POB Finals Review

A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating A. technical skills B. natural talent C. creativity D. aggressive behavior

A. technical skills

Which of the following is an example of a demographic trend: A. the aging of the population B. shifting political climates C. rising interest rates D. a concern for fitness and health

A. the aging of the population

Retailing takes place whenever goods are A. offered for sale B. exchanged for other goods C. sold to the ultimate consumer D. sold in a retail establishment

C. sold to the ultimate consumer

What type of property is a business protecting hen registers its trademark? A. Administrative B. Tangible C. Statutory D. Intellectual

D. Intellectual

Overall, what does marketing allow us to do? A. Feel better about shopping B. Stop buying online C. Limit our spending D. Live our daily lives

D. Live our daily lives

Which of the following is an environmental factor that affects the performance of businesses that market products on a global level: A. Land formation B. Storage space C. Health coverage D. Political risk

D. Political risk

Which of the following government actions is most likely to stimulate the economy: A. Lowering tax rates B. Raising the prime interest rate C. Printing less money D. Borrowing more money

A. Lowering tax rates

What is one way that the trend towards protecting the environment has a negative effect on many businesses? A. increases costs B. reduces pollution C. promotes growth D. decreases prices

A. increases costs

Running out of inventory can result in A. lost sales B. higher taxes C. higher productivity D.more satisfied customers

A. lost sales

One reason a physicians' practice might form a partnership as an LLP is to A. Take advantage of higher dividend returns on shares of its stock B. protect innocent partners from the malpractice of another practice C. ensure that the business experiences unlimited liability D. permit the general public to purchase licensing rights in the practice

B. protect innocent partners from the malpractice of another practice

Which of the following is a reason that the role of human-resources management is changing: A. Employees place a greater emphasis on work over personal lives B. Business costs are going down C. There is greater diversity in the workforce D. The workforce is younger than ever

C. There is greater diversity in the workforce

Which of the following are qualities of monopolies A. high prices and much competition B. Low production and much competition C. high prices and low production D. low prices and little competition

C. high prices and low production

Producers respond to consumers positive economic votes by A. producing more industrial goods B. decreasing production C. increasing production D. classifying

C. increasing production

Computer database programs make it easier for businesses to manage A. internet search engines B. problem-solving skills C. large amounts of related data D. customers' buying habits

C. large amounts of related data

Most businesses put their greatest competitive efforts into competing A. locally B. nationally C. with direct competitors D. with indirect competitors

C. with direct competitors

Which of the following is a potential problem in market economies? A. production quotas for businesses B. total government control C. No competition D. financial loss

D. financial loss

Which of the following would be done first in an environmental scan: A. carrying out scanning activities B. identify and analyzing important trends and issues C. selecting trends and issues to act on D. identifying participants and responsibilities

D. identifying participants and responsibilities

What role does utility play in the implementation of the marketing concept? A. a satisfaction gauge B. A payment method C. A cost-saving tool D. A delivery process

A. A satisfaction gauge

The U.S. produces widgets faster and cheaper than Switzerland. In this example, the U.S. has a(n) ________ advantage A. absolute B. comparative C. constructive D. predictable

A. Absolute

To maintain its current customer base and attract new markets, the KMV Company lowered the prices of some of its products. What external factor most likely influenced this action? A. Changes in consumer spending B. Operating cost increases C. Production line improvements D. Comprehensive employee training programs

A. Changes in consumer spending

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) ________________ good. A. consumer B. capital C. ultimate D. industrial

A. Consumer

How does marketing-research data help business's production planning? A. by identifying consumers' needs and wants B. by determining how products will be produced C. by identifying resources needed in production D. by setting the timetable to use in production

A. by identifying consumers' needs and wants

What type of trend are businesses considering when they analyze where customers live and their ethnic backgrounds? A. demographic B. environmental C. technical D. cultural

A. demographic

Which of the following are examples of middle-management job titles: A. district manager, department head, and regional sales manager B. president, senior vice president, and chief executive officer C. collections supervisor, crew chief, and production supervisor D. floor supervisor, area supervisor, and section manager

A. district manager, department head, and regional sales manager

Companies that operate at the international level should be aware of political factors that affect trade, such as civil unrest or A. embargoes B. currency rates C. business cycles D. competitors

