502-Final

Louella has been shopping for a new car for several weeks. She narrowed her selection down to a few​ models, and has been doing extensive research on the Internet to determine which car would be the best match for her in terms of​ price, gas​ mileage, features, etc. Which stage of the consumer buying process does this BEST​ represent?

Evaluation of alternatives

After considerable​ research, Grant purchases a​ high-speed laser​ multi-function copier for his business. What type of product is this​ copier?

Capital item

The solid lines drawn between jobs on an organization chart reflect which of the​ following?

Chain of command

Which of the following is deemed as the single MOST effective step an organization can take in order to encourage ethical behavior in the​ workplace?

Demonstrate top management support of ethical standards

After two assembly line employees have a loud argument in the​ cafeteria, the foreman calls them into his office to resolve the conflict. Which basic managerial role does this BEST​ describe?

Disturbance handler

Which of the following is the first step in the control​ process?

Establish standards

Nondeposit institutions that specialize in making small noncommercial loans to individuals are known as​ _______.

consumer finance companies

Organized efforts by​ individuals, groups, and the government to help protect consumers from unfair business practices are referred to as​ _______.

consumerism

Phyllis's company donates​ $1 million to the local humane shelter so that it can build a new facility in the area. This is an example of​ _______.

philanthropic giving

Esther receives an email that appears to be from her​ bank, advising that it is conducting an account verification process. The email asks Esther to click on a link to update her account​ information, including her​ name, address, account​ number, and Social Security number. This is likely an example of​ _______.

phishing

Erin, the business administration department​ chair, observes a trend of increased enrollments in online college courses versus traditional​ face-to-face courses. She establishes a goal of introducing three new online courses during the fall semester and maps out the steps that the department needs to address to develop these course offerings. Which management function does this BEST​ describe?

planning

When​ you're walking through a​ pharmacy, you see a​ life-size cardboard cutout of a​ well-tanned young woman in a​ bikini, next to a display of sunless tanning products. What type of promotion is​ this?

point-of-sale display

A group formed for the purpose of soliciting funds and then contributing those funds to the campaigns of politicians is known as​ a(n) _______.

political action committee (PAC)

A state passes a law requiring major appliances sold in the state to meet energy consumption standards. Which factor in the​ firm's external environment does this BEST​ reflect?

political-legal environment

Which of the following facets of the external environment of business reflects the relationship between government and​ business?

political-legal environment

Given a choice between carrying 100 silver dollars or a​ $100 bill, most people will choose the​ $100 bill because​ it's lighter and easier to carry than coins. Which characteristic of money does this BEST​ reflect?

portability

Which of the following BEST describes the breakeven​ point?

the point at which total costs equal total revenue

Due to ideal growing conditions in New Zealand vineyards and an overabundance of​ grapes, the price of Sauvignon Blanc wine decreases dramatically. Which of the following is likely to occur as a​ result?

the quantity demanded will increase

Using another​ person's private but unsecured wireless network without their permission or knowledge is known as​ _______.

wireless mooching

Nikki and Brad are married dentists who split the hours and responsibilities at a busy dental practice so they can juggle the demands of their growing family. Nikki works on Tuesday and​ Thursday, and Brad works on​ Monday, Wednesday, and Friday. They split the pay and benefits of a single​ full-time dentist position. This BEST describes​ _______.

work sharing

Employees from a culture that is characterized by power respect​ _______.

would expect their superiors to make decisions with little input from employees

Which of the following would be considered a​ high-contact service?

you get a manicure and pedicure before an important event

Which of the following BEST describes the term​ "economic system"?

A nation's system for allocating resources among is citizens

According to the Total Economy​ Database, Gross Domestic Product for Canada in 2015 was​ $1.628 trillion based on 31.4 billion hours worked. Based on this​ data, for​ 2015, what was the measure of labor productivity for​ Canada?

$51.85

As​ president-elect of the board of directors of a global​ not-for-profit, you have been tasked with creating a performance appraisal policy so that the board can assess the effectiveness of upper management. Which would be your BEST​ choice?

360-degree-feedback

What are the three acquired needs identified by​ McClelland's theory?

Achievement, affiliation, and power

On a PERT​ chart, an arrow from​ "Activity D" to​ "Activity E" indicates that​ _______.

Activity D must be completed before Activity E can start

According to expectancy​ theory, an employee is likely to ask which of the following questions before deciding to exert maximum effort toward completing a​ task?

Am I likely to receive the reward if I perform well?

Which of the following BEST describes a conflict of​ interest?

An employee engaging in an activity that may benefit that individual to the detriment of his or her employer

Which of the following would be displayed on a​ firm's balance​ sheet?

Assets, liabilities, and owners' equity

Business Essentials 12th Edition Ebert/Griffin Chapter 1

Balanced mutual fund

Which of the following indices measures inflation by examining changes in the prices of typical products purchased by consumers living in urban​ areas?

Consumer Price Index (CPI)

Which of the following BEST describes the difference between data and​ information?

Data are raw facts or figure; information is the interpretation of that data.

Gabriella has spent the morning reviewing data from the manufacturing department to determine whether finished products are meeting the quality standards established by the organization. Which function of management does this BEST​ describe?

Controlling

The Dean of a major medical university was removed after 5 years of complaints from various stakeholders after it was discovered that he had a drug and alcohol problem. The University had previously praised the Dean and had reappointed him to his​ $1 million per year salaried position. When news of the story​ broke, the public was outraged. At that​ point, the President of the school MOST LIKELY was involved in​ __________.

Crisis management

The dean takes a visiting delegation from a foreign university on a tour of the campus. Which managerial role does this BEST​ describe?

Figurehead

Generally accepted accounting principles​ (GAAP) that govern the content and form of financial reports are established by the​ _______.

Financial Accounting Standards Board (FASB)

Which of the following statements BEST explains the difference between fixed costs and variable​ costs?

Fixed costs must be paid regardless of production output; variable costs change depending on the volume produced or sold

Which of the following organizations is MOST LIKELY to be a​ for-profit business?

Ford Motor Company

Which of the following is the BEST indicator of the economic​ well-being of the average​ citizen?

GDP per capita

Alexa is a project manager at an engineering firm. In her office she posts a bar graph for each of her projects that shows which activities are needed to complete the project and how long each activity is expected to take. She regularly consults this timeline to determine if the project is on schedule. What scheduling tool does Alexa​ use?

Gantt chart

A manager must decide whether a particular course of action is ethical. What is the FIRST step the manager should take in reaching this​ decision?

Gather the relevant factual information

Which of the following is considered to be one of the key management skills necessary for managers in the 21st​ century?

Global management skills

In the accounting​ equation, which of the following would be characterized as a​ liability?

Grant Industries has a mortgage on its manufacturing facility in the amount of $750,000

Harlan Sanders was 65 when a new interstate highway bypassed his restaurant in​ Corbin, Kentucky, driving it out of business. Sanders hit the road with a couple of pressure cookers and his​ now-famous blend of herbs and​ spices, and spent almost a decade selling his process to restaurants by offering to cook their chicken for them. Colonel Sanders eventual success was MOST LIKELY due to which basic factor of​ success?

Hard work, drive, and dedication

Which of the following is an example of a​ low-contact system?

Having your lawn cut by the neighbor's son

Veronica would like to become the office manager in the law firm where she​ works, but she has an assertive personality and has had some problems dealing effectively with the other administrative assistants in the firm. If Veronica wants to advance to a managerial​ position, she should consider working on which skill​ set?

Human relations skills

Which of the following is a set of international standards for quality management and quality​ assurance?

ISO 9000

Which fifth factor of production do many economists now include in addition to the four traditional factors of​ labor, capital,​ entrepreneurs, and physical​ resources?

Information resources

You go to a hair salon for a haircut and end up buying a tube of styling gel as​ you're checking out. The haircut is​ a(n) _______, whereas the styling gel would be considered​ a(n) _______.

