BUS100 Final Set

The trade agreement in place between the United States, Canada, and Mexico is called Multiple Choice ASEAN. NAFTA. Mercosur. EU.

NAFTA.

Profit is best described as Multiple Choice the owner's annual salary. the sales dollars that a business acquires, over time. revenues plus expenses, less taxes. the funds available for business growth, after expenses and salaries are paid.

the funds available for business growth, after expenses and salaries are paid.

Prior to the growth of the labor movement it was not uncommon for employees to have 60- to 80-hour workweeks. Approximately when was this condition present? Multiple Choice 1950s 1940s 1900s Early 2000s

1900s

Ledgers are used to compile information to complete which of the following? Multiple Choice A retained balance Departmental checks and balances A trial balance A gross margin balance

A trial balance

Which of the following is the BEST reason for a business to be managed ethically? Multiple Choice Business leaders don't want to get caught behaving unethically. So government regulators will not be able to complain about the ethical behavior of the company. If the company is engaged in a lawsuit, the ethics code can be used as a legal defense. An ethically managed business helps to reduce employee turnover.

An ethically managed business helps to reduce employee turnover.

Which of the following circumstances is most likely to reduce one's standard of living? Multiple Choice Stable prices and an increase in employee wages A decrease in the cost of some goods such as a decrease in housing prices An increase in the cost of some goods such as escalating gasoline prices Losing your job, but gaining a sizeable inheritance

An increase in the cost of some goods such as escalating gasoline prices

Samsung and other makers of smart television sets have made the prices of these products more competitive, have increased the number and kinds of stores in which they are available, have offered a variety of choices, and are advertising extensively. These products appear to be in the ___________ stage of the product life cycle. Multiple Choice Decline Growth Maturity Introduction

Growth

Which of the following control standards is stated most effectively? Multiple Choice Increase sales of our top-end product from 2,000, in the first quarter to 3,000, during the same period by 2017. Cut the number of finished product rejects. Empower employees to make more decisions next year. Praise employees more often this month.

Increase sales of our top-end product from 2,000, in the first quarter to 3,000, during the same period by 2017.

Designing and making custom-made guitars is an example of which of the following processes? Multiple Choice Continuous process Assembly process Analytic system Intermittent process

Intermittent process

Which agency is charged with enforcing affirmative action programs? Multiple Choice The EEOC The Department of Homeland Security The Department of Labor The U.S. Department of Commerce

The EEOC

Which of the following movements in U.S. history would be considered an outgrowth of the Industrial Revolution, according to most historians? Multiple Choice Union movement Women's movement Civil rights movement Suffrage movement

Union movement

Under a(n) __________ agreement, companies can hire nonunion workers who are not required to join the union, but who must pay a special union fee. Multiple Choice union shop open shop agency shop closed shop

agency shop

Which of the following leadership styles focuses on making decisions without consulting others? Multiple Choice authoritarian autocratic participative team-based

autocratic

XYZ Company desires a successful product launch for its new product venture. Looking outside of its industry, the company solicited the advice of companies JKL and MNO, known for successful product introductions in past years. The business term used to describe the practice of looking toward others to develop a model approach is called Multiple Choice total quality management. benchmarking. track coordination. outsourcing

benchmarking.

The recording of business transactions is a basic part of financial reporting and is referred to as Multiple Choice balancing. journaling. staging. bookkeeping.

bookkeeping

The value of the brand name and its associated symbols is referred to as Multiple Choice brand loyalty. brand equity. brand association. brand recall.

brand equity.

Small businesses that are just getting off the ground often have problems with the difference between cash coming into the business and cash going out of the business. For example, if the company allows far too lenient credit sales terms, customers do not pay on time, which could cause cash to come in too slowly. That's why all businesses must keep a careful watch on their Multiple Choice recording processes. asset summarization. cash flow. advance payments accounts.

cash flow.

When your profitable franchise fails simply because other similar franchisees have failed, this is known as the Multiple Choice greenback ceiling. coattail effect. royalty rate. participative failure rate.

coattail effect.

The process whereby union and management representatives negotiate a contract for workers is called Multiple Choice binding arbitration an agency shop agreement. certification. collective bargaining.

collective bargaining.

The last stage of the new-product development process is Multiple Choice testing. commercialization. product analysis. development

commercialization.

The Republic of South Africa exports edible fruits and nuts into the common market known as the European Union, and imports from the European Union other products which South Africa could produce but at a higher cost than what it costs the Europeans to produce. This practice follows the theory of Multiple Choice absolute advantage. Malthus. competitive positioning. comparative advantage.

comparative advantage.

Paul works in an auto plant in which parts constantly travel along a conveyor belt and each worker performs his/her specific job. This describes a(n) Multiple Choice continuous process. intermittent process. analytic system. variable process.

continuous process.

You inherited 500 shares of IBM stock from your Great Aunt Mabel. As you contemplate selling the shares, your accountant informs you that the company pays a generous dividend, and advises you to start watching the firm's profits. When you are awarded the first dividend, you learn that it is considered a source of income and you will be taxed on that amount. You find this bothersome because the firm paid the dividend from after-tax profits (these dollars were already taxed). This phenomenon is called Multiple Choice entitlement tax. shareholder tax penalty points. corporate taxation adjusting. double taxation.

double taxation.

Most new-product ideas come from Multiple Choice competitors. research and development. employees. suppliers.

employees.

When Parker started his business, he knew he had to keep costs to a minimum and he worried about taxes. He planned to build and distribute safety goggles for construction workers and military personnel. He realized most of his business would not be through walk-in customers but rather large orders from companies. He chose to locate in a government-subsidized area called a(n) ________________, where he would receive tax breaks and other government support. Multiple Choice immigration zone enterprise zone intrapreneurial territory affective designation

enterprise zone

While many traditional measures of success revolve around the firm's financial performance, it is also important to gauge the satisfaction of the firm's dealers and end users, otherwise known as the firm's Multiple Choice participants. retail partners. external customers. internal customers.

external customers.

With respect to the development of scientific management, Frederick Taylor's objective was to Multiple Choice develop a specialized work force. increase worker satisfaction. increase productivity at work. decrease the number of work hours per day.

increase productivity at work.

A court-ordered __________ was imposed on Fairlawn City employees who worked on the city's streets and bridges. Although these employees were unionized and voted to strike for higher wages and benefits, the city insisted they had a no-strike clause in their agreement and therefore asked the courts to order them back to work, to keep the streets free of ice and snow during the winter months. Multiple Choice secondary boycott picket primary boycott injunction

injunction

If the employees of San Simeon Company successfully borrowed a large sum of money and purchased the firm from its current owners, we would call this event a Multiple Choice stock grab. hostile takeover. leveraged buyout. management merger.

leveraged buyout.

When it comes to ethical behavior, Multiple Choice most Americans have an absolute sense of what is moral. most Americans think there is very little difference between right and wrong. most Americans think that their view of morality should be accepted by all. many Americans decide what's ethical based upon the situation in which they find themselves.

many Americans decide what's ethical based upon the situation in which they find themselves.

The sum of all the federal deficits over time is known as the Multiple Choice national debt. aggregate demand for money. gross national debt. fiscal policy.

national debt.

The AFL was an organization Multiple Choice that promoted social, labor, and economic issues. whose intention was to gain significant political power. of craft unions. that was one large union, encompassing workers in all trades areas.

of craft unions.

The sources of grievances in the workplace generally involve Multiple Choice global production and overseas wage agreements. company investment policies. items included in management addendums and closed negotiations. overtime rules, promotions, and layoffs.

overtime rules, promotions, and layoffs.

When Nintendo reentered the video game market with the Wii, it priced the product lower than the newest Sony Playstation system in order to capture a large share of the market quickly. This strategy is called a(n) Multiple Choice high-low pricing strategy. EDLP. penetration strategy. skimming strategy.

penetration strategy.

In the past, the major purpose of organizational design was to facilitate the needs of management in making their job easier, rather than Multiple Choice pleasing customers. making a profit. centralizing authority. expanding outsourcing.

pleasing customers.

Old Navy jeans are sold exclusively at Old Navy stores. This is an example of a(n) _________ brand. Multiple Choice custom-coded brand open-ended brand private-label or dealer brand generic brand

private-label or dealer brand

In order for the value of goods and services to be counted as part of a nation's gross domestic product, the goods and services must be Multiple Choice purchased by the government or citizens of that particular nation, as opposed to other governments and people of other nations. produced by a company that was first established in that particular nation. produced within the physical boundaries of a particular nation. those that are purchased with disposable income.

produced within the physical boundaries of a particular nation.

Title VII of the Civil Rights Act Multiple Choice gives the victims of discrimination the right to a jury trial and punitive damages. prohibits discrimination in hiring, firing, and other areas on the basis of race, religion, creed, sex, or national origin. prevents businesses from discrimination against people under age 21 on the basis of their lack of work experience. requires that foreign applicants who have applied to stay in the U.S. be given the same consideration for employment as U.S. citizens.

prohibits discrimination in hiring, firing, and other areas on the basis of race, religion, creed, sex, or national origin.

If the sender in a nonpersonal, paid promotion is identified, we define it as advertising. If the sender is not readily identified, we label it Multiple Choice sales promotion. faulty advertising. sales development. propaganda.

propaganda

One of the key advantages of a franchise is Multiple Choice fewer restrictions on selling than in other forms of businesses. receiving management and marketing expertise from the franchisor. getting to keep all the profits of your business after taxes. lower start-up costs than all other businesses.

receiving management and marketing expertise from the franchisor.

Accumulated earnings from a firm's profitable operations that are kept in the business and not paid out to stockholders are called Multiple Choice accumulated capital. retained earnings. gross revenues. appreciated earnings.

retained earnings.

In his search for a franchised business that would satisfy his passion for the outdoors and earn him a decent living, Andrew noted that the shared profit criterion required of franchisors had significant variance. Some required franchisees to pay 7% of their monthly revenues to the franchisor. Others required 4% of the profits. In business we refer to this obligation as a Multiple Choice market use fee. franchise attachment. royalty. penalty fee assessment.

royalty

The management function of ___________ includes hiring, motivating, and retaining the best people to accomplish the company's objectives. Multiple Choice staffing controlling planning leading

staffing

The owners of a corporation are called Multiple Choice proprietors. stockholders. limited partners. trustees.

stockholders

Most businesses follow a logical process when performing the planning function. It is important to understand ________, before embarking upon creating future long-term goals, objectives, and strategies. Multiple Choice how to evaluate job descriptions and specifications the needs of secondary suppliers how to measure objectives the current situation

the current situation

The value of one nation's currency relative to the currencies of other countries is referred to as Multiple Choice the balance of payments. the exchange rate. devaluation. currency manipulation.

the exchange rate.

The purpose of the product life cycle is it serves as a(n) Multiple Choice indication of whether price is still greater than expenses for a given product line. tool for measuring the forces of competition and the companies' break-even point. indicator of potential recession in the economy. tool that indicates when the product has reached another stage in the cycle, and might require changes in the marketing mix.

tool that indicates when the product has reached another stage in the cycle, and might require changes in the marketing mix.

In order to get a comprehensive evaluation of the computer programmers he managed, Justin organized a(n) __________, where he asked immediate coworkers and others who worked closely with the programmers to participate in the evaluation process. Multiple Choice 360-degree review behaviorally anchored rating scale MBO annual review

360-degree review

________ is an advanced procedure where products are created one layer at a time. It is also known as additive manufacturing. Multiple Choice Robotics CAD/CAM Mass customization 3D printing

3D printing

If fixed costs are $100,000, variable cost per unit is $40, and the selling price is $60, how many units must be sold for the firm to break even? Multiple Choice 1,000 2,500 10,000 5,000

5,000

The impact of war and terrorism on U.S. business is that Multiple Choice companies have increased organizational costs, including insurance costs. fewer jobs will be created in the United States. there is less global trade. there are lower organizational costs for security personnel and equipment as firms are depending upon the government to provide those items.

companies have increased organizational costs, including insurance costs.

Focusing on long-term customer loyalty is integral to Multiple Choice customer linkage marketing. customer care processes. customer relationship management. promotional marketing.

customer relationship management.

Twenty years ago, your parents invested in Apple. As the years have gone by, the investment has grown. However, if Apple should go out of business and declare bankruptcy, what would happen to your parent's investment? Multiple Choice Your parents will have to go to court to show they have no involvement in the firm. Your parents will have to borrow money to pay for the value of their shares. Your parents will only lose the value of their shares. Your parents will be responsible for some of the debt of Apple.

Your parents will only lose the value of their shares.

Through environmental scanning, marketers can learn new ways to reach prospective customers. As they scan the __________ environment, Mac and Zach hope to buy the most state-of-the-art mechanical pitching arms for their youth sports academy. Multiple Choice economic social technological global

technological

Business-to-business (B2B) customers Multiple Choice tend to be more rational in their decision making than individual consumers. tend to be geographically dispersed, rather than concentrated. never require personal selling, as do consumers. are more numerous compared to consumer customers.

tend to be more rational in their decision making than individual consumers.

___________ is the world's largest exporter. Multiple Choice The United States India Brazil China

China

One of the results of the increase in the older population of the United States is Multiple Choice a decline in the economy, as this segment of the population tends to be poorer. a future problem for the Social Security system. less focus on technology as the older population will be less interested in technology-related products. fewer opportunities for new businesses as the population declines.

a future problem for the Social Security system.

The idea behind the marketing concept is Multiple Choice increasing productivity, by creating innovative products and producing as much as possible, in a short amount of time. building satisfying relationships between buyers and sellers, even if some years the seller experiences losses. a mutually beneficial exchange between buyers and sellers, where buyers receive quality products and good service, and sellers realize a profit. understanding how to sell each and every product available, in a transactional type environment.

a mutually beneficial exchange between buyers and sellers, where buyers receive quality products and good service, and sellers realize a profit.

International franchising is Multiple Choice becoming increasingly difficult and thus is not growing. about the same as domestic franchising in terms of costs. a successful growth area for both small and large franchises. easy because you do not have to adapt your product at all to different markets.

a successful growth area for both small and large franchises.

Companies are focusing attention on the social issue known as elder care because it is Multiple Choice increasing the taxes businesses must pay to the federal government for elderly support. changing the focus of companies from sustainability issues and going green. hurting their ability to find skilled elderly employees. decreasing productivity at work because of the need of workers to care for elders.

decreasing productivity at work because of the need of workers to care for elders.

