Intro to Business Final
Trademark
A brand that has been given exclusive legal protection, such as McDonald's golden arches, is a
gain-sharing
A common way of compensating teams is a _________ system in which bonuses are based on improvement over a previous performance baseline
Reference Group
A consumer's decision making process is influenced by his/her__________, consisting of those people who help shape the consumer's beliefs, attitudes, values, or behavior.
Intensive
A firm that wants to distribute its products as widely in a market as possible would us an ___________distribution strategy
the large amount of assets tied up in accounts receivable
A major concern for firms selling on credit is....
Budget
A personal financing plan that allows you to take control of future spending
Commercial Bank
A profit-seeking organization that receives deposits from individuals and corporations and uses some of these deposits to make loans
Motivators relate to greater job satisfaction, while hygiene factors make the work play a satisfying place to thrive
According to Herzberg, the difference between motivators and hygiene factors is
Balance Sheet
Accounting statement that reports the financial condition of a firm at a specific point in time
Debt Financing
Acquiring funds through borrowing
Finding ways to handle the return of goods and recycled materials
Activity performed by someone responsible for supply chain management
Institutional Advertising
Advertising strategy to create a positive image for a firm
everyone with whom the business has dealings
After developing a code of ethics, it should be communicated to
This action supports a key criterion to the control function: the measurement of customer satisfaction
Amazon customers often find it helpful to read reviews for products they're considering purchasing, and leaves reviews after purchasing themselves. Which of the following statements attest to the value of its service
autonomy
An employee now has more flexibility in hours worked and more say in the procedures used on the job. This suggests the employer is trying to make the job have more
Testimonial
An endorsement from a customer praising a firm's product
Market Order
An investor places a __________order with a broker to sell a stock at the best price available at that time.
The organization faces an emergency situation
Autocratic leadership is likely to be effective when
Bank customer's money is insured by an independent agency of the federal government
Bank membership in the FDIC means...
premium
Bonds offering a higher interest rate than other bonds of similar risk will likely sell at a...
Smart Card
Card that is imbedded with personal information while also acting as a code to unlock a hotel room, pass card, etc.
Interactive Promotion
Changes the promotion process from a monologue where sellers try to persuade buyers to purchase, to a dialogue where buyers and sellers can work together to create a mutually beneficial exchange.
Job Enlargement
Combining specialized tasks into one job, asking employes to broaden their scope of responsibilities
Measuring costs and working on budgets
Common Tasks involved in Managerial Accounting
a Bond Issue
Common long-term financing option for corporations where investors will lend their money to the company.
during the Great Depression of the 1930s
Designed to create more confidence in banking institutions, the FDIC was established
Selective Distribution Strategy
Distributing a product through select outlets in specific locations (fewer outlets than convenience distribution, but more than exclusive distribution)-- often used by manufacturers of shopping goods such as name brand suits
$414 Billion
Drug problems among workers is costing the US economy upwards of_______in lost work, health care costs, and even crime and accidents
Employees, dealers, and customers
Effective sales promotion activities target
Forecast future HR requirements for his company
Eric is an HR manager at communication connections. Which of the following tasks would he perform as a part of the HR planning process?
observing the actions of others
Ethical behavior at work is learned by...
Motion Economy
Frank and Lillian Gilbreth developed the principle of ______, which said that every job could be broken down into a series of elementary motions
$750 because the interest on a home mortgage is tax deductible
Given a 25% tax bracket, the after-tax cost of a house mortgage interest payment of $1,000 would be:
job content
Herzberg found that factors that provided the highest level of motivation were mostly associated with
Add value to their product offering
How can a small firm succeed against larger competitors?
A contribution to a Roth IRA does not reduce taxes in the year of the contribution. However, Roth IRA withdrawals are not taxed, as long as occurring after age 59.5
How does contribution into a Roth IRA affect income tax for the contributing year?
4 - local bank to purchase, local federal reserve bank to purchase, local federal reserve bank to purchaser's home state, local bank to purchaser's home state
How many different banks are involved in a check payment transaction across state lines?
Brand Awareness
How quickly or easily a given brand name comes to mind when a product category is mentioned
Decreased
If a broker issues a margin call, requiring the investor to come up with more money to cover the losses the stock has suffered, this means the stock value has...
