounting equation​ is: ________. A. Net Income divided by÷ Loss​ = Revenue​ - Expenses B. Assets​ = Liabilities​ + Owners' Equity C. EPS​ = Net Income​ ÷ Outstanding Shares D. ​Owners' Equity​ = Assets​ + Liabilities E. ​Owners' Equity​ = Assets​ ÷ Liabilities

Assets​ = Liabilities​ + Owners' Equity

Sweden does a lot of business with the rest of the world. What is​ Sweden's summary of transactions with the rest of the​ world, including​ payments, financial​ aid, and​ gifts, called? A. Summary of payments B. Balance of payments C. International trade summary D. Trade surplus E. Balance of trade

Balance of payments

Which of the following is the best example of an​ oligopoly? A. Car manufacturers in Germany B. High schools in the United States C. Health Spas in Los Angeles D. Apple OS X operating system E. Mexican bakeries in El​ Paso, Texas

Car manufacturers in Germany

​Trevor's job is to develop algorithms that scour the​ company's data mart to determine customer purchasing preferences. What does Trevor spend most of his day​ doing? A. Data entry B. Electronic monitoring C. Big data analysis D. Hacking E. Data mining

Data mining

​__________ help managers to make better business choices by using data to predict the impact of business decisions. A. Data warehouses B. Data mines C. Decision support systems D. Database management systems E. Big data analysis processes

Decision support systems

One of the reasons Tasha has invested in the stock of a healthcare company is​ that, regardless of whether the economy is weak or​ strong, people still need to go to the doctor and buy medications.​ So, Tasha figures the​ stock's price​ won't fluctuate much. In what type of stock is Tasha​ investing? A. Income stock B. Value stock C. Growth stock D. Defensive stock E. Cyclical stock

Defensive stock

Kahlia is a project manager who is trying to ensure that each task in her project is being​ completed, and is also concerned with how long each task will take. What kind of chart should Kahlia use to keep track of her​ project? A. PERT chart B. Project chart C. Timeline chart D. Gantt chart E. Gannon chart

Gantt chart

Which of the following is NOT a type of economic​ system? A. Planned economy B. Free market economy C. Mixed economy D. Global economy E. Controlled economy

Global economy

Which of the following brings ecological concerns into business​ decisions? A. Globalization B. Green economy C. ​E-commerce D. Capitalist economy E. ​Market-based economy

Green economy

Which of the following is an advantage of debt​ financing? A. Company profits are retained or paid to shareholders rather than being used to repay debt. B. Interest payments are tax deductible. C. The company does not have to generate cash flow to pay interest and the principal. D. No payments to shareholders are required. E. No collateral is required.

Interest payments are tax deductible

Which of the following statements about a corporation is​ true? A. It cannot own property. B. It pays no taxes on profits​ (if it is a​ for-profit). C. It cannot be sued. D. It is a separate entity from its owners. E. It is dissolved when the owner dies.

It is a separate entity from its owners.

When a store sells an item to a​ customer, the store transfers possession from the store to the consumer. Which type of utility does this best​ describe? A. Value utility B. Place utility C. Time utility D. Ownership utility E. Possessor utility

Ownership utility

Paolo is part of a group that hires the​ corporation's management​ team, helps set the​ corporation's policies, and authorizes the issuance of stock. What is most likely​ Paolo's role in the​ firm? A. Paolo is a consultant. B. Paolo is on the​ company's Board of Directors. C. Paolo is a line manager. D. Paolo is the CFO. E. Paolo is a middle manager.

Paolo is on the​ company's Board of Directors.

Walmart is considering adding banking services to its superstores to allow consumers to cash checks for a small fee. This is an example of which type of​ utility? A. Task utility B. Place utility C. Time utility D. Form utility E. Value utility

Place utility

Which of the following best describes seasonal​ unemployment? A. Seasonal unemployment involves businesses or industries that need workers only at certain times of the year. B. Seasonal unemployment is not an important type of unemployment. C. Seasonal unemployment is a type of structural unemployment. D. Seasonal unemployment is a permanent type of unemployment. E. Seasonal unemployment does not involve agricultural workers.

Seasonal unemployment involves businesses or industries that need workers only at certain times of the year.

An​ end-of-aisle display of the new fall colors of lipstick features a coupon for​ $2 off the purchase. This is an example of​ _______. A. personal selling B. viral marketing C. a consumer sales promotion D. a trade sales promotion E. public relations

a consumer sales promotion

Mariah is a manager who does not enjoy having employees actively participate in the​ decision-making process. She believes that she knows best when it comes to making decisions. She would best be described as​ a(n) ________ leader. A. visionary B. dictatorial C. autocratic D. aristocratic E. democratic

autocratic

Until​ recently, the United States virtually forbade trade with Cuba. This was known as​ a(n) __________. A. ​free-trade agreement B. embargo C. subsidy D. comparative advantage E. tariff

embargo

Employment at​ will, in most​ states, means​ __________. A. employees are locked into complicated contracts and can be sued if they try to resign without employer permission B. employers can fire employees at any time for any​ reason, and employees can leave employment at any time for any reason C. employers must have very specific criteria when firing employees D. employees can quit at any time for any​ reason, and employers can do the same as long as they are willing to hire a replacement worker right away E. employers can hire anyone they​ want, but can only fire​ non-minorities without cause

employers can fire employees at any time for any​ reason, and employees can leave employment at any time for any reason

The physical arrangement and interaction of human and physical resources in the production process is known as​ _______. A. process layout B. operations management C. location planning D. facility layout E. capacity planning

facility layout

A recession​ __________. A. means that suppliers are likely to increase the prices of their goods and services B. occurs when an economy slows down for one quarter C. only happens every 50​ years, on average D. is a decline in the gross domestic product​ (GDP) for two or more consecutive quarters E. is unlikely to occur in a​ free-market economy

is a decline in the gross domestic product​ (GDP) for two or more consecutive quarters

A depression​ __________. A. can only be resolved through government intervention B. is the height of the business cycle C. results in higher demand for goods and services D. is a​ short-term situation E. is usually associated with falling prices​ (deflation)

is usually associated with falling prices​ (deflation)

The study of how individual​ businesses, families, and shoppers make decisions to distribute their limited resources in the exchange of products and services is known as​ _________. A. microeconomics B. marketing C. supply and demand study D. the consumer price index E. macroeconomics

microeconomics

If you go into an Ace Hardware​ store, you can purchase​ paint, tools, and garden products bearing the Ace Hardware name.​ However, Ace Hardware​ doesn't manufacture these​ products; it merely sells them in its nationwide retail stores. This is an example of a​ _______. A. generic brand B. family brand C. ​co-brand D. private brand E. ​manufacturer's brand

private brand

Forrester Research sells online data analysis seminars to businesses that​ don't want to do this kind of training​ in-house. This form of business model mostly involves which of the​ following? A. ​Business-to-business transactions B. ​Business-to-government transactions C. ​Peer-to-peer transactions D. ​Business-to-consumer transactions E. ​Consumer-to-consumer transactions.

​Business-to-business transactions

Which​ chart, also known as a fishbone​ diagram, is used to identify all the contributing factors to a​ problem? A. Run chart B. Scatter plot .C. Histogram D. Pareto chart E. ​Cause-and-effect diagram

​Cause-and-effect diagram

A​ company's statement of cash flows reflects the cash flow generated by which of the following business​ activities? A. Current​ assets, fixed​ assets, and intangible assets B. ​Operating, investing, and financing C. ​Assets, liabilities, and​ owners' equity D. ​Sales, production, and cost of goods sold E. ​Revenue, expenses, and net income

​Operating, investing, and financing

Colin is a manager who loves finding what his employees are good​ at, then placing them in positions in his company in which they will excel. Colin is a huge believer in what type of​ management? A. ​Weakness-elimination management B. Management by inspiration C. ​Strength-based management D. ​Laissez-faire management E. Autocratic leadership

​Strength-based management

When you purchase a soft​ drink, the taste of the beverage and its color are part of the​ ________ product; the soft​ drink's benefits of quenching thirst and providing energy are part of the​ ________ product. A. ​actual; augmented B. ​core; augmented C. ​core; actual D. ​actual; core E. ​augmented; core

​actual; core

​Camille, an electronics​ engineer, is a member of a new product development team with members of mechanical​ engineering, quality​ assurance, manufacturing,​ marketing, and accounting. On what type of team does Camille​ work? A. A​ cross-functional team B. A telecommuting team C. A static team D. A virtual team E. A​ strength-based team

A​ cross-functional team

​__________ segmentation is market segmentation based on factors that would cause a consumer to have very specific buying​ habits, such as purchasing the same brand of​ car, regardless of quality or price. A. Psychographic B. Geographic C. Focus D. Behavioral E. Secondary

Behavioral

Jacob feels like he must be a​ well-liked member of a group in order to have​ self-worth. Which level of needs in​ Maslow's hierarchy of needs does this best​ reflect? A. Safety B. Physiological C. Belonging D. ​Self-actualization E. Achievement

Belonging

Saadia is responsible for the overall operation of the company for which she​ works, and reports directly to the Board of Directors. Which of the following is most likely​ Saadia's job​ title? A. Chief financial officer B. Chief executive officer C. Chief technology officer D. Chief security officer E. Chief operating officer

Chief executive officer

A labor union uses what primary tactic to increase the pay and improve the working conditions of union​ members? A. A strike B. Picketing C. Collective bargaining D. A boycott E. A lockout

Collective bargaining

Sean is a salesman who earns his compensation as a percentage of all the sales that he closes. Sean is compensated by​ _________. A. ​Per-unit production profit sharing B. Bonuses C. Salary D. Commission E. Hourly wage

Commission

Which function of management is most concerned with ensuring that employees are performing to operational​ standards? A. Leading B. Controlling C. Staffing D. Planning E. Organizing

Controlling

In​ 2014, Twitter sold​ $1.8 billion of bonds that give bondholders the right to exchange the securities for shares of the​ company's stock at a price of​ $77.64 per share. What type of bonds has Twitter​ issued? A. Convertible bonds B. Debenture bonds C. Callable bonds D. Secured bonds E. Serial bonds

Convertible bonds

Which of the following statements is true of complementary​ goods? A. Complementary goods are not a determinant of demand. B. Complementary goods are consumed separately. C. Complementary goods decrease the value and demand of a related good. D. A decrease in demand of one good would increase demand of its complementary good. E. Complementary goods are typically consumed together.

Complementary goods are typically consumed together.

Which of the factors below is LEAST LIKELY to shift the supply of a good or​ service? A. Changes in resource prices. B. The number of suppliers. C. The number of substitute goods. D. Price expectations. E. Complementary goods.

Complementary goods.