A. embargoes

Labor-union negotiations are a part of which HR management activity? A. Employee relations B. Compensation and benefits C. training and development D. staffing

A. employee relations

In a communist command economy who decides how the economic questions will be answered? A. Government B. Individuals C. Businesses D. Venture team

A. government

Which of the following is a trend in information management: A. increased compliance laws and regulations B. decreased competition C. decreased number of electronic documents D. increased number of workers in the office

A. increased compliance laws and regulations

What management function is being described in the following situation: David Thomas, a top level manager, identifies jobs to be performed, assigns responsibility for them, establishes departments to handle the jobs, and determines how many and which employees mid-level managers will supervise A. organizing B. Controlling C. Planning D. Directing

A. organizing

Which of the following is a disadvantage of private enterprise: A. periods of unemployment B. elimination of poverty C. careful use of resources D. equal distributions of income

A. periods of unemployment

Franco's Bread Shop is introducing a new type of sandwich bread to the community this week. Which of the following describes the business activity the bread shop is likely involved in: A. promoting the new bread through advertising B. collecting information on last years new breads C. creating a system for storing new bread recipes D. Planning for the long-term results of introducing new breads

A. promoting the new bread through advertising

How does the finance function relate to company spending? A. It produces reports about spending. B. It plans and controls spending. C. It spends on investment only. D. It does not relate to spending.

B. It plans and controls spending.

One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually: A. provides experience that increases the business's credibility B. assumes all legal responsibility for the business's actions C. helps with the day-to-day operations of the business D. evaluates the performance of the business's employees

A. provides experience that increases the business's credibility

Government can prevent unqualified persons from operating a business by A. refusing to grant them a license B. closing their bank account C. raising their taxes D. helping their competitors

A. refusing to grant them a license

Government can prevent unqualified persons from operating a business by A. refusing to grant them a license B. closing their back accounts C. raising their taxes D. helping their competitors

A. refusing to grant them a license

Which of the following is a key component of managing working capital: A. Financing B. Cash conversion cycle C. Capital budgeting D. Capital structure

B. Cash conversion cycle

The law that requires businesses to hire, train, transfer, and promote employees without regard to race, color, gender, religion, or national origin is the __________ Act. A. Sherman Antitrust B. Civil Rights C. Robinson-Patman D. Federal Reserve

B. Civil Rights

Which of the following is a factor that would encourage businesses to start a business at a particular location: A. Strict government regulations B. Easy access to natural resources C. High unemployment rates D. Easy access to competitors' products

B. Easy access to natural resources

Which of the following factors affecting the business environment is represented by the business's location: A. Cultural B. Environmental C. Economic D. Political

B. Environmental

Which of the following economic resources is responsible for combining the other resources to produce goods and services: A. Natural resources B. Human resources C. Capital goods D. Nonrenewable resources

B. Human resources

Why is a good accounting system important to a business? A. It prevents any financial losses. B. It shows the business how it is doing. C. It increases the return on investment. D. It gives the business an image of success

B. It shows the business how it is doing.

Which of the following factors has aided the most in creating a global business environment? A. Government B. Technology C. Cultural changes D. Exchange rates

B. Technology

Which of the following situations would most likely indicate the need to adapt to changes in the business environment: A. The number of your business's competitors has decreased B. The supply of materials used in manufacturing a product has decreased C. The demand for your product is stable. D. The business has experienced little employee turnover during the past year.

B. The supply of materials used in manufacturing a product has decreased.

Which of the following is a true statement about business ethics and the law: A. Everything that is illegal is also unethical. B. The two are not the same thing, but they do overlap. C. Everything that is unethical is also illegal. D. The two have nothing to do with each other.

B. The two are not the same thing, but they do overlap.

Which one of the following groups of words best describes wants: A. Limited, changing, and compensating B. Unlimited, changing, and competing C. Limited, unchanging, and competing D. Unlimited, unchanging, and compensating

B. Unlimited, changing, and competing

In economics, the term capital goods includes A. labor and management B. buildings and equipment C. trees and water D. mental and physical work

B. buildings and equipment

A country with a weak currency value tends to A. experience high unemployment rates B. decrease the imports and increase its exports C. gain consumer confidence which limits spending D. rely solely on trade centers to manage the flow of exports

B. decreases its imports and increases its exports

A popular product is said to be A. late B. in demand C. out of style D. available

B. in demand

Which activities are likely to increase a firms profit? A. increasing supplies and decreasing production B. Increasing sales and decreasing expenses C. Decreasing sales and increasing expenses D. decreasing supplies and increasing production

B. increasing sales and decreasing expenses

Each purchase strengthens the economy by encouraging A. expansion B. trade C. investments D. competition

B. trade

Why should a business practice good ethics? A. The government will fine an unethical business. B. An unethical business will go bankrupt. C. An ethical business contributes toward its own success. D. An ethical business makes more money than all its competitors.

