Intro To Business Final Study Guide

Which of the following is a consumer nondurable?

breakfast cereal

Human resource management is the process of _____ people in order to achieve organizational goals.

Hiring, Developing, Motivating, Evaluating Doing all of the above

Which of the following is a step in the new-product development process? develop new-product ideas screen ideas create a marketing mix test the new product all of the above

all of the above

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

_____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.

Strategic

Which of the following statements about the accounting profession is true?

Accountants are typically classified as private or public accountants.

There are numerous office supplies manufacturers. U.S.-based Esselte concentrates on selling filing products and desktop products such as staplers and pen sets. Because the Esselte brand is recognized as an innovative leader in the development of filing products and desktop items, the company can be said to have a(n):

differential competitive advantage

The Occupational Safety and Health Act requires:

employers to provide a safe and healthful workplace

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Management

_____ is the division of markets into different groups

Market segmentation

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

Marketing

_____ involves creating a unique marketing mix for every consumer.

One-to-one marketing

_____ is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans.

Organizing

_____ involves calculating and interpreting financial ratios taken from the firm's financial statements in order to assess its condition and performance.

Ratio analysis

_____ is the attempt to find and attract qualified job applicants in the external labor market.

Recruitment

_____ involves presenting an accurate and positive image of the firm to those it is recruiting for jobs.

Recruitment branding

There are two types of expenses recorded on the income statement. They are:

cost of goods sold and operating expenses

A basic form of market segmentation that uses such variables as age, education, and income is called:

demographic

Which of the following is NOT one of the stages in the product life cycle?

development

A ______ is a formal complaint, by an employee or by the union that management has violated some part of the contract.

grievance

A(n) _____ is a summary of what a company has earned and spent over a given period.

income statement

The _____ role of a manager consists of relationships with other people as figurehead, leader, and liaison.

interpersonal

The three basic roles of management are:

interpersonal, decisional, and informational

Since Cate Langton was hired in the marketing department of a consumer products manufacturer, she has worked in its public relations department, she has worked in its advertising department, and she has worked to help design collateral sales material and point-of-purchase displays. Next week she will go out on the road as a salesperson. What method of training is Langton's employer using?

job rotation

How has the Sarbanes-Oxley Act affected accountants?

It has eliminated many nonauditing tasks they use to provide for their customers.

_____ is the process of guiding and motivating others toward the achievement of organizational goals.

Leadership

Managerial accounting provides information that would probably be most beneficial to:

a middle manager of the company

Price is:

also called revenue

The first step in controlling is to:

establish performance standards

The first step in performance planning and appraisal is to:

establish performance standards

To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:

generally accepted accounting principles

On a statement of cash flows for a pizza restaurant, the cash flows from investment activities section would include:

the brick oven stove used to cook the pizzas

_____ is the system used to record a firm's financial transactions in a routine and clerical process.

Bookkeeping

The ratios that are of special interest to the firm's creditors and measure the firm's ability to pay short-term debts as they come due are called _____ ratios.

liquidity

A _____ union is a branch union that represents a specified area or even a specific plant.

local

The _____ is based on the five P's.

marketing mix

An organization's _____ is its general purpose or reason for existence.

mission

Current assets, such as marketable securities and inventory, usually are expected to be turned into cash within:

one year

Ethan Djuna is a territorial salesperson for Lennox heating and air conditioning systems. Every six months Djuna's sales manager gives him feedback by showing Djuna a comparison between his actual sales figures and his sales objectives. This feedback is called a _____ appraisal.

performance

When your boss gives you a raise, he or she is using _____ power.

reward

Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The supermarket chain's emphasis on maintaining its cost competitive advantage means the company's top management is often concentrating on its _____ strategy.

pricing

A (n) _____ is any good or service that satisfies wants, along with its perceived attributes and benefits.

product

The process that products go through as they pass through their introduction, growth, maturity, and decline stages is called the:

product life cycle

Reisner, Inc., is a small company that manufacturers egg cartons. It has a sales force of fifteen who sell all over the U.S. Last year the company exceeded its predicted sales by almost $25,000. Forty percent of these added sales were divided equally among Reisner's salespeople. Reisner used a(n) _____ to reward its salespeople.

profit sharing plan

The Financial Accounting Standards Board (FASB) is currently:

pushing for major changes in GAAP

The Sarbanes-Oxley Act:

restricts the types of nonaudit services auditors can provide audit clients

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

screening

The tool most widely used in making hiring decisions is the:

selection interview

A strategy of charging a high introductory price for a new product that invites eventual competition is called price:

skimming

A(n) _____ is a summary of the money flowing into and out of a firm.

statement of cash flows

Accounting involves the _____ of the financial activities for firms.

summarizing

The lowest level of management, which usually has the most people to manage, is called _____ management.

supervisory

The specialized knowledge and ability that a person brings to a job, such as computer programming, is called a(n) ______ skill.

technical

Which of the following statements about the accounting profession is true? Most CPAs first work for public accounting firms and later become private accountants or financial managers. Managerial accountants become a certified management accountant when they meet the requirements of the professional certification program. Public accountants serve individuals and organizations on a fee basis. Private accountants are also called corporate accountants. All of the above statement about the accounting profession are true.

All of the above statement about the accounting profession are true.

Which of the following is NOT one of the four functions of management?

Budgeting

_____ is the action that people take in buying and using goods and services.

Buyer behavior

_____ is the process of negotiating labor agreements between union members and management.

Collective bargaining

_____ is the process of ensuring that the organization's objectives are being met and of correcting deviations from the plan.

Controlling

_____ is the set of values, ideas, attitudes, and symbols created to shape human behavior.

Culture

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

Customer value

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

Depreciation

_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.

Financial accounting; Managerial accounting

_____ skills refer to a manager's ability to operate in diverse cultural environments.

Global management

_____ is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

Human resource management

An apprenticeship: is a form of on-the-job training also involves classroom training can last as long as four years is commonly found in the skilled trades of plumbing and electrical work Is accurately described by all of the above

Is accurately described by all of the above

Jay Pontiac, an auto dealer, wanted to develop a service reminder program in the form of brochures that could be sent to individual customers. On the cover of each individualized brochure was an image of the customer's vehicle, the customer's name, and vehicle model name. Inside was the vehicle's estimated current mileage at the time of the mailing. Recommended services for that vehicle based on the estimated mileage were also included. Detailed service information was provided in the service history section of the brochure. On the back of the brochure were four coupons directly related to the service recommendations. Jay Pontiac used:

one-to-one marketing

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes. The manufacturer of Topik considers this group to be its:

target market

A falling box injured Beatrice Hix while she was helping to unload a truckload of aquariums for her employer, a pet store operator. She is receiving pay for lost work time due to the work-related injury. _____ paid her for her lost work time.

Worker's compensation

_____ is the process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job.

Selection