​_______ skills enable a manager to solve​ problems, formulate​ processes, and understand the relationship between​ ideas, concepts,​ patterns, and symbols. A. Conceptual B. ​Decision-making C. Manual D. Interpersonal E. Technical

Conceptual

Jim owns an auto detailing business and is considering expanding his offerings to include weather and dent repair. Before Jim makes a decision to expand his​ business, what activity would he be wise to engage in​ first? A. Conducting market research B. Developing a new marketing plan for the expansion C. Building a customer relationship management system for his business D. Developing an advertising and promotional campaign. E. Implementing the marketing mix for his new product offerings

Conducting market research

Which behavior includes the ways people or businesses evaluate goods and services they may be interested in​ purchasing? A. Brand research B. Consumer inaction C. Positioning D. Business behavior E. Consumer behavior

Consumer behavior

Jonas works at Trader​ Joe's during the Thanksgiving holiday season. The rest of the year he is a​ stay-at-home dad. Which of the following best describes​ Jonas' employment status at Trader​ Joe's? A. ​Full-time employee B. ​Job-sharing C. Consultant D. Contingent worker E. Independent contractor

Contingent worker

Omni Hotels is renowned for having an environment in which customers are treated like​ royalty, and employees are treated even better. What term below best describes this​ situation? A. Theory X environment B. Emotional intelligence C. Visionary leadership D. Expectancy theory E. Corporate culture

Corporate culture

Which of the following refers to how much of a good or service people want to buy at any given​ time? A. Supply B. A shortage C. Demand D. A surplus E. Equilibrium

Demand

​Todd's daughter was born early and spent the first three weeks of her life in the hospital. Todd is very happy that his company provides excellent health insurance to its employees. What program is Todd thankful his company​ provides? A. ​Work/life benefits B. Alternative scheduling arrangements C. Employee benefits D. Job sharing E. Family and Medical Leave Act

Employee benefits

Stephanie and Nicole are two​ fashion-conscious friends who both work at a clothing store. Stephanie started the store a few years ago and owns the business. Nicole was hired into the store last month as a sales clerk. Which term best describes their business​ relationship? A. Owner and investor B. Partners C. Employer and employee D. Cooperative E. Stockholders

Employer and employee

Drew wants to make sure his efforts at work are rewarded​ fairly, in a way that is comparable to his​ co-worker Aryanna. Which theory of motivation would this best​ reflect? A. ​Motivator-hygiene theory B. Theory Y C. Equity theory D. Three needs theory E. Expectancy theory

Equity theory

In order to raise cash to meet its next​ payroll, RTS Enterprises sold its accounts receivable to a​ third-party financial company. By doing​ this, RTS Enterprises​ didn't have to wait until its customers paid their invoices and could meet its​ short-term cash needs. What type of financing did RTS Enterprises​ use? A. A microloan B. Commercial paper C. Factoring D. A line of credit E. An unsecured loan

Factoring

Which of the following regarding enterprise resource planning​ (ERP) is​ true? A. ERP systems require different databases for each functional area of business. B. ERP is only used for inventory and process schedules. C. Firms can use it to integrate inventory and process​ schedules, and can integrate these functions with other areas of the​ business, like​ finance, marketing, and human resources. D. ERP is effective for inventory and process schedules but cannot share information across departments. E. Microsoft is the only company that produces ERP systems.

Firms can use it to integrate inventory and process​ schedules, and can integrate these functions with other areas of the​ business, like​ finance, marketing, and human resources.

Which of the following products would be classified as a shopping good or​ service? A. Candy bar B. Emergency medical service C. Flat screen TV D. Yogurt E. Zac Posen wedding gown

Flat screen TV

Which term describes the temporary unemployment that results when workers move between​ jobs, careers, and​ locations? A. Cyclical unemployment B. Structural unemployment C. Unemployment rate D. Seasonal unemployment E. Frictional unemployment

Frictional unemployment

A team of managers is sitting around a table discussing ideas for how to solve a complex business problem. The head manager suggests a course of​ action, and most of the team agrees completely without any dissenting viewpoints. Others have objections but do not speak up and share them with the team. What is this an example​ of? A. The Hawthorne effect B. ​Strength-based management C. Theory X D. Visionary leadership E. Groupthink

Groupthink

Hannah is a U.S. entrepreneur who is interested in selling​ Italian-made shoes in her store in Nebraska. What business practice is Hannah engaged​ in? A. Offshoring B. Importing C. Licensing D. Franchising E. Exporting

Importing

Which of the following financial statements would show a​ company's revenues and expenses during a particular period as well as the profitability of the company during that time​ interval? A. Operating​ (master) budget B. Balance sheet C. Income statement D. Statement of cash flows E. Statement of retained earnings

Income statement

Which term describes an increase in the general level of prices over​ time? A. Depression B. Inflation C. Deflation D. Surplus E. Disinflation

Inflation

After seeing a program on television boasting the various benefits of the Ninja Super Smoothie Blender featuring Ryan​ Gosling, Stewart quickly picked up his mobile and called the​ toll-free number to place an order. Which type of advertising does this TV program​ represent? A. Direct mail advertising B. Infomercial C. Online advertising D. Mobile marketing E. Product placement

Infomercial

​__________ are used to help managers use information technology resources to help run a business more effectively. A. Information systems B. Database management systems C. Electronic monitoring systems D. Data warehouses E. Cloud computers

Information systems

A clothing manufacturer grants a company in India the exclusive rights to produce and sell its clothing under the​ manufacturer's brand name in the Indian market. In​ exchange, the Indian company pays a royalty fee to the clothing manufacturer. What business strategy does this example​ reflect? A. A​ wholly-owned subsidiary B. A strategic alliance C. A franchising agreement D. Outsourcing E. Licensing

Licensing

Gorditos is a restaurant in Seattle that has been in business for over 20 years. It is phenomenally​ successful, and the owners have been asked on several occasions if they have any plans for expansion or starting a​ franchise, but they have no desire to do so or grow the business in any way. What type of entrepreneurs are​ they? A. Microintrapreneurs B. Growth entrepreneurs C. Micropreneurs D. Social entrepreneurs E. Macropreneurs

Micropreneurs

Frederic is the Manager of Finance for a large yoga clothing manufacturing company. In this​ role, he is responsible for developing specific plans for his department to carry out the​ company's strategic plan. What type of manager is​ Frederic? A. ​First-line manager B. Middle manager C. Staff manager D. Line manager E. Top manager

Middle manager

​_________ is the perspective that there is no universal moral truth but only a​ person's individual​ beliefs, perspectives, and values. A. Amorality B. Unethical behavior C. Personal ethics D. Moral relativism E. Situational ethics

Moral relativism

Esteban launches his browser and navigates to netflix.com. At the​ top, bottom, and side of his screen ads for motorbicycles. What term best describes what he is​ experiencing? A. Online advertising B. Viral marketing C. Social media monitoring D. Data mining E. Adware

Online advertising

Todd is a​ first-line manager for a local gas station. He is creating a plan for employees that lays out what needs to be done on a daily basis to run the store. What type of plan is Todd​ creating? A. Tactical plan B. Mission plan C. ​Long-term success plan D. Strategic plan E. Operational plan

Operational plan

Which of the following is a source of​ long-term financing for a​ corporation? A. Trade credit B. Securities C. Factoring D. Demand deposit E. Commercial paper

Securities

The U.S. federal agency responsible for governing securities​ exchanges, protecting​ investors, and establishing regulations that govern the disclosure of information to investors is the​ _______. A. NYSE Euronext B. Interstate Commerce Commission​ (ICC) C. NASDAQ D. Federal Trade Commission​ (FTC) E. Securities and Exchange Commission​ (SEC)

Securities and Exchange Commission​ (SEC)

Which is the simplest type of business​ ownership? A. ​Not-for-profit organization B. C corporation C. Limited liability company D. S corporation E. Sole proprietorship

Sole proprietorship

​__________ is software that sits on a​ computer, usually in the​ background, and collects​ information, usually for identity theft or other illegal purposes. A. Adware B. Online advertising C. Electronic monitoring software installed by an employer D. Spyware E. Phishing

Spyware

​___________ refers to how much of a product or service is offered for purchase at any given time. A. Demand B. Shortage C. Equilibrium D. Supply E. Surplus

Supply

After many attempts at trying to get an employee to perform​ adequately, a manager fires the employee. What is this act​ called? A. Remediation B. Performance appraisal C. Termination D. ​At-will-employment E. Worker buyout

Termination

Which theory best describes the phenomenon that employee motivation and productivity are positively impacted by attention and​ recognition? A. ​Motivator-hygiene theory B. The Hawthorne effect C. ​Time-motion studies D. ​Maslow's hierarchy of needs E. Theory Y

The Hawthorne effect

Of the statements​ below, select the one that most true about a mixed​ economy? A. The government has a very low degree of control in a mixed economy. B. The economy is completely unplanned and is focused on maximum profitability in a mixed economy. C. Social programs are nonexistent in a mixed economy. D. The government supplies some goods and services in a mixed economy. E. The government is in complete control of all goods and services in a mixed economy.

The government supplies some goods and services in a mixed economy.

All of the following statements about business plans are true​ EXCEPT: A. They list information about competition. B. They provide funding for the business. C. They include a risk analysis. D. They include blueprints of how the business will operat E. They list the​ owners/managers of a business and their qualifications.

They provide funding for the business.

Which of the following is true about regional​ businesses? A. They serve a bigger business area than local businesses. B. They have an easier time managing resources than large multinational corporations. C. They do not operate in towns. D. They tend to offer a large array of goods and services for consumers. E. They serve an international market.

They serve a bigger business area than local businesses.

Kevin is a criminal who breaks into computer systems to steal financial information. Kevin is​ a(n) _______. A. hacker B. spammer C. pharmer D. botnet E. phisher

hacker

A​ sign, symbol, or other graphic representation that identifies a​ company, organization, or product is referred to as​ a(n) _______. A. brand B. emblem C. ​co-brand D. logo E. brand extension

logo

When managers try to analyze a problem or​ opportunity, identify different courses of​ action, and select and implement what they perceive to be the optimum course of​ action, they are using​ _______ skills. A. technical B. ​decision-making C. interpersonal D. conceptual E. tactical

​decision-making

Disinflation​ __________. A. occurs when prices decrease over time B. occurs when the prices for goods and services increase dramatically over a short period of time C. is when the rate of inflation decreases D. is a sign of a healthy economy E. has no impact on prices for goods and services

is when the rate of inflation decreases

Gavin wants to buy stock in a company because he thinks the price is going to increase rapidly over the next several​ weeks, but he​ doesn't have the cash to do so. He decides to borrow the funds from his​ broker, using his investments as collateral. This is referred to as​ __________. A. an option B. a futures contract C. an ETF D. insider trading E. buying on margin

buying on margin

Shabnam and Mahir own a car wash. Shabnam runs the car​ wash, and Mahir primarily just provides capital in return for some equity and share of the profits. Mahir is​ a(n) __________ in the business. A. general partner B. limited partner C. restricted partner D. full partner E. angel investor

limited partner

Ford uses​ __________ as part of its business strategy by producing lots of different models of automobiles tailored to the needs of various customer types. A. niche marketing B. psychographic segmentation C. behavior segmentation D. market segmentation E. positioning

market segmentation

Talks between management and the union​ stalled, and the parties agreed to consult a third party who would work with both sides to understand their interests and assist the parties in generating mutually acceptable solutions. This best describes​ _______. A. collective bargaining B. a grievance C. a strikebreaker D. arbitration E. mediation

mediation

DigitHead is a​ hi-tech startup that develops a software development tool whcih targets a market of 5000 potential buyers around the​ globe, an extremely small and​ non-growing segment of customers. This is an example of​ a(n) __________ market. A. isolated B. segmented C. rare D. unknown E. niche

niche

Erwin has a feeling that a public company is going to be very successful this​ year, so he deides to buy a few thousand shares of its stock. In which market would he would purchase this​ stock? A. primary B. secondary C. tertiary D. bear E. bull

secondary

RedBird Shoes borrowed​ $400,000 from a bank to finance new equipment for its factory. RedBird was required to pledge a parcel of real estate it owns as security for the loan. This is an example of​ _______. A. factoring B. secured loan C. trade credit D. equity financing E. a line of credit

secured loan

Safety, belonging, and​ self-actualization are all components of​ __________. A. Expectancy theory B. equity theory C. Three needs theory D. Theory X E. ​Maslow's hierarchy of needs

​Maslow's hierarchy of needs

Stan just joined the company as a soldering technician. He has been partnered with an experienced employee who lends guidance while Stan is performing the duties of his new job. What type of training does this best​ describe? A. Orientation B. Classroom instruction C. An informal management develop program D. ​On-the-job training E. ​Off-the-job training

​On-the-job training

Hadar is a​ __________, as he directly supervises​ lower-level employees. A. chief operations officer B. ​first-line manager C. controller D. middle manager E. executive officer

​first-line manager

When her children are at school during the​ day, Domenica frequents yard sales and then sells those items on eBay. Domenica would best be described as​ a(n) _______. A. intrapreneur B. ​home-based entrepreneur C. social intrapreneur D. ​non-for-profit entrepreneur E. growth entrepreneur

