Business Final

Which of the following are examples of middle-management job titles:

District manager, department head, and regional sales manager

Carefully selecting goods or services to sell is an example of handling business risks by __________ the risk

controlling

One of the benefits of production to consumers is that production

creates form utility

Which of the following factors affects society's basic values and behaviors that influence their buying decisions

cultural

The finance function would definitely be involved in a decision regarding

new business projects and strategies

Offering high quality, large assortments, and free shipping are examples of

nonprice competition

One way that technological innovation has changed business is by decreasing the use of

paper forms

Lack of economic growth is a major problem for __________ economic systems.

traditional

What is the government doing when it buys wheat to keep the price high enough for farmers to make a profit?

using price supports

In an overall sense, where does marketing occur?

wherever customers are

If a good or service is scarce, consumers will usually be

willing to pay money to get it

Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in...

workforce demographics

Why should a business practice good ethics?

An ethical business contributes toward its own success

Which of the following situations involves finding an alternative resource to use in place of a nonrenewable natural resource:

Powering a motor vehicle with biodiesel instead of gasoline

Juan's Fishing Shack demonstrates effective information management by

accessing a list of fishing equipment appropriate for a particular customer

Changing a good's form involves which of the following:

adding a new feature to the good

Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. Which type of business would give Jake the help he needs?

business-format franchise

How does appropriate information management affect a business's relationship with its customers?

businesses serve customers more effectively

When marketers provide information about an available product, consumers are more likely to

buy the product

A business's philanthropic responsibility involves its contributions to

charity

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.

consumer

Which of the following is an example of increased financial risk for a company with poor business ethics

decreased company value

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

directing

Changes in the market that cause prices to go up or down, products to change, and businesses to succeed or fail are examples of __________ risks.

economic

Which of the following factors affecting the business environment is represented by the business's location

environmental

Which of the following is a potential problem in market economies?

financial loss

Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of

franchising

In a communist command economy who decides how the economic questions will be answered

government

Which of the following are qualities of monopolies

high prices and low production

Which of the following is the best action for businesses to take in order to adapt to changing markets

implement innovative strategies and ideas

Private enterprise is based on the idea that everyone is better served when

individuals are free to set their own goals

A manager studies the business's previous sales statistics as well as the sales forecast before making purchasing decisions. What type of resource is the manager using?

information

A clothing manufacturer checks one pair of pants out of every shipment to ensure the quality of its product. This process is known as quality on

inspection

Which of the following is a public good that is provided by the government

interstate highways

Running out of inventory can result in on

lost sales

One reason that some U.S. businesses have moved some of their operations to foreign countries is to

lower their labor costs

Alex owns a guitar, several books, a car, and a telescope. Alex's possessions are examples of

private property

Franco's Bread Shop is introducing a new type of sandwich bread to the community this week. Which of the following describes the business activity the bread shop is likely involved in

promoting the new bread through advertising

One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually

provides experience that increases the business's credibility

Which of the following is an example of a business using technology to improve the efficiency of its salespeople

providing laptop computers

Businesses can protect themselves from the risk associated with lost shipments by

purchasing transportation insurance

Accounting is distinct from finance because its main focus is on

record-keeping activities

An advantage to a business of filing Chapter 11 bankruptcy is that the process allows the business to

reorganize

A business should conduct environmental scans on a continuous basis so that it can

respond to opportunities and threats quickly

Which of the following is a measure of how well a business generates cash flow

return on capital

Which of the following is a situation that might make businesspeople from other countries feel uncomfortable and impact their ability to conduct business

standing very close to others during conversations

A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating

technical skills

Which of the following factors has aided the most in creating a global business environment

technology

A socially responsible business will attempt to give customers

the best products at the best prices

Which of the following is a reason that the role of human-resources management is changing

there is greater diversity in the workforce

Human resources are a company's most important resources because

they control all other company resources

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes?

to encourage research

Why does the government set and collect taxes?

to help pay the expenses of government

Each purchase strengthens the economy by encouraging

trade

A nation that exports more than it imports maintains a

trade surplus