Intro to Business Quizzes Pt.2

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1

Short-term assets are expected to be converted into cash within

1 year

Commercial Paper terms are between

1-270 days

A Triple Bottom Line Company's goals are all measured by the following EXCEPT:

market share

Jenna asked her accountant to prepare a summary of the company's "bottom line." What specific information is Jenna interested in?

net income after taxes

When expanding and hiring new employees, especially new employees with a corporate background, what issues did 7th Generation encounter?

new employees were used to many policies and rules

Management is the process of achieving through people and other resources.

organizational objectives

Robert's company contracted with an outside business to provide technical and computer support. This is an example of

outsourcing

Pure Products is introducing a new paper coffee filter at a dramatically reduced cost in order to obtain a market share. This is an example of:

penetration pricing

An organization's is the group of potential customers toward whom it directs its marketing efforts.An organization's is the group of potential customers toward whom it directs its marketing efforts.

target market

What factor influenced students to overcome the $35 initial fee of enrolling in the Zip Car program?

the $400 cost of a parking permit

The procedure used by accountants to convert transactions into financial statements is called

the accounting cycle

The commodity price of coffee is based on all of the following EXCEPT

the coffee itself

According to the video, laying people off at 7th Generations is considered:

the last resort

The CEO of Pet Airways states that when looking at a Business, the first thing to look for is

their demand for the product

newly-launched businesses fail within two years after commencing operations.

About one out of three

A university offers alumni a special Visa card with the university's logo printed on the front. Each time the cardholder uses the card, the university receives a small percentage of the amount charged. This is an example of

Affinity program

The Zip Car program is serving both Business to Consumers customers (B2C), as well as Business to Business customers (B2B). The B2C customers being and the B2B customers being

18-20 year old students, Departmental and Institutional users

There are credit reporting agencies.

3

The amounts owed is how large of a factor in determining your credit score?

30%

7th Generation has experienced an average growth rate of and about in sales.

30%, $200 million

What is the lowest FICO score?

300

Approximately how much more does it cost to attract one new customer than to keep an existing one?

5 times as much

A "B Corporation" is generally expected to maintain a wage difference of between management and the lowest paid workers.

5 to 1

The majority of all U.S. firms employ:

500 or fewer employees

What is the highest possible FICO score?

850

Pet Airways took advantage of promotion opportunities. Which of the following has Pet Airways included in their strategy?

All of these (TV shows, Social Media, Newspapers)

Who participates in the financial system?

All of these (businesses, individuals, government)

Secret Acres sells its comic books via Amazon.com as well as their own website. What are the advantages and disadvantages of the two distribution channels?

Amazon takes a large cut but they generate a lot of sales vs their own website

Which of the following represents the accounting equation?

Assets = Liabilities + Owners' Equity

All of the following are sources of short-term funds EXCEPT

Bonds

Which of the following can be used as a source of long-term funding?

Bonds

Secret Acres is a distributor for various types of comic books. How does the distribution of books differ from the distribution of comic books?

Bookstores are allowed to returns unsold books to the distributor while Comic book sellers are not able to return comic books to the distributor.

Which of the following statements is correct?

Budgets serve as a planning and control tool

Which leadership style would allow sales personnel to participate in setting sales quotas?

Democratic

Which of the following is a non-cash expense?

Depreciation

A is a time deposit at a financial institution, such as a commercial bank, savings bank, or credit union.

CD

The highest-ranking financial manager is the:

CFO (Chief Financial Officer)

The CEO mentions that he hires accountants on a contract basis, as opposed to hiring them as employees. What is the most common certification required for these professionals?

CPA - Certified Public Accountants

Calico Inc. retains decision making at the top of the management hierarchy. Calico Inc. emphasizes:

Centralization

Isabella owns 100 shares of IBM stock, which means she has voting rights on company decisions at IBM, but only residual claims on the company's assets.

Common

Don, president of Pioneer Graphics, is highly respected for his ability to analyze and interpret trends in the rapidly changing graphics industry. Don has effective skills.

Conceptual

As someone moves up the managerial hierarchy, which skills become relatively more important?

Conceptual Skills

refers to the actions of consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.

Consumer behavior

In the typical firm, the is the chief accounting manager.