C. An ethical business contributes toward its own success.

Which of the following factors affects society's basic values and behaviors that influence their buying decisions: A. Political B. Economic C. Cultural D. Environmental

C. Cultural

Which of the following is an example of increased financial risk for a company with poor business ethics: A. Increased sales B. Increased productivity C. Decreased company value D. Decreased labor costs

C. Decreased company value

Which of the following is a characteristic of the organic organizational business structure? A. Centralized structure B. Specialization emphasis C. Delegation emphasis D. Inflexible procedures

C. Delegation emphasis

According to the marketing concept, which option demonstrates customer orientation? A. Convincing a buyer to buy B. Researching a firm's competitors C. Finding out what a buyer wants D. Advertising the features of a product

C. Finding out what a buyer wants

Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of A. licensing B. multi-level marketing C. franchising D. a partnership agreement

C. Franchising

Which of the following occurs when the supply of individuals who are able and willing to work diminishes: A. Capital goods become unlimited B. Capital goods become limited C. Human resources become limited D. Human resources become unlimited

C. Human resources become limited

A business's philanthropic responsibility involves its contributions to A. scientific research. B. political campaigns. C. charity. D. the economy.

C. charity.

Jaron, the district technology coordinator for Abington City Schools, is responsible for purchasing new computers for the district. He recently sent out a request for price quotes to five different computer companies, and he is waiting to hear what the various suppliers' proposed prices will be. Jaron is conducting A. a make-or-buy decision B. negotiations C. competitive bidding D. retail buying

C. competitive bidding

The overall purpose of accounting is to A. maintain accurate reports. B. compile the business's expenses. C. control the finances of the business. D. keep track of sales

C. control the finances of the business.

Carefully selecting goods or services to sell is an example of handling business risks by _______________ the risk. A. bypassing B. transferring C. controlling D. avoiding

C. controlling

Which management function is described in the following situation: James Crane has created a team atmosphere among the members of his sales department. When the team exceeded their monthly sales goal, James rewarded them with celebratory dinner out and a five-percent bonus . A. planning B. controlling C. directing D. organizing

C. directing

Operations managers have two main goals in mind-efficiency (keeping costs low) and A. productivity (keeping business running fast). B. legality (keeping the business in good standing with the law). C. effectiveness (keeping customers satisfied). D. reputation (keeping up the business's good name).

C. effectiveness (keeping customers satisfied)

The way in which an economic system answers the basic economic questions depends upon the country's A. demand B. supply C. government D. resources

C. government

Which of the following is a marketing activity: A. leading B. balancing C. promoting D. committing

C. promoting

A bank denies a business owner's application for credit saying, "We feel that you would be unable to make the monthly payments because of your other debts." What financial report did the bank review? A. Operating budget B. Budget C. Income statement D. Balance sheet

D. Balance sheet

Jake wanted to run his own business but was unsure that he had to adequate business skills to be successful. Which type of business would give Jake the help he needs? A. Product trade-name franchising B. Sole proprietorship C. Private corporation D. Business-format franchise

D. Business-format franchise

Businesses that successfully adapt to current market situations often realize that A. cutting costs is important.. B. more financing is necessary. C. diversification is key. D. change is an opportunity.

