question

Good friends Bernie Samples and Susan Randle each studies accounting in college. Recently they decided to work together as co-owners of a small accounting firm. This is an example of

answer

Partnership

question

Walmart, exxonmobil, intel, and virtually all other large companies in the U.S. are organized as

answer

C corporations

question

Which of the following strategies are recommended for small business owners to succeed over the long term

answer

Develop a business plan, gain experience, educate yourself, and learn from others

question

the majority of new small business owners rely heavily on ____ to finance their startups

answer

personal sources, including family, friends, and credit cards

question

An_____ occurs when two companies agree to combine operations to form a new company

answer

merger

question

One characteristic many successful entrepreneurs share includes

answer

vision

question

______ is the contractual relationship in which an established firm supplies another business with unique resources in exchange for payment and other considerations

answer

franchising

question

Overhead costs for small business

answer

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

question

the most effective way to form a general partnership is

answer

to develop a written partnership agreement

question

a ___ is a legal entity created by permission of a state or federal government

answer

corporation

question

Jacob currently works as a manger at a major corporation but has been thinking about quitting to start his own business. which of the following reasons would most likely explain Jacob's interest in making this major career change

answer

He wants to have more independence and flexibility than his corporate position allows

question

A key advantage of a sole proprietorship is that

answer

IT IS EASY AND INEXPENSIVE TO FORM this type of business

question

What are some of the threats which face the average small business

answer

lack of experience

question

sole proprietorships make up over _____ of all businesses

answer

70%

question

Cynthia is a successful business woman who has amassed a large amount of money by investing in companies with the potential for rapid growth...... WHile she is excited about the possibility of helping these businesses grow, her primary motivation is to make money for herself. Cynthia matches the profile of an

answer

angel investor

question

In the united states, ____ are the dominant form of business ownership in terms of net income

answer

corporations

question

Stockholders in a corporation elect the ___ to oversee the operation of the company and ensure that their interests are protected

answer

board of directors

question

the ___ is the federal government agency dedicated to maintaing and strengthening the national economy by aiding, counseling, assisting, and protecting the interests of small businesses

answer

Small business administration

question

An ____ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timeline for achieving those objectives

answer

business plan

question

Types of corporations include

answer

general, S, Statutory close, and nonprofit

question

_____ provide funds to small businesses with high growth potential in exchange for a share of ownership in the company

answer

Venture capitalists

question

____ are people willing to take the risk of starting, owing, and operating a business

answer

Entrepreneurs

question

When entrepreneurs fail, they tend to ____

answer

View it as an opportunity to learn from their mistakes.

question

Stockholders are _____ of a corporation. They have the right to vote on issues affecting the operations of the business

answer

owners

question

A non profit corporation enjoys the benefit of ____

answer

Earning that are exempt from state and federal taxes

question

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

answer

market niches

question

what are the three types of partnerships

answer

general, limited, and limited liability

question

A possible drawback when buying an existing business is that ____

answer

you may inherit the mistakes made by the previous owner

question

the majority of businesses today are formed as

answer

sole proprietorships

question

Burger king, McDonalds, wendys, and Hardees are examples of

answer

business franchising

question

Businesses ethics are a set of beliefs about ___

answer

what is right and wrong in a business setting

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A ____ establishes expectations for ethical behavior at all levels of the organization

answer

code of ethics

question

Pat has noticed some of his company's sales representatives behaving in an unethical manner with clients. He intends to report this ethical lapse through his company's anonymous ethics hotline. if he reports this unethical behavior, he would be

answer

Whistle-blower

question

The spectrum of socially responsible behavior of firms may vary from

answer

no contributions to responsive contributions to proactive contributions

question

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

answer

Whistle-blower

question

____ are the principles that govern behavior, while a/an ____ occurs when the behavior results in a choice among alternatives, each of which has negative consequences

answer

ethics, ethical dilemma

question

The Foreign Corrupt Practices Act ___

answer

Forbids U.S. companies from offering bribes when engaged in foreign business transactions

question

______ is visible when companies contribute to the well-being of society

answer

social responsibilty

question

Stakeholders are ____

answer

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

question

corporate ___ is the donation of time and or money to nonprofit organizations in an effort to support charitable causes

answer

Philanthropy

question

______ refers to actions that shape the economy by influencing interest rates and the supply of money

answer

monetary policy

question

Demand is defined as ____

answer

the quantity of products that consumers are willing to buy at different prices.

