Business Final Exam Review
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Business Final Exam Review
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1. An
entrepreneur risks time and money to start and manage a business.
A. True B. False
2. Backstreet
Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million.
A. True B. False
3. The
profit a firm earns is found by subtracting total costs from total revenue.
A. True B. False
4. Political
freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.
A. True B. False
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5. Productivity
is the amount of output you generate given the amount of input such as hours worked.
A. True B. False
6. Empowerment
means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
A. True B. False
7. The
amount of goods and services people can buy with the money they have is called their:
A. nominal
income price index
B. consumer C. profit
margin of living
D. standard
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8. The
customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's: .
A. market
makers environment
B. economic
C. stakeholders D. social
mentors
9. The
resources that contribute to the creation of wealth are known as ________.
A. production B. factors
coefficients
of production technologies aggregates
C. production D. production
10. Efficiency
A. producing B. producing C. the D. the
means:
the desired result goods and services using the least amount of resources
amount of output you generate given the amount of input buying and selling of goods using the most amount of resources
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11. The
B. EDI
two main types of e-commerce
and offline
A. online
and EDC and retail
C. wholesale D. B2B
and B2C
12. Macroeconomics
is the economic perspective that looks at the operation of a nation's economy as a whole.
A. True B. False
13. Microeconomics
focuses on the decisions and behavior of people and organizations in particular markets.
A. True B. False
14. In
capitalist countries, the government decides what to produce and how the goods and services will be produced.
A. True B. False
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15. Demand
refers to the quantity of a good that consumers are willing and able to buy at different prices at a specific time.
A. True B. False
16. The
point of intersection between the supply and demand curves is called the stress point.
A. True B. False
17. Which
of the following is a basic right under capitalism?
of collusion from taxation
A. Freedom B. Freedom C. The D. The
right to vote right to compete
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18. A
simple supply curve shows that an increase in the price of a good will cause the quantity supplied to:
A. decrease B. increase C. remain
constant randomly around an equilibrium value
D. fluctuate
19. A
typical demand curve shows that:
people earn more income, they buy more of a good. supply increases, the amount purchased decreases. tend to buy more of a good than they really want. tend to buy more of a good when its price decreases.
A. As B. As
C. People D. People
20. __________
A. perfect
exists when the entire supply of a good is controlled by a single seller.
competition
B. oligopoly C. pure D. a
capitalism
monopoly
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21. An
oligopoly is a market that is characterized by:
firm that totally dominates the supply of the product. large number of small firms all producing very similar products. few large sellers who dominate the market.
A. One B. A C. A
D. Several
small firms that compete primarily by differentiating their products.
22. Importing
A. True B. False
is the selling of products to another country.
23. Exporting
A. True B. False
is the selling of products to another country.
24. The
country of Nelly exports $250 of goods and services and imports $170 of goods and services. Nelly has an unfavorable balance of trade of $80.
A. True B. False
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25. Foreign
direct investment refers to the buying of goods produced in another country.
A. True B. False
26. A
complete ban on the import or export of a specific good is called an embargo.
A. True B. False
27. Granting
a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called:
joint venture. foreign subsidiary.
A. A B. A
C. Licensing. D. Outsourcing.
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28. __________
is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell the parent company's product or service to others in a given territory in a specified manner.
manufacturing
A. Franchising B. Contract C. Import D. Export
trading trading
29. When
a company's strategy is __________ the firm makes arrangements for a foreign manufacturer to produce the product. The domestic company's label and/or trademark are attached to the completed product.
manufacturing
A. franchising B. contract C. import D. export
sourcing trading
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30. A
form of foreign direct investment, where a domestic company purchases a company in a foreign country to produce a similar product or service is a:
venture. subsidiary.
A. licensor. B. joint
C. foreign D. host
company.
31. Overly
ambitious business goals and employee incentives can lead to unethical behavior.
A. True B. False
32. In
order to be successful, efforts to improve the ethical behavior of businesses must begin with top management's support of a corporate code of conduct.
A. True B. False
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33. People
A. True B. False
who report illegal or unethical behavior are called whistleblowers.
34. Enforcement
A. True B. False
is perhaps the most important step in an effective code of ethics.
35. Insider
trading occurs when employees of publicly traded companies use private company information to profit in the stock market.
A. True B. False
36. When
WorldCom used intentional accounting irregularities to make the company look more profitable than it actually was, it:
its stockholders profit through a tax-loophole. in an acceptable business manner. in illegal behavior. its responsibility to its owners.
