Busn 3 Exam

Zach, a high school junior, has just moved to a new town and cannot wait to get to school to meet new people. He likes sports and hopes he can try out for the soccer team. According to Maslow, Zach is working to fulfill his _____ needs.

social

The career field called _____ involves planning and coordinating the movement of goods—from the raw materials to the final consumers.

supply chain management

The Fair Labor Standards Act of 1938 established a minimum wage and overtime pay for employees working

more than 40 hours a week.

The Creamy Cow is a maker of gourmet ice cream. The company uses _____ to sell its products by using a variety of venues, including grocery stores, online, and mail order.

multichannel retailing

Jesse Livermore, Human Resources Director of GA Trading Company recently read a report on the aging of the population that he believes is factually correct. To respond to this growing trend, he has created an employee program that hopes to attract and retain _____ through flexible schedules, training opportunities, and creative pay schedules.

older workers

A(n) _____ is the visual representation of the company's formal structure.

organization chart

Joanne works in the marketing department for a toy manufacturer. Her company will be introducing a new type of toy and wants to obtain a dominant market share while discouraging competitors from offering similar toys. The best strategy for achieving this goal would be

penetration pricing.

_____ is a subset of supply chain management that focuses on tactics rather than on strategy.

Logistics

An example of a social need in Maslow's hierarchy of needs in the workplace would be

department outings

_____ takes legal possession of the goods being distributed, while _____ do not take title of the goods.

A merchant wholesaler; agents/brokers

Assume your product is priced at $10. The variable cost per unit is currently $5, and fixed costs are $10,000. What is your breakeven point?

2,000 units.

_____ dominate the market by offering a huge variety of one type of product.

Category killers

Title VII of the Civil Rights Act of 1964 created the _____ to enforce the act's provisions.

Equal Employment Opportunity Commission

_____ proposes that perceptions of fairness directly impact worker motivation.

Equity theory

_____ aims to achieve long-term profitability by sustaining a high sales volume.

Everyday-low pricing

Smitty's Smoothies are a popular item priced at $3.50 per smoothie. Variable costs are $1.50 per smoothie. With fixed costs at $20,000 per year, Smitty will realize a $6,000 profit if:

He sells 13,000 smoothies during the year.

Increasingly, many employers are recognizing the bottom line benefits of allowing employees in certain positions to work from home: telecommuting. The firm benefits with decreased operational costs. But in regard to motivation theory, which statement might best categorize the growth of telecommuting and its attractiveness to employees?

Job enrichment and autonomy

In putting together an optional benefits package for his firm, Ben can propose several attractive optional programs. Employees would have the option to earn all the following EXCEPT

Medicare

Curly McNamara is a human resources manager who believes that his company needs some fresh energy and new ideas. Rather than hire from within, he's looking to fill some of the new openings in his company with qualified candidates from outside the company. Which of the following sources would probably provide him with the most effective way of locating potential employees who would be a good fit?

Offer bonuses to existing employees for successful referrals.

_____ involves determining a structure for both individual jobs and the overall organization.

Organizing

_____ is the positive difference between revenue and costs.

Profitability

For decades, the U.S. public sector has been moving toward a more centralized approach to federal government. This is borne out by the growing number of federal agencies that regulate business and therefore affect private life. Given the characteristics of a centralized organization, is the private sector moving in the same direction as the public sector. Why or why not? Choose the best answer.

The private sector is decentralizing because it allows them to be more responsive to their employees, as well as their customers' needs.

Psychologist Douglas McGregor theorized that management attitudes toward workers fall into two opposing categories, which he labeled:

Theory X and Theory Y

_____ managers assume that employees dislike work, that motivation is best accomplished by threats and coercion, and that people prefer to be directed rather than use their own initiative.

Theory Y

All of the following statements about channel intermediaries (distributors) are true, EXCEPT

distributors make distribution channels more complex by increasing the number of transactions required of buyers and sellers.

The top companies in Fortune magazine's 100 Best Companies to Work For in 2017 emphasize

a distinctive, positive culture to motivate their employees.

The average grocery store carriers _____ different products.

about 50,000

_____ are compensation in the form of lump sum payments and are often used to reward employees for strong performance.

bonuses

Which of the following would most likely be classified as a variable cost in breakeven analysis for a furniture manufacturer?

cost of lumber and upholstery

Joe and Chris are working on a book together that they plan to publish via a print-on-demand (POD) website. As they sit down to plan everything out for their pricing strategy, Chris asks the question, "What will the market bear?" What analysis is Chris using?

demand-based pricing

Southwest Airlines has gained a competitive edge and built long-term profits by putting its _____ first.

employees

Raphael manages Sarah, an employee who continues to regress at work. In the beginning, Sarah's work was far above the others, but now she seems to have lost her attention to detail. Her work is sloppy and full of errors. Raphael would like to turn the situation around. Because Sarah was once a star performer, he knows that she can put forth the effort and accomplish the tasks. After talking with her, Raphael concludes that the main problem is that Sarah doesn't think the reward she receives is enough to justify a high level of performance. This finding is consistent with

expectancy theory

Opportunities and threats are

factors that are external to the firm but can still affect its performance.

