Intro to Business Quizzes Pt.2
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1
Short-term assets are expected to be converted into cash within
1 year
Commercial Paper terms are between
1-270 days
A Triple Bottom Line Company's goals are all measured by the following EXCEPT:
market share
Jenna asked her accountant to prepare a summary of the company's "bottom line." What specific information is Jenna interested in?
net income after taxes
When expanding and hiring new employees, especially new employees with a corporate background, what issues did 7th Generation encounter?
new employees were used to many policies and rules
Management is the process of achieving through people and other resources.
organizational objectives
Robert's company contracted with an outside business to provide technical and computer support. This is an example of
outsourcing
Pure Products is introducing a new paper coffee filter at a dramatically reduced cost in order to obtain a market share. This is an example of:
penetration pricing
An organization's is the group of potential customers toward whom it directs its marketing efforts.An organization's is the group of potential customers toward whom it directs its marketing efforts.
target market
What factor influenced students to overcome the $35 initial fee of enrolling in the Zip Car program?
the $400 cost of a parking permit
The procedure used by accountants to convert transactions into financial statements is called
the accounting cycle
The commodity price of coffee is based on all of the following EXCEPT
the coffee itself
According to the video, laying people off at 7th Generations is considered:
the last resort
The CEO of Pet Airways states that when looking at a Business, the first thing to look for is
their demand for the product
newly-launched businesses fail within two years after commencing operations.
About one out of three
A university offers alumni a special Visa card with the university's logo printed on the front. Each time the cardholder uses the card, the university receives a small percentage of the amount charged. This is an example of
Affinity program
The Zip Car program is serving both Business to Consumers customers (B2C), as well as Business to Business customers (B2B). The B2C customers being and the B2B customers being
18-20 year old students, Departmental and Institutional users
There are credit reporting agencies.
3
The amounts owed is how large of a factor in determining your credit score?
30%
7th Generation has experienced an average growth rate of and about in sales.
30%, $200 million
What is the lowest FICO score?
300
Approximately how much more does it cost to attract one new customer than to keep an existing one?
5 times as much
A "B Corporation" is generally expected to maintain a wage difference of between management and the lowest paid workers.
5 to 1
The majority of all U.S. firms employ:
500 or fewer employees
What is the highest possible FICO score?
850
Pet Airways took advantage of promotion opportunities. Which of the following has Pet Airways included in their strategy?
All of these (TV shows, Social Media, Newspapers)
Who participates in the financial system?
All of these (businesses, individuals, government)
Secret Acres sells its comic books via Amazon.com as well as their own website. What are the advantages and disadvantages of the two distribution channels?
Amazon takes a large cut but they generate a lot of sales vs their own website
Which of the following represents the accounting equation?
Assets = Liabilities + Owners' Equity
All of the following are sources of short-term funds EXCEPT
Bonds
Which of the following can be used as a source of long-term funding?
Bonds
Secret Acres is a distributor for various types of comic books. How does the distribution of books differ from the distribution of comic books?
Bookstores are allowed to returns unsold books to the distributor while Comic book sellers are not able to return comic books to the distributor.
Which of the following statements is correct?
Budgets serve as a planning and control tool
Which leadership style would allow sales personnel to participate in setting sales quotas?
Democratic
Which of the following is a non-cash expense?
Depreciation
A is a time deposit at a financial institution, such as a commercial bank, savings bank, or credit union.
CD
The highest-ranking financial manager is the:
CFO (Chief Financial Officer)
The CEO mentions that he hires accountants on a contract basis, as opposed to hiring them as employees. What is the most common certification required for these professionals?
CPA - Certified Public Accountants
Calico Inc. retains decision making at the top of the management hierarchy. Calico Inc. emphasizes:
Centralization
Isabella owns 100 shares of IBM stock, which means she has voting rights on company decisions at IBM, but only residual claims on the company's assets.
Common
Don, president of Pioneer Graphics, is highly respected for his ability to analyze and interpret trends in the rapidly changing graphics industry. Don has effective skills.
Conceptual
As someone moves up the managerial hierarchy, which skills become relatively more important?
Conceptual Skills
refers to the actions of consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.
Consumer behavior
In the typical firm, the is the chief accounting manager.