At one time, companies developed products and promotions to please large groups of people, and tried to sell as many products to as many people as possible. This is known as Multiple Choice forming a community of buyers. a consumer orientation. mass marketing. relationship marketing.

mass marketing.

The issue of pay equity deals with Multiple Choice paying equal wages to men and women who do the same job. equal pay for jobs that require similar levels of training and education or skills. assuring that men and women have equal employment opportunity in the job market. ensuring that executive pay is not more than 20 times the pay of the lowest-paid worker.

equal pay for jobs that require similar levels of training and education or skills.

Upscale retailers, such as Nordstrom, feature customer service as their significant point of difference and use that difference to compete with less expensive stores. This is known as ___________ competition. Multiple Choice point-of-difference target forcing nonprice upscale

nonprice

Advantages of ________ include reduced start-up fees and no territory restrictions. Multiple Choice multiple sector franchising fast-food franchising international franchising online franchising

online franchising

When Devin Spencer went to work for a printing shop, he thought he was going to have to join the union representing the shop. However, on his first day of work he was told that while there was a union representing the workers, he was not required to join, and he didn't have to pay any dues to the union if he chose not to join. Devin evidently works in a state with a right-to-work law that allows a(n) __________ shop. Multiple Choice agency open closed union

open

All managers do planning. Andrea is a general manager for a large toy store. Each day she plans the number of employees she will have in each department, including the number of cashiers. She plans the break schedules and the freight delivery schedules. In the business world, we refer to this as ________ planning. Multiple Choice tactical operational contingency strategic

operational

Which form of business ownership is the most common in the United States? Multiple Choice S corporation master limited partnership corporations sole proprietorship

sole proprietorship

Which of the following is NOT a business cycle that occurs in economies over time? Multiple Choice structural unemployment depression recovery economic boom

structural unemployment

Which of the following is NOT characteristic of a leader? Multiple Choice A leader will emphasize corporate ethics. A leader has a vision and rallies others around the vision. A leader will always attempt to keep operations from changing. A leader will establish corporate values.

A leader will always attempt to keep operations from changing.

A manager's need to exert tight controls on subordinates (span of control) is most accurately captured by which of the following statements? Multiple Choice Control will decrease as the manager gets to higher levels in the organization and work becomes less standardized. Control is generally the same in almost all organizations. Control will decrease as new employees join the company. Control will clearly increase as subordinates need less supervision.

Control will decrease as the manager gets to higher levels in the organization and work becomes less standardized.

Which of these actions is LEAST likely to restore the trust of the American public in the free-market system? Multiple Choice Passing stricter accounting and financial reporting laws. Passing new laws making business, religious, and government leaders more accountable for their actions. Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality. Punishing those who have broken the law.

Defining the concept of ethics more narrowly, and making the definition closer to the definition of legality.

The __________ Act was the federal legislation in the United States that established the minimum wage in the United States. Multiple Choice Fair Mediation Taft-Hartley Civil Rights Fair Labor Standards

Fair Labor Standards

The O'Malley Company field engineers perform installation and repair on large pieces of equipment that are used in the process of making gasoline at petrochemical plants. Each day, the on-site engineer reviews the __________ to determine which parts of the project are in progress and which have been completed. This bar graph also shows the engineer which equipment must be installed before other parts are started. Multiple Choice CAD/CAM system PERT chart flexible manufacturing system Gantt chart

Gantt chart

Which of the following is the first step in developing a good public relations program? Multiple Choice Hire well-known public figures who will promote positive word of mouth. Develop policies and procedures in the public interest. Listen to the public.

Listen to the public.

Which of the following products would be considered part of the business-to-business market? Multiple Choice Classes at a university for a college freshman Lumber needed to make furniture A haircut from a salon Appliances needed for your home

Lumber needed to make furniture

Which of the following best describes a capitalistic nation? Multiple Choice The political system endorses several hundred entitlement programs. Business taxes support these programs that are restricted to the unemployed. The nation-state practices state capitalism. It prefers to maintain ownership of certain industries. The nation-state owns most of the factors of production and distribution, and makes central decisions with respect to the distribution of resources. Most or all of the factors of production and distribution are privately owned and operated for a profit.

Most or all of the factors of production and distribution are privately owned and operated for a profit.

Which of the following statements about personal selling is true today? Multiple Choice It is more difficult to find customers in the business-to-business market than in the B2C market. Big customers should always be treated with more care than small ones. Salespeople use the Internet and other technology to do everything it takes to complete a sale. The objective of an initial sales call is to make a sale immediately.

Salespeople use the Internet and other technology to do everything it takes to complete a sale.

According to Herzberg, which of the following would be considered "motivators"? Multiple Choice Good pay and sense of achievement Good pay and clean working environment Sense of achievement and opportunity for growth Supervisor's fairness and opportunity for growth

Sense of achievement and opportunity for growth

Which of the following lists characteristics typical of a C corporation? Multiple Choice Flexibility to be taxed in several different ways with a limited life Shareholders must be U.S. citizens. Each business is limited to 100 shareholders. Taxed separately from its owners who also enjoy limited liability Limited liability, but taxed like a partnership or sole proprietorship

Taxed separately from its owners who also enjoy limited liability

At Crater Valley Manufacturing, workers are encouraged to find their own solutions to problems, and to implement their solutions when practical. They work with little supervision because management feels they are committed and creative workers. Crater Valley's policy reflects a ________ attitude about workers. Multiple Choice Theory X Theory Y Theory W Theory Z

Theory Y

Today, high-paying service-sector jobs in the U.S. can be found in Multiple Choice accounting. machine tools production. farming. the automobile industry.

accounting.

For unions to grow in the future, they will have to Multiple Choice focus on organizing older workers rather than younger workers. adapt to a more culturally diverse, white-collar workforce. take up the fight against continuous improvement and employee involvement. continue to focus on blue-collar and trade workers.

adapt to a more culturally diverse, white-collar workforce.

A Certified Public Accountant (CPA) is Multiple Choice a government employee who has a degree in accounting. a professional who has studied both personal financial management and financial accounting and passed brokerage qualification exams. basically the same as a certified management accountant, since both have passed a series of exams. an accountant who has met educational requirements and has passed exams established by the American Institute of Certified Public Accountants.

an accountant who has met educational requirements and has passed exams established by the American Institute of Certified Public Accountants.

Partnerships refer to more than one owner. A limited partnership Multiple Choice is a shadow firm for a much larger corporation. It is like a shell company to dispose of risky assets. consists of general partners and limited partners, at least one of each. is limited by the number of partners allowed. There can only be a total of 10 partners actively involved in the business. is taxed similar to a corporation, whereas a general partnership is taxed like a sole proprietorship.

consists of general partners and limited partners, at least one of each.

The way in which a country's resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the Multiple Choice number of documented economically disadvantaged persons in the nation. availability of tangible versus intangible resources. economic system under which the country operates. stage of development of those resources.

economic system under which the country operates.

When corruption is evident in governments, the result is that Multiple Choice factories are more difficult to build without obtaining a permit through bribery of public officials. it's easier to open a store without a permit. minimum wages are lower. the news media attempts to keep it quiet in order to minimize bad publicity.

factories are more difficult to build without obtaining a permit through bribery of public officials.

Buying and selling goods, acquiring insurance and using supplies represent __________ transactions. Multiple Choice financial resource trading marketing management

financial

The primary concerns when first starting your business are Multiple Choice marketing and accounting. financing and marketing. financing and planning. planning and human resources.

financing and planning.

In personal selling, the relationship must continue for a long time, as the salesperson responds to new requests for information from current customers. This is an important part of the ______ step in personal selling. Multiple Choice follow-up closing prospecting presentation

follow-up

Even though the nation faces political instability, the island of Frollik with its wide, expansive beaches is a destination hub for cruise lines. Recently, a large theme park company showed strong interest in buying land in Frollik with the intent of building a park targeted toward families. The company wants to make a commitment to Frollik, including the hiring of several hundred local employees. It is using a global marketing strategy called Multiple Choice foreign direct investment. licensing agreement. strategic alliance. joint venture.

foreign direct investment.

The principle of _______________ means that each person should know to whom they report, and that managers should have the right to give orders and expect others to follow. Multiple Choice hierarchy of authority division of labor unity of command order

hierarchy of authority

The first day on the job waiting tables at a popular restaurant, Amber noticed that when one member of the waitstaff was serving a very large party, the other waiters would help carry food to the tables and even check to make sure water glasses were filled. Although these actions were not part of the mandatory waitstaff training, Amber perceived that waitstaff members who were not helping out were not viewed as team players by the majority of employees. Amber was observing an example of the ___________ followed at this organization. Multiple Choice compliance-based ethics actual ethics social order ethics integrity-based ethics

integrity-based ethics

Once known as "directing," the_______ role of management means creating a vision for the organization and empowering employees to become self-directed and self-motivated. Multiple Choice leading controlling organizing planning

leading

Technical skills that apply to the business at hand are most often necessary at Multiple Choice mid-levels of management. the board of directors level. lower levels of management. higher levels of management.

lower levels of management.

The branch of economics that looks at the operation of a nation's economy as a whole is Multiple Choice microeconomics. global economics. universal economics. macroeconomics.

macroeconomics.

New production techniques have Multiple Choice not been shown to be effective in making U.S. manufacturers competitive. been difficult and costly to implement, and thus have been largely ignored. been implemented primarily by advanced foreign manufacturers. made it possible to custom-make products for individual buyers.

made it possible to custom-make products for individual buyers.

When Beck joined his uncle's oil exploration company in east Texas, he was given several hundred shares of stock in the firm, and was officially made a partner. The firm's accountant explained that the company paid taxes the same way as regular partnerships, by passing the profits through to each partner. Beck could purchase more shares of the company on a public stock exchange, as long as someone was willing to sell his/her shares. This firm was likely a special form of ownership called a Multiple Choice strategic alliance. limited partnership. master limited partnership. generally acceptable partnership.

master limited partnership.

Volvo is a well-known quality manufacturer of cars, trucks, and SUVs. Volvo dealers also provide financing to their customers. These products and services are part of Volvo's product Multiple Choice line. mix. width. depth.

mix.

Sergey Brin and Larry Page are the founders of Google. Most would agree that they have a superb product, but in order to grow, the company needed more structure. Together, they agreed to hire Eric Schmidt to join the executive team as the executive chairman. Schmidt quickly began performing the ________ function, where he created well-structured departments and hired skilled people to perform the various functions of the business. Multiple Choice planning controlling organizing contingency planning

organizing

According to the text, ethical behavior begins with Multiple Choice ourselves. religious and community leaders. government regulations and laws. top corporate leaders.

ourselves.

Decisions about promotions, compensation, additional training, or firing should all be based on Multiple Choice legal considerations. performance appraisals. having the right selection process in place. going through the appropriate training program.

performance appraisals.

Two baseball leagues in the city where Mac and Zach plan to open their sports academy agreed to allow them to distribute an e-mail survey to their league players. In order to capture this opportunity, Mac quickly put together a set of 15 questions that inquire about the type of skills (batting, pitching, fielding, running) that league players want to develop. The survey and subsequent information this research would glean is called __________ data. Multiple Choice focus group secondary tertiary primary

primary

The term used to describe all the activities managers do to help their firms create finished goods and services is __________ management. Multiple Choice production inventory operations transformation

production

Besides the shift of jobs to foreign countries, outsourcing has other drawbacks, such as Multiple Choice questionable safety and quality issues with finished products. inadequate supply of labor for the number of products that need to be produced. lack of low-cost technical talent to produce products. inadequate supply of natural resources close to factories.

questionable safety and quality issues with finished products.

Linda is a marketer in charge of promoting her company's product in different parts of the world. Linda designs one ad to be used in the United States, but designs different ads to be used in Japan and Brazil. The idea behind creating specific ads for each country is called Multiple Choice cultural marketing. regionalism. global advertising. globalism.

regionalism.

Chet Bowes owns his own landscaping business, including all the land on which the company grows its plants, and all the equipment. Chet's son Josh has just graduated from college with an architectural landscaping degree. Chet hopes to retire in a few years and turn the business over to Josh, and Josh will inherit the business when Chet dies. This is an example of the ______________ in a capitalist system. Multiple Choice right to private property right to have a job right to compete right to freedom of choice

right to private property

When Candy's Cupcake Closet is not jammed with happy customers, one or two of its sales associates stand out front and provide tastes of Candy's sumptuous goodies in the form of miniature-sized treats. The company owners know that ________ is a very powerful form of promotion. Multiple Choice incentive selling sampling viral marketing trial closings

sampling

Item10 1/1 points awarded Item Scored ReferencesItem 10Item 10 1 of 1 points awarded Item Scored Entrepreneurs emphasize the importance of believing in your own ideas because in the process of developing those ideas you are likely to hear from skeptics. Characteristically, they also know that success or failure is "on them." These attributes are described as Multiple Choice self-contained and self-centered. self-directed and self-nurturing. a high-stakes roller and highly energetic. action-oriented and highly energetic

self-directed and self-nurturing.

When Arturo Gomez opened his Mexican restaurant in a fashionable suburb of Kansas City, he believed that the most important element of his success would be promotion. He made sure that a significant portion of his budget was devoted to advertising in local papers, sent out coupons, and really focused on the promotional aspects of the restaurant. Which of the four eras of marketing does it seem that Arturo emphasized? Multiple Choice selling marketing concept customer relationship management production

selling

U.S. companies that operate abroad, particularly those who contract with foreign companies, are now ________ human rights and environmental standards followed by U.S. law. Multiple Choice free from the concern of asking suppliers to lower their standards to be in compliance with requiring suppliers to be evaluated monthly concerning separating themselves from suppliers who violate

separating themselves from suppliers who violate

Since the mid-1980s, the __________ sector has generated the most increases in employment in the United States. Multiple Choice agricultural service manufacturing goods producing

service

A firm's management purchases all the issued and outstanding stock of the firm and takes the company off the stock market. The management of this company has engaged in Multiple Choice forming a master limited partnership. a leveraged buyout. taking the firm private. a conglomerate merger.

taking the firm private.

Which of the following is (are) NOT considered a factor of production? Multiple Choice taxes land knowledge capital

taxes

The U.S. award that recognizes firms that meet customer needs, produce high-quality products and have customer satisfaction ratings that are better than those of competitors is known as Multiple Choice the Six Sigma quality award. the Malcolm Baldrige National Quality Award. MBO standards award. ISO 14001 standards.

the Malcolm Baldrige National Quality Award.