​home-based entrepreneur

Adam is a sales rep who receives a small base salary. He earns most of his money through commission on each sale and also gets bonuses if he hits specific sales targets. These bonuses and commission are known as​ _______. A. stock options B. salary C. ​incentive-based payments D. wages E. flexible benefits

​incentive-based payments

Dell uses​ __________ to only purchase the parts it needs for a limited production​ run, and orders the parts it needs to arrive right when the product is manufactured. A. ​just-in-time waste reduction practices B. ​just-in-time inventory control C. ​just-in-time mass production D. ​just-in-time supplier control E. ​just-in-time inventory compliance

​just-in-time inventory control

Stevie wants advertise online but he only wants to pay only when someone clicks on his ad. Therefore he will choose​ __________ advertising. A. ​pay-per-view B. ​pay-per-click C. ​multi-click D. ​pay-per-ad E. ​pay-per-sale

​pay-per-click

An options contract gives the holder the​ _______ to purchase the underlying​ asset, whereas with a futures​ contract, the holder has the​ _______ to do so. A. ​responsibility; obligation B. ​collateral; obligation C. ​obligation; opportunity D. ​right; obligation E. ​obligation; right

​right; obligation

In a​ __________, small teams work together to assemble a product in work stations. A. cellular layout B. ​fixed-position layout C. facility layout D. product layout E. process layout

cellular layout

​Amar, a recently retired billionaire investment​ banker, has established a foundation to help build schools in Southeast Asia. This foundation is engaging in​ __________. A. corporate philanthropy B. legal compliance C. moral relativism D. sustainability E. socially responsible investing

corporate philanthropy

Matthew wants to calculate the liquidity ratio for his firm. In order to do​ so, he would divide the total value of the​ company's current assets by its​ _______. A. ​owners' equity B. total liabilities C. revenue D. net profit E. current liabilities

current liabilities

A bond that is not backed by physical assets or other​ collateral, but only by the creditworthiness of the issuing​ corporation, is known as a​ _______ bond. A. serial B. revenue C. debenture D. callable E. convertible

debenture

​Mid-Town Omaha,​ Nebraska, is an area that the state and federal governments have targeted for economic​ revitalization, and businesses are offered tax benefits for establishing businesses and hiring there. This type of area is called​ a(n) __________. A. revitalization district B. opportunity area C. federal funds interest free loan district D. enterprise zone E. rehabilitation zone

enterprise zone

A major hardware retail chain requires purchasing managers to take courses on the ethical sourcing of products. This type of education is an example of​ a(n) __________. A. situational response training program B. sustainability training workshop C. ​company's code of ethics D. legal compliance training program E. ethics training program

ethics training program

You can buy a wide variety of baby products bearing the Johnson​ & Johnson​ name, including baby​ shampoo, lotion,​ powder, safety swabs and nursing pads. Johnson​ & Johnson uses​ a(n) _______ branding strategy for its line of baby products. A. individual B. generic C. ​co-brand D. family E. private

family

British Petroleum sells oil in multiple countries around the world. What type of business strategy does it​ pursue? A. An intranational strategy B. A multidomestic strategy C. A global strategy D. A domestic strategy E. A licensing strategy

A global strategy

Richard is concerned that his employees are spending too much time on personal business and not enough time working. What is a tool that Richard can use to see what his employees are doing on their computers and smartphones during the​ day? A. Social media monitoring B. Online analysis C. Data mining D. Phishing E. Electronic monitoring

Electronic monitoring

Ydel knows that if she exceeds her sales quota this​ month, she will earn a substantial bonus. What type of motivator is​ this? A. Emotional B. Altruistic C. Extrinsic D. Expectancy E. Intrinsic

Extrinsic

Amit just started a new business that teaches other small businesses to provide excellent customer service.​ However, Amit has strong customer service skills but lacks knowledge about teaching. What should Amit do to fix this talent gap without having to hire employees or pay for expensive​ consultants? A. He should demand more from his advisory board. B. He should use the services of the Small Business Administration​ (SBA) to do things he​ can't or​ doesn't want to do for himself. C. He should do all the services by himself because​ that's what all entrepreneurs do. D. He should shut down the business because he lacks skills to do all aspects of the business. E. He should see if other entrepreneurs are interested in forming an entrepreneurial team.

He should see if other entrepreneurs are interested in forming an entrepreneurial team.

Dujin recently ate at a Jimmy​ John's sandwich shop and really loved the meal. He thinks he would like to own and operate a Jimmy​ John's of his own. If he did own and operate his very own Jimmy​ John's, what would Dujin​ be? A. He would be a social entrepreneur. B. He would be a​ home-based entrepreneur. C. He would be a franchisee. D. He would be a franchisor. E. He would be a lifestyle entrepreneur.

He would be a franchisee.

​_______ is a human resource that refers to any physical work or intellectual work​ (ideas and​ knowledge) that people contribute to a​ business's production. A. Technology B. Natural resources C. Labor D. Government E. Capital

Labor

​Russ's role within the organization is envisioning the future of the​ company's products and devising the strategies to make those visions a reality. Which function of management would best reflect these​ activities? A. Leading B. Divesting C. Planning D. Organizing E. Controlling

Planning

In which step of the personal selling process does a salesperson find potential customers who are qualified to buy the​ company's products? A. Presenting B. Approaching the prospect C. Overcoming objections D. Following up E. Prospecting

Prospecting

Price tags on goods at a store display two​ prices: a​ "compare at" price that supposedly represents the price that other retailers charge and an​ "our price"​ figure, which is the price at which the customer can purchase the item. What type of pricing strategy does this​ represent? A. Prestige pricing B. Loss leader pricing C. Psychological pricing D. ​Competition-based pricing E. Reference pricing

Reference pricing

What is the primary advantage of an S corporation over a C​ corporation? A. Shareholders of S corporations are not required to be U.S. citizens or residents. B. S corporations can have an unlimited number of​ shareholders, whereas C corporations cannot have more than 100 shareholders. C. S corporations can issue multiple classes of stock. D. Unlike with C​ corporations, shareholders of S corporations are personally liable only to the extent of their investment. E. S corporations do not pay corporate income taxes.

S corporations do not pay corporate income taxes.

Neot was just hired and is now able to afford food and​ rent, and what​ she's most concerned about now is how long she will be able to keep her job in the current economic situation. ​ Also, a series of robberies have been reported in her​ neighborhood, so she is worried about her personal security. According to​ Maslow's hierarchy of​ needs, which level of needs does this best​ reflect? A. Affiliation needs B. ​Self-actualization needs C. Physiological needs D. Safety needs E. Esteem needs

Safety needs

​Brian's company is in the midst of a series of​ layoffs, and he worries constantly whether his job will be cut next. According to​ Maslow's hierarchy of​ needs, which level of needs does this most accurately​ reflect? A. Belonging needs B. Physiological needs C. Esteem needs D. ​Self-actualization needs E. Safety needs

Safety needs

Kareem has a very successful​ party-planning business, and he is considering expanding the business by selling its goods and services under the​ company's name to independent​ third-party operators who would use his marketing methods and business model in exchange for a fee. Kareem is thinking about becoming​ a(n) _______. A. licensor B. venture capitalist C. angel investor D. social entrepreneur E. franchisor

franchisor

Which of the following is lasting unemployment that takes place when an industry changes in such a way that those jobs are entirely​ ended? A. Cyclical unemployment B. Structural unemployment C. Frictional unemployment D. Seasonal unemployment E. Temporary unemployment

Structural unemployment

Which of the following is true of the law of​ supply? A. Price decreases result in suppliers providing more goods. B. Supply is driven by a​ supplier's desire to minimize profits. C. Higher prices lead to less supply. D. Lower profit margins leads to more supply. E. Suppliers will provide more of a good when its price is high.

Suppliers will provide more of a good when its price is high.

All of the following are true about acquisitions​ EXCEPT: A. They usually take place in order to add​ products, services,​ technology, or achieve a competitive advantage. B. One company purchases another company. C. Most acquisitions are friendly. D. The companies involved mutually agree to form a new combined company. E. Management at the company being purchased may remain in place.

The companies involved mutually agree to form a new combined company.

Which of the following is a disadvantage of a turnkey​ project? A. Lack of quality control B. High transportation costs C. The loss of technical​ know-how to potential competitors D. Decreased profits for​ high-tech firms E. Speed of entry

The loss of technical​ know-how to potential competitors

​Frieda's Ice Company allows employees to work 4 days per​ week, 10 hours per day. This is an example of​ _______. A. telecommuting B. flextime C. a compressed workweek D. permanent​ part-time employment E. job sharing

a compressed workweek

In terms of​ Herzberg's motivator-hygiene​ theory, which of the following would likely be considered motivator​ factors? A. ​co-workers who are easy to get along with B. a sense of responsibility C. an environment free from hazards D. adequate lighting and heat E. a clean working environment

a sense of responsibility

​Chuck, a new​ entrepreneur, has five experienced business owners who offer him guidance on issues related to starting and running his new business. This group of business owners is​ Chuck's __________. A. franchisor B. angel investor group C. advisory board D. mentor committee E. financing board

advisory board

​Sheila's door is always​ open, and what she values most is harmony in the workplace. She excels at empathizing with her workers and maintaining a high morale within her group. Sheila would best be described as​ a(n) _______ leader. A. democratic B. affiliative C. dictatorial D. visionary E. autocratic

affiliative

Amica Mutual Insurance Company is a big supporter of​ __________, and strives to live up to its commitment to​ recruit, hire, and promote women and minorities. A. ethical hiring practices B. telecommuting C. affirmative action D. ​on-the-job training E. diversity training

affirmative action

Factors of production​ __________. A. do not include financial capital B. are the resources a business uses to create goods and services C. include only tangible​ resources, not intangible ones D. are the amount of money left over after all expenses are accounted for E. do not include technology

are the resources a business uses to create goods and services

All of the following statements about dumping are true​ EXCEPT: A. Dumping involves selling a product to another country at a price higher than that charged by competitors. B. Dumping is a deliberate attempt to artificially lower the value of a good or service. C. Dumping is designed to run firms in other countries out of business. D. Dumping is difficult to stop. E. Dumping decreases trade wars between countries.

Dumping involves selling a product to another country at a price higher than that charged by competitors.

The accounting profession in the United States follows standard accounting rules known as Generally Acceptable Accounting Principles​ (GAAP), which are defined by the​ ___________. A. Financial Accounting Standard Board B. Public Company Accounting Oversight Board C. Internal Revenue Service D. International Financial Reporting Standards E. ​Sarbanes-Oxley Act​ (SOX)

Financial Accounting Standard Board

All of the following statements regarding personal ethics are true​ EXCEPT: A. Ethics can be​ inconsistent, or situational. B. Ethics can be clearly defined. C. Ethics are the principles that guide the decisions you make in life. D. People never violate their personal codes of ethics. E. Ethics can be violated.

People never violate their personal codes of ethics.

All of the following are examples of psychographic segments​ EXCEPT? A. People who like to keep their homes tidy B. People who are of the same age group C. People who enjoy relaxing on the beach D. People who are athletic E. People who live healthy lives

People who are of the same age group

​__________ are the doctrines that direct the decisions you make in your life. A. Personal ethics B. Moral relativisms C. Situational ethics D. Personal responsibilities E. Business ethics

Personal ethics

Frances gets an email from someone whose name is very close to that of his aunt. This person claims that she is in Australia and got her wallet stolen. She needs money sent to her right away so that she can get a hotel for the night. Frances has just become a potential victim of which kind of cyber​ crime? A. Spyware B. Pharming C. Hacking D. Phishing E. Spamming

Phishing

All of the following would be included in the definition of natural resources as a factor of production​ EXCEPT: A. Physical facilities used to produce goods and​ services, such as office buildings and factories. B. Fossil fuels used to create energy. C. Soil used in agricultural production. D. Land upon which a factory is built. E. Trees used for lumber to build houses.