D. Change is an opportunity.

A wholesale distributor would like to track its customers geographically. Which software application would be most effective? A. Word processing B. Spreadsheet C. Internet D. Database

D. Database

In what way might a human resources manager be involved in employee benefits? A. Choosing an employee's vacation days B. Selecting an employee's personal plan options C. Collecting insurance payments from employees D. Determining eligibility and costs of benefits

D. Determining eligibility and costs of benefits

Which of the following it the best action for businesses to take in order to adapt to changing markets: A. Focus efforts on the business's product with the highest profit B. Protect the business's core products C. Reduce investments in research and development D. Implement innovative strategies and ideas

D. Implement innovative strategies and ideas

Management decides to hold its annual meeting in one U.S. city rather than another because of crime in that city. This is an example of __________ the risks. A. transferring B. preventing or controlling C. retaining D. avoiding

D. avoiding

How does appropriate information management affect a business's relationship with its customers? A. businesses make better financial decisions B. businesses earn higher profits C. businesses lose focus on customers D. businesses serve customers more effectively

D. businesses serve customers more effectively

Levels of inflation and unemployment are factors that affect __________ in the world market. A. communication B. specialization C. satisfaction D. competition

D. competition

One reason an existing business might develop a company web site is to: A. increase it product mix B. reduce marketing expenses C. lower tax rates D. create a new revenue source

D. create a new revenue source

One of the benefits of production to consumers is that production A. provides a way to be competitive B. provides a way to earn profits C. makes use of automation D. creates form utility

D. creates form utility

One way that competition helps to build a prosperous society is by A. increasing the money supply B. replacing small businesses with large ones C. creating government legislation D. creating new jobs

D. creating new jobs

Changes in the market that cause prices to go up or down, products to change, and businesses to succeed or fail are examples of ____________risks. A. natural B. competitive C. human D. economic

D. economic

Information management can be a challenge because A. no one wants to participate in it B. there is often not enough information to manage C. there is only one "right" way to do it D. many people don't understand what it is

D. many people don't understand what it is

With Rosita's pizza shop, financial analysis is used to A. develop the best recipe B. attract customers C. oversee the baking process D. Obtain funding for supplies

D. obtain funding for supplies

Which of the following demonstrates the interrelationship among primary business activities: A. a business manager because vice president, so his/her department must adjust to the change B. a business changes its goals, so its strategies and tactics change, too C. A new product is introduced, so business D. One business activity changes, so the others must adjust in response

D. one business activity changes, so the others must adjust in response

One way that technological innovation had changed business is by decreasing the use of A. phone systems B. skilled workers C. fax machines D. paper forms

D. paper forms

Alex owns a guitar, several books, a car, and a telescope. Alex's possessions are examples of A. equal distribution B. economic resources C. capital goods D. private property

D. private property

Businesses can show their social responsibility by contributing to A. private causes B. pollution C. promotion D. public interests

D. public interests

A business should conduct environmental scans on a continuous basis so that it can A. control the external environment B. changes customers' attitude C. save money D. respond to opportunities and threats quickly

D. respond to opportunities and threats quickly

Which of the following is a way to evaluate supplier performance after the purchased goods or services have been delivered: A. check supplier's credentials B. contact the supplier's references C. visit the supplier's plant D. review the invoice

D. review the invoice

After a company's training needs are determined, what is the next step in training and development? A. Determining what training resources are available B. Managing employee performances C. Keeping records for personnel files D. Dismissing employees who are not up to standard

A. Determining what training resources are available

Which of the following will foster a business's ability to adapt to changing market: A. Proactive management B. Reactive management C. Authoritarian leadership B. Conservative leadership

A. Proactive management

Which of the following is a measure of how well a business generates cash flow: A. Return on capital B. Accounts receivable C. Capital structure D. Accounts payable

A. Return on capital

Which of the following is a reason that a U.S. company would decide to offer its products in other countries: A. To expand to new, untapped markets B. To sell obsolete, outdated products C. To subsidize developing countries D. To provide jobs to people in other countries

A. To expand to new, untapped markets

What are the three basic economic questions? A. What products will be produced; how will products be produced; and how will products be allocated? B. When will products be produced; how will products be produced; and how will products be allocated? C. When will products be produced; what products will be produced; and how will products be allocated? D. Where will products be produced; when will products be produced; and what products will be produced?