Intangible service; tangible product

A manager who is examining an action or policy based on the ethical norm of justice would likely ask which of the following​ questions?

Is the action or policy consistent with what is considered fair or equitable?

Which of the following questions would a manager ask if​ s/he were examining an action or policy based upon the ethical norm of​ caring?

Is this action consistent with people's responsibilities to each other?

Which of the following is intended to minimize inventory​ costs, reduce storage​ requirements, and create a fast and efficient response to customer orders by bringing together all needed materials to produce a product at the precise time they are needed in the production​ stage?

JIT

Which of the following activities would be involved in the organizing function of​ management?

Janet makes a monthly schedule for staffing the restaurant that she manages

Alexandra owns a small landscaping business. She hires a​ part-time employee to handle the bookkeeping activities. Which factor of production does this employee​ represent?

Labor

Which of the following is a key element of customer relationship​ management?

Learn as much as possible about your customers so that you know what they want and willl buy.

According to​ Herzberg's two-factor​ theory, which of the following would be MOST likely to result in a higher level of employee​ motivation?

Monthly employee recognition luncheons

A manager who subscribes to Theory Y management would believe which of the​ following?

Many employees are eager to seek out challenges and responsibility

Which of the following scenarios BEST describes perfect​ competition?

Many small sellers offer identical products.

Which of the following is true of master limited​ partnerships?

Master limited partnerships sell partnership interests to investors on public markets like the New York Stock Exchange.

Which of the following terms identifies the model explaining why countries engage in international​ trade?

National competitive advantage

"First lie, then​ deny" would be consistent with which approach to social​ responsibility?

Obstructionist stance

Which of the following is the BEST description of industrial​ goods?

Physical items used by companies to produce other goods or services

Natural resources and raw​ materials, offices, production​ facilities, parts and​ supplies, and manufacturing equipment would be considered which factor of​ production?

Physical resources

Which of the following equations would be used to calculate a​ firm's gross​ profit?

Revenue- cost of revenues

Like many​ countries, the United States collects​ revenue, mostly in the form of​ taxes, and spends money on national​ defense, social​ programs, education, and a number of other public services.​ Historically, the government spends more than it​ collects, resulting in a budget deficit.​ ______________ is the most common way for the government to make up for the shortfall.

Selling government bonds

Which element of organizational structure would determine who does what within the​ organization?

Specialization

In a​ corporation, who elects the board of​ directors?

Stockholders

What are the elements of a SWOT​ analysis?

Strengths, weaknesses, opportunities, threats

Which managerial skill set is particularly important for​ first-line managers?

Technical skills

For which of the following purposes would a company use data​ mining?

Th identify trends, patterns, and relationships among the data it has amassed

Which of the following BEST describes conceptual​ skills?

The ability to think creatively, understand complicated or abstract ideas, and see the "big picture"

Which of the following is the BEST description of cost of goods​ sold?

The direct costs attributable to the production of the goods sold by a company

Which of the following factors determines whether a product is characterized as a consumer good or an industrial​ good?

The end user of the product

Which of the following positions would likely be characterized as a staff​ position?

The general legal counsel for a manufacturing firm

Which of the following is the BEST description of​ leadership?

The processes and behaviors used to motivate, inspire, and influence others' behavior toward achievement of organizational goals

Which of the following is the BEST description of the law of​ demand?

The quantity demanded increases as the price decreases

According to the laws of demand and​ supply, if the price of beef​ increases, which of the following likely will​ occur?

The quantity demanded will decrease

Which of the following functions would be part of the leading function of​ management?

The sales manager of an automotive dealership holds a rally to familiarize the sales staff with the features of the new model year cars and get them enthused about selling them

Which of the following statements about contingent workers is​ true?

The use of contingent workers is growing as employers seek to lower labor and benefits costs and increase workforce flexibility

As the price of textbooks has​ increased, more and more students are​ renting, buying used textbooks​ online, or using the electronic version of the required course materials. The law of demand and supply suggests that the book sellers will raise prices to the point where supply and demand come into balance. What happens if the price of textbooks goes above this equilibrium​ point?

There will be a surplus of textbooks

Which is the MOST LIKELY reason that some​ countries, such as Norway and​ Switzerland, choose not to be members of the European Union​ (EU)?

They do not want to be bound by the terms of the treaty.

The ratio for determining value is BEST described as​ _______.

Value= Benefits/ Costs

Pete has started an electronics firm with the potential for high growth. He obtains funding for the business from a group of investors who demand partial ownership of the business and representation on the board of directors. What type of financing has Pete​ procured?

Venture capital

Which of the following BEST describes the difference between wages and​ salaries?

Wages pay for time worked; salaries pay for performing a job

_______ involves public​ disclosure, often by an​ employee, of​ corruption, a​ wrongdoing, or illegal or unethical conduct on the part of others within an organization.

Whistle-blowing

If you buy a single ticket to one performance of the Philharmonic Pops​ Series, you'll pay​ $69. However, if you buy tickets to the entire​ series, tickets only cost​ $52. This is an example of​ _______.

a bundling strategy

In the early​ 1970s, an investigation into the Japanese television industry revealed the presence of associations between the major producers. The groups actively shared data and increased prices in the Japanese. This is an example of​ _______.

a cartel

John, a purchasing​ agent, is offered an​ all-expense paid trip to Hawaii by a supplier if he agrees to award a substantial amount of business to the supplier. Accepting this trip would constitute​ _______.

a conflict of interest

An office supply store maintains a supply of​ paper, toner, pencils and​ pens, and other items available for sale to customers. On the​ firm's balance​ sheet, the inventory would be classified as​ _______.

a current asset

A payment to shareholders from a​ company's earnings is known as​ _______.

a dividend

Your company has designed a new automobile engine. All the parts are produced offshore but assembled at a plant in the United States. In looking to label the product​ as, "Made in the​ USA," the BEST place to get information on the specific local content laws would be​ _______.

a governmental agency such as the Federal Trade Commission (FTC)

In order to enter the market in Eastern​ Europe, DNC Enterprises enters into a contract with a firm in the Ukraine that allows that firm to use its brand​ name, operating​ procedures, and proprietary technology in making its products. This BEST describes​ _______.

a licensing agreement

Wired​ Beverages, a producer of energy​ drinks, enters into a contract with a firm in South America in which the South American firm can produce and market its energy drinks in South America. Wired Beverages will receive a percentage of the South American​ firm's sales of the energy drinks. This is an example of​ _______.

a licensing agreement

When LaShandra graduates from medical school next​ year, she will have accumulated over​ $200,000 in student loans. If an accountant prepared a personal balance sheet for​ LaShandra, these student loans would be listed as​ _______ on the balance sheet.

a long-term liiability

In​ Guadalajara, Mexico, Mercado Libertad-San Juan de Dios is a​ vast, crowded, bustling array of booths and vendors selling everything from shoes and fruit to saddles and motorbikes. In a larger​ sense, the entire economy of Mexico is much like Mercado Libertad-San Juan de​ Dios, with people buying and selling constantly. Both of these are examples of​ ____________.

a market

A formal assessment of how well -or how poorly -an employee is performing his or her job is referred to as​ _______.

a performance appraisal

A decision that has a​ "ready-made" solution because it has been evaluated and resolved in the past is known as​ _______.

a programmed decision

When Brad has to order paper for the office​ copier, she checks the website of the office supply vendor the company uses to see if either of the brands they typically buy are on sale and places the order based on which brand is priced the lowest. This is an example of​ ______.

a programmed decision

One of the primary advantages of purchasing a franchise rather than starting a business from scratch is that a franchise offers​ _______.

a ready-made business model

The​ decision-making condition in which the​ decision-maker doesn't know all of the​ alternatives, the risks associated with​ each, or even the consequences each alternative is likely to have is known as​ _______.

a state of uncertainty

You go to the store to buy cereal for your​ breakfast, but you​ can't find your favorite​ brand, so you buy English muffins instead. This is an example of​ _______.