Physical facilities used to produce goods and​ services, such as office buildings and factories

​__________ utility is the process of making a product available via a distribution channel which is most convenient and useful to a customer. A. Ownership B. Form C. Task D. Place E. Time

Place

Which of the following best describes a horizontal​ organization? A. There are many layers of​ management, and employees are​ low-skilled and disempowered. B. Power is distributed among employees. There are few managers and many empowered employees. C. There are no managers in the company. Rank and file employees make all business decisions. D. Every employee directly reports to a supervisor. E. Power is​ centralized, and many layers of managers exist.

Power is distributed among employees. There are few managers and many empowered employees.

Which of the following oversees the​ day-to-day operations of a​ company? A. Chief operating officer B. Chief executive officer C. Chief financial officer D. Line manager E. Board of directors

Chief operating officer

Which of the following oversees the​ day-to-day operations of a​ company? A. Chief operating officer. B. Chief executive officer C. Chief financial officer D. Line manager E. Board of directors

Chief operating officer.

Instagram added a new feature after many of its users banded together and requested added functionality to the application. This is an example of what business​ process? A. Crowdfunding B. Crowdsourcing C. Crowdhacking D. Decision support system E. Social media monitoring

Crowdsourcing

Omri is the owner of a small local baby clothing​ chain, and wants to increase repeat business by getting people who buy from his stores to come back and purchase again by establishing and maintaining positive relationships with them. What is this known​ as? A. Customer tracking B. Market segmentation C. Customer product promotion D. Niche marketing E. Customer relationship management​ (CRM)

Customer relationship management​ (CRM)

Evelin has a successful home cleaning business and has added 50 employees over the past few years.​ She's considering seeking out business partners to help grow the business even faster. Because of the complexities of the​ business, and her desire to separate her business and personal​ assets, she should consider switching her business to​ a(n) __________. A. cooperative B. limited partnership C. C corporation D. sole proprietorship E. unlimited liability company

C corporation

Greg is in charge of the technology in a large company. What is likely his​ title? A. CIO​ - Chief Information Officer B. CAO​ - Chief Acquisitions Officer C. CEO​ - Chief Executive Officer D. CFO​ - Chief Financial Officer E. COO​ - Chief Operating Officer

CIO​ - Chief Information Officer

When you think of Volvo​ cars, the first thing that comes to mind is vehicle safety. This is an example of brand​ _______. A. association B. awareness C. preference D. equity E. loyalty

association

In which stage of the new product development process is an idea for a new product presented to potential customers to assess their​ reactions? A. Step 3​ - Product analysis B. Step 2​ - Idea screening C. Step 6​ - Market testing D. Step 7​ - Commercialization E. Step 4​ - Concept development and testing

Step 4​ - Concept development and testing

Which of the following statements about strategic goals is not​ true? A. They are different than objectives. B. They generally are established for a long time horizon. C. They are not very specific or detailed. D. They are usually not vague in terms of a time frame to attain. E. They are accomplishments an organization wants to achieve in the immediate future.

They are accomplishments an organization wants to achieve in the immediate future.

Which term best describes​ consultants? A. They are workers who provide services to the federal government. B. They are​ part-time workers who are provided with benefits and base salaries. C. They are professionals who offer mentoring services in exchange for barter. D. They are contingent workers who are usually​ self-employed and perform services for companies. E. They are​ full-time workers who work in dangerous environments.

They are contingent workers who are usually​ self-employed and perform services for companies.

Which of the following statements about angel investors is​ true? A. They usually do not have industry experience in the areas in which they are investing. B. They seek to control the businesses in which they are invested. They intend to both invest in and manage the business to a great extent. C. They fund businesses that are already​ established, rather than in their earlier stages. D. They are willing to put up their own money to fund businesses in hopes of eventual profit. E. They have limited financial means. They are typically middle​ class, and the investment is a significant risk for them.

They are willing to put up their own money to fund businesses in hopes of eventual profit.

Vast amounts of data in database systems separate from a​ company's production databases are stored in​ _______. A. data mines B. data warehouses C. executive information systems D. management information systems E. decision support systems

data warehouses

​A(n) __________ houses the​ company's databases. A. business intelligence system B. decision support system C. data warehouse D. database management system E. executive information system

database management system

All of the following statements about unethical behavior are true​ EXCEPT: A. Unethical behavior is usually bad for business. B. Unethical behavior is unprofessional. C. Unethical behavior is considered to be undesirable by most societal standards. D. Unethical behavior can be legal even if it is unethical. E. Unethical behavior is the same as amoral behavior.

Unethical behavior is the same as amoral behavior.

In​ China, there is a single provider of​ tobacco, China National Tobacco​ Corp.,that has control of all or nearly all of its market. This is an example of​ ______. A. a duopoly B. an oligopoly C. a monopoly D. inflation E. monopolistic competition

a monopoly

A​ _______ market is characterized by​ optimism, investor​ confidence, and the expectation that stock prices will continue to increase. A. primary B. bull C. bear D. secondary E. capital

bull

​Subway's offers a number of meal deals that include a​ sandwich, chips, and a beverage for a price that is lower than the combined prices of the individual items. This is an example of​ _______. A. target costing B. bundling C. dynamic pricing D. a loss leader E. penetration pricing

bundling

Javier has been accepted into a program at a local university for student entrepreneurs that will help provide​ guidance, support, business​ networking, and possibly even funding to start his dream business. This program is known as​ a(n) __________. A. Small Business Administration workshop B. mentoring group C. business incubator D. entrepreneur training program E. advisory board

business incubator

Products and services that go with each other and are consumed together are considered​ _______ goods. A. temporary B. complementary C. secondary D. luxury E. substitute

complementary

If​ Walmart, a giant​ retailer, merges with Wells​ Fargo, a large​ bank, in order to offer​ low-cost financial services to​ Walmart's customers, this would be an example of​ a(n) __________. A. conglomeration B. acquisition C. horizontal merger D. product extension merger E. vertical merger

conglomeration

The study of how people and businesses make decisions to best meet​ wants, needs, and desires with limited resources is known as​ _______. A. marketing B. organizational behavior C. management D. supply and demand study E. economics

economics

The​ __________ is the movement away from thinking of the marketplace as local and towards thinking of it as worldwide. A. ​"shop local" perspective B. offshoring of marketing C. nationalization of markets D. globalization of production E. globalization of markets

globalization of markets

Edie is looking at purchasing an existing business and is trying to determine how much to pay for it. She finds it easy to determine the value of the property and inventory but is having a difficult time determining the value of the existing​ owners' __________: their reputation with the​ community, loyalty of​ customers, and employee morale. A. tangible assets B. good intent C. goodwill D. credit rating E. nonmonetary items

goodwill

A​ __________ is a goal that a firm wants to achieve through marketing activities. A. promotional objective B. target market C. marketing plan D. market segmentation strategy E. marketing objective

marketing objective

The purpose of the​ _______ stage of the new product development process is to develop a pool of ideas for potential​ development, and then to pare down that list in the​ _______ stage to those that may be worth pursuing. A. concept development and​ testing; commercialization B. idea​ generation; product analysis C. idea​ screening; product analysis D. idea​ generation; idea screening E. market​ testing; product analysis

idea​ generation; idea screening

Apple is known for​ __________, or making products that are of better perceived​ quality, or dissimilar than another​ firm's product. A. product differentiation B. niche marketing C. product segmentation D. psychographic segmentation E. target marketing

product differentiation

Kimtoya makes a decision she feels is right based on the circumstances she is facing at the time. This is an example of​ __________. A. amorality B. personal ethics C. situational ethics D. unethical behavior E. moral relativism

situational ethics

​A(n) __________ is one that is independently owned and operated and that is not dominant in its field. A. large business B. monopoly C. oligopoly D. ​medium-sized business E. small business

small business

A home builder in Arizona makes a conscious effort to use as many recycled materials as possible during construction. This builder has a focus on​ __________ as a business model. A. sustainability B. philanthropy C. situational ethics D. profitability E. moral relativism

sustainability

A​ _______ occurs when the recession hits bottom. A. recession B. recovery C. trough D. depression E. peak

trough

Anitra purchased 101 shares of Pfizer in September of 2010 at​ $16.51 per share. She sold the stock four years later at a price of​ $30.22 per share. Anitra has realized a capital gain of​ _________. A. ​$1,357.29 B. ​$1,371.00 C. ​$13.71 D. ​$131.70 E. ​$1,384.71

​$1,384.71

​White's Flooring sent an invoice to Alpha Properties for carpeting the reception area in an office building. The terms of the invoice were​ 15/3/30. This gives Alpha Properties a​ _______ discount if the invoice is paid within​ _______ days. A. ​15%; 30 B. ​30%; 15 C. ​3%; 15 D. ​15%; 3 E. ​3%; 30

​15%; 3

Malaika, a manager at a law​ firm, is having​ a(n) __________ completed today for her annual evaluation. She is evaluated by not only her​ manager, but also her peers and subordinates. A. ​360-degree appraisal B. collective bargaining appraisal C. online training D. reverse mentoring E. ​720-degree appraisal

​360-degree appraisal

Using​ customers' perceived value of a product to establish the basis for the price of that product is referred to as​ __________. A. price discrimination B. ​cost-based pricing C. ​demand-based pricing D. ​competition-based pricing E. target costing

​demand-based pricing

With​ _______, a group of outside investors provides financing to a new or growing company with the expectation that they will achieve a big return when the company goes public or is sold. In​ return, they get a share of ownership in the company and play an active role in its management decisions. A. commercial paper B. a microloan C. debt financing D. leverage E. venture capital

venture capital

As a general​ rule, decision making in​ a(n) _______ is​ centralized, and the power to make decisions lies with​ top-level managers. A. vertical organization B. matrix organization C. network organization D. horizontal organization E. inverted organization

vertical organization

​Kip, Pedro, and Rico are all employed by the same company but are in different geographical locations while working together on a project. They are part of a​ __________. A. task force B. physical team C. product team D. customer service team E. virtual team

virtual team

Janssen Corporation intends to buy a new factory facility in a nearby area which will offer signficant tax benefits. The type of budget that Jannsen Corporation will need to develop to support this purchase is​ a(n) __________. A. A project budget B. An operating budget C. A capital budget D. A master budget E. A cash flow budget

A capital budget

Yoon, a new​ manager, has been hired to ensure the employees in her company behave ethically. Which of the following would be most useful in ensuring that employees understand what it means to act in an ethical​ manner? A. A code of ethics B. A sustainable policy C. A social audit D. An employee handbook E. A company mission statement

A code of ethics

Jodie owns a small business that is growing fast. She wants to put a document together that lets those within and outside the organization understand the​ company's purpose,​ goals, and philosophies. What should Jodie​ create? A. A SWOT analysis B. A company mission statement C. A strategic plan D. A company code of ethics E. An operational plan

A company mission statement

Your boss has assigned you work to develop procedures which can be used in the event of a natural disaster such as earthquake or tsunami that will make sure that the business can operate despite the adverse conditions. What have you been asked to​ create? A. A SWOT analysis B. A contingency plan C. A strategic plan D. An operational plan E. A tactical plan

A contingency plan

​_______________ occurs when only two suppliers exist in a market. A. Perfect competition B. Monopolistic competition C. A duopoly D. A monopoly E. An oligopoly

A duopoly

In​ 1985, Anya started a small business selling large bags of popcorn to the public. Almost 30 years​ later, her business has over​ 15,000 locations​ nationwide, all independently owned and operated. At this​ point, Anya provides​ popcorn, advertising, and support to the owners. She also runs ads on the Internet and television advertising the popcorn business. What is​ Anya? A. A business mentor B. An angel investor C. A venture capitalist D. A franchisor E. A franchisee

A franchisor

Traci and Rashan have equal liability in their small machine repair shop and share equally in the profits of the business. What type of partnership do they​ have? A. A limited liability partnership B. A general partnership C. An​ asset-reduced partnership D. A limited partnership E. A cooperative partnership

A general partnership

Which of the following is true of a green​ economy? A. A green economy factors ecological concerns into business decisions. B. A green economy is the same thing as globalization. C. A green economy can only take place as a​ business-to-business (B2B) entity in an​ e-commerce model. D. A green economy cannot exist in a​ market-based economy. E. A green economy focuses on free​ markets, private​ ownership, and limits on government intervention.

