bus 101 final Test Questions - Flashcards

Q: Which best describes the equilibrium price in the relationship between supply and demand?

Hank said, \"We can charge whatever the market will bear.\"

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_____ is the current chairman of the Federal Reserve.

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Janet Yellen

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As competition has become truly global, free trade has resulted in ____ prices and ____ quality across virtually every product category.

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lower:higher

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Which of the following features best describe a nonprofit?

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product or service, employees, revenue, sales, and a primary purpose of doing good

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The Federal Reserve is the _____ of the United States

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central bank

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_____ refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation

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Fiscal policy

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Two key phases of the business cycle are

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contraction and expansion

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Which best describes the equilibrium price in the relationship between supply and demand?

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Hank said, "We can charge whatever the market will bear."

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All of the following are basic freedoms encouraging entrepreneurship EXCEPT

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freedom of guaranteed profits

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Entrepreneurs

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create benefits for others while seeking profit for themselves.

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Michael has inherited $500,000 from the sale of a family business. His banker is advising him to find multiple banks to deposit his money. Why?

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The Federal Deposit Insurance Corporation will only insure up to $250,000 in each account per customer, per bank. He would need more than one bank to ensure his money is federally protected in the event of an economic collapse of the banking system.

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Which of the following best describes the current business environment?

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Government spending is of great concern, as well as its accompanying tax burden in a wild economic environment. But technology has not yet found a limit. The entrepreneurial spirit is alive and well in America, though competition has increased exponentially due to international trade agreements

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Business will incur a _____ when expenses are higher than revenue.

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loss

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The _____ shows the quantity of products that producers will offer at various market prices.

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supply curve

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Businesses in the relationship era focus efforts on building long-term customer relationships. To accomplish this, a key tool for business development during this era is

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technology

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_____ refers to the quality and quantity of products and goods available to a population at a given time.

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standard of living

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Human resources include the

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physical, intellectual, and creative contributions of individuals working within an economy.

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Which of the following is not a fundamental right of capitalism?

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right to keep profits and not pay taxes

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Macroeconomics focuses on ____.

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the major issues facing the national economy that may seem abstract, but directly affect an individual's day-to-day life.

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From the business perspective, a key reason to study economics is to

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gain a better understanding of past business choices in order to make better future decisions

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A _____ is any activity that provides goods and services in an effort to earn a profit.

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business

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Key infrastructure challenges to consider when entering a foreign market include:

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transportation, communication, energy

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What is the European Union?

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common market

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Imports and exports enhance international trade, while creating growing opportunities for nations. Which of the following is NOT a benefit of global trade?

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less competition

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Compared to the U.S., the nations of China and India have

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larger populations and more economic growth

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Decisions of the World Trade Organization in settling trade disputes are

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binding on all parties involved in the dispute

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The three countries participating in the North American Free Trade Agreement (NAFTA) are

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Canada, Mexico, USA

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Reasons to eliminate trade restrictions include all of the following EXCEPT

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protect national security

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A(n) _____ is an agreement among two or more two companies to join forces to pursue specific opportunities without actually merging their operations.

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joint venture

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The purpose of the General Agreement on Tariffs and Trade (GATT) was to

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encourage worldwide trade

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The _____ influences the global economy by providing technical advice to the governments of developing countries for projects in a range of areas including infrastructure and education.

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world bank

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If trade restrictions among nations were eliminated, economists predict

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competition would increase, resulting in lower prices and increased choices for consumers

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In 2002, the U.S. steel industry lobbied the U.S. government to place a tax on the importation of foreign-produced steel. The goal was to make imported foreign steel more expensive, thus giving economic relief to U.S. steel producers through a(n) _____.

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tarriff

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Foreign _____ is contracting with foreign suppliers to produce products usually at a fraction of the cost of domestic production

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outsourcing

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Nashika spent a two-week vacation in Africa and purchased more than $4,000 worth of African tribal art. Upon returning to the U.S., she was required to pay a(n) _____ on the artwork.

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tarriff

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Relative to other nations, the United States appears to have more plentiful ____ available.

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capital

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Language, customs, educational background, social values, and religious holidays need to be understood and respected by foreign businesses in considering

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sociocultural differences

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International trade provides businesses with access to new customers through

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outsourcing, importing, exporting, licensing, franchising, and foreign direct investment

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What was the predicted result of NAFTA?

