Business Management 26-51

To develop realistic budgets, existing businesses usually base their estimates on?

A)Competitors' activities.

Which of the following is a way that businesses can use financial information?

A)To identify trends

Which of the following statements is true about customer relationship management (CRM)?

B)A primary goal of CRM is to maximize the long-term value of customer relationships.

When preparing a balance sheet, which of the following would a business owner categorize as a fixed asset?

B)Equipment

What is the relationship between a business's goals and its budget?

C)Budgets translate a company's goals into actual means for accomplishing them.

What do many businesses do with the money they have accumulated as a result of periods of positive cash flow?

D)Purchase excess inventory

Which of the following is a factor that might cause a business to adjust its budget figures?

A)Sales procedures

The price of raw materials used in manufacturing a product was double what had been projected for the year. Which of the following could the business determine by analyzing its financial information?

A)Variances

Businesses often compare the income statement information for several consecutive years to calculate?

A)net income.

Established businesses base their cash flow estimates on figures obtained from?

A)past financial statements.

One way of reinforcing the company's image through employee performance is by making sure employees have?

A)thorough knowledge of the products.

Which of the following is an example of an employee reinforcing a firm's image through his/her job performance?

B)Jack politely asks if his customer would like a beverage while s/he waits for car service.

Risks that are caused by changes in the market and affect the production and distribution of products are called __________ risks?

B)economic

The impact of some business risks can be reduced if the business transfers the risk to another business by?

B)purchasing insurance.

A manager is most likely to use financial information when?

B)researching the demographics of a new target market.

Which of the following is an example of current liabilities that a business should include in its balance sheet?

C)Employees' salaries

Which of the following types of customer relationship management software would be most appropriate for a company that is looking for a more efficient way to track leads, prospects, and customers?

C)Sales force automation technology

Which of the following is an example of human resources management?

C)Tony explains the company's policies to a new employee during orientation.

Which of the following types of information does a company need customer input to obtain?

C)Types of products purchased

Electrical storms, floods, and earthquakes are examples of __________ risk?

C)natural

A business analyzes the information in an income statement by transforming the final numbers into financial>

D)budgets.

One action that an ethical business can take to help build the long-term trust and loyalty of its customers is to

D)implement a comprehensive customer privacy policy.

In the modern business world, a growing number of interactions between businesses and customers are taking place?

D)on the Internet.

Kemper Corporation continuously updates the firewalls on its web site to protect its customers' personal information from theft. Kemper's action helps build trust with its customers in relation to?

D)online security.

An important aspect of using technology in customer relationship management involves?

D)updating customer information in the computer database.