Flashcards About intro to bus

Q: The business plan should do all of the following except

act as a constraint that limits the business\'s flexibility and decision making.

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If a business is to be successful in the long run, it must produce quality products, operate efficiently, and be

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socially responsible

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All of the following are advantages of a sole proprietorship except

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unlimited liability.

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Which segment of the population is one of the wealthiest in the U.S.?

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Baby boomers

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__ involves taking someone else work and presenting it as your own.

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Plagiarism

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Individuals who take responsibility for the development of innovations of any kind within larger organizations are called

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intrapreneurs

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In a capitalist system, individuals own and operate ____ businesses.

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the majority of

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The business plan should do all of the following except

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act as a constraint that limits the business's flexibility and decision making.

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Which stockholders usually have the right to vote and control the board of directors?

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Common

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Which of the following is not a product?

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Business profit

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Which form of business organization is the least used in the U.S.?

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Partnership

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Studying business ethics will not necessarily

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tell you what you ought to do

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In the context of starting a new business, a retailer differs from a manufacturer in that the retailer is less likely to make a heavy investment in

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equipment and distribution systems

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Common stockholders do not have the right to

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receive dividends before preferred stockholders.

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Why is it increasingly common for organizations to have a code of ethics and compliance programs?

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To have standards and values. To influence managers and co-works to do what is ethical. Make sure in compliance with what is ethical.

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When firms that make and sell similar products to the same customers merge, it is known as a

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horizontal merger.

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Which of the following functions involves activities designed to provide goods and services that fulfill needs and desires of consumers?

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Marketing

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The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

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equilibrium price

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Obeying the law is a business'__________

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legal responsibility

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The lack of funds to operate a business normally is called

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under-capitalization.

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Which of the following is an advantage of a small business?

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Greater flexibility to change.

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One role of the FTC's Bureau of Consumer Protection is to protect consumers from _____

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fraud

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The majority of all new jobs created in the United States in recent years were generated by

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small businesses.

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Unethical behavior in business can be reduced if management does all of the following except

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depend totally on employees' personal ethics

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When a group of investors borrows money to buy a company or division, using the company's assets to guarantee the loan, it is called a(n)

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leveraged buyout

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A small business's ability to focus on narrow niches can help it develop

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an enviable reputation for quality and service.

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Studies have found a direct link between social responsibility and _________ in business

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profitability

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Ethical violations destroy

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trust

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Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?

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55 cents

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________ has helped small businesses compete with larger businesses.

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Technology

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Corporations distribute profits to their owners in the form of

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dividends

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John F. Kennedy's consumer bill of rights outlined four rights: the right to be informed, the right to choose, the right to be heard and

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The right to safety

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Although some businesses are less risky than others, overall the financial risks of running a small business are

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very high

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When a business fails or does not make a profit, _______ have the most to lose.

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owners

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When are limited partnerships generally used?

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When the project is risky and the chance of loss is great

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Ruji has realized that she does not like working for others. She wants to open a business in which she will have maximum control and the least interference from government regulation. Which business form might be best for her to use?

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Sole proprietorship

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A written authorization assigning a stockholder's voting privilege to another is a

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proxy

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Big City Financial is attempting to avoid a hostile takeover by a corporate raider by allowing stockholders to buy more shares of stock at prices lower than current market value. Which of the following methods is being used to avoid the takeover?

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A poison pill

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Many businesses, recognizing that employees lack many basic work skills, are becoming more concerned about the quality of ____ in the United States.

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education

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What demographic trends will have the most impact on small business in the future?

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The aging baby boom generation will provide opportunities in the travel, financial planning, and health care industries. The echo boom market typically shops frequently and spends lavishly, creating opportunities for small businesses to service this lifestyle. Small businesses that specialize in ethnic products or offer bi- or multilingual employees may find great potential in the growing number of immigrants in the U.S.

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To start any business you must first have

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an idea

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Profit is the reward for business in exchange for the ____ taken in providing products.

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risks

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A license to sell another's products or to use another' s name in business is called a

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franchise

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The early economy of the United States was marked by colonists who operated a society based primarily on

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agriculture

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The functions of organizing, staffing, planning, and controlling are most closely associated with

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managers

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____ is the activities that individuals, groups, and organizations undertake to protect their rights as consumers.

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Consumerism

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Customers, employees and investors are examples of:

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stakeholders

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What is considered ethical may differ depending on the __ in which a business operates

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culture

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All of the following are typical resources that must be acquired by each organization in the pursuit of its objectives except

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laws and regulationss

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When Sandy Smith moved to a new job that involved more responsibility and an increase in compensation, she received a

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promotion

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Human relations is the study of

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individual and group behavior in organizations.

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Achievement, recognition, involvement, responsibility and advancement are all examples of Herzberg's _______ fact

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motivation

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Internal recruiting has advantages over external sources, one of which is:

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improved employee morale

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According to Herzberg's two-factor theory, all of the following represent hygiene factors except

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responsibility

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Which of the following is not a benefit?

