question

demography

answer

The statistical study of human population to learn its size, density, and characteristics is called: psychographics. econometrics. demography. geometry.

question

minimal government spending because it keeps taxes to a minimum.

answer

Businesses favor: minimal government spending because it keeps taxes to a minimum. more government services because it minimizes tax consequences. maximum government spending because it raises business profits. less government spending because it lowers business profits.

question

standard of living

answer

The amount of goods and services people can buy with the money they have is called their: nominal income. consumer price index. profit margin. standard of living.

question

knowledge

answer

Which of the following is a factor of production? bonds Money Knowledge Service

question

Service Sector

answer

Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the: production sector. management sector. neo-industrial sector. service sector.

question

entrepreneurship and knowledge

answer

Two factors of production that seem to contribute the most to a nation's ability to create wealth are: land and labor. land and capital. entrepreneurship and labor. entrepreneurship and knowledge.

question

The business enviorment

answer

_______________ is/are the external and internal circumstances that surround the business. The business environment The factors of production The business corral The business disciplines

question

is far reaching and affects all the other business environments.

answer

The global environment, is a new frontier. is far reaching and affects all the other business environments. is shrinking. has not affected the United States due to its strong gross domestic product.

question

their income and the prices of the goods and services they buy.

answer

The standard of living for a nation's people depends mainly on: the quality of the natural environment. how much political freedom they have. their income and the prices of the goods and services they buy. the amount of labor and capital available employed in the manufacturing sector.

question

is costly to most firms because it is costly to governments who increase taxes to pay for added protection

answer

The threat of terrorism, benefits most businesses because just about all companies contribute toward averting these threats. will certainly affect companies that participate in global trade, but most large U.S. companies do their business domestically. has increased the quality of life of most people because companies employ more workers when the threat is high, and workers help companies increase profits. is costly to most firms because it is costly to governments who increase taxes to pay for added protection.

question

factors of production

answer

The resources that contribute to the creation of wealth are known as ________. production coefficients factors of production production technologies production aggregates

question

effiency

answer

___________ means producing items using the least amount of resources. Efficiency Technology E-production Productivity

question

honesty, integrity, and high ethical business standards.

answer

The capitalist system relies heavily on: protectionist policies with respect to world markets. minimizing government intervention in corrupt business practices. making sure that currencies are never under-valued. honesty, integrity, and high ethical business standards.

question

loss

answer

A business incurs a ___________ if its costs and expenses exceed its revenues. loss liability debit dividend

question

Minimize taxes and regulations.

answer

Which of the following policies would tend to foster entrepreneurship? Minimize taxes and regulations. Promote more regulations to protect the environment. Develop policies to reduce corruption between individuals. Encourage public ownership of businesses.

question

schools, hospitals and other services type industries

answer

The immigrant population (both legal and illegal) is having a dramatic effect on car and truck makers mining and minerals industry schools, hospitals and other services type industries ice cream and confection industry

question

producing goods and services using the least amount of resources.

answer

Efficiency means: producing the desired result. producing goods and services using the least amount of resources. the amount of output you generate given the amount of input. the buying and selling of goods using the most amount of resources.

question

establishing a currency that's tradable in world markets.

answer

Contemporary governments promote business development by: increasing business regulations. providing government ownership of businesses. permitting businesspeople to conduct business without the use of contracts. establishing a currency that's tradable in world markets.

question

business

answer

An activity which seeks to earn a profit by providing a good or service is known as a(n): industry. corporation. business. service.

question

Businesses owned by minority women are growing at a faster rate than businesses owned by men or nonminority women.

answer

How is the profile of business owners changing? In the U.S., men between the ages of 18 and 24 are starting businesses at a faster rate than men of all ages, or women of all ages. Recent male immigrants, who can legally work in the U.S., are starting businesses at a faster rate than natural-born male citizens, and at a faster rate than all women. Businesses owned by minority women are growing at a faster rate than businesses owned by men or nonminority women. It is difficult to collect information on the profile of business owners. Most new businesses do not file so they don't have to pay taxes.

question

wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas.

answer

When we compare the factors of production in wealthy and poor nations, we find: poor nations have plenty of land and knowledge, but very little labor. poor and wealthy nations (both) have an abundance of knowledge, it is the land that varies, with rich nations always having more. wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas. wealthy nations have land and labor, while poor nations have capital and entrepreneurship.

question

risk

answer

Starting a business always involves ________. profit loss revenue risk

question

a lucrative market

answer

People between the ages of 65 and 74 represent: the unemployed generation the single-parent family generation a lucrative market a group that has never contributed to social security

question

information-based sector

answer

The new era of business is likely to be dominated by the: service sector. information-based sector. manufacturing sector. continued decline in productivity.

question

Profit

answer

__________ is the amount a business earns after deducting what it spends for salaries and other expenses. Profit Revenue Interest Dividends

question

entrepreneur

answer

A(n) ____________ is a person who assumes the risk of starting a business. Manager entrepreneur private investor Stakeholder

question

economic and legal

answer

Taxes and government regulations are part of the ________________ environment of business. economic and legal competitive social technological

question

company leaders can threaten competitors and minimize competition.

answer

When corruption is present in the business environment: company leaders can threaten competitors and minimize competition. factories are easier to build without a government permit. it promotes fair competition. laborers can make more money.

question

met the needs of our nation ewhen it was conceived, but needs an overhaul.

answer

The social security system, continues to burden businesses due to the fact that businesses must provide and pay for this benefit for their employees. met the needs of our nation ewhen it was conceived, but needs an overhaul. will continue to serve the needs of U.S. citizens into the distant future, due to the fact that there are so few retirees placing a strain on it. is failing because the U.S. government failed to invest the money that employees contributed.

question

Allowing family leave and flextime

answer

Which of the following business policies would most likely help a single-parent family? Requiring the employee to work regularly scheduled hours each day. Allowing sick leave to be used only if the employee is ill. Requiring education outside of regular business hours to help the employee advance. Allowing family leave and flextime.

question

Monopolistic competition

answer

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different. Perfect competition Monopolistic competition Oligopoly A monopoly

question

Provide people with better education

answer

A key to economic growth and development is to: Locate more deposits of gold and other precious metals. Emphasize a fair and equitable distribution of income. Provide people with better education. Allow government planning to guide the allocation of resources.

question

Macroeconomics

answer

___________ studies the operation of a nation's economy as a whole. Microeconomics Socioeconomics Econometrics Macroeconomics

question

Increase interest rates

answer

If businesses are producing at capacity, and the nation is experiencing almost full employment (a very low rate of unemployment - less than 2%), the Fed may decide to: Lower interest rates. Raise taxes. Lower taxes. Increase interest rates.

question

Frictional

answer

__________ unemployment refers to persons who purposefully quit their jobs and have not yet found a new job. Frictional Structural Cyclical Seasonal

question

Too many people would result in food shortages and shortages of other resources.

answer

Economics was known as the "Dismal Science" because: Too many people would result in food shortages and shortages of other resources. It was a very complex area of study based on mathematics. The world population was growing slower than expected in the 1700s, leading economists to call it a dismal period of time. There were too many old people and not enough young people to care for them.

question

Socialist

answer

Under the __________ system the number of choices in the market is directly related to government involvement in markets. Capitalist Socialist Communist mixed economy

question

as a semi-private organization not under the direct control of the government.

answer

The Federal Reserve Bank operates: as a semi-private organization not under the direct control of the government. under the direct control of the executive branch of the government. under the direction of the Banking Oversight Committee of Congress. as a special agency of the U.S. Treasury.

question

Increase

answer

A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to: Decrease. Increase. Remain constant. Fluctuate randomly around its equilibrium value.

question

Microeconomics

answer

____________ looks at the behavior of individual people and organizations in specific markets. Macroeconomics Finite economics Microeconomics Nanoeconomics

question

The right to compete

answer

Which of the following is a basic right under capitalism? Freedom of collusion. Freedom from taxation. The right to vote. The right to compete.

question

Structural

answer

__________ unemployment refers to unemployment caused by the restructuring of firms or by a mismatch between the skills of job seekers and the requirements of available jobs. Frictional Structural Cyclical Seasonal

question

monetary policy

answer

Efforts by the Federal Reserve Bank (the Fed) to control the money supply and interest rates are known as: fiscal policy. incomes policy monetary policy securities policy.

question

Equal the equilibrium price

answer

When prices are free to adjust over time, in the long run, the market price of a good tends to: Rise above the equilibrium price in the long run. Equal the equilibrium price. Fall below the equilibrium price in the long run. Have no specific relationship to the equilibrium price.

question

Deflation

answer

__________ is a condition in which the average level of prices is actually falling. Deflation Disinflation Stagflation Uniflation

question

mixed economy

answer

There are some restrictions on freedom of assembly and freedom of speech under a ____________ system. capitalist Socialist mixed economy communist

question

Equilibrium price of the good

answer

When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the: Total profit earned by producers. Total amount of labor that will be employed in that market. Amount of time it takes to bring together the buyers and sellers of the good. Equilibrium price of the good.

question

Product differentiation

answer

On its website, Papa John's Pizza compares itself to the competition with the following message: "better ingredients, better pizza". The company wants to achieve: Product differentiation. An equilibrium price. A monopoly. A perfectly competitive market.

question

Tax rates on well-respected professionals such as doctors tend to be very high.

answer

Brain drain has occurred in many socialistic nations because: Socialism encourages an unequal distribution of income, leaving many without medical and social services. The government does little to protect the natural environment. Workers tend to have to work longer hours and receive fewer benefits under socialism. Tax rates on well-respected professionals such as doctors tend to be very high.

question

cut spending

answer

One way to lessen the U.S. government budget deficit is to: cut spending. increase spending. call-in government savings bonds. increase government social programs such as welfare, food-stamps, and Medicare.

question

consumer price index

answer

The _________ is a statistic used to compute the pace of inflation or deflation. consumer price index gross domestic product index of leading indicators index of inflationary trends

question

Overpopulation

answer

Economist Thomas Malthus believed that ______________ would limit economic progress. depletion of gold reserves Overpopulation the tendency of governments to levy high tax rates the inability of workers in developed nations to compete against cheap foreign labor

question

Emphasis on social equality

answer

A major benefit of socialism is the: Ability to stimulate rapid economic growth. Ability to keep taxes low. Emphasis on social equality. Emphasis on private enterprise instead of public ownership.

question

Adam Smith

answer

_________ is considered by some to be the father of modern economics. John Maynard Keynes Adam Smith Thomas Carlyle Thomas Malthus

question

Price of the good will rise

answer

If a shortage exists for a good in a free-market economy, the: Price of the good will rise. Price of the good will fall. Government will order suppliers to increase the production of that good. Government must establish a rationing system to make sure that the good is fairly distributed.

question

cyclical

answer

The four basic types of unemployment are frictional, structural, seasonal, and: cyclical. procedural. industrial. traditional.

question

the long-term trend is for most nations to operate as mixed economies.

answer

As the term "global" become "local", and as we see more opportunities to compete in the global market, the long-term trend is for most nations to operate as mixed economies. disagreements about the best economic system to embrace will cause many nations to close their doors to outside commerce. the only industries that governments will want to own are the ones that are profitable. the forecast is for socialist nations to trend toward communism (Cuba is the example) and for capitalist nations to trend toward socialism.

question

Factors that determine how fast a nation's economy is growing.

answer

Which of the following would be a topic emphasized in a macroeconomics course? Factors that determine how fast a nation's economy is growing. How a firm decides the amount it will charge for one of its products. How a consumer chooses which goods to buy. The determinants of the wage rate for labor in the auto industry.

question

Increase the amount of resources and create conditions that will make better use of those resources.

answer

The main goal of resource development is to find ways to: Increase the amount of resources and create conditions that will make better use of those resources. Allocate existing resources more efficiently among competing uses. Find the right balance between policies that promote economic growth and policies designed to promote other goals such as a fair distribution of income. Promote the central planning of resource utilization so that resources can be allocated to the uses that will benefit society the most.

question

Price of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time.

answer

A simple supply curve shows a relationship between the: Amount of labor a firm hires and the amount of output it can produce. Amount of time required to produce a good and the relevant production costs. Price of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time. Amount of a good a firm produces and the amount demanded by consumers.

question

millitary expenditures

answer

Which of the following is considered when calculating a country's balance of payments? military expenditures state unemployment domestic inflation rates foreign inflation rates

question

the value of imports is less than the value of exports.

answer

A favorable balance of trade occurs when the value of: imports equal the value of exports. the cash inflows equal the value of the cash outflows. the value of imports is less than the value of exports. the value of the dollar is greater than the value of the Euro.

question

find a need in the global market to flll it

answer

An important principle for firms desiring to export is: sell to countries with high standards of living. keep in mind that American methods are probably always best. find a need in the global market and fill it. if your product sells well in the U.S. it will sell well globally.