A green economy factors ecological concerns into business decisions.

Henry started a business in a new sector of the economy that is poised to expand rapidly in the next 10 years. He hopes his business will likewise experience rapid expansion. What type of entrepreneur is​ Henry? A. A growth entrepreneur B. A lifestyle entrepreneur C. A serial entrepreneur D. A social entrepreneur E. A​ business-incubating entrepreneur

A growth entrepreneur

Naima and Steve both make​ high-end custom guitars. They decide that they should merge in order to become more dominant in the marketplace. What type of merger are they going to​ perform? A. A conglomeration B. A horizontal merger C. A vertical merger D. A product extension merger E. A market extension merger

A horizontal merger

Jim and Rhonda are owners of a local car detailing service. Jim runs the day to day operations in the​ business, while Rhonda primarily provided capital when the business started. What type of partnership do they​ have? A. A limited partnership B. An​ investor-centric partnership C. A general partnership D. A full partnership E. A restricted partnership

A limited partnership

In many​ organizations, the human resource manager does not have authority over hiring of employees in departments such as accounting or manufacturing but instead works with the managers of those departments to offer guidance and assistance. What type of organization would this​ reflect? A. A network organization B. An inverted organization C. A reverted organization D. A matrix organization E. A line and staff organization

A line and staff organization

What type of organization do most startup companies​ utilize? A. A tall organization B. A flat organization C. A line organization This is the correct answer. D. An inverted organization E. A matrix organization

A line organization

Imagine that New England​ Airlines, a regional carrier in Rhode​ Island, decides to merge with Porter​ Airlines, a carrier based in​ Toronto, Canada. What type of merger would this​ represent? A. A conglomeration B. A vertical merger C. A hostile takeover D. A market extension merger E. A horizontal merger

A market extension merger

Shane has just invented a new​ self-cleaning sponge that he believes will revolutionize the way people clean their homes and businesses. Before he starts selling this​ item, what is one of the first things he should​ develop? A. A marketing plan B. A focus group C. The perceived value of the sponges D. A placement for the sponges E. A niche market research study

A marketing plan

Stephan is an accountant who is assigned to multiple projects for a number of different product lines at his company. His manager is the acccounting supervisor​ but, upon being assigned to a​ project, he simultaneously reports to the project manager as well. What organizational structure best represents the situation that Stephan is working​ in? A. An inverted organization B. A tall organization C. A line organization D. A flat organization E. A matrix organization

A matrix organization

Alejandro is a highly experienced manager who is helping a management trainee who has just started work. Alejandro is assisting the trainee to learn about the specifics of the business. In this​ relationship, Alejandro is behaving as​ a(n)_____. A. A reverse mentor B. A mentor C. A formal teacher D. An​ off-the-job trainer E. An online trainer

A mentor

​_______ is used as a measure of how quickly an asset owned by the business can be turned into cash. A. Factoring B. Liquidity C. Leverage D. Equity E. A sinking fund

Liquidity

Which of the following best describes a​ monopoly? A. Monopolies have very little control in dictating prices to consumers. B. A monopoly has complete control over an entire industry. C. Monopolies are not subject to government oversight. D. Monopolies have many competitors. E. Monopolies have little control over sales of goods and services.

A monopoly has complete control over an entire industry.

A sporting goods company wants to open new stores in several countries and tailor its products to the needs of individuals in the different countries. Which type of strategy does this company​ use? A. A transnational strategy B. Joint venture C. A wholly owned subsidiary D. A multidomestic strategy E. A global strategy

A multidomestic strategy

Angela owns a custom jewelry business. She and her employees design and market the​ jewelry, but she uses outside manufacturers to produce the pieces. Employee benefits and payroll are administered by still another company. What type of organization does Angela​ operate? A. A line organization B. An inverted organization C. A staff organization D. A network organization E. A matrix organization

A network organization

Microsoft and Nokia both provide cell phone software and hardware to consumers. Microsoft wants to use​ Nokia's hardware to use for its new mobile operating​ system, while Nokia is looking to better compete in the consumer smartphone market. The companies determine that merging will allow the best of both​ worlds: Both companies can benefit by merging to start a new company that will offer​ Microsoft-powered smartphones featuring the latest and greatest technology from Nokia. What type of merger is​ this? A. A product extension merger B. A horizontal merger C. A vertical merger D. A market extension merger E. A conglomeration

A product extension merger

Mauii Jim sunglasses inked a deal with Dwayne​ Johnson, the​ ex-WWF wrestler known as The​ Rock, to wear the Big Wave model​ sunglasses, made for large​ heads, at his latest movie premier. In the 30 days after the movie was​ released, sales of Big Wave sunglasses rose by 35 percent. This is an example of which type of promotional​ activity? A. A sales promotion B. An infomercial​ (paid programming) C. Public relations D. A product placement E. Interactive advertising

A product placement

Georgia Peach Apartments intends to replace the windows for all of the apartments in a large apartment complex over the next 24 months. What type of budget should it​ develop? A. A capital budget B. A master budget C. Cash flow budget D. A project budget E. An operating budget

A project budget

​Bob's job is to stock​ retailers' shelves with his​ company's line of health and beauty aids. His company displays the products and retains the title to the products until they are​ sold, and then bills the retailer. What kind of marketing intermediary does Bob work​ for? A. A​ manufacturer's agent B. A truck wholesaler C. A​ cash-and-carry wholesaler D. A drop shipper E. A rack jobber

A rack jobber

If you bought an Insinkerator garbage disposal at Home Depot during a particular period of time and submitted a form together with a copy of your​ receipt, you would get a​ $20 cash back. What kind of price adjustment is​ this? A. A rebate A cash discount C. Dynamic pricing D. A seasonal discount E. Bundling

A rebate

Which of the following best describes​ Judeo-Christian ethics? A. A set of values shared between Jewish and Christian religions that encourage respect of others and property and being kind to one​ another, as long as profitability is prioritized B. A set of social norms developed by Jews and Christians that encourage the maximization of corporate profits as long as the company is behaving ethically. C. A set of values shared by Jewish and Christian religions that require followers to be honest and​ hard-working. D. A set of values shared between Jewish and Christian religions that encourages respect of others and property and being kind to one another. E. A set of values shared by Jewish and Christian religions that require followers to respect other followers of the same religion but not followers of other faiths.

A set of values shared between Jewish and Christian religions that encourages respect of others and property and being kind to one another.

Which of the following would be used to assess how well a company is meeting its social​ responsibilities? A. Its annual report to shareholders B. Its ethics training program C. A social audit D. The​ company's mission statement E. An environmental audit

A social audit

You have been tasked with assessing how well your company is meeting the CSR goals that it has established and whether its resources have been applied to those goals. Which of the following should you perform in making this​ assessment? A. A revision of the employee handbook B. A feasibility study C. An external audit of the​ company's legal compliance documentation D. A sustainability study E. A social audit

A social audit

​Monica, a​ doctor, owns a small health care clinic that serves underserved people in a​ lower-income neighborhood. What type of entrepreneur is​ Monica? A. A growth oriented entrepreneur B. A franchisee C. A social entrepreneur D. A​ home-based entrepreneur E. An Internet entrepreneur

A social entrepreneur

Which of the following statements about unlimited liability for the debts of a business is​ true? A. A sole​ proprietor's home and personal assets are not exempt from liability for the debts of a business. B. A corporation has limited responsible for paying the debts that it incurs as an entity. C. In a general​ partnership, each general partner has limited liability for the debts of the​ business, regardless of who incurred the debt. D. In a general​ partnership, each general partner has unlimited liability for the debts of the business only if that GP incurred the debt. E. In a limited​ partnership, all partners have unlimited liability for the debts of the​ business, regardless of who incurred the debt.

A sole​ proprietor's home and personal assets are not exempt from liability for the debts of a business.

​Dreyer's Ice Cream has a fleet of delivery vehicles that that sells and delivers various ice cream products to smaller retailers and convenience stores. What type of marketing intermediary does this BEST​ describe? A. A drop shipper B. A​ cash-and-carry wholesaler C. A truck wholesaler D. A rack jobber E. An​ agent/broker

A truck wholesaler

Steve​ Jobs, former CEO of​ Apple, was well known for his ability to inspire employees and customers alike to believe in the​ company's products and services. The love for​ Apple's products by customers and employees alike was so​ strong, their passion for the company was termed​ "The Cult of​ Apple." What type of leader was Steve​ Jobs? A. An autocratic leader B. An affiliative leader C. A​ laissez-faire leader D. A visionary leader E. A democratic leader

A visionary leader

Jennifer wants to become a plumber. To do​ so, she would have to dedicate several years in both​ on-the job and​ in-class training with experienced plumbers. What kind of program does Jennifer have to finish before she can become a​ plumber? A. A​ one-on-one mentoring program B. An​ on-the-job training program C. An​ off-the-job training and development program D. A college degree program E. An apprentice training program

An apprentice training program

Aisha worked for a cable company for years and noticed how horrible the customer service was.​ So, one​ day, Aisha decided she wants to start her own business training small businesses on how to provide outstanding customer service. Which of the following terms would best describe​ Aisha? A. An angel investor B. A disgruntled employee C. A franchisee D. An entrepreneur E. A business mentor

An entrepreneur

Which type of organization best describes a structure in which management is tasked with being accountable to​ employees? A. A vertical organization B. A​ not-for-profit organization C. A horizontal organization D. An inverted organization E. A governmental organization

An inverted organization

Which of the following is the best example of a social​ audit? A. An oil company performs an internal study to determine if the firm can remain profitable after being sued by an environmental group for not properly cleaning up an oil spill. B. An oil company performs an internal study on how well it is meeting the corporate social responsibility goals it has established. C. An external audit researching the ability of a company to operate in an area that is environmentally unsustainable. D. The government accesses internal company records to determine if a company is breaking laws. E. An environmental group performs a study on how an oil company is handling the cleanup of an oil spill.

An oil company performs an internal study on how well it is meeting the corporate social responsibility goals it has established.

An old adage​ holds, "You never get a second chance to make a first​ impression." In which stage of the personal selling process would this wisdom be MOST​ applicable? A. Approaching the prospect B. Prospecting C. Closing the sale D. Presenting E. Following up

Approaching the prospect

Goods​ __________. A. cannot be combined with services into a product B. are still the cornerstone of the American economy C. are tangible D. are the same as services E. must only be sold directly to consumers

Are Tangible

Analiese buys a​ 6-roll package of toilet paper at the supermarket while she is buying groceries. How would this product BEST be​ classified? A. As a​ maintenance, repair, operating​ (MRO) product B. As an unsought good C. As equipment D. As a shopping good E. As a convenience good

As a convenience good

A commercial property management company purchases a dozen cases of toilet paper from a janitorial supply vendor. How would this product BEST be​ classified? A. As a​ maintenance, repair, operating​ (MRO) product B. As a component part C. As raw and processed materials D. As a convenience good E. As equipment

As a​ maintenance, repair, operating​ (MRO) product

A company that installs residential and commercial irrigation systems purchases several dozen lawn sprinkler heads to be used in a large installation. How would these sprinkler heads BEST be​ classified? A. As equipment B. As raw and processed materials C. As convenience goods and services D. As component parts E. As​ maintenance, repair, operating​ (MRO) products

As component parts

The balance sheet for Grayson Printing shows the following​ entries: cash on​ hand, accounts​ receivable, inventory, and supplies. How would these be listed on the balance​ sheet? A. As​ short-term liabilities B. As​ owners' equity C. As fixed assets D. As intangible assets E. As current assets

As current assets

Linda runs a business in Dallas that specializes in providing business clothing to veterans free of charge so that they can dress nicely for job interviews.​ Linda's business is most likely which of the​ following? A. A governmental program B. A cooperative C. A​ for-profit-organization D. A conglomeration E. A​ not-for-profit organization

A​ not-for-profit organization

Facebook stores vast quantities of customer​ data, including product keywords. It is looking for shifting customer trends in order to provide this information to marketers. What is Facebook​ performing? A. Electronic monitoring B. Online advertising C. Phishing D. Viral marketing E. Big data analysis

Big data analysis

​Ellie, a computer​ programmer, has decided to start her own small​ computer-programming business. She plans to start the business using money that she has saved over the​ years, perhaps borrowing funds from family and friends and possibly trading services with vendors or clients. What type of financing is Ellie planning to​ use? A. Venture capital B. Crowdfunding C. SBIC program D. Bootstrap financing E. An angel investor

Bootstrap financing

​__________ is software that can help managers analyze the financial state of the​ company, and provide insight into key business issues. A. Business intelligence software B. Big Data analysis C. A decision support system D. Cloud computing software E. A database management system

Business intelligence software

When should a business comply with laws and​ regulations? A. As long as morals are not​ compromised, businesses should operate within the law. B. Businesses should operate legally except in times of crisis. C. Businesses should operate within the law as long as profits are not risked. D. Businesses should operate in an ethical manner first and then focus on operating legally. E. Businesses are required to operate within the law at all times.