question

Nonprofit organizations are not in the business of ___

answer

financial gain

question

The Federal Reserve is the ____ of the United States

answer

Central bank

question

Business will incur a ____ when expenses are higher than revenue

answer

loss

question

macroeconomics focuses on

answer

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

question

The stock market, housing foreclosures, and unemployment rates are all part of an organizations' ___ enviorment

answer

economic

question

Of the following, which is the best way for firms to enhance customer satisfaction

answer

by providing greater value

question

A basic characteristic of _____ is that both producers and consumers are free to make their own economic decisions on many basic issues

answer

capitalism

question

A federal agency called the ____ was established to protect customer deposits in banks and thrift institutions for up to $250,000 per customer per bank

answer

federal deposit insurance corporation (FDIC)

question

____ is the current chairman of the federal reserve

answer

Ben Bernanke

question

As a factor of production, capital would include

answer

machines, tools, buildings, and technology

question

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 ____.

answer

technology

question

The relationship era introduced the idea ____

answer

that cultivating current customers is more profitable than constantly seeking new ones.

question

The 4 major categories of factors of production are ____

answer

Natural resources, capital, human resources, and entrepreneurship

question

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

answer

supply curve

question

In the U.S. the control of the money supply is the responsibility of the

answer

Federal reserve

question

____ refers to differences in gender, age, religion, and nationality that affect the workforce.

answer

Diversity

question

When tax revenue is higher than government expenditures, the government incurs a ____

answer

budget surplus

question

_____ measures the total value of all final goods and services produced within a nation's boarders over a given period of time

answer

gross domestic product

question

The economy as a system represents the

answer

flow of resources from production through consumption

question

national resources include

answer

all inputs offering value in their natural state such as land, fresh water, wind , and mineral deposits

question

a ____ is targeted to borrowers with low credit scores, high debt-to-income ratios or signs of a reduced ability to repay the money they borrow

answer

Subprime mortgage loan

question

____ means that prices on average are rising

answer

Inflation

question

The five key dimensions of the broader business environment include

answer

economic, competitive, technological, social, and global

question

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

answer

fiscal policy

question

The hard sell or aggressive persuasion designed to separate consumers from their ash emerged during the _____

answer

production era

question

Entrepreneurs participate in which business enviorments

answer

economic competitive technological social and global

question

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

answer

Business

question

Business transactions that occur online are examples of ____

answer

E-Eommerce

question

While_____ leaders make final decisions, they share power with their followers, encouraging the free exchange of ideas

answer

domcratic

question

______ managers assume that employees dislike work, that motivation is best accomplished by threats and coercion, and that people refer to be directed rather than use their own initiative

answer

Theory X

question

Strengths and weaknesses are ____ to the organization; they include factors that either build up or drag down the firm's performance

answer

internal

question

______ refers the # of people a manger suprevses

answer

Span of control

question

First line manager must have a high degree of ____ to carry out their main responsibilities

answer

technical skills

question

______ leaders hoard decision-making power for themselves and typically issue orders without consulting their followers.

answer

Autocratic

question

______ involves measuring organizational performance and making adjustments as needed

answer

controlling

question

_____ involves determining a structure for both individual jobs and the overall organization

answer

organizing

question

Abraham Maslow, noted psychologist, theorized that people were motivated by

answer

unmet needs

question

The three basic types of management skills are _____

answer

technical, human, and conceptual

question

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

answer

managment

question

Frank is a U.S. Marine platoon sergeant, which means he is a figure of authority that personally manages the marines who are digging fighting holes, carrying ammo, maintaining weapons, and.... what role does frank play in the management hierarchy

answer

Frank is a first-line manager

question

______ leaders set objectives for their followers, but they give their followers the autonomy to accomplish those goals.

answer

Free-rein

question

A comparison of the specific types of skills used by the different levels of management suggests that

answer

top-level managers use their conceptual skills more than other levels of management do.

question

There are three basic levels of management

answer

top, middle, and first line

question

Henry was hired 2 years ago to be the database technician. recently, he was promoted to shift leader, which requires him to hire and train new workers, evaluate the performance of the workers employed on his shift, and ensure that the output produced meets quality standards. Henry's new position will require him to make significant use of his___

answer

technical skills

question

______ is determining organizational goals and action plans for how to achieve those goals. In other words, it means figuring out where the business wants to go, and how to get there

answer

planning

question

SWOT is the acronym for

answer

Strengths, weakness, opportunities, and threats

question

How a leader uses power defines his or her _____

answer

leadership style

question

The degree of ______ relates directly to the source of power and control within an organiztion

answer

centralization

question

______ manage persons in supervisory roles. These people must communicate up and down the pyramid to coordinate programs and projects to accomplish organizational goals

answer

middle managers

question

An ____ is the visual representation of the company's formal structure

answer

organization chart

question

the ____ function involves figuring out where to go and how to get there. It is the core of effective management.