a substitute product

A virus that replicates itself and spreads from computer to computer within a networked computer system without any action on the part of the computer​ user, such as opening a file or clicking on a​ link, is known as​ _______.

a worm

A rare gem known as Tanzanite is found only in the country of Tanzania. Because no mines have been discovered in other​ countries, Tanzania would be said to have​ a(n) _______ advantage in the production of this gem.

absolute

Absco Enterprises meticulously follows all laws and regulations and attempts to satisfy ethical​ requirements, but it does not go out of its way to address social or environmental issues unless it is persuaded to do so. This would suggest that the company has adopted​ a(n) _______ stance to social responsibility.

accomodative

In terms of the delegation​ process, _______ is the obligation that an employee has to his or her manager for the successful completion of an assigned task.

accountability

​Charlotte, a young​ lawyer, has started investing for her retirement. She is ready to take some risks to enjoy the opportunity for high capital appreciation. Which of the following investments would be a likely choice for​ her?

aggressive growth mutual fund

_______ enables managers to transform data into information and​ collect, process, and transmit that information for use in decision making.

an information system

Raul recently started a real estate company with a unique way of presenting a menu of​ services, each with a fixed​ price, rather than using the traditional commission on sales price. His firm has grown to 21​ brokers, and he has plans to expand his model nationally. In applying for a​ loan, how should Raul BEST present his​ firm?

as a small business

Which of the following is the accounting​ equation?

assets= liabilities + owners' equity

A​ country's _______ is the flow of money into or out of a​ country, including the value of its imports and​ exports, money spent on​ tourism, foreign aid​ programs, and currency trading.

balance of payments

The three basic financial statements prepared by accountants are the​ _______.

balance sheet, income statement, and statement of cash flows

At the end of the​ semester, you agree to give your accounting textbook to a classmate in exchange for her economics textbook. This is an example of​ _______.

barter

Functional departmentalization is used to divide an organization​ _______.

based on a group's activities

Marketing research conducted by a consumer products producer reveals that some consumers buy toothpaste to whiten their​ teeth, while others buy it because it freshens their​ breath, makes their teeth less sensitive to heat​ and/or cold, or even because it has a certain flavor. If the company decided to segment the market based upon this​ data, it would be using​ _______ segmentation.

behavioral

A​ stock's _______ value is calculated as​ owners' equity divided by the number of shares of common stock it has outstanding.

book

The term operations​ (or production) refers to all of the activities involved in producing​ _______.

both goods and services

A manager who discriminates against a member of a protected class in an employment decision such as​ hiring, firing,​ training, or promotion demonstrates​ _______ behavior.

both unethical and illegal

Johanna is considering opening a pet boarding business. She wants to know how many pets she needs to board each month so that all of her costs are covered. What is Johanna trying to​ determine?

breakeven analysis

Ethical or unethical behaviors by employees and managers in the context of their jobs are referred to as​ _______.

business ethics

How does a firewall prevent unauthorized access to a computer​ system?

by filtering incoming data by applying a security policy and using a router to control where data goes

Carolyn gets a bank loan in order to purchase new tanning beds for her salon. In terms of the factors of​ production, how would this bank loan be​ characterized?

capital

Which of the following is NOT one of the elements of a private enterprise​ system?

capital

Brandy's Burritos is a nationwide fast food​ chain, and it is critical for the​ company's image and brand that a burrito tastes the same in​ Springfield, Ohio as it does in​ Springfield, Oregon. This would tend to suggest that the organization should have​ _______.

centralized decision making

Tyler, Dusty, and Matt own all shares of stock in Abels​ Enterprises, and shares of stock are not offered to the general public. Abels Enterprises is likely a​ _______.

closely held corporation

James places the purchase contract in front of​ Mary, hands her a​ pen, and​ says, "So,​ Mary, are you ready to place the​ order?" Which step of the personal selling process does this BEST​ represent?

closing

Gretchen was late returning from lunch for the second time in a week. Her boss sent her home without pay for the remainder of the day. This is an example of​ _______ power.

coercive

The ability to punish a subordinate is associated with​ _______ power.

coercive

Which of the following investments gives the investor the right to vote on major issues concerning the​ company?

common stock

The two basic forms of planned economies are​ _______ and​ _______.

communism; socialism

The​ climate, altitude, and terrain in India are particularly suitable for growing bananas. Although bananas are grown in other​ countries, India's production far exceeds the production of other countries. This would suggest that India has​ a(n) _______ advantage in the production of bananas.

comparative

Many electronics sold in the United States are imported from Taiwan because Taiwan can produce such products more efficiently than companies in the U.S. This is an example of​ a(n) _______.

comparative advantage

Which of the following groups or individuals would NOT be considered an organizational​ stakeholder?

competitiors

Which of the following is used to create precision​ drawings, technical​ illustrations, and​ two- or​ three-dimensional models of products in the design​ stage?

computer-aided design (CAD)

A nation is extremely efficient in the production of electronics.​ However, its climate and terrain make it difficult to grow grain. Economists suggest that the country should​ _______.

concentrate on production of electronics and import grain from another nation

A key concept in​ reinforcement/behavior modification is that​ _______.

consequences follow behavior

As a supervisor for a food processing company cleanup​ crew, you contact a reporter for a major news network and disclose unsafe​ food-handling practices that are condoned by your company. The company is a major advertiser on the station that hosts the news and was warned that there was a potentially damaging story in the works. The story is never aired and upper management is aware that you are the source and has warned you to stay quiet. Your BEST course of action would be to​ _________.

contact the company's ethics committee or a U.S. Government regulatory agency such as the USDA

Michael's snow removal business only needs workers from November through March. He is most likely to hire​ _______ workers to meet his staffing needs.

contigent

As part of the strategic planning team of a clinic in a small​ town, you notice that the plan is based on a certain number of patient visits per day. When the clinic financial manager asks for your​ input, you should ask about​ __________.

contingency plans

As part of his job as a property manager for a large office​ park, Luis develops a detailed operating budget that lists anticipated expenses and then tracks them on a monthly basis to make sure that spending is within expected limits. Which management function does this BEST​ describe?

controlling

When a sales manager determines that her staff is not making sufficient progress toward meeting monthly sales quotas and develops a plan of corrective​ action, she is performing the management function of​ _______.

controlling

On the way home from campus after​ classes, you stop at the supermarket to buy a​ 12-pack of Diet Coke. What type of product is​ this?

convenience good

A(n) _______is an organization comprised of sole proprietorships​ and/or partnerships who work together for common​ benefits, such as enhanced financial​ power, greater production​ power, and/or superior marketing power.

cooperative

Numerous farmers in the Midwest pool their resources to buy​ seed, sell​ grain, store​ grain, and even help with marketing efforts. This is an example of which type of business​ entity?

cooperative

A​ _______has state-chartered legal status as a separate​ entity, along with property rights and obligations and an indefinite life span.

corporation

A Subchapter S corporation​ (S corporation) is a hybrid between a​ _______ and a​ _______, in that owners enjoy the benefits of limited liability but profits are not subject to double taxation.

corporation; partnership

One disadvantage of​ ________ is double taxation.

corporations

In choosing to move manufacturing of a product from the United States to another country such as China or​ Mexico, a company would MOST LIKELY consider​ ____________ as a primary factor.

cost of labor

In a PERT​ chart, the​ _______ path is the most​ time-consuming set of tasks in a project.

critical

As you establish your new​ business, you decide that you want it to have a unique identity and an ingrained internal sense of direction. In addition to a​ well-crafted mission​ statement, what aspect of your organization should you pay attention to​ carefully?

culture

Grahanna Publishing produces learning materials for middle​ school, high​ school, college, and professional certification courses. Because these​ customers' needs are so​ diverse, the company established separate divisions for each group. Based on this​ information, Grahanna Publishing uses​ _______ departmentalization.