What legislation created new government reporting standards for publicly traded companies? Multiple Choice the Clayton Act the Public Company Oversight Act the Sarbanes-Oxley Act the Robinson-Patman Act

the Sarbanes-Oxley Act

The accounting cycle is a six-step process that results in Multiple Choice the compilation of financial statements and their analysis. the annual report. the independent audit. the double-entry bookkeeping system.

the compilation of financial statements and their analysis.

As a strategy for reaching global markets, licensing provides the licensor with several advantages. One advantage is Multiple Choice licensing helps avoid patent infringement. there are very few contractual agreements between the two parties, so the licensee is free to sell proprietary technologies originally owned by the licensor at its discretion. once the licensing agreement is signed, the licensor has no obligation to customers for the quality of the product they receive. the cost of producing and marketing the product in a foreign market is significantly reduced.

the cost of producing and marketing the product in a foreign market is significantly reduced.

A bargaining zone is Multiple Choice a type of legislation that gives workers the right to join or not join a union. the range of options between the initial and final offer that each party will consider before labor negotiations dissolve. a contract that requires employees to agree not to join a union as a condition of employment. the location in which negotiations take place.

the range of options between the initial and final offer that each party will consider before labor negotiations dissolve.

Using government regulations to limit the import of goods and services is called Multiple Choice regulating the balance of trade. global marketing. trade protectionism. mercantilism.

trade protectionism.

A legally protected brand is a Multiple Choice trademark. brand equity. mark to market. brand patent.

trademark.

If Beck's Bicycles, Inc.'s income statement shows gross profit of $350 million, with operating expenses of $120 million, and if Beck's tax rate is 30%, what is the firm's net income after taxes? Multiple Choice $11.6 million $141 million $69 million $161 million

$161 million

Which of the following would be considered a convenience good? Multiple Choice An evening gown A microwave oven An automobile battery A candy bar

A candy bar

The difference between money coming into a country from exports and money leaving a country due to imports, plus money flows from other factors, is known as the Multiple Choice balance of payments. balance of trade. free trade. trade deficit.

balance of payments.

When the value of exports from a country exceeds the value of imports into that country, there is a(n) Multiple Choice balance of payments. unfavorable balance of trade. favorable balance of trade. trade deficit.

favorable balance of trade.

The effect of downsizing and the resulting flatter corporate structures is Multiple Choice fewer layers of management make it more difficult for employees to be promoted to higher levels of management. companies are scrambling to rehire those workers who were laid off. a decrease in the need for a human resources department has developed.

fewer layers of management make it more difficult for employees to be promoted to higher levels of management.

The American Society of Civil Engineers published a report card for America's interstates. It was reported that road repairs cost the American taxpayers $67 billion per year. Through the enactment of ___________ policy, the U.S. government collects tax dollars and then spends some of these funds to maintain the infrastructure of the nation. Multiple Choice deficit fiscal monetary congressional

fiscal

Marta Hernandez is a single parent with a child in elementary school. She loves her schedule because she can go in any time before 10 a.m. that is convenient for her, as long as she is there at the job during the core hours of 10 a.m. to 2 p.m. Marta enjoys a schedule known as Multiple Choice a compressed workweek. flextime. home-based work. job sharing.

flextime.

Accountants at Idle Time Gaming, Inc. work with state-of-the-art systems that create financial statements every day, but the interpretation and analysis of those statements can take several hours. The accounting department consists of financial, managerial, and tax accountants. One advantage of departmentalizing the accountants is Multiple Choice for effectiveness, the camaraderie that emerges promotes "group think," which is always good for the business. for effectiveness, specialized professionals should always be grouped together. It speeds up project completion. for efficiency, their isolation helps them to become focused, narrow specialists. for efficiency, the employees can coordinate work within the function.

for efficiency, the employees can coordinate work within the function.

When going into a partnership, you should always Multiple Choice make sure that you have limited liability while you are in charge. put all terms of the partnership into writing in a partnership agreement. make sure all the profits are reinvested into the company. divide the profits equally.

put all terms of the partnership into writing in a partnership agreement.

The strategy of making work interesting and motivating employees by moving them from one job to another is called job Multiple Choice rotation. simplification. enlargement. enrichment.

rotation.

The tendency for people to behave differently when they know they're being studied is referred to as Multiple Choice the Hawthorne effect. Theory X. Morgan's pyramid. Maslow's hierarchy.

the Hawthorne effect.

Workers originally formed unions Multiple Choice to protect themselves from intolerable work conditions and unfair treatment. to have the rights to strike and to picket. as social organizations. as a way to increase job security and gain political power.

to protect themselves from intolerable work conditions and unfair treatment.

After 8 years of working for a company that installed underground sprinkling systems for golf courses, Trevor was ready to venture into his own business. As he prepared his SWOT analysis, he evaluated where he stood at this time. He was fortunate to have $100,000 financing to get the business under way. He knew of three skilled installers who were willing and interested to work for him, and he was aware that new construction was at an all-time low, with several residential properties being foreclosed. In reviewing his list, you would categorize these events as Multiple Choice three opportunities and one threat. three opportunities and one weakness. two strengths and one opportunity. two strengths and one threat.

two strengths and one threat.

Darby's company reported net income after taxes of $2,000,000, on sales of $225 million. Her boss asked her to calculate the earnings per share for stockholders. Darby noted that the company's balance sheet showed 44 million shares outstanding. To explain to him that her calculation is correct, Darby's correct response is Multiple Choice $0.45 per share. Earnings per share means sales of $225 million is divided by the number of common shares outstanding. $0.045 per share. Earnings per share is calculated by taking net income after taxes and dividing by the total number of common shares issued and outstanding. $4.50 per share. Earnings per share is calculated by taking the number of shares issued and outstanding and dividing by the net income after taxes. $5.12 per share. Earnings per share is calculated by taking the sales dollars and dividing by the number of shares issued and outstanding.

$0.045 per share. Earnings per share is calculated by taking net income after taxes and dividing by the total number of common shares issued and outstanding.

A mobile veterinary business, Paws on the Go, Inc., created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristic of the business: a traveling pet unit whose veterinarians went to the home of the pet owner, rather than the pet owner bringing the pet to the clinic. What other criteria should be considered for the mission statement? Multiple Choice A description of the customers it serves and a statement about its social responsibility to the area where it operates A description of the firm's SWOT analysis and its organization chart A description of the management team and the firm's long-term financing options A description of the management team and its global perspective

A description of the customers it serves and a statement about its social responsibility to the area where it operates

Which of the following would be considered a current asset? Multiple Choice Copyrights Accounts receivable Buildings Accounts payable

Accounts receivable

How would you characterize the popularity and power of today's unions? Multiple Choice Unions are more powerful than ever with record numbers of membership. The UAW (United Auto Workers) continues to grow due to new assembly plants and the desire for foreign automakers to unionize their employees. Across the board, unions' membership is significantly reduced, which decreases their future bargaining power. Membership is up in every sector except the public sector because teachers and state employees are not interested in their neighbors' tax money paying their wages.

Across the board, unions' membership is significantly reduced, which decreases their future bargaining power.

Americans are often accused of ethnocentricity. This means that Multiple Choice Americans welcome diversity in their workforce. U.S. businesses are pursuing a policy of multiculturalism. U.S. firms are actively seeking international markets. Americans feel their culture is superior to others.

Americans feel their culture is superior to others.

For the last several years, the country of Amerensia has been moving from a communist system to a more mixed economic system. Which of the following most likely would NOT occur in Amerensia? Multiple Choice An increase in the level of government involvement in trade Private ownership of business More incentives for workers to work harder An increase in choice among competing goods

An increase in the level of government involvement in trade

What is SCORE? Multiple Choice A government agency that helps establish empowerment zones and incubators to assist small businesses during their initial start-up stage An organization affiliated with the Small Business Administration where retired experts volunteer to provide free advice to small businesses that are just getting started A program similar to CDIF, where private lenders provide start-up funds for small business A group of individuals or companies that invest in new businesses in exchange for partial ownership

An organization affiliated with the Small Business Administration where retired experts volunteer to provide free advice to small businesses that are just getting started

Which of the following statements reflects the difficulty companies face when requiring international suppliers to follow environmental and human rights standards set by U.S. firms? Multiple Choice It's the age-old reality: "Out-of-sight, out-of-mind." U.S. companies tend to overlook and forget human rights abuses abroad. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. U.S. companies follow the lead of consumers, and at this time, there is no evidence of a trend toward concern for better human rights and environmental standards. Multinational corporations are committed to operating within the legal limits of U.S. law. U.S. law does not require U.S. firms to comply because of competitive advantage concerns.

Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms.

Why do incubator facilities continue to remain very popular with start-up businesses? Multiple Choice They almost always provide strong visibility and walk-in customers. They team up with large corporations who are willing to buy out the small businesses. By providing essential services to entrepreneurs, they have a very strong success rate. They are essentially loan offices that provide funding.

By providing essential services to entrepreneurs, they have a very strong success rate

A company that makes fireplace mantels uses computer modeling to ensure that the process used makes the most efficient use of resources and effectively designs their products. The company is equipped with __________ technology. Multiple Choice CAD/CAM robotics process manufacturing production management

CAD/CAM

Organizations known as ________ are often a source of funding for lower-income communities. These organizations have a significant role in the economic recovery and some start-up businesses have successfully found sources of capital by going through one of these organizations. Multiple Choice CDFIs (Community Development Financial Institutions) ARMs (Adjusted Rate Mortgage lenders) venture capitalists PACs (Personal Asset Collateral funds)

CDFIs (Community Development Financial Institutions)

Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. In the long run, they believe Multiple Choice firms should take added caution not to support government programs that protect the environment. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. CSR can lead to even more profits. benevolence can lead to a vote of no confidence by company stakeholders.

CSR can lead to even more profits.

Which of the following would NOT be used to describe a company with a positive corporate culture? Multiple Choice People enjoy working together to provide good products at reasonable prices. Less need for policy manuals, formal rules, and procedures. Emphasizes service to others, especially customers. Closer supervision of employees.

Closer supervision of employees.

For a U.S. or non-European company to export manufactured goods to European countries, which of the following would most likely apply? Multiple Choice The company must be a recipient of the Malcolm Baldrige National Quality Award. It must be privately owned and managed in order to win any quality awards. Companies that want to do business with the EU must be certified by ISO standards. Lean manufacturing standards to increase worker productivity must be utilized.

Companies that want to do business with the EU must be certified by ISO standards.

Which of the following areas is particularly challenging when recruiting workers for small businesses? Multiple Choice Legal requirements Compensation Motivation Job satisfaction

Compensation

_____________ is a cost-effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. The domestic firm contracts with a foreign company to produce and private-label the goods, because the price is much cheaper than the domestic firm could produce in its home market. Multiple Choice Contract manufacturing Exporting Foreign direct investment Franchising

Contract manufacturing

Select the statement that best substantiates why we say, "The role of management is evolving." Multiple Choice Contemporary managers will focus on collaboration, and continue to emphasize the team approach to work. Future managers must have their ear and eye toward domestic issues because the goal is to bring jobs back to the U.S. by eliminating outsourcing. Managers will move away from training and coaching employees to just telling them what to do. Contemporary managers will emphasize structure and less creative thinking, particularly during recessionary times.

Contemporary managers will focus on collaboration, and continue to emphasize the team approach to work.

Which of the following assets would be considered to be the most liquid (able to convert easily to cash) assets? Multiple Choice Long-term assets Current assets Intangible assets Fixed assets

Current assets

What is the first step in the marketing research process? Multiple Choice Developing and establishing potential solutions Collecting data Defining the problem Analyzing data

Defining the problem

A legal provision known as the _______________ provides a "bounty" provision for whistleblowers whose actions result in a legal conviction. The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. Multiple Choice Internal Audit Company Protection Act Dodd-Frank Wall Street Reform and Consumer Protection Act Sherman Act Sarbanes-Oxley Ruling

Dodd-Frank Wall Street Reform and Consumer Protection Act

Which of the following approaches suggests that a manager believes that employees should be involved in both defining problems and in designing the solutions? Multiple Choice McGregor's Theory X Maslow's hierarchy of needs McGregor's Theory Y Taylor's scientific management

McGregor's Theory Y

Which of the following is NOT a part of an integrity-based ethics code? Multiple Choice Supports ethically sound behavior Stresses shared accountability Defines an organization's guiding principles Emphasizes strong penalties for wrongdoers

Emphasizes strong penalties for wrongdoers

Bellandro Brewery recently became certified as an ISO 14001 company. Which of the following criteria would decision makers evaluate for this award? Multiple Choice Free-trade agreements and honoring international patents The implementation of state-of-the-art automation systems Quality assurance standards Environmental improvement plans at the brewery

Environmental improvement plans at the brewery

Recently Tanveer switched jobs from a large firm to a medium-sized firm. As one of four project managers at the new firm, Tanveer recognizes that employees have much more respect for his expertise than he perceived at the larger firm where there were a minimum of 25 project managers. According to Maslow, which need in his hierarchy is important to Tanveer? Multiple Choice Safety Physiological Self-actualization Esteem

Esteem

Sun-2-Shade is a company that makes self-darkening windshields for cars and trucks. Which of the following would NOT be included as part of Sun-2-Shade's promotion mix? Multiple Choice Designing an interactive website for customers to ask questions and order products Sponsoring a NASCAR race Expanding the product line to include sunglasses custom-made to match the customer's windshield colors Hiring a sales force to call on automotive customers

Expanding the product line to include sunglasses custom-made to match the customer's windshield colors

A Michigan State University student spends his summer months in his hometown, where he works for a local microbrewery during the evening hours. In the late morning, he attends the local community college, where he takes summer courses that he knows will transfer back to MSU. Although he finds the courses just as challenging as at his regular university, he does not worry about his summer grades affecting his 3.2 (out of 4.0) grade point average, because MSU accepts only the transfer credits. As long as he receives C grades or better, he maintains his current grade point average. Which of the following theories suggests that the student will work only as hard as necessary to earn a C grade? Multiple Choice Maslow's theory Equity theory Expectancy theory Objective-setting theory

Expectancy theory

Which of the following is most helpful in analyzing the financial performance of a company? Multiple Choice Financial ratios General ledger statements The trial balance The customer base payments schedule

Financial ratios

Mac and Zach want to start their own youth sports academy aiming to teach baseball skills to young boys. Which of the following steps in the marketing process is a good place to begin? Multiple Choice Design the product and service they plan to offer. Create the pricing structure for their new idea. Locate a building that is centrally located. Find out what young baseball players want to achieve and what's important to them.

