Business 101

1. Computers that are manufactured in the United States and sold in Norway are categorized as U.S. ________.
During the past decade, the value of U.S. imports and exports has ________.
More Than Doubled
AusterTech, a U.S. company, produces computer parts and sells them to South American countries. AusterTech is engaging in the international business activity known as ________.
Los Angeles-based PMI Telecom purchases cell phones manufactured in Asia and sells them in the United States. PMI is engaging in the international business activity known as ________
A large part of the U.S. economy’s growth comes from ________.
The export and import of goods and services
When a company operates in other countries, it ________ risk.
Spread Out
True or False: Absolute advantage is becoming more rare these days.
A trade deficit occurs when _____?
Imports exceed exports
A country with a balance of payments surplus means _____?
Monetary inflow exceeds monetary outflow
A countries exchange rate is based on _____?
the rate at which its currency can be exchanged for currencies of other countries
A country has a good chance of selling more of its goods abroad if it ________.
Devalues it’s currency
An understanding of religious holidays is essential in order to overcome ________ international trade barriers.
True or False: Currency shifts are social and cultural barriers
One effect of the North American Free Trade Agreement (NAFTA) is:
An increase in trade among the NAFTA member nations
The European Union (EU) _____?
wants to promote European citizenship as a complement to national citizenship
Which of the following is the first step in the decision for a business to expand globally?
Determining which foreign markets to enter
The most common first step in engaging in international business is ____________.
Indirect Exporting
A U.S. electronics firm sets up a venture capital firm to fund promising British and Irish start-up companies. This is an example of ________.
Direct Investment
Which country features the most multinational corporations?
United States
When firms develop products and marketing strategies that appeal to the customer tastes and buying habits of particular national markets, they are using a ________.
Multi-domestic Strategy
________ 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.
A convenience store offers ________ utility by being open 24 hours each day.
Place utility is created when?
by having the good or service available at a convenient location when the consumer wants to buy it
The location of a coffee shop franchise in a mall creates ________ utility.
As the result of a hurricane heading toward the coastal area of North Carolina, residents rushed to purchase plywood to cover their windows. Retailers who carried plywood were operating in a ________.
Seller’s Market
The Tour of Hope is a cross-country bike tour designed to raise awareness about cancer clinical trials. Dasani bottled water is one of the sponsors, which enables the company to utilize ________ marketing.
The marketing of a social concern or issue such as preventing child abuse is known as ________ marketing.
Which of the following is the first step in developing a marketing strategy?
Identify a target market
Data collected for the first time through observation or surveys is ________.
Primary Data
All of the following are internal sources of data EXCEPT what?
Competitor’s Sales
The common bases for segmenting consumer markets include all of the following EXCEPT ________ factors.
Desmond is developing several different marketing strategies based on target markets that differ in terms of lifestyles. He is segmenting the overall market by ________.
psychographics keeps track of goods its customers have ordered. When a returning customer logs onto, the site creates a list of recommendations based on the customer’s purchasing history. Amazon is segmenting the market by________.
14. ________ refers to the actions of consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.
Consumer Behavior
Interpersonal determinants of consumer behavior include all of the following EXCEPT ________ influences.
True or False: Family influences are an interpersonal determinant of consumer behavior.
Personal and interpersonal determinants affect which step(s) in the consumer behavior process?
Each step in the consumer behavior process
When McDonald’s offered Madame Alexander gifts in its Happy Meals, both companies profited from the ________ arrangement.
A university offers alumni a special Visa card with the university’s logo printed on the front. Each time the cardholder uses the card, the university receives a small percentage of the amount charged. This is an example of ________.
An affinity program
Bailey seeks out cleaning products that are environmentally friendly and is willing to pay extra for a “green” brand. What is the main factor for Bailey’s purchase?
Personal Determinants
A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called ________.
Consumer products are usually classified as ________.
convenience products, shopping products, and specialty products
Items that consumers purchase frequently, immediately, and with little effort are ________ products.
Jan takes her car to Oil Express for an oil change. This is an example of a(n) ________.
Consumer Service
A combination of product lines represents a company’s ________.
Product mix
In a process called ________, products pass through a series of stages from their initial appearance to their decline.
Product Life Cycle
A brand that has been given legal protection is known as a ________.
American Express is an effective brand name because it ________.
is easy to pronounce, recognize, and remember
________ is responsible for moving goods and services from producers to buyers.
Raoul’s job is to make sure that his company’s goods get from the warehouse to retailers in a timely fashion. Raoul’s job involves the ________ function.
