Introduction to Business Final Exam (Chapters 10-15)

____ is the breaking down of large shipments of similar merchandise into smaller, more usable quantities that can be sold to consumers and end users.

Breaking bulk

Local Area Network

A network that connects computers at one site is called a(n):

Types of promotional goals include creating awareness, increasing the use of products, and identifying potential customers. (T or F)

True

Operations management is?

management of the production process

A LAN is a:

network that connects computers at one site, enabling the computer users to exchange data and share the use of hardware and software from a variety of computer manufacturers.

Accountants employed within organizations are called:

Private accountants

Sales promotion, advertising, and public relations are elements of the promotion strategy. (T or F)

True

The goal of all promotion is to stimulate action. (T or F)

True

What is Six Sigma?

a quality control process

Executive information system

A(n) ___ is a management support system that is customized for an individual executive. It provides specific information for strategic decision making.

statement of cash flows

A(n) _________________ is the financial statement that is used to assess the sources and uses of cash flow during the year.

examples of wide area networks (WANs)

Extranets and intranets

Personal selling is an element of the product strategy. (T or F)

False

The frequent reference to Chili's restaurants on the television show The Office is probably an example of co-marketing. (T or F)

False

Notes Receivable

are bills that have accumulated and must be paid at a specified future date within the year although no bill has been received by the firm.

Current liabilities

are debts that are to be paid within twelve months.

Time deposits

are deposits at a bank or other financial institution that pay interest but cannot be withdrawn on demand without penalty.

marketable securities

are temporary investments of excess cash in bonds and stocks that can readily be converted into cash.

_____ has a group think of as many ways as possible to generate new-product ideas, vary a product, or solve a problem.

brainstorming

What are Virtual private networks (VPNs):

connect two or more private networks over a public network

A firm with a _____ has its ability to provide a unique product or service that offers something of value to buyers besides simply a lower price.

differential competitive advantage

The two types of retailing are:

in-store retailing & nonstore retailing

The two types of distribution channels are

industrial and consumer

The physical arrangement of a production facility is called its ___________?

layout

Local Area Networks

offer companies a more cost-effective way to link computers than linking terminals to a mainframe computer.

In the production of corn meal for baking, corn is ground. This conversion process is an example of?

process manufacturing

The purchasing function, sometimes called _____, is an important part of any firm's production strategy.

procurement

The two key aspects of production control are: ____________ & ______________

routing and scheduling

In new-product development, _____ is the stage at which products that do not meet new-product goals are rejected.

screening

A _____ product is a product for which consumers may search long and hard and for which they refuse to accept substitutes.

specialty

Product layout is also called assembly-line layout.

true

Site selection is a part of production planning.

true

finance company

A ___________ makes short-term loans for which the borrower puts up tangible assets (such as an automobile, inventory, machinery, or property) as security.

With a _____ policy, a company offers new products at a low price in the hope of achieving a large sales volume.

penetration

Many companies keep a continuously updated list of inventory levels, orders, sales, and receipts. This is called a(n) _____ inventory

perpetual

money

Any object or objects that a group of people use to buy and sell goods and services is called:

What are Industrial supplies?

are expense items, fairy large quantities, routinely, little impact on long run profits (all of the above on exam)

To stimulate the economy, the Federal Reserve can

lower the reserve requirement

A face-to-face sales presentation of a good or service to a prospective customer is called:

personal selling

A(n) _____ is an independent wholesaler who buys related product lines from many manufacturers and sells them to industrial users.

industrial distributor