A. Provided B. Acted
C. Engaged D. Executed
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37. Which
of the following would most likely involve ethical concerns?
an expense report sales for the next year the marketing plan for the next year.
A. Overstating B. Forecasting C. Developing D. Improving
working conditions.
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38. Sharon,
a CPA for a large firm noticed that the company's accounting records drastically overstated the amount of inventory on hand, which led to overstating the assets of the firm. Initially, she brought it to the attention of her supervisor, but when nothing was done to correct the mistake in a timely manner; she decided the best course of action was to report it to the appropriate government official. Although her actions took her outside the company, she was counting on current law, under the ____________ to protect her against company retaliation.
Act Act Act
A. Cellar-Kefauver B. Sarbanes-Oxley
C. Robinson-Patman D. Sherman
Act
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39. We
describe charitable donations by corporations to nonprofit organizations as __________.
philanthropy responsibility strategy commitment
A. corporate B. corporate C. corporate D. structural
40. Entrepreneurship
A. True B. False
involves accepting the risk of starting and running a business.
41. The
most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.
A. True B. False
42. Creative
people working as entrepreneurs within a large organization are called intrapreneurs.
A. True B. False
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43. Small
A. True B. False
businesses account for over 50% of the U.S.'s gross domestic product (GDP).
44. A
good business plan describes key items such as the nature of the proposed business, the target market, the competitive advantages, and the qualifications of the owners.
A. True B. False
45. A
detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a:
plan mission statement
A. business
B. entrepreneurial C. profit
and loss statement action plan
D. professional
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46. After
A. large B. the
personal savings, the next largest source of capital for entrepreneurs is from:
multinational banks. Small Business Administration and local governments. and family.
C. state
D. friends
47. A
________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.
cooperative collective
A. market B. consumer C. consumer D. buyer's
cooperative
48. A
market consists of potential buyers of a good or service. However, for a market to exist:
business requires wholesalers and retailers. firm must dominate in sales and product development.
A. the B. one
C. people D. the
must have unsatisfied wants and needs as well as a willingness and ability to buy.
product must be laboratory tested and approved by the Food and Drug Administration (FDA).
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49. Managers
in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving orders
A. True B. False
50. The
four key management functions are planning, organizing, leading, and controlling.
A. True B. False
51. One
trend of the "leading" management function is to empower employees, giving them as much freedom as possible to become self-directed and self-motivated.
A. True B. False
52. Planning
A. True B. False
involves setting the organizational vision, goals and objectives.
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53. The
SWOT analysis helps firms identify competitive threats and market opportunities.
A. True B. False
54. A
__________ is an overall explanation of why an organization exists and where it is trying to head.
plan directive charter
A. tactical B. prime
C. corporate D. vision
55. __________
planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives.
A. strategic B. contingency C. tactical D. alternative
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56. Which
of the following is involved in setting work standards and schedules needed to implement the firm's tactical objectives?
Statement planning planning planning
A. Mission B. Tactical
C. operational
D. contingency
57. __________
is a problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas.
theory
A. brainstorming B. game
C. CAD/CAM D. PMI
58. A
bureaucracy empowers employees to quickly respond to customers' wants and desires.
A. True B. False
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59. An
advantage of decentralized authority is that those individuals closest to the customers and more familiar with local conditions make decisions.
A. True B. False
60. Centralized
authority provides for the delegation of authority to employees who are then better able to respond to customers' needs.
A. True B. False
61. Span
of control refers to the number of different markets a business can serve efficiently.
A. True B. False
62. A
flat organization is less likely to respond quickly to customer needs.
A. True B. False
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63. The
concept of ____________ suggests that as a firm produces more, the average cost of goods produced goes down.
growth of the fittest
A. natural
B. survival C. cost
enhancement of scale
D. economies
64. The
line of authority that moves from the top of a hierarchy to the lowest level is called the:
logic of command detail
A. chain B. chain
C. organizational D. delegation
of contingent authority
65. In
a(n) _____________ organization, decisionmaking authority is concentrated at the top level of management.
A. bottom-up B. decentralized C. inverted D. centralized
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66. An
organization that consists of many layers of management is referred to as a(n) ____________ organization.
A. flat B. wide C. tall D. deep
67. The
traditional technique used to departmentalize an organization is by:
group area
A. function B. customer
C. geographic
68. Employees
who perform functions that advise and assist line personnel are known as:
managers workers
A. middle
B. empowered C. secondary D. staff
employees
personnel
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69. Firms
that specialize in accounting, finance, and management consulting are all part of the service sector
A. True B. False
70. Operations
management involves inventory management, quality control, and production scheduling.