Controller
Items that consumers purchase frequently, immediately, and with little effort are products.
Convenience
Consumer products are usually classified as
Convenience products, shopping products, and specialty products
Which of the following tasks are NOT typically outsourced?
Core business
When it comes to Pricing Strategy, Pet Airways primary method is to meet expenses such as flight costs. What type of Pricing Strategy is Pet Airways using?
Cost-Based Pricing Strategy
is the strategy in which an organization calculates total costs per unit and then adds markups to cover overhead costs and generate profits.
Cost-based pricing
Which of the following is the first step in developing a marketing strategy?
Create product and promotion strategies?
Which of the following financial institutions is organized as a not-for-profit cooperative?
Credit Unions
Ida works on creating ways to ensure that customers receive goods at the right time and correct location. Ida is involved in her firm's strategy.
Distribution
A(n) is the reverse of a merger.
Divesture
When designing products for OXO, what is the most critical factor considered?
Empathy
What is the most commonly used credit scoring system?
FICO
A(n) is a document that specifies the funds a firm will need for a period of time, the timing of inflows and outflows, and the most appropriate sources and uses of funds.
Financial plan
The cost of acquiring your credit report is:
Free once a year
The rules followed by accountants when preparing financial statements are referred to as
Generally Accepted Accounting Principles (GAAP)
Which one of the following is NOT a credit reporting agency?
Goldman Sachs
What's one example of how a customer has been able to find Pet Airways for their pet's transportation needs?
Google search
In which stage of the product life cycle do profits generally first appear?
Growth
When Sara instructs new employees on handling customer complaints, she motivates them to respond with patience and a positive attitude. Sara has effective skills.
Human
Devin obtains research data based on the number of unique visitors to his company's Web site, as well as tracking types of orders and amount of money spent. Devin is acquiring what type of research data?
Internal data
Comet Skateboards has utilized all of the following sources of capital EXCEPT:
Issuing Stocks and Bonds
Which of the following statements about Title VII of the Civil Rights Act is NOT correct?
It requires prison terms for employers who discriminate
is the ability of directing or inspiring others to perform activities designed to achieve organizational objectives.
Leadership
If you are considering starting your own business, a key priority for you should be to:
Learn the basics by working for someone else first
A order instructs the broker to purchase a stock below a specific price.
Limit order
Thomas is using demographic data methods for segmenting a market. He will use all of the following EXCEPT
Location
Even though John is a very skilled and talented auto mechanic, his repair shop still failed due to his lack of skills in finance, marketing, customer service, and employee management. This common scenario is known as:
Management Shortcomings?
Serguis is a member of his firm's strategic planning team. He has identified several untapped markets that exist in other countries. His observation should be listed as a(n) in SWOT analysis.
Opportunity
attempts to isolate the traits that distinguish a certain group of customers from the overall market.
Market segmentation
is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing
In which stage of the product life cycle do sales reach a saturation level, making further sales expansion difficult?
Maturity
Which level of management includes job titles such as general manager, division manager, or plant manager?
Midde Management
Interpersonal determinants of consumer behavior include all of the following EXCEPT influences.
Motivational
A bill that you never paid will be recorded in your credit report as a:
Negative Information (Late Payment,Collections)
The largest stock exchange in the United States is the
New York Stock Exchange
What is the first step in the strategic planning process?
Organization Mission
What is the biggest factor in calculating your credit score?
Payment history
The buyer-seller communication in occurs during a face-to-face meeting or via telephone, videoconference, or interactive computer link.
Personal selling
According to Maslow, an individual's first priority is given to which level of need?
Physiological
When Kroger's grocery store puts its own line of detergent on the shelf next to Tide, the store is promoting its brand.
Private
Joe is developing the marketing mix for his company's new line of power tools. A brand name, price, and distribution system have been decided. Now Joe is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Joe's strategy.
Promotional
Emily is a manager who spends most of her time in day-to-day decisions assigning non-managerial employees to specific jobs. Emily is considered a manager.
Supervisory
Helène, an industrial sales representative, bought a cellular phone to use if she ever had car trouble while traveling between appointments. Which level of Maslow's need hierarchy is Helène addressing?
