Intro to Bus101

Intro to Bus101. Risk is associated with reward. Business people take a risk that their business might fail in order to get a reward, which isa healthy economyemploymentprofit.happy customersa sense of self-satisfactionFlag this QuestionQuestion 21ÿptsWhich of the following is NOTÿtrue about knowledge workers?The number of knowledge workers in today?s global economy is increasingKnowledge workers are primarily employed in manufacturingKnowledge workers are highly educatedKnowledge workers can easily transfer to other companies or countriesKnowledge workers are easily promoted to higher positionsFlag this QuestionQuestion 31ÿptsWhich of the following is NOTÿtrue about society?s demand curve?The demand curve depends on the supply curveA steep slope indicates price inelastic demandThe demand curve slopes downwardThe demand curve shows the relationship between price and quantity demanded.The demand curve shows aggregate demandFlag this QuestionQuestion 41ÿptsIn a publicly traded, for profit business corporation, the owners are theworkersunionscustomersmanagersshareholdersFlag this QuestionQuestion 51ÿptsWhich of the following is NOTÿone of the trends in e-commerce today?Pressure for efficiency is becoming less intenseMarkets are increasingly looking for openness and transparencyCustomers are becoming more demandingKnowledge is becoming a more important asset to businessesCompanies are working more closely in a network of buyers and suppliersFlag this QuestionQuestion 61ÿptsPeter van Stolk, founder of Jones Soda, develops offbeat flavors that appeal to teens, who he knows are also interested in the Internet and extreme sports. Peter van Stolk has a good understanding of his company?s target group.TrueFalseFlag this QuestionQuestion 71ÿptsOne of the most significant drawbacks of international mergers and acquisitions is the difficulty of integrating the operations, finances, and cultures of two very different organizations.TrueFalseFlag this QuestionQuestion 81ÿptsWhich of the following is NOTÿone of the benefits of free trade among nations?Increased job securityHigher quality of goodsLower pricesGreater consumer choiceHigher standards of livingFlag this QuestionQuestion 91ÿptsWho or what benefits most from barriers to trade, also called protection?Foreign firms, because they can sell all of their quotasDomestic firms, because of lower competitionThe consumers, who pay lower pricesThe government, because it can collect more tariffsForeign firms, because of the increase in the market sizeFlag this QuestionQuestion 101ÿptsJapan limits the amount of foreign-grown rice that can be sold in that country by imposing a very high import tax. This protects high-cost domestic rice producers because it forces rice importers to raise prices, making imported rice less competitive against rice grown in Japan. This type of trade barrier is calledcounter tradevoluntary restrainta tariffa quotaan embargoFlag this QuestionQuestion 111ÿptsGlobalization isbad for developing countries, but good for developed countriesgood for both developed and developing countries, if implemented fairlyusually bad for both developed and developing countriesalways good for both developed and developing countriesbad for developed countries, but good for developing countriesFlag this QuestionQuestion 121ÿptsWhen Home Depot donated millions of dollars of supplies to victims of hurricanes in New Orleans, it was primarily adopting a societal responsibility model of business governance.TrueFalseFlag this QuestionQuestion 131ÿptsA U.S. corporation?s decision to reincorporate in Bermuda may be both legal and unethical.TrueFalseFlag this QuestionQuestion 141ÿptsJeffrey Wigand was a research scientist employed by Brown & Williamson, a tobacco firm, until he was fired following his public statements about the dangers of cigarettes. Wigand was acting as aproprietorgeneral partnerdirectorwhistleblowerlimited partnerFlag this QuestionQuestion 151ÿptsElsa, Steve, and Adrienne formed a partnership to own and operate a wine shop. Elsa manages the shop and Steve travels the world buying wine. Adrienne contributed some start-up capital but does not help to run the business. Therefore, it is likely thatElsa and Steve are limited partners and Adrienne is a general partnerElsa, Steve, and Adrienne are all general partnersElsa and Adrienne are general partners and Steve is a limited partnerElsa and Steve are general partners and Adrienne is a limited partnerElsa, Steve, and Adrienne are all limited partnersFlag this QuestionQuestion 161ÿptsEconomies of scale occur whena high volume of production drives costs downthe more numerous small businesses crowd out the large businessesentrepreneurs do not enter a market that is seen as decliningthere is a cycle of business success and failurethe cost per unit rises as production increasesFlag this QuestionQuestion 171ÿptsWhich of the following is NOTÿa characteristic common to most entrepreneursCommitmentAmbition and driveSelf-confidenceIndependenceLow tolerance for riskFlag this QuestionQuestion 181ÿptsWhich of the following statements sounds most like an entrepreneur??A regular paycheck is very important to me.??In a tough situation, I would probably quit.??I can?t take the risk of letting down my family.??I have a lifelong passion for providing this service.??I prefer to be told what to do.?Flag this QuestionQuestion 191ÿptsWhich of the following is NOT one of the four basic functions of managementMeetingControllingOrganizingDirectingPlanningFlag this QuestionQuestion 201ÿptsAn organization chart represents theorganization?s chain of commandarrangement of physical space within the organizationexperiences and qualifications of each workerrelative pay of each workerflow of work within an organizationFlag this QuestionQuestion 211ÿptsLooking at their employer?s organization chart, Lisa?s name appears in a box that is directly underneath Nellie?s box and a line connects the two boxes. This means thatLisa reports to Nellie, her supervisorLisa is more highly paid than is NellieLisa has a higher rank than does NellieNellie and Lisa are coworkers at the same organizational levelNellie performs further tasks on work that Lisa has completedFlag this QuestionQuestion 221ÿptsWhen managers