A. True B. False
71. When
A. True B. False
firms successfully produce products, they create form utility.
72. Manufacturers
use CAM (computer aided manufacturing) to create three-dimensional designs of products before they are built.
A. True B. False
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73. The
main difference between process manufacturing and an assembly process is: Process manufacturing uses sophisticated robots and automated machinery to produce a good or service, while an assembly process uses labor and simple tools to make a product.
A. True B. False
74. In
____________, materials are physically or chemically changed to produce a product.
manufacturing process production
A. process
B. assembly C. utilitarian D. diffusive
manufacturing
75. A(n)
__________ puts together components to make a product.
process process
A. modular
B. compression C. assembly
process process
D. econometric
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76. A
production process characterized by long production runs to turn out finished goods over time is known as a(n):
process process
A. assembly
B. continuous C. extended
process process
D. unrestricted
77. The
A. keep
goal of lean manufacturing is to:
inventories of finished goods as high as possible. goods and services with less of everything that goes into the a very limited variety of goods.
B. produce
process.
C. produce D. become
more self sufficient by producing major components rather than buying them.
78. A
major trend in business is ___________, where employees work at least part time at home using a computer and modem.
A. outsourcing B. riveting C. outbounding D. telecommunicating
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79. The
sense of satisfaction you get when you achieve an important goal is an intrinsic reward.
A. True B. False
80. Mark
successfully completed a very challenging assignment given to him by his supervisor at work. The feeling of accomplishment and satisfaction Mark experiences is an example of an extrinsic reward.
A. True B. False
81. Safety
A. True B. False
needs are placed at the lowest level in Maslow's hierarchy of needs.
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82. Since
Herzberg’s hygiene factors do not motivate workers toward high achievement at work, managers can safely ignore these factors when trying to develop an effective work environment.
A. True B. False
83. According
to McGregor, Theory X managers assume that employees dislike work, and will avoid it if possible
A. True B. False
84. Theory
____ assumes that the average person likes work, and has a relatively high degree of imagination and creativity.
A. A B. Alpha C. X D. Y
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85. Theory
X managers are likely to believe
that:
A. the
average person dislikes work and will seek to avoid it when possible. employees know more about their job than the boss.
B. most
C. employees D. job
are motivated mainly by the chance for advancement and recognition. satisfaction is primarily related to higher order needs.
86. ________
is a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle managers, supervisors, and employees.
planning by objectives
A. Objective
B. Management C. The
three step planning system objective analysis
D. Cyclical
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87. ________
means acting as a resource to a subordinate by teaching, guiding and making recommendations, without actively doing any of the subordinate's work.
A. coaching B. augmenting C. helping D. facilitating
88. _________
theory is based on the idea that managers can use both rewards and punishments to motivate employee behavior.
A. expectancy B. equity C. reinforcement D. goal-setting
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89. Human
Resources Management is the process of deciding the number and types of people your business needs, and then, recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals.
A. True B. False
90. Today's
A. True B. False
workers place a lower priority on leisure time than they did in the past.
91. Title
VII of the Civil Rights Act of 1964 prohibits discrimination in hiring, firing, or compensation, based on race, religion, creed, sex, or national origin.
A. True B. False
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92. The
Age Discrimination in Employment Act only prevents discrimination against employees who are over the age of 65.
A. True B. False
93. Part-time
workers, seasonal workers and independent contractors are all examples of contingent workers.
A. True B. False
94. A
____________ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job.
description criteria review
A. job
B. performance C. human D. job
resource inventory
specification
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95. A
job ___________ is a statement that identifies the objectives of a job, the type of work to be done, the responsibilities and duties that are associated with the job, the working conditions, and the relationship of the job to other functions.
A. specification B. description C. evaluation D. analysis
96. _________
is the set of activities for obtaining the right number of people at the right time in order to select those who best meet the needs of the organization.
A. Pre-selection B. Recruitment C. Networking D. Preemptive
hiring
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97. Help
wanted ads, public and private employment agencies, and college placement bureaus are all ________ sources that human resource managers can use in the recruiting efforts.
A. secondary B. passive C. back-up D. external
98. A
_________________ is a check of a potential employee's work record, academic record, credit history, and recommendations.
profile investigation
A. personality
B. background C. fidelity
appraisal review
D. character
99. The
four eras of the evolution of marketing are (1) production, (2) selling, (3) advertising, and (4) stakeholder relationships.
A. True B. False
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100.
Customer relationship management (CRM) is the process of learning as much as possible about customers and doing everything you can to satisfy them.