question

Canada, Mexico, and the United States

answer

The three countries participating in NAFTA are: Canada, Panama, and the United States. Mexico, Panama, and the United States. Canada, Nicaragua, and Mexico. Canada, Mexico, and the United States.

question

connect sellers in the U.S. with buyers in other nations, and help with customs, documentation and payments.

answer

Export trading companies: enter into joint ventures with firms wanting to export goods and services. are government owned businesses that help companies go global. connect sellers in the U.S. with buyers in other nations, and help with customs, documentation and payments. is similar to a corporation that sells franchises.

question

Foreign Corrupt Practices Act

answer

The legislation that prohibits U.S. businesses from making "questionable" or "dubious" payments to foreign officials, to secure business contracts is the ______________. Foreign Corrupt Practices Act Foreign Anti-trust Act Multinational Collusion Law Global Good Conduct Law

question

Trading bloc

answer

Another name for a common market is: FTA. Trading bloc. Continental community. Economic cooperative.

question

No central system of law exists

answer

Which of the following statements describes laws and regulations in global markets? No central system of law exists. The World Trade Organization reigns supreme and dictates law for all global markets. Most trading partners will default to the laws that govern the seller's home country. With the exception of labor relations, most laws are pretty standard across global markets.

question

Bartering

answer

__________ is the exchange of merchandise or services for other merchandise or services without the exchange of money. Exporting Bartering Importing Factoring

question

a large trade deficit with China.

answer

Reviewing the recent experience of the United States in global markets reveals that the U.S has: a merchandise trade surplus with the rest of the world. a large trade deficit with China. avoided becoming a debtor nation. attracted very little foreign direct investment.

question

they protect domestic jobs by encouraging cost sensitive consumers to purchase domestic products.

answer

The benefits of protective tariffs are: they increase the revenues of the government that has implemented them. they decrease the cost of the product to the consumer (end-user). they help develop friendlier trade relations with loyal trading partners. Both parties are protected. they protect domestic jobs by encouraging cost sensitive consumers to purchase domestic products.

question

Companies can create efficiencies by hiring low-wage employees.

answer

Which of the following is an advantage of offshore outsourcing? Companies can create efficiencies by hiring low-wage employees. Wages increase in the home country. Product quality improves permitting firms to charge more for their products. Communication between the company and its customers improves.

question

foreign direct investment

answer

When foreign firms build production facilities in the United States, they are engaging in: exporting. foreign direct investment. importing. countertrading.

question

promote conditions of fair competition for the three trading partners.

answer

One objective of NAFTA is: increase trade barriers between the countries involved. decrease investment opportunities in the countries involved. promote conditions of fair competition for the three trading partners. improve working conditions in Central America.

question

innovation for new products occurs which keeps firms competitively challenged.

answer

One advantage of free trade is: jobs are shifted to low-wage global markets. service jobs are moved overseas. advanced production operations are built in low-wage countries. innovation for new products occurs which keeps firms competitively challenged.

question

Trade Protection

answer

___________ is the use of government regulations to limit the import of goods and services. Trade protectionism Fiscal policy Countertrade policy Monetary policy

question

A lack of cultural understanding

answer

A sociological challenge that must be overcome in order to be successful in the global market is: A lack of cultural understanding. An overly anxious desire to please at all cost. Inequality of global natural resources. Wealth management.

question

Soverign wealth funds

answer

A fast-growing form of foreign direct investment is ______________ which are government controlled investments in foreign companies. sovereign wealth funds multinational wealth funds government mutual funds government wealth management derivatives

question

revenue and protective

answer

The two basic types of tariffs are: goods and services. general and limited. comparative and absolute. revenue and protective.

question

The United States

answer

The largest importer in the global market today is: Japan. Russia. Germany. The United States.

question

Local businesspeople in the host countries.

answer

To understand legal and regulatory conditions and be successful in global markets it's often useful to contact: The local Better Business Bureau. Local businesspeople in the host countries. The Regional Economic Development Trading Desk (REDTD). The Organization for Economic Cooperation and Development (OECD).

question

Protective tariff

answer

Responding to pressure from political lobbyists representing the U.S. steel industry, the U.S. government levies a tax on steel products imported from Europe. This is an example of a(n): protective tariff. revenue tariff. quota. embargo.

question

Religion

answer

Which of the following sociocultural forces can have a significant impact on global business operations? Religion Universal sales standards Single-phase marketing Global marketing

question

Export trading companies

answer

_______________ are specialists that match buyers and sellers from different countries and provide services to ease the process of entering global markets. Export trading companies Licensees Strategic alliances Keiretsu

question

facilitate global trade

answer

The purpose of the General Agreement on Tariffs and Trade (GATT) is to: facilitate global trade. create common market arrangements in specific geographical regions. negotiate an end to civil wars. establish a set of international property right laws.

question

Physical and enviormental

answer

_________________ differences such as insufficient electrical power and transportation systems can present special problems for U.S. firms when attempting to enter global markets. Physical and environmental Legal and regulatory Economic Governmental

question

loss of jobs in the US economy

answer

A major concern voiced by U.S. critics of the North American Free Trade Agreement (NAFTA) is that it would result in: higher prices for consumer goods. loss of jobs in the U.S. economy. national security problems. increased illegal immigration from Mexico.

question

Imports exceed the value of exports

answer

An unfavorable balance of trade occurs when the value of: Imports equal the value of exports. Imports exceed the value of exports. Cash inflows are equal to the value of cash outflows. Exports exceed the value of imports.

question

Each nation should produce those goods that it can produce more efficiently and effectively than other nations, and buy the goods it cannot produce efficiently from other nations.

answer

Which of the following statements best describes the theory of comparative advantage? The best way for a nation to ensure full employment is to be totally self-sufficient rather than relying on other nations to obtain goods and services. Each nation should produce those goods that it can produce more efficiently and effectively than other nations, and buy the goods it cannot produce efficiently from other nations. The nation that has the largest reserves of gold and other natural resources will enjoy a position of comparative advantage in trade relationships. A nation should produce those goods for which domestic demand is comparatively strong, and should import those goods for which domestic demand is comparatively weak.

question

Dumping

answer

__________ is the practice of selling a product in foreign countries for a lower price than the good is sold in the producing country. Deflating Countertrading Inflating Dumping

question

investors using private company information to further their own fortunes.

answer

Insider trading involves: an Internet activity that establishes a barter exchange system between businesses. investors using private company information to further their own fortunes. the exchange of assets between companies in the same industry. a payment or reward for socially conscious behavior.

question

a failure of leadership to establish ethical standards.

answer

The majority of CEOs blame unethical employee conduct on: the breakdown of traditional religious institutions. a failure of leadership to establish ethical standards. the increase in lawsuits used to avoid personal responsibility. the nation's business schools that tolerate unethical behavior in students.

question

can encourage employees to deceive customers.

answer

Creating competition between employees within the corporation: can encourage employees to deceive customers. should focus on improving corporate profit. must be ignored when corporate ethics are developed. can bring out the best in employees.

question

how to determine what should be measured and how to calculate the effect on society.

answer

One problem with conducting a social audit is: that most businesses are really not very concerned with these issues. how to determine what should be measured and how to calculate the effect on society. that the primary focus of management is on the interests of stakeholders. governmental "red-tape."

question

investing in companies who are committed to a better environment.

answer

Investors, today are realizing financial benefit by: investing in companies who only operate in stable environments. investing in firms that have abundant resources for social initiatives. investing in companies who are committed to a better environment. investing in companies who are leaving a sizeable carbon footprint.

question

Making donations that are directly related to a firm's corporate competency.

answer

When a firm undertakes corporate social initiatives it is: Making donations that are directly related to a firm's corporate competency. Making long-term commitments to one cause. Hiring minority workers. Making safe products.

question

it might be ok

answer

Many Americans define ethical behavior according to the situation in which they find themselves. This suggests that there may be situations where ________ to cheat, steal, or lie. it is absolutely wrong it might be OK business people are expected capitalism forces people

question

varies even among those who are interested in corporate responsibility.

answer

Determining what is involved for a firm to be socially responsible: is easy. varies even among those who are interested in corporate responsibility. helps government officials develop appropriate legislation. varies from industry to industry due to different laws.

question

Illegal behavior

answer

Purposefully understating your firm's income to avoid paying higher taxes is an example of: An accepted business practice. Tax accountants doing their job. Illegal behavior. A firm's responsibility to its owners.

question

(S)he has a capacity to serve as a counselor and an investigator.

answer

Which of the following is a characteristic of an effective ethics officer? (S)he has a background in human resource management. (S)he is exceptionally organized. (S)he has a capacity to serve as a counselor and an investigator. (S)he communicates primarily via email.

question

whistleblower.

answer

A phone call to a government official by an employee of the Enron Corporation disclosed the deception and dishonesty of the firm's accounting records. This employee played the role of a: whistleblower. horn blower. cheerleader. moral policeman.

question

these are socially conscious groups that make it their mission to measure the social responsibility levels of businesses, and provide consumers with their opinions about the level of corporate responsibility of various companies.

answer

1. An important source of public scrutiny is "watchdogs". These are: the efforts of a firm's competitors, including how often the competitors attack the firm's strategies. tax payer supported government agencies that limit a firm's ability to compete foreign markets. these are companies designated by the government to only produce products that support the government defense program. these are socially conscious groups that make it their mission to measure the social responsibility levels of businesses, and provide consumers with their opinions about the level of corporate responsibility of various companies.

question

difficult and not as clear-cut as U.S. firms would like them to be.

answer

International issues of social responsibility and ethical behavior are: the result of greed found in capitalist countries. found primarily in countries with a low standard of living. a concern only of business professors. difficult and not as clear-cut as U.S. firms would like them to be.

question

should be based on fairness, honesty, openness, and moral integrity.

answer

1. Relationships between businesses and among nations, should be based on international law, exclusively. should be based on fairness, honesty, openness, and moral integrity. should be scrutinized carefully to make some determination as to whether both sides have the same type of leader behavior when it comes to assigning work. will be adversarial because seldom does either side believe in win-win situations.

question

Labor Standards

answer

Which of the following is an unresolved ethical issue that surrounds global trade? Product quality Labor standards Transportation issues Time to market issues

question

is the appearance of being "green", when in fact the business is only making green claims without genuinely demonstrating a commitment to going green.

answer

1. Green washing: is the most popular sub-movement of the green movement. clears the path for a firm to develop products and services that benefit society. is the appearance of being "green", when in fact the business is only making green claims without genuinely demonstrating a commitment to going green. changing one's entire product line to only offering green products.

question

choose between equally unsatisfactory alternatives.

answer

1. An ethical dilemma refers to a situation where you must: treat someone unfairly. choose between equally unsatisfactory alternatives. choose between a correct and an incorrect option. balance the concerns of profit and legality.

question

fear of negative publicity.

answer

One factor causing businesses to vigorously enforce ethical standards is the: desire to eliminate employee turnover. fear of negative publicity. focus on criminal penalties. evasion of social audit measurements.

question

The right to a discount

answer

1. Which of the following is not a basic right proposed by former President John F. Kennedy? The right to be heard The right to be informed The right to a discount The right to safety

question

concern for the welfare of society.

answer

1. Corporate social responsibility describes the firm's: exclusive responsibility to its stockholders. ability to plan for the unexpected. commitment to a management training program. concern for the welfare of society.

question

on what social responsibility involves.

answer

1. Business is under pressure from society to be more socially responsible. However, even the strongest advocates for corporate responsibility can't seem to agree: on what social responsibility involves. who should be policing business' behavior. if all businesses, large and small, should be held to the same standards. if politicians should be held to the same standards of behavior.

question

compliance

answer

A(n) _______ -based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers. legal corporate responsibility compliance integrity

question

corporate philanthropy

answer

We describe charitable donations by corporations to nonprofit organizations as _________. corporate philanthropy corporate responsibility corporate strategy structural commitment

question

trust and cooperation.

answer

Following an ethics-based approach to decision making will normally lead to higher: profits. trust and cooperation. prices. employee turnover.

question

Regulation FD (Fair Disclosure)

answer

1. In order to avoid insider trading, the SEC (Securities and Exchange Commission) has adopted a new rule called _____________ that requires publicly traded companies to release information to everyone in a timely manner, rather than just to a few persons. Insider Trading Phenomenon Regulation FD (Fair Disclosure) Red Herring Regulation PDI (Public Display of Information Act)

question

corporate social initiatives

answer

1. In recent years, progressive firms have embarked upon ___________, where they will commit company resources and expertise toward helping-out in emergency type situations. corporate philanthropy corporate social activism social civility corporate social initiatives

question

they are not in agreement with what it means to be socially responsible.

answer

1. Although college graduates would prefer to work for socially responsible companies, they would not consider less pay to do so. they are not interested in companies that spend resources are corporate social initiatives. they are not in agreement with what it means to be socially responsible. they favor Milton Friedman's philosophy on the subject.

question

a company report that measures the firm's social contributions inside and outside of the firm.