customer

In addition to a wide variety of​ soda, Pepsico produces and distributes corn and potato​ chips, breakfast​ cereals, and a variety of juices and teas. As part of its Corporate Social Responsibility​ campaign, the company has stated goals to reduce added​ sugars, fats, and sodium by the year 2025. The stakeholders MOST likely to benefit from these changes​ are___________.

customers

​Raw, unanalyzed facts and figures are known as​ _______.

data

Cashiers at a department store are authorized to make price adjustments for customers of up to​ $25 without getting approval from their supervisors. This would suggest that the department store is​ a(n) _______.

decentralized organization

The company you work for is planning to expand operations by both offshoring and establishing sales outlets in several European Union member nations.​ Currently, the CEO makes most of the​ day-to-day decisions. As a member of the strategic planning​ team, you should suggest adopting a more​ _________ organizational structure.

decentralized; international

A company that produces and distributes alcoholic beverages places all legally required warning labels on its products.​ However, in countries where such warning labels are not​ required, it does not do so. What approach to social responsibility does this BEST​ demonstrate?

defensive stance

Checking accounts are referred to as​ _______ deposits, whereas certificates of deposit are known as​ _______ deposits.

demand; time

Lindar Property Development specializes in developing luxury condominium communities for​ "empty nesters" who are​ 55+ years old and have an annual income in excess of​ $100,000 per year. Which type of variable does this reflect in segmenting the​ market?

demographic

The process of grouping jobs into logical units within the organization is known as​ _______.

departmentalization

As a newly hired human resource​ manager, you've been asked to implement a training program. Which of the following would be the first​ step?

determine what training needs exsist

Each​ month, H.R. manager Jessica sends out a newsletter to employees in the​ organization, highlighting specific employee benefits and advising employees of ways in which they can capitalize on those benefits. Which basic managerial role would this BEST​ describe?

disseminator

Your friend has decided to buy and sell​ high-end jewelry online with the goal of eventually quitting her day job as an accountant.​ She's heard that you know something about business and the importance of the marketing​ mix, so​ she's asked you for the BEST way to differentiate her business without competing on price. Which of the following would you​ suggest?

distribution

In order to allow the company to focus on more lucrative​ products, Johnson​ & Johnson sold its Ortho Clinical Diagnostics Division. This is an example of​ a(n) _______.

divestiture

Market segmentation is BEST described as​ _______.

dividing a broader market into subsets of customer types having similar needs, interests, and priorities

You go to the office supply store to buy a new ink cartridge for your printer. You hand the cashier a​ $20 bill, and she returns your change in the form of smaller bills and coins. Which characteristic of money does this BEST​ represent?

divisibility

Which of the following terms BEST describes an organization structure with separate product lines that operate as relatively autonomous business units under a larger corporate​ umbrella?

divisional

As the newly hired network administrator for a small​ business, you notice that the company is running a very old version of Microsoft Windows. Which is your BEST course of immediate​ action?

download and install the most recent software update

A manufacturer of microwave ovens exports its products to another country at a price lower than the cost of production in the home country in order to quickly gain market share. This practice is known as​ _______.

dumping

A few years​ ago, Canada introduced new polymer​ (plastic) bank notes instead of paper​ money, explaining that the new bills will last​ 2-3 times longer than paper bills. Which characteristic of money is BEST being addressed by making this​ change?

durability

Which of the following is an advantage of a sole​ proprietorship?

ease of formation

The Federal Reserve System suddenly raises the federal discount​ rate, resulting in significantly higher interest rates for consumers and businesses that want to purchase​ property, vehicles,​ machinery, or other items on credit. Which factor in the​ firm's external environment does this BEST​ reflect?

economic environment

Which of the following facilitates the movement of money from one bank account directly to another without any paper money changing​ hands?

electronic funds transfer (EFT)

A complete ban on the importing or exporting of products from a specific country is​ a(n) _______.

embargo

Which of the following represents one of the existing trends for small business​ start-ups?

emergence of e-commerce

People who are collectivist in their values​ _______.

emphasize the needs of the group over the needs of the individual

Nicole was reasonably satisfied with her job and salary until she learned that a coworker who has less education and experience is paid more. Nicole is now miserable in her job and is thinking about quitting. Which theory of motivation would BEST describe​ Nicole's reaction?

equity theory

Which theory of motivation is characterized by an​ individual's perception of the ratio of their inputs to​ outputs?

equity theory

The​ phrase, "in for a​ penny, in for a​ pound," meaning that once​ you've undertaken an​ action, you intend to complete it no matter how much​ time, effort or money it​ entails, BEST describes​ _______.

escalation of commitment

Your company has entered into a​ five-year lease for a building for your​ business, but it now looks as if it will cost up to half a million dollars to bring the facility up to code and to your operating standards. Rather than attempting to break the lease and find a better​ location, the facilities committee is focusing on trying to salvage this​ deal, even though it looks like a bad decision. Which is the MOST LIKELY behavioral aspect you are​ facing?

escalation of commitment

EpiPens contain a​ pre-set dose of​ epinephrine, a​ life-saving drug used by people at risk of experiencing anaphylactic shock from an allergic reaction. In​ 2007, Mylan obtained the rights to sell EpiPen and increased the list price from​ $94 to​ $609. Because it is a prescribed​ medication, sales of EpiPen did not drop and company revenues have steadily increased. This is BEST described as an example of​ a(n) ____________ issue.

ethical

You have established a small investment account that you want to add to periodically during each month in order to save up for a down payment on a house that you want to buy within the next ten years. Which of the following would be your BEST choice of​ investments?

exchange-traded fund (ETF)

Scott would like to be promoted to shift​ supervisor, but he knows​ that, without a college​ degree, he​ won't even be considered as a candidate. As a​ result, he sometimes slacks in his​ performance, knowing that a promotion​ isn't a possibility.​ Scott's lack of motivation could BEST be described by which theory of​ motivation?

expectancy theory

Marissa consults with an attorney about incorporating her business and decides to follow his advice. This is likely because Marissa perceives the attorney to have​ _______ power in the field of law.

expert

In​ 1999, the World Trade Organization​ (WTO) met in​ Seattle, Washington to discuss international trade​ issues, but the conference was quickly overshadowed by the presence of more than​ 40,000 protestors. These protestors were MOST LIKELY concerned about​ ____________.

exploitation of workers, environmental issues, and consumer rights

Last​ year, a Pacific Island nation imported over​ $3.2 billion of goods and reported a trade surplus. This would suggest that the nation had​ _______.

exported more than $3.2 billion worth of goods

​_______ are​ manufacturer-owned stores that sell merchandise directly to the consumer without the use of one or more intermediaries.

factory outlets

Which of the following would a company use in order to prevent hackers or other unauthorized outsiders from accessing information on its computer​ network?

firewall

After working for Stafford Automotive Group as an automotive technician for the last 4​ years, Stan was promoted to the position of Service Manager. He now oversees the work of the other automotive technicians and shop​ attendants, is responsible for training​ them, and manages the parts inventory. Stan would be considered​ a(n) _______ manager.

first-line

Gavin is the supervisor of the payroll department at a manufacturing firm. His job entails supervising the work of several payroll​ clerks, training them in proper​ procedures, and ensuring that they are withholding taxes and other payroll deductions in accordance with the law and company policy. Gavin would BEST be described as​ a(n) _______ manager.

first-line

Melissa is the supervisor of customer service and she directly oversees the work of four customer service specialists. Melissa would be categorized as​ a(n) _______ manager.

first-line

In​ 2008, in order to encourage people to spend more money and stimulate the​ economy, Congress passed the American Reinvestment and Recovery​ Act, authorizing the government to spend​ $831 billion on​ education, infrastructure​ (such as roads and​ bridges), healthcare, and a host of other initiatives and​ projects, hoping to put people back to work. This is an example of the government exercising​ _______ policies.