Safety
Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n)
Salary
What is a major advantage of Secret Acres website, vs selling comic books via Amazon?
Secret Acres can deal with customers one on one and get to know them better
Setting a price relatively high compared to similar goods and then gradually lowering it is a pricing strategy called pricing.
Skimming
Compared to large businesses, which of the following statements regarding small businesses is CORRECT?
Small businesses are more likely to be eligible for government loans or for government purchasing programs
Chaya's firm allows her to complete most of her work tasks from her home. Which flexible work plan is Chaya using?
Telecommuter
Malcolm, manager of a purchasing department, keeps a close watch on his employees to make sure they don't extend their work breaks beyond the 15-minute time allotment. Malcolm would be described as a manager.
Theory X
All of the following are contributions of small businesses EXCEPT:
They provide more job security than large corporations
Lucia is a chief financial officer in a large corporation. Her responsibilities include the full financial authority to make appropriations and authorize expenditures. Lucia is likely to be a member of management.
Top
What method of transportation accounts for the majority of finished goods finding their way to consumers?
Trucks
In breakeven analysis, the costs that change with the level of production are considered costs.
Variable
7th Generation stresses that a firm should measure what is values. What two specific measures of employees do they evaluate?
Volunteer time and Global Citizenship
Omar, an electrician for Quality Builders, is paid $35 for each hour he works during the day. After 5 p.m. and on weekends, he is paid the overtime rate of one and one-half times the regular hourly rate. Omar is paid a
Wage
Which of the following is NOT reported on your credit report?
Your income
A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called
a product
Pet Airways uses what technology when modeling costs and net income?
a spread sheet
A credit card that you have continually paid on-time will be recorded in your credit report as:
account in good standing
Which of the following assets would be listed first on the assets side of a balance sheet?
accounts receivable
A paid; non-personal sales communication usually directed at a large number of potential buyers is
advertising
What is the advantage of a high credit score?
all of these are advantages (lower fees, lower possible down payments, lower interest rates)
What is the biggest drawback of a very low credit score?
all of these are drawbacks (higher interest rates, disqualified from getting a loan, higher fees)
An overdue bill that was eventually paid in full will:
appear on your credit report as a negative item
A(n) is a financial statement that is directly based on the accounting equation.
balance sheet
Which of the following financial statements shows a firm's financial position at a particular date?
balance sheet
All of the following are assets EXCEPT
bank loans
In 2000 during the Coffee Crises, the price that a coffee farmer could receive was
below the cost of production
Roberta stops at the grocery store to purchase detergent. Tide is her favorite brand, but if another detergent is less expensive, she buys it the cheaper option.
brand preference
The method of determining the minimum sales volume needed at a certain price level to cover all costs is
break-even analysis
Daniel wishes to create a financial blueprint for a future period that reflects such items as expected sales revenues, operating expenses, and cash receipts and disbursements. Daniel wants to create a(n)
budget
Which of the following assets would a firm most likely finance using long-term sources?
buying another company
Lowes utilizes a pricing strategy of maintaining continuous low prices rather than relying on sales. This strategy is an example of
everyday-low pricing
A financial plan includes all of the following EXCEPT:
expenses
All of the following are types of securities EXCEPT
cash
The process of finalizing a sale is the
closing
What is Direct Trade coffee?
coffee that is purchased from farmers
is a form of short-term financing sold by corporations that matures from 1 to 270 days after the date of issue.
commercial paper
Jana's firm allows her to work four 10-hour days each week. This type of flexible work arrangement is known as
compressed workweek
Jan takes her car to Oil Express for an oil change. This is an example of a(n)
consumer service
An organization's system of principles, beliefs, and values is called
corporate culture
Based on employee performance appraisals, managers make objective decisions about all of the following EXCEPT
corporate outsourcing
If a firm has a current ratio of 2.5, it means that for every $2.50 in it has $1.00 in
current assets; current liabilities
Tabitha is a research specialist in a marketing division. She is working on a project that involves searching through customer files to detect spending patterns or trends that her company could target to increase sales. Tabitha is
data mining
The managerial process of assigning work to employees is called
delegating
Integrated marketing communications would include all of the following EXCEPT
distribution
Corporations have all of the following advantages EXCEPT
favorable tax treatment
Kate is a full-time nurse and would like to vary her starting and ending time to better accommodate her children's school hours. Which flexible work plan would be ideal for her situation?