Arbitrator
If management and union officials cannot resolve a grievance a __________is asked to listen to the arguments on each side and to make a decision that both sides will have to comply with
Knockoff Brands
Illegal copies of national brand-name goods
Pull Strategy
In this strategy, Heavy advertising and sales promotion are directly toward the consumer so that they will request the products from retailers
NASDAQ
Large national electronic stock trading market
Rack Jobbers
Limited function wholesalers who furnish shelves full of merchandise to retailers who sell these items on consignment
Supply Chain Management
Manages the movement of raw materials, parts, work in progress, finished goods, and related information throughout the supply chain, as well as managing the return of goods when necessary and the recycling of goods when appropriate
Monopolistic Competition
Market structure that is characterized by a large number of firms selling products that are very similar buy are perceived by buyers as different
No-Load Fund
Mutual fund that charges no commission to buy or sell its shares
Category killer store
Offers a huge selection of one type of product (books, toys, sporting goods, etc.) to dominate that category of goods
U.S. Government Bonds (think WW2)
Offers low risk, guaranteed income, backed by the full faith and credit of the federal government
commercial finance companies
Offers short-term secured loans to high-risk borrowers. These loans usually require collateral
Online Advertising
Offers the greatest potential for meaningful interaction between buyers and sellers
Clean up the corrupt practices of unions
One goal of the Landrum-Griffin Act was to...
problem-solving technique used to evaluate possible solutions to a problem
PMI (Plus, Minus, Interesting)
A Cash Flow Forecast
Predicts the future cash inflows and outflows in future periods
Health Insurance
Provides protection from the cost of medical care for illness and injuries
Time Utility
Providing products at times that are convenient to the customer (EX. 24 hour convenience stores), provide what utility to their customers?
Location
Real estate professional agree that the key to getting the optimum return on the purchase of a home is
Tax deductible for homeowners
Real estate taxes and mortgage interest payments are
Disability Insurance
Relatively low cost way of protecting yourself from lost income due to an accident or prolonged illness
Ledger
Specialized accounting book where transactions are categorized according to type.
Agency Shop Agreement In an agency shop, workers do not have to join a union, but nonmembers are required to pay either a special union fee or regular union dues
Still having to pay union fees, even if the employee chooses not to be represented by the union
The Discount Rate
The Fed uses ________to regulate the money supply
allowed individual states to pass right-to-work laws prohibiting compulsory union membership
The Taft Hartley Act...
The Hay Method
The _____Method is a pay system that is based on job tiers, with each tier having a strict pay range
U.S. Monetary Policy
The board of governors of the Federal Reserve System determines
Product Mix
The combination of product lines offered by a manufacturer is called the firm's
a dollar received today is worth more than a dollar received a year from today
The concept of the "time value" of money indicates
packaging carries more of the promotional burden of the product
The evaluation of packaging as a marketing function indicates
Knights of Labor
The first national labor organization in the United States was the
select a guardian for the child
The first step in estate planning for a family that has young children is to...
Define the situation
The first step in the rational decision making model is to
less important
The further up the managerial ladder a person moves, the________his or her original job skills become
work closely with existing customers to better satisfy their wants and needs
The goal of a relationship marketing strategy is to
The selling era
The marketing era immediately after the development of mass-production assemby lines
Provide sales reps with a strong incentive to generate more sales for the company
The most likely reason a firm would pay its sales representatives a commission rather than a salary is that it wants to....
the level of illumination that was associated with optimum productivity
The original goal of the hawthorne studies was to determine
providing financial information that is useful to decision makers
The overall purpose of accounting can be summarized as
push the product down the distribution channel to retail stores. Producers use promotional tools to convince wholesalers and retailers to stock and sell their merchandise
The primary purpose of a push strategy is to...
Undercapitalization
The problem of insufficient startup funds
Brainstorming
The problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas
Decertification
The process by which a group of workers legally take away a union's right to represent them
4 stages 1. Introduction 2. Growth 3. Maturity 4. Decline
The product life cycle consists of _________stages:
a company evaluation that measure's the firm's social contributions inside and outside the firm
The social audit is
skill-based pay and gain sharing
The two most common compensation methods for teams are
Nonprice competition Strategy
The use of product benefits in promotion rather than easily-matchable prices
projects to improve the standard of living in less developed nations
The world bank provides funding for
National Labor Relations Board
The___________was established by the Wagner Act to oversee labor-management relations
Y
Theory _____assumes that the average person likes work, and has a relatively high degree of imagination and Creativity
Contrarian
These investors to tend to go against the grain and buy when most others are selling. The logic of this approach is that the best time to buy stock is when prices are low (when the market is in decline).
The need to feel loved and accepted
This need would be classified as a social need
accept bank credit cards
To reduce the time and expense of collecting their accounts receivable, some firms...
Cyclical Unemployment
Unemployment Classification that is caused by declining demand
Seasonal Unemployment
Unemployment classification that is caused by different industries or parts of the labor market being available during different seasons (agricultural jobs, etc.)