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significant job loss for the US economy

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A trade ____ occurs when a country imports more goods and services than it exports.

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deficit

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Ross has two different projects he would like to work on this weekend; he wants to paint the spare bedroom or perform some minor repairs on his old '83 Chevy. Unfortunately, he doesn't have time to do both this weekend. The fact that Ross must give up one thing in order to do something else illustrates the concept of

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opportunity cost

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Deliberately designing a product to fail in order to shorten the time between consumer purchase and repurchase is known as

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planned obsolescense

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In challenging business decisions, true ethical delimmas are when _____________.

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someone is forced to choose among bad options

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Which scenario is preferable, ethically speaking, for stakeholder groups?

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Organic juice manufacturer Odwalla finds e.coli bacteria in its product, but not before it hits the market. Several people become ill, and one little girl dies. The CEO shuts down all production, recalls all product, conducts an investigation to fix the problem, resumes production, and attends the girl's funeral all before FDA intervention occurs.

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The goal of _____ is to meet the needs of the current generation without harming the ability of future generations to meet their needs.

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sustainable development

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The goal of universal ethical standards is to

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provide guidelines that apply to everyone across a broad spectrum of situations.

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Stakeholders are

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groups or individuals with a personal interest in the performance and actions of a business.

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Recently, Estée Lauder announced that it will donate a portion of each sale of its Gwyneth Paltrow-endorsed perfume to breast cancer research. This is an example of

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cause related-marketing

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Ethics refer to __________.

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sets of belief about right and wrong

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_____ are among the most challenging issues faced by companies and individuals that are involved in international businesses.

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bribery and corruption

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The spectrum of how firms address issues concerning social responsibility ranges

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from firms that never contribute to socially responsible causes to firms that choose to integrate social responsibility into their strategic plans.

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The Drof Motor Company has created an exciting new vehicle, the Terminator. One reason that the company is so excited about this vehicle is that once the 60,000-mile warranty ends, the vehicle will begin to experience mechanical problems generating more service income for the company. This behavior is

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legal and unethical

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A person who reports illegal or unethical behavior within an organization is known as a

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whistle-blower

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A unifying written document that articulates a firm's ethical priorities is described as the company's:

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code of ethics

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_____ is the social movement supporting the consumer's right to be informed, to be safe, to choose, and to be heard.

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Consumerism

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Research indicates that the organizational culture

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has significant influence on the individual employee's ethical behavior.

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Mary found out that there is a management position available at competitor's store and has applied for it. During the interview process, the prospective new employer asks Mary if she has access to her company's client list. The prospective new employer implies that Mary would be guaranteed the position with a sizable compensation package if she would be willing to bring the client list with her. Mary really could use the extra money. Mary has encountered an ethical dilemma, what should she do?

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Mary should decline to bring the client list with her, since this request is unethical.

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Ethical choices begin with ethical ________________.

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individuals

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In the business world, social responsibility refers to

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the obligation of a business organization to contribute to society

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_____ are the moral principles that govern behavior, while a(n) _____ occurs when the behavior results in a choice among alternatives, each of which has negative consequences.

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Ethics; Ethical dilemna

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The role of the CEO in setting the ethical tone for a company is

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to establish high ethical standards, clearly communicate these standards, and demonstrate a strong personal commitment to them.

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The _____ is the federal government agency dedicated to maintaining and strengthening the national economy by aiding, counseling, assisting, and protecting the interests of small businesses.

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Small Business Administration

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When entrepreneurs fail they tend to

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view it as an opportunity to learn from their mistakes

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A business plan should include all of the following topics EXCEPT

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a detailed description of the firm's contingency plans.

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The business plan has two main purposes

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provides a document to keep employees focused; necessary to seek outside funding.

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Research suggests that many entrepreneurs find their new business with:

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personal resources of the founder

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Which choice best describes some key reasons for starting up your own business?

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Some people just need a good challenge. As an entrepreneur they will find it; along with the independence to meet it however they see fit.

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are often lower than they are for big companies, giving small businesses a competitive opportunity.

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Overhead costs for small businesses

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One reason many small businesses fail is the founder's inability to

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manage money more wisely

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All of the following are entrepreneurial characteristics, EXCEPT

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aversion to risk

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Which of the following nations is likely to have the lowest percentage of entrepreneurs?