A. What products will be produced; how will products be produced; and how will products be allocated

What determines whether an economic product is an industrial product or a consumer product? A. who buys and uses the product B. the price of the product C. who produces the product D. The origin of the product

A. Who buys and uses the product

If a good or service is scarce, consumers will usually be A. willing to pay money to get it B. uninterested in owing it C. able to get as much of it as they want D. unwilling to pay

A. Willing to pay money to get it

Which of the following is a benefit of international trade: A. an improved standard of living B. higher prices for goods and services C. stronger trade restrictions D. an increased trade deficit

A. an improved standard of living

A clothing manufacturer checks one pair of pants out of every shipment to ensure the quality of its product. This process is known as quality A. inspection B. guarantee C. delivery D. assurance

A. inspection

Which of the following is a public good that is provided by the government: A. interstate highways B. marketing research C. new automobiles D. private schools

A. interstate highways

A business suddenly moves its operations to a new town, leaving its current employees jobless. Its reason for taking this action, which some consider unethical, might be that the action A. is not illegal. B. benefits the community. C. is committed by unethical employees. D. doesn't hurt anyone.

A. is not illegal.

ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a A. licensing agreement B. sole proprietorship C. product trade-name contract D. limited joint-venture contract

A. licensing agreement

When meeting with business people from other countries, it is important to understand social differences, such as bowing, handshaking, and spatial comfort, which are often called A. non-verbal cues B. mixed messages C. language barriers D. human behaviors

A. non-verbal cues

One reason it is important for businesses to identify and respond to current business trends is to A. remain competitive B. control performance C. encourage feedback D. improve motivation

A. remain competitive

Why is routing an important production activity? A. routing establishes the production path of inputs B. routing issues orders for production to start C. routing establishes a timetable for production D. routing establishes company standards

A. routing establishes the production path of inputs

Human Resources management is demonstrated in which of the following statements: A. the business takes care of the responsibilities associated with having employees B. The business gives its preferred customers a special discount C. the business included top-level managers in long-term planning D. the business acts on new information about a competitor

A. the business takes care of the responsibilities associated with having employees

Why are entrepreneurs important in a private enterprise system? A. they encourage the development of new products B. they use resources inefficiency C. they get rid of competition D. they are responsible for deceptive advertising

A. they encourage the development of new products

Why does the government set and collect taxes? A. to help pay the expenses of government B. to increase the use of technology C. to provide economic security D. to help businesses grow and prosper

A. to help pay the expenses of government

Contractual agreements such as guarantees, surely bonds, and leases are examples of handling business risks through A. transfer B. management C. avoidance D. prevention or control

A. transfer

One reason that some U.S. businesses have moved some of their operations to foreign countries is to A. reduce currency fluctuations. B. lower their labor costs. C. improve domestic relations. D. meet communication standards.

B. Lower their labor costs.

Formal relationships and distinctive chain of command are characteristics of the __________ organizational business structure. A. Organic B. Mechanistic C. Decentralized D. Imperial

B. Mechanistic

Using a stream to supply water to a field in order to grow crops is an example of using A. human resources B. natural resources C. capital goods D. nonrenewable resources

B. Natural resources

Which of the following is an example of a business using technology to improve the efficiency of its salespeople: A. Accepting debit transactions B. Providing laptop computers C. Offering ATM machines D. Installing video catalogs.

B. Providing laptop computers

Which of the following accounting records would provide this information: A. Disbursement journal B. Sales journal C. Bank statement D. Income statement

B. Sales journal

Which change provides the most time utility for a consumer? A. arriving at a product trade show early B. Staying open for business on the weekend C. Shopping for a product in the morning D. Asking for early delivery of a product

B. Staying open for business on the weekend

Private enterprise is based on the idea that everyone is better served when A. businesses regularly increase their prices B. individuals are free to set their own goals C. government determines where individuals will work D. economic resources are controlled by the government

B. individuals are free to set their own goals

Why is production important to businesses? A. it prevents businesses from wasting resources B. it creates goods and services businesses can sell C. it enables businesses to charge high prices D. it informs businesses about consumers' wants and needs

B. it creates goods and services businesses can sell

Offering high quality, large assortments, and free shipping are examples of A. rebates B. non price competition C. price fixing D. price competition

B. non price competition

A main reason that environmental scanning is important is so that businesses can be aware of A. new products B. potential threats C. competitors' internal environments D. foreign markets

B. potential threats

Accounting is distinct from finance because its main focus is on A. money management decisions. B. record-keeping activities. C. administration of assets. D. acquisition of funds.