answer

The social audit is: a company report that always include a net social contribution. a government mandated report required of all firms who have a business license. a company report that measures the firm's social contributions inside and outside of the firm. a recent development that creates a ratio to compare a firm's corporate philanthropy to its profits.

question

not unique to the United States.

answer

Ethical problems and issues of social responsibility are: unique to firms involved in global trade. unique to the United States. not unique to the United States. less important now than in the past.

question

social media

answer

Companies are using _____________ to communicate their corporate social responsibility actions to their customers. sales promotion traditional advertising on television and radio social media their employees - word of mouth

question

Diversify business operations and investments

answer

A conglomerate merger will: Diversify business operations and investments. Allow the firm to have a less dominant position in its market. Enable the firm to enjoy a higher degree of specialization. Give the firm a more secure access to needed materials and components and better control over quality.

question

The sole proprietor's heirs have the option of taking over the business.

answer

When a sole proprietor dies: The sole proprietor's heirs have the option of taking over the business. The business is sold to a larger corporation. The company continues to function as it always has. The company always closes down.

question

Conglomerate merger

answer

A merger involving a software producer and a clothing manufacturer is an example of a: Vertical merger. Horizontal merger. Linear merger. Conglomerate merger.

question

No longer sold to investors on the open market

answer

When investors successfully take a firm private, the firm's stock is: Converted into bonds. Converted into cash. No longer sold to investors on the open market. Pledged as collateral to its bondholders.

question

Unlimited liability the owner has for the debts of the firm

answer

One of the major disadvantages of a sole proprietorship is the: Possibility of disagreements between owners. Unlimited liability the owner has for the debts of the firm. Fact that any income earned by this type of business is taxed twice. High cost of starting or ending the company.

question

Taxed like a partnership

answer

A master limited partnership (MLP) is: Not traded on the stock exchanges. Pays corporate income taxes. Taxed like a partnership. The corporate form of choice for small groups of individuals.

question

Avoid the problem of double taxation associated with conventional corporations.

answer

A major advantage of S corporations is that they: Can have more stockholders than a C corporation. Can operate in foreign nations as if they were domestic corporations. Require less paperwork to set up than a C corporation does. Avoid the problem of double taxation associated with conventional corporations.

question

Limited to losses that result from his/her own acts and omissions and the acts and omissions of those who work under his/her supervision.

answer

In a limited liability partnership, each partner's risk of losing personal assets is: Unlimited. Limited to losses that result from his/her own acts and omissions and the acts and omissions of those who work under his/her supervision. Determined entirely by the maximum loss provision established by the articles of co-partnership. Nonexistent.

question

corporations

answer

One disadvantage of _________ is the initial cost of formation. corporations general partnerships sole proprietorships limited partnerships

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A merger is the joining of resources of two companies, whereas an acquisition is a buyout of one firm by the other. The new company concerns itself with merging of resources.

answer

The difference between a merger and an acquisition is: A merger does not combine the assets and liabilities of firms, whereas an acquisition combines assets and liabilities. A merger combines the assets of the two firms, but each company continues to assume its own liabilities, whereas an acquisition is a total buyout of one firm by another. A merger is the joining of resources of two companies, whereas an acquisition is a buyout of one firm by the other. The new company concerns itself with merging of resources. A merger is always something smaller tagging onto something larger, like a merging lane onto an interstate, whereas an acquisition is two firms that are relatively the same size agreeing to continue as one - more like two major interstates that come together and travel as one for several miles.

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Stockholder

answer

An owner of a corporation is known as a(n): General partner. Limited partner. Director. Stockholder.

question

Give members more economic power as a group than they would have as individuals.

answer

The purpose of a farm cooperative is to: Give members more economic power as a group than they would have as individuals. Give each farm an equal share in the running of the cooperative. Equalize the members' standard of living. Allow socialism a foothold in the U.S.

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Franchisee

answer

A person who buys the right to use a business name and sell a product within a given territory is called a: Stockholder. Franchisee. Limited franchisor. Venture capitalist.

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The chance to be their own boss

answer

To many businesspeople, one of the major attractions of a sole proprietorship is: The ability to obtain additional financial resources. The protection of limited liability. An unlimited lifespan. The chance to be their own boss.

question

Limited liability companies, which do not have the restrictive eligibility requirements of S corporations and offer greater flexibility in the choice of tax treatment, are now legal in all 50 states.

answer

1. The S corporation is likely to be less popular in the future because: Congress repealed the limited liability protection of S corporations and limited them to companies with earnings of less than $3 million per year. Limited liability companies, which do not have the restrictive eligibility requirements of S corporations and offer greater flexibility in the choice of tax treatment, are now legal in all 50 states. Many states significantly increased the annual fee that S corporations must pay to maintain their tax status, thus eliminating the financial advantages of this form of ownership. S corporations have been made illegal in several states as a reaction to widespread abuse of the special benefits available to this type of business.

question

Does business in one or more states, but is chartered in another state.

answer

1. Which of the following statements is the most accurate? A foreign corporation: Does business in one or more states, but is chartered in another state. Is 50% owned by individuals or companies from another nation. Is headquartered in another nation. Is the same thing as a multinational corporation.

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Has the ability to raise more money

answer

Compared to partnerships and sole proprietorships, a major advantage of the C (conventional) corporation as a form of business ownership is that it: Has the ability to raise more money. Is easier and less expensive to form. Qualifies for simplified tax treatment. Creates unlimited liability for its owners.

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May require the owner to adapt to social and cultural differences.

answer

Opening and operating a franchise in a different country: Is illegal according to the Clayton Antitrust Act. Is no different than setting up a franchise in the domestic market. May require the owner to adapt to social and cultural differences. Is much less risky than owning a domestically based franchise.

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Restaurants

answer

The most popular type of business for franchising is: Consumer wholesale firms. Restaurants. Specialty steel manufacturing. Medical services.

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Opportunities for both large and small franchises.

answer

Global franchising offers: Few opportunities for American investors. Opportunities for large franchise systems, but not small ones. Opportunities for both large and small franchises. American firms the opportunity to market goods overseas without any need to adjust for cultural differences.

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Are taxed at the owner's personal tax rate

answer

Which of the following statements is the most accurate? Sole proprietorships: Are well suited for people who want to own a business and share in its profits without taking an active role in management. Are taxed at the owner's personal tax rate. Is the least risky form of business ownership. Must receive a state charter before they can legally conduct business.

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Stockholders

answer

The board of directors for a corporation is elected by its: Creditors. Stockholders. Managers. Employees.

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A corporation receives its charter from a state government.

answer

Which of the following statements about the operation of a corporation is correct? A corporation receives its charter from a state government. A corporate charter automatically expires in 99 years and must be renewed if the corporation wants to remain in business. Owners of a corporation have unlimited liability for any claims against their company. A corporation tends to be much easier to set up than a sole proprietorship or partnership.

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conglomerate

answer

When two firms who do not participate in the same industries, for example a software company and a fast food restaurant company decide to merge, the result is called a ____________ merger. vertical horizontal linear conglomerate

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Overwhelming time commitment often required of the owner.

answer

A significant disadvantage of owning a sole proprietorship is the: Possibility of limited liability. Heavy tax liability that must be assumed. Overwhelming time commitment often required of the owner. Lack of incentives to motivate the owner.

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Ability to pool financial resources

answer

Compared to a sole proprietorship, which of the following is considered an advantage of a general partnership? Ability to pool financial resources Unlimited liability for all owners Division of profits among owners Ease and flexibility in transferring shares of ownership to others

question

Taking the firm private

answer

If a group of stockholders or management obtain all the stock of a previously publicly traded firm for themselves, this is referred to as: Capitalizing. Stock turning. Turning the equity. Taking the firm private.

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As a corporation, partnership or sole proprietorship.

answer

A franchise can be formed: Only as a general partnership. Only as a corporation. As either a corporation or partnership, but not as a sole proprietorship. As a corporation, partnership or sole proprietorship.

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vertical

answer

A ______________ merger unites firms at different stages of related businesses. vertical horizontal diagonal conglomerate

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conventional corporation

answer

A(n) ___________________ is a state-chartered legal entity with authority to act and to have liability separate from its owners. limited partnership conventional corporation unlimited partnership nonprofit organization

question

business plan

answer

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 business plan. entrepreneurial mission statement. profit and loss statement. professional action plan.

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can be helpful by offering them an opportunity to meet experienced small business owners.

answer

For prospective entrepreneurs, enrolling in an introduction to business or small business management course offered through their community college: since college courses tend to be too theoretical.is likely to be wasted time since college courses tend to be too theoretical.can be helpful by offering them an opportunity to meet experienced small business owners. serves as supplementary information, only after starting their business venture. seldom provides you with information to help make small business decisions.

question

is independently owned but not dominant in its industry.

answer

The Small Business Administration defines a small business as a firm that: has fewer than 100 partners. is independently owned but not dominant in its industry. is dominant in its industry, but small in the number of workers it employs. has annual receipts of more than a specified amount depending upon the industry.

question

technological advances such as the Internet and PayPal for safely fulfilling orders

answer

Increased participation in small business exporting owes credit to ________. political constituents who have made in-roads abroad large events such as the Olympics that have brought attention to the potential in world markets technological advances such as the Internet and PayPal for safely fulfilling orders partnerships that small businesses have formed with large businesses

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may be classified as a small business depending upon the size of other firms in the industry.

answer

According to SBA guidelines, a manufacturing firm with 1,000 employees: would be classified as a large firm in the industrial sector. may be classified as a small business depending upon the size of other firms in the industry. is too small to achieve the efficiencies of large scale production. is classified as an S corporation.

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60-80

answer

Small businesses create about __________ percent of the new jobs in the United States. 5-10 25-35 60-80 100

question

meet with experienced entrepreneurs and learn from their advice.

answer

A small business management course at a community college may offer entrepreneurs an opportunity to: meet with experienced entrepreneurs and learn from their advice. try out ideas on a computer simulation before risking real time and money. listen to a qualified instructor solve all of the problems of small business owners. be part of a group that will include angel investors.

question

Small Business Development Center.

answer

One of the best places for young entrepreneurs to start shopping for a SBA loan is a: Small Business Development Center. financial institution specializing in business loans. college or university financial aid office. the Internet webpage: of the Venture Capitalists Association.

question

people must have unsatisfied wants and needs as well as a willingness and ability to buy.

answer

A market consists of potential buyers of a good or service. However, for a market to exist: the business requires wholesalers and retailers. one firm must dominate in sales and product development. people must have unsatisfied wants and needs as well as a willingness and ability to buy. the product must be laboratory tested and approved by the Food and Drug Administration (FDA).

question

learning from others and gaining relevant business experience improves the odds for success.

answer

When starting a small business, it's important to remember: an affinity for taking large amounts of risk is the critical factor in achieving small business success. doing things differently from previous entrepreneurs is the real key to success. learning from others and gaining relevant business experience improves the odds for success. to avoid burnout, limit the number of hours you work each week as you adapt to the rigors of self-employment.

question

individualized customer service as opposed to impersonal corporate bureaucracies.

answer

Small businesses often have advantages in international markets. One advantage is: a greater expertise in managing the paperwork required to sell goods in international markets. a better understanding of the cultural differences involved. individualized customer service as opposed to impersonal corporate bureaucracies. the ability to obtain financing through the International Monetary Fund.

question

market

answer

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service. market consumer cooperative consumer collective buyer's cooperative

question

before a product is developed or store is opened

answer

Similar to how large businesses proceed, small businesses make marketing decisions _____________. after the product or service is developed before the business is funded at the same time that they hire employees, research for an accountant, and prepare the business plan before a product is developed or store is opened

question

government programs that encourage economic growth through entrepreneurship.

answer

Enterprise zones and investor visas are examples of: government policies that favor large corporations rather than small businesses. government programs that encourage economic growth through entrepreneurship. government policies designed to encourage intrapreneurs. examples of private initiatives to reduce the government's role in the economy.

question

small firms often can offer more personalized customer services than big firms.

answer

When comparing small businesses to their larger competitors, it is clear that: bigger is always better. small firms can always outperform big firms on a level playing field. small firms often can offer more personalized customer services than big firms. small firms are slower to respond to opportunities than are large firms.

question

small businesses can serve niche markets that larger firms do not serve well.

answer

Using the analogy of boulders vs. sand for filling a hole, the textbook points out that: small businesses are employing a record number of employees because they have to work twice as hard at producing the same amount of output as a large competitor. small businesses can serve niche markets that larger firms do not serve well. the sand represents the small businesses that start and fail each year, while the boulders represent the large companies whose resources permit them to stay the course. large companies serve market niches so much better than small companies.

question

business plan

answer

A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management. feasibility product marketing plan business plan statement of intent

question

bring a varity of talent to the business venture

answer

Successful entrepreneurial teams: quickly organize themselves like large corporations. assign only one person to new product innovation. bring a variety of talent to the business venture. outsource most of the details of innovation.

