BA 101 test 1
All of the following are nations that have been subject to economic sanctions for political reasons in recent years EXCEPT
us
The statement of cash flows must be prepared for the first ________ months of the business.
12
Explain what creating a career plan enables you to do
Creating a career plan enables you to set goals based on your plan. By setting these goals you are more motivated and more likely to accomplish them. Career plans also organize your thoughts and help you see where your headed as far as your career.
Explain what creating a career plan enables you to do.
Creating a career plan enables you to set goals based on your plan. By setting these goals you are more motivated and more likely to accomplish them. Career plans also organize your thoughts and help you see where your headed as far as your career.
Briefly discuss the elements involved in analyzing the external environment.
External environments are elements in which the company has no control over. Examples of such enviornments include weather,customers, economy and government.
Glen has worked in the publishing industry for many years, and now, he wants to start his own independent trade publishing company. Which of the following describes something he would do when preparing his industry and market analysis?
He would identify the uncontrollable variables of the publishing industry.
Debbie is preparing a business proposal for a new local art studio and store, called The Craft Collective. To describe the business, she wrote that her store would be a place where local artists could display and sell their pieces for a small fee. Since she wants to attract people who live in her community, she plans to hold monthly gallery shows with food and drinks to provide a sense of community among the artists and the locals. She believes that these events will encourage members of the community to buy unique artworks for their homes and offices. Which of the elements of a business proposal does this scenario best describe? an executive summary a competitive analysis a brief marketing plan a human resources requirement a business description
a brief marketing plan
Gerald wants to open his own barber shop in his community. To demonstrate that his new business will be successful and to outline more specific details about his business, he prepares data, charts, and appendices. Which of the following parts of the final written business plan does this scenario best describe?
a business description
Josh lives in a small town in New Hampshire, and he wants to open a new coffee shop in his town. He identifies that there are several corporate chain coffee shops in the area that offer the same options in all their locations. He believes that his community would rather support a local business than corporations and that the locals would prefer coffee drinks and pastries that appeal to their tastes, rather than generic offerings. Which element of a business proposal does this scenario best describe?
a competitive analysis
Daniel wants to start a new spin studio. He believes that spin studios that exist as part of established gyms are not effective because spinning requires a dark room and loud music. He also doesn't like that most gyms only have a few spin classes per day. He plans to hire enough instructors to offer more classes throughout the day, not just during the high traffic morning and evening time frames. His overall purpose is to provide the optimal conditions for spinning and to start a community that works together to reach fitness goals through spinning. Which of the following elements of a business description does this scenario best describe?
a mission
Bethany is developing a business proposal for a new vegetarian frozen foods brand. Her business description should include all of the following EXCEPT: a reason that these frozen vegetarian foods should be produced. her vision for the proposed frozen vegetarian foods. a strategy for appealing to her target market. an overview of the frozen vegetarian foods she wants to produce. a rationale for why she believes her business will succeed.
a stragety for appealing to her target market
A(n) ________ exists when a country is the most efficient producer of an item.
absolute advantage
A U.S. citizen may bring $200 worth of merchandise into the United States duty free. After that, U.S. citizens must pay a(n) ________ based on the cost of the item and the country of origin.
ad velorem tariff
Crystal is starting her own acting studio. In regards to financial projections, she must consider all of the following items EXCEPT: startup costs. an estimation of cash inflows and outflows. pricing strategy. opening expenses. a breakeven analysis.
an estimation of cash inflows and outflows.
A nation's ________ can be best defined as the difference in value between its exports and imports
balance of trade
All of the following are avenues through which potential employers make contact with new employees EXCEPT headhunting firms. the Internet. college placement offices. career fairs. office holiday parties.
career fairs
All of the following are true about gestures that are viewed as rude or unacceptable in particular countries EXCEPT
sitting with the soles of the shoes showing is unacceptable in Brazil and Germany.
