intro to business quiz 2

A category killer is a very large specialty store that concentrates on a single product line and competes by offering low prices and an enormous number of products. a. True b. False

A

Aubre has been tasked with purchasing 112 computers for her employer. The computers fall into roughly three categories: ability to rapidly compute multiple data inputs simultaneously for accounting and analytics, ability to hand large amounts of information and graphics for developing marketing materials, and ability to store and retrieve large amounts of data produced by the editorial department and office personnel in the regular course of business. Each department drafted "wish lists" of the abilities and components they wanted for the computers they would be using. From the information given, what can we best conclude about Aubre? a. That she is most likely better informed than consumers and consider a product's quality, its price, and the service provided by suppliers b. That she will take into account the company's discretionary income when making the purchase c. That unlike consumers, she will not need complete and correct information on buyers and sellers d. That she will take into account the company's disposable income when making the purchase

A

Destiney is opening Destiney's Soul Food Restaurant. She has determined what it costs to produce each dish on the menu, how much overhead she must include in the menu item price, and other costs associated with producing each meal. After doing these computations, she visits several neighboring restaurants and reviews their menus. She returns to her business and prices her menu items similar to the competitors' prices. What type of pricing strategy is she using? a. Competition-based pricing b. Demand-based pricing c. Cost-based pricing d. Markup

A

Melinda walks into a local convenience store to buy chewing gum. She more than likely will employ ____ in deciding to make that purchase. a. routine response behavior b. limited decision making c. absolute response behavior d. intensive decision making e. extensive decision making

A

T J Maxx, Burlington, and Marshalls are examples of a. off-prices stores. b. superstores. c. independent retailers. d. department stores. e. specialty stores.

A

The Equal Pay Act applies directly to a. equal pay for equal work. b. employee health and safety. c. selection and promotion. d. discrimination based on age. e. relations between a firm and a union.

A

The average cost of employee benefits is about ____ percent of total compensation. a. 30 b. 8 c. 33 d. 36 e. 21

A

The equity theory of motivation contends that people are motivated to achieve and then to be rewarded in direct proportion to their contributions. a. True b. False

A

When employees own the company they work for by virtue of being stockholders, this is referred to as a. ​employee ownership. b. ​type A. c. ​Theory X. d. ​empowerment

A

David and Andy White decided to buy new furniture for their bedroom. They spent considerable time shopping around, comparing prices and styles. Bedroom furniture is best classified as a ____ product. a. convenience b. shopping c. business d. major equipment e. specialty

B

Institutional advertising is by far the most common type of advertising and receives the largest share of advertising expenditures. a. True b. False

B

Kyla goes to a car dealership to purchase a new Honda Accord. She is not willing to pay the listed sticker price for the car, and she instead works with the salesperson and manager until a mutually satisfactory price is agreed upon. This is an example of ____ pricing. a. comprised b. negotiated c. secondary d. reference e. differential

B

Leslie and Jorge work in the Kohl's warehouse. In the warehouse goods are received, identified, sorted, dispatched for storage, held, recalled, picked and assembled, and dispatched for shipment. Jorge works in the section of the warehouse where goods are protected in storage until they are needed. Leslie is tasked with packaging goods and directing them to the proper transport vehicle after she has prepared the proper documents. What warehouse activity does Leslie perform? a. Receiving goods b. Dispatching shipments c. Recalling, picking, and assembling goods d. Identifying goods

B

Louis is beginning a marketing research project. One of the six steps of marketing research is to a. open a business. b. define the problem. c. engage a marketing research firm. d. survey the sales force.

B

Melody's Crafts 'N Things ​ Andrea works for a retail shop called Melody's Crafts 'N Things. Andrea was often quite rude to customers when they annoyed her. One morning, her supervisor asked Andrea into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Andrea's supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Andrea's boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers. ​ Over the next few months, Andrea began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Andrea to look further into the pros and cons of her idea. ​ After evaluating Andrea's research, her boss decided to move forward with the idea, asking Andrea to head up this new venture for the company. Andrea then realized that retail is not just about making the sale; the customer should be the focus of all operations. Andrea now looks up to her boss, and is very glad that she was there to mentor her. Refer to Melody's Crafts 'N Things. Doing business on eBay allows an entrepreneur to a. develop a business-to-business selling model. b. create place utility. c. find out what works, fast. d. explore producer markets. e. develop form utility.