Controller

Items that consumers purchase frequently, immediately, and with little effort are products.

Convenience

Consumer products are usually classified as

Convenience products, shopping products, and specialty products

Which of the following tasks are NOT typically outsourced?

Core business

When it comes to Pricing Strategy, Pet Airways primary method is to meet expenses such as flight costs. What type of Pricing Strategy is Pet Airways using?

Cost-Based Pricing Strategy

is the strategy in which an organization calculates total costs per unit and then adds markups to cover overhead costs and generate profits.

Cost-based pricing

Which of the following is the first step in developing a marketing strategy?

Create product and promotion strategies?

Which of the following financial institutions is organized as a not-for-profit cooperative?

Credit Unions

Ida works on creating ways to ensure that customers receive goods at the right time and correct location. Ida is involved in her firm's strategy.

Distribution

A(n) is the reverse of a merger.

Divesture

When designing products for OXO, what is the most critical factor considered?

Empathy

What is the most commonly used credit scoring system?

FICO

A(n) is a document that specifies the funds a firm will need for a period of time, the timing of inflows and outflows, and the most appropriate sources and uses of funds.

Financial plan

The cost of acquiring your credit report is:

Free once a year

The rules followed by accountants when preparing financial statements are referred to as

Generally Accepted Accounting Principles (GAAP)

Which one of the following is NOT a credit reporting agency?

Goldman Sachs

What's one example of how a customer has been able to find Pet Airways for their pet's transportation needs?

Google search

In which stage of the product life cycle do profits generally first appear?

Growth

When Sara instructs new employees on handling customer complaints, she motivates them to respond with patience and a positive attitude. Sara has effective skills.

Human

Devin obtains research data based on the number of unique visitors to his company's Web site, as well as tracking types of orders and amount of money spent. Devin is acquiring what type of research data?

Internal data

Comet Skateboards has utilized all of the following sources of capital EXCEPT:

Issuing Stocks and Bonds

Which of the following statements about Title VII of the Civil Rights Act is NOT correct?

It requires prison terms for employers who discriminate

is the ability of directing or inspiring others to perform activities designed to achieve organizational objectives.

Leadership

If you are considering starting your own business, a key priority for you should be to:

Learn the basics by working for someone else first

A order instructs the broker to purchase a stock below a specific price.

Limit order

Thomas is using demographic data methods for segmenting a market. He will use all of the following EXCEPT

Location

Even though John is a very skilled and talented auto mechanic, his repair shop still failed due to his lack of skills in finance, marketing, customer service, and employee management. This common scenario is known as:

Management Shortcomings?

Serguis is a member of his firm's strategic planning team. He has identified several untapped markets that exist in other countries. His observation should be listed as a(n) in SWOT analysis.

Opportunity

attempts to isolate the traits that distinguish a certain group of customers from the overall market.

Market segmentation

is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Marketing

In which stage of the product life cycle do sales reach a saturation level, making further sales expansion difficult?

Maturity

Which level of management includes job titles such as general manager, division manager, or plant manager?

Midde Management

Interpersonal determinants of consumer behavior include all of the following EXCEPT influences.

Motivational

A bill that you never paid will be recorded in your credit report as a:

Negative Information (Late Payment,Collections)

The largest stock exchange in the United States is the

New York Stock Exchange

What is the first step in the strategic planning process?

Organization Mission

What is the biggest factor in calculating your credit score?

Payment history

The buyer-seller communication in occurs during a face-to-face meeting or via telephone, videoconference, or interactive computer link.

Personal selling

According to Maslow, an individual's first priority is given to which level of need?

Physiological

When Kroger's grocery store puts its own line of detergent on the shelf next to Tide, the store is promoting its brand.

Private

Joe is developing the marketing mix for his company's new line of power tools. A brand name, price, and distribution system have been decided. Now Joe is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Joe's strategy.

Promotional

Emily is a manager who spends most of her time in day-to-day decisions assigning non-managerial employees to specific jobs. Emily is considered a manager.

Supervisory

Helène, an industrial sales representative, bought a cellular phone to use if she ever had car trouble while traveling between appointments. Which level of Maslow's need hierarchy is Helène addressing?

