Gateway Exam 2

_____ is the combining of natural resources, human resources, and capital to produce goods and services

Production

which of the following is NOT a popular form of sales promotitoin

advertising

the two types of distribution channels are

industrial and consumer

_____ is the management of the production conversion process for both goods and services

operations management

the ____ is a summary of the money flowing into and out of a firm. it is used to assess the sources and uses of cash during a certain period of time

statement of cash flows

managerial accouting provides informatoin that would probably be most beneficial to

a middle manager of a company

Which of the following organizations would analyze their market environments, find a competive advantage, and create a marketing mix?

all of the above

accouting provides a framework for looking at

all of the above

which of the following is an exmaple of an advertising medium

all of the above

______ is the process of distributing the original cost of a long term asset over the years of its useful life

depreciation

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

differential sustainable competitive advantage

which of the following is NOT an element of the promotional mix

distribution

the ____ is a series of marketing entities through which goods and services pass on their way from producers to end-users

distributition channel

customer satisfaction

refers to the customers feeling that a product has met or exceeded expectations

the funds that are reinvested in the firm out of prodits and after dividends are paid are called

retained earnings

because Avril Peters is investing in the commodities market, she stands a change of losing money. ______ is the term used to describe her potential loss

risk

the ______ is a specific group of consumers toward which a firm directs its marketing efforts

target market

things of value owned by a firm are called its

assets

which of the following calculations is a formal expression of the accounting equation

assets = liabilities + owners equity

After product specifications are set, a company must decide whether to purchase or manufacture the parts that it needs. This is called a(n) _____ decision.

make-or-buy

making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash

management

______ is the division of markets into different groups

market segmentation

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

marketable securities

______ is the process of planning and executing the conception, pricing, promotion, and distributation of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

marketing

the ____ us based on the five P's

marketing mix

In _____, goods are produced using mass production techniques up to a point. then production is custom tailored to the needs or desires of individual customers

mass customization

the three main types of facility layouts are:

product, process, and fixed-position

the elements of the ____ are advertising, personal sellings, sales promotion and public relations

promotional mix

the sales process begins with the salesperson locating companies or people who are most likely to buy the sellers offerings. this activity is called

prospecting

_____ is any communication or activity designed to win goodwill or prestige for a company or person

public relations

in which of the following industries are you most likely to find factoring being used

appliance industry

a(n) ____ are go-betweens that bring buyers and sellers

broker

____ is the process of selecting the capital expenditures that offer the best retusna nd meet the goal of maximizing the firms value

capital budgeting

funds invested in long lived assets, such as land, buildings, machinery, and equitment are called

capital expenditures

in the accounting field, CMA stands for

certified managerial accountant

A secured loan requires the borrower to pledge specific assets as ____ or security

collateral

a secured loan requires that borrowers pedge specific assets to secure the loan. these assets are called

collateral

____ stock is a security that represents an ownership interest in a corporation and has voting rights

common

A _______ process uses long production runs that may last days, weeks, or months without equitment shutdown

continuous

a system that utilizes long production runs resulting in high volume, standardized products called an ______ process.

continuous

total quality management focuses on

continuous improvement

____ are bills and claims that will have to be paid within the next 12 months

current liabilities

manufacturers represenatives usually

do all of the above

long term debt would be used to

do none of the above

an ____ takes place when the consumer trades money for desired goods and services

exchange

to ensure accuracy and consistency in the way financial information is reprted, accoutants folllow rules jown as

generally accepted accounting principles (GAAP)

selling more rainwater in seattle than in san diego due to the annual rainfall is an example of which type of marketing?

geographical

during the _______ stage of product life cycle, competition is light, production and marketing costs are high, and profits are either small or negative

introduction

Just in time

is a system in which production inputs arrive just when they are needed for production rather that being stored on site

which of the following factors will be important in the selection of a site for a production facility?

labor costs, prox to raw materials, nearness to customers, access to transportation (ALL OF THE ABOVE)