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salary

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Having a diverse work force has many benefits. One benefit is

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a greater ability to serve the needs of a diverse customer base.

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The document that contains an overview of a job's title, tasks, relationships with other jobs, physical and mental skills required, duties and responsibilities is referred to as a job

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description

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Determining, through observation and study, the specific tasks that comprise a job and the knowledge, skills, and abilities necessary to perform it is called

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job analysis

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Vikram, a Ph.D., has worked in the Monsanto research lab as a chemist for several years. He is currently participating in a series of management seminars at company expense. This is an example of

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development

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If an employee is involved with transforming resources into goods and services, then he is in

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operations management

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Joe met with all of his department heads to listen to their opinions about buying a new machine. Although they all thought it was a good idea, Joe did not buy the machine because his employees did not think it necessary. Joe's leadership style is

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democratic

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All of the following are functions of management except

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promoting.

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An interview is

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a chance to exchange information with the candidate.

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All of the following steps are a part of the decision-making process except

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delegating the decision

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A hospital having an x-ray, obstetrics, emergency room, and other units probably would best be classified as a(n

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intermittent organization

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Job rotation attempts to reduce the boredom created by specialization of tasks by

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giving workers a variety of tasks to do, moving from one to the other on a regular basis.

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Poor morale is likely to cause

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absenteeism and high turnover.

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Quality

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is a critical element of operations management.

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Maria and Harold have just finished interviewing four candidates who want to work for Jackson Office Supply, Inc. They are involved in which of the following management functions?

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Staffing

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Frederick Taylor and other early twentieth-century management theorists believed which of the following would motivate employees to work hard?

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Satisfactory pay

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A separation is

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an employee's departure from an organization

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Actual performance of the service provider's product typically occurs

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at the point of consumption.

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An inner drive that directs behavior toward objectives is called

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motivation

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A company that manufactures large products, such as houses or bridges, may require that all resources be brought to a central location during production. This type of facility layout is called

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fised-position

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Many companies have improved compensation and benefits packages as a means of increasing employee _

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morale

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All activities involved in obtaining and managing raw materials and component parts, managing finished products, packaging them, and getting them to customers are part of

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supply chain management

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im has learned that his company is offering a Hawaiian vacation to its best salesman. He almost won last year and really wants the trip. He is working very hard because he thinks he has a good chance to win. This exemplifies which theory?

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Expectancy theory

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The performance appraisal provides information about

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the quality of selection programs.

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Which of the following is not a point of difference between service providers and manufacturers?

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Services do not undergo a transformation process

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Minimizing inventory by providing an almost continuous flow of items from suppliers to the production facility is referre

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just-in-time management.

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Viewed from the perspective of operations, the money used to purchase a carpenter's tools and the electricity used to

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inputs

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Maslow's hierarchy classifies needs that motivate people in which order, starting with the most basic?

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Physiological, security, social, esteem, and self-actualization

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The approach which suggests that imagination, ingenuity, and creativity can help solve organizational problems is

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Theory Y

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An organization that creates many products with similar characteristics, such as automobiles, television sets, or vacuum cleaners, would most likely be which of the following types of organizations?

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Continuous manufacturing

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Management is a process designed to achieve an organization's objectives by using its resources ____________ (accomplishing the objectives with a minimum of resources) and _________________ (having the intended result).

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efficiently, effectively

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When Betsy pointed out to her supervisor that the furniture assemblers at their manufacturing plant were using 20 percent more nails than in the preceding month, she was involved in

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controlling

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What are some of the ways a worker may be compensated?

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A worker may be compensated with wages, commission, bonuses, profit sharing, and benefits packages, including employee stock ownership plans, pension plans, health and life insurance, sick leave pay, vacation pay, credit unions, employee assistance programs, and childcare.

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Bob has been put in charge of a group of new employees. He has told them they must perform their duties in the exact manner and order that he has commanded, with no exceptions. Bob is using

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autocratic leadership.

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_ are responsible for tactical planning that will implement the general guidelines established by top management

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Middle managers

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Giving people incentives to achieve objectives relates to the management function of

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directing.

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To achieve its objectives, labor may use all of the following except

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lockouts

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What did the Hawthorne studies reveal?

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That managers who understand the needs, beliefs and expectations of people will have the greatest success motivating workers

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Positions such as foremen, supervisors, and office managers are examples of

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first-line management.

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Describe the major functions of management

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o coordinate the use of resources, managers may engage in a series of activities, including planning, organizing, staffing, directing, and controlling. Planning is the process of determining the organization's objectives and deciding how to accomplish them. Organizing is the structuring of resources and activities to accomplish objectives in an efficient and effective manner. Staffing is the hiring of people to carry out the work of the organization. Directing refers to motivating and leading employees to achieve organizational objectives. Controlling is the process of evaluating and correcting activities to keep the organization on course.

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Why do the products of service providers tend to be more customized than those of manufacturers?

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Differing customers have differing needs

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The first major step of a marketing strategy is to

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select a target market.