answer

planning

question

______ proposes that perceptions of fairness directly impact worker motivation

answer

equity theory

question

_____ is the management function that monitors the performance of the firm and makes improvements when necessary

answer

controlling

question

opportunities and threats are

answer

factors that are external to the firm but can still affect its performance

question

job enrichment includes all of the following factors except

answer

job security

question

___ means directing, inspiring, and motivating individuals to achieve organizational goals

answer

leading

question

Middle-level managers must have a high degree of ____, because they act as the bridge between departments, coordinating people and projects

answer

human skills

question

Lisa has joined the company as a middle-level manager. Her current job has her coordinating a special project, so she must have the ability to communicate clearly and lead effectively in order to keep the members of the project focused and motivated. What skill set would she draw on the most to accomplish her job

answer

human skills

question

Title VII created the _____ to enforce its provisions

answer

Equal Employment Opportunity Commission

question

Several recent studies show that women in the labor force ______

answer

Still face a significant degree of discrimination in terms of both pay and promotions

question

the main advantage of on-the-job training is that it is ______

answer

the low-cost approach

question

______ is the process of seeking employees who are currently within the company to fill open positions

answer

Internal recruitment

question

James Greyer is a 57 year old accountant who has worked for the same for almost 30 years. His yearly evaluations always show high performance... The HR director would probably inform James that the new boss ______

answer

Was out of line because federal law prevents employers from discriminating against workers 40 years of age or older on basis of hiring, firing, compensation, and other conditions of employment.

question

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

answer

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

question

______ are a form of compensation in which payment is based on a % of sales.

answer

commissions

question

______ include compensation such as health insurance, sick leave, and childcare or eldercare programs offered to an employer's workers

answer

Benifits

question

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

answer

cafeteria-style benefits

question

Helmut was hired last month by the Par-Tee Golf Company, a company that makes golf carts. he is currently working under an arrangement which gives him four months to show that he is good fit with the company and can be a productive worker. Helmut has been told that he will have a full-time position if he successfully completes this period. This suggests that Helmut is in an____

answer

probationary period

question

Employers use ______ interviews, in which all candidates are asked to respond to the same question asked in the same order. The goal is to improve the employer's ability to compare candidates and predict their performance

answer

structured

question

Social Security and medicare contributions are _____

answer

legally mandated benefits

question

The primary goal of employment legislation is to _____.

answer

protect employees from unfair practices by employers

question

It's time for performance reviews again, and boy are we excited. The boss lady usually hides out in her cloistered office with the door shut and blinds closed-- the only reason she does performance reviews is because corporate makes her. This is the time of year we dread most. What kind of appraisal goof is the "boss lady" making

answer

the once a year wonder

question

The ____ required firms with 50 or more employees to provide up to 12 weeks of job-secure unpaid leave for the birth of adoption of a child or the serious illness of a child, spouse, or parent

answer

family medical leave act of 1993

question

_____ is the first step in the training and development process, designed to introduce employees to the company culture.

answer

orientration

question

_____ are compensation in the form of lump sum payments and are often used to reward employees for strong performance

answer

bonuses

question

Halman Routhe will soon begin interviewing potential candidates for a job in his department. He wants to refresh his memory about the specific types of training, education, and experience the interviewees should possess. One way he could do this is by reviewing the position's______

answer

job sepcificaiton

question

Examples of benefits include all of the following, Except _____

answer

work schedules

question

The fair labor standards act of 1938 established a minimum wage and overtime pay for employees working_______

answer

more than 40 hours a week

question

the core goal of human resource management is to

answer

get the highest possible return on investment from human resources.