A. True B. False
101.
Setting prices higher than the competition can help create an image of quality.
A. True B. False
102.
Intermediaries are firms in the middle of a series of organizations that distribute goods from producers to consumers.
A. True B. False
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103.
Market segmentation is the process of dividing a market into several groups whose members have dissimilar characteristics.
A. True B. False
104.
A firm's marketing mix consists of 4 major components, which are generally referred to as the four:
A. P's B. keynotes
to success of marketing
C. intangibles D. persuaders
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105.
A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.
A. concept B. focus C. peer D. consumer
interest
106.
The two major types of markets are the:
A. primary B. B2B
market and the secondary market.
market and the C2C market market and the business-to-business market.
C. consumer D. target
market and the niche market.
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107.
Which of the following describes individuals that want goods and services for personal consumption and have the resources to buy them?
A. secondary
market market
B. business-to-business C. market
segmentation market
D. consumer
108.
__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
A. objective B. departmentalized C. target D. subjective
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109.
Miller Light Beer, Maxwell House Coffee, Jell-O brand gelatin, Kraft Mayonnaise, and Marlboro Cigarettes, were all at one time products of the Philip Morris Company. These products represented a part of the product line Philip Morris offered.
A. True B. False
110.
Marketers use pricing, advertising, and packaging to differentiate their products from competitors' products even when actual differences are quite small.
A. True B. False
111.
Convenience goods are products that the consumer wants to purchase frequently and with a minimum of effort.
A. True B. False
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112.
Industrial goods are sold in the B2B market.
A. True B. False
113.
Industrial goods and services are used to produce other products.
A. True B. False
114.
The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:
A. total
product offer mix differentiation package
B. product C. product D. product
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115.
The combination of product lines offered by a manufacturer is called the firm's
A. product B. product C. total
matrix mix
product offer portfolio
D. product
116.
Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?
A. shopping B. specialty
goods
products goods
C. convenience D. unsought
goods
117.
__________ goods and services represent those products that consumers are unaware of or haven't thought of buying.
A. inferior B. convenience C. shopping D. unsought
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118.
A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.
A. trademark B. brand C. logo D. copyright
119.
Wholesalers are marketing intermediaries who sell goods or services to ultimate consumers.
A. True B. False
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120.
A key distinction between agents and brokers is that agents tend to maintain long-term relationships with the people they represent whereas brokers are hired on a temporary basis.
A. True B. False
121.
Vending machines are used primarily to sell goods where consumers have little interest in convenience.
A. True B. False
122.
Warehouse clubs compete with enhanced service to customers and seldom try to compete on price.
A. True B. False
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123.
In multilevel marketing, salespeople have little incentive to recruit new salespeople, because the new salespeople may compete against them and reduce their income.
A. True B. False
124.
Those organizations that assist in the movement of goods and services from producer to industrial and consumer users are known as:
A. directed
marketers specialists
B. distributive C. marketing
intermediaries marketers
D. supplementary
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125.
A(n) ____________ consists of the marketing intermediaries that transport and store goods as they move through their path from producer to final user.
A. channel
of distribution network matrix
B. marketing
C. input-output D. mode
of distribution
126.
A _________ is a marketing intermediary that sells products to other organizations.
A. wholesaler B. retailer C. disintermediary D. jobber
127.
A __________ is a marketing intermediary that sells to ultimate consumers.
A. channel
captain
B. wholesaler C. secondary D. retailer
marketer
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128.
When marketing intermediaries perform the steps necessary to transfer ownership from one party to another, they are providing _________ utility.
A. marginal B. title C. possession D. registration
129.
_________ utility adds value to goods by having them available where people want them.
A. spatial B. location C. place D. geographic
specific
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ANSWER KEY: Question 1: A Question 2: A Question 3: A Question 4: A Question 5: A Question 6: A Question 7: D Question 8: C Question 9: B Question 10: B Question 11: D Question 12: A Question 13: A Question 14: B Question 15: A Question 16: B Question 17: D Question 18: B Question 19: D Question 20: D Question 21: C Question 22: B Question 23: A Question 24: B Question 25: B Question 26: A Question 27: C Question 28: A Question 29: B Question 30: C Question 31: A Question 32: A Question 33: A Question 34: A Question 35: A Question 36: C Question 37: A Question 38: B Question 39: A Question 40: A Question 41: A Question 42: A Question 43: A Question 44: A Question 45: A Question 46: D Question 47: A Question 48: C Question 49: A Question 50: A Question 51: A Question 52: A Question 53: A Question 54: D Question 55: B Question 56: C
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1. An
entrepreneur risks time and money to start and manage a business.