fiscal

Graham is considering opening a pet grooming business. The monthly rent on the building and his insurance will remain​ constant, no matter how many - or how few - pets he grooms. These expenses are part of​ Graham's _______.

fixed costs

A company that builds homes is likely to use which layout in its building​ process?

fixed position layout

The salary of a supervisor in the shipping department would be​ a(n) _______ cost for a bicycle​ manufacturer, whereas shipping costs would be​ a(n) ______ cost.

fixed; variable

A​ _______ organization typically has a​ _______ span of control.

flat; wide

Several years​ ago, Burger​ King's jingle​ was, "Hold the​ pickles, hold the​ lettuce, special orders​ won't upset​ us, all we ask is that you let us serve it your​ way." This would suggest that Burger King sought to gain competitive advantage based upon which of the​ following?

flexibility

In a law​ firm, administrative staff can alter the times they come in for work and leave at the end of the day as long as they work 8 hours and are in the office between​ 10:00 a.m. and​ 3:00 p.m. This is an example of​ _______.

flextime

Veronica is the new sales manager of a large car dealership. In order to increase​ sales, she decided to offer a customer rebate on new vehicles. At the end of the​ quarter, she reviews sales data to determine how successful her decision was. Which step in the rational​ decision-making process does this​ represent?

following up and evaluating the results

Samsung Electronics​ Co., headquartered in​ Seoul, Korea, has announced plans to build a new smartphone factory in Vietnam. Samsung is engaged in​ _______.

foreign direct investment

Brittni uses​ semi-precious gemstones,​ beads, clasps, and cord to make​ one-of-a-kind Southwestern-inspired jewelry. What type of utility does Brittni​ create?

form

Courtney's Gourmet Cupcakes creates​ _______ utility by combining​ flour, eggs,​ sugar, cocoa,​ nuts, and numerous other ingredients into delectable cupcakes.

form

Production creates​ _______ utility.

form

A seamstress combines​ lace, satin,​ tulle, and pearl trim to create a​ one-of-a-kind bridal gown for a customer. Which form of utility is the seamstress providing to the​ customer?

form utility

Deanna wants to open a sandwich shop near campus. Rather than start the business from​ scratch, she considers purchasing a franchise from Subway. If she decides to purchase the​ franchise, Deanna would be the​ _______, and Subway would be the​ _______.

franchisee; franchiser

Organizational plans established by managers in specific areas such as human​ resources, marketing,​ manufacturing, and sales to aid them in achieving the overarching goals of the organization are referred to as​ _______ strategy.

functional

In a​ partnership, a(n)​ _______ partner actively manages the business and has unlimited liability for the debts of the business.

general

Which of the following is an advantage of a partnership over a sole​ proprietorship?

growth is possible through the additio of new talent and money

Alexis is shopping for a new​ car, and the salesperson​ says, "I know you like the​ car, but it seems like​ you're hesitating about the price. If I could offer you another​ $2,000 on your​ trade-in, would that seal the​ deal?" Which step of the personal selling process does this BEST​ illustrate?

handling objections

As a manager in a health care​ organization, you would MOST LIKELY give more consideration to the​ ____________ element of operations.

human

Janelle is the manager of Employee Assistance Programs for a large state university. In this​ role, she provides​ short-term counseling services to faculty and staff and their families with respect to​ personal, career/work-related, and behavioral health problems or makes referrals for​ longer-term counseling to a network of partner firms. Which managerial skills would likely be the MOST crucial to the performance of​ Janelle's job?

human relations skills

Bolt Industries offers its call center employees a full range of employee benefits including health and dental​ insurance, and its pay is well above industry standards. Its offices are nicely​ decorated, and the headsets used by the employees are top of the line.​ However, turnover rates and absenteeism are​ high, and employees​ don't seem enthusiastic about their jobs. According to​ Herzberg, this lack of job satisfaction may be occurring because the company focuses on​ _______ factors.

hygiene

Your friend wants to start a small business so she can eventually quit her day job as an accountant. She​ doesn't care what it​ is, as long as​ she's in charge.​ She's heard that you know something about​ business, so​ she's asked you for the BEST component to evaluate when starting her marketing plan.

identification of a product need or a want

Kennita applies for a mortgage loan and is turned down. She obtains a copy of her credit report and learns that someone using her​ name, address, and Social Security number has opened numerous credit card accounts and obtained a car loan. Kennita has been the victim of​ _______.

identity theft

Your business partner routinely posts his personal reviews of your products online in order to boost sales. This might be​ __________ as well as​ ___________.

illegal; unethical

Regina's Rug Emporium offers the widest variety of Persian and Oriental rugs in the area. Regina regularly travels worldwide to find and buy the most exquisite and unusual rugs that foreign producers have to offer. Regina is​ a(n) _______.

importer

When a firm wants to enter the international​ market, which of the following represents the lowest level of international​ involvement, and hence the LEAST​ risk?

importing/exporting

Angelina has a small business in the U.S. in which she produces​ one-of-a-kind jewelry using​ semi-precious gemstone beads. She purchases a supply of gemstone beads from a company in​ Belgium, and sells several necklaces to a buyer in Canada. The beads are​ _______; the necklaces are​ _______.

imports; exports

Which of the following financial statements would report whether the firm earned a profit or incurred a loss during a specific period of​ time?

income statement

The company you work for crafts specialty fishing rods for sale across the country in​ high-end sporting goods stores. During economic​ downturns, when people have less disposable​ income, sales drop dramatically. Management has asked your advice on how to better handle the cyclical effects of the economy. Which of the following would be the BEST​ recommendation?

increase product mix

Which of the following is the primary or ultimate objective of​ promotion?

increase sales

On a​ firm's balance​ sheet, which of the following would be characterized as a fixed​ asset?

manufacturing equipment

Selling goods and services to other​ businesses, either for use in their own manufacturing or production processes or for resale to other customers is​ _______ selling.

industrial

The general price level of goods and services in the United States has been steadily increasing for the past 100 years. This is known as​ _______.

inflation

A senior level manager in a corporation learns that the Chief Financial Officer is going to be indicted the following day on charges of accounting fraud. He quickly sells his shares of stock in the​ corporation, fearing that the stock will fall after news of the indictment. This is an example of​ _______.

insider trading

Creations of the mind that have commercial​ value, such as​ ideas, literary​ works, names,​ symbols, or​ processes, are known as​ _______.

intellectual property

Albertson Corp. is headquartered in the United States and has manufacturing facilities in South Carolina and​ Arkansas, as well as numerous sales offices in the U.S. The company recently opened a manufacturing facility in Ireland to capitalize on the European market. The company would be considered​ a(n) _______.

international firm

Every​ year, Shutterstock hosts an annual hackathon in which employees are given the opportunity to​ imagine, design, and implement an idea they think can provide value to the​ company, and Shutterstock awards prizes to the best ideas in different categories. This is an example of​ _______.

intrapreneuring

That​ "inner feeling" or​ "gut instinct" that we sometimes experience when making a decision is known as​ _______.

intuition

A manufacturing company has multiple small plants in a region. Each plant is headed up by a plant​ manager, but major decisions regarding what and how much is produced at each plant is made by the executive staff at the​ company's headquarters. This suggests that the company​ _______.

is a centralized organization

Josh has decided to open a restaurant. He has determined that he will need to hire separate people to seat and serve​ customers, plan and prepare food and​ beverages, and clear tables and wash dishes. This process is known as​ _______.

job specialization

Traditionally, raw materials and component parts were delivered to producers well in advance of the manufacturing process and stored until needed. With​ _______, these raw materials and component parts are now delivered to the producer exactly when they are needed.

just-in-time (JIT) production

The arrangement of​ machinery, equipment, and supplies to effectively produce goods and services is the focus of which aspect of operations​ planning?

layout planning

When a manager works to​ motivate, inspire, and encourage employees to meet the​ organization's stated​ objectives, which function of management is​ s/he performing?

