Business Final

You were having a garage sale and bought posters for 3 dollars, to make signs that said "Garage Sale Here". Then you told your mother that if she would help you run the garage sale, you would pay her 12 dollars. She agreed to help. After the garage sale ended, you made 50 dollars, how much profit did you end up making?

$35

Which of the following will increase supply of ice cream, a normal good?

An increase in the number of restaurants selling ice cream

The cost of employing product inspectors is a(n) __________ cost.

Appraisal

The Product Part of the Marketing Mix Should Include...

Brand Name, Look of the packaging, etc.

Rewarding someone for service, usually with money.

Compensation

Identifying and examining the characteristics of a competing firm.

Competitive Analysis

What is not one of the 6 steps of market research?

Competitive Shop

Which of the following is a factor that keeps quality at the forefront of the modern business world:

Consumer Pressure

A process that regulates the business's activities to ensure the goals that were set, are getting accomplished.

Controlling

A description of the person or company that is likely to buy your product or service.

Customer Profile

What are the 3 types of competition?

Direct, Indirect, Replacement

The ongoing education and training of employees to maintain and extend their capabilities for current and future jobs.

Employee Development

An evaluation of an employee's work performance over a certain period of time.

Employee Performance Appraisal

A product that is useful and performs its job well demonstrates which of the following components of quality:

Excellents

Which of these is NOT one of the 3 main resources

Exchange

Data that helps a business determine where its potential customers live and how far they will travel to visit your business.

Geographic Data

Human Resource Management does not deal with the following:

Handling Information Technology Issues

The process managing and developing people within a business.

Human Resource Management

Which of the following is a true statement regarding quality management:

It is an ongoing process

A business that is started in order to protect the owner's personal assets.

LLC

Which of the following is a potential challenge when implementing quality management:

Lack of integration

Which of the following skills does a project manager need to be able to guide or direct the actions of others in a desired manner:

Leadership

This pricing strategy that offers merchandise in a given category at certain prices-Shirts at $25, $35, $50

Line Pricing

A person who is an expert in their field of work and is responsible for administering all or parts of a business.

Manager

Businesses need the ________________ to know that their products and services exist in order to make sales.

Market

A channel or system of communication.

Medium

Which is not a 4 P of Marketing?

Placement

Staffing is one of the five functions of management, along with

Planning

If extreme temperatures destroyed much of the wheat harvest, the price of wheat and quantity sold would change in which of the following ways?

Price Increase, Quantity Decrease

An advancement an employee within their career.

Promotion

The process of looking for and attracting qualified applicants to fill a job.

Recruitment

Our country provides small businesses with resources they can use to help them get started and be successful. What is this government agency called?

Small Business Administration

A Business ran and owned by just one person is called what?

Sole Proprietorship

Soft skills are a valuable skill set to have. Which is NOT an example of a soft skill?

Speaking multiple languages

When unforeseen events change the project entirely, it is helpful to have

a back-up plan.

Marla and her fellow managers at the Frisco Corporation have determined that rearranging their human resources could increase the company's efficiency. This human resources change is most likely the result of

a need for process improvement

Businesses ask themselves which question, when it comes to making the most of their limited resources.

all of the above

A statement suggesting that everyone is using a specific product, so you should too

bandwagon

Geographic Segmentation qualities include -

climate or population density

An organization's "personality" is also referred to as it's

culture

A series of steps to help an individual make the best possible choice to meet their needs.

decision making process

Data that describes a group of people by age, martial status, gender, etc.

demographics

When developing a human resources management strategy, managers

determine how to budget gaps between HR needs and available HR.

How can the business get the product into the right store (online or in person) for people to access? is an example of-

distribution

Dan likes his eye doctor because she is caring and shows concern for him as an individual patient. This illustrates which important characteristic of quality service providers?

empathy

Someone who starts up their own business and takes on all the risk and rewards.

entrepreneur

When a customer returns a defective product for a refund, it's a(n) __________ cost.

external failure

An LLC stands for Limited Liability Corporation.

false

Sole Proprietorship is a business that has many owners

false

An interview with a group of potential customers who provide valuable feedback.

focus group

A business that was created for expanding an original business, but opening in a new location, and where you are required to sell goods and services a certain way.

franchise

Which of the following is a potential benefit of implementing quality management:

increased consistency

A proofreader making sure every word in a document is spelled correctly is an example of quality management at which of the following levels:

individual

The cost associated with throwing out defective products as they come off the production line is a(n) __________ cost.

internal failure

Managers must create explanations of the responsibilities and tasks associated with each work position. These are known as

job descriptions

Quality management must begin at which level of a company?

leadership

Projecting a strong sense of motivation and direction for employees, to help encourage high performance.

leading

Being legally responsible for something.

liability

the problem solving process of using resources to achieve goals through planning, organizing, staffing, directing, and evaluating

management

A system for collecting, recording, and analyzing information about customers, products, services, and customers.

market research

Six Sigma is a popular quality-management

methodology.

An organization will likely consider its purpose for existing when developing an appropriate human resources management strategy. This purpose is referred to as the organization's

mission

A statement that describes the company's reason for existing now.

mission statement

___________ an example of two businesses who compete against each other for consumers.

nike and under armour

something that one's effort can accomplish to help reach a goal

objectives

Completing an employee's insurance and tax paperwork is part of which staffing tax

onboarding

A competing company has just gone out of business.

opportunity

Which of the following is an indicator that human resources needs may change:

organizational growth

The process of establishing orderly uses of all resources and activities to work toward the set goals

organizing

Demographic qualities include -

personal statistics, such as age, gender, income, ethnicity and occupation

A means of convincing people to feel, agree with, or buy a certain way.

persuasion

Quality management is a

philosophy

This pricing strategy sets higher pricing to suggest status.

prestige pricing

Information collected for the very first time to fit a specific purpose

primary data

Making changes in the organization as a means of maintaining quality is an example of

quality improvement

One of the most important characteristics of a quality good is

reliability

The key to recruiting is:

selecting which applicants to interview

None of the other managerial functions can be carried out effectively without staffing because

staffing supplies the human resources needed for management

The company has an excellent reputation with their customers.

strength

A list of questions to ask customers to find out information.

survey

Individuals or companies that are interested in a product or services and are willing to pay for it.

target market

The act of bringing something to an end.

termination

Market systems—unlike command systems or alternative systems of allocation—allocate resources primarily by

the price systems

Which of the following is a true statement about human resources needs:

they are always changing

A competing business has just opened up down the street.

threat

When project managers prepare to-do lists and schedule activities, they are using __________ skills.

time-management

What should managers do to prevent a project from falling behind schedule?

track deadlines

Which task in the staffing process ensures that employees are knowledgeable and productive?

training and development

It is smart for partnerships to have a legal agreement.

true

Behavioral Segmentation qualities include -

usage rate, buying status

When a customer considers a product to be worth the money s/he spent on it, the product demonstrates which of the following components of quality:

value

A business owned by many people who are considered stakeholders.

Corporation

Which is not an effective way to use social media to find and land a job?

Criticize your current job to help network & find a new one

What is not one of the 4 types of data you need to collect to understand your market?

Monographics

What is our biggest economic problem in society

limited resources