A. True B. False
2. Backstreet
Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million.
A. True B. False
3. The
profit a firm earns is found by subtracting total costs from total revenue.
A. True B. False
4. Political
freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.
A. True B. False
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5. Productivity
is the amount of output you generate given the amount of input such as hours worked.
A. True B. False
6. Empowerment
means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
A. True B. False
7. The
amount of goods and services people can buy with the money they have is called their:
A. nominal
income price index
B. consumer C. profit
margin of living
D. standard
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8. The
customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's: .
A. market
makers environment
B. economic
C. stakeholders D. social
mentors
9. The
resources that contribute to the creation of wealth are known as ________.
A. production B. factors
coefficients
of production technologies aggregates
C. production D. production
10. Efficiency
A. producing B. producing C. the D. the
means:
the desired result goods and services using the least amount of resources
amount of output you generate given the amount of input buying and selling of goods using the most amount of resources
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11. The
B. EDI
two main types of e-commerce
and offline
A. online
and EDC and retail
C. wholesale D. B2B
and B2C
12. Macroeconomics
is the economic perspective that looks at the operation of a nation's economy as a whole.
A. True B. False
13. Microeconomics
focuses on the decisions and behavior of people and organizations in particular markets.
A. True B. False
14. In
capitalist countries, the government decides what to produce and how the goods and services will be produced.
A. True B. False
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15. Demand
refers to the quantity of a good that consumers are willing and able to buy at different prices at a specific time.
A. True B. False
16. The
point of intersection between the supply and demand curves is called the stress point.
A. True B. False
17. Which
of the following is a basic right under capitalism?
of collusion from taxation
A. Freedom B. Freedom C. The D. The
right to vote right to compete
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18. A
simple supply curve shows that an increase in the price of a good will cause the quantity supplied to:
A. decrease B. increase C. remain
constant randomly around an equilibrium value
D. fluctuate
19. A
typical demand curve shows that:
people earn more income, they buy more of a good. supply increases, the amount purchased decreases. tend to buy more of a good than they really want. tend to buy more of a good when its price decreases.
A. As B. As
C. People D. People
20. __________
A. perfect
exists when the entire supply of a good is controlled by a single seller.
competition
B. oligopoly C. pure D. a
capitalism
monopoly
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21. An
oligopoly is a market that is characterized by:
firm that totally dominates the supply of the product. large number of small firms all producing very similar products. few large sellers who dominate the market.
A. One B. A C. A
D. Several
small firms that compete primarily by differentiating their products.
22. Importing
A. True B. False
is the selling of products to another country.
23. Exporting
A. True B. False
is the selling of products to another country.
24. The
country of Nelly exports $250 of goods and services and imports $170 of goods and services. Nelly has an unfavorable balance of trade of $80.
A. True B. False
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25. Foreign
direct investment refers to the buying of goods produced in another country.
A. True B. False
26. A
complete ban on the import or export of a specific good is called an embargo.
A. True B. False
27. Granting
a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called:
joint venture. foreign subsidiary.
A. A B. A
C. Licensing. D. Outsourcing.
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28. __________
is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell the parent company's product or service to others in a given territory in a specified manner.
manufacturing
A. Franchising B. Contract C. Import D. Export
trading trading
29. When
a company's strategy is __________ the firm makes arrangements for a foreign manufacturer to produce the product. The domestic company's label and/or trademark are attached to the completed product.
manufacturing
A. franchising B. contract C. import D. export
sourcing trading
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30. A
form of foreign direct investment, where a domestic company purchases a company in a foreign country to produce a similar product or service is a:
venture. subsidiary.
A. licensor. B. joint
C. foreign D. host
company.
31. Overly
ambitious business goals and employee incentives can lead to unethical behavior.
A. True B. False
32. In
order to be successful, efforts to improve the ethical behavior of businesses must begin with top management's support of a corporate code of conduct.
A. True B. False
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33. People
A. True B. False
who report illegal or unethical behavior are called whistleblowers.
34. Enforcement
A. True B. False
is perhaps the most important step in an effective code of ethics.
35. Insider
trading occurs when employees of publicly traded companies use private company information to profit in the stock market.
A. True B. False
36. When
WorldCom used intentional accounting irregularities to make the company look more profitable than it actually was, it:
its stockholders profit through a tax-loophole. in an acceptable business manner. in illegal behavior. its responsibility to its owners.