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Countries that place extensive, complex regulations on business

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_____ are local offices affiliated with the Small Business Administration that provide comprehensive management assistance to current and prospective small business owners

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Small Business Development Centers

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Sheila loves taking care of animals and has thought about starting her own pet grooming business. However, she doesn't know much about the growth potential for this type of business or the amount of competition she would face. She also wants to find out if there are any government regulations she would need to follow. A good starting point to help her find answers to her questions is to contact the:

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Small Business Administration

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Which of the following is true of small businesses?

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Small businesses generate about half of the U.S. gross domestic product.

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_____are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them.

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Market niches

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For research purposes, the Small Business Administration defines small business as companies with up to _____ employees.

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500

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Paige founded Noodle, an Internet search provider. In order to secure the first round of financing, she wrote a business plan. Which of the following information would she include in her business plan?

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how Noodle will reach its potential customers

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_____ are wealthy individuals who invest in new and growing firms

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Angel investors

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Identify the entrepreneur.

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Jill holds a BS in business and another in landscape architecture. While she works at a coffee shop to make ends meet, she cannot stop herself from staying up late into the night researching the landscape architecture industry and making a strategy.

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A venture capitalist firm is most likely to be interested in investing in a

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a small new company with potential for rapid growth

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Which of the following is an actual competitive disadvantage for many small businesses?

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lack of business knowledge and expertise by the owners

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_____ is a system for recognizing, recording, organizing, summarizing, analyzing, and reporting information about the financial transactions that affect an organization.

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Accounting

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To provide external shareholders with relevant, reliable, consistent, and comparable financial information, the accounting profession has adopted _____ to guide the practice of financial accounting.

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generally accepted accounting principles (GAAP)

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Accountants define cost as

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the value of what is given up in exchange for something.

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Which of the following is used to interpret financial statements of a firm?

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an independent auditor's report

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_____ accountants provide services such as tax preparation, external auditing, or management consulting to clients on a fee basis.

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Public

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_____ refer to the cash spent by a firm to carry out business activities and generate revenue.

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Expenses

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One of the purposes of the Sarbanes-Oxley Act of 2002 was to

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prevent relationships that created conflicts of interest between CPA firms and the firms they audit.

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Which of the following does not classify as an asset of a company?

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salaries payable

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The _____ summarizes a firm's financial position at a specific point in time (i.e., a specific quarter or year).

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balance sheet

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As a _____ you work within an organization, preparing reports and analyzing financial information such as budgets and cost management.

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management accountant

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Investors are provided with _____ from the firms whose stock they own. These documents provide additional information about the firm's practices and operations.

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annual reports

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Profit is the difference between

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revenues and expenses

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In what key ways does managerial accounting differ from financial accounting?

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Managerial accounting is primarily focused inward for benefit of the company.

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Candidates wishing to become certified public accountants must complete all of the following to reach certification EXCEPT

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must complete an accounting-related internship while in college

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Preparing a good budget is beneficial because

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All of these statements are benefits of budgeting.

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What is the accounting equation?

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assets= liabilities + owner's equity

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All of the following are liabilities EXCEPT

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Cost of Goods Sold

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The external audit process includes all of the following EXCEPT:

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check the accuracy of every transaction

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_____ is/are what the firm owes its creditors.

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owner's equity

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_____ is the private, self-regulating, seven-member board established to develop generally accepted accounting principles used in the practice of financial accounting.

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FASB

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Common stockholders have all of the following rights EXCEPT

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the right to repayment of principle

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Equity financing is provided by ____ while debt financing is provided by ____.

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owners, creditors

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The _____ forecasts the types and amounts of assets a firm will need to implement its future plans as well as the amount of additional financing the firm must arrange in order to acquire those assets.

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budgeted balance sheet

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Which of the following best explains the time value of money?

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It means that it's best to have money today, so it can be put to work sooner to make even more money.

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Individual investors are not permitted to directly trade stocks on the NYSE or NASDAQ. Therefore, individuals most seek the help of a(n) _____________.

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broker

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Which of the following is true of personal investing?

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In general, riskier investment strategies offer the potential for a higher return

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Jorge is a senior vice president for his company. He learned at a senior staff meeting today that the company's research staff has made an amazing discovery that is almost certain to result in several profitable new patents. He is confident that once this information becomes public knowledge, the price of his company's stock will soar. He calls his broker and places an immediate order to buy 5,000 additional shares of stock in the company. Jorge's actions are

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an example of illegal insider trading

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An initial _____ is the first time a corporation issues stock that may be purchased by the general public.