B

Melody's Crafts 'N Things ​ Andrea works for a retail shop called Melody's Crafts 'N Things. Andrea was often quite rude to customers when they annoyed her. One morning, her supervisor asked Andrea into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Andrea's supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Andrea's boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers. ​ Over the next few months, Andrea began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Andrea to look further into the pros and cons of her idea. ​ After evaluating Andrea's research, her boss decided to move forward with the idea, asking Andrea to head up this new venture for the company. Andrea then realized that retail is not just about making the sale; the customer should be the focus of all operations. Andrea now looks up to her boss, and is very glad that she was there to mentor her. Refer to Melody's Crafts 'N Things. When Andrea was brought into her boss's office, what was her manager trying to explain? a. Customer motivation b. Customer lifetime value c. Possession utility d. Marketing information system e. Disposable income

B

Setting prices for organizational buyers is very similar to setting prices for consumers. a. True b. False

B

The legality of uniform geographic pricing has been challenged and so its use has been abandoned. a. True b. False

B

An order of calculators with new features just arrived for the finance department of PUMA. These calculators represent a. process materials. b. major equipment. c. accessory equipment. d. component parts. e. office materials.

C

Ben Harvey recently purchased a new boat. This type of purchase would be made using Ben's ____ income. a. disposable b. net c. discretionary d. personal e. gross

C

In creating a marketing information system, management would collect data from internal sources such as a. economic conditions. b. competitors' marketing activities. c. its sales figures. d. its suppliers. e. its customers.

C

Lidia has worked for Coffee-Coffee for many years progressing from barista to store manager. She likes her job because she has the opportunity to meet and train new employees, oversee store operations, and meet and talk to members of the public. At a recent regional meeting, the store managers were informed that Coffee-Coffee was adding five new outlets in the region. Lidia and the other managers discussed how this would affect the business at their locations, and were informed that the expansion was viewed by the company as a benefit because it provided more power in dealing with manufacturers and suppliers of cups, coffee makers, and other merchandise and food that is sold in the stores. What type of business is Coffee-Coffee? a. Discount store b. Independent retailer c. Chain retailer d. Department store

C

​One of the common errors made by managers appraising employees is a. ​being unfair. b. ​only saying nice things. c. ​overusing one portion of an evaluation instrument. d. ​failing to tell the employee where to improve.

C

___ is a pricing goal that is impossible to achieve. a. ​Survival pricing b. ​Target return on investment pricing c. ​Market-share pricing d. ​Profit maximization

D

An employee's initial wage rate is determined by a. his or her wage rate at his or her previous job. b. the results of a wage survey pertaining to the employee's job. c. the employee's measured productivity. d. whether the employee is male or female. e. the experience, qualifications, and expected performance of that employee.

E

Behavior modification as applied to business management is mainly based on a. Theory X. b. having an all-salaried workforce. c. equity theory. d. employee participation. e. reinforcement theory.

E

Discounts from the list price offered to intermediaries are called ____ discounts. a. cash b. quantity c. wholesale d. preferential e. trade

E

Employee ownership is a situation in which a. employees actually buy a franchise, own it, and operate it on funds borrowed from the company. b. employees receive money to purchase stock in the company. c. only employees own the stock of the company for which they work. d. employees take much pride in their work and make decisions as though they owned the company. e. employees own shares of stock in the company.

E

Garrett Enterprise ​ Garrett Enterprise is a well-known company that has been around for many years. However, Mr. Robinson, its CEO, has noticed recently that the company is not performing up to par. He has been watching the employees closely. Mr. Robinson saw that his workers do only what is required and that no one seems to go above and beyond what is necessary. ​ He thinks this is odd because Garrett Enterprise used to have dedicated employees who felt a real sense of ownership toward the company. Now it seems that the employees need to be watched all the time just to make sure they are doing the minimum required. The company has always tried to help its employees through various measures, but recently these measures have been unsuccessful. ​ Mr. Robinson also observed that the employees were not engaging with each other. They all seemed to be at ease with each other, but there was very little interaction. When Mr. Robinson asked his top managers to study the situation more closely, they reported that the employees were neither dissatisfied nor motivated. ​ Mr. Robinson decided that things needed to change. He decided that the managers would reward only very good behaviors and punish anything that was considered bad behavior. While this may not be the best option, Mr. Robinson believes that it may work for the near future. Refer to Garrett Enterprise. What type of employees does Garrett Enterprise currently have? a. Theory V b. Theory W c. Theory Z d. Theory Y e. Theory X

E

HR Solutions, Inc. (HRSI)HR Solutions, Inc. (HRSI) is a human resources management company that specializes in helping small companies learn the right ways of handling human resources issues and activities. The company teaches the different activities that are involved in HR management, as well as teaching companies how to plan for the future. HRSI even helps companies downsize without having their reputations suffer. However, according to HRSI, an ideal situation would be one where all companies downsize simply by attrition. Another main objective of HRSI is to increase cultural diversity within every organization that it helps. HRSI management believes that this diversity is the key to the introduction of successful new ideas into any organization.HRSI is in the process of hiring new employees. This is a critical decision for the company because it is supposed to be the expert on this issue. Once the selection is done, HRSI will need to train its employees effectively so that they will be able to maintain the good image of the company. Refer to HR Solutions, Inc. When HRSI helps small companies with the development phase of human resource management, it is involved with which of the following activities? a. Attrition b. Downsizing c. Profit-sharing d. Determining health benefits e. Training

E