Bus 1201: Test

Sacarcity

the principle that limited amounts of goods and services are available to meet unlimited wants

Macroeconomics

the study of economy-wide phenomena, including inflation, unemployment, and economic growth

e-business

using the internet to facilitate every aspect of running a business

Which statements best described the difference between a manufacturing business and serve business?

A Service business are entrepreneurial in nature, while manufacturing businesses are not B Manufacturing Businesses deal mostly with things, while service businesses deal mostly with people B Manufacturing Businesses deal mostly with things, while service businesses deal mostly with people

In perfect competition there are usually three or four sellers who dominate more that 1/2 the market and who try to differentiate their products through marketing

A True B False A True

cause-related marketing

A commercial activity in which a business forms a partnership with a charity or nonprofit to support a worthy cause, product, or service; also known as cause marketing

corporate social responsibility (CSR)

A concern for taking actions that will benefit society as well as the organization

the ______ consists of all those individuals or households that want goods or services for their personal use.

A consumer market B Product Strategy C Marketing Mix D Consumer demographic A Consumer market

Which element of consumer buying behavior includes friends, family, and coworkers?

A culture B reference groups C Social class D personal image B reference groups

Which element of consumer buying behavior includes income level, profession, and political status?

A culture and subculture B reference groups C personal image D Social Class D Social Class

The _____ price reflects reflects what the consumer is willing to pay

A demand B supply C median D market D market

When two or more consecutive quarters experience a decline in GDP, the country is...

A experiencing deflation. B experiencing inflation. C in a recession. D in a depression E ending a recession and entering a depression C in a recession

The __ is the part of the Gov responsible for monetary polices

A federal bureaucracy B executive office C federal reserve system D congress C federal reserve system

organization

A group of people who work together to accomplish a specific purpose

which step in a mangers decision-making process involves planning for desired outcomes and analyzing actual results.

A implementing and evaluating the decision B sponsoring an employee retreat C Identifying the problem D weighing alternative solutions A implementing and evaluating the decision

Proteus Sport is popular for its athletic shoes. It has shoes for soccer, basketball, golf, running, and football. Proteus also carries athletic apparel like caps, shirts, jerseys, shorts, and socks. The shoes and apparel can be best described as examples of product_____ which make up the Proteus ______

A line: Mix B Lines: Segment C Mixes: Line D promotions: mix A Line: Mix

Oscar is in the kitchen and bathroom design and construction specialist. considering his business in the context of operations, the tool, and raw materials he uses would best be classified as

A logistics B services C outputs D Inputs D inputs

In ______ the market has many small sellers who sell interchangeable products to many informed buyers, and no seller is large enough to dictate the price of the product.

A perfect competition B monopoly C constrained competition D monopolistic comp E oligopoly A perfect competition

entrepreneur

A person who sees a new opportunity for a product or service and who risks time and money to start a business with the goal of making a profit

it doesn't make much sense to evaluate how well the work you are managing is going if you don't already have a _____ to measure your progress agaisnt

A plan B decision C Goals D Competitor A plan

Advertising and publicity are forms of

A public relations B promotion C personal selling D A Production Strategy B promotion

ethics officer

Company executive whose job is to integrate the organization's ethics and values initiatives, compliance activities, and business conduct practices into the company's decision-making processes

There is local legislation being considered that would increase a local sales tax. Ana is concerned this could impact sales.

Economic

sustainability

Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs

compliance-based ethics code

Ethical code that attempts to prevent criminal misconduct by increasing control and by punishing violators

integrity-based ethics code

Ethical code that seeks to foster responsible employee conduct by creating an environment that supports ethically desirable behavior

How might The American Journal play a role in combating global climate change? Choose all that apply.

It can develop telecommuting policies that allow workers to not drive as much and work from home.

Suppose that The American Journal develops a reputation for publishing biased, sensationalized, or inaccurate information. What will be the likely result?

It will lose readers and the advertisers who keep the company on stable financial ground.

If The American Journal publishes false information, the injured party may sue. Therefore, The American Journal (and all other U.S. businesses) must work within the framework of U.S. ______.

Law

Refers to the movement of the world economy toward becoming a more interdependent system

Legal/Regulatory/Political

As part of its written commitment to CSR, The American Journal has promised to match its employees' contributions to charitable organizations within the United States. Which stakeholders does this policy benefit?