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public offering

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Before going public, a firm must file a registration statement with the

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Securities and Exchange Commission

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At Chips and Dips, a local convenience market, an increase in the inventory turnover ratio would indicate that it was

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selling its merchandise more quickly

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Financial management includes all of the following functions EXCEPT

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making decisions about the appropriate way to promote products.

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_____ is the functional area of business that is responsible for finding, among many alternatives, the best sources of funds and the best way to use them.

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Finance

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The _____ created the Federal Reserve System, with its primary responsibility being to oversee our nation's banking system.

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Federal Reserve Act of 1913

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The exact date when the issuing firm must repay the principal to a bondholder is known as the bond's _____ date.

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maturity

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____ consist(s) of the stocks of goods, materials, parts, and work-in-process that firms hold as part of doing business.

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Inventory

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Jesse loves cosmetics. It is her passion; she performs makeover magic all day everyday for thousands of fabulously satisfied customers. As a result, she has invested in the stock of every solid-performing cosmetics manufacturer or distributor she could get her hands on. What's the deal with her investment strategy?

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She should diversify her portfolio by investing in something other than cosmetics, like an up-and-coming tire manufacturer.

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Today's financial managers generally believe that treating customers, employees, suppliers, creditors, and other stakeholders with fairness and respect

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often helps the firm increase value for its owners

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The three basic types of securities corporations issue to raise long-term financial capital are

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common stock, preferred stock, bonds

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Historically the most widely accepted goal of financial management is

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maximizing the value of the firm to its owners

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Dividends to common stockholders are

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a distribution of profits that are paid only if approved by the company's board of directors.

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A firm's _____ is a brief statement articulating how the marketer wants the target market to envision his or her product relative to the competition.

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positioning statement

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The _____ is a theoretical model that includes the stages of introduction, growth, maturity, and decline.

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product life cycle

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A product _____ is a group of products offered by a firm that are closely related to each other, either in terms of how they work, or the customers they serve.

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line

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Which of the following stages of the new product development process involves weeding out ideas that don't fit with a company's objectives and ideas that are too expensive to develop?

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idea screening

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_____ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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Marketing

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Independent wholesalers fall into two categories:

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merchant wholesalers and agent/brokers.

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Henry Ford's famous quote that customers could have any color car they wanted "as long as it is black" best reflects marketing attitudes during the _____ era.

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production

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Online selling, direct response retailing, and vending machines are all examples of

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nonstore retailers

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HP relies heavily on wholesale and retail channel partners to distribute its computers. Dell elects to sell most of its computers directly to consumers without using intermediaries. Clearly, these firms have different

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channels of distribution

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_____ refers specifically to how people act when buying goods and services for personal consumption.

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Consumer behavior

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Who holds the record for the most humorous Super Bowl ads?

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Budweiser

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Successful product differentiation requires that the

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product must not only be different from those of competitors, it must also be better.

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The goal of distribution is to

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get the right product to the right person at the right place and time.

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In marketing, promotion refers to

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communication intended to influence consumer purchase decisions through information, persuasion, and reminders.

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The Creamy Cow is a maker of gourmet ice cream. The company uses _____ to sell its products by using a variety of venues, including grocery stores, online, and mail order.

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multichannel marketing

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_____ is the customer's perception that a product has a strong, positive relationship between its cost and benefits.

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Value

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In its broadest sense, _____ refers to an organization's ongoing efforts to create positive relationships with its consumers, employees, suppliers, the community, the general public, and the government.

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public relations

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A key to successful customer relationship management is to

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collect, manage, and apply the right data at the right time to the right customer.

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A common error marketers commit when trying to generate customer satisfaction is to

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underpromise, thus setting consumer expectations too low

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Demographic segmentation divides the market by

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measurable characteristics

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The practice of outsourcing

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has begun to impact high-tech, high-pay positions as well as low-end jobs.

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Shane has worked for Alpha Fastener, LLC for over 20 years. He has worked his way up to the top management. He spends his time at work thinking about how the firm should execute a hostile takeover of its primary local competitor, Gamma Nuts ; Bolts, Inc., so as to enrich its stake in the local marketplace. Which of the following kinds of planning is Shane engaging in?

