Business Final

approximately BLANK percent of all us firms employee 100 or fewer workds

98%

BLANK is an economic system in which private property is eliminated

Communism

BLANK 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

integrated marketing communications would include all of the following EXCEPT direct mail sales promos PR distribution

Distribution

Mercedes-Benz is an example of a company that benefits from the added value of its successful name. This brand BLANK can result in financial gain due to large market shares and decreased price sensitivity.

Equity

In which stage of the product life cycle do competitors enter the field with similar offerings?

growth stage

All of the following are core responsibilities of human resource managers EXCEPT: a. employee recruitment b. company budget forecasts c. employee compensation and benefits d. employee training and performance evaluation

B company budget forecasts

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

Democratic

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

Marketing

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

Organizational objectives

Roberts company contracted with another business to provide technical and computer support. This is an example of

Outsourcing

Intensive distribution is a strategy used by the marketers of which of the following products?

Pepsi

Dominga is seeking employment in the banking industry. Before her interview with Citibank, she conducts thorough research and identifies ways in which she can benefit the company. What type of marketing is Dominga utilizing?

Person

Which of the four functions of management creates a well-desinged road map of the actions needed to lead a company forward?

Planning

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

Primary

Rachael is developing a new product and is working with specialist from her organization to eliminate ideas that cannot be developed within the company's resources. Rachael is in what stage of product development?

Screening

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

Skimming

Mario is part of a strategic planning team. he has identified that his company is the low-cost producer in its industry. This should be listed on a swot analysis as a

Strength

as someone moves up the managerial hierarchy, which skills become relatively less important?

Technical skills

eric is a supervisors and he works hard to involve his employees in all aspects of the operation believing that employees involvement is a key to improving productivity eric is a BLANK manager

Theory Z

what is the first step toward an organizations path to success?

Vision

A formal statement that defines how the organization expects and requires employees to resolve ethical questions is

a code of conuct

Companies use BLANK to focus on a specific consumer market by combining product, distribution, promotion, and pricing strategies

a marketing mix

barriers to entry into an industry are highest in

a monopoly

which of the following would result from devaluation of the US dollar? a. US goods would sell less abroad. b. the cost of foreign vacations for us citizens would be reduced c. foreign firms would have to pay more to purchase the US dollar d. foregin goods would be less expensive for american consumers.

a. US goods would sell less abroad.

All of the following are contributions of small businesses EXCEPT: a. they provide more job security than large corps b. they fuel local economies c. they provide needed services to the larger corporate community d. they create a substantial number of jobs

a. they provide more job security than large corps

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

advertising

the hypothetical country Uzambia is the sole supplier of Boronite. Uzambia has

an absolute advantage in the marketing the item

which of the following is an example of on the job training

apprenticeships

Evan is working on a labor dispute. He meets with both sides, listens to their proposals and makes a decision on a new contract evan is acting as a BLANK and BLANK force a settlemnet

arbitrator, can

all of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to a. fair competition b. permit price discrimination c. selection from among a variety of goods and services d. own property

b. permit price discrimination

A restaurant franchisee purchases which of the following from the franchisor?

both tangible and intangible assets

Marketing intermediaries include

both wholesalers and retailers

All of the following statements are correct EXCEPT: a. successful businesses seek to meet their social and ethical responsibilities b. business is the economic pulse of a nation c. business includes nonprofit organizations that provide services to the public d, business provides good and services necessary to an economic system.

c. business includes nonprofit organizations that provide services to the public

Which of the following statements is correct? a. setting ethical standards is easy b. setting ethical standards is always clear-cut c. doing what is right can sometimes be difficult d. social and ethical problems affect only a few companies.

c. doing what is right can sometimes be difficult

franchising offers all of the following advantages EXCEPT a. prior performance record b. a recognizable company name c. guaranteed level of profitability d training

c. guaranteed level of profitability

Entrepreneurs have the most economic freedom in which type of economy>

capitalism

the three major types of economic systems are

capitalism, planned economies, and mixed economies

India has acquired an BLANK in software development with its educated workforce and low wage scale

comparative advantage

The study of macroeconomics is

concerned with the study of the overall company

the public demand that businesses give proper consideration to consumer wants and needs in making its decisions is known as

consumerism

where does the supply chain end

customer

the curve that shows the relationship between different prices and the quantity requested at each price is the

demand curve

a country has a good chance of selling more of its goods abroad if it

devalues it currancy

If a foreign company offers steele in the us below the company's cost of production the company might be accused of

dumping

The common bases for segmenting consumer markets include all of the following EXCEPT

end-use factors

According to Maslow, the desire to receive attention and recognition from others is an

esteem need

computers that are manufactured in the us and sold in norway are categorized as us

