question

The__is the system of relationships that develop spontaneously as employees meet and form power centers

answer

informal organization

question

Due to more emphasis on empowerment and more talented and better-educated lower-level management, span of control in organizations has __

answer

increased

question

__means that decision-making authority is delegated to lower-level managers and employees

answer

decentralized authority

question

The traditional technique used to departmentalize an organization is by

answer

function

question

An__is a visual device which shows relationships among people and divides the organization's work

answer

organization chart

question

Employees who perform functions that advise and assist line personnel are known as

answer

staff personnel

question

Dividing tasks into smaller jobs is called

answer

job specialization

question

Which of the following describes the activity of a firm that assigns specific functions, such as accounting or legal work, to other organizations rather than performing these functions themselves?

answer

outsourcing

question

Which term describes a company being so open to other companies working with it that electronic information is shared as if the companies were one?

answer

transperency

question

__is using communications technology and other means to link organizations and allow them to work together on common objectives

answer

networking

question

__consists of all the techniques sellers use to persuade consumers to buy their goods and services

answer

promotion

question

A__marketing strategy develops products and promotions designed to please large groups of people

answer

mass

question

The__is based on 3 elements: customer orientation, service orientation, a profit orientation

answer

marketing concept

question

The__market consists of individuals and organizations that want goods and services in order to produce goods and services to sell, rent, or supply those goods to others

answer

B2B

question

A firm that uses__segmentation divides a market into groups based on values, attitudes, or interests

answer

psychographic

question

__is the process of identifying factors that can affect marketing success

answer

environmental scanning

question

__is the activity, set of institutions,and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

answer

marketing

question

The first step in the marketing research process is to

answer

define the problem and determine the present situation

question

One factor that influences the consumer decision making process is__,which refers to the set of values, attitudes and ways of doing things passed from one generation to another in a given society

answer

culture

question

__consists of information that has already been researched by others and is published in journals or books and has been made available online

answer

secondary data

question

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

answer

product line

question

A__is a name, symbol, or design (or combination of these) that identifies the gods or services of one seller or group of sellers and distinguishes them from those of competitors

answer

brand

question

(T or F) Ultimately, the price of a good is determined by the interaction of supply and demand in the marketplace

answer

true

question

(T of F) Endorsements by sports or movie celebrities can help create a favorable brand association

answer

true

question

The stages of the product life cycle

answer

introduction, growth, maturity, and decline

question

Pricing is

answer

one of the 4 P's of the marketing mix

question

When consumers calculate the value of a product, they look at the benefits and then subtract the cost

answer

true

question

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called

answer

brand loyalty

question

Product that are used in the production of other goods and services are called__goods

answer

industrial

question

A skimming pricing strategy

answer

establishes a high price in order to earn the highest possible profit while there is little competition

question

A__is a marketing intermediary that sells products to other organization

answer

wholesaler

question

An__exclusive distribution strategy uses only one retail outlet in a given geographic area

answer

exclusive

question

__is the value or want-satisfying ability that is added to products by organizations that make the product more useful or accessible to consumers

answer

utility

question

Companies who send salespeople to customers' homes or places of work are making use of __selling

answer

direct

question

Taken together, all of the organizations that move goods from the sources of raw materials to ultimate consumers are known as a

answer

supply chain

question

__are merchant wholesalers who perform all of the distribution function

answer

full-service wholesalers

question

__deals with moving finished products and information to business buyers and ultimate consumers

answer

outbound logistics

question

Placing ads in newspapers and having knowledgeable salespeople to answer customers' questions are ways marketing intermediaries can provide

answer

information utility

question

The 2 basic types of warehouses are

answer

storage and distribution

question

Unlike merchant wholesalers,__never actually own the goods they help to distribute

answer

agents and brokers

question

The goal of__is to inform and remind people in a target market about specific products, eventually persuading them to participate in an exchange

answer

promotion

question

Advertising to wholesalers and retailers by manufacturers to encourage them to carry their products is called

answer

trade advertising

question

The strategy of directing advertising and sales promotion toward consumers to stimulate them to request the products from their local retailers is called a

answer

pull strategy

question

The approach step of the selling process attempts to

answer

build credibility and establish rapport

question

Which of the following refers to the practice of paying to have a product appear favorably in a TV show or movie

answer

product placement

question

__refers to any information about a product or an organization that is communicated to the public through the media and is not paid for or controlled by the sponsor