question

will use the firm's existing resources to develop new products.

answer

Ketan is an intrapreneur for a multinational electronics company. As an intrapreneur Ketan: is expected to recruit new managerial talent for his firm. will use the firm's existing resources to develop new products. is concerned mainly with improving the firm's public image. will concentrate on creating new ventures that can be spun off to become independent firms.

question

believe in themselves and their ideas.

answer

Successful entrepreneurs are self-nurturing. This means they: look to others for strength and encouragement. self-finance their business with no assistance from others. perform all business operations by themselves. believe in themselves and their ideas.

question

accepting the risk of starting and running a business.

answer

Entrepreneurship is: managing businesses for others. a controlling interest in the ownership of a corporation. managing businesses that operate in multiple countries. accepting the risk of starting and running a business.

question

Many jobs in small firms have low pay and few benefits

answer

Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem? Bosses in small firms tend to be disrespectful to the workersOwners will not often listen to ideas suggested by the workersEmployee relations are especially poor in small firms Many jobs in small firms have low pay and few benefits

question

Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business

answer

Which of the following best describes the difference between an intrapreneur and an entrepreneur? Intrapreneurs start nonprofit organizations while entrepreneurs start profit-seeking businesses Intraprenuers are practical while entrepreneurs are creative Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business Intrapreneurs limit their efforts to financial investments, while entrepreneurs are involved in the management of all areas of a business

question

integrity and sound business idea

answer

The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their: collateral. credit history. previous business success. integrity and sound business idea.

question

financing is often difficult to find

answer

One of the hurdles small businesses face when deciding to export is: financing is often difficult to find. overseas buyers prefer dealing with large corporations. smaller companies must wait in line after large companies to qualify for tariffs. American products are perceived as inferior.

question

the world is a larger, and potentially a more lucrative market than the U.S. domestic market

answer

Which of the following best describes the outlook for small businesses in international markets? the world is a larger, and potentially a more lucrative market than the U.S. domestic market the threat of terrorist activities prevents small businesses from competing internationally most foreign buyers prefer to deal with large, well-known corporations rather than small businesses higher business costs eliminate the profit opportunities in global markets

question

describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.

answer

A good business plan will: focus on the big picture and omit the small details of operating the business. describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications. be purposefully vague, since specifics can restrict creativity and flexibility. focus on the nature of the business and the target market, omitting personal information about the owner in order to avoid personality issues.

question

often find more job satisfaction than their counterparts in big business.

answer

Small business employees: usually dislike their jobs and look forward to finding employment with major corporations. find their jobs less challenging than a similar job in a large corporation. usually get paid higher wages than workers in large corporations. often find more job satisfaction than their counterparts in big business.

question

Rewards individuals who are willing to link a company's website to their blog or social network page.

answer

Affiliate marketing is a web-based business strategy that: relies on customers that enter the sites of large companies such as GAP™ and Nike™. asks you to offer the names and emails of ten of your friends who may be interested in the products or services the web-site is selling. is currently illegal, but difficult to stop. Rewards individuals who are willing to link a company's website to their blog or social network page.

question

action-oriented

answer

Which of the following is a characteristic of successful entrepreneurs? Power-seeking Relies heavily on others who believe in the business Willingness and desire to follow others Action-oriented

question

Empowerment

answer

_____________ means giving employees the authority and responsibility to respond quickly to customer requests. Restructuring Delineating Empowerment Intrapreneuring

question

must become more like coaches and counselors than bosses.

answer

As firms make greater use of empowerment and teams, managers will find that they: should use the same techniques for directing employees that were used in the past. will need to closely supervise the teams to make sure they remain focused on the goals of the organization. will need to provide the teams with detailed instructions to give them a clear sense of direction. must become more like coaches and counselors than bosses.

question

middle managment

answer

General and divisional managers, plant managers, and deans and department heads at colleges are middle management. supervisory management. top management. nominal management.

question

autocratic

answer

The __________ style of leadership is characterized by making managerial decisions without consulting others. autocratic bureaucratic free rein democratic

question

working in teams

answer

Management is more progressive today. There is more emphasis on: individual work that can be successfully measured. working in teams. striving to eliminate the control function of management. placing greater reliance on the government for financing.

question

Brainstorming

answer

__________ is a problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas. Brainstorming Game theory CAD/CAM PMI

question

organization chart

answer

A(n) __________ is used by an organization to show who is accountable for the completion of specific work and who reports to whom. balance sheet Venn diagram stakeholder outline organization chart

question

define the situation

answer

The first step in the rational decision-making model is to: recruit team members to work on the problem. gather data. develop alternative responses. define the situation.

question

Looking at market forecasts to identify future business opportunities and challenges

answer

Which of the following activities is part of the planning function of management? Assigning a particular worker to do a specific task Looking at market forecasts to identify future business opportunities and challenges Praising a sales representative who has far exceeded her monthly sales objectives Conducting a job interview with a potential new employee

question

employees are likely to have a sense of purpose and a common set of values.

answer

In a company in which an effective vision has been provided: there is no need for tactical planning. the economic and competitive environments tend to be much more predictable. employees are likely to have a sense of purpose and a common set of values. goals and objectives are no longer needed.

question

eliminated the jobs of some

answer

The downsizing that has occurred in recent years has __________ middle managers in many organizations. increased the number of eliminated the jobs of some strengthened the control of increased the importance of

question

developing tactical plans and controlling.

answer

Middle managers are responsible for: establishing the vision for the organization. assigning specific jobs and evaluating the daily performance of workers. devising the organization's strategic plan. developing tactical plans and controlling.

question

communicate a vision and rally others around that vision.

answer

A key to effective leadership is the ability to: maintain order, stability, and control. communicate a vision and rally others around that vision. master the technical details of the jobs performed by subordinates. maintain an autocratic approach to dealing with others.

question

planning

answer

When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of: controlling. planning. leading. organizing.

question

Management

answer

__________ is the art of utilizing organizational resources to accomplish goals at work. Socialization Justification Preparation Management

question

less important

answer

The further up the managerial ladder a person moves, the __________ his or her original job skills become. more important less important Stronger more tactical

question

Contingency

answer

__________ planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives. Strategic Contingency Tactical Alternative

question

Planning

answer

___________ is the management function that involves setting goals, strategies, and tactics for achieving the organization's goals and objectives. Forecasting Planning Conceptualizing Controlling

question

recognize that, while financial measures are important and should be considered, the purpose of the firm is to satisfy both internal and external customers.

answer

When establishing criteria to measure the success of a customer-oriented business, managers should: limit their attention to financial measures such as profit and return on investment since these are the only objective and quantifiable measures available. focus most of their attention on measures of employee satisfaction, since without good employees the firm will not be competitive. focus primarily on financial measures, but pay some attention to non-financial concerns. recognize that, while financial measures are important and should be considered, the purpose of the firm is to satisfy both internal and external customers.

question

human relations

answer

Leadership, coaching, and morale building are all part of a manager's _________ skills. technical theoretical empirical human relations

question

top management

answer

A chief operating officer (COO) would be classified as part of a firm's: primary management. middle management. top management. first-line management.

question

knowlege management

answer

____________ is concerned with finding the right information and making that information accessible and understood by everyone in an organization. Mission management Data management Knowledge management Auditing

question

operational plan

answer

A(n) __________ would be used by a department manager as a tool for making daily and weekly assignments: operational plan vision statement mission statement tactical plan

question

Giving front-line workers additional resources needed to provide faster and better service to customers

answer

Which of the following activities is part of the organizing function of management? Going over a spreadsheet to analyze some financial data Teaching a new employee how to use a piece of office equipment Giving front-line workers additional resources needed to provide faster and better service to customers Developing a broad general strategy to help the organization meet its long-term growth objectives

question

Staffing

answer

___________ involves recruiting, hiring, motivating, and retaining the best people available to accomplish the company's objectives. Directing Planning Leading Staffing

question

an explanation of why the company exists and where it wants to go.

answer

A vision for a company is: an explanation of why the company exists and where it wants to go. the same thing as an objective. a detailed plan that outlines the major organizational structure of the firm. very relevant for the short-term, but less useful for the long-term.

question

Planning

answer

__________ involves setting the organization's vision, goals, and objectives. Selected Answer:OrganizingPlanning Controlling Directing

question

Decision-making

answer

__________ is choosing among two or more alternatives. Contingency planning Decision-making Organizational selection Utility analysis

question

identify the things it does well as an organization and the things it needs to improve.

answer

When a firm makes use of the SWOT analysis, one of its objectives is to: identify the best employees to fill each position within the organization. set specific short-term performance standards for each department. evaluate the desirability of issuing stocks or bonds in the current financial climate. identify the things it does well as an organization and the things it needs to improve.

question

Crisis

answer

_________ planning is a part of contingency planning that is used to deal with sudden and unexpected changes in the business environment. Crisis Tactical Operational SWOT

question

Cross-functional self-managed teams

answer

Which of the following describes a group of employees from different departments working together on a long-term basis? Focus group Mixed function groups Cross-functional self-managed teams Intrapraneurial teams

question

There may be a lack of communication among the different departments

answer

Which of the following is considered to be a disadvantage of functional departmentalization? There may be a lack of communication among the different departments Employees must develop skills in depth The company must achieve economies of scale Top management has to direct and control department activities

question

Workers should simply follow well-defined procedures

answer

Which of the following statements would best summarize Max Weber's views on the role of workers in an organization? Workers should be empowered to do whatever it takes to satisfy the needs of customers Workers will be promoted within the organization depending upon "who they know", rather than "what they know" Workers should simply follow well-defined procedures Although top managers must ultimately make the decisions, workers are an important creative resource for a firm, and top management should listen to their ideas

question

more support of

answer

Empowering employees to better serve customers requires __________ front-line employees. fewer less training for more support for uniforms for

question

a relatively unchanging environment.

answer

Line-and-staff organizations work well in organizations with: operations in high-growth industries. stiff competition. short product life cycles. a relatively unchanging environment.

question

create a feeling of camaraderie among employees and encourage teamwork.

answer

The informal organization of a business is probably best suited to: give workers a clear idea of where they stand in the organization. provide helpful guidelines about how to handle routine problems. provide a mechanism that generates careful reasoned decisions about critical issues. create a feeling of camaraderie among employees and encourage teamwork.

question

an asset that promotes harmony among workers.

answer

In open organizations the informal organization can be: a hindrance to effective management. an asset that promotes harmony among workers. a roadblock to the corporate culture. part of the formal organization.

question

the matrix model is a temporary arrangement, whereas the cross-functional team is a more permanent arrangement.

answer

The main difference between a matrix-style organization model and a cross-functional team is: the matrix model has a limit on the number of functional units who send an expert to join the team, whereas the cross-functional team does not. the matrix model is a temporary arrangement, whereas the cross-functional team is a more permanent arrangement. the matrix model shares leadership responsibilities within the group, whereas the cross-functional team does not. the matrix model is a more permanent arrangement, whereas the cross-functional team is a temporary arrangement.

question

line personnel

answer

__________ are responsible for directly achieving organizational goals. Organizational specialists Line personnel Chain of command managers Staff personnel

question

espirit de corps

answer

Fayol's ____________ principle says that workers' attitudes would create an environment of pride and loyalty within an organization. esprit de corps hierarchy of loyalty unity of command Equity

question

Bureaucratic

answer

______________ organizations are characteristic of many layers of management and function with well-defined rules and procedures. Matrix Inverted Ordered Bureaucratic

question

employees follow strict rules and regulations

answer

In a bureaucratic organization: departments communicate with each other on a regular basis. employees follow strict rules and regulations. customer satisfaction is the number one priority. first-line workers are empowered to respond to the needs of customers.

question

organization theory

answer

Henri Fayol and Max Weber are best known for their contributions to: production theory. marketing theory. organization theory. finance theory.

question

grapevine

answer

The ___________ is the nerve center of the informal organization. organizational database Intranet grapevine company newsletter

question

leadership is shared

answer

Cross-functional self-managed teams work best when _______________. leadership is shared there are at least two line and staff mangers on the team the teams consist of members of only two functional units The academic levels of all members are comparable

question

Line organizations

answer

Which of the organization models follows all of Fayol's traditional management rules? Line organizations Line-and-staff organizations Cross-functional teams Matrix

question

depends on a number of factors, and can vary from one manager to another.

answer

The span of control for a manager: should never exceed 7 subordinates. is no longer a relevant issue in today's computerized offices. depends on a number of factors, and can vary from one manager to another. varies somewhat from manager to manager, but most managers operate best with a span of control of about 9 employees.

question

Max Weber

answer

__________ believed that managers were trustworthy and companies would do well if employees simply did what they were told. John Keynes Adam Smith Peter Drucker Max Weber

question

Restructuring

answer

Which of the following describes the redesigning of an organization so that it can more effectively and efficiently serve its customers? Reinventing Restructuring Radical reorganizing Extroverted reorganizing

question

respond readily to customer demands.