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Shane is engaged in strategic planning

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A major challenge human resource managers face with their baby boom generation employees is that:

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this very large group is nearing retirement, raising the possibility that firms will lose many of their most talented and experienced employees.

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Human resource managers are trying to ease the "brain drain" in the workforce caused by highlyqualified, professional women leaving the workforce early—with specific retention plans and:

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taking proactive steps to reintegrate women back into the workforce.

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Strong orientation programs help to significantly reduce employee _____.

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turnover

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_____ is the achievement of the goals of an organization through planning, organizing, leading, and controlling organizational resources.

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Management

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Carl McNamara is a human resources manager who believes that his company needs some fresh energy and new ideas. Rather than hire from within, he's looking to fill some of the new openings in his company with qualified candidates from outside the company. Which of the following sources would probably provide him with the most effective way of locating potential employees who would be a good fit?

answer

Offer bonuses to existing employees for successful referrals.

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Lauren works at CDz, the local music store. Lately, she has noticed that Mike, the regional manager, is making more of the decisions for store displays and music selections than the store manager. When she asks Mike why he has picked up the added responsibility, he says, "Headquarters wants to ensure a more consistent approach for our customers, so they've decided to adopt a more _____ approach."

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centralized

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The _____ function of management means creating a logical structure for people, their jobs, and their patterns of interaction.

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organizing

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Which of the following statements is true of SWOT analysis?

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Strengths and weaknesses include factors that would either build up or drag down the firm's performance.

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One of the advantages of hiring younger workers is that they:

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often bring optimism and a proven ability to multitask to work.

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A person's leadership style is defined by the way one:

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uses his/her power

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_____ would appeal to employees who want to have some flexibility in the choice of the benefits they receive.

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Cafeteria-style benefits

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Which of the following statements is true of middle management?

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They must have exceptional human skills

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Which of the following is a characteristic of an ideal objective emerging out of the planning process?

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The objective must be specific and measurable.

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The top companies in Fortune magazine's 100 Best Companies to Work for in 2013 emphasize:

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a positive culture to motivate employees

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According to Maslow's hierarchy of needs theory, which of the following describes the need for fulfillment?

answer

the self-actualization need

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Firms that use internal recruitment to fill job openings are likely to benefit in all of the following ways EXCEPT:

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it ensures that a highly qualified individual will get the job.

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Eileen is 23 years old and a recent college graduate who just accepted her first full-time position as a web designer. If Eileen is like most in her generation, it is likely that she will:

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have high expectations about pay and opportunities for advancement but low expectations about her employer's loyalty to her.

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Promoting career development of employees is one of the duties of a company's _____ department.

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human resources

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The two broad categories of software are

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system software and applications software

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All of the following are forms of Internet traffic EXCEPT

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graphical user interface

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A(n) _____ is a network confined to sites on internal web servers and only available to individuals within an organization.

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intranet

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Cloud computing has many advantages over traditional computing. One advantage of cloud computing is that it

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encourages collaboration among employees

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The vital function of _____ involves transforming data into useful information for decision makers.

answer

information technology department

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_____ is/are the raw facts and figures businesses collect.

answer

Data

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In an effort to make better decisions, many companies develop _____ that give managers access to large amounts of data and processing power to covert data into high-quality information.

answer

decision support systems

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In an effort to make better decisions, many companies develop _____ that give managers access to large amounts of data and processing power to covert data into high-quality information.

answer

data mining

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_____ e-commerce involves businesses buying and selling supplies, components, machinery, equipment, or services from other businesses.

answer

B2B

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_____ is the marketing strategy of building relationships with customers. It has experienced a tremendous boost due to the growth of the Internet.

answer

Customer relationship development

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_____ is an Internet marketing strategy that attempts to involve customers and others not employed by the seller in activities that promote a product.

answer

Viral marketing

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In its statement stuffers, Comcast is advertising a new paperless statement program. With a few clicks of the mouse, you can now get your bill, pay it, and get a receipt. This is one example of a number of retailers now offering

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electronic bill presentment and payment

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_____ is software installed, often erroneously, on a computer that might log each keystroke in an effort to capture passwords and user names to accounts.

answer

Spyware

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Lucy Luddite is frustrated with her computer. Many files on the hard drive have been modified or erased, and now it takes forever for the computer to boot up. Based on this information, it appears her computer has been

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infected with a computer virus

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______ are all examples of malware.

answer

spyware, computer viruses, and worms

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Brady received an email claiming that his bank's records show some possible errors in his account and requesting that he click on a link to a site where he can confirm his password, social security number, and account numbers. The email looks official and contains his bank's logo. Brady should

answer

not click on the link and call his bank, because it is likely to be a phishing scam.