A. Provided B. Acted
C. Engaged D. Executed
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37. Which
of the following would most likely involve ethical concerns?
an expense report sales for the next year the marketing plan for the next year.
A. Overstating B. Forecasting C. Developing D. Improving
working conditions.
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38. Sharon,
a CPA for a large firm noticed that the company's accounting records drastically overstated the amount of inventory on hand, which led to overstating the assets of the firm. Initially, she brought it to the attention of her supervisor, but when nothing was done to correct the mistake in a timely manner; she decided the best course of action was to report it to the appropriate government official. Although her actions took her outside the company, she was counting on current law, under the ____________ to protect her against company retaliation.
Act Act Act
A. Cellar-Kefauver B. Sarbanes-Oxley
C. Robinson-Patman D. Sherman
Act
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39. We
describe charitable donations by corporations to nonprofit organizations as __________.
philanthropy responsibility strategy commitment
A. corporate B. corporate C. corporate D. structural
40. Entrepreneurship
A. True B. False
involves accepting the risk of starting and running a business.
41. The
most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.
A. True B. False
42. Creative
people working as entrepreneurs within a large organization are called intrapreneurs.
A. True B. False
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43. Small
A. True B. False
businesses account for over 50% of the U.S.'s gross domestic product (GDP).
44. A
good business plan describes key items such as the nature of the proposed business, the target market, the competitive advantages, and the qualifications of the owners.
A. True B. False
45. A
detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a:
plan mission statement
A. business
B. entrepreneurial C. profit
and loss statement action plan
D. professional
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46. After
A. large B. the
personal savings, the next largest source of capital for entrepreneurs is from:
multinational banks. Small Business Administration and local governments. and family.
C. state
D. friends
47. A
________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.
cooperative collective
A. market B. consumer C. consumer D. buyer's
cooperative
48. A
market consists of potential buyers of a good or service. However, for a market to exist:
business requires wholesalers and retailers. firm must dominate in sales and product development.
A. the B. one
C. people D. the
must have unsatisfied wants and needs as well as a willingness and ability to buy.
product must be laboratory tested and approved by the Food and Drug Administration (FDA).
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49. Managers
in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving orders
A. True B. False
50. The
four key management functions are planning, organizing, leading, and controlling.
A. True B. False
51. One
trend of the "leading" management function is to empower employees, giving them as much freedom as possible to become self-directed and self-motivated.
A. True B. False
52. Planning
A. True B. False
involves setting the organizational vision, goals and objectives.
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53. The
SWOT analysis helps firms identify competitive threats and market opportunities.
A. True B. False
54. A
__________ is an overall explanation of why an organization exists and where it is trying to head.
plan directive charter
A. tactical B. prime
C. corporate D. vision
55. __________
planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives.
A. strategic B. contingency C. tactical D. alternative
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56. Which
of the following is involved in setting work standards and schedules needed to implement the firm's tactical objectives?
Statement planning planning planning
A. Mission B. Tactical
C. operational
D. contingency
57. __________
is a problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas.
theory
A. brainstorming B. game
C. CAD/CAM D. PMI
58. A
bureaucracy empowers employees to quickly respond to customers' wants and desires.
A. True B. False
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59. An
advantage of decentralized authority is that those individuals closest to the customers and more familiar with local conditions make decisions.
A. True B. False
60. Centralized
authority provides for the delegation of authority to employees who are then better able to respond to customers' needs.
A. True B. False
61. Span
of control refers to the number of different markets a business can serve efficiently.
A. True B. False
62. A
flat organization is less likely to respond quickly to customer needs.
A. True B. False
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63. The
concept of ____________ suggests that as a firm produces more, the average cost of goods produced goes down.
growth of the fittest
A. natural
B. survival C. cost
enhancement of scale
D. economies
64. The
line of authority that moves from the top of a hierarchy to the lowest level is called the:
logic of command detail
A. chain B. chain
C. organizational D. delegation
of contingent authority
65. In
a(n) _____________ organization, decisionmaking authority is concentrated at the top level of management.
A. bottom-up B. decentralized C. inverted D. centralized
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66. An
organization that consists of many layers of management is referred to as a(n) ____________ organization.
A. flat B. wide C. tall D. deep
67. The
traditional technique used to departmentalize an organization is by:
group area
A. function B. customer
C. geographic
68. Employees
who perform functions that advise and assist line personnel are known as:
managers workers
A. middle
B. empowered C. secondary D. staff
employees
personnel
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69. Firms
that specialize in accounting, finance, and management consulting are all part of the service sector
A. True B. False
70. Operations
management involves inventory management, quality control, and production scheduling.