B. record-keeping activities

An advantage to a business of filling Chapter 11 bankruptcy is that the process allows the business to... A. liquidate B. reorganize C. eliminate taxes D. sell assets

B. reorganize

Which of the following is an example of nonverbal communication that might have a different meaning to business people in other parts of the world A. inviting customers to a social function B. shaking hands when greeting a customer C. writing letters in a foreign language D. preparing an audiovisual presentation

B. shaking hands when greeting a customer

One reason that businesses use matrix organizational design is to A. improve employee productivity. B. share human resources. C. segment areas of expertise. D. standardize business tasks.

B. share areas of expertise

What is one reason why the federal gov. awards patents to business that have invented new products or manufacturing processes? A. to protect consumers B. to encourage research C. to restrict monopolies D. to monitor advertising

B. to encourage research

What is the government doing when it buys wheat to keep the price high enough for farmers to make a profit? A. encouraging the production of wheat B. using price support C. industrializing the economy D. encouraging energy conservation

B. using price supports

Changing a good's form involves which of the following: A. Making sure the good is available early B. Getting the good to the retailer C. Adding a new feature to the good D. Providing an easy way to buy the good

C. Adding a new feature to the good

A nation that exports more than it imports maintains a A. trade deficit B. balance of trade C. trade surplus D. lower standard of living

C. Trade surplus

A characteristic of human wants is that they are A. limited B. unchanging C. unlimited D. consistent

C. Unlimited

In an overall sense, where does marketing occur? A. Wherever trucks are B. Wherever advertisements are C. Wherever customers are D. Wherever stores are

C. Wherever customers are

An American businessperson in London was offered a "cuppa" by the company's receptionist. The businessperson did not know that the receptionist was offering a cup of tea. This is an example of A. being uneducated B. a business subculture C. a language barrier D. economic differences

C. a language barrier

In order for an accounting system to be useful to the business, the accounting information it contains must be A. posted by an accountant. B. approved by the chief executive officer. C. accurate and up-to-date D. recorded using the accrual method.

C. accurate and up-to-date

The growth of e-commerce is changing the way companies do business by allowing them to A. place high prices on their products B. communicate with similar organizations C. be accessible to customers at all times D. reduce the services they provide customers

C. be accessible to customers at all times

When marketers provide information about an available product, consumers are more likely to A. request a payment plan B. ask questions about the product C. buy the product D. put the product on layaway

C. buy the product

The ultimate goal of all economic activity is A. exchange B. production C. consumption D. distribution

C. consumption

One internal factor that affects the business environment is A. industry trends. B. the business cycle. C. Management style. D. exchange rates.

C. management style.

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for... A. libel B. misrepresentation C. negligence D. incompetence

C. negligence

One way that competition benefits business is by encouraging the creation of A. unrelated firms B. more regulations C. new companies D. limited resources

C. new companies

John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a A. franchise B. merger C. partnership D. Corporation

C. partnership

Identify the term that best represents marketing's role in a society. A. producer B. pioneer C. problem solver D. peacemaker

C. problem solver

Businesses can protect themselves from the risk associated with lost shipments by A. training received personnel B. inspecting shipments of goods C. purchasing transportation insurance D. selecting resale items carefully

C. purchasing transportation insurance

If expenses are greater than income, there's no A. sales B. risk C. reward D. guarantee

C. reward

Government owns the basic means of production but there is some private ownership of business under A. capitalism B. communism C. socialism D. entrepreneurship

C. socialism

Which of the following is a situation that might make business people from other countries feel uncomfortable and impact their ability to conduct business: A. offering to take others to lunch or dinner B. calling in advance to schedule appointments C. standing very close to others during conversations D. wearing business-type clothing that is conservative

C. standing very close to other during conversation

A socially responsible business will attempt to give customers A. high-quality products at high prices B. lower quality products at reduced prices C. the best products at the best prices D. the best products no matter what the cost

C. the best products at the best prices

Which of the following examples illustrates how environmental factors are interrelated A. low investor confidence heavily impacts financial planners B. new legislation will be written in the future C. the economy affects what competitors are doing D. the economy affects banking institutions

C. the economy affects what competitors are doing

Annika, the purchasing specialist for Dottie's Donut Shop, just located a new, less expensive sugar supplier. Dottie does not plan to lower donut prices. If Annika buys the shop's sugar from this cheaper supplier, what is likely to happen? A. donut sales will increase B. donut sales will decrease C. the profit margin for donuts will increase D. the profit margin for donuts will decrease

