Intro to Business Final Exam EHS
A quality audit can be best explained as:
A systematic examination carried out by an internal or external quality auditor
What industry contributed to technological advances such as fundamental chemistry, railroads and steam engines?
mining
How much more output per hour could a farmer in 2000 expect to achieve over a farmer in 1950?
12 times
In which year was the Federal Reserve System created in the United States?
1913
Which of the following would be considered a G&A expense?
CEO Salary
Individuals are empowered by holding skill sets that are needed by others in the company. Which of the following is a good way to increase empowerment through specialization?
Create autonomy through boundaries, and ensure open communication
Assuming you only had figures for net sales and net fixed assets on hand. Which activity ratio would you use if you wanted to measure a firm's efficiency?
Fixed asset turnover
The stage during which the product is accepted by consumers is called:
Growth
Which of the following is NOT a trait that problem-based learning helps students to develop?
Individualism
How does heightened flexibility benefit small organizations?
It allows quicker response times to industry developments.
Employees are often not given power by their managers because managers believe:
It is difficult to share power and maintain a strong organization
A divisional structure, as the name implies, pertains to the separation of varying functional areas. Which of the following are NOT ways in which a divisional structure would separate?
Management style
Which consumer right implies that products should cause no harm to their users if they are used as prescribed?
Right to Safety
What is a consumer?
Someone who acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing
The "P" in Irving Fisher's equation of exchange represents which of the following?
The average price of all the goods and services sold during the year
What is the main argument given by defenders of high executive pay?
US executive have more options than in other countries
What characteristics of an entrepreneurial economy allow it to achieve the creation of new ventures, sectors and industries?
a high level of innovation
Proponents of a network structure primarily underline which of the following characteristics as the core advantage of using this organizational structure?
agility
According to Perry Sainati, what has contributed to the remarkable recovery of the U.S. manufacturing industry?
automation, process improvement and quality
The method which provides information regarding the performance of new products in extreme settings is a:
laboratory test
Which of the following is the most risky way to lend money to a company in terms of probability of repayment?
common stock
The increasing abundance of what has shifted businesses to a new coordination strategy based in networked conversation?
communications and information technology
With problem-based learning, students learn how decision making may be informed by ________.
competing resolutions
Using psychological pricing, a company might charge $400 for a designer item because it:
creates more demand
A section of a large company.
division
Small business owners have the satisfaction of making their own decisions within the constraints imposed by ____________.
economic and environmental factors
An exchange rate that is quoted and traded today but for delivery and payment on a specific future date is referred to as a
forward exchange rate
What is the primary tool of monetary policy?
open market operations
Proactive marketing in which customers are directly contacted is called:
outbound
What are students expected to do after scrutinizing a case study?
prepare strategies and tactics that the firm should employ in the future
The main focus of business analysis is:
profit
Which of the following may cost a company so much that it is forced out of business?
regulation requirements
Which consumer right asserts that consumers should be able to voice complaints and concerns about a product in order to have the issue handled efficiently and responsively?
right to be heard
Which consumer right asserts that consumers should receive a fair settlement of just claims, including compensation for misrepresentation, shoddy goods or unsatisfactory services?
right to redress
As demand increases, prices will _______.
rise
Goods for which customers go to some lengths to compare values, and, therefore, these goods need not be distributed so widely are classified as:
shopping goods
Creditors will typically declare a credit card account a charge-off after a period of
six months without payment
What is the 1950s movement known as that began pushing for increased rights and legal protection against malicious business practices?
the retail revolution
What event, during the late 19th century, is responsible for first bringing about high productivity growth?
the second industrial revolution
Which of the following is NOT a man method used to collect PA data?
written exam
