FBP potential questions

fiscal cliff

Across-the-board spending cuts and sharp tax hikes to decrease the U.S budget deficit

Liabilities

Amounts owed to creditors

Assets vs. Liabilities

Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties.

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Assets

Economic resources (things of value) owned by a firm. money and valuables

Streetlore, a footwear manufacturing company, makes business and casual shoes for both men and women. The company also makes school bags for children between the ages of five to ten years. The entire line of goods made by Streetlore represents the _____ of the company. a) product mix b) marketing mix c) supply chain d) product chain

a

Wich of the following statements is true of ethics? a) actions that are completely legal can still be unethical b) ethics and social responsibility are in-depended of each other c) all ethical standards are codified in the law d) establishing broad agreement on ethical standards is easier when society is diverse

a

_____perfom a variety of accounting function for local, state, or general agencies such as Internal Revenue service (IRS) and the Federal Deposit Insurance Corporation: a) Government accountant b)public accountants c)social accountants d)public prosecutors

a

a downside of publicity is that_____ the marketer has no control over how the media presents the company or its products a) the marketer has no control over how the media presents the company or its products b) its a highly expensive affair c) it is often perceived by consumers as untrustworthy and unethical practice d) lack proper planning

a

one of the benefits of licenses is: a) instant name recognition b) ease of finance for the parent company c) that it safeguards the company's products as an exclusive entity d) lesser legal restrictions

a

the goal of a knockoff is: a) to copy a competitor b) to sell at a higher price than the competition c) to distinguish product from the competitor d) to creat ideas that radically change how people live

a

Betty's job entails detecting problems such as embezzlement, waste, mismanagement, and employee theft at her organization. In this case, Betty is a(n) _____. a) certified public accountant b) international auditor c) forensic auditor d) government accountant

b

In a sole proprietorship, any debts the company incurs are: a) taxed only if the owner has not taken a loan b) considered to be the owners liabilities c) used to purchase stocks of the company d) treated as the owner's personal income

b

In the introduction stage of the product cycle, companies are primarily focused on a) introducing new variations of existing products b) building costumer awareness of the product c) protecting the market share of the product from competitors d) defending the franchise with competitive advertising and price cuts

b

Mikhail, a Korean, wishes to be a stockholder in an airline company in the United States. However, he is told that he cannot buy shares of the company as he is neither a U.S. citizen nor a permanent resident of the country. Besides this, he can become a stockholder only if any of the current stockholders decide to sell their shares as the company already has 100 stockholders. Given this information, it can be assumed that Mikhail wants to be a stockholder of a(n) _____. a) statuary close corporation b) S corporation c) C corporation d) not-for-profit corporation

b

Niconti Inc. sells premium quality tea leaves. The company owns 400 acres of land on which it has established a large tea plantation with a tea processing factory. In this scenario, the land owned by Niconti Inc. can be classified as _____. a) man-made resources b) natural resouces c) captial resources d) human resources

b

Rolette Clemens is a financial institution that provides loans to businesses. It rejects a textile company's request for a loan after it reviews the value of the company's assets, liabilities, and owners' equity and finds them to be unsatisfactory. In this scenario, Rolette Clemens most likely analyzed the company's _____ to assess its financial condition. a) statement of cash flow b) balance sheet c) income statement d) operating budget

b

The federal Reserve system was: a) created by the Finical Services Moderation Act of 1999 b) created to serve as the central bank of the United states

b

________tools include premiums, promotional products, samples, coupons, rebates and displays a) product placement b) consumer promotion c) personal selling d) sponsorship

b

in the context of financial budgets, the capital expenditure budget: a) identifies short-term fluctuation in cash flows that display cash deficits and surpluses b)identities a firms planned investments in major fixed assets and long-term projects c) contains the budgets for direct labor, direct materials, and overhead costs d) provideds quarterly estimates of the number of unites of each product a firm expect to sell

b

in the growth stage of the product life cycle, competition: a) is virtually nonexistent b) begins as firms enter the market with new variation of exisiting products c) decreases with many waker firms already leaving the market d) spurs major price cuts, wich dramatically cut into profits

b

the management of a sugar manufacturing company set aside a sum of $50,000 in its budget for the purchase of new machine that would help production. in this scenario, the management is in the process of planning the ______ of the company a) financial budget b) operating budget c) marketing budget d) static beget

b

an advantage of cobranding is that

both partners leverage their strengths to enter new markets.

