intro business final jcjc

An economic system centered on economic freedom and competition is known as​ ___________. Question content area bottom Part 1 A. capitalism B. socialism C. nationalism D. communism E. a planned system

A

Consumer desires and​ requirements, pursuing​ long-term success, and assimilating marketing with other components within a business are all key aspects of​ ______. Question content area bottom Part 1 A. the marketing concept B. customer relationship management C. possession utility D. market segmentation E. form utility

A

Contracts whose worth is derived from another entity are called​ _____. Question content area bottom Part 1 A. derivatives B. ​money-market funds C. global funds D. ​no-load funds E. sector funds

A

To calculate​ _______, the cost of goods sold must be subtracted from sales. Question content area bottom Part 1 A. gross profit B. net income C. inventory D. retained earnings E. operating expenses

A

When Juanita compares her​ company's key performance features with those of industry​ front-runners, she is​ ____________. Question content area bottom Part 1 A. benchmarking B. employing a balanced scorecard C. exemplifying quality control D. controlling E. exemplifying standards

A

Which of the following describes an economic situation in which costs increase gradually through the economy as a​ whole? Question content area bottom Part 1 A. Inflation B. Oligopoly C. Deregulation D. Recession E. Supply curve

A

Which of the following includes a collection of related goods available from a​ company? Question content area bottom Part 1 A. Product line B. Commercialization C. Brand loyalty D. Brand extension E. Product mix

A

Which of the following is defined as the value of performing at a high level and behaving with determination and​ pride? Question content area bottom Part 1 A. Professionalism B. Incompetence C. Etiquette D. Protocol E. Proficiency

A

Which of the following occurs when​ revenue, employment, and manufacturing decline over at least a​ 6-month period of​ time? Question content area bottom Part 1 A. Recession B. Scarcity C. Deregulation D. Deflation E. Inflation

A

Which of the following represents a specialized area of accounting dedicated to assessing a​ business's operations and the monetary consequences of strategic choices such as​ pricing, employee​ benefits, and business​ acquisitions? Question content area bottom Part 1 A. Financial analysis B. Auditing C. Cost accounting D. Tax accounting E. Forensic accounting

A

Which of the following represents the worth of the most attractive option that was ultimately not​ selected? Question content area bottom Part 1 A. Opportunity cost B. Equilibrium point C. Demand curve D. Producer price index E. Scarcity

A

Which of the following​ include(s) venture capital and generally refers to specialized investment firms that tend to get involved after the VC​ stage? Question content area bottom Part 1 A. Private equity B. Debentures C. Common stock D. Secured bonds E. Corporate bonds

A

Which one of the following statements is NOT a true representation of​ top-level managers in the management​ pyramid? Question content area bottom Part 1 A. ​Upper-level managers select top managers. B. The top manager tier includes corporate officers. C. Top management stays for long time frames and makes important decisions. D. The term executive applies to top managers and typical job titles include the​ "C"-level positions. E. Top managers are the​ upper-level managers.

A

___ refers to the analysis of how a society utilizes its limited assets to create and allocate various products and services. Question content area bottom Part 1 A. Economics B. Nationalizing C. Capitalism D. Regulation E. Privatizing

A

_______ represents the separation of various markets into​ lesser, more standardized clusters with comparable​ requirements, desires, and buying activities. Question content area bottom Part 1 A. Market segmentation B. Market development C. Product development D. Diversification E. Market penetration

A

__________ focuses on establishing strategies and objectives for a company and proposing the best ways to achieve them. Question content area bottom Part 1 A. Planning B. Controlling C. Organizing D. Leading E. Coaching

A

is the money a company generates through the sale of products and services. Question content area bottom Part 1 A. Revenue B. Expenses C. Accounts payable D. Profit E. Costs

A

​______ represent(s) the worth that a business has established for a certain product. Question content area bottom Part 1 A. Brand equity B. ​Co-branding C. Brand loyalty D. Brand extension E. Brand marks