Local and national community

management

Planning, leading, organizing, and controlling the activities of an enterprise according to certain policies to achieve certain objectives

ethics

Principles of right and wrong that influence behavior

globalization

Refers to the movement of the world economy toward becoming a more interdependent system

profit

Revenue minus expenses; the amount of money a business makes after paying for all its costs

laws

Rules of conduct or action formally recognized as binding or enforced by a controlling authority

Ana recently implemented an automated, Internet-based system ensuring she never runs out of inventory of her most popular brand of dog food.

Technological

Productivity

The amount of output per input

business environment

The arena of forces (economic, technological, competitive, global, and social) that encourage or discourage the development of business

electronic commerce

The buying and selling of products or services over computer networks

cultural norms

The ethics, values, attitudes, and behaviors that are deemed to be normal or typical in a given culture

selling

The exchange of goods or services for an agreed sum of money

quality of life

The level of a society's general well-being as measured by several key factors, including health care, educational opportunities, and environmental health; also called human development

risk

The possibility that the owner(s) of a business may invest time and money in an enterprise that fails (that is, does not make a profit)

Values

The relatively permanent and deeply held underlying beliefs and attitudes that help determine people's behavior

Economics

The study of how people seek to satisfy their needs and wants by making choices

revenue

The total amount of money that the selling of goods or services produces during a defined period of time (for example, one year)

Sarbanes-Oxley Act

U.S. law, enacted in 2002, that established protections for whistleblowers, recordkeeping requirements for public companies, and penalties for noncompliance

Thomas has a deeply held _______ that journalists are required to publish the truth and to verify all the information in their stories.

Value

supply and demand

an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

Thomas's ______ tell him it is not morally acceptable to ruin a man's career based on gossip.

ethics

standard of living

Acomponent of a society's quality of life, defined by how many goods and services people can buy with the money they have

whistleblower

An employee who reports organizational misconduct to the government or the public; such conduct may include corruption, fraud, overcharging, waste, or health and safety problems

social entrepreneurship

An innovative, social value-creating activity that can occur within or across the for-profit and nonprofit sectors

service

An intangible product; usually a task that is performed for the purchaser

for-profit organization

An organization formed to make money, or profits, by selling goods and services

nonprofit organization

An organization that exists to earn enough profit to cover its expensesand further its goals

business

Any activity that seeks to make a profit by satisfying needs through selling goods or services and generating revenue; a for-profit organization

Carroll's Global Corporate Social Responsibility Pyramid

Archie Carroll's guide for thinking about the day-to-day practical and moral matters that businesses encounter; the pyramid suggests that an organization's obligations in the global economy are to be a good global corporate citizen, to be ethical, to obey the law, and to be profitable

Sasha manages a hotel and is responsible for ensuring that rooms and service exceed the exceptions of the hotels customers=. her role would best be describes as _____ management.

A Operations B knowledge C transformation D production E Capital A Operations

Charles Andrade, an electrician, has the ability to read and follow building plans and wiring diagrams. the ability is an example of a ______ skill

A Scientific B Human C Career D Technical D technical

During which phase of the business cycle does the pace of economic activity slow down and GPD falls

A. Peak B. Trough C. Contraction D. Acceptance E. Expansion Correct : contraction

The total value of all goods and services that a country produces within its borders in one year is called

A. Producers price index B. Consumer price index C. Gross domestic product D. Balance of payments E. Balance of trade Correct : gross domestic product

The base layer of the global social responsibility pyramid indicates that a company has a duty to be

A. Profitable B. Powerful C. Legal D. Ethical Correct : profitable

A company's annual report is its stated position on political and social issues

A. True B. False Correct : false

A company's ______ answers the question "what do we want to become"

A Blue print plan B Position report C Mission statement D Vision Statement D Vision Statement

the creation of alternative courses of action a company can use if its original plans don't prove workable is called _____ planning

A Contingency B Speculative C Long Range D Operational A Contingency

_______ is dividing a market into groups whose members have similar characteristics or wants and needs.

A Customer branding B The Market Mix C Product division D Market Segmentation E Traget Marketing Strategy D Market Segmentation

The means for developing goods and services and for satisfying consumers demand are

A Factors of production B microeconomics C supply and demand D macroeconomics A factor of production

In the which type of free market are there few sellers offering similar but not identical products to many small buyers

A Imperfect competition B perfect competition C monopoly D oligopoly D oligopoly

Kooky Cola offers a variety of different sodas including Cola, Diet Cola, Sugar-Free Cola, and Clear Cola. The different sodas are best described as being part of Kooky Cola's product

A Line B Strategy C Promotion D Mix A Line

Mississippi BarBeQue makes a special barbeque sauce that it sells to restaurants and retail stores. This is an example of_______marketing.