leading

The Japanese concept of Kaizen implies continuous process improvement and innovation. If you want to start a dynamic business with an underlying philosophy of Kaizen that supports professional development and lifelong learning for all​ employees, which organizational form would be BEST to study and​ implement?

learning organization

Amanda owns a small floral shop and operates the business as a sole proprietorship. If Amanda passes​ away, her business​ _______.

legally dissolves

The type of power that a person in an organization has when​ s/he has control over employees in lower positions or levels within the organization is known as​ _______ power.

legitimate

Lucinda owns a wine boutique specializing in​ unique, globally-sourced, artisanal wines. She wants to import several cases of wine from a Portuguese distributor. To facilitate this​ transaction, Lucinda's bank issues a​ _______ in which it promises to pay the distributor as soon as the distributor presents proof of shipping.

letter of credit

One of the biggest advantages of corporations is that investors cannot be held personally responsible for the debts of the business. This is the concept of​ _______.

limited liability

Which of the following is an advantage of corporations over sole proprietorships or general​ partnerships?

limited liability if owners

Ellen Fuge is a famous guitar player. Samantha Ashe is a small business owner that wants to market guitars using​ Ellen's name as a brand. Ellen wants to invest heavily in the business but not be involved in management and she​ doesn't want to be liable for business debts above and beyond her investment. They want to keep things simple and private. What business structure should they consider under these​ circumstances?

limited partnership

The type of authority that flows up and down the chain of command is known as​ _______ authority.

line

The ease with which an asset can be converted to cash is known as​ _______.

liquidity

The National Association of Realtors hires a consulting group to meet with members of Congress and the Senate and​ develop, advance, and influence legislation concerning the ownership and operation of real estate. This is an example of​ _______.

lobbying

A company donates a share of its profits to charitable programs and is a corporate sponsor of the philharmonic orchestra. The company is demonstrating social responsibility toward which of the following organizational​ stakeholders?

local community

When deciding where to build a new​ factory, senior managers of Absco Products considered factors such as​ transportation, the availability of a trained labor​ force, tax​ incentives, and the government regulations in the area. This process BEST describes which aspect of operations​ planning?

location planning

If a​ company's business strategy is to gain competitive advantage through​ price, which of the following operational capabilities should they​ choose?

low cost

Hamilton Construction is contracted by the county to build a bridge over a set of railroad tracks. Which of the following would BEST describe this operations​ process?

make-to-order operations

​_______ accounting serves internal​ users, whereas​ _______ accounting serves external users.

managerial; financial

You are concerned with a steady decline in profits in your​ company, despite the fact that costs are not rising at an unreasonable rate. Which person should you visit with​ first?

marketing manager

A​ well-established automobile dealership just hired you as an intern in the back office. Since you​ started, you have discovered that the company is losing market share. In a management​ meeting, the talk is focused on what has worked in the past. During a lull in the​ conversation, the owner of the company asks for your opinion. Your BEST input would be a suggestion to create​ a(n) _______.

marketing plan

Which type of partnership acts much like a corporation in that it sells shares​ (partnership interests) to investors on public​ markets?

master limited partnership

Kelli is a software engineer for an electronics firm. She reports to the Manager of Software Engineering but also works on a new product development team and reports to the team leader in that capacity. Based on this​ information, it would appear that​ Kelli's firm has a​ _______ structure.

matrix

Which of the following terms refers to two companies combining to form a new​ company?

merger

Dwayne is the Central Region Sales Manager for a large electronics distributor. Reporting to him are district sales managers in​ Chicago, Milwaukee,​ Indianapolis, Cincinnati, and​ Detroit, a regional customer service​ manager, and an administrative assistant. Dwayne would likely be characterized as​ a(n) _______ manager.

middle

Data​ _______ attempts to identify trends and patterns among the pools of data that have been collected by a company.

mining

When patrons enter a​ restaurant, they see a framed statement posted prominently in the waiting area that​ reads, "We are committed to using the finest ingredients in our recipes. No food leaves our kitchen that we ourselves would not​ eat." This is an example of the​ restaurant's _______.

mission statement

Stephanie knows that students buy​ textbooks, but professors decide which textbooks students will use. She visits college professors in her region a few times each​ semester, promoting the textbooks that her company​ sells, offering sample copies of the​ books, and making them aware of new features that might influence their adoption of the textbook. This BEST represents​ ______.

missionary selling

Which of the following BEST defines the U.S. economic​ system?

mixed market economy

Coach handbags have lost some of their​ "cool" factor, so Coach has been losing U.S. market share to Michael​ Kors, Kate​ Spade, and other luxury handbag manufacturers. Based on this​ information, which degree of competition would BEST describe the luxury handbag market in the United​ States?

monopolistic competition

You have been asked to create a sales brochure for a circular saw that is fairly expensive because it uses a worm drive gear system instead of the traditional spur gear. The marketing department has given you a list of things they consider to be the value package. Which of the following would you list as a benefit rather than a​ feature?

more ergonomic

According to​ Maslow's Hierarchy of Human Needs​ Model, higher-level needs​ _______.

motivate behavior only if lower-level needs are met

Insurance​ companies, finance​ companies, and securities investment dealers are referred to as​ _______ institutions because they use inflowing funds for purposes other than earning interest for depositors.

nondeposit

In​ 2012, Israeli inventor Izhar Gafni completed his first prototype of a bicycle made completely from recycled​ materials, mainly cardboard. His plan was to sell the bikes for​ $20 and to gain corporate sponsors that would allow his company to provide bikes at no cost to those who could not afford​ them, but as of 2017 his company had yet to put the bikes into production. What are the two MOST LIKELY attributes that make Izhar Gafni an​ entrepreneur?

not afraid to take a risk and passion

An automobile manufacturer learns about an ignition switch defect that may cause serious safety issues but rather than enact an expensive recall of hundreds of thousands of​ vehicles, management covers it up. Which approach to social responsibility would this BEST​ demonstrate?

obstructionist stance

Which of the following approaches to social responsibility reflects the lowest degree of socially responsible​ practices?

obstructionist stance

Which of the following pricing strategies uses price points to help create the impression in​ consumers' minds that the product is less expensive than it really​ is?

odd-even pricing

Atlantis Electronics used to produce its products in a manufacturing facility in North​ Carolina, but has moved manufacturing to a contract manufacturing plant in​ Pakistan, where labor is significantly cheaper. This is an example of​ _______.

offshoring

Sony's Playstation,​ Nintendo's Wii, and​ Microsoft's XBox dominate the game console market. What is the BEST description of the degree of competition in this​ industry?

oligopoly

Sarah has a robust following on several social networking sites where she shares scrapbooking project ideas and digital photo advice. She would like to start making money by selling digital scrapbooking software and supplies.​ Sarah's best marketing approach would be to take advantage of​ _______.

online retailing

For an​ entrepreneur, which would be the MOST USEFUL personality​ trait?

open-mindedness

As the operations manager for a large guitar​ maker, you recently received an offer from an overseas parts manufacturer that wants to supply the electric pickups for your signature series electric guitars at​ $4 each. You currently manufacture this component but labor costs and overhead are high in your production​ facility, and you estimate that each pickup costs​ $8 to produce. For this​ item, you should​ consider_______.

outsourcing

On a​ firm's balance​ sheet, which of the following would be characterized as an intangible​ asset?

patents

BellStar Communications is a new provider of 3D satellite TV service. It offers an extremely low introductory price for the first 12 months because it wants to attract new customers and quickly garner market share. Which pricing strategy is it​ using?

penetration pricing

In which of the following does the seller of a product or service have the LEAST amount of control over the​ price?

perfect competition

Your friend has decided to buy and sell​ high-end jewelry online with the goal of eventually quitting her day job as an accountant.​ She's heard that you know something about​ business, so​ she's asked you for the BEST mode of promotion to identify in her business plan that she plans to submit to the bank for financing. Which of the following would you​ suggest?