Businesses are required to operate within the law at all times.

Amar stores all of his music on​ Amazon's storage service. This​ way, he can play his music from any​ device, as long as he has a connection to the Internet. This is an example of which type of​ service? A. Cloudsourcing B. ​Cloud-based processing C. Cloud computing D. Data mining E. Crowdfunding

Cloud computing

Ray works for a company that produces very large amounts of identical products at a time. What type of production process would best suit his​ company? A. Identical manufacturing B. Mass customization C. Flexible manufacturing D. Intermittent production E. Continuous flow production

Continuous flow production

​________ is/are a way of raising funds by asking a large number of people to each donate or invest a small amount of​ money, usually via the Internet. A. Venture capital B. ​Peer-to-peer lending C. Crowdfunding D. Commercial paper E. Microloans

Crowdfunding

Megan wants to start a new​ business, but​ doesn't have enough money to fund it properly. So she goes online and uses a social media site to drum up some cash. This is an example of what type of new​ trend? A. Cloud computing B. Crowdsourced funding C. Enterprise social networking D. Viral marketing E. Online advertising

Crowdsourced funding

Taka owns a car dealership. He is trying to streamline operations to be more efficient. In the​ past, salesmen and finance staff performed the same duties. Taka believes it will be more efficient to split the staff into two new​ areas, a sales​ area, and a finance area. What is Taka​ practicing? A. Compartmentalization B. Departmentalization C. Revitalization D. Networking E. Strategic planning

Departmentalization

Which of the following best describes the focus of producers during the marketing concept​ era? A. Developing new products that fill a specific​ customer's needs. B. Developing new products based on existing​ products; no​ customization, just slight improvements over time. C. Finding a customer for an existing​ product; making the customer like the existing product enough to buy it. D. Fostering an environment of collaboration with​ competitors, and using teamwork to develop better products that benefit customers. E. Ignoring customer​ demands; just keep building what companies want to build.

Developing new products that fill a specific​ customer's needs.

Karel relishes the feeling of being able to master a new skill in the​ workplace, and he enjoys the attention and recognition that he gets as a result. According to​ Maslow's hierarchy of​ needs, which level of needs is Karel​ satisfying? A. Physiological B. Psychological C. Esteem D. Safety E. ​Self-actualization

Esteem

All of the following statements regarding ethics are true​ EXCEPT? A. Ethical behavior is good for both the company and the community. B. Ethical behavior is​ good, but should not interfere with maximizing business profits. C. Personal ethics and business ethics have many similarities. D. Living ethically is beneficial for your health. E. Customers appreciate ethical behavior.

Ethical behavior is​ good, but should not interfere with maximizing business profits.

​Edward, an​ American, believes that American culture is superior to all others. What belief is Edward​ demonstrating? A. Longitudinal thinking B. Cognitive dissonance C. Ethnocentrism D. Sociocultural appreciation E. Prejudice

Ethnocentrism

Jim wants to get an A on the next​ test, so he blocks out the entire evening before the test to study.​ He's convinced that his effort will lead to a good score. Which element of expectancy theory does this​ reflect? A. Expectancy B. ​Self-actualization C. Instrumentality D. Affiliation E. Valence

Expectancy

Which of the following statements about financial capital is​ true? A. Financial capital is something an entrepreneur does not have to worry about. B. Financial capital includes the physical facilities of a company. C. Financial capital is used to facilitate a business enterprise and can come from both investors and savings. D. Financial capital is not important. E. Financial capital is not used to operate a company.

Financial capital is used to facilitate a business enterprise and can come from both investors and savings.

​Wally's company manufactures​ cold-weather gear. The​ company's marketing plan involves marketing heavily to people who prefer to live in​ cold-weather climates. This is an example of which type of​ segmentation? A. Niche segmentation B. Behavioral segmentation C. Psychographic segmentation D. Geographic segmentation E. Demographic segmentation

Geographic segmentation

Of the products listed​ below, which would be most likely to be manufactured using a​ fixed-position layout? A. ​Women's handbags and luggage B. ​Yo-yos C. Potato chips D. Locomotives E. Customized printed calendars

Locomotives

Serwaa wants to open a​ not-for-profit organization that serves lunch to elderly people living on fixed incomes. There are a couple of programs she has applied​ for, which, if she​ qualifies, will provide money that she does not have to pay back. What type of funding did Serwaa apply​ for? A. Funding from​ venture-capital firms B. Scholarships C. Angel investing D. Loans E. Grants

Grants

Malik is a manager who is very good at connecting with his people. He is concerned about their feelings and​ well-being and strives to help his employees to maintain a positive attitude. What leadership trait does Malik possess in this​ example? A. He has a high level of​ self-actualization. B. He has a high level of technical intellect. C. He has a high level of emotional intelligence. D. He possesses a high level of autocratic tendencies. E. He is a visionary leader.

He has a high level of emotional intelligence.

Milo is seriously considering buying a small​ fast-food franchise. His​ friend, a successful​ entrepreneur, warns Milo to make sure he has done as much research as he can about the franchise before​ "signing on the dotted​ line." What does he want Milo to​ do? A. He wants Milo to perform due diligence when evaluating the franchise opportunity. B. He wants Milo to make sure that he has the financial means for paying for the business. C. He wants Milo to be sure that he has the expertise to run the business. D. He wants to ensure that Milo has a proper advisory board set up prior to buying the business. E. He wants Milo to understand that owning a franchise gives him total control.

He wants Milo to perform due diligence when evaluating the franchise opportunity.

Clinton is hearing that some people are saying bad things about his business on Facebook and Instagram. What should Clinton do in to see what people are saying about his​ company? A. Buy software that blocks the ability of others to use social media to post negative comments about his company. B. Hire a private investigator. C. Do nothing. There are no tools or technology to oversee social medi It is simply too complex. D. Hire a social media monitoring service to scour social networking sites. E. Contact Facebook and Instagram and demand they remove all posts that are negative about his company.

Hire a social media monitoring service to scour social networking sites.

​Miguel, a textile factory owner in​ Panama, is experiencing increased demand for his manufacturing services from firms in the United States. Which of the following is MOST LIKELY happening to the exchange rate in his​ country? A. His country is experiencing a currency depreciation. B. The exchange rate is favorable for the importing of products from the United States. C. The exchange rate is equal to firms in the United States. D. His​ country's exchange rate is increasing due to the banning of exports. E. The exchange rate is increasing.

His country is experiencing a currency depreciation.

In applying life skills to the business​ environment, changing your online passwords on a regular basis would address which of​ these? A. How does globalization affect your​ life? B. What types of financial goals do you​ have? C. How do you receive​ funding? D. How does the social environment affect​ you? E. How do you keep your business​ secure?

How do you keep your business​ secure?

Which of the following answer options lists the five major areas of corporate social responsibility​ (CSR)? A. Employee​ recruitment; ethical sourcing and​ procurement; marketing​ strategy; environmental,​ health, and safety​ concerns; and community and​ good-neighbor policies B. Community and​ good-neighbor policies; unemployment​ prevention; marketing and consumer​ issues; environmental,​ health, and safety​ concerns; and governmental regulation of services C. Contract​ law; ethical sourcing and​ procurement; lobbying; financial​ concerns; and community and​ good-neighbor policies D. Human rights and employment​ standards; ethical sourcing and​ procurement; marketing and consumer​ issues; environmental,​ health, and safety​ concerns; and community and​ good-neighbor policies E. Human rights and employment​ standards; profitability​ maximization; marketing and consumer​ issues; environmental,​ health, and safety​ concerns; and litigation prevention

Human rights and employment​ standards; ethical sourcing and​ procurement; marketing and consumer​ issues; environmental,​ health, and safety​ concerns; and community and​ good-neighbor policies

Which of the following terms refers to the first sale of a​ company's stock to the​ public? A. Initial investment offering B. Initial securities proposal C. Primary public offering D. Initial market offer E. Initial public offering

Initial public offering

Hannah is the lead engineer on an important project for the company. She believes that if she brings in the project on time and under​ budget, she'll be rewarded with a promotion.​ However, if the project is late or exceeds the budgetary​ restraints, she will be either demoted or fired. What is this belief​ called? A. Valence B. Instrumentality C. Belonging D. Self esteem E. ​Self-actualization

Instrumentality

​_______ involves using all of the promotional tools and resources to deliver a​ comprehensive, unified way to create a positive brand image and achieve the strategic marketing objectives of the firm. A. Target marketing B. Brand equity C. Integrated marketing communications D. The marketing mix E. Product placement

Integrated marketing communications

Asus, a large manufacturer of computer​ products, uses a control system that keeps track of everything in a​ company's physical stock. What type of control system is​ this? A. Facility control B. Production control C. Inventory control D. ​Supply-chain control E. Quality control

Inventory control

A gardening supplies store has a​ "Special Sunday" sale where potting soil is sold at​ $0.25 per pound and a few other items are also sold at prices below cost in order to lure customers into the​ store, where they will then be tempted to purchase additional products at the full price. What pricing strategy is the store​ using? A. Psychological pricing B. Loss leader pricing C. Penetration pricing D. Price skimming E. Reference pricing

Loss leader pricing

Which of the following statements regarding importing is​ true? A. It is usually indicative of a devalued local currency in the country where the products are purchased. B. It is more expensive than establishing a physical presence in the country where the products are purchased. C. It is not subject to trade agreements. D. It involves buying products from other countries and selling them domestically. E. It involves products being produced domestically and sold in another country or countries.

It involves buying products from other countries and selling them domestically.

All of the following are true about lean production​ EXCEPT: A. It is a business process in which reduction of waste is a top priority. B. It is a business process that is used in several​ industries, not just manufacturing. C. It is a business process in which the organization focuses on reducing the number of layers of management in the organization. D. It is a business process in which managers desire to increase efficiency. E. It is a business process that involves reducing excess inventory.

It is a business process in which the organization focuses on reducing the number of layers of management in the organization.

Which of the following best describes a management development​ program? A. It is a formal program that prepares upcoming managers for leadership via​ on-the-job training​ programs, job​ rotation, and mentoring. B. It is an​ off-the-job training program that takes place in a classroom. C. It is​ on-the-job training in which a management trainee is given complete control over a​ department, and is only mentored upon request. D. It is classroom training in which simulations of management situations are completed by the trainee. The goal is to provide as​ close-to-real-world environment without the risks involved in​ hands-on-learning in a real environment. E. It is a program that encourages management trainees to earn an MBA and funds the degree.

It is a formal program that prepares upcoming managers for leadership via​ on-the-job training​ programs, job​ rotation, and mentoring.