A B2C B B2B C one to one D niche B B2B

A benefit of a social audit is that it allows a company to evaluate its social performance based in predefined goals

A. True B. False Correct : true

To operate successfully capitalist countries must grant four basic rights. These rights must be supported by the laws, institutions, infrastructure and

A stake holder B culture C businesses D Profitability B culture

social audit

A systematic assessment of a company's performance in implementing socially responsible programs, often based on predefined goals

good

A tangible product (one that you can touch)

employees should be allowed to share management responsibilities, including decision making this statement is an argument in favor of _____ employees.

A training B empowering C managing D conceptualizing B empowering

During which phase of the business cycle does the pace of economic activity slow down and GDP falls?

A trough B peak C expansion D acceptance E contraction E Contraction

______ segmentation consists of categorizing consumers according to statistical characteristics of a population, age, income, and so on.

A user rate B Benefit C Geographic D Demographic D Demographic

Trinity Design Company surveys its customers after the completion of each product to ensure it has met or exceeded expectations. Trinity is most likely concerned with the concept of

A user-rate B Customer satisfaction C secondary data D value B Customer satisfaction

a company's organization chart displays, among other relationships, the company's vertical hierarchy of authority this hierarchy demonstrates.

A who reports to whom B who is equal to whom C Who the inside people are D who the stakeholders are A who reports to whom

Concern for taking actions that will benefit society as well as the organization is known as cooperate strategy

A. True B. False Correct : false

Principles of right and wrong that influence behavior are known as

A. Values B. Ethics C. Laws D. Responsibilities Correct : ethics

Not only customers and the community but also owners, employees, and suppliers benefit from

A. Aggressive social media marketing B. Turning a blind eye to ethics violations C. Ethical behavior and social responsibility D. Price slashing and deep discounts Correct. : ethical behavior and social responsibility

A code of ________ is a written set of standards intended to guide an organization's actions.

A. Behavior B. Ethics C. Values D. Litigation Correct : ethics

The term value refers to a deeply underlying belief or attitude that helps determine people's

A. Behavior B. Income C. Prejudices D. Ambitions Correct : behavior

A company wants to encourage responsible conduct for its employees. What would most likely help the company meet its goals

A. Building a social responsibility pyramid B. Training on the compliance based ethics code C. Conducting a social audit D. Creating an integrity based ethics code E. Shane the principal provisions of Sarbanes-oxley Correct : creating an integrity based ethics code

_______ is a systematic assessment of a company's performance in implementing socially responsible programs, often based on predefined goals

A. Cause related marketing B. Code of ethics C. Social entrepreneurship D. Social audit Correct : social audit

The _____ price reflects what the consumer is willing to pay

A. Demand B. Supply C. Median D. Source E. Market Correct : market

Which factor in production includes the buildings and tools that are used to produce goods and services

A. Entrepreneurship B. Knowledge C. Capital D. Natural resources E. Human Resources Correct : capital

In a perfect competition, there are usually three or four sellers who dominate more than half the market and who try to differentiate their products through marketing.

A. False B. True Correct : false

_______ encapsulates the monthly costs of a "market basket" of about four hundred representative consumer goods and services that allow data analysts to measure the rate of inflation or deflation

A. Gross domestic product B. Producers price index C. Consumer price index D. Balance of payments E. Balance of trade Correct : consumer price index

When two or more consecutive quarters experience a decline in gdp, the country is

A. In a recession B. Experiencing inflation C. Experiencing deflation D. In a depression E. Ending a recession and entering a depression Correct : in a recession

The means of developing goods and services and for satisfying customers demand are

A. Macroeconomics B. Microeconomics C. Capitalism D. Factors of production E. Supply an demand Correct : factors of production

______ studies the economy as a whole

A. Micro B. Consumer behavior C. Finance D. Marketing E. Macro Correct. : macro

In _____, the market has many small sellers who sell interchangeable products to many informed buyers, and no seller is large enough to dictate the price of the product

A. Monopolistic comp B. Constrained comp C. Perfect comp D. Monopoly E. Oligopoly Correct : perfect competition

An integrity-based ethics code supports responsible employee behavior by emphasizing shared

A. News about corporate social responsibility on social media B. Accountability among employees C. Blame and punish when ethics are violated D. Profits among stakeholders Correct : accountability among employees

A major reason employees stay at their companies is

A. Organizations location B. Values and ethics are not mandatory C. Organizations concern for ethics D. Medical benefits are good Correct : organizations concern for ethics

expenses

Costs incurred as part of a company's operating activities