personal selling

Some opponents of the national minimum wage laws believe that eliminating the minimum wage would virtually wipe out unemployment. Proponents of the minimum wage point to historical studies that show that raising the minimum wage has little or no effect on unemployment. As a corporate​ CEO, the BEST way for you to try to change the minimum wage law would be to​ __________.

personally contact your state and local representatives in congress

A car dealership offers a​ "sign it and drive​ it" promotional event in which eligible buyers can purchase a vehicle with​ $0 down,​ $0 due at​ signing, and​ $0 first​ month's payment; all they have to do is sign the papers and drive away. This BEST reflects which form of​ utility?

possession

The National Weather Service is predicting that a major hurricane will impact the area within the next 48 hours. A local hardware store quickly doubles its prices on portable​ generators, plywood, and batteries in response to this weather forecast. This is an example of​ _______.

price gouging

599fashion.com is an online clothing outlet store that offers all of its​ clothing, apparel,​ jewelry, and accessories for the same price​ - $5.99, although some items may be on sale for even less. This BEST exemplifies the strategy of​ _______.

price lining

When VCRs were introduced in the​ mid-1970s, they were priced at​ $900 and above. As more competitors and new technology entered the​ market, the price dropped dramatically. The new lower price is an example of​ _______.

price skimming

The​ _______ rate is the interest rate offered by commercial banks to their most creditworthy commercial customers.

prime

A Midwestern city negotiates a deal with a company to operate its parking meter system. The city will receive a lump sum payment of several million​ dollars, and the company will have the rights to​ operate, maintain, and collect the revenue from the parking meters. This is an example of​ _______.

privatization

Alysia's cosmetic company was at the forefront of the move to ban testing on animals. Her firm has adopted an aggressive energy conservation approach to​ manufacturing, and it actively participates in programs to reduce poverty and illiteracy in the community. Which of the following would BEST describe the​ company's approach to social​ responsibility?

proactive stance

At Johnson​ Brothers, a manufacturer of outdoor​ furniture, one department is responsible for cutting the wood according to pattern. Another department is responsible for staining and finishing the wood. Another department is responsible for assembling the stained wood pieces. Based on this​ information, what type of departmentalization does Johnson Brothers​ use?

process

At a garment​ manufacturer, all cutting machines are grouped together in one​ area, whereas sewing machines are grouped together in another​ area, and pressing machines are arranged in still another area. What type of layout does this​ suggest?

process layout

At a​ bakery, baked goods boxes travel past individual work stations on a​ conveyor, and workers at each station perform a small​ task, such as placing baked goods in the​ box, placing the cover on the​ box, affixing stickers to the​ box, or​ shrink-wrapping the box in plastic. This BEST describes​ a_______ layout.

product

In an intrapreneurial​ organization, a manager who uses​ his/her influence to help overcome organizational resistance and convinces others to take the innovation seriously is known as the​ _______.

product champion

Which type of layout is MOST appropriate for a company that wants to​ mass-produce high​ volume, make-to-stock​ products?

product layout

Letitia buys​ honey, peanut​ butter, steel-cut​ oats, whole-wheat​ flour, chicken​ bouillon, and wheat germ to make the gourmet dog biscuits that she sells in her kiosk at the mall. How would these ingredients be​ classified?

production items

The measure of economic performance that compares how much a system produces versus the resources required to produce​ it, is known as​ _______.

productivity

Your growing company​ can't afford to offer much in the way of benefits right​ now, but if the company hits its sales and production​ goals, it expects to take off and be able to provide great benefits later. The CEO wants you to provide some options to induce highly qualified new employees to join the organization right now. Which of the following options would be the BEST​ suggestion?

profit-sharing

You recently received your real estate sales​ license, and you now represent a seller in a popular new subdivision where buyers have many choices. As an​ agent, your job is to get the highest competitive market price for the seller. In creating your marketing plan for this​ house, which element of the marketing​ mix, other than​ pricing, would be the BEST​ focus?

promotion

Marketing Manager Kimberly is responsible for deciding what combination of​ advertising, personal​ selling, sales​ promotions, direct or interactive​ marketing, publicity, and public relations will best reach the customers for her​ company's product line. Kimberly is determining the​ company's _______.

promotional mix

In​ 2017, Japan maintained a high import tariff on tuna from Viêt ​Nam, but Thailand and the Philippines enjoyed a zero percent tariff in the Japanese market. This is an example of​ _______.

protectionism

A producer of camping gear such as​ tents, sleeping​ bags, and camp stoves has identified its target market as outdoor adventurers or enthusiasts. Which type of variable does this reflect in segmenting the​ market?

psychographic

Shares of stock in a​ _______ corporation are available for sale to the public and are widely held.

publicly held

A company that adopts a​ _______ marketing strategy targets its promotional efforts toward consumers.

pull

Which of the following describes the approach in which a firm markets a product to wholesalers and retailers who are then responsible for stimulating demand among​ customers?

push strategy

Before​ Andrew, a real estate​ broker, spends a lot of time showing houses to a young couple who respond to a newspaper​ ad, he attempts to make sure that they are serious about purchasing a home and that they have the financial resources to do so. This step in the personal selling process is known as​ _______.

qualifying

In​ 2005, when Volkswagen executives decided to promote their diesel engines in the United​ States, engineers at the company realized they could not meet emissions​ standards, so they installed​ "cheat devices" that kicked in emissions controls only when the car was being tested. The fallout from this illegal activity cost the company billions of dollars. From the standpoint of Total Quality Management​ (TQM), this scandal was MOST LIKELY the result of failing to ensure​ ___________.

quality ownership

Which of the following tends to be an advantage of​ decentralization?

quicker responsiveness

​Louella's evaluation of the cost of a new​ car, how many miles per gallon it​ gets, and whether there is enough room for her growing family represents her​ _______ motives; how the car makes her feel when​ she's driving it and whether she thinks her friends will be impressed when they see her behind the wheel reflect her​ _______ motives.

rational; emotional

Several years​ ago, Gatorade had a commercial showing highlights of basketball star Michael Jordan and people trying to replicate his​ skills, accompanied by the jingle​ "I wanna be like​ Mike." This would BEST describe which form of​ power?

referent

Direct influence to shape social responsibility practices by the government is most often accomplished through​ _______.

regulation

The delegation process involves which three​ elements?

responsibility, authority, and accountability

In the​ past, the only benefit you have offered your employees has been a cafeteria benefits plan. In establishing a new employee compensation​ system, which would be the MOST LIKELY incentive that you could offer to improve​ retention?

retirement benefits

Selling price × units sold​ = _______.

revenue

Funds that flow into a business from the sale of its goods or services are known as​ _______.

revenues

A business reports profits when​ _______ are greater than​ _______.

revenues; expenses

When Thom has a decision to​ make, he has a tendency to​ "roll the dice and take his​ chances." This refers to​ Thom's _______.

risk prosperity

To coincide with the release of the movie Minions​, ​McDonald's offered a Minions Happy Meal featuring a dozen different minion​ toys, along with a new flavor of yogurt in its Happy Meals that also featured minions on the packaging. This is an example of​ _______.

sales promotions

Which of the following involves​ one-time direct inducements to buyers to purchase a​ company's products, such as coupons and package​ inserts?

sales promotions

Which of the following would NOT be included in the​ M-1 money​ supply?

savings accounts

The majority of private sector employment in the U.S. economy is in the​ _______ sector.

services

Which type of business might be best for a person with expertise but little or no capital​ investment?

services

Upper management has decided that the current bonus system has caused employees to engage in questionable sales practices that go against the​ company's mission. As a​ mid-level manager, you are in charge of changing the corporate culture. Your BEST strategy would be to​ _______.

set up new systems for appraising and compensating employees who reflect the firm's stated values

You need to buy a new laptop for your​ classes, so you spend some time shopping online to compare features and price and go the local office supply store to see a few brands​ first-hand. What type of product is the​ laptop?