C. the profit margin for donuts will increase

Human resources are a company's most important resources because A. they are controlled by other company resources. B. they are least expensive resources. C. they control all other company resources. D. they are the most expensive resources

C. they control all other company resources

Lack of economic growth is a major problem for __________ economic systems. A. market B. communist command C. traditional D. socialist command

C. traditional

Efficient production enables businesses to A. make an accurate forecast of sales B. obtain advance orders for goods and services C. turn out the most products at the least cost D. charge higher prices than competitors

C. turn out the most products at the least cost

A manufacturer is a type of business that A. does not make use of raw goods B. sells raw goods for their producers C. turns raw goods into useful products D. keeps raw goods in their original forms

C. turns raw goods into useful products

Which of the following is a detail that a buyer should know prior to placing an order for raw materials? A. which employees will be converting the raw materials into finished products B. how the finished product will be marketed C. whether the company has storage space for the raw materials D. who will be purchasing the finished products

C. whether the company has storage space for the raw materials

Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in A. automated processes B. nonrenewable resources C. workforce demographics D. new capital goods

C. workforce demographics

Which of the following situations involves finding an alternative resource to use in place of a nonrenewable natural resource: A. Searching for oil in new locations such as the ocean floor B. Passing legislation to prevent the killing of endangered animals C. Generating energy from wind turbines instead of solar panels D. Powering a motor vehicle with biodiesel instead of gasoline

D. Powering a motor vehicle with biodiesel instead of gasoline

To discover a products level of utility, marketers measure the consumers A. desire B. perspective C. attitude D. satisfaction

D. Satisfaction

An important factor that has a significant effect on the general business environment is A. organization. B. geography. C. reputation. D. technology

D. Technology

One way in which many businesses demonstrates their social responsibility toward employees is by providing them with A. free meals B. regular entertainment C. a stress-free atmosphere D. a safe working environment

D. a safe working environment

TeJuan's Fishing Shack demonstrates effective information management by A. hiring experts to explain how to use the goods offered B. removing wasted materials from the process of providing goods to customers C. promoting new fishing equipment in a popular trade magazine D. accessing a list of fishing equipment appropriate for a particular customer

D. accessing a list of fishing equipment appropriate for a particular customer

Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and A. attrition B. injunction C. initiative D. authority

D. authority

Managing information regarding copyrights and trademarks helps a company to preserve A. customers B. inventory C. correspondence D. identity

D. identity

A manager studies the business's previous sales statistics as well as the sales forecast before making purchasing decisions. What type of resources is the manager using? A. material B. financial C. human D. information

D. information

Because operations managers control so much of a business's money, they must focus on A. generating publicity B. hiring the best employees C. creating effective advertising campaigns D. keeping costs low

D. keeping costs low

Appropriate information management saves businesses time and money by A. maintaining yearly raises for employees B. increasing information overload C. increasing "paper trails" D. maintaining higher levels of productivity

D. maintaining higher levels of productivity

The finance function would definitely be involved in a decision regarding A. hiring. B. public relations and publicity. C. personal selling. D. new business products and strategies

D. new business products and strategies.

As the use of information-management systems continues to grow, it is important for businesses to be concerned with their customers' A. need for information B. access to credit C. level of service D. rights to privacy

D. rights to privacy

Complying with environmental laws is a part of which operations activity? A. inventory control B. logistics C. purchasing D. Safety and security

D. safety and security

Consumers are typically most willing to pay more for goods and services that bring them greater A. trade-offs B. popularity C. opportunity costs D. Satisfaction

D. satisfaction

Online chats, forums, and communities that enable businesses to learn about the wants and needs of their worldwide target market have created a new form of A. cultural values B. class systems C. gender roles D. social relationships

D. social relationships

Gross profit shows business owners the difference between what they've A. estimated and invoiced B. paid and risked C. received and billed D. spent and received

D. spent and received

One of the freedoms provided to individuals by the private enterprise system is the freedom to choose A. which laws they will obey B. how their employers pay them C. which taxes they will pay D. where they will work

D. where they will work

Jeremiah purchases sterling silver necklaces and bracelets from Native American artisans and sells the items to jewelry stores and gift shops. What kind of buyer is Jeremiah? A. business use B. retail C. industrial D. wholesale

D. wholesale