During a period of financial crisis, the United States, Congress is pressurized to raise the limit on the maximum amount of money the govemrent can borrow. Congreoss increases the limit on the condition that it will implelemt sharp tax hikes and across the board spending cuts to compensate for the rise and to ensure that the overall budget deficit decreases. In this scenario, the measures implemented by congress will most likely create: a) debt celling b) an earmark c) the fiscal cliff d) reserve requirement

c

EatOut Pizzeria is a food joint that serves pizza, and Pure Magic is a luxury beauty salon that sells beauty products. What do EatOut Pizzeria and Pure Magic have in common? a) they provide pure service b) they produce a mix of goods and services c) they offer pure goods d) their products are examples of unsought products

c

Wich of the following is a difference between a job description and job qualifications? a) a hob description is quantative, whereas a specification are qualitative b) a job description is informal in nature, whereas job specification are formal in nature c) a job description defines the jobholders responsibilities, whereas job specifications define the qualifications define the qualifications necessary to do a job d) a job description might include the education and experience required for a job, where's job specification might include the responsibilities for a specific position

c

an example of pure service: a) a watch that also acts as an altimeter and compass b) a delivery truck delivering pizza to customers c) an accountant providing finical consultation to a firm d) a car service center that sells automobile parts

c

are brands that producer owns and markets a) status brands b) umbrella brands c) national brands d) Store brands

c

in context of a new product, the sales of the product is most likely peak during the ___of the life cycle a) introduction stage b) growth stage c) maturity stage d) decline stage

c

what of the following statements is true of licensing a) the core brand is partially responsible for financially supporting the company seeking the license b) the core brand takes on negligible risks in the licensing agreement c) it involves a payment of fee to the core brand d) all the benefits of a licensed product go to the core brand, and the core brand enjoys limited liability

c

In the CEO of a softwear company has a meeting with the product desing team to discuss a new softwear taht the compnay is planning to develop. Druing the meeting, the CEO discardsa a few suggestion as executing them would be costly. Given teh sceneario, the compnay is most likeley in the _____ stage of the new product development process a) testing b) idea generation c) analysis d) idea screening

d

In the context of monetary policy, wich of the following is a result of a decrease in the reserve requirement? a) Banks make les number of loans b) Banks need to hold more funds c) interest rates begin to increase d) the availability of credit increase

d

Mort Zuba, an automobile company, needs to pay off its loans to banks the following year. The company plans to sell its factories in Astonsia in order to pay its debts. In this scenario, Mort Zuba's ability to sell its factories in Astonsia to pay its debts is measured by calculating _____. a) profitability rations b) asset management ratios c) leverage ratios d) liquidity ratios

d

Prenora Inc, a newly established company, is et to prepare its first budget. The top manamgetn of the company decided to use a bdgeting apporach taht will seek active participation from the middle and supervisory managers of the company. In the given scenario, Prenora Inc. will most likley us the____to budgeting a) zero-based approach b) incremental approach c) top-down approach d) bottom-up approach

d

______require a moderate level of consumer learning in exchange for significant benefits a) Revolutionary product innovations b) discontinuous innovations c) radical innovations d) dynamically continuous innovations

d

____are brand-new ideas that radically change how people live a) Contentious innovations b) dynamically continuous innovations c) Incremental innovations d) Discontinuous innovations

d

In the context of the new product development process, the ______ stage leads to detailed description of each concept with specific product features.

development

line extension

extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category

net income

is the profit or loss a firm earns in the time period coved by the financial statement that reports the revenues and expenses

goods and services spectrum

it provides a tool for analyzing the relationship between goods and services

the characteristic of a product that a marketer offers are known as the

product features

Hubert is a teacher at a private school in Minnesota. Although he dose not earn enough at his job compared to this colleagues, Hubert dose not complain bc he feels that the love and respect he gets from all the students and staff members are more valuable. the senario counters_____

the equity theory

Gernalso is a vice president at magnolis inc. he along with a few other a few other individuals in his rank, is responsible for setting the overall direction of his company. he establishes a clear vision for the company and the milestones that the company needs to achieve over a period of time. in this scenario, Geralosndo belongs to the ______ management in the management hierarchy a) general b) firs-line c)top d) middle

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