The two major distribution channels are ________.
Direct and marketing intermediary
True or False: Makers of a product can contact customers cost effectively is not a benefit of a marketing intermediaries?
Vending machines are an example of ________.
Automatic Merchandising
The first step in developing a competitive retailing strategy is to ________.
Identify a target market
Which of the following is not a consideration when deciding which distribution channel is most efficient?
Which of the following approaches would result in the fewest number of intermediaries?
Exclusive Distribution
The complete sequence of suppliers that contribute to creating and delivering a good or service is called the ________.
Supply Chain
Where does the supply chain begin?
Delivery of raw materials
Where does the supply chain end?
The activities involved with the actual movement of goods from the producer to the user are part of the ________.
Physical Distribution
In the U.S. financial system, which of the following is a net saver?
Funds can be transferred between savers and users in two ways:_____________.
Directly and indirectly
_____ is a form of short-term financing sold by corporations, such as Salton Brands, that mature from 1 to 270 days after the date of issue.
Commercial Player
A _____ is a time deposit at a financial institution, such as a commercial bank, savings bank, or credit union.
_____ are creditors of a corporation or government body.
The U.S. Department of Treasury sells what type of bonds?
Government Bonds
Bonds with ratings of BBB and above are classified as ____.
Investment-grade bonds
Other things being equal, the higher the interest rate, the _____ the price of a bond.
What provision allows the issuer to redeem the bond before its maturity at a specified price?
Call Provision
The most common type of order is called a ___. It instructs the broker to obtain the best possible price—the highest price when selling and the lowest price when buying.
Market Order
Which of the following is a depository financial institution?
Credit Union
Which of the following is a non-depository financial institution?
Life Insurance Company
Commercial banks obtain most of their funds from what?
Sean made a purchase at his local Wal-Mart. Instead of writing a check, Sean used a card issued by his bank with a Visa logo on the front. He entered his PIN and the purchase was automatically deducted from his checking account. Sean used his ________ card.
Which of the following financial institutions is organized as a not-for-profit cooperative?
Credit Union
What is not included in M1?
Money Market Mutual Funds
The rate the Fed charges member banks for short-term loans is called the ________.
Discount Rate
The SEC requires virtually all new public issues of corporate securities to be registered. As part of the registration process for a new security issue, the issuer must prepare a ____.
_____ is defined as the use of material nonpublic information about a company to make investment profits.
Insider Trading
Financial markets are regulated by ___.
All of the Above. (SEC, Professional Associations, Major Financial Markets)
The financial manager for a typical corporation is responsible for ________.
determining the most appropriate sources and uses of funds
The senior financial manager has the title of ________.
Chief Financial Officer
Which of the following individuals has the direct responsibility for shareholder relations?
In the typical firm, the ________ is the chief accounting manager.
Which of the following is the best definition of financial risk?
Risk is the uncertainty regarding the gain or loss from an investment.
The gain or loss that results from an investment over a specified period of time is known as ________.
The process that periodically checks actual revenues and expenses against forecast values is ________.
Financial Control
A(n) ________ is a document that specifies the funds a firm will need for a period of time, the timing of inflows and outflows, and the most appropriate sources and uses of funds.
Financial Plan
True or False: A companys financial plan should cover a contingency plan in case of bankruptcy
All of the following actions result in equity capital EXCEPT ________.
Issuing Bonds
Central Valley Pharmaceuticals needs to raise funds to buy new production equipment. The financial manager would probably suggest that his company raise debt capital by ________.
Borrowing money from a bank
Borrowing money ________.
Creates Leverage
All of the following are sources of short-term funds EXCEPT ________.
When a firm receives goods or services from a supplier and agrees to pay for them at a later date, this arrangement is called ________.
Trade Credit
Short-term assets are expected to be converted into cash within _____.
Mitch raises money from wealthy individuals and institutional investors for a variety of promising new companies. In exchange, he will become part owner of those businesses. Mitch is a(n) ________.
Venture Capitalist
The term used to describe the benefits produced by a merger or acquisition is _____.
A(n) ________ is the reverse of a merger.
A(n) _____ is a transaction in which one company buys another.
_____ are investment companies that raise funds from wealthy individuals and institutional investors and use the funds to make investments in both public and private companies.
Private Equity Funds
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