question

Business use _____ to develop leadership skills within the company

answer

management development

question

the ______ prohibited discrimination in hiring promotion and compensation against people with disabilities and required employers to make "reasonable" accommodations for them

answer

Disabilities rights act of 1983

question

_____ is used to examine the specific tasks assigned to each position within a company

answer

job analysis

question

Temporary full-time workers, on call workers, and contract agency workers are all examples of:____

answer

contingent workers

question

_____ are training programs that mandate each beginner serve as an assistant to fully trained worker before gaining credentials to work in the field

answer

apprenticeships

question

A ______ requires managers to give their subordinates feedback on a one-to-one basis, typically by comparing actual results to expected results

answer

performance appraisal

question

_____ is the function focused on maximizing the effectiveness of the workforce by recruiting world-class talent, promoting career development, and determining workforce strategies to boost organizational effectiveness

answer

human resource management

question

______ refers to the combination of pay and benefits that employees to receive in exchange for their work

answer

compensation

question

The main purpose of Title VII of the civil rights act of 1964 was to

answer

prohibit discrimination in hiring, firing, compensation and other employment-related policies on the basis of race, color, sex, religion, or national origin

question

preferred stockholders enjoy a preference over common stockholders with respect to

answer

dividends

question

dividends to common stockholders are

answer

a distribution of profits that are paid only if approved by the companys board of directors

question

a stock ______ is a short combo of letters used to identify the stock of a particular company

answer

symbol

question

ivys manager asked her to train the new employees on the companys software program. although ivy agreed, her tone was not warm and welcoming. this is an example of

answer

nonverbal communication

question

stockholders will receive a _____ if upon selling their shares, they receive a higher price per share than the original price per share they paid for the stock

answer

capital gain

question

the number of key ideas covered in a presentation should be ______.

answer

two to four; and 3 are ieal

question

___ are the after-tax distribution of profits to corporate owners

answer

dividends

question

American based companies prefer to employees to use english while on the job. but with increasing diversity, companies are challenged by _____

answer

language barriers

question

in the _____, corporations raise additional financial capital by issuing and selling new securities, while in the _____, investors trade previously issued securities.

answer

primary market, secondary market

question

when making powerpoint presentation, "less is more" is good advice when it comes to _____

answer

limiting the amount of material you include on each slide

question

for the past several decades the ____ and _____ were the 2 largest securities exchanges in the US,.

answer

new york stock exchange (nyse); NASDAQ

question

before going public, a firm must file a registration statement with the ______

answer

securities and exchange commision

question

A ______ is long-term debt issued by a corporation or government entity in exchange for funds

answer

bond

question

jason was having even more trouble than usual concentrating on his economic professor's lecture because the classroom was too hot and he was sitting in an uncomfortable chair. these are ____ barriers to communication

answer

physical

question

a key objective of the _____ was to restore public faith and trust in the securities markets battered by the stock crash of 1929.

answer

securities act of 1933.

question

active listening means the listner

answer

completely focuses on the speaker during the delivery of the message.

question

according to the book of lists, public speaking ranks _____ on the list of the things people fear the most.

answer

first

question

which of the following tips for dynamic delivery was so important it was listed twice

answer

practice

question

listening is a critical factor, but many have a hard time completely engaging in active listening. The primary reason for this lack of engagement stems from

answer

the fact that people listen at a rate of 125 to 250 words per minute, but think at 1000 to 3000 words per minute

question

A _____ allows investors to track general market conditions

answer

stock index

question

when active voice is used in a sentence, the

answer

subject of the sentence performs the action described by the verb.

question

what does 2-way communication represent

answer

speaking and listening

question

______ is the transfer of relevant meaning from the sender ti receiver

answer

communication

question

The ______ is an index based on the adjusted average price of stocks of 30 major corporations picked by editors of the wall street journal

answer

dow jones industrial average

question

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

answer

public offering

question

_____ often undermines the authors credibility and distracts the reader from the intended written message

answer

grammatical errors

question

an ______ is the communication channel with the highest level of channel richness and is used to deliver complex and individualized messages.

answer

face to face meeting

question

in communication, the term _____ refers to any interference that causes the message received by the audience to be different from the sender's intended message.

answer

noise

question

the 3 basic types of securities corporations issue to raise long-term financial capital are

answer

common stock, preferred stock, and bonds

question

an _____ is a financial intermediary that assists corporations when they issue new securities.

answer

stock broker

question

_____ 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

answer

finance

question

_______ is the private, self-regulating, 5 member board established to develop generally accepted accounting principles used in financing

answer

GAAP

question

while __ is concerned with preparing financial statements for external stockholders according to a fixed schedule, ______ provides info to internal stakeholders on a as need basis

answer

financial accounting, managerial accounting

question

______ would provide stockholders or creditors or creditors with info about the overall financial performance of a firm, while _____ would provide info needed by a firms president of marketing who wants to view changes in the marketing budget for a new product

answer

financial accounting, managerial accounting

question

1 of the purposes of the surbanes-oxley act of 2002 was to

answer

prevent relationships that created conflicts of interest between cpa firms and firms they audit

question

historically the most widely accepted goal of financial management is

answer

maximizing the value of the firm to its owners

question

financial managers use _____ to assess the financial strengths and weaknesses of their firm.