Safety

Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n)

Salary

What is a major advantage of Secret Acres website, vs selling comic books via Amazon?

Secret Acres can deal with customers one on one and get to know them better

Setting a price relatively high compared to similar goods and then gradually lowering it is a pricing strategy called pricing.

Skimming

Compared to large businesses, which of the following statements regarding small businesses is CORRECT?

Small businesses are more likely to be eligible for government loans or for government purchasing programs

Chaya's firm allows her to complete most of her work tasks from her home. Which flexible work plan is Chaya using?

Telecommuter

Malcolm, manager of a purchasing department, keeps a close watch on his employees to make sure they don't extend their work breaks beyond the 15-minute time allotment. Malcolm would be described as a manager.

Theory X

All of the following are contributions of small businesses EXCEPT:

They provide more job security than large corporations

Lucia is a chief financial officer in a large corporation. Her responsibilities include the full financial authority to make appropriations and authorize expenditures. Lucia is likely to be a member of management.

Top

What method of transportation accounts for the majority of finished goods finding their way to consumers?

Trucks

In breakeven analysis, the costs that change with the level of production are considered costs.

Variable

7th Generation stresses that a firm should measure what is values. What two specific measures of employees do they evaluate?

Volunteer time and Global Citizenship

Omar, an electrician for Quality Builders, is paid $35 for each hour he works during the day. After 5 p.m. and on weekends, he is paid the overtime rate of one and one-half times the regular hourly rate. Omar is paid a

Wage

Which of the following is NOT reported on your credit report?

Your income

A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called

a product

Pet Airways uses what technology when modeling costs and net income?

a spread sheet

A credit card that you have continually paid on-time will be recorded in your credit report as:

account in good standing

Which of the following assets would be listed first on the assets side of a balance sheet?

accounts receivable

A paid; non-personal sales communication usually directed at a large number of potential buyers is

advertising

What is the advantage of a high credit score?

all of these are advantages (lower fees, lower possible down payments, lower interest rates)

What is the biggest drawback of a very low credit score?

all of these are drawbacks (higher interest rates, disqualified from getting a loan, higher fees)

An overdue bill that was eventually paid in full will:

appear on your credit report as a negative item

A(n) is a financial statement that is directly based on the accounting equation.

balance sheet

Which of the following financial statements shows a firm's financial position at a particular date?

balance sheet

All of the following are assets EXCEPT

bank loans

In 2000 during the Coffee Crises, the price that a coffee farmer could receive was

below the cost of production

Roberta stops at the grocery store to purchase detergent. Tide is her favorite brand, but if another detergent is less expensive, she buys it the cheaper option.

brand preference

The method of determining the minimum sales volume needed at a certain price level to cover all costs is

break-even analysis

Daniel wishes to create a financial blueprint for a future period that reflects such items as expected sales revenues, operating expenses, and cash receipts and disbursements. Daniel wants to create a(n)

budget

Which of the following assets would a firm most likely finance using long-term sources?

buying another company

Lowes utilizes a pricing strategy of maintaining continuous low prices rather than relying on sales. This strategy is an example of

everyday-low pricing

A financial plan includes all of the following EXCEPT:

expenses

All of the following are types of securities EXCEPT

cash

The process of finalizing a sale is the

closing

What is Direct Trade coffee?

coffee that is purchased from farmers

is a form of short-term financing sold by corporations that matures from 1 to 270 days after the date of issue.

commercial paper

Jana's firm allows her to work four 10-hour days each week. This type of flexible work arrangement is known as

compressed workweek

Jan takes her car to Oil Express for an oil change. This is an example of a(n)

consumer service

An organization's system of principles, beliefs, and values is called

corporate culture

Based on employee performance appraisals, managers make objective decisions about all of the following EXCEPT

corporate outsourcing

If a firm has a current ratio of 2.5, it means that for every $2.50 in it has $1.00 in

current assets; current liabilities

Tabitha is a research specialist in a marketing division. She is working on a project that involves searching through customer files to detect spending patterns or trends that her company could target to increase sales. Tabitha is

data mining

The managerial process of assigning work to employees is called

delegating

Integrated marketing communications would include all of the following EXCEPT

distribution

Corporations have all of the following advantages EXCEPT

favorable tax treatment

Kate is a full-time nurse and would like to vary her starting and ending time to better accommodate her children's school hours. Which flexible work plan would be ideal for her situation?

