BUS 10 Final

This week, Jenny's Fish Shack had sales of $5,000. Employees were paid $2,000; food costs were $1,500; and rent was $500. Profit for the week was

$1,000

Match the external forces: Limited battery range

Technological

Match the external forces: Low carbon footprint

Environmental

Which of the following is not an example of a service company?

Grocery store

What is the name of Stage 2 of PLC?

Growth

What is the name of Stage 1 in PLC?

Introduction

Managing the money that comes in and goes out of a business means managing ____.

cash flow

A _____ software system determines the steps needed to produce components and instructs the machines that do the work.

computer-aided-manufacturing (CIM)

MRP is used for:

system accelerates the manufacturing production process by determining what raw materials, components and subassemblies are needed, and when to assemble the finished goods,

On a statement of cash flows for a provider of math tutoring services, the cash flows from financing activities would include:

the money borrowed to purchase the furniture in the tutorial area

How has diversity impacted the marketing and customization of products?

along with their numbers, the buying power of minorities is growing

The first step in the accounting cycle is to:

analyze business transaction documents

Which of the following calculations is a formal expression of the accounting equation?

assets = liabilities + owners' equity

PERT charts differ from critical path method (CPM) in one important way. PERT charts _____, and the CPM does not.

assign three time estimates for each activity

The craft store marked balls of yarns to $0.50 to attract more customers into the store. This was below the store's cost. The strategy was intended to be a _____ to increase store traffic:

customer-targeted product

Match the external forces: Comparatively three times more expensive than casual use road bikes

Economic

The ability to manufacture many goods at once is called _____ production.

mass

Understanding that 22 percent of the population buys 84 percent of the cereal products would be useful if cereal manufacturers wanted to segment its market according to:

volume

A _____ product is a product for which consumers may search long and hard and for which they refuse to accept substitutes.

specialty

What is the revenue for Stage 3 of PLC?

stabilizes then begins to decline

What is the first step in the production process?

Deciding which type of production process is best for your company

The factor of production represented by business managers, scientists, and academicians is:

Knowledge

Match the external forces: Unlike motorcycles, no special licensing needed in most cities in the U.S.

Political/Legal

Using _____ branding, a company makes a product and sells it to a retailer who resells it under its own name.

Private

The funds a business gets in exchange for goods or services is called ______.

Revenue

Match the external forces: Not widely adopted by most people in U.S. as most people like regular bikes

Sociocultural

What is the primary difference between a good and a service?

a good is tangible; a service is intangible

Joe has a six-month loan for $7,500 that he used to refurbish the fishing boat he uses to earn his living. This loan is an example of:

a long-term liability

Which of the following is an example of a demographic factor? Select those that are true.

a persons ethnicity, age, sex, income, employment, location, level of education

Tangible (referring to goods and services)

able to physically touch or obtain

The best way to prepare to be an investor is to learn all the _____ information that you can.

accounting

Labor, as a factor of production, refers to:

all workers in business

What happens to the Sales revenue for a product in Stage 4 of PLC?

declining

Retained earnings are:

earnings retained by the business typically reinvested in the business

What are principles for financial reporting established by an independent agency called the Financial Accounting Standards Board.

generally accepted accounting principles

A marketer that took the city and the climate into consideration as marketing variables would be concerned about _____ segmentation.

geographic

Selling more rainwear in Seattle than in San Diego due to the annual rainfall is an example of which type of marketing segmentation?

geographic

_____ is the streamlining of production by eliminating steps in the production process that do not add benefits that customers are willing to pay for.

lean manufacturing

A continuous production process has all of the following characteristics EXCEPT: low cost per unit standardized parts easy scheduling long production runs low volume

low volume

In selling telephone service, AT&T tries to gather as much information as possible about the consumer's income, buying habits, service preferences, and occupation. AT&T is utilizing:

marketing research

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

_____ is a strategy that focuses on forging long-term partnerships with customers.

relationship marketing

Jenny started a dog walking business at the start of the summer. She spent $10 to make signs for her service and posted them all over her neighborhood. She spent $60 for a leash and a pooper-scooper. She charged $10 per dog and walked 5 dogs per day for 3 months (assume 30 days per month). What was Jenny's profit for her summer gig?

$4,430

Primary data collection for a gaming software company could include the following methods except: Talk to customers who comes into your store to return their purchases A gaming software report from Gartner Group, a market research firm Select 8-10 customers and get them to try a new product and ask them what they think of the product A SurveyMonkey survey sent out to the company's existing customers

A gaming software report from Gartner Group, a market research firm

_____ segmentation is based on what the product will do rather than on consumer characteristics.

Benefit

Match the external forces: Many competitors from Asia and Europe where ebikes more prevalent

Competitive

Another term for owners' equity is:

net worth

3M Consumer Healthcare has introduced a "Home 'n Go Pack" packaging concept that organizes each of its bandage offerings into a separate plastic pouch within the bandage box. The pouch is visible through a window in the external packaging. The decision to offer this new packaging was made as part of the _____ strategy.

product

When a travel agency wanted to predict sales for a new travel adventure they are launching, they looked at customer feedback of similar types of vacation packages survey already posted tripadvisor.com. This is an example of:

secondary data gathering

With _____ pricing, a company tries to cover its initial costs by setting the highest price that keenly interested customers will pay.

skimming

When a manufacturer of electric cars initially charged a high price but later dropped the price after others entered the market, it was practicing which pricing method initially?

skimming pricing