exports

Businesses should

find the balance between doing what is right and what is profitable

Brian's employer allocates a set amount of money that he can spend on a menu of employee benefits. this type of cafeteria plan is a called a

flexible benefits plan

Anita established a corporation in Nebraska but she recently moved it colorado where she now conducts her business what type of corporation does anita own>

foreign corporation

The two principals in a franchising agreement are

franchiser and franchisee

the four types of unemployment

frictional, cyclical, structures, and seasonal

Kim graduated from college in may and is looking for a job is is BLANK unemployed

frictionally

when a company specifies a standardized, worldwide product and marketing it is following a

global strategy

when the small business administration assists a small business in applying for a major loan, it acts as the lenders

guarantor

many developing countries have had BLANK rates of DDP growth compared with the US and other developed countries

higher

In a traditional performance review, an employee's review is conducted by

his or her supervisor

a trade deficit occurs when

imports exceed exports

leadership is most often associated with the ability to

inspire others toward high levels of achievement

businesses have responsibilities to

investors, customers, employees, and society

Amy is a promising middle manager for a large company. She is taking at in a training program designed to improve her skills and broaden her knowledge of the company and entire industry. Amy is taking part in a

management development program

Beatrice is trying to resolve a labor dispute. She meets with both sides, makes a number of recommendations and suggests a compromise. Beatrice is acting as a BLANK and BLANK force a settlement.

mediator, and can not

which level of management is responsible for developing procedures in order to implement the firm's strategic plans?

middle management

two major policy tools are available for controlling economic activity. they are

monetary and fiscal policys.

consumes can choose from hundreds of different kinds and producers of cheese, each with a slightly different flavor and texture. This type of market structure is known as

monopolistic competition

the factors of production in an economic system are

natural resources, human resources, capital, and entrepreneurship

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 (SWOT)

opputunity

Katsuko decides not to take office supplies home because she fears she'll be fired if she's caught since its against company rules. which stage of ethical development is katsuko in?

preconventional

the objective of an import quota is to

prevent dumping

"Got Milk?" campaign was designed to boost the entire dairy industry instead of endorsing one particular brand. this type of promotion is called

primary demand

a combination of product lines represent a companies

product mix

in the us economy, BLANK are considered the reward for the risk of entering business

profits

The common bases for segmenting consumer markets include all of the following EXCEPT psychographic factors geographic factors demographic factors end-use factors

psychographics

Dealing with news editors, writers, and media representatives is the role of

public relations

Promotion that is aimed at the ultimate consumer with the goal of generating demand for the good or service is based on a

pulling strategy

the equilibrium price is established when the quanity

purchased is equal to the quantity offered

the equilibrium price is established when the quantity

purchased is equal to the quantity offered.

The four different types of market structure in a private enterprise system are

pure competition, monopolistic competition, oligopoly, and monopoly

Products purchased only after the consumer has compared competing products in competing stores on the basis of price, quality, style, and color would be classified as

shopping products

a formal procedure that identifies and evaluates all company activities relating to social issues is known as a

social audit

when management's decisions align with social and economic issues, the company is practicing

social respinsibility

In a BLANK system the gov owns all of the nation's major industries, but still allows private ownership in less crucial areas

socialism

when a company operates in other country is BLANK its risk

spreads out

many of the gains in the US productivity can be attributed to

technology

the part of the federal government responsible for monetary policy is

the Federal Reserve System

Capitalism is founded on

the belief that competition among business firms best serves the needs of society

in accounting terms profits are

the difference between revenues and expenses

A complaint that management is violating a provision of a union contract often results in

the filing of a grievance

a balance of payments deficit occurs when

the net outflow of money from a country exceeds the net inflow of money from abroad

The basic components of a goal-setting theory include all of the following EXCEPT goal difficulty performance feedback goal acceptance time management

time management

the utility that is created when a salesperson at a car dealership completes the sale contract is

time utility

Lupe's job duties include such tasks as deciding whether or not to introduce a new product or enter a new foreign market. Lupe is most likely a member of

top management

the country artesia exported products totaling in $86 billion last year. during the year, artesia imported products valued at $43 billion. Artesia has a

trade surplus of $43 Billion

Sole proprietorships have all of the following advantages except

unlimited life

Trade promotion is

used to promote goods or services to marketing intermediaries

monetary policy

uses the interest rate variations and availability of funds to influence the nations economy

in breakeven analysis, the cost that change with the level of production are considered BLANK costs

variable

Most companies base their compensation policies on all of the following factors EXCEPT government legislation cost of living workers previous salary a work slowdown

worker's previous salary

a less-developed country wants to build new port facilities, which will allow it to increase agricultural exports. Financing for this project could come from the

world bank