flextime
Richard, Sarah, and Trevor form a partnership because it offers the following advantage:
greater financial resources
When the Small Business Administration (SBA) assists a small business in applying for a major loan, it acts as the
guarantor
The Risk-Return Trade off means that:
high risk = high return
United Airlines' purchase of Continental Airlines combines the resources and capabilities of both firms to create the world's largest airline. The newly formed company is an example of a
horizontal merger
Which of the following is the first step in the employee recruitment process?
identify job requirements
Many businesses fail during the early years because of
inadequate financing
According to the video, growth for 7th Generation has transliterated into what?
increased credibility
Procter & Gamble markets laundry soap with the brand names of Tide, Cheer, and Dash. Each brand targets a specific market segment. Procter & Gamble is utilizing branding.
individual
Informative advertising is most appropriate during which stage of the product life cycle?
introductory
Bonds with ratings of BBB and above are classified as
investment grade bonds
American Express is an effective brand name because it
is easy to pronounce, recognize, and remember
What is equity financing?
issuing stock
Leaders establish power from all of the following sources EXCEPT their
leadership style
Kwane wants to assess his firm's ability to meet its short-term obligations. Which of the following ratios are the most relevant?
liquidity ratios
The responsibility of someone managing a work team is to:
make sure the team keeps the big picture in mind
Raphael works as a tax accountant at a mid-sized manufacturing company. Raphael would be considered a
management accountant
The most common type of order is called a It instructs the broker to obtain the best possible price, the highest price when selling and the lowest price when buying
market order
Olga owns a business and is reviewing her company's current financial statements. As a user of accounting information, Olga is most interested in using this information to
plan and control
An owner of which form of stock would receive dividend payments first?
preferred stock
Data collected for the first time through observation or surveys is
primary data
In the movie, The Social Network, the actor portraying Mark Zuckerberg is featured wearing products by Gap and the North Face. This form of promotion is known as
product placement
Pham is a human resource manager. His responsibilities might include all of the following activities EXCEPT
projecting sales for the coming six-month period
The salesperson's task of identifying potential customers is known as
prospecting.
The SEC requires virtually all new public issues of corporate securities to be registered. As part of the registration process for a new security issue, the issuer must prepare a(n)
prospectus
The Federal Depository Insurance Corporation's (FDIC) primary role is to:
protect depositors
The role of the Securities and Exchange Commission (SEC) is to
protect investors
Desmond is developing several different marketing strategies based on target markets that differ in terms of lifestyles. He is segmenting the overall market by
psychographics
Dell Computer provides inner city schools with free computers and wireless Internet access. This is an example of
public relations
When managing a work team, team members commonly:
remain in the team throughout
The gain or loss that results from an investment over a specified period of time is known as
return
The primary reason that students enrolled in the Zip Car program was due to first, and as a secondary reason.
saving money, helping the environment
The is a collection of financial markets in which previously issued securities are traded among investors.
secondary market
Tiffany is a first-line manager at an electronics retailer. The number of employees that Tiffany supervises is known as:
span of control
Maria owns a store that prepares gourmet chocolates, which are hand-made and sold on the premises. What type of product is Maria selling?
specialty
The board of directors of a corporation is elected by the
stockholders
In breakeven analysis, total cost is composed of
total variable costs and total fixed costs
When a firm receives goods or services from a supplier and agrees to pay for them at a later date, this arrangement is called
trade credit
A brand that has been given legal protection is known as a
trademark
Union contracts typically cover a time period of
two to three years
Sole proprietorships have all of the following advantages EXCEPT
unlimited life
Which form of transportation is the lowest cost per weight but considered rather slow?
water
7th Generation utilizes Personal Development Plans in managing its employees. Approximately half of the Plan entails:
what an employee can do to personally grow
Initial Public Offering (IPO) is:
when a company offers stock for sale to the general public for the first time.
A financial plan answers all of the following questions EXCEPT
when will the funds be needed?
Marketing intermediaries include
wholesalers and retailers