A

A business that is owned by one individual is a​ __________. Question content area bottom Part 1 A. limited liability company B. sole proprietorship C. partnership D. master limited partnership E. corporation

B

Company LMT competes with other companies in the industry by offering the lowest prices around. By offering products at the lowest possible cost compared with other​ companies, Company LMT has​ a(n) ____________. Question content area bottom Part 1 A. business mindset B. competitive advantage C. employee advantage D. ​not-for profit mindset E. economic subsidy

B

Fixed costs include​ ________. Question content area bottom Part 1 A. raw materials B. real estate taxes C. shipping D. sales commission E. supplies

B

Investors who purchase shares of stock in a company are called​ ________. Question content area bottom Part 1 A. general partners B. shareholders C. board members D. limited partners E. sole proprietors

B

Macroeconomics is the study of​ ________. Question content area bottom Part 1 A. the economic behavior among​ buyers, organizations, and industries that together determine the quantity of goods and services demanded and supplied at different prices B. the analysis of a​ nation's more significant economic​ concerns, such as the manner in which firms​ compete, the impact of government​ policies, and the allocation and preservation of an​ economy's limited resources C. a​ small-scale perspective of economic behavior among consumers and businesses D. how a society uses its scarce resources to produce and distribute goods and services E. the effect of government policies and how an economy allocates its scarce resources

B

Question content area top Part 1 A method of determining the least amount of sales required at a certain price in order to account for all fixed and variable costs is known as​ _________. Question content area bottom Part 1 A. optimal pricing B. ​break-even analysis C. price elasticity D. ​value-based pricing E. ​cost-based pricing

B

Question content area top Part 1 A​ ____________ is a declaration of why a company exists and what it intends to achieve for consumers and stakeholders. Question content area bottom Part 1 A. vision statement B. mission statement C. value statement D. SWOT analysis E. goal statement

B

Question content area top Part 1 Companies with solid growth potential may seek public​ funding, which can be secured from​ ________. Question content area bottom Part 1 A. banks B. an initial public offering​ (IPO) C. microlenders D. angel investors E. venture capitalists

B

Question content area top Part 1 ​______ represents the acceptable procedures used by public firms in the United States for creating financial statements. Question content area bottom Part 1 A. EBITDA B. GAAP C. IFRS D. Accrual basis E. ​Sarbanes-Oxley

B

Question content area top Part 1 ​________ are more costly company products that have extended​ lifespans, such as machinery and equipment. Question content area bottom Part 1 A. Expense items B. Capital items C. Convenience products D. Specialty products E. Shopping products

B

The bills a firm owes to its​ vendors, lenders, and other parties are called​ __________. Question content area bottom Part 1 A. working capital B. accounts payable C. economic order quantity D. accounts receivable E. liquidity

B

Which of the following are inclined to regulate decision making and limit the choices of​ employees? Question content area bottom Part 1 A. ​First-line managers B. Autocratic leaders C. Democratic leaders D. Participative managers E. ​Laissez-faire leaders

B

Which of the following is LEAST likely to coordinate the sale or purchase of​ bonds? Question content area bottom Part 1 A. Agents B. Stock exchange C. Treasury Department D. Dealers E. Brokers

B

Which of the following is NOT a major contribution of small​ businesses? Question content area bottom Part 1 A. They take risks larger businesses sometimes evade. B. They meet the needs of smaller organizations. C. They offer employment. D. They introduce novel goods. E. They add a significant amount of cash into the economy.