answer

ratio analysis

question

___ are short-term, very safe, and highly liquid assets that firms include in the cash holdings they report on their balance sheet

answer

cash equivelents

question

capital ______ is the process a firm uses to evaluate long-term investment proprosals

answer

budgeting

question

managers, stockholders, employees, and creditors are

answer

all users of accounting info to assess a companys finances

question

_____ consist of the stock of goods, material, parts, and work-in-process that firms hold as part of doing business

answer

inventory

question

______ are short term ious issued by the us government that mature in 4, 13, or 26 weeks

answer

t-bills

question

the _____ show the cash flowing in and out of a firm through its operating, investing, and financial activities.

answer

statement of cash flows

question

a _____ is used to predict when a firm will likely experience temporary shortages or surplus cash.

answer

cash budget

question

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

answer

accounting

question

financing provided by a firm's owners is classified as ______ financing.

answer

equity

question

the notes to financial statement included in an annual report.

answer

often disclose info about changes in accounting practices and about any special circumstances that had an impact on the firms financial performance.

question

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

answer

generally accepted accounting principles (GAAP).

question

the sarbanes-oxely act created the ____ to protect the interests of investors and further the public interest in the preparation of fair and informative financial statements

answer

public company accounting oversight board (PCAOB)

question

_____ are valuable things owned by the firm

answer

assets

question

as short term credit arrangement, banks sometimes extend _____, which are guaranteed lines of credit in which the firm pays a commitment fee on unused portions of the funds the bank has committed.

answer

revolving credit agreement.

question

the accounting equation shows us that the value of the firms assets must be equal the value of the firms _______.

answer

financing provided by owners and creditors

question

_____ ratios measure the ability of an organization to convert assets into cash it needs to pay off liabilities that come due in the next year

answer

liquidity

question

4 basic financial ratios are

answer

liquidity, asset management, leverage, and profitability

question

_____ consist of short term unsecured promissory notes issued by financial institutions and other major corp

answer

commercial paper

question

return on equity and earnings per share are both classified as______ ratios

answer

profitability

question

key numbers that financial managers use to calculate ratios usually come from the firm's _____

answer

balance sheet and income statement

question

the ____ indicates whether a firm earned a profit or suffered a loss over the past accounting period

answer

income statement

question

______ is/are the claims owners have against their firms assets

answer

owners equity

question

what is the accounting equation

answer

assets= liabilities + owners equity

question

______ holds that delivering unmatched value to customer is the only way to achieve long-term profitibility

answer

the marketing behavior

question

many firms develop a formal _____ to answer the question: who is your target market and how do you plan to reach them

answer

marketing plan

question

in marketing, promotion refers to _____

answer

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

question

_______ is the process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value

answer

customer relationship marketing

question

_____ are the characteristics of the product that companies offer the consumer. If a product is well-designed, each element corresponds to meaningful _____.

answer

product features, customer benifits

question

by definition a ____ satisfies customers wants and needs

answer

product

question

a well-chosen target market embodies the following characteristics.

answer

size, profitability, accessibility, and limited competition

question

A product ______ is a group of products offered by a firm that are closely related to e/o, either in terms of how they work or the customers they serve.

answer

line

question

what do unos pizza and lenscrafters have in common

answer

their products are a mix of goods and services

question

the 2 main approaches used in primary marketing research are _____

answer

observations research and survey research

question

the ______ is a theoretical model that includes the stages of introduction, growth, maturity, and decline

answer

product life cycle

question

united airlines recently announced it would serve starbucks coffee on its flights. this is

answer

cobranding

question

the global recession decreases the sale of _____ brands and increased the sale of ______ brands.