Find out what young baseball players want to achieve and what's important to them.

Adrian is part of a team that builds and assembles wind turbines. Because the turbines are so large, the team travels to the building in which they are housed so all workers can congregate around the turbine engine, blades, and controller to complete its construction. What facility layout is most appropriate for this type of process? Multiple Choice Fixed-position layout Assembly-line layout Modular layout Process layout

Fixed-position layout

The law that specifically prohibits "questionable" or "dubious" payments to foreign officials to secure business contracts is called the Multiple Choice North American Free Trade Agreement. Securities and Exchange Act. General Agreement on Tariffs and Trade. Foreign Corrupt Practices Act.

Foreign Corrupt Practices Act.

Grayson was employed as a field technician servicing building HVAC systems, but because of a downturn in the economy, he was laid off from his job. After unsuccessfully trying to secure another field tech position, Grayson finally took a job as a stock employee at Home Depot. Which of the following best describes Grayson's situation? Multiple Choice Grayson is seasonally unemployed. Grayson has downsized. Grayson has secured job enrichment. Grayson is underemployed.

Grayson is underemployed.

Reed Hastings created Netflix. His inspiration came from the fact that he had to pay a sizeable late fee for returning a DVD beyond the due date at a rental store. It took a few tries to develop the winning business model. Which statement accurately describes his key to success? Multiple Choice His idea solved a problem. He obtained the only streaming video license available in the U.S. No other business had the capability to offer the same product. The government increased the charges on late fees to consumers.

His idea solved a problem

Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision? Multiple Choice Is the action I am proposing to take something the boss would like to promote among workers? How does the action I am proposing to take make me feel about myself? How can my decision help elevate my own status within the firm?

How does the action I am proposing to take make me feel about myself?

Which of the following is NOT included as one of the questions we must ask when faced with an ethical dilemma? Multiple Choice How will it make me feel about myself? Is it balanced? Is it legal? Is it acceptable if everyone else is doing it?

Is it acceptable if everyone else is doing it?

The most basic question in an ethics-based management system is Multiple Choice Is it legal? Who will know? Is it balanced? Has it been done before?

Is it legal?

Because of the high volume of bicycles as a common form of transportation in Beijing and Shanghai, Carl wants to sell his bicycle horns in these foreign markets. Currently, the U.S. dollar is trading at a higher rate than the Chinese yuan. Economically speaking, how are Carl's prospects? Multiple Choice Excellent. The low value of the Chinese yuan means it will take less money to buy U.S. products in Beijing and Shanghai. Pretty good because the high value of the U.S. dollar would make Carl's product cheaper in Beijing and Shanghai. It depends. The price of products in foreign markets is not dependent on the value of currency, it is only driven by the demand for goods and services. Not good. The high value of the dollar relative to the Chinese yuan would make Carl's products more expensive in Beijing and Shanghai.

It depends. The price of products in foreign markets is not dependent on the value of currency, it is only driven by the demand for goods and services.

When President Obama was elected, the U.S. economy had slid into a recession. Consumer spending was low and getting worse. In an effort to stop the decline, President Obama proposed an economic stimulus package that included government spending on roads, bridges, and schools, among other things, and a tax cut that each U.S. worker would see in her or his paycheck. Apparently, President Obama was a proponent of Multiple Choice communist economic theory. Malthusian economics. Keynesian economic theory. monetary policy.

Keynesian economic theory.

Sean, an operations manager at a wood processing plant, notices that there is significant scrap and inefficiencies in the plant's operations. Which of the following techniques would he be most interested in implementing? Multiple Choice Lean manufacturing Benchmarking Facilities layout Radical redesign competencies

Lean manufacturing

While on a trip to South Africa, Elena was impressed with colorful woven outdoor placemats, floor mats, chair cushions, and umbrellas that local artisans were weaving. Upon returning to the U.S., she was confident that U.S. consumers would be as intrigued by these accessories as she was. Elena decided to explore the possibility of starting an import business to bring these products to the U.S. Which of the following statements seems to be good advice for Elena? Multiple Choice Learn from others who import goods from abroad, and particularly from Africa. Before performing a feasibility study, form your legal business status. Make certain that you have twice the cash necessary to make your first purchases. Since most import businesses are also export businesses, find a U.S. product South Africans would be willing to buy.

Learn from others who import goods from abroad, and particularly from Africa.

Which of the following is an example of effectively managing diversity? Multiple Choice The rise in the number of single-parent families has forced companies to reduce health benefits. To reduce diversity in the workplace, companies require all employees to speak English. Legal and illegal immigration has prompted local governments to change signs, brochures, and websites to include other languages. Companies that recognize that older Americans are the poorest demographic group do not spend advertising money to try to capture this market.

Legal and illegal immigration has prompted local governments to change signs, brochures, and websites to include other languages.

Clarissa's boss asked her to determine if their company is operating with too many borrowed funds. Which ratio will Clarissa utilize to help her with her decision? Multiple Choice Liquidity Inventory turnover Profitability Leverage

Leverage

_________ accounting is used to provide information and analysis to managers within the firm to assist them in decision making. Multiple Choice Managerial Accrual Financial Tax

Managerial

What statement is most accurate in describing the current trend in manufacturing in the United States? Multiple Choice Foreign competition has not affected U.S. manufacturers. The U.S. is expected to become a manufacturing-based economy. Manufacturing jobs in the U.S. have declined significantly. Traditional manufacturing techniques have proved to be the most efficient and effective.

Manufacturing jobs in the U.S. have declined significantly.

At which stage of the product life cycle do you differentiate your product so that it will appeal to additional market segments? Multiple Choice Growth Introduction Decline Maturity

Maturity

Boris oversaw the work of six pharmaceutical sales managers in the northeast region of the U.S. Each sales manager managed a team of 8-10 pharmaceutical sales representatives that developed relationships with doctors, clinics, hospital pharmacies, and local drugstores. Boris met regularly with four others in his company whose jobs were similar to his position. How would you describe the level of management Boris has achieved? Multiple Choice First-line management Middle management Supervisory management Top management

Middle management

__________________ economies are economic systems where some allocation of resources is made by the market and some by the government. Multiple Choice Mixed Free-market Socialist Command

Mixed

When Jacob Riley began working at his local bakery, he found out there was a union representing the bakery workers, but that management didn't take them seriously, and refused to sit down with the union and negotiate. After some research, Jacob found out that under the __________, workers had the right to expect management to negotiate with them. Multiple Choice Fair Labor Standards Act Civil Rights Act Fair Mediation Act National Labor Relations Act (Wagner Act)

National Labor Relations Act (Wagner Act)

What must companies do to be competitive in today's market? Multiple Choice Offer high-quality products and outstanding service at competitive prices. Create alliances with competitors. Focus on activities that will reduce taxes. Create low-cost advertising campaigns.

Offer high-quality products and outstanding service at competitive prices.

_________ is about converting resources into goods and services. It includes inventory management, quality control, production scheduling, follow-up services, and more. Multiple Choice Operations management Functional departmentalization Flexible manufacturing Benchmarking

Operations management

Cara started a small business a little less than 10 years ago. The business employed several social workers and nurses that visited and cared for persons who had left hospital care, but were not quite ready to be on their own at home. As the CEO of the firm, Cara decided it was time to hire a business operations manager and a marketing manager to handle the details of the business. Which of the following functions of management was Cara primarily performing? Multiple Choice Organizing Controlling Leading Planning

Organizing

The project manager building a new underwater dolphin exhibit at Chicago's Shedd Aquarium is reviewing the chronological sequence of activities that must be completed on the project and the estimated time of completion of each activity. He is employing the Multiple Choice total quality management process. Gantt chart. lean manufacturing process. PERT technique.

PERT technique.

What are the primary sources of funding for entrepreneurs? Multiple Choice Former employers and the State Economic Development Authority Finance companies and banks Personal savings and individual investors such as family The Small Business Administration

Personal savings and individual investors such as family

What is the first step in the B2B personal selling process? Multiple Choice Prospect and qualify Make a presentation Preapproach Approach

Prospect and qualify

_______ is an unpaid form of promotion. It can have positive and negative effects on the recipient. For example, when you log onto CNN and read that four auto assembly-line plants are closing, it is not good news for our economy. However, on the same site, if you read about a company's water recycling effort targeted toward good stream management, you are usually impressed. Multiple Choice Product placement Sales promotion Publicity Viral marketing

Publicity

New packaging technology that allows companies to track products through radio frequency identification is referred to as Multiple Choice UPCs. FDIR. PLCs. RFID.

RFID.

Which BRIC country has not lived up to expectations due to a slowing economy, political and social problems, and being labeled as the world's most corrupt major economy? Multiple Choice Brazil India Russia China

Russia

According to Herzberg, which of the following is a hygiene factor? Multiple Choice Work itself. Salary. Recognition. Achievement.

Salary.

Which of the following would be considered when discussing the marketing mix variables? Multiple Choice Setting a price for the product. Minimizing the financing cost of producing the product. Financing the acquisition of new machinery. Determining production schedules.

Setting a price for the product.

Why do experts agree that small-business management and large-business management are similar in practice? Multiple Choice Successful small businesses and large businesses typically grow at the same rate, and neither has the desire to remain the same size that it is today. Large and small businesses still require several employees. Similar to large businesses, small business have concerns about obtaining capital and good marketing and management practices. Small businesses and large corporations raise capital in the same manner, and look to the same sources for that capital.

Similar to large businesses, small business have concerns about obtaining capital and good marketing and management practices.

When referring to risk, which of the following statements is reasonable? Multiple Choice Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good opportunities. Although risk means taking a chance at losing, your business is likely to always turn a profit. Good business strategy encourages less risk, because the least risky ventures usually make more profit. Taking risk is never advisable, if a business wants to ensure it maintains profits.

Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good opportunities

_______ is the process managers use to continually monitor all phases of the production process to ensure that quality is being built into the product from the beginning and that quality is not being inspected into the product at the end of the production process. Multiple Choice Statistical quality control (SQC) Statistical process control (SPC) Process manufacturing Six Sigma quality

Statistical quality control (SQC)

A traditional tool that serves as a way of evaluating a company's current business situation is called the SWOT Analysis. This is an acronym for Multiple Choice Strengths, Weaknesses, Opportunities, Threats. Say it, Weigh it, Own it, Try it. Strategize it, Write it, Obtain it, Trust it. Strategic, Willingness, Oneness, Tactics.

Strengths, Weaknesses, Opportunities, Threats.

Which of the following describes an activity associated with accounting? Multiple Choice Summarizing and interpreting company financial information. Establishing a channel of distribution and supply chain. Developing strategies for entering new markets. Forecasting demand for a new product.

Summarizing and interpreting company financial information.

At the ice cream shop where Kiesha works, all shoppers are greeted with the same script: "Welcome to Frosty Freeze. My name is ________. How may I help you?" All shoppers must be greeted in less than three minutes after they have entered the shop. Which management theorist would have approved of this method of operation? Multiple Choice Maslow Taylor McClellan Herzberg

Taylor

Which of the following is a FALSE statement about small business? Multiple Choice The first job for most Americans is unlikely to be in a small business. The majority of the country's new jobs are in small business. Small businesses account for more than 50 percent of GDP (gross domestic product). The vast majority of nonfarm businesses in the U.S. are considered small.

The first job for most Americans is unlikely to be in a small business.

There are many reasons why small-business owners don't go international. Which of the following is NOT one of those reasons? Multiple Choice Paperwork is often overwhelming. The market doesn't have great potential. Financing is often difficult to find. They don't know how to get started.

The market doesn't have great potential.

At a young age, Ebony's coaches were confident she had the potential to be a world-class swimmer with a future coaching career. After four years on an athletic scholarship and Olympic experience under her belt, she chose a different path. With her savings and personal connections, she rented a corner building in a bustling San Francisco neighborhood and pursued her dream: a surf shop business. Ebony's dream was rooted in which basic right of free-market capitalism? Multiple Choice The right to freedom of choice The right to own private property Incorrect The right to help others The right to be free from competition

The right to freedom of choice

Which of the following statements concerning the U.S. service sector today is most accurate? Multiple Choice The service sector has become the low-wage sector of the U.S. economy. While the service sector has grown, today's economy still relies on manufacturing as the primary contributor to GDP. The service sector has grown much more rapidly than the manufacturing sector. The service sector focuses less on quality and more on reducing costs of production.

The service sector has grown much more rapidly than the manufacturing sector.

How do consumers benefit from advertising? Multiple Choice They pay more for the product than they would if there was no advertising. They receive valuable information, and advertising can even pay for the media that delivers the message. The actual fact is that very few find any benefit due to the selective perception of ads. They pay less for the product because the different companies that are advertising similar products must lower prices.

They receive valuable information, and advertising can even pay for the media that delivers the message.

Viral marketing is Multiple Choice an online form of notification of a potential computer virus or problem. a term used to describe promotional efforts such as paying people to say positive things about your product online. a function that evaluates public attitudes and executes a program of action and information to earn public understanding. a system in which consumers can access company information on their own and supply information about themselves in an ongoing dialogue.

a term used to describe promotional efforts such as paying people to say positive things about your product online.

One of the most serious negative results of the increased use of databases by companies has been Multiple Choice changes in the organizational structures of companies leading to loss of jobs. a decrease in the amount of "junk mail" received by consumers. an increase in identity theft. increased failure rates by e-companies.

an increase in identity theft.

After one year of operation, Mac and Zach learned that several enthusiastic baseball players were driving to a larger town to receive similar services. In order to learn about the potential customers who were going elsewhere for service, Mac and Zach proceeded to look online to determine how competitors' services differed from theirs. They learned that competitors were open longer hours on weekends, and even had celebrity endorsements. The new information they gathered, and its interpretation, was the __________ part of the marketing research process. Multiple Choice analysis data gathering venture finding creation of the research questions

analysis

According to Maslow's theory, when a need is satisfied Multiple Choice the need disappears and will not reappear. it will continue to motivate a person, but not as strongly. another, higher-level need emerges and motivates a person to satisfy that need. we are content and will continue to work, but will only be motivated by more money.

another, higher-level need emerges and motivates a person to satisfy that need.