flextime

Richard, Sarah, and Trevor form a partnership because it offers the following advantage:

greater financial resources

When the Small Business Administration (SBA) assists a small business in applying for a major loan, it acts as the

guarantor

The Risk-Return Trade off means that:

high risk = high return

United Airlines' purchase of Continental Airlines combines the resources and capabilities of both firms to create the world's largest airline. The newly formed company is an example of a

horizontal merger

Which of the following is the first step in the employee recruitment process?

identify job requirements

Many businesses fail during the early years because of

inadequate financing

According to the video, growth for 7th Generation has transliterated into what?

increased credibility

Procter & Gamble markets laundry soap with the brand names of Tide, Cheer, and Dash. Each brand targets a specific market segment. Procter & Gamble is utilizing branding.

individual

Informative advertising is most appropriate during which stage of the product life cycle?

introductory

Bonds with ratings of BBB and above are classified as

investment grade bonds

American Express is an effective brand name because it

is easy to pronounce, recognize, and remember

What is equity financing?

issuing stock

Leaders establish power from all of the following sources EXCEPT their

leadership style

Kwane wants to assess his firm's ability to meet its short-term obligations. Which of the following ratios are the most relevant?

liquidity ratios

The responsibility of someone managing a work team is to:

make sure the team keeps the big picture in mind

Raphael works as a tax accountant at a mid-sized manufacturing company. Raphael would be considered a

management accountant

The most common type of order is called a It instructs the broker to obtain the best possible price, the highest price when selling and the lowest price when buying

market order

Olga owns a business and is reviewing her company's current financial statements. As a user of accounting information, Olga is most interested in using this information to

plan and control

An owner of which form of stock would receive dividend payments first?

preferred stock

Data collected for the first time through observation or surveys is

primary data

In the movie, The Social Network, the actor portraying Mark Zuckerberg is featured wearing products by Gap and the North Face. This form of promotion is known as

product placement

Pham is a human resource manager. His responsibilities might include all of the following activities EXCEPT

projecting sales for the coming six-month period

The salesperson's task of identifying potential customers is known as

prospecting.

The SEC requires virtually all new public issues of corporate securities to be registered. As part of the registration process for a new security issue, the issuer must prepare a(n)

prospectus

The Federal Depository Insurance Corporation's (FDIC) primary role is to:

protect depositors

The role of the Securities and Exchange Commission (SEC) is to

protect investors

Desmond is developing several different marketing strategies based on target markets that differ in terms of lifestyles. He is segmenting the overall market by

psychographics

Dell Computer provides inner city schools with free computers and wireless Internet access. This is an example of

public relations

When managing a work team, team members commonly:

remain in the team throughout

The gain or loss that results from an investment over a specified period of time is known as

return

The primary reason that students enrolled in the Zip Car program was due to first, and as a secondary reason.

saving money, helping the environment

The is a collection of financial markets in which previously issued securities are traded among investors.

secondary market

Tiffany is a first-line manager at an electronics retailer. The number of employees that Tiffany supervises is known as:

span of control

Maria owns a store that prepares gourmet chocolates, which are hand-made and sold on the premises. What type of product is Maria selling?

specialty

The board of directors of a corporation is elected by the

stockholders

In breakeven analysis, total cost is composed of

total variable costs and total fixed costs

When a firm receives goods or services from a supplier and agrees to pay for them at a later date, this arrangement is called

trade credit

A brand that has been given legal protection is known as a

trademark

Union contracts typically cover a time period of

two to three years

Sole proprietorships have all of the following advantages EXCEPT

unlimited life

Which form of transportation is the lowest cost per weight but considered rather slow?

water

7th Generation utilizes Personal Development Plans in managing its employees. Approximately half of the Plan entails:

what an employee can do to personally grow

Initial Public Offering (IPO) is:

when a company offers stock for sale to the general public for the first time.

A financial plan answers all of the following questions EXCEPT

when will the funds be needed?

Marketing intermediaries include

wholesalers and retailers


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