answer

national, store

question

A firms ______ is a brief statement articulating how the marketer wants the target market to envision his or her product relative to the competition

answer

positioning statement

question

____ is the customers perception that a product has a strong, positive relationship between its costs and benifits

answer

value

question

____ are items consumers receive free of charge in return for making a purchase

answer

premiums

question

______ satisfies wants by converting inputs into a finished product

answer

form utility

question

peter is starting a new business. He recognizes that before developing his marketing strategy he must identify similar characteristics, attributes, and behaviors of his total market, and then group his customers according to these characteristics, attributes, and behaviors. this is

answer

market sementation

question

when a business provides _____ they satisfy customers wants and needs by providing goods and services at a convenient moment for customers

answer

time utility

question

______ occurs when established brands from different companies join forces in an effort to market the same product

answer

cobranding

question

______ 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

answer

marketing

question

We see the nike swoosh on athletic shoes as well as on an assortment of athletic apparel for almost every sport... now the company is putting it on mp3 players. nike is pursuing a strategy of

answer

brand extension

question

the difference between consumer products and business products is

answer

consumer products are for personal use and business products are for business operation and or production

question

_______ describes how people act when buying products to use directly or indirectly to produce other products

answer

business buyer behavior

question

expensive product that consumers purchase infrequently and are unwilling to accept substitutions for are _____. _______ are widely distributed and promoted by product producers

answer

specialty products; convince products

question

market research involves _____

answer

gathering, interpreting, and applying info to uncover opportunities and challenges

question

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

answer

consumer behavior

question

Filbertina, a company that markets nuts and other healthy snack foods, has always tried to project an upscale image. creating new line thats expensive. this could cause

answer

cannibalization

question

the successful marketing campaign "what happens in vegas stays in vegas" is an example of

answer

place marketing

question

the consumer decision-making process involves need recognition, followed by

answer

product search, benefit analysis, price analysis, and value analysis.

question

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

answer

nonstore retailers

question

The goal of ______ is to make convenient for consumers to find and purchase products at many locations and in many ways

answer

intensive distribution

question

sending products by _____ is the most expensive options available to producers

answer

plane

question

when apple introduced the iPod, the company used _____, with the purpose of maximizing profitability by offering new products at a premium price

answer

skimming prices

question

fashion trends setters such as gucci who established one retail outlet in a given area are utilizing a ______ distribution stratrgy

answer

exclusive

question

the goal of distribution strategy is to _____

answer

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

question

______ are marketing intermediaries that sell directly to final consumers

answer

retailers

question

______ is the difference between the price of good and the cost to make the good, on a per product basis; usually a %

answer

profit margin

question

________ costs remain regardless of the rate of production in a given time period.

answer

fixed

question

____ aims to use price to send consumers a message about the high quality and exclusivity of a product

answer

prestige pricing

question

____ dominate the market by offering a huge variety of one type of product

answer

category killers

question

______ pricing is the most popular method of fixed margin pricing.

answer

cost-based

question

odd pricing refers to the practice of ______

answer

charging prices that fall slightly below even dollars and cents, such as charging 5.99 instead of 6.00

question

the career field called ______ involves planning and coordinating the flow of goods-- from the raw materials to the final consumers

answer

supply chain management

question

_____ is the method used to determine the number of units a firm must sell at a specific price to cover all costs

answer

breakeven analysis

question

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

answer

defiit

question

the _____ expresses the value of one nations currency in terms of another nations currency

answer

exchange rate

question

McDonalds use foreign _____ to build its corporate presence investment.

answer

franchising

question

the 3 countries participating in the north american trade agreement (NAFTA)

answer

canada, mexico, USA

question

language, customs, educational background, social values, and religious holidays need to be understood and respected by foreign business in considering ___

answer

sociocultural differences

question

______ is the most basic level of international market development and involves shipping domestically produced product overseas.

answer

exporting

question

foreign _____ involves a firm buying the rights to produce, promote, and use the domestic firm's trademark/ patents in a defined geographical area as long as there is agreement on specific operating procedures

answer

licensing

question

the purpose of the general agreement on tariffs and trade (GATT) was to

answer

encourage world wide trade

question

Apple inc has used foreign outsourcing to construct its iPod. the main advantage to foreign outsourcing is _____

answer

lower production cost

question

define joint venture

answer

2 or more companies sharing resources, risks, and profits without merging

question

when a country lacks hard currency, it must use _____ to complex international trade.

answer

countertrade

question

the european union created a common currency that 12 member states have since adopted. this common currency is

answer

euro

question

when the total value of exports is higher than the total of imports, a country experiences a ______

answer

trade surplus

question

a ______ is an agreement among two or more companies to join forces to pursue specific opportunities without actually merging their opporations

answer

joint venture

question

the net results of all money that flows into and out of a nation due to international payments is measured by the nations _____

answer

balance of payments

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