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___ encourages consumers to make purchases based on emotion, rather than rational considerations about

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Psychological pricing

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Magazines located next to the checkout counter at a grocery store would probably be classified as

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convenience products

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Why does shopping online raise more privacy concerns than shopping in a store?

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Businesses can track consumers on a more personal level

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Industrial products such as lumber, cotton, and iron are classified as

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raw materials

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Distribution is sometimes referred to as

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place

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A product's profits peak and start to decline during which of the life cycle stages?

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Growth

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How have technological advances in the Internet and information technology changed the environment for business?

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Marketers' new ability to convert all types of communications into digital media has created efficient, inexpensive ways of connecting businesses and consumers and improved the flow and the usefulness of information. Businesses have the information they need to make more informed decisions, and consumers have access to a greater variety of products and more information about choices and quality.

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When a worker in the deli department of a grocery store designates a steak with little or no fat as an "AA" and another steak with more fat as a "B," the worker is participating in the marketing function of

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grading

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Many people incorrectly equate promotion with

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advertising

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The goal of the marketing concept is

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customer satisfaction

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_ refers to consumers' ability to regulate the information they receive via the Internet, and the rate and sequence of their exposure to that information.

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Control

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__ is more of a professional networking site than a place to communicate with friends. Selected Answer: Correct

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Linked In

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Marketing is the facilitation of exchanges through

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creating, pricing, promoting, and distributing goods

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A marketing research representative who interviews shoppers in a mall is collecting the following type of information:

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primary data.

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Which of the following is not a difference between digital media and traditional media?

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Digital media make communications more confusing

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Salt, sugar, and many agricultural products are sold using which of the following approaches?

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Total-market

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Marketing is not manipulating customers into buying things they do not really want, it is

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a systematic approach to satisfying customers

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Products such as furniture, audio equipment, bicycles, and clothing are generally classified as

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shopping products

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The ability of a business to identify customers before they make a purchase is __

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addressability

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During which stage does the firm gear up for full-scale production, distribution, and promotions?

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Commercialization

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When a grocery store maintains refrigerators to hold ice cream until customers buy it, the store is engaged in the marketing function of

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storing

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___ occurs when criminals obtain personal information that allows them to impersonate someone else in order to use the person's credit to obtain financial accounts and make purchases

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Identity theft

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If a manufacturer offers a wholesaler a special incentive to carry a new product line, which strategy is being applied?

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Push

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A marketing channel includes all of the following except

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secondary stakeholders

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When Honda pays a television network to air its commercial, it is using

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advertising

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The major variable of the marketing mix that uses marketing middlemen is

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distribution

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Why is investment trading less expensive online?

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Because investors can buy and sell investments themselves without hiring a trader

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The marketing mix is a combination of

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product, price, promotion, and distribution

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_ are websites where users can add to or edit the content of posted articles

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Wikis

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A _______ is a web-based meeting place for friends, family, co-workers and peers that lets users create a profile and connect with other users for the purposes that range from getting acquainted, to keeping in touch, to building a work related network

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Correct social network

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Marketing requires creativity and a consumer focus because the marketing environment can

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Change quickly and dramatically

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When a computer company initially charged a low price for a new computer and then raised the price after gaining a large market share, it was using which pricing strategy?

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Penetration

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If a company is studying the decision processes and actions of people who purchase and use products, the company is focusing on

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buying behavior

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___ includes any attempt to conduct fraudulent activities online, such as by deceiving consumers into releasing personal information

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Online fraud

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Which of the following environmental forces influence marketing strategy by dictating what elements cannot be included in advertising?

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Political, legal, and regulatory forces

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__ allow users to develop avatars that live online, and sometimes even have their own currency

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Virtual worlds

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Acme Inc. is surveying customers as to what kinds of services they would like the company to add. It is involved in the

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marketing research

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When an airline company reacts to a plane crash with press conferences, news releases, and having company employees work with the families of survivors and victims of the crash, the company is focusing on which of the following elements?

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Publicity

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____ involves the use of digital networks to provide linkages between information providers and users.

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Connectivity

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If a nationwide sandwich shop company introduces a new sandwich in the Midwest to try out its marketing strategy before offering the product across the country, it is using

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test marketing

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Which of the following is the most flexible variable in the marketing mix?

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Price

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__ permit Web site operators to track how often a user visits the site, what he or she looks at while there, and in what sequence, but they also allow Web users to customize services and content

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Cookies

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Conducting _____ means carrying out the goals of business through the use of the Internet

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e-business

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What is marketing?

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Marketing is a group of activities designed to expedite transactions by creating, distributing, promoting, and pricing goods, services, and ideas. These activities ensure that the products consumers want to purchase are available at a price they are willing to pay and provide consumers with information about product features and availability

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___ are electronic media that function using digital codes and includes media available via computers and other digital devices, including mobile and wireless ones like cell phones and smart phones

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Digital media

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Richard has acquired a supply of canned fruits and vegetables. He does not yet have a buyer for them but he's using promotion and other activities to find a buyer. He is performing the marketing function of

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selling

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