B

Which of the following represents an official analysis of the integrity and consistency of an​ organization's financial​ reports? Question content area bottom Part 1 A. Statement of cash flows B. Audit C. Trend analysis D. Ratio analysis E. ​Double-entry bookkeeping

B

____ involves methods of calculating progression toward objectives and modifying strategies as needed. Question content area bottom Part 1 A. SWOT analysis B. Controlling C. Leading D. Planning E. Organizing

B

_________ represents the practice of directing and inspiring individuals to successfully work toward company objectives. Question content area bottom Part 1 A. Organizing B. Leading C. Staffing D. Controlling E. Planning

B

__________ is the initial collection of resources expended in order to establish a company. Question content area bottom Part 1 A. Crowdfunding B. Seed money C. Angel investment D. Initial public offering E. Venture capital

B

​A(n) _______ is a firm pursuing profits that offers products and services projected to fulfill​ consumers' needs. Question content area bottom Part 1 A. ​non-profit organization B. business C. stakeholder D. government economic agency E. industry

B

​A(n) _________________________ is a group of individuals with particular knowledge or important connections that assists a company owner with the evaluation of strategies and decision making. Question content area bottom Part 1 A. business incubator B. advisory board C. angel investor D. franchisee E. venture capitalist

B

Assessment of an​ organization's strengths and weaknesses relative to the opportunities and threats it faces is included in which of the strategic planning​ processes? Question content area bottom Part 1 A. Analyzing the competition B. Developing forecasts C. Performing a SWOT analysis D. Developing action plans E. Defining the​ organization's mission,​ vision, and values

C

A​ ________ has unlimited​ liability, but the various​ _______ who own the stock face only limited liability. Question content area bottom Part 1 A. ​partnership; partners B. sole​ proprietorship; individuals C. ​corporation; shareholders D. limited​ partnership; board members E. sole​ proprietorship; board members

C

Performing the decisional​ role, managers may​ ________. Question content area bottom Part 1 A. tend to excel at fostering relationships with many people B. spend a fair amount of time gathering information C. decide about setting product prices and selecting employees D. rely on subordinates to​ collect, analyze, and summarize information E. risk getting away from​ day-to-day work

C

Question content area top Part 1 A​ _______ holds the top accounting position in a corporation and is in charge of supervising all accounting tasks. Question content area bottom Part 1 A. treasurer B. certified public accountant C. controller D. CEO E. president

C

Question content area top Part 1 The situation when stock prices have been rising over a long period is described as a​ ______. Question content area bottom Part 1 A. derivatives market B. money market C. bull market D. bear market E. capital market

C

Question content area top Part 1 Who decides the monetary policy in the United​ States? Question content area bottom Part 1 A. The automated clearing house B. The​ Fed's board of governors C. The Federal Open Market Committee D. Congress E. Regional investment banks

C

The study of the statistical characteristics of a population is known as​ ______. Question content area bottom Part 1 A. social commerce B. exchange process C. demographics D. CRM E. psychographics

C

The​ ________ section of a business plan explains the purpose of the business and what it hopes to accomplish. Question content area bottom Part 1 A. operations plan B. company overview C. mission and objectives D. ​start-up schedule E. major risk factors

C

Two businesses coming together to form a single company is known as​ a(n) __________. Question content area bottom Part 1 A. acquisition B. hostile takeover C. merger D. joint venture E. leveraged buyout

C

What is a disadvantage of operating a sole​ proprietorship? Question content area bottom Part 1 A. Privacy B. Simplicity C. Finite life span D. Single layer of taxation E. Flexibility and control

C

Which of the following are skills necessary to comprehend individuals and to work together successfully with​ others? Question content area bottom Part 1 A. Conceptual skills B. ​Decision-making skills C. Interpersonal skills D. Technical skills E. Administrative skills

C

Which of the following business functions involves​ purchasing, logistics, and facilities​ management? Question content area bottom Part 1 A. Marketing management B. Information technology management C. Operations management D. Research and development E. Finance

C

Which of the following contains elements that work together to create a marketing strategy including various​ goods, costs,​ deliveries, and consumer​ messages? Question content area bottom Part 1 A. Market segmentation B. Exchange process C. Marketing mix D. Target marketing E. Strategic marketing planning

C

Which of the following describes the rate that member banks charge each other to borrow money​ overnight? Question content area bottom Part 1 A. Discount rate B. Prime rate C. Federal funds rate D. ACH rates E. Subprime rate

C

Which of the following is a computerized stock​ exchange? Question content area bottom Part 1 A. Forex B. Bond market C. NASDAQ D. NYSE E. Money market