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The _____ requires senders of unsolicited commercial emails to label their messages as ads and to tell the recipients how to decline future messages.

answer

CAN-SPAM Act of 2003

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_____ are skilled computer users who try to gain unauthorized access to other people's computers.

answer

Hackers

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____ is the result of creative efforts such as books, musical works, inventions, and computer software.

answer

Intellectual property

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Performing timely backups, updating operating systems regularly, and not opening emails or attachments from people you do not know are just a few suggestions to

answer

protect your computer from viruses and online threats

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_____ is concerned with all of the activities involved in creating goods and services and the distribution of those goods and services to customers.

answer

Operations management

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Back in the early 1980s TipeRite typewriters were popular among students, because they were solid but inexpensive. TipeRite was able to make a profit despite its low prices, because it kept its costs low. But in the late 1980s and 1990s, more and more students abandoned typewriters and began using personal computers and word processing software. Even though the new technology was much more expensive than typewriters, it was also much more versatile and powerful. Soon TipeRite couldn't find anyone to buy its products despite their low prices. The company's trouble illustrates that:

answer

efficiency doesn't guarantee success if other firms provide products of greater value

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From an operations management perspective, a manufacturing firm's value chain includes:

answer

the flow of materials and finished goods through all firms involved in production and distribution, plus the corresponding flows of services, financial resources, and information.

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Deciding how much inventory to keep on hand can be a challenge. Jackie, a local toy store manager has ordered a large number of skateboards for the holiday season. Most likely, her reason for this tactic is:

answer

she is preparing for a large sale and does not want to run out.

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When the vice president of operations for McDonald's looks for a new franchise location, what should he or she consider first?

answer

Is the prospective location near customers and suppliers?

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Background music, lighting and the use of scents are all factors of ____________ in servicescape designs.

answer

ambience

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Everyday at lunch time customers for Tran's Asian cuisine are lined up outside the door. Tran can not afford to build a larger facility so in order to spread out demand Tran should consider

answer

offering an incentive for customers to come at off-peak times.

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Which statement about robots is false?

answer

Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to "feel" or "hear".

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Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to "feel" or "hear".

answer

how well a product satisfies the preferences of customers.

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One goal of TQM is to focus on _____ rather than _____ of problems.

answer

prevention, correction

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While TQM has several goals, Six Sigma is about _____

answer

reducing deficits

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_____ is the set of strategies and practices to eliminate waste.

answer

Lean production

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Finding ways to meet an organization's current objectives while protecting and preserving the environment for future generations is known as _____

answer

sustainability

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The purpose of just-in-time production is to:

answer

keep inventories at a minimum

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The goal of a(n)_____ system is to integrate the information flows of all aspects of a business's operations.

answer

enterprise resource planning

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Which of the following statements is true of enterprise resource planning (ERP)?

answer

ERP makes it easier for organizations throughout a value chain to coordinate their activities.

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____ software takes the electronic design for a product and creates the programmed instructions that robots must follow to produce that product as efficiently as possible.

answer

Computer-aided manufacturing

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Which of the following is a similarity between total quality management and six sigma?

answer

They rely on teams of workers to carry out specific projects to improve quality.

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Mary Harris heads a team of employees at Panther Creek Production. The goal of the team is to reduce or eliminate any function that uses resources that do not create value. Mary Harris and her team are charged with implementing:

answer

lean production

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Mary Harris heads a team of employees at Panther Creek Production. The goal of the team is to reduce or eliminate any function that uses resources that do not create value. Mary Harris and her team are charged with implementing:

answer

lean production

question

Mary Harris heads a team of employees at Panther Creek Production. The goal of the team is to reduce or eliminate any function that uses resources that do not create value. Mary Harris and her team are charged with implementing:

answer

lean production

question

Mary Harris heads a team of employees at Panther Creek Production. The goal of the team is to reduce or eliminate any function that uses resources that do not create value. Mary Harris and her team are charged with implementing:

answer

lean production

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