Which of the following statements about ISO 9001 is​ true? A. It is a law that requires all manufacturers to treat customer information confidentially. B. It is a quality management system that provides businesses with a way to ensure their products meet high quality standards. C. It is a manufacturing compliance system that ensures producers provide a working environment that treats employees ethically. D. It is an environmental management system that helps ensure a manufacturer produces in a way that minimizes harm to the environment. E. It is an international standard all manufacturers must meet to do business internationally. Without ISO 9001​ compliance, a manufacturer cannot sell products in another country.

It is a quality management system that provides businesses with a way to ensure their products meet high quality standards.

Which of the following best describes a​ 401(k) plan? A. It is a retirement savings plan in which the employee contributes into a retirement​ account, and the employer may match a portion of the​ employee's contribution to the account. B. It is a loan provided by the federal government to​ employers, but can only be used to fund​ employees' retirements. C. It is a retirement account that can only be utilized at retirement​ age, and​ cannot, under any​ circumstances, be used before the age of 59​ 1/2 D. It is an emergency savings account that can be used at any time without penalty. E. It is a retirement account that is not subject to taxation.

It is a retirement savings plan in which the employee contributes into a retirement​ account, and the employer may match a portion of the​ employee's contribution to the account.

Which of the following statements about a corporation is​ true? A. It is dissolved when the owner dies. B. It is a separate entity from its owners. C. It pays no taxes on profits​ (if it is a​ for-profit). D. It cannot be sued. E. It cannot own property.

It is a separate entity from its owners.

Which of the following is true about a​ company's code of​ ethics? A. It is the same as the​ company's vision statement. B. It is the same as the​ company's mission statement. C. It is a written commitment to laws of the state in which the company is headquartered. D. It guarantees that the company and all its employees will behave ethically. E. It is a written statement of the​ firm's commitment to ethical behavior.

It is a written statement of the​ firm's commitment to ethical behavior.

All of the following statements about quality control are true​ EXCEPT? A. It is designed to ensure a product meets high quality standards. B. It is almost always a secondary goal of business. C. It helps reduce waste during the production process. D. It helps motivate employees to produce high quality products. E. It is required in certain industries.

It is almost always a secondary goal of business.

Which of the following best describes​ communism? A. It is a​ free-market economy in which individuals and businesses are responsible for determining what products and services to produce. B. It is an economy in which most products and services are provided by businesses and​ individuals, and some products and services are provided by the government. C. It is an economy in which businesses are focused on efficiency and profitability. D. It is an economic system in which the government controls production. E. It is a completely unplanned economy.

It is an economic system in which the government controls production.

Which of the following is true about​ offshoring? A. It is usually done in order to save money. B. It is not an important component of contemporary business strategy. C. It is usually performed in the United States. D. It only includes the complete offshoring of production. E. It is only used for manufacturing.

It is usually done in order to save money.

Boon and Gory would like to open a fitness center. They are going to provide their own funds and equally own and manage the center. ​ Gory's cousin Teresa will also invest money into launching the fitness​ center, but she does not want to be involved in the​ day-to-day management of the business. What is the simplest form of business ownership they could​ use? A. C corporation B. General partnership C. Sole proprietorship D. Limited partnership E. S corporation

Limited partnership

Which of the following statements about comparative advantage is​ true? A. It does not take effectiveness and efficiency into account when calculating a​ country's comparative advantage. B. It is when a country produces more of a good or service than another country. C. It is when a country can produce goods and services more efficiently compared with other countries. D. It is primarily concerned with the​ country's overall GDP. E. It is the calculation of a​ country's overall economic advantage over another country.

It is when a country can produce goods and services more efficiently compared with other countries.

Which of the following statements about currency appreciation within a country is not​ true? A. It makes the prices of imported goods and services lower for domestic consumers. B. It decreases the demand for exports to other countries C. It increases the demand for imports from other countries D. It increases the value of the​ country's currency. E. It makes it more expensive to import products from other countries.

It makes it more expensive to import products from other countries.

Which of the following is a disadvantage of equity​ financing? A. Company profits are used in order to repay the debt. B. The company will have to put up collateral for the funds. C. The company must generate sufficient cash flow to pay interest to the stockholders. D. It potentially impacts the control of the company. E. Interest payments to stockholders are not tax deductible.

It potentially impacts the control of the company.

All of the following statements about the Small Business Administration​ (SBA) are true​ EXCEPT: A. It is not a department of the federal government. B. It helps entrepreneurs secure financing. C. Its primary mission is to educate individuals about the risks of becoming small business owners. D. It provides training and support to entrepreneurs. E. It lobbies the government to reduce roadblocks to commerce that hurt small businesses.

Its primary mission is to educate individuals about the risks of becoming small business owners.

Which of the following terms best describes legal​ regulations? A. Laws that govern the products or processes of an industry B. Laws that are only designed to protect the consumer from unethical business behavior C. Laws which mandate moral behavior in the workplace D. A code of ethics that provides guidance for company behavior E. Laws that specifically govern the ability of a company to operate in an area that is environmentally sustainable

Laws that govern the products or processes of an industry

Which term best describes the area of management that is focused on​ influencing, motivating, and helping employees to contribute to an​ organization's success and​ effectiveness? A. Leading B. Motivating C. Controlling D. Planning E. Managing

Leading

Joy is a marketing manager for Nike. Other manufacturers in her industry are experiencing a shift in demand of their shoes from​ hi-tops to​ low-top configuration. It would probably be wise for Nike to perform what in order to see what is going on with this new​ development? A. A focus group B. Environmental scanning C. Market segmentation D. Form utility E. Market research

Market research

​__________ is a computer program used for inventory control and production planning. A. Materials requirement planning​ (MRP) B. A Gantt chart C. ​Just-in-time inventory control​ (JRP). D. Flexible manufacturing systems​ (FMS) E. A PERT chart

Materials requirement planning​ (MRP)

Jake has a small property management business. Although the business is reasonably profitable and he could expand it if he​ wished, he is content to keep it relatively small so that he has time to be actively involved with his young family. Which of the following terms would best describe​ Jake? A. Internet entrepreneur B. Intrapreneur C. Serial entrepreneur D. Micropreneur E. Growth entrepreneur

Micropreneur

All of the following statements regarding mission statements are true​ EXCEPT: A. Mission statements explain who the​ company's customer is. B. Mission statements help define the​ company's values. C. Mission statements list some of the​ company's goals. D. Mission statements explain why the company is in business​ (the company's purpose) E. Mission statements lay out a framework for a​ company's code of ethics.

Mission statements lay out a framework for a​ company's code of ethics.

​__________ are​ short-term targets that are designed to help achieve goals. A. Visions B. Objectives C. Plans D. Missions E. Tactics

Objectives

Steve works for a large avionics parts company called Blue Skies. His job involves contacting engineers to discuss his​ company's products with​ them, leave product​ samples, and motivate the engineers to use Blue​ Skies' products when designing and building their airplanes. Which of the following BEST describes​ Steve's role? A. Customer service representative B. Support personnel C. Order taker D. Order influencer E. Order getter

Order influencer

Which of the following elements is NOT part of the marketing​ mix? A. Price B. Promotion C. Product D. People E. Place

People

Rose and Martha want to start marketing their​ high-end custom guitars to consumers in South America. They​ don't mind spending the time and money performing lengthy market research designed specifically for their needs. What type of data should they look for in order to get the best and most relevant data to meet their​ needs? A. Behavioral segmentation data B. Primary data. C. Focus groups D. Tertiary data E. Secondary data

Primary data

Which type of layout best describes one that is used to make a small batch of highly customized​ products? A. Cellular layout B. Process layout C. Limited production layout D. Product layout E. ​Fixed-position layout

Process layout

In one scene in the upcoming Avengers movie​, actor Mark Ruffalo is prominently covered in clothing from the brand​ LuLuLemon, a new line of green yoga street wear. This is an example of which of the following types of​ advertising? A. Public relations B. Cameo advertising C. Product placement D. Infomercial E. Interactive advertising

Product placement

Rhonda is a marketing manager whose role is to let as many potential consumers as possible know about her​ company's products. What part of the marketing mix is Rhonda primarily interested​ in? A. Price B. Product C. Place D. Promotion E. Principle

Promotion

Which pricing strategy is used to create the impression in the​ consumer's mind that the product is less expensive than it really​ is? A. Price skimming B. Price discrimination C. Psychological pricing D. Penetration pricing E. Reference pricing

Psychological pricing

Which promotional tool is aimed at creating and maintaining a positive image of a company or individual in the minds of​ stakeholders? A. Integrated marketing communication B. Public relations C. Advertising D. Sales promotions E. Public communication

Public relations

​Henry''s work is to keep track of and gauge the general public opinion of his​ company, make suggestions and carry out changes to corporate messaging and behavior in response to those​ opinions, and​ plan/implement a course of action to inform the public of activities that the company has planned or has already taken. In which department does Henry likely​ work? A. Marketing research B. Sales and marketing C. Public relations D. Human resources E. Advertising

Public relations

Which term describes a decline in the GDP for two or more consecutive​ quarters? A. Recovery B. Peak C. Depression D. Trough E. Recession

Recession

Which of the following marketing intermediaries sell products directly to​ consumers? A. Producers B. Retailers C. Wholesalers D. Specialty distributors E. ​Agents/brokers

Retailers

​______ refers to the money that a company brings in by selling its products or services. A. Profit B. Cost C. Expense D. Capital E. Revenue

Revenue

Ben is performing​ a(n) __________ to determine what opportunities and threats exist for his business. A. operational plan B. tactical planning exercise C. SWOT analysis D. risk assessment E. strategy session

SWOT analysis

Which of the following is the BEST example of a product​ line? A. Apple offers​ iPhones, notebook​ computers, iPads,​ iTunes, iPods, and a variety of accessories such as​ cases, charger​ devices, and headphones. B. Procter and Gamble sells Duracell​ batteries, Tide laundry​ detergent, Pepto-Bismol, Crest​ toothpaste, and Iams pet food. C. Elkay offers residential sinks and​ faucets, commercial drinking fountains and bottle filling​ stations, and kitchen and bathroom cabinets. D. Nestléé sells baking​ products, ice​ cream, coffee, frozen​ entrees, and candy bars. E. Simply Orange offers orange​ juice, lemonade,​ grapefruit, and apple juices.

Simply Orange offers orange​ juice, lemonade,​ grapefruit, and apple juices.

All of the following statements about​ computer-aided design​ (CAD) are true​ EXCEPT: A. CAD saves design and production costs. B. Testing of parts can be completed in a simulation prior to manufacturing. C. CAD allows designers to rotate the product on any axis and modify it in size or shape. D. The computer software can create both​ two-dimensional and​ three-dimensional virtual models of parts or products. E. The item must be designed manually first and then entered into the computer.

The item must be designed manually first and then entered into the computer.

All of the following statements about licensing are true​ EXCEPT: A. An advantage of licensing is the speed with which property can be spread around the globe. B. The licensor holds ownership over the item being licensed. C. A risk of licensing is the creation of potential competitors. D. The licensee pays the owner a fee for the right to use the property. E. The licensee becomes the owner of the​ licensor's intangible property upon payment of the royalty fee.

The licensee becomes the owner of the​ licensor's intangible property upon payment of the royalty fee.

All of the following statements are true about socialism​ EXCEPT: A. Socialism tends to disincentivize labor. B. The majority of economic systems in the world are purely socialist economies. C. Countries characterized by socialism tend to have high tax rates. D. The government is in control of production of many basic businesses and distributes the profits from those businesses evenly among the people. E. The government usually runs social services such as​ education, health​ care, retirement and utilities.

The majority of economic systems in the world are purely socialist economies.

Which of the following statements about an opportunity niche is not​ true? A. Large companies may not be able to address the opportunity​ niche, leading to high potential opportunity for entrepreneurs to start new businesses. B. Customer demand for the good or service in the opportunity niche is likely high. C. It is a need or want that is currently going underserved or unserved. D. The marketplace for the desired good or service is saturated with​ competition, making it difficult to serve customers. E. Opportunity niches exist because it is generally difficult for all customer needs to be satisfied.