delegate the __________ for achieving some result to a subordinate, it is very important that they also delegate the __________, to ensure that the subordinates have the power to accomplish the result.span of control; chain of commandchain of command; span of controlstaff authority; committee authorityresponsibility; authorityauthority; responsibilityFlag this QuestionQuestion 231ÿptsWhich of the following isÿNOT one of the trends having a significant impact on human resources management in the U.S. today?The shift of jobs from service to manufacturing industriesReduced importance for labor unionsAdvances in communications and computing technologyGrowth of high-tech industries and white collar workersMore jobs being moved overseas for cost reasonsFlag this QuestionQuestion 241ÿptsJob analysis consists ofan evaluation and a forecasta plan and an evaluationa description and a plana specification and an evaluationa specification and a descriptionFlag this QuestionQuestion 251ÿptsOf all of the resources commanded by a corporation, which is most likely to lead to a long-term competitive advantage?Physical facilities and equipmentFinancial resourcesAccess to natural resourcesHuman capitalInformation technologyFlag this QuestionQuestion 261ÿptsWillie says, ?I love volunteering at Big Brothers. It?s great to see the happiness on a boy?s face when I take him to a ball game or read a book with him.? Willie?s motivation iseconomicintrinsicextrinsicunimportanta primary driveFlag this QuestionQuestion 271ÿptsGordon, a salesperson, says, ?My work requires long hours and lots of travel that I don?t like, but the pay is great.? Gordon?s motivation isa primary driveintrinsica secondary driveextrinsiceconomicFlag this QuestionQuestion 281ÿptsWhich of the following isÿNOT part of the marketing mix?PromotionMarketProductDistributionPriceFlag this QuestionQuestion 291ÿptsWhich of the following is the psychological factor that involves the awareness of cues or stimuli?AttitudesSelf-conceptMotivesLearningPerceptionFlag this QuestionQuestion 301ÿptsWhich of the following is considered to be the most important referenceÿgroup?ClassmatesChurchFamilyCoworkersFriendsFlag this QuestionQuestion 311ÿptsInformation about which of the following aspect of competitors? operations is considered to be the least important?Advertising agencies usedMarket shareStrategiesPricesNew product plansFlag this QuestionQuestion 321ÿptsWhich of the following is NOT relevant for formulating objectives?They must recognize company resourcesThey must be realistic (have a reasonable chance to be achievedThey need to be specificThey are all relevantThey need to be expressed numericallyFlag this QuestionQuestion 331ÿptsWhich of the following is NOT recommended for a brand name?Suggest excellenceNot have an obvious meaningBe short in lengthBe easy to spellSuggest the product?s benefitsFlag this QuestionQuestion 341ÿptsWhat percentage of new products fail?20 percent48 percent75 percent98 percent33 percentFlag this QuestionQuestion 351ÿptsWhich of the following isÿNOT a post presentation activity that salespeople need to perform?ClosingFollowing up and servicing customersEvaluationManaging key and marginal accountsPaper workFlag this QuestionQuestion 361ÿptsWhich of the following is NOT indicated in the text as a recommendation as to how to successfully close.Review major product benefitsIncrease the number of alternative choices available to the buyerDo not be afraid to ask for the orderUse guarantees and warrantiesLook for closing signals from the buyerFlag this QuestionQuestion 371ÿptsWhich of the following is NOTÿidentified in the text as a part of a code of ethics for salespeople?Show up on time when making a sales callAnswer all questions truthfullyDo not misrepresent your purposeDo not promise what you cannot deliverMake sure customers are satisfiedFlag this QuestionQuestion 381ÿptsAccounting isthe claim that the purpose of a business is to benefit society at largethe recording, summarizing, and reporting of the economic activities and events of an organizationthe starting, owning, or running of a large or small businessthe determination of and the fulfilling of customer needs and desires while achieving the organization?s goalsthe creating of value for the customer and profits for the ownersFlag this QuestionQuestion 391ÿptsTheodore Roosevelt, speaking about the importance of ethics education, said, ?To educate the person in mind and not in __________ is to educate a menace to society.”knowledgebusinessmoralsbodythe accounting professionFlag this QuestionQuestion 401ÿptsThe simplest form of business organization is the corporationÿTrueFalseFlag this QuestionQuestion 411ÿptsMost large organizations do not use just one type of departmentalization. Rather, they mix elements of several types.ÿTrueFalseFlag this QuestionQuestion 421ÿptsA list of the duties, working conditions, and responsibilities of a job is called a job description.TrueFalseFlag this QuestionQuestion 431ÿptsInternal recruiting is likely to lead to more resentment among current employees than is external recruiting.TrueFalseFlag this QuestionQuestion 441ÿptsFor a team approach to be successful in an organization, the company should focus on team accomplishments and lessen individual achievements.ÿTrueFalseFlag this QuestionQuestion 451ÿptsWorkers at Ford?s engine manufacturing plant in Cleveland learn how to do each task within their work unit, and then take turns performing each task. This is an example of job rotation.TrueFalseFlag this QuestionQuestion 461ÿptsFor some products, the cost of their packages may exceed the costs of their contents.TrueFalseFlag this QuestionQuestion 471ÿptsWhen setting prices for their products or services, companies must consider the amount of marketing support they will receive.TrueFalseFlag this QuestionQuestion 481ÿptsDigital advertising is the fastest growing advertising medium.TrueFalseFlag this QuestionQuestion 491ÿptsThe Sarbanes-Oxley Act of 2002 increased oversight of accountants and increased the penalties for professional misconduct.TrueFalseFlag this QuestionQuestion 501ÿptsIn a small sole proprietorship, direct observation by the proprietor is a useful internal control on accounting systems.TrueFalse

Intro to Bus101