C

Which of the following represents very specific product brands that a consumer expressly desires and will pursue no matter the price or​ distance? Question content area bottom Part 1 A. Capital items B. Convenience goods C. Specialty products D. Expense items E. Shopping products

C

Which term describes a condition in which a sole company controls a particular market to the extent that it has the ability to control​ prices? Question content area bottom Part 1 A. Privatizing B. Opportunity cost C. Monopoly D. Oligopoly E. Nationalizing

C

_ attempt to operate efficiently and effectively to accomplish their goals but are not motivated by profits. Question content area bottom Part 1 A. Green businesses B. ​For-profit organizations C. ​Not-for-profit organizations D. ​Goods-producing businesses E. Service businesses

C

____ involves collecting money owed to a business. Question content area bottom Part 1 A. ​Zero-based budgeting B. Cost of capital C. Accounts receivable D. Hedging E. Accounts payable

C

__________ is the amount of a​ firm's resources that remain with the proprietors after all creditors have been paid. Question content area bottom Part 1 A. Gross profit B. Working capital C. ​Owners' equity D. Net sales E. Net income

C

____________ supervise employees and fulfill the strategies established throughout other levels of management. Question content area bottom Part 1 A. Coaches B. Mentors C. ​First-line managers D. Top managers E. Middle managers

C

​______ represent significant goods and services that consumers purchase occasionally and that often require more intricate evaluations and comparisons in order to make a final decision. Question content area bottom Part 1 A. Specialty products B. Convenience products C. Shopping products D. Expense items E. Capital items

C

Any physical possession a creditor is allowed to take over if a debtor fails to pay a loan back is called​ _______. Question content area bottom Part 1 A. a trade credit B. compensating balance C. leverage D. collateral E. a line of credit

D

A​ _________ is an illustration or​ word-based depiction of a brand and exemplifies the nonverbal recognition of a certain brand. Question content area bottom Part 1 A. brand name B. license C. trademark D. logo E. brand extension

D

A​ _____________ charts the amount of merchandise consumers tend to buy at varying costs. Question content area bottom Part 1 A. supply curve B. business cycle C. consumer price index D. demand curve E. producer price index

D

A​ _____________ is a succinct expression of the philosophies that influence a​ corporation's decisions and actions. Question content area bottom Part 1 A. mission statement B. SWOT analysis C. goal statement D. values statement E. vision statement

D

During which stage of the product life cycle do the marketers try to extend the life of the product by highlighting​ improvements? Question content area bottom Part 1 A. Introductory stage B. Product development process C. Growth stage D. Maturity stage E. Decline stage

D

Mateo is a manager at Lawn Care Products​ (LCP). His primary responsibilities include​ recruiting, hiring, and supporting employees as well as making sure the company is in compliance with regulations regarding employee rights and workplace safety. Which function does Mateo perform at​ LCP? Question content area bottom Part 1 A. Operations B. Customer support C. Sales D. Human resources E. Finance

D

Ordinary products and services which are purchased repeatedly and on a regular​ basis, such as milk or​ bread, are known as​ ________. Question content area bottom Part 1 A. expense items B. shopping products C. capital items D. convenience products E. specialty products

D

Question content area top Part 1 An S corporation is a​ ________. Question content area bottom Part 1 A. corporation not allowed to sell stock to investors B. ​profit-seeking corporation whose charter also requires it to pursue a stated social or environmental goal C. company whose stock is held by more than 200 investors and is not available for sale to the public D. corporation that combines the​ capital-raising options and limited liability of a corporation with the federal taxation advantages of a partnership E. corporation whose stock is sold to the general public

D

Question content area top Part 1 If a firm is considered to be highly​ leveraged, what does that mean for the​ firm's finances? Question content area bottom Part 1 A. The firm is poised to take advantage of competitors. B. The firm spends more than average on advertising. C. The firm can take advantage of downturns in the economy to gain market share. D. The firm carries a lot of debt. E. The firm has higher​ risk/return trade-off.