Chloe has recently graduated from college and is trying to decide which career path to follow. Which of the following will help her understand her personal strengths and weaknesses? compiling a list of careers that look promising to her developing goals and objectives recognizing the opportunities and threats that exist in her career development collecting data and information about job prospects, the overall job market, and her competition evaluating the strengths and weaknesses of various job prospects
collecting data and information about job prospects, the overall job market, and her competition
A mining company in Malyia that possesses the only mine where a specialty ruby can be found has a(n)
comp ad
Joe is creating a business plan for a new robot that can do his homework for him. Which of the following elements should his business proposal include?
competitive analysis
Auto Corp. released an advertisement showing fair-skinned people driving their cars into an indigenous Malyian village, while the indigenous people watched in awe. Malyian activists claimed this ad reinforced negative stereotypes of the indigenous people and called for their government to issue sanctions against Auto Corp. This is an example of a(n) ________ barrier.
cultural
Agro Corp., based in the country of Arahonia, is a company that produces agricultural products. The domestic market of Arahonia is not sufficient to support Agro Corp.'s large-scale level of production because Arahonia is a small but highly industrialized country. Thus, Agro Corp. decides to sell its products to the agriculture-based country of Petinberg at less than its production cost. This process is termed as
dumping
Which of the following is the best reason that you should submit your idea to your instructor as early as possible?
eliminate wasted effort on unfeasible ideas
A(n) ________ is best defined as a prohibition on trade in a particular product
embargo
An intermediary who handles international transactions for other firms is acting as a(n)
export agent.
Auto Corp. buys engines from Malyia and resells them in its stores in Thetasia. This is an example of
exporting
One of the operational issues you need to resolve is determining how many personnel are needed and what their required education and skills should be. t/f
f
A common reason for establishing quotas or tariffs is to encourage dumping.
false
If you choose to write a summary, do so before you have written the entire career plan.
false
A specific amount of money levied on each unit of a product brought into a country is termed as a(n) ________ tariff.
fixed tariff
Javier is completing his SWOT analysis. After determining his three key career opportunities and his three key career threats, he should consider all of the following EXCEPT the actions he must take to capitalize on his opportunities. the actions he must take to prevent his threats from limiting his capabilities. how his threats are related to serving the needs of his potential employers. how his opportunities are related to serving the needs of his potential employers. the actions he must take to ensure that nothing can threaten his career opportunities.
how his opportunities are related to serving the needs of his potential employers.
Political, legal, and regulatory factors have all of the following impacts on career planning EXCEPT court decisions can make it easier or harder to find employment. elections can change the political landscape so that certain industries or companies become more or less attractive as potential employers. changes in international, federal, state, or local laws and regulations can affect job or career prospects. certain laws can freeze the ability to hire new employees in specific industries and companies. global trade agreements can change in ways that make certain industries or companies more or less attractive as potential employers.
how his opportunities are related to serving the needs of his potential employers.
All of the following are variables that need to be addressed as part of the marketing strategy EXCEPT: what differentiates the product from others. how to best distribute the product. whether to set the price at the market, below market, or above market. whether to promote the product with sales associates, advertising, sales promotions, or publicity. how to make or provide the product.
how to make or provide the product
A favorable balance of trade exists when a country: saves more than it spends. imports more than it exports. exports more than it imports. spends more than it saves. has more debt liabilities than assets.
imports more than it exports.
All of the following are true regarding a career plan summary EXCEPT it should state your career objectives. explain the means you will use to achieve your career objectives. be written after you have written the entire career plan. include in-depth details about your career strategy. provide a brief overview of your career strategy.
include in-depth details about your career strategy.
AgroKing, a U.S. firm that produces agricultural products, relocated to Malyia to avoid having to pay the high U.S. tax rate. AgroKing prefers Malyia's low tax rate, low wages, and sufficient infrastructure. This is an example of tax
inversion
A fixed tariff differs from an ad valorem tariff because an ad valorem tariff
is based on the value of an item.