The marketplace for the desired good or service is saturated with​ competition, making it difficult to serve customers.

Your university has recently changed the online platform from Blackboard to Moodle Online. While you have good knowledge of​ Blackboard, you do not know anything about Moodle. You might be faced with challenges from which of these​ environments? A. The social environment B. The political environment C. The natural environment D. The competitive environment E. The technological environment

The technological environment

All of the following are true about managers​ EXCEPT: A. They help employees set and reach goals. B. They control employees and resources within an organization. C. They do not work with people to accomplish an​ organization's goals. D. Managers perform four primary functionslong dash—​planning, ​organizing, leading, and controlling. E. They can manage any size of businesses or organizations.

They do not work with people to accomplish an​ organization's goals.

Which of the following is true of local​ businesses? A. They are good examples of multinational corporations. B. They usually employ large numbers of employees. C. They are only interested in attracting​ long-distance customers. D. They are rarely a unique business. E. They typically serve customers only in the limited surrounding area.

They typically serve customers only in the limited surrounding area.

​Joe, a​ brand-new employee at a​ company, wants to know more about his​ company's core focus. Which of the following documents would give Joe the information he​ wants? A. The​ company's code of ethics B. The employee handbook C. The​ company's profit and loss statement from the previous quarter D. The​ company's mission statement E. Local laws and regulations that govern the industry in which the business operates

The​ company's mission statement

Jason is a young​ man, currently working in his first job after graduating from college a year ago. Funds are​ limited, so he has to be very careful about what he spends his hard earned money on.​ He's currently considering buying a new pair of headphones. What does Jason want to make sure this new product will add in order to make a decision to purchase​ it? A. Enjoyment B. A great price C. Cost savings D. Value E. Features

Value

​__________ not only invest in businesses but play an active role in managing them. A. Banks B. Venture capitalists C. Franchisors D. Advisory boards E. Angel investors

Venture capitalists

A cute YouTube video featuring flying cats is actually an​ advertisement, and it has over 5 million views in the last 24 hours. What type of marketing does this​ represent? A. ​Pay-per-click advertising B. Crowdsourcing C. Phishing D. ​Pay-per-watch advertising E. Viral marketing

Viral marketing

Minami called a plumber to fix a leaky faucet in her home. Which of the following terms BEST describes the​ plumber's work? A. a liability B. a service C. a benefit D. an appointment E. a good

a service

The country of Sweden has a problem. The value of its exports exceeds the value of its imports. This is known as​ __________. A. a​ free-trade agreement B. a trade deficit C. a comparative disadvantage D. currency depreciation E. a trade surplus

a trade surplus

Kyle is a facilities manager who is assisting his company in designing and building a new manufacturing facility. One of his primary concerns is determining how much product can be produced to meet demand without having excess capability. This is known as​ _______. A. capacity planning B. surplus planning C. ​supply-chain management D. shortage prevention planning E. scheduling

capacity planning

A company uses​ a(n) _______ budget to estimate how much money it will take in and pay out over a specified period of time and identify whether the firm has sufficient funds to cover operating expenses. A. project B. master C. operating D. cash flow E. capital

cash flow

Nike has designed a new​ shoe, and subcontracts the production to another firm. This practice is known as​ __________. A. franchising B. internal production C. contract manufacturing D. direct foreign investment E. crowdfunding

contract manufacturing

Boeing manufactures large aircraft in a gigantic factory. It depends heavily on an extremely efficient​ __________ to ensure that its resources and people are physically arranged for maximum productivity with minimum waste. A. lean production system B. production management system C. facility layout D. inventory control system E. supply chain

facility layout

Eumin is highly involved in the project on which​ he's working and gets grumpy when interrupted. Eumin is in a state of​ __________ because he is consumed by the job​ he's working on. A. flow B. vision C. chi D. ​self-actualization E. valence

flow

Microsoft invests​ $100 million into the economy of India by purchasing one of its largest information technology firms. This is an example of​ __________. A. a franchise agreement B. a​ multi-domestic strategy C. foreign direct investment D. an embargo E. a trade agreement

foreign direct investment

​Lin, an entrepreneur in​ Shanghai, wants to open up a KFC restaurant there. The best business model for him to use for this purpose is​ a(n) __________. A. franchise B. turnkey project C. joint venture D. wholly owned subsidiary E. foreign direct investment

franchise

Two countries are able to exchange goods and services with one another without government intervention or other impediments. This is an example of​ _______. A. protectionism B. dumping C. free trade D. a joint venture E. an embargo

free trade

Amoral behavior​ __________. A. is behavior that a person engages in that is seen as right by moral standards B. happens when a person has no awareness of right and wrong and no interest in morals C. does not involve consequences for the behavior D. is the same as unethical behavior E. involves someone knowing that what they are doing is morally right or wrong

happens when a person has no awareness of right and wrong and no interest in morals

Shauna is a manager renowned for her​ __________ within the organization. She is incredibly talented at being able to connect with people and is​ well-trusted by her employees. A. conceptual skills B. interpersonal skills C. intellectual skills D. technical skills E. tactical skills

interpersonal skills

By​ definition, a company that takes​ __________ seriously does everything within its power to conform to the laws and regulations of its industry. A. ethical avoidance B. environmental policy C. sustainability D. legal compliance E. profitability

legal compliance

Daya was in the information technology industry but now owns a consulting business in which she develops online computer courses from home. Sick of the​ "rat race," she now enjoys a less demanding schedule and has more family time. Daya is an example of​ a(n) __________. A. growth entrepreneur B. lifestyle entrepreneur C. social entrepreneur D. intrapreneur E. serial entrepreneur

lifestyle entrepreneur

One of the biggest advantages of​ _______ advertising is that it has good local market​ coverage, along with high credibility and acceptability.​ However, this type of advertising has a short life span and​ poor-quality reproductions. A. social media B. television C. newspaper D. outdoor E. Internet

newspaper

​A(n) _______ is a form of competition where only a limited number of sellers​ exist, each with a fairly large share of the market. A. duopoly B. oligopoly C. perfect competition D. monopolistic competition E. monopoly

oligopoly

Curtis is responsible for his​ company's __________​ management, which means that he spends most of his time​ planning, implementing, and controlling processes that convert raw materials into a finished product. A. process B. production C. total quality D. supply chain E. inventory control

production

The combination of​ advertising, public​ relations, personal​ selling, and sales promotions used by an organization to promote its goods and services represents the​ company's _______. A. product line B. product mix C. promotional mix D. marketing mix E. distribution channel

promotional mix

A city wants to build a new ballpark in the downtown area and has proposed issuing bonds that would be funded through income generated by the ballpark. This best describes a​ _______ bond. A. secured B. callable C. general obligation D. revenue E. debenture

revenue

A profit is earned when a​ company's ________. A. revenue is greater than its expenses B. revenue is greater than its products C. products are greater than its services D. services are greater than its products E. expenses are greater than its revenue

revenue is greater than its expenses

Stan is the owner of a small auto repair store. For the last 10​ years, he's been selling foreign tires at the same price as domestically produced tires. Due to a new​ __________, Stan is now forced to either sell the foreign tires at a higher price or take a loss on their sale. A. embargo B. dumping rate C. licensing fee D. trade surplus E. tariff

tariff

Michelle is very skilled carpenter. She is​ well-versed not only in her​ job, but also in all aspects of the work performed by her​ employees, and she can successfully coach and guide them in carrying out their specific tasks. Sarah demonstrates a high level of​ __________. A. business savvy B. interpersonal skills C. conceptual skills D. technical skills E. ​decision-making skills

technical skills

Moody's currently rates a series of JCPenney bonds as Caa grade. This rating would suggest that the bonds have​ _______ risk. A. the highest B. high C. medium D. the lowest E. low

the highest

One of the biggest disadvantages of direct mail advertising​ is__________. A. it can be difficult to monitor and must be actively maintained B. it is skewed demographically to those who surf the Internet C. its inability to target specific markets. D. there is a very short exposure time to the ads and messages must be brief E. the perception by many consumers that it is junk mail

the perception by many consumers that it is junk mail

Netflix is an example of a business that focuses on​ __________. A. task utility B. value utility C. time utility D. form utility E. price utility

time utility

When a business is operating in a way that knowingly puts a customer in​ harm, it is engaging in​ __________. A. price fixing B. unethical behavior C. ​whistle-blowing D. social responsibility E. amoral behavior

unethical behavior

Which kind of market would a pizza chain like Pizza Hut use to buy the cheese used for making its​ pizzas? A. ​Manufacturer-to-business (M2B) B. ​Business-to-business (B2B) C. ​Business-to-consumer (B2C) D. ​Business-from-business (BFB) E. ​Business-by-business (BBB)

​Business-to-business (B2B)

Which of the following statements regarding​ computer-aided manufacturing​ (CAM) is​ true? A. CAM is very simple to design and use. B. ​Computer-aided manufacturing integrates​ computer-aided design​ (CAD) data in a process known as simultaneous engineering. C. CAM is not an efficient way to manufacture products. D. The investment in time and money is very low with CAM. E. CAM is best used in firms that require simple manufacturing processes.

​Computer-aided manufacturing integrates​ computer-aided design​ (CAD) data in a process known as simultaneous engineering.

​_______ financing involves borrowing​ money, whereas​ _______ financing occurs when funds are generated by the owners of a company. A. ​Long-term; short-term B. ​Equity; debt C. ​Debt; equity D. ​Secured; unsecured E. ​Short-term; long-term

​Debt; equity

Which level of management is responsible for implementing operational plans and supervising employees who carry out the​ day-to-day functions of the​ company? A. ​Top-level manager B. Staff manager C. Middle manager D. ​First-line manager E. Consultant

​First-line manager

Which of the following represents coins and​ bills, traveler's​ checks, and checking accounts and constitutes as the narrowest measure of our money​ supply? A. ​M-2 B. ​M-3 C. ​M-4 D. ​M-0 E. ​M-1

​M-1

Alibab sells products to​ end-consumers via the Intenrtet. Alibaba focuses on​ _______ transactions. A. ​consumer-to-consumer (C2C) B. ​business-to-consumer (B2C) C. ​government-to-consumer (G2C) D. ​business-to-business (B2B) E. ​consumer-to-business (C2B)

​business-to-consumer (B2C)

Tom works for a company that serves the​ __________ market, in which consumers by products from businesses for their own use. A. ​business-to-consumer (B2C) B. ​business-to-client (B2C) C. ​business-to-business (B2B) D. ​consumer-to-consumer (C2C) E. ​consumer-to-business (C2B)

​business-to-consumer (B2C)

A new package of Chips Ahoy cookies advertises​ M&M candies as ingredients in the box of cookies. This is an example​ a(n) _______. A. individual brand B. ​co-brand C. ​manufacturer's brand D. family brand E. private brand

​co-brand

A company that uses​ __________ systems can use software that not only produces the​ item, but also provides other​ functions, such as order​ taking, shipment, and billing. A. inventory control B. ​computer-integrated manufacturing C. purchasing D. ​computer-aided design E. ​supply-chain management

​computer-integrated manufacturing

Ebay is the​ world's largest provider of​ __________. A. ​business-to-business (B2B) transactions B. ​consumer-to-consumer (C2C) transactions C. ​business-to-consumer (B2C) transactions D. ​government-to-business (G2B) transactions E. business intelligence software

​consumer-to-consumer (C2C) transactions

All of the following characteristics would describe entrepreneurs EXCEPT​ ________. A. ​self-directed B. motivated to succeed C. innovative D. flexible E. ​risk-averse

​risk-averse

A mutual fund that invests in companies with a capitalization of less than​ $1 billion is referred to as​ a(n) _______ fund. A. ​exchange-traded B. ​large-cap C. ​no-load D. value fund E. ​small-cap

​small-cap