busad 102 final
30 test answers
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The organization responsible for conducting monetary policy in the United States is the:
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federal reserve system
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The redesign and new colors added to U.S. paper money is intended to:
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make the currency more difficult to counterfeit
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A favorable balance of trade occurs when the value of:
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the value of the dollar is greater than the value of the euro.
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Organizational ethics are learned by:
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observing the actions of others
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Which of the following piece of advice would an experienced business owner offer to help someone who is thinking about starting a business venture?
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gain experience by working for a successful businessperson
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The presence of competition in free markets:
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typically results in better quality and lower prices.
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List two similarities and two differences between Propaganda and Advertising.
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They both try and make a person think in a specific way. Both trying to create a bias in people for their product/ideas and against opposing products/ideas. The differences are in that advertising is usually government regulated (meaning they are supposed to be able to lie about their product/services) and while both want to affect preferences, advertising's primary purpose is to inform while propaganda's is to influence.
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"Given the current business environment, managing __________ has become a critical managerial function."
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change
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A franchise can be formed:
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"as a corporation, partnership or sole proprietorship."
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One difference between managers and leaders is that:
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mangers work to achieve stability while leaders embrace change.
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Which of the following statements is most consistent with today's views on marketing?
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"""Learn about your customers and exceed their expectations."""
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"Three of the major indicators of the economic condition of the United States are the gross domestic product (GDP), the price indices, and the:"
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unemployment rate
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A(n) ________ allocates dollars to various costs and expenses needed to operate a business at an estimated level of sales revenue.
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income statement
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"Often in business the greater the risk, the:"
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greater the potential reward.
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Which business function involves credit management/collecting funds from customers?
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finance
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"_________ refers to any paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the message."
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advertising
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High tax rates tend to:
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discourage entrepreneurship
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Name the four factors of Marketing
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Two or more parties with unsatisfied needs, desire and ability to satisfy those needs, a way for parties to communicate, something to exchange.
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A nation has a __________ in the production of a good if it can produce that good more effectively or efficiently than it can produce other goods.
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comparative advantage (absolute advantage if only producer)
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A significant disadvantage of owning a sole proprietorship is the:
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overwhelming time commitment often required of the owner.
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A firm's marketing mix refers to the combination of:
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"strategies regarding product, price, place, and promotion."
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The trend away from personal salespeople to self-service in many retail outlets has caused firms to:
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place a greater promotional importance on packaging.
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An entrepreneur:
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accepts the risk of starting and running a business.
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A major purpose of all of accounting is to:
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provide financial information that is useful to decision makers.
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"Sarah has been working for a small sheet metal shop for a few weeks. Tom and Bill are the two foremen that supervise activities in the shop. Both Tom and Bill give Sarah orders from time to time, and the two sometimes give her conflicting instructions about what she should do. Sarah doesn't want to make either Tom or Bill mad, but she is confused and frustrated by these conflicting assignments. This type of situation represents a violation of Fayol's ____________ principle."
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division of labor
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Which of the following describes charitable donations by corporations to nonprofit organizations?
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corporate philanthropy
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