Dexter is committed to his career plan. He has done extensive research on potential employers and determined which ones are hiring. He has completed an internship, attended career fairs, and worked with a career counselor at his school to determine which career path is right for him. Which of the following elements of career planning does this scenario best describe? a SWOT analysis personal assessment monitoring procedures employer assessment performance standards
monitoring procedures
A ________ strategy can be best defined as a plan, used by international companies, that involves customizing products, promotion, and distribution according to cultural, technological, regional, and national differences.
multinational
Carrie is starting her own small publishing firm, where she plans to develop apps about healthy food preparation and fitness. One of her primary objectives is to determine the software and hardware requirements that will be necessary to develop these digital products. Which of the following parts of the final written business plan does this scenario best describe?
operational issues
A sudden change in power can result in a regime that is hostile to foreign investment. This is a primary example of a(n) ________ barrier.
political
A catastrophic flood crippled Malyia's government. In an effort to help local businesses rebuild, the government forced foreign businesses out of the country. This is an example of a(n) ________ barrier to trade
politicial
Jerome has started his own computer repair business. All of the following are things he needs to determine regarding the human resources requirement EXCEPT realistic required skills. realistic starting salaries. the number of personnel needed. a description of the personnel needed. realistic required education.
realistic starting salaries.
Which of the following is a component of the brief marketing plan that should be included in the business proposal? selecting a name for the business developing a reason for the business's existence explaining why you want to start this business revealing your vision for the business indicating why this business will be successful given the market
selecting a name for the business
Auto Corp. learned that in order to sell more cars in Thelisia, it needed a bold and strategic advertising plan; while in Malyia, it needed more attentive customer service. This is an example of a(n) ________ barrier.
social
Barry wants to open a new warehouse to produce children's toys. Which of the following is an operational item he must consider when opening his warehouse? the level of product distribution the required skills of his personnel sources of suppliers the uncontrollable variables within the industry his startup costs
sources of suppliers
Christina's instructor asked each student in her class to develop a hypothetical business plan for a new and unique good, service, or business. Her idea is to start a new online beauty consulting firm. What is the first thing she should do to start this project?
submit her idea to her instructor for approval
A business description identifies the target market and develops a strategy for appealing to it. t/f
t
One of the decisions you will need to make, in regards to marketing strategy, is the type of product you want to offer. t/f
t
Natalie has developed a new line of makeup. She has evaluated the pricing of makeup currently on the market and determined that selling her makeup slightly below market price will help her make more sales. She also decided it would be easier to promote and sell her makeup online and via home makeup parties. Her tagline on her website highlights that her makeup is made using natural ingredients, it is hypoallergenic, and it can customized for specific customer needs. Since she is an individual creating these products, she is the only makeup provider who allows customers to request custom colors. Which of the following parts of the final written business plan does this scenario best describe? the business description the industry and market analysis the executive summary the competitive analysis the marketing strategy
the marketing strategy
Cameron wants to get a job in the publishing field. Which of the following is a characteristic he should consider regarding potential employers?
the organizational culture
Jenna has a paralegal certificate, and she is trying to determine how difficult it will be for her to get a job in her field. She should consider all of the following hiring practices of potential employers EXCEPT how many employees are being hired. the typical timing of hiring new employees. whether there are major hiring differences between large and small companies. the combination of skills and abilities new hires possess. whether the growth or decline in hiring is related to recent expansion or downsizing of markets.
the typical timing of hiring new employees.
Business plan proposals will be evaluated based on
their thoroughness and your ability to provide support for the idea.
Because of an unfavorable political situation between the countries, the country of Thetasia has placed a government order to prohibit the trade of private vehicles with the country of Calibria. Thetasia has maintained a(n) ________ with Calibria.
trade embargo
A global strategy involves standardizing products for the whole world.
true
A strategic alliance is a partnership formed to create competitive advantage on a worldwide basis.
true
In regards to economic conditions, it is important to evaluate whether potential employers are optimistic or pessimistic about the economy.t/f
true
The executive summary appears first but should be written last. t/f
true
Miranda has recently graduated from college with a humanities degree. When trying to determine which career path to choose, what should she consider in regards to her personal assessment? whether her personal goals are consistent with the realities of the labor market whether her personal goals are professional enough for certain industries her willingness to work long hours for little pay at first where her interests and skills intersect to form her optimal job opportunity how her performance would compare with current employees
whether her personal goals are professional enough for certain industries
Cara is working on her SWOT analysis. Once she determines her key strengths and weaknesses, which of the following is something she should consider? whether her strengths are strong enough to make her weaknesses obsolete whether her strengths give her an advantage relative to her peers whether her weaknesses can be converted into strengths whether her weaknesses motivate her to work harder to meet the needs of potential employers how her strengths compare to her weaknesses
whether her weaknesses can be converted into strengths