Jose's family owned a plumbing company with a reputation of excellent workmanship. When Jose joined the business, his father required that he spend several years working alongside two licensed plumbers. In business, we call Jose's starting position a(n) Multiple Choice craftsman. journeyman. apprentice. watchman.

apprentice.

When compared to their European counterparts, U.S. corporate executives Multiple Choice are compensated better when times are good, but worse when the company isn't doing as well. are making considerably more than executives in European countries. are being paid much less than their counterparts, considering how much more they work. are at about the same level in terms of compensation and benefits.

are making considerably more than executives in European countries.

Many companies are moving from a(n) __________, in which workers do only a few tasks at a time to a(n) __________, in which teams of workers combine to produce more complex units of the final product. Multiple Choice modular layout; assembly-line layout intermittent process; continuous process assembly-line layout; modular layout continuous process; process manufacturing

assembly-line layout; modular layout

The fundamental accounting equation is Multiple Choice liabilities = owners' equity + revenues owners' earnings = assets + revenues assets = liabilities + owner's earnings

assets = liabilities + owner's earnings

Organizational ethics begins Multiple Choice only with full-time employees. with mid-level and supervisory managers. at the top levels of management. with the labor unions and employee groups.

at the top levels of management.

The new era of business will Multiple Choice be an information-based global revolution that will impact all sectors of the economy. be dominated by an increase in the manufacturing sector as global markets grow. see a rise in the agricultural sector. probably see a major decline in productivity.

be an information-based global revolution that will impact all sectors of the economy.

Employment tests must Multiple Choice be directly related to performance on the job. measure only specific skills. in general be avoided, because of legal issues. be conducted in the initial job interview.

be directly related to performance on the job.

Leveling the playing field for home-based businesses, ___________ has (have) made starting a home-based business much more affordable. Multiple Choice broadband Internet connections and other technologies cultural acceptance tax laws opportunities to export to China and other global markets

broadband Internet connections and other technologies

Schnucks Supermarket promotes products such as milk, eggs, and other daily essentials at very low prices in order to attract consumers into their stores. This type of pricing strategy would be an example of using pricing to Multiple Choice reduce its tax liabilities by reducing market share. improve its public image. build consumer traffic. create a prestigious image.

build consumer traffic.

Priceline and Expedia are two online travel companies. Both are known to utilize ___________ of services such as airline flights and hotel stays to entice customers to purchase both at the same time, for a more reasonable price than what they would pay separately for each of these services. Multiple Choice bundling trade marking branding last-minute fanning

bundling

Joylen recently started working at a major urban university. One of the first things her supervisor provided her with was a large white notebook that contained rules and regulations on just about every aspect of the university's business. As a recent business graduate, Joylen realized that the university operated in a(n) ___________ environment. Multiple Choice inverted bureaucratic monopolistic holistic

bureaucratic

Hector Aguerra is interested in making a lot of money. He is a very good salesperson. People tell him he could sell sand in Saudi Arabia! He is also a very hard worker, and is willing to work a lot of hours to make the kind of money he wants. Hector should most likely look for the kind of job that is paid Multiple Choice in a situation with team-based compensation. by commission. on salary with overtime. with a high hourly rate.

by commission.

Samantha just purchased a new Samsung Galaxy cell phone. Soon after her purchase, she began seeing commercials for the newest iPhone and she wonders if she made the right decision. Samantha is experiencing Multiple Choice consumer confusion. cognitive dissonance. psychographic segmentation. purchase pressure.

cognitive dissonance.

The EU is an example of a trading bloc, or a______________, which has a common external tariff, no internal tariffs, and the coordination of laws to facilitate trade between member countries. Multiple Choice strategic alliance multinational export assistance center joint venture common market

common market

The issue of subsidizing child care through one's employer's benefits plan is a hotly debated topic. Workers at a company who oppose this benefit Multiple Choice complain that their companies will be encouraged to increase outsourcing. say they do not want children present at the work site. complain that they will have to contribute to a benefit that they do not use. believe that the government should pay for child care costs.

complain that they will have to contribute to a benefit that they do not use.

The process of taking a product idea to consumers to test their reactions is known as Multiple Choice business analysis. concept testing. product screening. idea generation.

concept testing.

Because they often picture the organization as a whole and work to incorporate all departments into one, seamless organization, top managers utilize _______ skills the most. Multiple Choice human relations organizing conceptual technical

conceptual

In a free-market economic system, if consumers perceive the price for a state-of-the-art smartphone as too high for the value received, they are likely to avoid buying it. In the same light, if the Multiple Choice consumer's desired price is too low, producers may limit the amount produced. seller's price is too low, consumers will definitely consider it to be poor quality. consumer's desired price is too low, producers will want to produce an abundance of the product. consumer's desired price is too low, producers will refuse to make a substitute.

consumer's desired price is too low, producers may limit the amount produced.

Up until now, Mac and Zach's Youth Sports Academy has served the __________ market. Just recently, the local high school contacted them inquiring about practice space for boys' baseball and girls' softball during bad weather. If they negotiate a contract with the high school, they will also be serving the __________ market. Multiple Choice consumer; B2B B2B; consumer female softball; boys' baseball sociocultural; competitive

consumer; B2B

At a local university, over 50% of the faculty are part-time employees who have similar credentials as full-time employees but do not have permanent positions. These employees are seldom offered benefits and are not represented by the educators' union. HR experts would designate these professionals as Multiple Choice shadow employees. data-driven employees. vestibule employees. contingent employees.

contingent employees.

Measuring performance relative to planned objectives and standards is part of Multiple Choice decision making. using technical skills. controlling. directing.

controlling.

In a ________, members democratically control the business by electing a board of directors that hires professional management to run the business. Multiple Choice franchise cooperative corporation master limited partnership

cooperative

When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and shelter. The owners of Good Eats Restaurant in St. Louis drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. The business term we use to describe this philanthropic action is ___________________, where a company donates what it does best to help make a situation better. Multiple Choice social impact program corporate social initiative corporate beneficial management corporate inclusion policy

corporate social initiative

Joel and Mike would like to start a new business selling a product new to the U.S., the Peraves Monotracer. Joel and Mike have done a considerable amount of research on this product, and think it would be successful in the U.S. However, they are still concerned about the risk of a new venture and both would like to avoid losing any personal assets. They should organize their firm as a Multiple Choice sole proprietorship. limited partnership. corporation. general partnership.

corporation.

To build the next generation of gaming software, Fun Time Gaming, Inc., put together a ______________ structure. The structure consisted not only of employees but also suppliers, distributors, and customers, who joined the company experts to pursue the company's objectives. Multiple Choice dynamic model line and staff cross-functional team matrix design

cross-functional team

To more quickly respond to customer needs, Hewlett-Packard is changing its organizational structure to give more authority and responsibility to field managers located across the country. These managers spend time with customers and know what the customers need right away. It appears that HP is moving toward a more _______________ structure. Multiple Choice centralized functional decentralized bureaucratic

decentralized

The last recession changed the way many companies offer support to people and communities in need. Many companies Multiple Choice increased financial donations to local areas but pulled away from national and global contributions. decreased financial donations and eliminated support in almost every way. decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects. increased their financial donations because they understood how badly society needed a helping hand.

decreased financial donations but encouraged their employees to volunteer their time to corporate social initiatives and projects.

With regard to socially responsible behavior, American businesses are Multiple Choice holding international suppliers to different standards than American companies must adhere to in the United States. demanding that international suppliers adhere to higher, more costly standards than their American counterparts. not concerned with the ethical or socially responsible behavior of their international suppliers. demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues.

demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues.

Socialist systems tend to Multiple Choice keep up with countries like the U.S. in the areas of job and wealth creation. discourage the best from working as hard as they can. encourage innovation. have relatively low tax rates.

discourage the best from working as hard as they can.

The process of setting up individual departments to do specialized tasks is called Multiple Choice job specialization. departmentalization. planning. division of labor.

departmentalization

Marketers constantly require good information if they are to meet or exceed their customers' expectations. When performing marketing research, Mac and Zach's first step is to Multiple Choice cross-tabulate the data into quantifiable statements. determine the type of information (the question) they are seeking to solve. collect research data from secondary and primary sources. analyze any data they receive from outside sources.

determine the type of information (the question) they are seeking to solve.

The first step in the process of organizing a business is to Multiple Choice divide people into teams. determine the work that needs to be done. develop an organization chart. group workers into departments based on skills or expertise.

determine the work that needs to be done.

The first step in developing a knowledge management system is Multiple Choice setting goals and developing action plans. establishing high performance standards. finding answers to questions from the SWOT analysis. determining what knowledge is most important.

determining what knowledge is most important.

Herzberg's research purposefully directed managerial thinking to Multiple Choice a concern for safety first. incorporate a high amount of job security into the job environment. develop supervisors with friendly, open door policies that treat everyone the same. develop interesting jobs which might require problem solving and decision making.

develop interesting jobs which might require problem solving and decision making.

Marketing strategies for the business-to-business market Multiple Choice are concerned with the same types of purchasing influences as those in the consumer market. differ from consumer marketing strategies because business buyers have their own decision-making process. are not concerned with relationship marketing techniques. are basically similar to the consumer market, because business buyers are also consumers.

differ from consumer marketing strategies because business buyers have their own decision-making process.

The importance of the product life cycle is that Multiple Choice all products go through the product life cycle in the same length of time. in the growth stage, marketers differentiate their product from competitors. most brands follow the same pattern in the product life cycle. different stages in the product life cycle call for different marketing strategies.

different stages in the product life cycle call for different marketing strategies.

If you were working as a bookkeeper, the first action you would take is to Multiple Choice record transactions into a ledger. prepare an income statement. divide transactions into meaningful categories. develop a trial balance.

divide transactions into meaningful categories.

Juan has many business ideas that could satisfy the unfulfilled needs of people who live in his community. However, there are laws that govern the type of businesses that private citizens can own and business taxes are high because the government subsidizes many social programs in his nation. In this case, challenges in the _________ environment increase the risk of Juan starting a business. Multiple Choice social economic and legal technological competitive

economic and legal

Ray started out with one small print shop. His business has grown so much that he now has two other branches across town. Ray has found that having three locations has greatly increased his production levels. He also notices that the price he pays for supplies (paper, ink, and packaging materials) has gone down considerably since he can now buy these items in bulk quantities. This exemplifies the principle known as Multiple Choice bureaucracy. unity of command. empowerment. economies of scale.

economies of scale.

Contemporary managers Multiple Choice emphasize teamwork and cooperation, and act as coaches, rather than bosses. must closely supervise highly skilled workers who would like to "do their own thing." function solely as intermediaries between workers and labor unions. become specialists in only one or two functional areas.

emphasize teamwork and cooperation, and act as coaches, rather than bosses.

The central idea of MBO is that Multiple Choice job satisfaction comes from the ability to learn new skills. managers need to set realistic goals for employees. employees must be closely supervised, and giving them far-reaching goals will help to achieve that. employees need to motivate themselves by participating in goal setting.

employees need to motivate themselves by participating in goal setting.

Equity theory looks at how Multiple Choice different levels of needs provide motivation to perform. employees' perceptions of fairness affect their performance. employee expectations can affect motivation. employees' level of empowerment motivates them.

employees' perceptions of fairness affect their performance.

Jared is a retail store employee. He is responsible for ensuring that the inventory requested from the manufacturer arrives as ordered. His boss recently gave him the additional responsibility of ticketing the merchandise with the appropriate price tag. This is an example of job Multiple Choice enlargement. flexibility. rotation. simplification

enlargement.

Sun-2-Shade wants to link its computerized functions of all its divisions and subsidiaries of the firm into an integrated software program that uses a single database in order to develop a more integrated system that improves customer service. Sun-2-Shade could use Multiple Choice continuous process manufacturing. total quality control. enterprise resource planning. PERT charts.

enterprise resource planning.

Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which two other factors of production does he need to succeed? Multiple Choice entrepreneurship and knowledge entrepreneurship and capital labor and knowledge capital and land

entrepreneurship and knowledge

The first step in developing a typical promotion campaign is Multiple Choice develop a unifying message. identify a target market. determine a promotional budget. define the objectives for each element of the promotion mix.

identify a target market.

If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n) Multiple Choice corporate accountability issue. important act of self-interest. ethical dilemma. win-win situation.

ethical dilemma.

Airflow Industries is a maker of component parts in heating and cooling ventilation systems. The company is looking for a site on which to build a new production facility. Major considerations the company must take into account are that any area selected has adequate rail access, and is at the hub of major highways to quickly move products. Airflow is in the process of Multiple Choice facility location. facility layout. production management. materials requirement planning.

facility location.

During the past recession, Taylor Tool Company created a __________ organization, when it restructured and eliminated several middle management positions and broadened the span of control for the remaining managers. As it emerged from the recession, Taylor Tool realized that technology permitted the remaining employees to be just as responsive to customer needs as the firm was prior to restructuring. Multiple Choice tall bureaucratic flat centralized

flat

When Betsy Blackwell bought a Mighty Maid franchise, she became a Multiple Choice franchisor. franchisee. venture capitalist. limited stockholder.

franchisee.

At Schwinn, managers of various new departments in the company were told, "Go out and shape the department the way you feel is best. You have total freedom and support." Schwinn's managers operate under a system of Multiple Choice productive delegation techniques. participative leadership. autonomous decision making. free-rein leadership.

free-rein leadership.

When Maggie joined Techno-Nerds, Inc., she automatically joined an employee team. Team members each had base salaries, but they were also compensated through a __________ system, where they would receive bonuses for team improvements over the last time the team's performance was evaluated. Multiple Choice gain-sharing peer-to-peer multiple soft benefits skill-based pay

gain-sharing

Rollerblade is working to make sure that when people refer to inline skating, they don't use the name Rollerblade to refer to the sport. Rollerblade is afraid that their brand name will become a Multiple Choice knockoff name. private name. trademark. generic name.

generic name.

The idea of facility layout is to Multiple Choice make it easy for workers to find their workstations. ensure that the building meets all building codes for the area in which they are located. facilitate the assembly-line process. have offices, machines, and storage areas in the best position to enable workers to produce goods and services for their customers.

have offices, machines, and storage areas in the best position to enable workers to produce goods and services for their customers.

The primary purpose of accounting is to Multiple Choice provide a method of spending money wisely. help stakeholders evaluate the financial condition of the firm. allow for government tracking of business activities. make sure a business is paying its taxes.

help stakeholders evaluate the financial condition of the firm.