D

Question content area top Part 1 The amounts businesses owe lenders and vendors for loans and supplies are called​ ______. Question content area bottom Part 1 A. accrued expenses B. working capital C. ​owners' equity D. liabilities E. fixed assets

D

Question content area top Part 1 Which of the following is accountable for safeguarding currency in consumer accounts and overseeing the transition any time a financial institution​ collapses? Question content area bottom Part 1 A. Fannie Mae B. Federal Reserve System C. Freddie Mac D. Federal Deposit Insurance Corporation E. The Department of the Treasury

D

Question content area top Part 1 ​_______ represents the levels of responsiveness consumers have to fluctuations in costs for certain products and the effect those changes have on demands for those products. Question content area bottom Part 1 A. Price discrimination B. Deceptive pricing C. Market demand D. Price elasticity E. Price fixing

D

The​ ___________ function's responsibility involves finding opportunities in the​ marketplace, working with research and development to create products that take advantage of those​ opportunities, creating promotional strategies to connect with likely​ consumers, and establishing prices. Question content area bottom Part 1 A. distribution B. finance C. customer support D. marketing E. operations

D

When seeking to sell​ short-term debt​ instruments, what market would be most​ useful? Question content area bottom Part 1 A. Stock market B. ​Over-the-counter market C. Bond market D. Money market E. Derivatives market

D

Which form of business is also known as a closely held​ corporation? Question content area bottom Part 1 A. Public corporation B. Master limited partnership C. Limited liability partnership D. Private corporations E. Sole proprietorship

D

Which of the following is a characteristic of a general​ partnership? Question content area bottom Part 1 A. It is a corporation. B. It is owned by one individual. C. Partnerships do not have to pay​ taxes, but a corporation does. D. The partners have joint liability for the​ firm's financial obligations. E. Only one partner can make decisions.

D

Which of the following is defined as organizing accurate price​ evaluations, profitability​ statements, financial​ plans, and other information which is vital to company decision​ makers? Question content area bottom Part 1 A. Auditing B. Cost accounting C. Forensic accounting D. Management accounting E. Financial accounting

D

Which of the following represents the methods of coordinating resources in order to achieve a​ company's objectives? Question content area bottom Part 1 A. Controlling B. Leading C. Planning D. Organizing E. Staffing

D

____________ is an economic structure involving government possession and control of significant business activities joined with private possession and control of less vital business activities. Question content area bottom Part 1 A. Capitalism B. Microeconomics C. Communism D. Socialism E. Oligopoly

D

​_______ are valued business possessions including​ currency, real​ estate, structures,​ inventory, and investments. Question content area bottom Part 1 A. Retained earnings B. Accounts payable C. Working capital D. Assets E. ​Owners' equity

D

​_________ is a pricing technique used to establish larger initial sales quantities by offering a very low price in order to decrease competition and increase product attractiveness. Question content area bottom Part 1 A. ​Value-based pricing B. Dynamic pricing C. Optimal pricing D. Penetration pricing E. Skim pricing

D

A(n) ____________ is an agreement in which an entity acquires permission to retail goods and utilize certain features of another​ business's structure. Question content area bottom Part 1 A. initial public offering B. entrepreneurial essence C. business plan D. business incubator E. franchise

E

Compared with starting a new​ business, buying an existing business has both advantages and disadvantages. One of the disadvantages of buying an existing business is​ ________. Question content area bottom Part 1 A. a purchased existing business comes with proven products or services B. an established business comes with functioning systems C. a purchased healthy business comes with an established customer base D. financing an existing business is much easier E. the potential for a considerable amount of financing

E

Question content area top Part 1 A​ _____ consists of legal protection given to a brand in order for its owners to possess private rights to its use and​ distribution, creating exclusivity and appeal for that particular brand. Question content area bottom Part 1 A. logo B. license C. brand name D. brand extension E. trademark

E

Question content area top Part 1 Which of the following handles the selling of​ IPOs? Question content area bottom Part 1 A. Derivatives market B. Money market C. Secondary market D. Bond market E. Primary market

