BUS 101 Exam 1

What is a core competency? a. a unique ability that cannot be easily imitated b. an ability shared by more than one business c. an ability that is easily replicated by competitors d. an asset that is sometimes expendable

a. a unique ability that cannot be easily imitated

Which of the following statements about data collection is true? a. companies rely on the data they collect as well as data supplied by customers b. companies would rather buy data about their customers than collect it themselves c. companies prefer to use data that customers provide, because it is more reliable than what the company collects. d. companies only use the data that they collect about customers, because it is more reliable that the data customer provides

a. companies rely on the data they collect as well as data supplied by customers

Janie wants to convince her colleagues to attend a voluntary workplace event over the weekend. She places a list of everyone's name on a sheet of paper and asks the to "opt-out" if they can't attend. This is an example of a(n) _________ approach. a. framing b.zero-sum c. marginal d. incentive

a. framing

Which of the following are NOT among a firm's stakeholders? a. a firm's suppliers b. a firm's competitors c. a firm's customers d. a firm's owners

b. a firm's customers

Which of the following are NOT among a firm's stakeholders? a. a firm's suppliers b. a firm's owners c. a firm's competitors d. a firm's managers

c. a firm's competitors

An organization with bureaucratic and formalized structures is considered the following: a. egalitarian b. decenttalized c. mechanistic d. organic

c. mechanistic

Which of the following are the firm's primary stakeholders? a. suppliers, buyers, customers b. employees, competitors, suppliers c. owners, employees, customers d. local government, owners, suppliers

c. owners, employees, customers

Which of the following best describes the law of demand? a. there is a negative relationship between the factors of production and the quantity of demand, holding the price constant b. there is a positive relationship between the factors of production and the quantity of demanded, holding price constant c. there is a negative relationship between the quantity of a good demanded and the good's price, holding all other factors constant d. there is a positive relationship between the quantity of a good demanded and that good's price, holding all other factors constant

c. there is a negative relationship between the quantity of a good demanded and the good's price, holding all other factors constant

What is the benefit knowing a business core competency? a. a business person will be able to analyze his/her competitors b. a business person will be able to scan his/her environment c. a business person will be able to conduct a SWOT analysis d. a business person will be able to identify the source of his/her success

d. a business person will be able to identify the source of his/her success

When the handbag manufacturer coach opens its own stores in shopping malls, coach will likely benefit from __________. a. the focus on a single business b. highly diverse concentration c. highly specialized concentration d. additional quality controls

d. additional quality controls

If organizational leaders want the structure of their organization to be less rigid, less hierarchical, and more flexible, they should choose this type of organization. a. hierarchial b. mechanistic c. centralized d. organic

d. organic

Which of the following statements about the use of could are correct? a. only large companies like Walmart can afford to use clouds. b. very few companies and individuals use clouds c. individuals and small companies have the ability to create their own clouds. d. public cloud providers make cloud computing available to businesses and individuals.

d. public cloud providers make cloud computing available to businesses and individuals

Which of the following are potential negative impacts of offshoring? a. customers might be negatively impacted b. labor costs will increase. c. it might be difficult to maintain contact or exchange information with employees and customers in another country d. some employees in the home country might lose their jobs

d. some employees in the home country might lose their jobs

Which of the following is NOT a benefit of vertical integration? a. vertical integration reduces costs b. vertical integration provides additional quality controls c. vertical integration reduces uncertainty d. vertical integration reduces individual accountability

d. vertical integration reduces individual accountability

Which of the following organizational structures is mechanistic? -formalized -organic -flexible -bureaucratic

formalized and bureaucratic

_______ occurs when someone wrongfully obtains and uses another person's personal data in some way that involves frauds or deceptions, typically for economic gain. a. identity theft b. business analytics c. a data breach d. hacking

identity theft

True of False: Both for-profit and nonprofit businesses hav the same goal of earning profit

true