shopping good

Ted was just promoted to a managerial position and feels that he needs to buy a new luxury car and join the country club in order to​ "fit in" with his new colleagues at the company. This is an example of​ _______ influences.

social

When Lana is suspended for swearing at an abusive​ customer, the other customer service representatives are more careful to watch how they behave toward customers. This is an example of​ _______.

social learning

Under​ _______, the government owns and operates selected major industries such as​ transportation, communications, and​ banking, but smaller businesses are privately owned.

socialism

Misty wants to earn extra money and decides to open a cleaning service for dormitory rooms at her college campus. She posts fliers on the bulletin boards in each dormitory and buys some cleaning supplies. She plans to operate this business alone and keep all of the profits. Based on this​ information, it would appear that​ Misty's business is a​ _______.

sole proprietorship

Electronic​ "junk mail," irrelevant or inappropriate messages sent indiscriminately to a large number of​ recipients, is known as​ ______.

spam

The number of employees reporting to a manager is referred to as the​ manager's _______.

span of control

Because you offer lavish perks such as​ flextime, working from​ home, profit-sharing, and generous health and retirement​ benefits, your tech company has recruited some of the best and brightest software engineers in the​ world, but your company is falling behind the competitors. Which is the MOST LIKELY element missing in your working​ environment?

specialized training

Which of the following retailers would focus on selling a full product line in a relatively narrow product​ range, such as​ men's or​ women's clothing, office​ supplies, or​ carpet?

specialty store

Kay​ Jewelers, Victoria's​ Secret, and Payless Shoes are examples of​ _______.

specialty stores

A​ top-level manager who approves of and supports an intrapreneurial project within an organization is known as​ a(n) _______.

sponsor

Software that surreptitiously gathers information about an Internet​ user's browsing​ habits, intercepts the​ user's personal​ data, and relays that information to others is known as​ _______.

spyware

Gavin is the human resources manager for a manufacturing firm. In this​ role, he advises and assists managers in the recruitment and retention of employees but does not do the actual hiring. This would suggest that Gavin has​ _______ authority.

staff

Reggie is the sales manager of a large car dealership. He wants to increase sales significantly over the next​ quarter, and after talking with his staff and giving the matter some​ thought, he decides that offering a customer rebate on new vehicles is the best strategy to achieve this. What​ decision-making condition does this BEST​ describe?

state of uncertainty

If you sell a textbook to a classmate for​ $25, you can keep the cash in your wallet or deposit it in your bank account and know that it will be worth​ $25 next​ week, next​ month, or even next year. Which function of money does this example BEST​ illustrate?

store of value

A(n) _______ is the collaborative effort of two or more independent organizations on a project for mutual gain.

strategic alliance

Farmers receive payments from the government if prices for​ wheat, corn,​ soybeans, and certain other crops fall below a certain level in order to protect farmers from cheaper prices charged by foreign competitors. This is an example of​ a(n) _______.

subsidy

Meijer is a large retailer that carries a wide variety of​ groceries, health and beauty​ items, baby and pet​ care, sporting​ goods, and home goods. Some stores even have a​ full-service pharmacy and an optical store. Meijer would like be characterized as a​ _______.

supermarket

Which materials management function likely would be responsible for​ identifying, evaluating, and choosing potential vendors of materials and services and negotiating terms of​ service?

supplier selection

Your consulting client owns several local grocery stores within a​ 100-mile radius of one another that specialize in regional products such as locally roasted​ coffees, wines from around the​ area, and​ grass-fed beef. Each store places its own orders with various suppliers but no one coordinates efforts among the group. As an advisor to the​ owner, which would you suggest as the BEST overall improvement to​ consider?

supply chain management

Within its human resource​ department, Hoosier Enterprises has a vice president of human​ resources, a director of human​ resources, a labor relations​ manager, assistant managers of human​ resources, a manager of​ compensation, an employee benefits​ manager, human relations​ supervisors, and team leaders for training and employee development. This hierarchy would suggest that Hoosier Enterprises is​ a(n) _______ organization.

tall

You have assembled some of the brightest minds in video game design to work for your new company developing new software. Outside of executive​ management, you want no bosses.​ Instead, you want to allow employees to move among projects at​ will, encouraging them to work on whatever interests them. Which organizational form would be BEST to​ emulate?

team organization

Recent news articles indicate that traditional retail outlets such as malls and big box stores are becoming less and less profitable as online marketing becomes more and more prominent. In​ fact, as malls are being​ abandoned, they are being replaced by huge warehouses and transfer stations that allow companies such as Amazon to get products to customers faster and cheaper by using data​ trends, algorithms, and other highly sophisticated predictive models. Which dimension of the external environment BEST encompasses the factors affecting malls and box​ stores?

technological environment

Corporate culture would BEST be described as​ _______.

the "feel" of the organization

A​ nation's economy experiences periodic increases in economic​ activity, often followed by periods of economic slowdown or decline. This is known as​ _______.

the business cycle

Heritage​ Mechanical's balance sheet at the end of the year shows assets of​ $675,000 and​ owners' equity of​ $366,000. Which of the following can be assumed on the basis of this​ information?

the company has liabilities of $309,000

Just as the company culture can support or undermine the published​ mission, vision, and value statements of a​ company, _______ can be more powerful than the​ company's formal organizational structure.

the informal organization

As you envision an organizational structure for a new​ venture, your chief consideration should be​ _______.

the organization's mission and strategy

If you have​ $10,000 and invest it at​ 8% for three​ years, it will be worth​ $11,411.66 at the end of that time. This BEST describes​ _______.

the time value of money

When a local Walmart is open 7 days a​ week, 24 hours a​ day, which form of utility is it providing to​ customers?

time utility

The country of Belize exported​ $395 million of goods in 2009 and imported goods worth​ $616 million during the same year. This would suggest that Belize has​ a(n) _______.

trade deficit

The value of goods imported into Mexico exceeds the value of goods exported by that country. This suggests that Mexico has a​ _______.

trade deficit

The cultural dimension that describes the degree to which people in a culture tolerate or feel threatened by ambiguity is known as​ _______ orientation. A. goal

uncertainty

Employees in the United States are comfortable with​ commission- and​ incentive-based pay​ plans, whereas employees in Italy and Mexico prefer pay plans that are more​ predictable, like seniority pay. Which of​ Hofstede's cultural dimensions would explain this​ difference?

uncertainty orientation

Your boss has asked you to create an​ e-mail marketing campaign that will blanket purchased user lists with messages that appear to be from friends and acquaintances recommending the​ company's products. Your BEST response would be that this could be both​ ______ and​ _______.

unethical; illegal

Although the most popular time for getting​ kids' hair cut is after school or on the​ weekend, a hair stylist cannot produce haircuts ahead of time and keep them for those​ high-demand time periods. This is an example of the​ service's _______.

unstorability

The human resources manager has come to you asking if there is a way to stop all employees from using the company​ Wi-Fi to access​ Facebook, Instagram, and Twitter. Which of the following would be your BEST​ approach?

update the company's firewall security and router settings

Depending on the style of the wedding gown - and the size of the bride - a wedding dress​ custom-designed and sewn in​ Jazmine's bridal shop may use up to 8 yards of satin or​ silk, plus​ tulle, trim,​ buttons, and lace. The cost of these elements is part of​ Jazmine's ______.

variable costs

Jenna owns a film production company that produces television commercials and short documentaries. She has only a few permanent employees but hires temporary crew members such as lighting​ specialists, camera​ operators, and set designers as needed to produce films. What type of organizational structure does this​ describe?

virtual organization

Data​ _______ refers to the​ collection, storage,​ retrieval, and management of data in an​ organization's electronic files.

warehousing

Jack discovers that his employer is dumping dangerous chemicals into the river rather than disposing of them correctly. When management refuses to listen to his​ concerns, he contacts the Environmental Protection Agency to report the​ firm's conduct. This is an example of​ _______.

whistle- blowing