answer

Today's preference to flat vs. tall organization structures is mainly due to a flat organization's ability to: encourage esprit de corps among employees in various departments. increase the cost of labor through economies of scale. respond readily to customer demands. increase sales through multiple customer contacts by several layers of management.

question

span of control

answer

The optimum number of subordinates a manager can supervise is referred to as the: manager-subordinate ratio. chain of command. employee quota. span of control.

question

flatter; wider

answer

The ________ an organization's structure, the ________ the span of control. flatter; wider flatter; narrower taller; wider taller; flatter

question

support and assist the line positions.

answer

Staff positions in an organization: support and assist the line positions. are superior to line positions. are less well-paid than line positions. are ways to employ past CEOs until they retire.

question

An attorney in the legal department of a manufacturing corporation

answer

Which of the following positions would be classified as a staff position? An assembly line worker for a major auto manufacturer The chief executive officer of a small corporation A sales manager for a chain of clothing stores An attorney in the legal department of a manufacturing corporation

question

Hierarchy

answer

a(n) __________ consists of one person at the top of the organization and many levels of managers who are responsible to that person. Hierarchy Oligarchy inverted organization informal organization

question

unity of command

answer

Fayol's _____________ principle states that each worker should report to one, and only one, boss. division of labor unity of command esprit de corps comparative advantage

question

matrix

answer

In a _____________ organization, specialists from different parts of the organization are brought together on a temporary basis to work on specific projects. matrix line line-and-staff centralized

question

Cross-functional teams work best when the voice of the customer is brought into the organization

answer

Which of the following is true of cross-functional teams? Cross-functional teams are required not to share information across national boundaries Employees on the teams are frustrated by organizational rules and regulations Cross-functional teams work best when the voice of the customer is brought into the organization Cross-functional teams are disbanded once the current project is complete

question

the formal organization and the informal organization.

answer

All organizations have two organizational systems: the command system and the control system. the formal organization and the informal organization. the functioning system and backup system. the primary organization and secondary organization.

question

Insourcing

answer

_____________ refers to companies headquartered abroad who elect to bring production and manufacturing to domestic subsidiaries. Outsourcing Insourcing Production transition Production transformation

question

intermittent processes.

answer

Most new manufacturing facilities use: continuous processes. intermittent processes. traditional processes. synthetic processes.

question

both goods and services

answer

Operations management is a specialized area in management that converts resources into: services, rather than goods. goods, rather than services. both goods and services. financial data.

question

process manufacturing

answer

In ___________, materials are physically or chemically changed to produce a product. process manufacturing assembly processes utilitarian production diffusive manufacturing

question

Most manufacturing firms are turning to an assembly line layout to produce output as efficiently as possible

answer

Which of the following statements is most accurate? Most manufacturing firms are turning to an assembly line layout to produce output as efficiently as possible For service firms, the main objective in facility layout usually is to centralize the control of operations Facility layout is important for manufacturing plants because facilities layout decisions can have a huge impact on the firm's costs In a modular layout, workers are assigned a specific station along an assembly line and specialize in performing a specific task

question

form utility

answer

Production creates: time utility. possession utility. form utility. marginal utility.

question

one or two suppliers because firms share so much information.

answer

Today manufacturers are relying more heavily on: one or two suppliers because firms share so much information. the bidding process to obtain the lowest price. many suppliers to keep its leverage. developing an MRP system for purchasing.

question

computer-integrated manufacturing.

answer

Sophisticated software that enables computer-aided design machines to communicate with computer-aided manufacturing machines is called: a flexible system. a computer-based feedback control system. computer-integrated manufacturing. heuristic manufacturing integration.

question

Gantt chart

answer

A bar graph that shows what projects or tasks are in process and how much of each is completed is called a(n): Grid chart. Gantt chart. Priority chart. Stem chart.

question

PERT

answer

___________ is a technique to analyze and sequence tasks involved in completing a project, to estimate the time needed to complete each task, and to determine the minimum amount of time needed to complete each project. PERT ECON LIFO GANTT

question

Facility location

answer

__________ is the process of selecting a geographic location for a company's operations. Facility location Facility layout FRP Geographic requirements planning

question

Facility layout

answer

__________ is the physical arrangement of resources in the production process. Facility location Facility layout ERP RRL

question

given firms even greater flexibility in their location decisions.

answer

New developments in information technology have: had little effect on business location decisions. given firms even greater flexibility in their location decisions. caused a movement of firms back to urban areas where access to this technology is greatest. reduced the impact government policies have on location decisions.

question

it permits customization without a significant increase in price.

answer

A benefit of CAD (Computer Aided Design) and CAM (Computer Assisted Manufacturing) is: it basically eliminates the need for human intervention. it saves on materials costs. it permits customization without a significant increase in price. it produces a higher quality product which allows the manufacturer to charge more.

question

fixed-position layout

answer

Firms often use a(n) _____________ when working on a major project involving the production of a large item such as an airplane, ship, or bridge. assembly line layout continuous production process fixed-position layout process manufacturing technique

question

just-in-time (JIT)

answer

With the __________ inventory control system, producers hold only the amount of materials and parts that they need for a short period of time - sometimes just a few hours. ABC first-in, first-out just-in-time (JIT) maximum

question

locate close together to decrease the cost of distribution.

answer

Contemporary producers and their suppliers, locate in areas where they can share the same labor. know that it is not necessary to locate close to international customers due to technology such as the Internet. locate close together to decrease the cost of distribution. have advanced beyond ERP to more sophisticated systems.

question

Manufacturers often seek to reduce time-to-market by locating facilities in areas with access to key modes of transportation

answer

Which of the following statements about facility location is most accurate? Very few firms are still influenced by labor costs when making decisions about where to locate Recent changes in information technology have led firms to favor locations near major urban areas Manufacturers often seek to reduce time-to-market by locating facilities in areas with access to key modes of transportation No matter how large they become, most companies ultimately choose to locate major facilities within a few miles of the area in which they started business

question

grown much more rapidly than the manufacturing sector.

answer

In recent years, the service sector of the U.S. economy has: grown much more rapidly than the manufacturing sector. become the low-wage sector of the U.S. economy. achieved extremely high productivity gains according to government reports. focused less on quality and more on reducing costs of production.

question

assembly-line layout

answer

In manufacturing, a __________ is used to produce large quantities of a few types of products. assembly-line layout process layout modular layout fixed-position layout

question

Production

answer

__________ is the creation of goods and services using land, labor, capital, entrepreneurship, and knowledge. Resource recombination Supply chain management Production Purchasing

question

monitors the computerized functions of all the divisions and subsidiaries of the firm in a single software program.

answer

Enterprise resource planning (ERP) goes beyond the capabilities of MRP because it: gives much more precise cost estimates. finds the critical path and computes its length. monitors the computerized functions of all the divisions and subsidiaries of the firm in a single software program. handles research data about more than one product at the same time.

question

make sure products meet quality standards all along the production process.

answer

A firm would be most likely to employ statistical process control (SPC) if it wanted to: simplify the quality control process by taking samples at the end of the production process rather than examining every unit of output produced. eliminate the expenses incurred by the Deming Cycle. redefine quality control on the basis of customer needs. make sure products meet quality standards all along the production process.

question

Access to various modes of transportation

answer

Which of the following is a likely reason that a company would move its facility from one location to another? Availability of expensive labor Higher quotas on competing goods Access to various modes of transportation Availability of a retired workforce

question

Enterprise resource planning (ERP)

answer

___________ is a computer application that enables a firm to combine computerized functions of all divisions and subsidiaries of the firm into a single, integrated software program that uses a single database. Materials requirement planning (MRP) PERT analysis Manufacturing resource planning (MRP II) Enterprise resource planning (ERP)

question

interfirm process

answer

1. Operations management becomes a(n) ____________ when companies outsource several processes and create a network of firms that cooperatively produce products and services. open operation closed operation interfirm process conjoined process

question

the producer, but not its suppliers

answer

A just-in-time inventory system usually reduces costs for: both the producer and its suppliers. suppliers, but not the producer. the producer, but not its suppliers. neither the supplier nor the producer, though it does lead to more flexibility for both.

question

Can be reconciled by the fact that manufacturing is very efficient and requires fewer workers to produce the same amount, or even more output.

answer

Manufacturing output in the U.S. continues to increase. The high unemployment of skilled workers who previously worked in the manufacturing sector ________________________. Is the result of untrained laborers. Is strictly a factor of U.S. manufacturing companies outsourcing the majority of their work. Can be reconciled by the fact that manufacturing is very efficient and requires fewer workers to produce the same amount, or even more output. Can be attributed to manufacturing going "green."

question

service

answer

The U.S. economy is now dominated by the _________ sector. farm manufacturing service trade

question

assembly process

answer

A(n) __________ puts together components to make a product. modular process compression process assembly process econometric process

question

make large quantities of a limited variety of products at very low cost.

answer

In the past, the idea behind mass production was to: produce goods of the highest possible quality. give producers the maximum flexibility to respond to customer preferences. make large quantities of a limited variety of products at very low cost. give workers more control over their work environment.

question

Elton Mayo

answer

The Hawthorne studies were conducted by ____________ and his colleagues from Harvard University. Henry Gantt Elton Mayo Peter Drucker John Hawthorne

question

Employees are like machines that must be programmed to perform in a certain way

answer

Which of the following statements is the best description of how scientific management viewed employees? Employees are like machines that must be programmed to perform in a certain way Most employees are creative and intelligent individuals who should be given a great deal of freedom and flexibility in how they perform their jobs Employees will only exert their maximum effort if they believe that their goals are attainable

question

certain work related factors satisfied higher order needs, while other work related factors satisfied lower order needs.

answer

While Maslow's research categorized a person's needs in terms of higher order and lower order needs, Herzberg's research recognized that: employees aspire to satisfy lower order needs at work and higher order needs through other life activities. certain work related factors satisfied higher order needs, while other work related factors satisfied lower order needs. the physical environment and general working conditions were of no consequence to employees. These factors did not affect higher or lower order needs. hygiene factors satisfied higher order needs and motivating factors satisfied lower order needs.

question

provide the opportunity for exit interviews when employees leave or are discharged

answer

Which of the following practices would fail to result in more open communication? provide opportunities such as company picnics and open lunch rooms that promote active communication among employees and management develop opportunities for employees to offer open-ended responses to internal surveys provide the opportunity for exit interviews when employees leave or are discharged provide training for improving listening skills

question

Y

answer

The generation born between 1980 and 2000 is known as Generation: We Me two Y Z

question

social needs

answer

Most employees in less-developed nations are motivated by the desire to satisfy: physiological needs. social needs. esteem needs. empathetic needs.

question

overall, motivators related to greater job satisfaction, while hygiene factors made the work place a satisfying place to thrive.

answer

According to Herzberg, the difference between motivators and hygiene factors is: motivators cause persons to work smarter, while hygiene factors cause people to work harder. hygiene factors make employees more enthusiastic about the work itself, whereas motivators make employees enthusiastic about how many hours they have to work and their next day off. hygiene factors develop more loyalty from workers, while motivators make workers enthusiastic about moving on to a different company. overall, motivators related to greater job satisfaction, while hygiene factors made the work place a satisfying place to thrive.

question

the average person dislikes work and will seek to avoid it when possible.

answer

Theory X managers are likely to believe that: the average person dislikes work and will seek to avoid it when possible. most employees know more about their job than the boss. employees are motivated mainly by the chance for advancement and recognition. job satisfaction is primarily related to higher order needs.

question

tailored to the individual.

answer

Motivational formulas are: tailored to the individual. tailored to the team of employees. developed by using one theory at a time. developed by using collecting historical information on the types of factors that motivated the majority of employees in the past.

question

believe the reward they receive fairly compensates them for their efforts when compared to others in similar positions.

answer

Equity theory states that employees will perform well if they: understand the nature of their responsibilities. have an opportunity to impress others in the organization. believe the reward they receive fairly compensates them for their efforts when compared to others in similar positions. know that their supervisor has set reasonable performance goals and communicated them clearly.

question

relationship building is considered a waste of time.

answer

In a low-context culture: workers get right to the task, without the need to socialize during the first ½ hour of work. workers get right to the task, after they take care of their social needs. relationship building is considered a waste of time. relationship building is considered very important and occurs before performing business tasks.

question

people's perceptions

answer

Equity judgments are based on: quantifiable evidence. deductive reasoning. statistical extrapolation. people's perceptions.

question

Management by objectives

answer

________ 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. Objective planning Management by objectives The three step planning system Cyclical objective analysis

question

determine what rewards are valued by employees.

answer

Researchers David Nadler and Edward Lawler suggest that in order to use expectancy theory to improve worker motivation, the first thing managers should do is: identify the critical path for the project. determine what rewards are valued by employees. ensure that the rewards are tied to the employee's performance. decide on a way to monitor employee performance.

