Gateway Exam 2
_____ is the combining of natural resources, human resources, and capital to produce goods and services
Production
which of the following is NOT a popular form of sales promotitoin
advertising
the two types of distribution channels are
industrial and consumer
_____ is the management of the production conversion process for both goods and services
operations management
the ____ is a summary of the money flowing into and out of a firm. it is used to assess the sources and uses of cash during a certain period of time
statement of cash flows
managerial accouting provides informatoin that would probably be most beneficial to
a middle manager of a company
Which of the following organizations would analyze their market environments, find a competive advantage, and create a marketing mix?
all of the above
accouting provides a framework for looking at
all of the above
which of the following is an exmaple of an advertising medium
all of the above
______ is the process of distributing the original cost of a long term asset over the years of its useful life
depreciation
A firm with a _____ has its ability to provide a unique product or service that offers something of value to buyers besides simply a lower price.
differential sustainable competitive advantage
which of the following is NOT an element of the promotional mix
distribution
the ____ is a series of marketing entities through which goods and services pass on their way from producers to end-users
distributition channel
customer satisfaction
refers to the customers feeling that a product has met or exceeded expectations
the funds that are reinvested in the firm out of prodits and after dividends are paid are called
retained earnings
because Avril Peters is investing in the commodities market, she stands a change of losing money. ______ is the term used to describe her potential loss
risk
the ______ is a specific group of consumers toward which a firm directs its marketing efforts
target market
things of value owned by a firm are called its
assets
which of the following calculations is a formal expression of the accounting equation
assets = liabilities + owners equity
After product specifications are set, a company must decide whether to purchase or manufacture the parts that it needs. This is called a(n) _____ decision.
make-or-buy
making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash
management
______ is the division of markets into different groups
market segmentation
_____ are temporary investments of excess cash in bonds and stocks that can readily be converted into cash
marketable securities
______ is the process of planning and executing the conception, pricing, promotion, and distributation of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
marketing
the ____ us based on the five P's
marketing mix
In _____, goods are produced using mass production techniques up to a point. then production is custom tailored to the needs or desires of individual customers
mass customization
the three main types of facility layouts are:
product, process, and fixed-position
the elements of the ____ are advertising, personal sellings, sales promotion and public relations
promotional mix
the sales process begins with the salesperson locating companies or people who are most likely to buy the sellers offerings. this activity is called
prospecting
_____ is any communication or activity designed to win goodwill or prestige for a company or person
public relations
in which of the following industries are you most likely to find factoring being used
appliance industry
a(n) ____ are go-betweens that bring buyers and sellers
broker
____ is the process of selecting the capital expenditures that offer the best retusna nd meet the goal of maximizing the firms value
capital budgeting
funds invested in long lived assets, such as land, buildings, machinery, and equitment are called
capital expenditures
in the accounting field, CMA stands for
certified managerial accountant
A secured loan requires the borrower to pledge specific assets as ____ or security
collateral
a secured loan requires that borrowers pedge specific assets to secure the loan. these assets are called
collateral
____ stock is a security that represents an ownership interest in a corporation and has voting rights
common
A _______ process uses long production runs that may last days, weeks, or months without equitment shutdown
continuous
a system that utilizes long production runs resulting in high volume, standardized products called an ______ process.
continuous
total quality management focuses on
continuous improvement
____ are bills and claims that will have to be paid within the next 12 months
current liabilities
manufacturers represenatives usually
do all of the above
long term debt would be used to
do none of the above
an ____ takes place when the consumer trades money for desired goods and services
exchange
to ensure accuracy and consistency in the way financial information is reprted, accoutants folllow rules jown as
generally accepted accounting principles (GAAP)
selling more rainwater in seattle than in san diego due to the annual rainfall is an example of which type of marketing?
geographical
during the _______ stage of product life cycle, competition is light, production and marketing costs are high, and profits are either small or negative
introduction
Just in time
is a system in which production inputs arrive just when they are needed for production rather that being stored on site
which of the following factors will be important in the selection of a site for a production facility?
labor costs, prox to raw materials, nearness to customers, access to transportation (ALL OF THE ABOVE)
