BUS 151 Final Exam

Which of the following is an example of an industrial service?

A management consulting company

Accounting provides a framework for looking at

All of the above

Which of the following is a consumer durable?

Bedroom dresser

A short story describing how reluctant British citizens are to play party games that might result in them looking foolish is an example of how ______ shapes human behavior

Culture

Bo Riley pays his rent and utility bills each month by writing checks. Riley is using a _____ account

Demand Deposit

Manufacturers' representatives usually

Do all of the above

______ is the process in which a firm continuously collects and evaluates information about its external environment

Environmental scanning

Podcasts are significantly different from blogs.

False

Preferred stock is a form of debt financing because the dividend must be paid before dividends can be paid to the equity owners.

False

Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called:

Financial intermediation

Which of the following statements does NOT describe an advantage inherent in equity financing?

Interest is tax-deductible.

Gerald Cooksie owns a restaurant in Panama Beach, Florida. He has arranged a business loan with the bank where he has his business account. The terms of the loan allow him to borrow up to $13,500 within the next year if the bank has funds available to lend; he must pay interest only on the unpaid loan balance. Cooksie has arranged a

Line of Credit

A(n) _____ is the collective term that describes the methods and the equipment used to provide information about all aspects of a firm's operation.

Management information system

Any object or objects that a group of people use to buy and sell goods and services is called

Money

________ is anything (regardless of form) that is acceptable as payment for goods and services

Money

Which of the following statements about knowledge management is true?

None of the above statements about knowledge management is true.

A face-to-face sales presentation of a good or service to a prospective customer is called:

Personal selling

The first step in the selling process is to

Prospect and qualifying

The process of creating quality standards and measuring finished goods and services against standards is called:

Quality control

Copying of software programs by people who haven't paid for them is called

Software Piracy

Consumer finance companies make loans to individuals; commercial finance companies make loans to businesses.

True

Data marts are special subsets of a data warehouse that deals with a single area of data, which are organized for quick analysis

True

Money is anything that is acceptable as payment for goods and services

True

Short-term loans

are shown as a current liability on the balance sheet

A recent seminar on attracting retail customers addressed the following fact: "Time is on the mind of the consumer. If you ask anybody you know, 'Would you rather have an extra day off or an extra day's pay?' people in America would take the time off 2-to-1." This topic indicates that these retailers supported a need for more _____ segmentation to reach the time-poor consumer.

benefit

Business products are classified into two categories. Large, expensive items with long life spans are called _____ products, and; smaller, less expensive items with short life spans are called _____ products.

capital; expense

_____ is a production technique that uses small, self-contained work stations and has each perform all or most of the tasks necessary to complete a manufacturing order.

cellular manufacturing

In manufacturing, all costs directly related to production including raw materials, labor, and factory overhead are classified as:

cost of goods sold

The _____ is an important scheduling tool for large projects. It breaks the projects into a sequence of events and smaller tasks.

critical path method

Financial institutions can be divided into two broad categories. These are ______ institutions.

depository and nondepository

Computer-aided design (CAD) can be used to

do all of the above

The ratio of net profit to total owners' equity is called return on

equity

Which of the following business products would be considered an accessory in the offices of a travel agency?

filing cabinet

Financial intermediation is the process in which

financial institutions act as intermediaries between the suppliers and demanders of funds

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

geographic

Trademarks, franchises, patents, and copyrights are carried on the company's books as

intangible assets

_____ uses a master computerized system to ensure that materials, labor, and equipment are available for production.

materials requirement planning

Gross sales for Nevada Silver, a retailer of silver jewelry was $120,000 for the month of May. Sales discounts amounted to $18,000. There were no returns. The difference, $102,000, is Nevada Silver's

net sales

Gantt charts are most helpful when:

only a few tasks are involved

The purchasing function, sometimes called _____, is an important part of any firm's production strategy.

procurement

The _____ is a specific group of consumers toward which a firm directs its marketing efforts.

target market

When compared to the consumer market, the business-to-business market:

uses more direct channels of distribution

The categories of heavy, moderate, and light users have to do with which type of segmentation?

volume

Thrift institutions

were formed specifically to encourage household savings

Which of the following companies would be LEAST likely to use the continuous process?

A bakery

Grainger Distribution Company sold Long Electronics ten circuit breakers for $179.00 each. Long Electronics will be allowed thirty days to pay the bill. Grainger will carry the $1790.00 on its books as a(n):

Account receivable

Which of the following statements about the Federal Deposit Insurance Corporation (FDIC) is true?

All of the above statements about the FDIC are true

_______ ratios measure the degree and effect of the firm's use of borrowed funds to finance its operations

Debt

One of the keys to successful production planning is resource management. _____ is a system that would note how a possible strike in an Evanston, Indiana, plant will threaten supplies of a needed component part as well as how customer growing preference for time-saving devices such as the company markets and use this information in production planning.

Enterprise resource planning (ERP)

The blend of the marketer's tools is called the five Ps. Which of the following is NOT one of the five Ps?

Possession strategy

In a retail store, a point-of-sale (POS) terminal would be used to

Track inventories

Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.

True

Service companies generally use a repetitive or intermittent production process rather than the continuous process.

True

_____ are distribution channel members that buy finished products from manufacturers and sell them to retailers.

Wholesalers

The _______ ratio is a measure of the firm's ability to pay its current liabilities once inventory is subtracted from current assets

acid-test

Collecting data over a period of time and then processing that data all at the same time is called _____ processing.

batch

In a transaction processing system the database can be updated in two ways. They are _____ processing.

batch and on-line

A system that collects and stores the company's key data and produces the information needed by managers for analysis, control, and decision making is called a(n):

Management support system

The Federal Reserve controls the minimum amount that a purchaser of securities must deposit with a stock brokerage firm in order to purchase stock. This minimum amount is called the ____________ requirement

Margin

The ______ is based on the five P's

Marketing Mix

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

Product

In which of the following industries are you most likely to find a broker?

Real estate

A product that passes test-marketing is ready for market introduction, which is called _____, a step that requires extensive logistical coordination.

Rollout

_____ are two types of thrift institutions.

Savings banks and savings and loan associations

______ are investment certificates that represent either ownership of a corporation or a loan to the corporation

Securities

Public relations is the term used for any communication or activity designed to win goodwill or prestige for a company or person.

True

The critical path method is a sophisticated scheduling system that is based on the minimum time the project will take to complete.

True

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. This _____ will be used for solving crimes.

Database

Price skimming is often used an an inducement to get customers to switch brands or companies

False

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A(n) _____ will be used to store, maintain, and acquire data from these records.

database management system

According to the text, the three IT trends that are having the greatest impact on the IT environment are:

digital forensics, the distributed workforce, and grid computing

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

distribution channel

_____ allows people with PCs or other types of machines connected to the Internet to donate processor cycles to the search for extraterrestrial life. This process involves sifting through the static of deep space on billions of radio channels looking for stray signals that are generated by alien civilizations.

grid computing

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

product life cycle

Robert and Maxine Thomason are planning to purchase a new refrigerator-freezer for their new home. They have compared the quality, style, and price of four models. For the Thomasons, a refrigerator-freezer is a(n) _____ product.

shopping