Structural Unemployment
Unemployment classification that is caused by mismatch in the demographics of workers and the types of jobs available
Frictional Unemployment
Unemployment classification that refers to jobseekers entering the labor market for the first time, after a long absence, or temporarily between jobs.
Intermodal Shipping
Using multiple modes of transportation to complete a single long-distance movement of freight
Place Utility
Utility that adds values to goods by having them available where people want them
Convenience Goods
Vending machines are most often used to sell...
corporate philanthropy
We describe charitable donations by corporations to a nonprofit organization as
Pay interest payments throughout the life of the bond semi-annually to bond owners
What is an obligation of an organization who sells bonds to raise long-term capital?
Peak sales
What is expected during the maturity stage of a product life cycle?
Current Ratio= current assets/current liabilities
What is the formula to determine current ratio?
Cash
What is the most liquid asset?
Your computer
What would be included as an asset in the preparation of a personal balance sheet?
Corporate Distribution System
When a company owns all the organizations in the channel of distribution (manufacturing sites, retail stores, etc.), they participate in a....
The specific responsibilities of the job
When creating a job description, the HR manager may include...
The maturity date
When does an investor receive the face value of a bond?
money supply increases
When the fed buys U.S. Government securities the....
Income Statement
Which financial statement will reveal a firm's bottom line (profit after expenses and taxes)?
It teaches customers to wait for sales, reducing profits
Which is a potential problem with a high-low pricing strategy
Supply a vision, establish corporate values, and promote corporate ethics
Which of the following best summarizes the type of leader future organizations are likely to need? In the future, organizations will need leaders who
New laws making accounting records transparent may help restore trust
Which of the following can be done to restore trust in the free-market system and leaders in general?
Online banks have lower overhead costs
Which of the following is a major difference between internet banks and traditional banks
Multinationals must subjectively determine the local living wage, which is usually more than the local legal wage in developing countries. Customers surveyed say they are willing to pay a few dollars more to improve working conditions in sweatshops.
Which of the following statements summarizes the challenges of companies doing business in developing countries and the concerns of their customers?
Employees are unwilling to work toward achieving an important goal because they believe the reward offered is not sufficient to justify the effort Expectancy theory is based on the idea that the amount of effort employees will exert to complete a task depends on their expectations about the outcome. Employees only commit max effort if they believe the reward they will receive is worth the effort they must exert
Which problem would indicate that a manger failed to apply the basic concepts of expectancy theory
Lockouts
Which tactic would management be most likely to use during a labor management dispute
Marketing Mix
While the 4 Ps help us remember the basic components of the _______, they don't have significant relevance in the marketing process
Online banks have lower overhead costs
Why do online banks often offer their customers better interest rates than traditional banks?
With limited resources, firms can better satisfy the wants and needs of a smaller target market
Why would companies us a market segmentation strategy
Is it balanced? In these situations, the question is one of fairness rather than legality. Balancing self interests with the interests of others creates a win-win environment
Your friend, Marco, offers to share with you a paper he wrote for his Introduction to Business class last semester. When you tell him that it wouldn't be fair, he reminds you of your habit of reading an entire book at Barnes & Noble without paying for the book. Which ethics-based question would be most helpful in evaluating these situations?
Controlling
_________ is the management function that involves determining whether and organization is progressing toward its goals, rewarding employees for doing a good job, and taking corrective action when they are not
One-to-One
_____________Marketing involved developing a unique mix of goods and services for each individual customer
Autonomy
_________is the characteristic of work concerned with the degree of freedom, independence, and discretion an employee has
Organizing
_________is the management function that involves allocating resources, assigning tasks, and establishing procedures for accomplishing the organizational objectives
Insider Trading
buying or selling stock on the basis of company information that is not available to the general public
Cognitive Dissonance
doubts a consumer may experience after making a purchase
Acid-Test Ratio ATR=Cash+Accounts Receivable=Marketable Securities/Current Liabilities Removes inventory account from the current ratio
helps determine the ability of a firm to repay its short term debts, even if it has difficulty selling its inventory
Drop Shippers
marketing intermediaries who solicit orders from retailers and other wholesalers and have the goods delivered directly from the producer to the buy. Assumes ownership of the goods, it does not handle, stock, or deliver the merchandise
Venture Capital, or Venture Capitalists
money invested in new or emerging companies that have great profit potential. These investors usually demand a share of ownership in return for equity funding
setting clear performance standards
the first step in controlling consists of...
Return on Equity
what measures how much was earned for each dollar invested by owners?
Private Accountant
works for a single business, government agency, or non-profit organization