A. True B. False
71. When
A. True B. False
firms successfully produce products, they create form utility.
72. Manufacturers
use CAM (computer aided manufacturing) to create three-dimensional designs of products before they are built.
A. True B. False
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73. The
main difference between process manufacturing and an assembly process is: Process manufacturing uses sophisticated robots and automated machinery to produce a good or service, while an assembly process uses labor and simple tools to make a product.
A. True B. False
74. In
____________, materials are physically or chemically changed to produce a product.
manufacturing process production
A. process
B. assembly C. utilitarian D. diffusive
manufacturing
75. A(n)
__________ puts together components to make a product.
process process
A. modular
B. compression C. assembly
process process
D. econometric
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76. A
production process characterized by long production runs to turn out finished goods over time is known as a(n):
process process
A. assembly
B. continuous C. extended
process process
D. unrestricted
77. The
A. keep
goal of lean manufacturing is to:
inventories of finished goods as high as possible. goods and services with less of everything that goes into the a very limited variety of goods.
B. produce
process.
C. produce D. become
more self sufficient by producing major components rather than buying them.
78. A
major trend in business is ___________, where employees work at least part time at home using a computer and modem.
A. outsourcing B. riveting C. outbounding D. telecommunicating
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79. The
sense of satisfaction you get when you achieve an important goal is an intrinsic reward.
A. True B. False
80. Mark
successfully completed a very challenging assignment given to him by his supervisor at work. The feeling of accomplishment and satisfaction Mark experiences is an example of an extrinsic reward.
A. True B. False
81. Safety
A. True B. False
needs are placed at the lowest level in Maslow's hierarchy of needs.
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82. Since
Herzberg’s hygiene factors do not motivate workers toward high achievement at work, managers can safely ignore these factors when trying to develop an effective work environment.
A. True B. False
83. According
to McGregor, Theory X managers assume that employees dislike work, and will avoid it if possible
A. True B. False
84. Theory
____ assumes that the average person likes work, and has a relatively high degree of imagination and creativity.
A. A B. Alpha C. X D. Y
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85. Theory
X managers are likely to believe
that:
A. the
average person dislikes work and will seek to avoid it when possible. employees know more about their job than the boss.
B. most
C. employees D. job
are motivated mainly by the chance for advancement and recognition. satisfaction is primarily related to higher order needs.
86. ________
is a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle managers, supervisors, and employees.
planning by objectives
A. Objective
B. Management C. The
three step planning system objective analysis
D. Cyclical
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87. ________
means acting as a resource to a subordinate by teaching, guiding and making recommendations, without actively doing any of the subordinate's work.
A. coaching B. augmenting C. helping D. facilitating
88. _________
theory is based on the idea that managers can use both rewards and punishments to motivate employee behavior.
A. expectancy B. equity C. reinforcement D. goal-setting
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89. Human
Resources Management is the process of deciding the number and types of people your business needs, and then, recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals.
A. True B. False
90. Today's
A. True B. False
workers place a lower priority on leisure time than they did in the past.
91. Title
VII of the Civil Rights Act of 1964 prohibits discrimination in hiring, firing, or compensation, based on race, religion, creed, sex, or national origin.
A. True B. False
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92. The
Age Discrimination in Employment Act only prevents discrimination against employees who are over the age of 65.
A. True B. False
93. Part-time
workers, seasonal workers and independent contractors are all examples of contingent workers.
A. True B. False
94. A
____________ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job.
description criteria review
A. job
B. performance C. human D. job
resource inventory
specification
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95. A
job ___________ is a statement that identifies the objectives of a job, the type of work to be done, the responsibilities and duties that are associated with the job, the working conditions, and the relationship of the job to other functions.
A. specification B. description C. evaluation D. analysis
96. _________
is the set of activities for obtaining the right number of people at the right time in order to select those who best meet the needs of the organization.
A. Pre-selection B. Recruitment C. Networking D. Preemptive
hiring
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97. Help
wanted ads, public and private employment agencies, and college placement bureaus are all ________ sources that human resource managers can use in the recruiting efforts.
A. secondary B. passive C. back-up D. external
98. A
_________________ is a check of a potential employee's work record, academic record, credit history, and recommendations.
profile investigation
A. personality
B. background C. fidelity
appraisal review
D. character
99. The
four eras of the evolution of marketing are (1) production, (2) selling, (3) advertising, and (4) stakeholder relationships.
A. True B. False
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100.
Customer relationship management (CRM) is the process of learning as much as possible about customers and doing everything you can to satisfy them.