E

Question content area top Part 1 Which of the following is a disadvantage of​ partnerships? Question content area bottom Part 1 A. Longevity B. Simplicity C. More resources D. Single layer of taxation E. Potential for conflict

E

Question content area top Part 1 Which of the following occurs during the growth stage of a product life​ cycle? Question content area bottom Part 1 A. Markets tend to get saturated. B. Companies eliminate products that are growing. C. Sales begin to level off. D. Most companies try to keep mature products alive. E. A rapid jump in sales takes place if the product

E

Question content area top Part 1 ​Laissez-faire leaders take the role of​ ________. Question content area bottom Part 1 A. participative management B. inviting and looking for input from anyone in the company who can add insight to the​ decision-making process C. governing the​ decision-making process in their​ company, frequently limiting the​ decision-making freedom of subordinates D. giving authority and including employees in decision making E. supporters and​ consultants, encouraging​ employees' ideas and proposing insights when asked

E

Selling ownership in a firm to raise funds is called​ _______. Question content area bottom Part 1 A. ​short-term financing B. cost of capital C. ​long-term financing D. debt financing E. equity financing

E

The U.S. dollar is an example of​ _____________. Question content area bottom Part 1 A. cryptocurrency B. treasury bills C. speculative investments D. illegal tender E. fiat money

E

The framework that outlines how a firm plans to generate revenue is known as​ a(n) ____________. Question content area bottom Part 1 A. income statement B. stakeholder model C. business mindset D. balance sheet E. business model

E

What does the Fed do to inject money into the economy and decrease the federal funds​ rate? Question content area bottom Part 1 A. Adjusts reserve requirements B. Lends through a discount window C. Sells​ bonds, bills, and notes D. Sells treasuries E. Buys treasuries

E

Which of the following is a disadvantage of​ corporations? Question content area bottom Part 1 A. Limited liability B. Liquidity C. Longevity D. Ability to raise capital E. Reporting requirements

E

Which statement describes the advantage of operating a sole​ proprietorship? Question content area bottom Part 1 A. In a sole​ proprietorship, the owner and the business are legally inseparable. B. Sole proprietorships are​ liquid, which also helps give them a long life​ span; when shareholders sell or bequeath their​ shares, ownership simply passes to a new​ generation, so to speak. C. Sole proprietorships have the ability to pool money by selling shares of stock to outside investors. D. An important financial advantage in many sole proprietorships is the opportunity to share costs. E. Sole proprietors have more privacy and generally are not required to report anything to anyone.

E

__ is the functional area in charge of visualizing and creating new products. Question content area bottom Part 1 A. Operations B. Visualization C. Quality control D. Marketing E. Research and development

E

_________ are typically responsible for establishing​ objectives, fulfilling​ goals, and organizing work for other levels of management. Question content area bottom Part 1 A. Mentors B. Top managers C. Coaches D. ​First-line managers E. Middle managers

E

___________ involves retailing a new product for a limited time in order to evaluate its attractiveness and to gain feedback from consumers before a final product is fully released. Question content area bottom Part 1 A. Brand extension B. ​Co-branding C. Commercialization D. Prototyping E. Test marketing

E

​A(n) _________ summarizes an anticipated company​ project, including the​ project's objectives and strategies for accomplishing those objectives. Question content area bottom Part 1 A. financial plan B. operations plan C. marketing plan D. business incubator E. business plan

E

​____________ is a technique of determining product costs that involves taking into account the expense of production instead of market conditions and that often involves adding markups to products to calculate selling prices. Question content area bottom Part 1 A. Skim pricing B. Optimal pricing C. ​Value-based pricing D. Participative pricing E. ​Cost-based pricing

E

​____________ represent the capability and knowledge needed to implement the procedures of a specific occupation. Question content area bottom Part 1 A. Conceptual skills B. ​Decision-making skills C. Administrative skills D. Interpersonal skills E. Technical skills

E