question

a sense of achievement.

answer

Herzberg's research found that the factor that ranked highest as a motivator was: the friendliness of supervisors. a sense of achievement. a compensation system that included bonuses and regular pay raises. the presence of clear and consistent company rules and policies.

question

another, higher order need would emerge to motivate that person.

answer

Abraham Maslow thought that once needs at one level of his hierarchy were met: motivation would diminish. another, higher order need would emerge to motivate that person. that type of need would never again be an effective motivator. he or she would become more interested in lower-level needs.

question

expectancy theory

answer

According to __________ the amount of effort employees devote to a task depends on their expectations of the outcome. scientific management theory the feedback principle the linkage effect expectancy theory

question

believe that management respected their ideas, which motivated them.

answer

In the Hawthorne studies, employees were involved in the planning of the experiments. This caused employees to: set rather simple, easily attainable goals. become distracted and thus reduced productivity. believe that management respected their ideas, which motivated them. have high levels of productivity, but show disrespect for the managers in their test area.

question

Frederick Taylor

answer

_________________ was the father of scientific management. Elton Mayo Frank Gilbreth Henry Gantt Frederick Taylor

question

set attainable performance goals.

answer

Expectancy theory suggests that managers attempting to improve employee performance would be well advised to: make sure that all employees are expected to meet the same standards. focus on setting monetary rewards for meeting the standards. set attainable performance goals. keep salaries earned by employees confidential.

question

ability to provide feedback to employees.

answer

A strength of Generation X managers is likely to be their: loyalty to the firm. individualistic approach to problem solving. ability to provide feedback to employees. willingness to sacrifice other aspects of their lives to achieve success in the workplace.

question

job rotation

answer

The practice of moving employees from one job to another to make work more interesting is called: task mobility. job rotation. job incrementation. worker alternation.

question

set through a process that involves all persons responsible for formulating and implementing the goals.

answer

One implication of goal-setting theory is that goals should be: set by top management. relatively easy to achieve. set at a level that slightly exceeds the ability of employees to achieve them. set through a process that involves all persons responsible for formulating and implementing the goals.

question

They expect change

answer

When it comes to motivating Millennials and Gen Xers, it is important for managers to know that they have a few things in common. One important likeness is: They don't like large families They expect change Neither group was raised by baby boomers Neither group has advanced to management positions

question

Making the work itself more interesting and challenging

answer

According to Herzberg's views, which of the following strategies would be most likely to result in a higher level of worker motivation? Improvements in the physical working conditions Providing clear and fair work rules and policies Making the work itself more interesting and challenging Using time-motion studies to find the most efficient techniques for employees to use

question

social needs

answer

In Maslow's hierarchy of needs, the desire for love and acceptance would fall into the category of: social needs. esteem needs. primal needs. self-actualization needs.

question

hygiene factors.

answer

Charlie, the CEO of Collier Chemical, likes to boast that his company offers the highest salaries in the industry, has excellent working conditions, and has clear and consistent company policies. Yet he admits his workforce is not highly motivated. Herzberg's research suggests that Collier Chemical is having difficulty motivating its employees because it focuses on: interactive factors. motivating factors. altruistic factors. hygiene factors.

question

Hawthorne effect.

answer

The tendency for people to behave differently when they know they are being studied is known as the: Hawthorne effect. Taylor effect. Type II effect. induced motivation effect.

question

managers can use both rewards and punishment to influence employee behavior

answer

A key idea in reinforcement theory is that: goals should be set by everyone in an organization. managers can use both rewards and punishment to influence employee behavior. managers should use the same reinforcement techniques for all employees. employees are more likely to obey written instructions than verbal instructions.

question

physiological

answer

Employees in the United States and other developed nations are least likely to be motivated by the desire to satisfy __________ needs: social esteem physiological self-actualization

question

vestibule training

answer

Computer and robotics training is sometimes performed in a nearby classroom type setting. We refer to near-the-job-training as _____________. vestibule training orienteering apprenticeship training mentoring

question

Internet services firms can use to recruit employees.

answer

CareerBuilder and the Monster are examples of: web browsers. career interest surveys. Internet services firms can use to recruit employees. magazines that list job opportunities by skill requirements and geographic location.

question

job sharing.

answer

1. At a large law firm, Gina works daily as a secretary from 9:00 a.m. until 1:00 p.m., when she is replaced by Cassie who works from 1:00 until 5:00 p.m. The arrangement Gina and Cassie have at the law firm is known as: job enlargement. job sharing. job rotation. job allocation.

question

workers are becoming less loyal to their firms, resulting in higher turnover

answer

Which of the following statements about human resource management opportunities and challenges is most accurate? the age composition of the labor force is becoming younger workers are becoming less loyal to their firms, resulting in higher turnover workers are now demanding that more of their compensation be in wages and salaries and less in fringe benefits the number of workers who have received training in high tech fields far exceeds the number of job openings in these areas

question

online training programs

answer

With the advent of more sophisticated technology, employers who operate locally and globally and want all employees to receive the same training may opt for _____. apprenticeship programs mentorship programs job rotation programs online training programs

question

a member of the human resources department staff

answer

During the employee selection process, the screening interview is often conducted by: the current workers in the applicant's department. a member of the human resources department staff. a selection committee consisting of managers from all departments within the organization. the company's affirmative action officer.

question

It decreases important social interaction between and among employees on a number of levels, resulting in a change in the social network and corporate culture.

answer

Although there are advantages and disadvantages to home-based workers for both the employer and employee the disadvantages to employer, employee, and society in general can be summarized as: It increases the overall costs to everyone: employers, employees, and society. It increases theft because employees are likely to take more office supplies home, which changes their overall attitude about honesty. It decreases important social interaction between and among employees on a number of levels, resulting in a change in the social network and corporate culture. It decreases everyone's competitive advantage.

question

the movement toward flatter organizational structures, provide fewer opportunities to move upward.

answer

A reason workers tend to receive fewer promotions than in the past is that: most firms now believe hiring people outside the organization is a better way to fill management positions because it brings in "new blood." the movement toward flatter organizational structures, provide fewer opportunities to move upward. firms have found that promoting employees can create jealousy and resentment among the workers who are not promoted. very few of today's supervisors and lower-level managers have the qualifications needed to move into higher management positions.

question

Some organizations have policies that demand promotions from within that limits the pool of candidates.

answer

Which of the following reasons makes the recruiting job more challenging? The current emphasis on scientific management requires very specific job specification. Some organizations have policies that demand promotions from within that limits the pool of candidates. Reverse discrimination is essential to be sure that the workforce is balanced. There are far too many qualified candidates for each position, increasing the required paperwork.

question

Home-based work allows workers to choose their own hours and interrupt work for child care and other tasks, but this freedom and flexibility can create problems for some workers.

answer

Which of the following statements about home-based work and telecommuting is most accurate? Although home-based work may become very popular in the future, only a small percentage of workers currently work at home on a regular basis. Telecommuting offers big advantages for many workers, but is likely to increase costs for employers significantly. Home-based work tends to increase the productivity of almost all workers, since people tend to be more productive when they are comfortable and can work flexible hours. Home-based work allows workers to choose their own hours and interrupt work for child care and other tasks, but this freedom and flexibility can create problems for some workers.

question

advertise the opportunity for a promotion to current employees

answer

Which of the following strategies is used by a human resource manager whose goal is to fill an open position from within the company? advertise the opportunity for a promotion to current employees seek the assistance of a public employment agencies send the job opening to Monster.com utilize the services of a private employment agency

question

Students can begin building network connections in college, even before they take on a full time job.

answer

Which of the following statements about networking is the most accurate? White males are much more aware of the importance of networking than women and minorities. Although African-American and Hispanic managers are becoming aware of the importance of networking, there are no organizations available to help them make networking connections. Women have more difficulty forming networks than men because they can be barred from male only clubs and social organizations where much of the networking occurs. Students can begin building network connections in college, even before they take on a full time job.

question

A job description is a statement about the job, while a job specification is a statement about the person who does the job.

answer

Which of the following statements identifies a key difference between a job description and a job specification? A job description is concerned with the short-run objectives of a job, but a job specification is concerned with the job's long-run objectives. A job description is based on a human resource inventory, while a job specification is the result of a performance appraisal. A job description is a statement about the job, while a job specification is a statement about the person who does the job. A job description is a brief summary of what a job involves, while a job specification is a detailed and technically complete statement of what a job involves.

question

Most firms are finding that the cultural changes required by ADA are more difficult to implement than the structural changes

answer

Which of the following statements is the most accurate description of the impact the Americans with Disabilities Act of 1990 (ADA) has had on businesses? ADA has had no real impact, since most businesses have always been sensitive to the needs of disabled workers. Most firms have found that the structural changes needed to comply with ADA requirements have been very difficult and expensive to implement. Most firms are finding that the cultural changes required by ADA are more difficult to implement than the structural changes. Businesses have found that even with the changes required by ADA, disabled workers are simply not capable of handling most types of jobs.

question

on-the-job training

answer

Shadowing is another term used to refer to _____________. job rotation vestibule training role playing on-the-job training

question

skill-based pay and gain-sharing.

answer

The two most common compensation methods for teams are: cash bonuses and cashless bonuses. skill-based pay and gain-sharing. piecework pay and commissions. salaries and capital gains.

question

An increasing number of companies are hiring skilled professionals such as accountants as part of their contingent workforce.

answer

Which of the following is a valid statement about contingent workers? Contingent workers are seldom skilled professionals. By law, employers must provide contingent workers the same salary and benefits as permanent employees. An increasing number of companies are hiring skilled professionals such as accountants as part of their contingent workforce. By law, companies cannot hire contingent workers as part of the management team.

question

mentors

answer

Corporate managers who supervise, coach, and guide lower-level employees and serve as their organizational sponsors are called: networkers. role models. mentors. corporate guides.

question

an accountant hired to help during the busy tax season

answer

Which of the following workers would be the best example of a contingent worker? an assembly line worker who belongs to a union and has 17 years of seniority an accountant hired to help during the busy tax season an elementary school teacher who just received tenure an electrical engineer who frequently travels out of the country to the various manufacturing facilities owned and operated by his firm

question

salary pay system

answer

Dana is a supervisor at a small manufacturing plant. Her pay starts at $635 per week. Dana is paid on a(n): salary pay system. commission pay plan. rolling rate system. income averaging plan.

question

compressed workweek

answer

A __________ allows workers to work the full number of hours per week in fewer days. flextime plan compressed workweek maximum plan double shift plan

question

apprenticeship program

answer

In a(n) ______________ an inexperienced worker learns by working alongside an experienced employee to master the skills and procedures of a craft. orientation period simulation period indentureship program apprenticeship program

question

the EEOC (Equal Employment Opportunity Commission).

answer

An important U.S. government organization charged with setting human resource management guidelines is: the EEOC (Equal Employment Opportunity Commission). the OSHA (Occupational Safety and Health Administration). the WPA (Work Progress Administration). the MPDA (Manpower Development Administration).

question

distance learning

answer

Internet-based training courses are sometimes also called: contingency training. synchronized training. distance learning. vestibule training.

question

the specific responsibilities of the job

answer

When creating a job description, the HR manager may include: the minimum qualifications for the position the number of unpaid leave days the employee can take while at this position the specific responsibilities of the job a prediction of the number of similar positions that the company will need during the next two to five years

question

the firm's labor force is technically up-to-date and well trained.

answer

A human resource inventory is designed to reveal whether: all workers are paid a fair wage. the firm has enough land and capital to use with its labor. the firm's labor force is technically up-to-date and well trained. worker morale is high or low.

question

assess future human resource demand

answer

After preparing a job analysis, the next step in the human resource planning process is to: develop a human resource inventory. assess future human resource demand. develop a human resources budget. establish a strategic plan.

question

Training is short-term skills oriented while development is long-term career oriented.

answer

Which of the following statements describes the relationship between employee training and employee development? They are just two names for the same thing. Training is short-term skills oriented while development is long-term career oriented. Development is provided by the company and is designed to meet the specific needs of the organization, whereas training focuses on more general skills and normally is provided by schools, colleges and institutions other than the employer. Training focuses on conceptual skills while development seeks to improve technical skills.

question

Age Discrimination in Employment Act of 1967

answer

The ____________ protects individuals over the age of 40 from discrimination based on age with respect to issues such as hiring, promotions, job benefits, and assignments. Age Discrimination in Employment Act of 1967 Equal Employment Opportunity Act of 1998 Fair Labor Standards Act of 1938 Employee Rights and Responsibilities Act of 1983

question

Management development

answer

___________ is the process of training and educating employees to become good managers and then developing their managerial skills over time. Management development Vestibule training Pre-mentoring Self-actualization training

question

strikebreakers

answer

Despite a 1938 Supreme Court ruling allowing their use, ___________ were seldom used by management during labor-management disputes until the 1980s. injunctions secondary boycotts strikebreakers yellow-dog contracts

question

hire strikebreakers

answer

When workers go on strike, management is often compelled to keep the business operation running. If it is unable to achieve this on its own, management may: elect to proceed with a lockout. close down the facility and permanently fire the strikers. hire strikebreakers. picket.