A. True B. False
101.
Setting prices higher than the competition can help create an image of quality.
A. True B. False
102.
Intermediaries are firms in the middle of a series of organizations that distribute goods from producers to consumers.
A. True B. False
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103.
Market segmentation is the process of dividing a market into several groups whose members have dissimilar characteristics.
A. True B. False
104.
A firm's marketing mix consists of 4 major components, which are generally referred to as the four:
A. P's B. keynotes
to success of marketing
C. intangibles D. persuaders
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105.
A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.
A. concept B. focus C. peer D. consumer
interest
106.
The two major types of markets are the:
A. primary B. B2B
market and the secondary market.
market and the C2C market market and the business-to-business market.
C. consumer D. target
market and the niche market.
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107.
Which of the following describes individuals that want goods and services for personal consumption and have the resources to buy them?
A. secondary
market market
B. business-to-business C. market
segmentation market
D. consumer
108.
__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
A. objective B. departmentalized C. target D. subjective
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109.
Miller Light Beer, Maxwell House Coffee, Jell-O brand gelatin, Kraft Mayonnaise, and Marlboro Cigarettes, were all at one time products of the Philip Morris Company. These products represented a part of the product line Philip Morris offered.
A. True B. False
110.
Marketers use pricing, advertising, and packaging to differentiate their products from competitors' products even when actual differences are quite small.
A. True B. False
111.
Convenience goods are products that the consumer wants to purchase frequently and with a minimum of effort.
A. True B. False
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112.
Industrial goods are sold in the B2B market.
A. True B. False
113.
Industrial goods and services are used to produce other products.
A. True B. False
114.
The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:
A. total
product offer mix differentiation package
B. product C. product D. product
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115.
The combination of product lines offered by a manufacturer is called the firm's
A. product B. product C. total
matrix mix
product offer portfolio
D. product
116.
Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?
A. shopping B. specialty
goods
products goods
C. convenience D. unsought
goods
117.
__________ goods and services represent those products that consumers are unaware of or haven't thought of buying.
A. inferior B. convenience C. shopping D. unsought
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118.
A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.
A. trademark B. brand C. logo D. copyright
119.
Wholesalers are marketing intermediaries who sell goods or services to ultimate consumers.
A. True B. False
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120.
A key distinction between agents and brokers is that agents tend to maintain long-term relationships with the people they represent whereas brokers are hired on a temporary basis.
A. True B. False
121.
Vending machines are used primarily to sell goods where consumers have little interest in convenience.
A. True B. False
122.
Warehouse clubs compete with enhanced service to customers and seldom try to compete on price.
A. True B. False
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123.
In multilevel marketing, salespeople have little incentive to recruit new salespeople, because the new salespeople may compete against them and reduce their income.
A. True B. False
124.
Those organizations that assist in the movement of goods and services from producer to industrial and consumer users are known as:
A. directed
marketers specialists
B. distributive C. marketing
intermediaries marketers
D. supplementary
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125.
A(n) ____________ consists of the marketing intermediaries that transport and store goods as they move through their path from producer to final user.
A. channel
of distribution network matrix
B. marketing
C. input-output D. mode
of distribution
126.
A _________ is a marketing intermediary that sells products to other organizations.
A. wholesaler B. retailer C. disintermediary D. jobber
127.
A __________ is a marketing intermediary that sells to ultimate consumers.
A. channel
captain
B. wholesaler C. secondary D. retailer
marketer
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128.
When marketing intermediaries perform the steps necessary to transfer ownership from one party to another, they are providing _________ utility.
A. marginal B. title C. possession D. registration
129.
_________ utility adds value to goods by having them available where people want them.
A. spatial B. location C. place D. geographic
specific
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ANSWER KEY: Question 1: A Question 2: A Question 3: A Question 4: A Question 5: A Question 6: A Question 7: D Question 8: C Question 9: B Question 10: B Question 11: D Question 12: A Question 13: A Question 14: B Question 15: A Question 16: B Question 17: D Question 18: B Question 19: D Question 20: D Question 21: C Question 22: B Question 23: A Question 24: B Question 25: B Question 26: A Question 27: C Question 28: A Question 29: B Question 30: C Question 31: A Question 32: A Question 33: A Question 34: A Question 35: A Question 36: C Question 37: A Question 38: B Question 39: A Question 40: A Question 41: A Question 42: A Question 43: A Question 44: A Question 45: A Question 46: D Question 47: A Question 48: C Question 49: A Question 50: A Question 51: A Question 52: A Question 53: A Question 54: D Question 55: B Question 56: C
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