Blake is interested in finding a job that pays on commission. If Blake is successful, he will

find a job that pays him according to how much he sells for his company.

Eileen is 23 years old and a recent college graduate who just accepted her first full-time position. If Eileen is like most in her generation, it is likely that she will

have high expectations about pay and opportunities for advancement but low expectations about her employer's loyalty to her.

As the human resource director for a large manufacturer of computer chips, you were recently informed of the board's decision to outsource some production to Mexico. In light of this news, one challenge you face is

how to boost morale and motivate the employees left behind.

Jazmine's company, MarbleTech, Inc., recently won a major government contract scheduled to last six years. Jazmine has been given the responsibility to recruit, select, and train the workforce the company will need to complete the contract on time and within budget. Jasmine's efforts will require her to perform functions involved in

human resources management.

When organizations employ different types of departmentalization at different levels of the organization, their approach is called _____ departmentalization.

hybrid

Two-thirds of all wholesale trade members are

independent wholesalers.

The Alpine Shop is a store that specializes in selling equipment for camping and other outdoor activities. The store has many employees who love to camp, hike, hunt, and fish. These employees often go out of their way to provide honest and helpful advice about the good and bad features of the products they sell. The efforts of these employees create

information utility.

Kace Grelly is an HR manager with Danze Enterprises, a mid-sized consulting firm. She will soon be recruiting workers to fill some new positions. Before doing so, she wants to review the specific responsibilities associated with each job. She can find this information in each position's

job description

Social Security and Medicare contributions are

legally mandated benefits.

One advantage of a centralized organization is that it is

likely to result in a strong corporate image and uniform approach to customers.

The Manley Corporation is a small business. Mike Manley is president. He has a vice president of production and a vice president of marketing. The vice presidents each have four employees who report to them. Because of the small size of the company, there are no specialists available to support and advise these managers. This simple organizational structure is an example of a _____ organization.

line

A firm's _____ is the percent of the total market for a product that is controlled by that company.

market share

A _____ organization creates flexibility as it brings together specialists from different areas of the company to work temporarily on individual projects.

matrix

Allan's experience these past four years at his job has been that he has trouble getting any work done because he's always headed to this-or-that meeting. If he wants to get anything done, he has to meet with the head of every department from his office to the front door and back. How is his company most likely organized?

matrix

Rose Holcomb is the CEO of Holcomb Engineering, a small but growing firm. She believes that the talents and abilities of her company's employees are underutilized and wants to bring someone into the organization who can help her devise more effective human resource strategies. Thus, she has decided to hire her firm's first human resource manager. Rose's decision

may well boost organizational effectiveness which can give a firm a key competitive advantage.

Megan is the director of marketing and must hire a new employee for her department. According to the text, the typical selection process for a new hire includes all of the following steps EXCEPT

meeting all of your potential co-workers, along with Megan's boss.

Lauren is a financial manager. As a member of her company's middle management team, her job is to ensure that the company has adequate cash to make required payments and to find good short-term investment opportunities when her company temporarily has more cash than necessary. Her _____ efforts might include developing a cash budget for the next year to identify when the company might have surpluses or shortages of cash.

tactical planning

Lock-Bo Aerospace Company effectively utilizes employee orientation. A highlight of the orientation program at Lock-Bo involves simulation, where employees have the opportunity to

take the controls of a fighter plane.

Human resource managers are trying to ease the "brain drain" in the workforce caused by highly-qualified, professional women leaving the workforce early—both with specific retention plans, and

taking proactive steps to reintegrate women back into the workforce.

A firm's distribution strategy is concerned with two key elements:

the channel of distribution and physical distribution.

To gain respect from senior management and their peers, human resources executives must do the following:

understand the company's strategic goals, the core customers, and the competition.

Costs that fluctuate based on production levels achieved are called _____ costs.

variable

Jill Grant discovered that friend and co-worker is paid a higher hourly wage than she receives despite the fact that they are equally qualified and perform exactly the same type of job. It appears that their firm may possibly be

violating the Equal Pay Act of 1963.

The _____ is a theory that describes the upscale evolution of many retail firms; however, it does not account for stores that launch at the higher end of the market or for firms that retain their reputation as discount retailers.

wheel of retailing

Spans of control become _____ when firms reduce the number of layers of middle management.

wider

Over the past decade, workers across all ages and both genders have actively pursued more flexibility in the jobs to meet their personal and professional goals. This is an example of the growing human resource challenge related to___________ which provides employees with programs to meet their needs.

work-life balance