question

find ways to appeal to white-collar, female, and foreign-born workers.

answer

One strategy unions must adapt in order to grow in the future is to: find ways to appeal to white-collar, female, and foreign-born workers. find ways to prevent foreign companies from entering the U.S. market. go back to the old methods of aggressive tactics and confrontation that were used successfully in the past. emphasize recruiting efforts in the manufacturing sector of the economy.

question

sexual harassment

answer

____________ refers to unwelcome sexual advances, requests for sexual favors, and other unsolicited conduct of a sexual nature. Sexual harassment Gender bias Sexual opportunism Sexual coercion

question

National Labor Relations Board

answer

The ______________ was established by the Wagner Act to oversee labor-management relations. Federal Trade Commission Commission on Labor Relations National Labor Relations Board Equal Employment Opportunity Commission

question

agency shop agreements

answer

Under _______, workers are not required to join the union, but those who do not join are still required to pay a union fee or regular dues to the union. right-to-work laws all union security clauses agency shop agreements Employee Stock Option Plans (ESOPs)

question

National Labor Relations Board

answer

Bob believes that management is treating him unfairly because of his efforts to organize a vote for union representation. Which organization should Bob contact to report his concerns? Federal Board of Labor Rights National Labor Relations Board Federal Trade Commission Federal Commission on Unfair Labor Practices

question

strike

answer

Historically, the most potent union tactic when collective bargaining efforts break down has been the: strike. lockout. court injunction. primary boycott.

question

Certification

answer

__________ is the process by which a union becomes recognized by the National Labor Relations Board as the bargaining agent for a group of employees. Accreditation Certification Arbitration Affiliation

question

to seek protection against unfair treatment

answer

Unions were originally formed _________________. to make certain that there were an equal number of nonmanagement and management-level employees within the company to uphold the state and federal laws under which businesses operate to seek protection against unfair treatment to seek worker corporate voting rights, the same as stockholders

question

givebacks

answer

In recent years some unions have granted concessions and given up benefits secured in earlier contract negotiations in an attempt to save jobs. These concessions are called: injunctions. givebacks. buyouts. disbenefits.

question

ensuring equal pay for jobs requiring similar levels of skill, education and training.

answer

Comparable worth primarily is concerned with: ensuring equal pay for men and women who work for the same firm and have the same job title. reducing the gap between pay for executives and the pay for non-managerial employees. ensuring equal pay for jobs requiring similar levels of skill, education and training. determining whether men or women are better suited to perform various jobs.

question

Landrum-Griffin Act

answer

The __________ guaranteed the rights of individual union members when dealing with their union. Wagner Act Landrum-Griffin Act Norris-LaGuardia Act Taft-Hartley Act

question

workers must join the union within a stipulated time period (usually 30, 60, or 90 days) in order to keep their jobs.

answer

In a union shop: workers must join the union within a stipulated time period (usually 30, 60, or 90 days) in order to keep their jobs. workers must belong to the union before the company can hire them. workers who do not join the union must pay a union fee. workers are required to sign yellow-dog contracts.

question

Some highly visible strikes in recent years show that the strike is not dead as a labor tactic, but very few labor disputes actually lead to a strike.

answer

Which of the following statements best summarizes the extent to which unions currently rely on strikes as a tactic when collective bargaining breaks down? Unions have become increasingly reliant on strikes as other, less confrontational, tactics have proven unsuccessful. Some highly visible strikes in recent years show that the strike is not dead as a labor tactic, but very few labor disputes actually lead to a strike. Unions have almost completely avoided strikes since President Reagan replaced striking air traffic controllers with strikebreakers in 1981. Strikes organized by unions are now less common than lockouts by management, indicating a major shift in attitudes between labor and management.

question

The costs of elder care are likely to rise very rapidly in coming years as an increasing number of older and more experienced employees face the need to care for aging parents and other relatives.

answer

Which of the following statements about the costs of elder care is most accurate? It should be much less expensive for firms to provide elder care than for them to provide childcare. The financial burdens of elder care on the children of aging parents are likely to become less serious in the future than they are today, because many senior citizens are now remaining employed into their 70s rather than retiring in their early 60s. Although elder care is expensive, the good news is that companies can receive a great deal of assistance from the federal government when they establish qualified elder care programs. The costs of elder care are likely to rise very rapidly in coming years as an increasing number of older and more experienced employees face the need to care for aging parents and other relatives.

question

Landrum-Griffin Act

answer

The ___________ guaranteed union members the right to nominate candidates for union office and participate in union meetings. Taft-Hartley Act Fair Labor Standards Act Norris-LaGuardia Act Landrum-Griffin Act

question

workers who do not join the union must pay a fee or regular dues, while in an open shop workers who choose not to join the union do not have to pay any union fees or dues.

answer

The key difference between an agency shop agreement and an open shop agreement is that in an agency shop: workers must join the union within a stipulated time period (usually 30, 60, or 90 days) in order to keep their jobs, but in an open shop the workers are not required to join the union. the union is restricted to a limited number of employees who perform specific types of jobs, but in an open shop membership in the union is available to all workers. workers who do not join the union must pay a fee or regular dues, while in an open shop workers who choose not to join the union do not have to pay any union fees or dues. workers must agree not to join a union in order to keep their jobs while in an open shop workers are free to join a union if they wish, but they are not required to do so.

question

Knights of Labor

answer

The first national labor organization in the United States was the: Knights of Labor. Congress of Industrial Organizations. American Federation of Labor. United Farm Workers Union.

question

primary boycott

answer

A(n) __________ occurs when a union encourages its members and the general public not to buy the products of a firm involved in a labor dispute. injunction wildcat strike primary boycott embargo

question

union

answer

In a(n) __________ shop, workers do not have to belong to a union before they are hired, but they must join a union within a specified period (usually 30, 60, or 90 days) in order to keep their job. agency closed open union

question

Taft-Hartley Act.

answer

Closed shops were declared illegal by the: Taft-Hartley Act. Norris-LaGuardia Act. National Labor Relations Board in 1929. U.S. Supreme Court in 1946.

question

union

answer

A(n) ________ is an employee organization that represents workers in employee-management bargaining over job-related issues. trades guild union ESOP cross-functional team

question

American Federation of Labor (AFL)

answer

The __________ was set up as a federation of many separate craft unions. Knights of Labor Committee of Industrial Organizations League of Unions American Federation of Labor (AFL)

question

Mediation

answer

___________ is the use of a third party to encourage labor and management to continue negotiating in an effort to settle a labor dispute or achieve a mutually acceptable labor-management agreement. Arbitration Mediation Reconciliation Intercession

question

late 1700s

answer

The presence of formal labor organizations in the United States dates back to the: late 1700s. Civil War. late 1800s. depression years of the 1930s.

question

executives in the U.S. are compensated at a much higher rate.

answer

A comparison of compensation of CEOs in the U.S. with compensation of top executives in Canada and Europe indicates that: U.S. CEOs are working for much lower compensation. pay for CEOs at major corporations is about the same in all of these nations. executives in the U.S. are compensated at a much higher rate. U.S. executives are paid better than average when their firms are successful, but worse than average when their firms struggle.

question

Sexual harassment

answer

Which of the following is likely to remain a controversial labor-management issue in the future? The ability of employers to use yellow-dog contracts Enforcement of the Taft-Hartley Act Sexual harassment A resurgence of the Knights of Labor

question

can be offered in creative ways that enable the firm to offer an attractive benefit to workers with young children.

answer

Small businesses have found that child care programs: are too expensive to offer, which puts them at a serious disadvantage when competing against larger firms to attract the best workers. can be offered in creative ways that enable the firm to offer an attractive benefit to workers with young children. are less necessary now than they were before the federal government expanded its child care programs. are not very expensive, but tend to be more trouble than they are worth.

question

closed shop.

answer

In the late 1930s management at Bodenger Industries agreed to hire only those workers who were already members of the Steelworkers Union. Bodenger had agreed to a type of arrangement known as a(n): closed shop. open shop. union shop. restricted shop.

question

working with buyers to determine their individual needs

answer

Which of the following is consistent with relationship marketing? maintaining transactional relationships with customers working with buyers to determine their individual needs developing market share through mass media advertising focusing more on obtaining new customers than on retaining existing customers

question

the end use of the product

answer

The factor that determines whether a product is classified as a consumer product or an industrial product is: the end use of the product. the decision-making process used to purchase the good or service. who the buyer represents. whether the good is new or used.

question

Marketing

answer

________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Selling Advertising Marketing Mixing markets

question

growth of consumer databases, blogs, and social networking.

answer

The most important technological change likely to affect the marketing success of many firms is the: growth of consumer databases, blogs, and social networking. speed of service from faster check-outs. level of computer literacy of the target market. number of computers in use in the home.

question

An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels.

answer

Which of the following represents an example of demographic segmentation? A firm producing recreational equipment divides its market into groups by region of the country, designing different products for people in different parts of the country. An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels. A motion picture company divides its market according to the attitudes and interests of its customers, marketing some films to people who enjoy action movies and targeting other movies to people who prefer romantic comedies. A company that produces food products has designed a special line of easy to prepare microwavable meals that are low fat and high in fiber to attract people interested in the health benefits of the foods they eat.

question

mass

answer

A ________ marketing strategy develops products and promotions designed to please large groups of people. volume mass relationship value

question

marketing concept

answer

The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. mercantile philosophy hierarchy of needs relationship approach to marketing marketing concept

question

have a more ambitious goal of not just satisfying customers, but of exceeding their expectations.

answer

Comparing the business practices of the 1950s to those of today indicate that today's marketing managers: have a more ambitious goal of not just satisfying customers, but of exceeding their expectations. are much more focused on production and mass marketing. put less emphasis on earning a profit, since doing so makes it harder to satisfy the needs of the firm's stakeholders. operate essentially the same as their predecessors.

question

a consumer orientation

answer

Which of the following is a part of the marketing concept? a consumer orientation avoidance of risk financial return orientation emphasis on efficient production

question

Industrial buyers are usually large.

answer

Which of the following statements about the B2B market is true? The markets are often geographically dispersed. Industrial buyers are usually large. Industrial buyers tend to be more emotional in their purchasing decisions. The size of the market is smaller than the consumer market.

question

customer relationship management

answer

Firms that have adopted _________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time. nonprofit marketing customer relationship management management by objectives the marketing mix

question

With limited resources, firms can better satisfy the wants and needs of a smaller target market.

answer

Which of the following correctly identifies the motivation of firms using a market segmentation strategy? Firms can avoid the government's anti-trust laws by selecting a small slice of a larger market. This strategy enables a firm to identify common traits in different consumer groups. With limited resources, firms can better satisfy the wants and needs of a smaller target market. Government regulations require firms to maintain accurate records to show that the firm has not discriminated against a market segment.

question

cognitive dissonance.

answer

Contacting customers after a sale to reassure them that they made the right decision is intended to offset: reverse satisfaction. cognitive dissonance. doubt resolution. relationship conflict.

question

production era

answer

The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras? production era selling era marketing era customer relationship era

question

reference group

answer

A consumer's decision-making process is influenced by his/her _________, consisting of those people who help shape the consumer's beliefs, attitudes, values or behavior. reference group focus group target audience social class

question

Rico just bought an expensive hi-def television and is already worried that he could have found a better deal if he had shopped more carefully.

answer

1. Which of the following is the best example of cognitive dissonance? John has been shopping for a new television set, but has not yet made a purchase because he is having trouble deciding which brand to buy. Julie decided to eat at a restaurant she previously avoided after learning that several movie stars she admires endorse the restaurant. Marquetto is torn between going to the movies with friends or staying home and studying for an exam tomorrow. Rico just bought an expensive hi-def television and is already worried that he could have found a better deal if he had shopped more carefully.

question

determining an appropriate brand name for a new product

answer

Which of the following is part of the marketing process? developing an understanding of company finances available for new products determining an appropriate brand name for a new product designing the most efficient method of production of a new product contacting suppliers after a purchase to ensure producer satisfaction

question

B2B

answer

The __________ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others. consumer B2B target super

question

defining the question and determining the present situation

answer

Which of the following is considered a step in the marketing research process? designing a product to meet the need based on research defining the question and determining the present situation planning for product modifications and test advertising setting the price for a product

question

Environmental scanning

answer

____________ is the process of identifying factors that can affect marketing success. Environmental scanning Target marketing Niche marketing Segmentation analysis

question

focus

answer

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. concept focus peer consumer interest

question

primary

answer

A firm gathers ___________ data by conducting surveys, interviewing customers, or mailing out questionnaires. primary secondary non-referenced unbiased

question

evaluating various distribution alternatives to determine the best way to get the product to the consumer

answer

Which of the following tasks would be included in the marketing mix? evaluating various distribution alternatives to determine the best way to get the product to the consumer examining various sources of funds to determine the best way to finance an expansion of the organization's production facilities assigning tasks to specific workers on specialty product assembly lines developing financial statements based on the sales transactions of the firm during a specific time period

question

secondary

answer

Exploring _________ data first helps marketers minimize marketing research costs. focus group personal interview primary secondary

question

culture

answer

One factor that influences the consumer decision-making process is _________, which refers to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society. cognitive dissonance the legal environment group behavior culture

question

psychographic

answer

A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests. demographic benefit psychographic normative

question

The same product can be classified as either a consumer good or an industrial good, depending upon its end use.