Marketing is as much about helping sellers sell products and services, as it is about Multiple Choice examining the returns on investment. organizing the business for productivity. helping buyers buy. costing those products and services.

helping buyers buy.

Government and business leaders are being held to Multiple Choice lower ethical standards than in the past. ethical standards that are often unreasonable and cannot be met by most leaders. higher ethical standards than in the past. ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny.

higher ethical standards than in the past.

A few years ago, in order to gain market share, Blackboard™, a well-known management system software company used by many colleges and universities, joined forces with WEB CT™, another management system software company. Both companies were in the same industry and originally competed against one another. In business, we would call the joining of these two firms a(n) Multiple Choice conglomerate merger. vertical merger. horizontal merger. applied acquisition.

horizontal merger.

During the past five years, the nation of Andolvia began a massive undertaking: teaching farmers how to successfully grow and harvest peanuts. The government subsidized the building of peanut processing plants, where private businesses are now producing peanut butter and other products of nutritional value. Although the Andolvia government has not completely banned the importation of peanuts, it has placed ________________ on the number of peanut products that the nation can import each year, in order to protect Andolvia's young peanut industry. Multiple Choice counter measures import quotas subsidiaries embargoes

import quotas

Buying products produced in another country is known as Multiple Choice exporting. importing. trade protectionism.

importing

Networked organizations are so closely linked online that each can find out what the others are doing instantaneously, as an event takes place. These organizations operate Multiple Choice as inverted organizations. in real time. with no span of control. as digital natives.

in real time.

In order for information to be meaningful, a firm's accounting processes and procedures should be certified as accurate by acceptable accounting standards. Companies hire ________ to provide unbiased opinions about the accuracy of a firm's financial statements. Multiple Choice private accountants independent auditors tax accountants bookkeepers

independent auditors

Small businesses often have advantages in international markets. One advantage is Multiple Choice a better understanding of the cultural differences involved. the ability to obtain financing through the International Monetary Fund. a greater expertise in managing the paperwork required to sell goods in international markets. individualized customer service as opposed to impersonal corporate bureaucracies.

individualized customer service as opposed to impersonal corporate bureaucracies.

The CPI (consumer price index) measures ________________ and ________________. Multiple Choice inflation and deflation; includes housing and food as part of the market basket of goods and services that it measures inflation; excludes apparel, health care, and education rising and falling prices of goods, but not services; provides a 10-year comparison inflation and deflation; excludes energy and food as part of the market basket of goods and services that it measures

inflation and deflation; includes housing and food as part of the market basket of goods and services that it measures

Rex was a newly hired attorney for Idle Time Gaming, Inc. Even though he reported directly to the president of the company, Rex noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, Rex could have probably handled. Rex also noted that the HR manager's administrative assistant was the go-to person for a number of things that would make life easier at work. Rex was recognizing the _________________ culture at Idle Time Gaming. Multiple Choice formal organization social informal organization economic

informal organization

Even though he is not a manager, Mr. Brate is the one to see in the company when there is something you need. He will get it quickly, and can avoid the red tape that often delays action. Mr. Brate is also the one to see if you need advice or help. Mr. Brate is an important member of the firm's Multiple Choice informal organization. bureaucratic structure. purchasing department. formal structure.

informal organization.

A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. Italian Stallion stockholders got a very fair deal for the stock they owned in the company. However, it was disclosed that somehow a member of Paulie's management team mentioned the deal to a person he sat next to on a flight from LA to Seattle. That person called five of his relatives and several friends. They quickly bought shares of Italian Stallion and purchased the stock before the acquisition became public. These actions are Multiple Choice acquisition stalking. moral impropriety. pro-current procurement. insider trading.

insider trading.

When using various forms of promotion to carry the promotion message, it is important that the recipients of the message interpret it in the same way. Creating a unified promotional message, where potential customers perceive the same message, whether it is in a TV commercial, or on a billboard, or in a blog, is called Multiple Choice personalized selling. delivery cue analysis. integrated marketing communication.

integrated marketing communication.

Darrell works for a company that promotes an entrepreneurial culture. Employees are encouraged to discuss new ideas. Development time is provided on the job for those ideas that float to the top. Employees who use their creative talents to generate ideas and create products within large companies are called Multiple Choice patent directors. intrapreneurs. analyzers. brainstormers.

intrapreneurs.

An HR director was reviewing the job description for a new position in the information technology department of his company. He quickly jotted down a few comments that he would later share with the department manager. Among other things, his comments included suggestions for incorporating more skill variety into the job and a little more autonomy as to how the job might be accomplished from start to finish. As a student of business, you recognize that the HR director believes that a person holding this position would be motivated by Multiple Choice management by objectives. equity disbursement. job enrichment. task repetition.

job enrichment.

A large commercial horse farm provides jobs for over 100 employees, who care for over 300 horses of various breeds. The operation consists of traditional functional units, which include management, marketing, and finance, and 45 veterinarians that specialize in the various breeds of horses owned by the company. Although the firm operates with a CEO, COO, CFO, and a director of marketing, it relies on the veterinarians to make decisions on the appropriate care and environment for the horses. Sometimes the veterinary decisions override marketing and financial concerns even though they operate at a lower level in the organization structure. The commercial farm operates as a(n) _________ organization. Multiple Choice dynamic inverted cash-strapped alternate

inverted

Adam Smith believed that one's self-directed gain would eventually create prosperity for many, and called the process the Multiple Choice deliberate intervention. opportunistic behavior. invisible hand. amateur opportunity.

invisible hand.

A small business Multiple Choice should not have more than three locations in a region. must make less than $10 million per year to be considered small. is considered small relative to other businesses in its industry. must have fewer than 100 employees to be considered small.

is considered small relative to other businesses in its industry.

According to economist Thomas Piketty, income inequality Multiple Choice really isn't an issue in the modern American workplace. is harmful and there is little evidence that people need to be paid such excessive amounts. is needed to ensure better performance and higher productivity. causes more cases of workplace violence.

is harmful and there is little evidence that people need to be paid such excessive amounts.

According to the text, an advantage of hiring from within is Multiple Choice it keeps the firm from having an oversupply of workers trained in certain areas. it helps maintain employee morale. it requires less training and development. it is quick.

it helps maintain employee morale.

All of the following are reasons for countries to participate in foreign trade EXCEPT Multiple Choice some nations have resources, but not technological know-how; while others have know-how, but lack resources. even if a country was self-sufficient, other nations would seek to trade with that country in order to meet the needs of its own people. it is just as easy to start a business overseas as it is in the United States. no nation can produce all of the products its people want and need.

it is just as easy to start a business overseas as it is in the United States.

There are several disadvantages for an organization that allows employees to work from home. One such disadvantage is Multiple Choice it reduces the amount of time available for work for the employee. reduced productivity for the organization. it makes job-performance appraisal more difficult for managers. it creates confusion for workers who work at home as to what they are supposed to do and when they are supposed to do it.

it makes job-performance appraisal more difficult for managers.

"Clerical worker, with responsibilities for answering phones, greeting clients, filing for human resources department, some weekend work required." This is an example of a Multiple Choice job specification. job analysis. human resource inventory. job description.

job description.

When A.J. was hired by Idle Time Gaming, Inc., he accepted an opportunity to be part of the management training program. Besides on-the-job coaching, a common aspect of management development programs is Multiple Choice compensation consistent with the manager one is shadowing. job rotation and off-the-job training. vestibule training. contingent work opportunities.

job rotation and off-the-job training.

The Nissan assembly plant in Tennessee purchases several thousand unassembled parts for automobiles and then performs final assembly of the vehicles before delivering them to dealers all over the nation. Purchasing parts several days or weeks before they are assembled would increase the total cash outlay the plant has tied up in inventory at any given time. In order to reduce the expense of large inventories, most assembly plants have successfully adopted __________ inventory systems. Multiple Choice strategic alliance rotational just-in-time balanced

just-in-time

Companies that make a concerted effort to develop female and minority managers Multiple Choice understand affirmative-action policies better than their counterpart companies. do so because they will avoid penalties and fines by being seen as law-abiding. are increasing their payroll in anticipation of a large group of retirees. know that their hiring efforts will allow them to serve their diverse customers better.

know that their hiring efforts will allow them to serve their diverse customers better.

Diana's editorial business was not growing and she sought ways to expand her client list. She recognized that technology provided opportunities to bring on new customers, so she instituted a training program for her employees. Which factor of production is described here? Multiple Choice capital knowledge economics labor

knowledge

A specialized accounting book in which information is accumulated into specific categories and posted so managers can find all information about one account in the same place is a Multiple Choice journal. master account portfolio. trial balance sheet. ledger.

ledger.

When Luke, Larry, and Lance lost their jobs during the recent recession, they pooled their resources, borrowed a little more, and bought a couple of houses to renovate. All three were concerned about the risk involved in owning their own business, particularly the risk of losing personal assets. As their advisor, which of the following forms of business ownership would you recommend? Multiple Choice sole proprietorship limited liability company master limited partnership general partnership

limited liability company

At Sound Off!, a store that buys and sells used CDs, there is only one general partner, Sonia. She spends all her time running the business, and makes all the decisions. Sonia's mother and brother put up money for her to buy the store, but they work full time at other jobs and have no management say in the running of Sound Off!, but share in some of the profits. This is an example of a Multiple Choice general partnership. limited partnership. master limited partnership. S corporation.

limited partnership.

When baseball players went on strike, an individual was brought in to help resolve the dispute between management and players. This third party was involved to make suggestions, but legally could not make any decisions about how the players' dispute should be settled. This is an example of Multiple Choice a bargaining zone. arbitration. grievance. mediation.

mediation.

It is the responsibility of the public relations department to Multiple Choice work closely with marketing to develop an appropriate advertising campaign. work with the sales staff to develop an effective sales presentation format. maintain close ties with the media, community leaders, government officials, and other corporate stakeholders. have a presence at trade shows and conventions.

maintain close ties with the media, community leaders, government officials, and other corporate stakeholders.

Within the marketing concept, a service orientation is an integrated organizational effort that revolves around Multiple Choice making sure customers are satisfied. finding out what consumers want and providing it for them. training employees to sell services in unique ways. making goods and services that will earn the most profit.

making sure customers are satisfied.

McGregor recognized that Multiple Choice the lower-order needs of workers were usually satisfied after higher-order needs were satisfied. managers' attitudes toward workers affected how they motivated them. there are no purists. Managers' attitudes toward employees are a combination of learned behavior and situational behaviour. worker attitude toward managers affected how managers proceeded to motivate.

managers' attitudes toward workers affected how they motivated them

The evolving business environment has made ____________ a critical managerial function. Multiple Choice controlling the status quo cooperation with labor unions managing change limiting employee inputs

managing change

ABC Company was awarded a bid to build an energy-efficient motor for a large government heating and cooling project. The requirements of the project included a timeline of one year to build and deliver the system. In order to provide a quality product and stay within the time requirements, ABC Company set up a _____________ organization, whereby employees from various functions of the business would join a team to see this project through, from start to finish. Upon completion, the team would disband and members would return to their respective functional units. Multiple Choice dynamic matrix line and staff line

matrix

When negotiations appeared to be going in the wrong direction, an HVAC systems company and its union representatives agreed to bring in a(n) __________. This expert would serve as a facilitator to get negotiations back on track; whereas, if a(n) __________ were solicited by both union and management, that person's decision in the situation would be binding. Multiple Choice mediator; advocator mediator; arbitrator arbitrator; advocator shop steward; mediator

mediator; arbitrator

Mandy has perfected the art of glass-blowing. She has made gifts for her friends for years and has always gotten rave reviews. She decided to make a business out of her craft. She plans to run the business out of her home so she can be there to raise her children and still participate in all of their activities. Mandy is not interested in growing a large business; she just wants to make extra income. Mandy is best described as a(n) Multiple Choice intrapreneur. micropreneur. business incubator. enterprise zone.

micropreneur.

"We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing the best products and services based on standards-based technology, and outperforming the competition with value and a superior customer experience." This statement is a part of Dell's Multiple Choice mission statement. functional objectives. near-term goals. short-term strategy.

mission statement.

Jeffrey's mom specifically asked for a CIP cast iron pan for her birthday. As Jeffrey scanned the stock in two department stores, he found ten different brands, none of which were CIP. When he found CIP in a kitchen specialty shop, he was challenged to tell the difference between his mom's choice and the others. He was reminded of his business class, in which he learned about ______________ competition, where many sellers may be offering very similar products. Through various means, each seller differentiates his product from the competition. Multiple Choice monopolistic perfect oligopolistic limited

monopolistic

Flavors of the World Tea Company changed its glass bottles to streamlined thermos-like, blue sports bottles that fit nicely on bicycles and in car holders. A packaging innovation such as this could actually be perceived by the buyer as a Multiple Choice new product innovation. change in the classification of the product. change in the product focus to the B2B market. change in the environmental mix.

new product innovation.

Personal selling, as a form promotion, differs when the effort is a B2B (business to business) sales effort rather than a B2C (business to consumer) sales effort. B2B personal selling requires Multiple Choice more prospecting and qualifying of customers. less prospecting and qualifying of customers. better presentation skills but less qualifying of customers. generally a faster closing process than a B2C sale.

more prospecting and qualifying of customers.

When developing and maintaining good stakeholder relationships, companies find that Multiple Choice it's almost always best to continue to keep costs low, even if it means outsourcing most of the production. insourcing is always a good trade-off to outsourcing. most often, they must balance the needs of the stakeholders with the need to make profits. caring for the environment comes before caring for the well-being of employees.

most often, they must balance the needs of the stakeholders with the need to make profits.

Josey started a business called Music and Memories™. She recognized that music, socialization, and memory-challenging activities for senior citizens helped maintain their cognitive skills for longer periods of time. Though she strives for a financial gain, she uses the excess funds for enriching her programs instead of a personal profit. Music and Memories™ is best classified as a(n) ______ organization. Multiple Choice nonprofit outsourced insourced profit-seeking

nonprofit

What's going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only competitor, You Betcha Motors! Their prices are basically the same for similar vehicles, although their advertising says their products are really very different. What kind of competition exists here? Multiple Choice limited competition monopolistic competition perfect competition oligopolistic competition

oligopolistic competition

The roles and responsibilities of human resource management have evolved primarily because of changes in the law that rewrote many traditional practices and Multiple Choice financial constraints on firms to produce more with less employees. the shift from having dedicated HRM managers recruit and train employees to using professional search firms. organizations' recognition that managers are ill-equipped to handle the recruitment and selection of employees. organizations' recognition of employees as their ultimate resource.

organizations' recognition of employees as their ultimate resource.