answer

publicity

question

__refers to the face to face presentation and promotion of goods and services. This also includes searching for prospects and providing follow up services

answer

personal selling

question

__refers to any paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the message

answer

advertising

question

A__allows B2B buyers to see products online 24 hours a day, 365 days a year without having to leave their office

answer

virtual trade show

question

The activity that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance is

answer

public relations

question

Net profit refers to

answer

the net earnings after the deduction of all expenses, including tax expense

question

To effectively run a business, it is necessary to

answer

understand and use accounting information

question

The fundamental accounting equation states: assets=

answer

liabilities plus owners equity

question

The purpose of the current ratio is to evaluate the firm's ability

answer

to pay its bills in the short run

question

Once a trial balance has been prepared the next step of the accounting cycle involves

answer

preparing financial statements such as the balance sheet, income statement, and statement of cash flows

question

The__is an accounting statement that reports the financial condition of a firm at a specific point in time

answer

balance sheet

question

As a first step in the accounting cycle__involves the recording of business transactions

answer

bookkeeping

question

Debts owed by a business are called

answer

liabilities

question

Accounting recognizes that assets, such as machinery and buildings, lose value over time. Accountants will record a portion of the cost on an asset as an expense each year through the use of

answer

depreciation

question

The area of accounting that provides managers inside the organization with information they need to make decisions is called

answer

managerial accounting

question

Which of the following is a primary area of concern for financial managers

answer

undercapitalization

question

A firm negotiates a__with its bank. This arrangement gives the firm access to a specified amount of unsecured short-term funds, provided the bank as the funds available

answer

line of credit

question

Acquiring funds through borrowing represents

answer

debt financing

question

A__represents a long term debt obligation issued by a corporation or a government

answer

bond

question

A__forecast predicts the future cash inflows and outflows in future periods

answer

cash flow

question

The concept time value of money indicates

answer

a dollar received today is worth more than a dollar received a year from today

question

__provide financing to new or emerging companies with high profit potential. In return, these organizations expect a share of ownership in the company

answer

venture capital firms

question

Businesses acquire long term financing from 2 major sources

answer

debt financing and equity financing

question

__examine the data prepared b__and then make recommendations to top management regarding strategies for improving the firm

answer

financial managers; accountants

question

__is a form of short term financing. Businesses buy merchandise from their suppliers, but are not required to pay for their purchases until some future date

answer

trade credit

question

Which of the following securities are historically considered high quality and usually pay dividends?

answer

blue chip stocks

question

Which of the following securities provides the owner the right to vote for the corporate board of directors

answer

common stock

question

A company's stock does not have to be listed on one of the major stock exchanges in order to trade. It can be traded on

answer

over the counter market

question

Issuing__increases a firm's debt and may adversely affect the financial community's perception of the firm

answer

bonds

question

__involves computer instructions that automatically sell stocks whose value has dropped by a predetermined amount

answer

program trading

question

Creating a portfolio by buying several different types of investments to spread the risk of investing is called

answer

diversification

question

A mutual fund company buys securities from corporations and governments and packages them together into a "mutual fund". It then

answer

sells shares of this packaged investment to interested investors

question

Which of the following organizations provides an assessment of the relative level of risk of a particular firm's bond issue

answer

standards and poors

question

Corporations benefit from securities markets primarily by

answer

obtaining the capital they need to finance their operations

question

When issuing stock to obtain long term funding, dividend payments are

answer

not tax deductible

question

Which of the following is a major difference between internet banks and traditional banks?

answer

Internet banks have lower overhead costs

question

The World Bank provides funding for

answer

projects to improve the standard of living in less developed nations

question

Commercial banks primarily serve 2 types of customers

answer

depositors and borrowers

question

__includes anything that people generally accept as payment for goods and services

answer

money

question

Historically there was__a central bank in the US

answer

resistance to

question

The Fed uses__to regulate the money supply

answer

the discount rate

question

When the value of the US dollar increases relative to other currancies

answer

foreign goods become less expensive to US consumers

question

Which of the following represent an independent agency of the US government that insures bank deposits

answer

Federal Deposit Insurance Corporation

question

A__accepts savings and checking account deposits and provides home mortgage loans

answer

savings and loan association

question

The Fed Chairman is in control of

answer

the US money supply

question

The Fed Chairman is in control of

answer

the US money supply

mgmt ch 8, 13-20 quizzes – Flashcards

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