answer

Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate? The same product can be classified as either a consumer good or an industrial good, depending upon its end use. Industrial goods tend to have a useful life of several years and can be depreciated while consumer goods typically last less than a year. Consumer goods are typically more expensive than industrial goods. Industrial goods are custom made to the specifications of the buyer, while the all consumer goods are mass-produced.

question

define the problem and determine the present situation.

answer

The first step in the marketing research process is to: define the problem and determine the present situation. collect relevant data from primary and secondary sources. analyze the research data. decide upon the best ethical solution.

question

conducting a survey.

answer

A widely used technique commonly used for collecting primary data is: collecting relevant articles in trade journals. benchmarking. conducting a survey. reviewing government reports.

question

strategies regarding product, price, place, and promotion.

answer

A firm's marketing mix refers to the combination of: goods the firm offers to different market segments. advertising media the firm utilizes to promote its products. strategies regarding product, price, place, and promotion. people directly involved in making marketing decisions.

question

trademark

answer

The Pillsbury Doughboy is an example of a: patent. trademark. private brand. generic label.

question

packaging carries more of the promotional burden of the product.

answer

The evaluation of packaging as a marketing function indicates that: the package is less important as the Internet provides consumers with easily obtained information. packaging carries more of the promotional burden of the product. consumers are influenced less by packaging. the primary purpose of packaging is to limit the product liability of businesses.

question

a limited-edition print signed by the artist

answer

Which of the following products would most likely be classified as a specialty good or service? a microwave oven a limited-edition print signed by the artist a sports coat, slacks, and tie a car insurance policy

question

demand-oriented pricing.

answer

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents: competition-based pricing. cost-based pricing. target orientation. demand-oriented pricing.

question

laptop computers

answer

Which of the following products would normally be classified as a shopping good or service? laptop computers newspapers fur coats chewing gum

question

Specialty

answer

__________ goods appeal to consumers who are willing to make an extra shopping effort to acquire them. Specialty Shopping Convenience Consumer

question

variable

answer

The cost of raw materials used to produce a good or service represent the firm's ________ costs. fixed variable mixed uncontrollable

question

Packaging

answer

_________ is an important part of the total product offer for a product. Consumer income Management style Employee personality Packaging

question

Universal Product Codes

answer

The __________ on packages were intended to improve inventory control for businesses. stars and stripes Universal Product Codes lightweight adhesives Unit Standard Inventory bars

question

Brand awareness and image are important in marketing these products.

answer

Which of the following statements regarding convenience goods and services is accurate? Shoppers will exert lots of effort to obtain the product. Consumers purchase the product on an infrequent basis. Consumers buy only after carefully comparing quality and value. Brand awareness and image are important in marketing these products.

question

convenience goods

answer

Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort. unsought goods shopping goods specialty goods convenience goods

question

it can return to an earlier stage through creative marketing.

answer

Once a good or service nears the end of its product life cycle, the firm recognizes that: it is impossible to revert to an earlier stage of the model. it can return to an earlier stage through creative marketing. it will enjoy relatively high profits. marketing dollars spent now will provide little benefit.

question

Kellogg offers Special K, Raisin Bran, Corn Flakes, and a variety of other cold ready-to-eat cereals.

answer

Which of the following is the best example of a product line? General Motors offers passenger cars, small trucks, and tractor trailers. Sony offers DVD players, compact disk players, and video games. Kellogg offers Special K, Raisin Bran, Corn Flakes, and a variety of other cold ready-to-eat cereals. Hewlett Packard offers scanners, printers and personal computers.

question

maturity

answer

According to the product life cycle model, sales are expected to peak in the _________ stage. introduction maturity growth commercialization

question

Break-even analysis

answer

__________ is the process used to determine the profitability of a product at various levels of sales. Cost-based pricing Break-even analysis Demand-based pricing Competition-based pricing

question

price leadership

answer

A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow. skimming penetration target costing price leadership

question

nonprice competition

answer

Firms utilize ________ when they attempt to add value to their product by offering service after the sale, product demonstrations, or interactive customer Web sites. nonprice competition relationship branding niche marketing break-even segmentation

question

industrial

answer

Products that are used in the production of other goods and services are called ________ goods. specialty shopping industrial sponsored

question

target costing.

answer

The strategy of first determining what the market is willing to pay, then subtracting a desired profit margin to determine a desired cost of production is called: cost-based pricing. target costing. penetration pricing. skimming pricing.

question

may evaluate and compare a variety of factors.

answer

When people consider purchasing a good, they: are responding to the market forces of supply and demand. are most influenced by the price of the product or service. will not consider goods that require them to make a special effort to purchase. may evaluate and compare a variety of factors.

question

generic name.

answer

When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer, the brand may become a: generic name. trademark. universal product code. product liability issue.

question

penetration strategy

answer

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors? penetration strategy odd-even pricing strategy skimming strategy price lining strategy

question

quality assurance

answer

From the buyer's perspective, which of the following is a benefit of a product with a well known brand name? quality assurance helps in promotional efforts adds to repeat purchases differentiates products so that prices can be set higher

question

fixed costs

answer

Costs incurred regardless of the number of units of a product that are produced or sold are called: mixed costs. controllable costs. fixed costs. variable costs.

question

maturity

answer

During the ________ stage of the product life cycle sales reach a peak, profits are declining, and the number of competitors starts to decrease. growth maturity saturation decline

question

employee ideas

answer

The greatest source of ideas for new products is: consumer suggestions. suggestions from competitors. employee ideas. research and development.

question

a different marketing strategy.

answer

As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires: a different marketing strategy. a consistent application of fundamental marketing practices. an increase in the amount spent on advertising. more emphasis on personal selling.

question

knockoff

answer

A street vendor selling Rolex watches at ridiculously low prices approached Ted. Ted, however, was suspicious that the watches were illegal ________ brands. knockoff private generic look alike

question

Target Costing

answer

__________ involves designing a product so that it satisfies customers and meets the profit margins desired by the firm. Price discrimination Price leadership Target costing Cost-based pricing

question

it is a theoretical model that may not be followed by all products. it is a theoretical model that may not be followed by all products.

answer

1. When reviewing the product life cycle model, it is important to remember that: although all products go through each stage of the life cycle, the time frame can vary considerably from one product to another. it is a theoretical model that may not be followed by all products. the maturity stage accounts for the fastest growth in sales. companies earn their largest profits in the introduction stage.

question

direct marketing.

answer

Any marketing method that directly links manufacturers or intermediaries with the ultimate consumer could be classified as: direct selling. online marketing. direct marketing. kiosk-based.

question

rail

answer

Currently, in the United States the greatest volume of goods and services is shipped by: trucks and vans. pipelines. rail. water.

question

upliners are salespeople who act as independent contractors, earning commissions on their own sales and also on the sales of downliners, who are additional salespeople that they recruit.

answer

In the terminology of multilevel marketing, which of the following statements about the relationship between upliners and downliners is most accurate? In multilevel marketing, upliners are intermediaries who deal directly with final customers, while downliners are intermediaries who coordinate the transportation and storage services the upliners need to move the goods they sell through the channel of distribution. upliners are salespeople who act as independent contractors, earning commissions on their own sales and also on the sales of downliners, who are additional salespeople that they recruit. upliners sell through electronic retailing arrangements, while downliners use more traditional methods of retail selling. upliners use intensive distribution strategies to sell a good, while downliners use either a selective or exclusive distribution strategy to sell the same type of good.

question

75 percent

answer

About __________ of the cost of things we buy are marketing costs that go to pay for distribution costs of intermediaries. 25 percent 30 percent 75 percent 90 percent

question

add value that exceeds the cost of their services.

answer

Marketing intermediaries: add value that exceeds the cost of their services. add cost that exceeds the value they provide. increase the number of exchange relationships in the channel. complicate the distribution process.

question

Logistics

answer

_________ involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit. Export management Multi-level marketing Logistics Shipping control management

question

cash-and-carry wholesalers.

answer

Limited-function wholesalers that mainly serve small businesses by selling them a limited assortment of goods are known as: backdoor wholesalers. consolidated wholesalers. cash-and-carry wholesalers. agency wholesalers.

question

petroleum and petroleum products.

answer

Pipelines are used primarily to transport: coal slurry. hazardous wastes. ammonia and acids. petroleum and petroleum products.

question

low prices

answer

Discount stores owe much of their success to a competitive strategy based on: low prices. extra service. special credit arrangements. a wide selection in a limited number of categories of goods.

question

Piggyback

answer

_____________ shipping is the term used when truck trailers are transported on rail flatcars. Trailerhitch Piggyback Dualmode Trailerail

question

downliners

answer

In multilevel marketing, independent contractors who sell a product can increase their own incomes by recruiting _________ to also sell the product. commissionaires front-men merchant wholesalers downliners

question

specialty stores.

answer

Retailers such as jewelry stores, shoe stores, and bicycle shops are: department stores. discount stores. warehouse clubs. specialty stores.

question

kiosks

answer

Mall owners like to have __________ located along the walkways of their malls, because they create a marketplace type of atmosphere. cartels storettes kiosks minimarts

question

Full-service wholesalers

answer

___________ are merchant wholesalers who perform all of the distribution functions. Retailers Intensive contact wholesalers Total-capacity wholesalers Full-service wholesalers

question

can reach more destinations.

answer

Compared to rail transportation, one of the advantages of shipping by truck is that trucks: are more energy efficient. can carry a greater volume. can reach more destinations. are less expensive.

question

Rack jobbers

answer

___________ are limited-function wholesalers who furnish shelves full of merchandise to retailers who sell these items on consignment. Cash-and-carry wholesalers Rack jobbers Merchandise forwarders Consignment agents

question

franchise

answer

McDonald's, KFC, Baskin-Robbins, and AAMCO all make use of the __________ form of contractual distribution system. wholesale-sponsored chain franchise retail cooperative horizontally administered

question

channel of distribution

answer

A(n) ____________ consists of the marketing intermediaries that transport and store goods as they move through their path from producer to final user. channel of distribution marketing network input-output matrix mode of distribution

question

supply chain.

answer

Taken together, all of the organizations that move goods from the sources of raw materials to ultimate consumers is known as a: multifunction network. supply chain. critical distribution path. marketing priority network.

question

time

answer

Marketing intermediaries add ________ utility to products by having them available when consumers want them. time allocative response form

question

agents and brokers

answer

Unlike merchant wholesalers, ___________ never actually own the goods they help to distribute. rack jobbers retailers cash-and-carry wholesalers agents and brokers

question

Inbound logistics

answer

_________ brings raw materials, packaging, other goods and services, and information from suppliers to producers. Freight forwarding Inbound logistics Materials handling Supply side logistics

question

administered

answer

In a(n) __________ distribution system the producer manages all of the marketing functions at the retail level. administered contractual conglomerate master limited

question

possession

answer

Marketing intermediaries can provide _________ utility by offering customers affordable credit, free delivery, and product guarantees. possession information form promotion

question

are independently owned, but cooperate as a unified system of stores.

answer

Which of the following statements about wholesaler-sponsored chains is most accurate? In a wholesaler-sponsored chain all stores: are independently owned, but cooperate as a unified system of stores. act independently except for an agreement to share the costs associated with distribution. are owned by a single wholesaler, but operate under separate management. share profits and losses according to a contractual arrangement.

question

faster

answer

Compared to railroads and trucks, the biggest advantage offered by air transport is that it is: faster. more dependable. lower in cost. able to reach more destinations.

question

storage and distribution.

answer

The two basic types of warehouses are: public and private. railside and portside. storage and distribution. seasonal and long-term.

question

reverse logistics.

answer

When firms manage the return of goods from consumers either because they are defective or for recycling purposes, they are involved in: materials handling. inbound logistics. factory processes. reverse logistics.

question

retail stores.

answer

Discount stores, supermarkets, and department stores are all common types of: multilevel marketers. full-service wholesalers. retail stores. category killers.

question

with flows of materials, finished products, and information.

answer

Logistics is concerned: with flows of materials, finished products, and information. only with the flow of information, not the flow of materials and products. with the flow of materials to the manufacturer and with the flow of finished products to the consumer, but not with the flow of information. only with the flow of finished goods from the producer to the final consumer.

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