The placement of Starbucks cafés within Barnes & Noble bookstores has proven to be a successful strategic alliance because both companies benefit from this arrangement. As a global marketing strategy, an important characteristic of a strategic alliance is Multiple Choice it must be a long-term venture of 10 or more years. participant companies do not share costs or profits. separation of company policies, procedures, and production, but unified financial accountability. the complete immersion of employees assigned to the alliance, eventually forming a separate company.

participant companies do not share costs or profits.

Jing-Sheng facilitated a hiring committee for his advertising company. Six employees (including two managers) met together to discuss applicants and select the finalists for a copywriter position in the public relations department. Although the head of public relations would have the final nod on the candidate that would ultimately be hired, the evaluative work of the committee was very important because this group would send forward those persons they believed would be good work colleagues. In setting up this type of hiring process, the head of public relations was utilizing a(n) __________ style of leadership. Multiple Choice free-rein contingent participative autocratic

participative

To encourage entrepreneurial growth, governments might Multiple Choice pass laws that enable businesspeople to write contracts that are enforceable in court. take over ownership of small businesses when they are first getting started. reduce the value of their currency to encourage foreign investment. establish a high tax rate to support loans for small businesses.

pass laws that enable businesspeople to write contracts that are enforceable in court.

Elton Mayo's famous experiment at the Hawthorne Plant concluded Multiple Choice robotics has been highly successful in work environments because workers find socialization at work to be highly toxic. people who perceive that management permits them to contribute to work decisions might be more productive. there was a human side to the work environment that essentially gets in the way and most often jeopardizes productivity. a physical environment with dark rooms can particularly decrease productivity because it puts workers to sleep.

people who perceive that management permits them to contribute to work decisions might be more productive.

Negotiations between union representatives and management came to a standstill at the Fashion Forward Footwear Company. On the day employees went on strike, they along with the general public were asked by the union to refrain from buying the company's products. The union was asking Fashion Forward's employees and the general public to participate in a(n) Multiple Choice arbitrage. injunction. secondary boycott. primary boycott.

primary boycott.

Efficiency means Multiple Choice using high-tech equipment to do a job. producing items using the least amount of resources. producing as much as you can as fast as you can, regardless of cost. the amount of output you generate in a given amount of time.

producing items using the least amount of resources.

While doing an online search for a music venue, Darcy ran across a performance of Lady Gaga that featured her hair neatly wrapped in Coca-Cola cans. The venue did not visibly identify the sponsor in any other way. Marketers would categorize this form of advertising as Multiple Choice interactive promotion. blogging. an infomercial. product placement.

product placement.

Dewey, Cheatum, and Howe is a car company that makes four models, a hybrid sport utility, a sports car, a four-door sedan, and a compact car. Workers at Dewey basically work on only one type of vehicle, and separate marketing and product development processes are designed for each type of vehicle, to better serve the customers for each type of vehicle. Dewey, Cheatum, and Howe is departmentalized by Multiple Choice customer. function. process. product.

product.

Soho Bottling was started in a kitchen in Brooklyn, New York, and makes soft drinks. After going through the various steps in the new-product development process, when the company finally entered the commercialization stage of the new product development process, they knew to succeed they would have to Multiple Choice decide what stage of the product life cycle the product was in. do the appropriate concept and environmental testing. promote the product to distributors and retailers to get wide distribution. determine the appropriate product bundling strategy.

promote the product to distributors and retailers to get wide distribution.

The element of the marketing mix that consists of all the techniques sellers use to inform people about and motivate them to buy their product or services is Multiple Choice publicity. promotion. price. product.

promotion.

According to Herzberg, workers felt that good pay and job security Multiple Choice were important for participative management. are the most important motivators for most workers. provided a sense of satisfaction with the job, but did not motivate them. were the best way to keep jobs interesting and to help them achieve their objectives.

provided a sense of satisfaction with the job, but did not motivate them

Market segmentation is about dividing the total market for a product or service into groups with similar characteristics and needs. Marketers often divide the total market for their products and services demographically, either by age, education, or income level. If they wanted to know if all 18-year-olds in their market had similar TV show and movie interests, their inquiry would also focus on __________ segmentation. Multiple Choice benefit geographic volume psychographic

psychographic

The __________ sector now represents a large number of union employees. This group of employees encompass those who work for governments, such as teachers, firefighters, police officers, etc. Multiple Choice private service public global

public

Jim Hopson is an accountant who works for a number of businesses as a consultant. He has helped to design an accounting system, provides accounting services, and has analyzed the financial strength of many of his clients. Jim is working as a Multiple Choice certified internal auditor. private accountant. certified management accountant. public accountant.

public accountant.

When Beck's Bicycles, Inc., volunteered to send its expert riders up mountainous terrain to rescue a lost dog that was unable to free himself from a cliff, it received accolades not only from other bicyclists, but from the general public as well. Beck's marketing director insisted that the company show a video of the search and rescue on its social media site and online advertising. The effort quickly turned into an important _____________ campaign for the firm. Multiple Choice public relations personal selling blog infomercial

public relations

When Fountain of Youth Tea Company (FYT) wanted to secure shelf space in high-end grocery stores, it found that it had a lot of competition. In order to get the attention of retailers, FYT directed its promotion toward the consumer who desired a refreshing tea drink, as opposed to carbonated beverages. Due to a successful campaign, it compelled the grocers to feature it in the stores. FYT used a _______ strategy to get their product in the grocery stores. Multiple Choice push saturation pull leverage

pull

A promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise is referred to as a ______ strategy. Multiple Choice saturation push pull leverage

push

At Titus Industries, a middle manager who had just completed her basic probationary period was called by her supervisor for her first performance evaluation. The conversation became rather unpleasant when the supervisor alluded to his disappointment that the new manager was not spending more time with him away from work, where they could get to know each other in a more intimate manner. In fact, he commented that such an effort might just solidify her continuing employment. The type of sexual harassment to which the new manager was subjected is called Multiple Choice power differential. hostile environment. quad eras erat. quid pro quo.

quid pro quo.

A human resource inventory of an organization's employees would include all of the following EXCEPT Multiple Choice education and training of employees. names and ages of employees. specialized skills of employees. salary levels of employees.

salary levels of employees.

As the director of human resource management for Idle Time Gaming, Inc., Areum's responsibilities include Multiple Choice scheduling job rotation, utilizing ERP on the assembly floor, and product promotion. recruiting talented employees, developing and training employees, and selecting tools for performance evaluations. manufacturing, planning, evaluating employee performance, and creating compensation packages. customer service, employee recruitment techniques, creating employee training tools, and ERP on the assembly floor.

recruiting talented employees, developing and training employees, and selecting tools for performance evaluations.

When Mary Lynn went to the grocery store last week, she took with her several coupons she had received in the mail. While at the store, Mary Lynn was offered samples of several food items and she actually bought a few of those, using the in-store coupons. She also bought a particular brand of toothpaste, because the tube came with a free toothbrush. Mary Lynn is taking advantage of Multiple Choice viral marketing. advertising. sales promotion. publicity.

sales promotion.

Frederick Taylor believed the best way to improve worker productivity was to Multiple Choice scientifically determine the most efficient way to perform a task and then teach people exactly how to perform it. give people the authority to make decisions. determine people's needs at work and find ways to meet those needs. design jobs to be interesting and challenging.

scientifically determine the most efficient way to perform a task and then teach people exactly how to perform it.

When Sun-2-Shade needed some information about the potential market for its product, the marketing team looked to the Internet to find industry trends, and at the market for eyewear products, which uses the same technology that is used in their self-darkening windshield. The type of information the marketing team was using is referred to as Multiple Choice secondary data. primary data. surveys. focus groups.

secondary data.

Once the job analysis is performed, there are several well-structured steps to the hiring process. This process includes Multiple Choice setting up interviews, performing background checks on selected candidates, and establishing probationary periods. performing a preliminary 360-degree review, and beginning the training period. announcing the training for journeymen, and creating compensation packages. reading through applications, and changing the job description if it doesn't quite fit any of the candidates.

setting up interviews, performing background checks on selected candidates, and establishing probationary periods.

Products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers are known as ____________ goods and services. Multiple Choice unsought specialty convenience shopping

shopping

The You Design, We Build Company makes custom furniture of all kinds. The firm has evolved into a big business due to quality and innovative work. Recently, top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and to list negative occurrences that supervisors observed. Top management is essentially conducting a(n) Multiple Choice aggregate independent appraisal. internal investigation. 360-review. social audit.

social audit.

A fast-growing form of media for the delivery of advertising messages is __________. Some firms boast that they have several million followers on platforms like Twitter and Facebook. Multiple Choice social media television radio product placement

social media

The benefit of using __________ to communicate a business's CSR efforts to the public is that it allows companies to reach broad and diverse groups directly in a low-cost, efficient way. Multiple Choice employees and internal public relations social media TV ads government-supported direct mail campaigns

social media

Newer, nontraditional forms of promotion include Multiple Choice sales promotion and public relations. social networking, blogging, and podcasting. public relations and advertising. personal selling and advertising.

social networking, blogging, and podcasting.

You studied for two hours each day for an entire week before your first marketing exam. When you turned in the test, you felt confident that your efforts would pay off. At the next class meeting, your instructor said she was considering curving the grades because the class average was lower than she had anticipated. Suddenly, your 98% score did not have the same impact that it did when you first saw it! Now the guy next to you that got an 84% is likely to have an "A" grade too. As you analyze this situation, you realize that it parallels an economic system such as ________________, where even if you work harder than another person, you are likely to realize the same benefits. Multiple Choice monopolism capitalism oligopolism socialism

socialism

Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is Multiple Choice secondary market companies. corporate raider divisions. socially conscious research organizations. internal search and occupy organizations.

socially conscious research organizations.

Recently, Mac and Zach's Youth Sports Academy has had several inquiries about girls' softball. While scanning the __________ environment in their service area, they become aware of the growing importance of girls' sports, and particularly girls' softball. Girls' softball received a boost in their local market when the high school team won the state championship. Mac and Zach are seriously considering expanding their operation to include softball skill lessons for young girls. Multiple Choice technological sociocultural competitive economic

sociocultural

The increase in the number of older Americans has created a growing demand for nursing homes, health care, continuing education, and more. This is as a result of the changes in the __________ factors of the environment. Multiple Choice technological sociocultural global economic

sociocultural

Progressive companies who want to attract and keep good employees are now offering their employees __________ benefits, such as on-site dry-cleaning services, shoe repair, onsite medical care, and even free breakfasts. Multiple Choice implicit explicit taxation soft

soft

When Gene started his window-washing business, he wanted to keep things simple. He liked the idea of being his own boss and the possibility of leaving the business one day to his son. He chose the type of business that was easy to start, allowed him to keep company profits, and not have any special taxes. Gene's financial resources were limited, but so were his concerns; after all, "he was the business." Gene's business is most likely a(n) Multiple Choice S Corporation. corporation. sole proprietorship. master limited partnership.

sole proprietorship.

argarite Escobar works as an attorney for a large West Coast consulting firm. Margarite's job is to act as an advisor to the firm's consultants, to be sure they do not confront any legal issues when they are working at the various clients' job sites. Margarite's position would be classified as a __________ position. Multiple Choice first line middle management line staff

staff

All of the following will be required for service providers to compete in the future EXCEPT Multiple Choice providing customers with quality care and attention. improving services in order to maintain a competitive advantage. maintaining close relationships with their suppliers. striving for efficiency of services over quality of services.

striving for efficiency of services over quality of services.

Paulina works as a software engineer for her firm. Recently, her company was acquired by another firm that had its own information technology department. Because the new firm no longer had need of her services, Paulina's job was eliminated. What type of unemployment is Paulina experiencing? Multiple Choice seasonal unemployment cyclical unemployment structural unemployment frictional unemployment

structural unemployment

The type of planning that involves developing detailed, short-term statements about what is to be done, who is to do it, and how is Multiple Choice operational planning. tactical planning. contingency planning. strategic planning.

tactical planning.

One of the best ways to reduce negative word of mouth is to Multiple Choice mount an aggressive publicity campaign to refute any bad events surrounding your product. take care of consumer complaints quickly and effectively. motivate your sales force and give them information to overcome bad publicity. run continuous positive advertising campaigns.

take care of consumer complaints quickly and effectively.

Miriam Njunge wants to start a small business importing some products from her native Kenya. Before she starts, some good advice to Miriam would be Multiple Choice find a business to buy as soon as possible. talk to others who have been or are in the import business. get a loan from a bank right away. incorporate the business immediately.

talk to others who have been or are in the import business.

When Panasonic considers how to price a new product, the company determines what price it thinks its customers will pay, and then identifies what profit the company needs. From there the company determines the features it can offer on this product. This method of determining price is known as Multiple Choice target costing. cost-based pricing. competition-oriented pricing. value pricing.

target costing.

As Mac and Zach explore the possibility of starting a youth sports academy, they collect demographic and lifestyle information about the families who would potentially buy their service. This exercise will help to better identify their Multiple Choice target market. affinity for the business world. product offering. ability to become good business persons.

target market.

Division of labor means Multiple Choice tasks are broken down into smaller segments. workers are grouped in departments based on similar skills, expertise, or resource use. tasks are divided into areas of specialization among a group of employees. decision making is done by upper management.

tasks are divided into areas of specialization among a group of employees.

Hector is a supervisor in a small automotive shop. He spends a lot of his time training some workers, while helping others solve some of the problems they have in doing their jobs. He also runs the diagnostic machine. Harry spends time on ________ skills. Multiple Choice staffing conceptual human relations technical

technical

The makers of Samsung washers and other electrical appliance manufacturers need to be concerned about the kind and availability of electricity in the global marketplace. If there were a compatibility problem, it would be the result of a(n) _____________ difference. Multiple Choice technological cultural economic societal

technological

As Idle Time Gaming, Inc.'s business and product lines continue to grow, it wants to limit the need to build additional space to house programmers and other personnel who work on new products. The company has strategically decided to adopt __________ so skilled employees can work from remote locations. Multiple Choice just-in-time systems teleportation telecommuting interfirm communication

telecommuting

Generation X managers Multiple Choice have narrower viewpoints than their predecessors. most likely closely supervise their workers, especially the Generation Y workers. tend to focus more on results than on hours in the workplace. tend to be inflexible and irritable.

tend to focus more on results than on hours in the workplace.

When McDonald's considered adding pizza to their menu, the company made pizza available in some of their more established markets to determine customer reactions. That process is called Multiple Choice outsourcing. test marketing. promotion. concept coordination.

test marketing.

In terms of economic systems, the trend has been for countries Multiple Choice to remain primarily within the economic system the country has in place. that are capitalist to move toward communism. that are mostly capitalist to move toward more socialism. that are mostly socialist to move toward communist systems.

that are mostly capitalist to move toward more socialism.

Imagine the following: New sources of energy have become marketable and the industries involved have hired thousands to operate the emergence of new businesses. Construction companies cannot build homes fast enough for workers in the energy industry. Due to increasing salaries in several other industries that partner with energy companies, the demand for everything from food to entertainment to travel has increased. High demand has brought about shortages in some product categories. To help manage the situation in the short term, Multiple Choice Congress will likely decrease taxes. Congress will likely enact monetary policy. the Fed will likely increase interest rates. the Fed will likely decrease interest rates.

the Fed will likely increase interest rates.

Recently, two nations experienced a trade dispute over copyright issues. Country "A" accused Country "B" of violating international copyright laws. Since both were members of ______________, they appealed to this organization to mediate the dispute. Multiple Choice the WTO (World Trade Organization) a common market IMF (International Monetary Fund) GACT (General Agreement on Copyrights and Trademark)

the WTO (World Trade Organization)

A small business advantage is Multiple Choice colleges are more amenable to helping small businesses because they prefer working and writing about them than their larger counterparts. the ability to quickly adapt to customer needs. small businesses are more likely to employ part-time workers and use telecommuting. friends can barter for goods and services the business needs.

the ability to quickly adapt to customer needs.

A benefit of utilizing social media to deliver advertising messages is Multiple Choice it can reach a much wider audience than television. it can reach a much wider audience than other media due to the fact that most parents do not let their children view all television and radio messages. it is proven to stimulate consumer purchasing better than other media. the advertiser can more easily track who has selectively viewed the message and who has passed it along to others.

the advertiser can more easily track who has selectively viewed the message and who has passed it along to others.

Rhonda planned to open a pastry shop in a resort town on the east coast. As she pondered her organizational set-up, she decided she would need four employees to specialize in the creation and production of delicate pastries, and three employees to greet, serve, and sell to customers. One or two of her workers were designated as supervisors. Another preliminary organizational decision that Rhonda will most likely tackle is Multiple Choice the allocation of resources within her operation. internal structure of her suppliers. upcoming promotions with a neighboring store. negotiating down her city license to sell food.

the allocation of resources within her operation.

Unlimited liability means Multiple Choice the business is responsible for the debt. If the business cannot pay, the company files for bankruptcy. The debt does not fall on the shoulders of individual owners. They are safe from liability. the business is responsible for the majority of debt it incurs, and filing bankruptcy is out of the question. the business is responsible for the debt it incurs. If the business cannot pay its bills, the debt burden transfers to the owner(s), and he/she/they are liable for all debt. that all forms of business are responsible for all the debts a business incurs in its everyday operations.

the business is responsible for the debt it incurs. If the business cannot pay its bills, the debt burden transfers to the owner(s), and he/she/they are liable for all debt.

Ethics are the standards of right and wrong set for us by society, whereas legality refers to Multiple Choice a higher calling where society acknowledges that we must take a higher level of action against what may be perceived as a wrongful act. the collection of laws to protect society from fraud, theft, and violence. the specific and certain way of solving right and wrong that goes beyond what we consider good ethical behavior. obedience strictly out of compliance, whereas ethical behavior is in compliance.

the collection of laws to protect society from fraud, theft, and violence.

Promotion is one of the four Ps of marketing. The promotion mix is Multiple Choice any form of communication that uses electronic media. all the various paid media that carries the promotional message. a sampling of all products that need to be evaluated to define their message. the combination of promotional tools an organization uses.

the combination of promotional tools an organization uses.

A debt to equity ratio of over 100% would mean Multiple Choice by comparison with other firms, the company is probably in good shape. the company is in too much debt, and should restructure. the company has more equity than debt. the company has more debt than equity.

the company has more debt than equity

As a result of employee terminations, many companies are hesitant to hire or rehire workers full time because Multiple Choice the cost of terminating employees is high in terms of training costs and various legal costs and considerations. most workers today are not interested in full-time employment since they put higher value on their personal life. it makes promotion and placement decisions more difficult. employee morale declines when former workers are rehired.

the cost of terminating employees is high in terms of training costs and various legal costs and considerations.

Although the business plan has a great amount of detail and requires thoroughness, a well-explained business idea will come to life almost immediately in which part of this document? Multiple Choice the financial plan the explanation of the management team the executive summary the marketing plan

the executive summary

A brother and sister team, Franco and Julietta, took over the family's Italian restaurant business when their father died. Julietta operated one of the three locations, kept the firm's books, and ordered supplies and equipment for all three locations. Franco operated the other two restaurants. Franco thought he should get 2/3 of the company profits because he was responsible for the profitability on two out of three locations. Julietta saw it differently because she felt her responsibilities spanned the entire business. What's important for them to remember in their situation is Multiple Choice the firm's limited liability status. the fact that Jack should get the profits from two locations because he also assumed all the liability from those locations. the fact they both shared unlimited liability, and if one or the other failed to meet his/her financial commitment, the other partner would also be liable for all debts.

the fact they both shared unlimited liability, and if one or the other failed to meet his/her financial commitment, the other partner would also be liable for all debts.

The resources used to create wealth are collectively referred to as Multiple Choice the business environment. the factors of production. productivity. profit potential.

the factors of production.

Sovereign wealth funds (SWFs) are a growing form of foreign direct investment. The size of these funds and the fact that they are investments from government coffers of other nations might be a cause for concern. More specifically, some fear Multiple Choice these investments are strictly a trend that can be pulled away from large corporations without any repercussion at any time. SWFs that did not get to invest in multinational corporations will retaliate with embargoes. the governments who offer these funds may obtain sensitive technologies or gain control of strategic resources. these funds will go bankrupt if spread too thin.

the governments who offer these funds may obtain sensitive technologies or gain control of strategic resources.

The concept known as brain drain can best be described as Multiple Choice a reduction in productivity due to lack of education and training. a lack of focus caused by information overload in the workplace. the result of working overtime on a continual basis. the loss of the best and brightest people to other countries.

the loss of the best and brightest people to other countries.

William Ouchi's Theory Z recognized Multiple Choice the combined benefits of Theory X and Theory Y style managers, particularly the motivation by fear of Theory X managers and the belief that employees like work, as perceived by Theory Y managers. the merits of a hybrid form of Japanese-style management and American style of management. the combined efforts of Frederick Taylor and Elton Mayo, and created a hybrid approach to management that reflected Taylor's concern for productivity and Mayo's lesser concern for the human side of management. that conformity was the only way to manage successfully.

the merits of a hybrid form of Japanese-style management and American style of management

When performing a job analysis, the human resource manager will write a job description, as well as a job specification. The job specification consists of Multiple Choice the minimum academic and experience qualifications for the job. the actual tasks the employee will be expected to perform at a particular job. the job assessment and the compensation package. how co-workers view the job and what they believe the person who holds this particular position should be doing.

the minimum academic and experience qualifications for the job.

A business plan for a new business does NOT need to include Multiple Choice a description of the company background. the names of the prospective lending companies. any advantages relative to the competition. a discussion of the purpose of the business.

the names of the prospective lending companies.

In global trade, the term dumping refers to Multiple Choice the buying of permanent property and businesses in foreign nations. the practice of selling products in a foreign country at lower prices than those charged in the producing country. a foreign company's production of private-label goods to which a domestic company attaches its own brand name. a situation that exists when a country exports more than it imports.

the practice of selling products in a foreign country at lower prices than those charged in the producing country.

Transparency refers to Multiple Choice the selection of a matrix team. the seamless operation of organizational partners, so that each is perceived as an integral part of the operation, and appears to be part of the same company. working in a virtual world with your competitors, and knowing exactly how to compete with the closest competitors. understanding one's core competencies, and letting others perform functions that the parent company does not do with a good amount of efficiency.

the seamless operation of organizational partners, so that each is perceived as an integral part of the operation, and appears to be part of the same company.

At Tri-City Radiation Services, Greg operates a new state-of-the-art MRI scanner that serves approximately 10 patients during his 8-hour shift. Patients are scheduled for various lengths of time, depending on which part(s) of their body requires scanning. The image quality is significantly superior to what it was on previous scanners, but the number of patients served per day remains the same. This situation attests to the fact that Multiple Choice technological advancements have increased productivity in the service sector. productivity has increased because it is calculated by combining quantity produced plus quality produced. hospitals and health clinics are part of the service sector. Productivity is not a concern in this sector. the service sector has seen improvement in quality of service, but productivity remains about the same

the service sector has seen improvement in quality of service, but productivity remains about the same

Darius is considering buying new bedroom furniture. Naturally, he compares several types of beds, dressers, and bedside tables, but he also is evaluating each product's reputation, warranty, his own experience with the brand and, of course, the price. All of the components that Darius is evaluating make up Multiple Choice the total product offering. the core product evaluation. his product mix. his brand awareness.

the total product offering.

In a private company's accounting system, inputs are __________ and outputs are _________. Multiple Choice marketing strategy-type information; sales data transactions such as sales, payroll, and other expenses; financial statements results of surveys on consumer satisfaction; accounts payables transactions such as the cash flow statement; payroll taxes

transactions such as sales, payroll, and other expenses; financial statements

Brendan wanted to offer high-quality meals in his restaurant. His motto was "the best darn meat and potatoes for miles around." The locals agreed that the food was good. They also agreed that if you decided to eat there, be prepared to wait. Food preparation and service were slow. Although Brendan's motto stated the business's competitive advantage, your accurate advice to Brendan would be Multiple Choice the winning competitive advantage is one that addresses quality and service. the challenge now must be to tackle the social entrepreneurial aspect of running a business. the rule of thumb is to always stick to what you do best—if you're good at it, your customers will respond with loyalty. service has become the number one consideration of customers; the restaurant must focus a little less on quality and a little more on service.

the winning competitive advantage is one that addresses quality and service.

Small businesses have an advantage over large business in international trade in all these ways EXCEPT Multiple Choice they can provide a wide variety of services. overseas buyers like dealing with individuals rather than large bureaucracies. they can begin shipping faster. their prices are usually lower due to low overhead.

their prices are usually lower due to low overhead.

In accordance with Maslow's way of thinking, if Erin secured a good-paying job that paid her enough to live in a decent apartment and buy an economical car, and if she felt that her work location and her home location were relatively safe places, she would ________. Multiple Choice turn her focus to a combination of social, esteem, and self-actualization needs have satisfied her self-actualization needs and would then be focusing on social needs have satisfied her physiological needs, and would be moving on to satisfying her esteem needs turn her focus to the next level of needs: social needs

turn her focus to the next level of needs: social needs

While cultural differences and bureaucratic paperwork for foreign governments make the prospect of global trade difficult for small businesses, there is one bright spot on the horizon that has brought global trade closer to home. Small businesses can now Multiple Choice buy health insurance for employees abroad that is much cheaper than in the United States. use technology such as PayPal to fulfill orders, which gives them some assurance of payment. delegate the details of going global to U.S. government employees who are mandated to assure small businesses succeed abroad. avoid U.S. labor laws that do not permit them to employ child labor.

use technology such as PayPal to fulfill orders, which gives them some assurance of payment.

The U.S. unemployment rate is a key economic indicator because most of us need jobs to maintain our standard of living. A criterion used to calculate the unemployment rate is Multiple Choice unemployed persons age 16 and over, who have been looking for work during the past four weeks. all persons claiming not to have a job, except students; full-time and part-time students are excluded from the calculation. persons who were dismissed from their last job, and subsequently have been out of work for over a year. anyone under the age of 60 who does not have a job and lives within the physical borders of the United States.

unemployed persons age 16 and over, who have been looking for work during the past four weeks.

Products that the consumer purchases such as insurance, burial services, or emergency car-towing are known as ___________ goods and services because they are not products that consumers regularly evaluate and consider purchasing. Multiple Choice specialty convenience unsought shopping

unsought

According to the textbook, one of the drawbacks of using venture capital is Multiple Choice venture capital firms cannot give the small business owner any advice. the venture capital firm asks for very high interest rates on money loaned. venture capital firms may ask for a high stake in your business. they don't know your customers.

venture capital firms may ask for a high stake in your business

Flexible Fittings was a small manufacturing company that made shut-off valves for gas pipe used in home and building construction. Flexible purchased the General Gas Pipeline Company, which was Flexible Fittings' largest customer. This strategic decision bringing the two companies together is called a Multiple Choice hostile acquisition. conglomerate merger. horizontal merger. vertical merger.

vertical merger.

Due to his reputation of putting together powerful presentations, Bennett was contractually hired by Robotic Life, Inc., to help this firm introduce the value of its new robotic arms and legs to high-net-worth investors. Robotic Life hired Bennett strictly for this special project. At this stage of its life, the firm operates as a(n) ______________, where it solicits the services of other companies on an "as needed" basis, and then releases them when the job is done. Multiple Choice extended time company inverted corporation life-line corporation virtual corporation

virtual corporation

Encouraged by the new Sarbanes-Oxley Act, individuals who report unethical or illegal behavior within an organization are Multiple Choice whistleblowers. corporate raiders. vigilantes. compliance police.

whistleblowers.

For a market to exist, there must be potential buyers Multiple Choice and a product that is safe and inexpensive. and retail stores which are willing to carry the product. who have a willingness and the resources to buy. who are looking for reasonable prices and financing.

who have a willingness and the resources to buy.

Lansing Distributors, Inc., a company that distributes a range of household products from manufacturers to retailers, was negotiating a new contract with its union employees who worked in the company's warehouses and drove its trucks. Union reps and management were both willing to negotiate on 20 points, but the union wanted to discuss two additional points that Lansing management did not want to make part of the employee contract. In this situation, the company considered the agreed-upon 20 options to be the bargaining Multiple Choice footprint. platform. matrix. zone.

zone.