Chapter 1: The US Business Environment
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Q1) Aggregate output refers to a company's annual production of goods or services.
A)True
B)False
Answer: False
Q2) Which of the following business environments includes the customers,mores,values and demographic characteristics of the society where the organization functions?
A) Sociocultural
B) Technological
C) Political-legal
D) Fiscal
E) Economic
Answer: A
Q3) When there are many small firms in a specific industry,what is likely to occur?
A) Competitive advantage
B) An oligopoly
C) Private enterprise
D) Perfect competition
E) Market force reliability
Answer: D
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Chapter 2: Understanding Business Ethics and Social Responsibility
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Q1) Identify who is responsible for regulating advertising and what the key issues are.
Answer: To encourage responsibility,the Federal Trade Commission (FTC)regulates advertising and pricing practices.Some critics also point to misleading labelling and advertising in the agricultural sector.Another issue concerns advertising that some consumers consider morally objectionable-for products such as underwear,condoms,alcohol,tobacco products,and firearms.Laws regulate some of this advertising (for instance,tobacco cannot be promoted in television commercials but can be featured in print ads in magazines),and many advertisers use common sense and discretion in their promotions.
Q2) What does the Sarbanes-Oxley Act of 2002 require a chief financial officer to do?
A) Prevent insider trading
B) Engage in strategic management
C) Guarantee the accuracy of financial reporting
D) Hire a forensic accountant
E) Oversee the implementation of ethical standards
Answer: C
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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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Q1) Which form of business ownership generates the MOST sales in the United States?
A) Sole proprietorship
B) General partnership
C) Cooperative
D) Corporation
E) Limited partnership
Answer: D
Q2) What does an entrepreneur use to summarize his or her business strategy for a proposed new venture?
A) Success chart
B) Director's guideline
C) Financial blueprint
D) Business plan
E) Balance sheet
Answer: D
Q3) Low start-up costs and tax benefits are advantages of sole proprietorships.
A)True
B)False
Answer: True
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Chapter 7: Operations Management and Quality
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Q1) The sales department relies on the engineering department to send samples and quotes to prospective customers on a timely basis.The sales department may be considered the engineering department's internal customer.
A)True
B)False
Q2) A detailed schedule will consider employees' needs and the company's efficiency and cost,including demand for production.
A)True
B)False
Q3) Performance refers to which of the following?
A) The principle that quality belongs to each person who creates it while performing a job
B) The consistency of product quality from unit to unit
C) How well the product does what it is supposed to do
D) The process by which a company analyzes a competitor's products to identify desirable improvement
E) Providing value by making products available when customers want them
Q4) Describe two alternatives for production facility layouts.
Q5) Differentiate between goods production and service operations.
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Chapter 8: Employee Behavior and Motivation
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Q1) Which of the following best describes empathy?
A) The ability to balance fear, anxiety, and anger
B) The ability to remain optimistic and continue to strive when facing setbacks
C) The ability to understand how others feel
D) The ability to get along with others
E) The ability to establish positive relationships
Q2) Which of the following identifies what the organization will provide the employee and what the employee will contribute to the organization in turn?
A) Person-job fit
B) Psychological contract
C) Inducements
D) Contributions
E) Motivation contract
Q3) Which of the following aspects of the psychological contract is provided by the employee?
A) Benefits
B) Pay
C) Skills
D) Security
E) Status
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Chapter 9: Leadership and Decision Making
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Q1) The situational approach to leadership is concerned with the contingent outcomes and consequences of leader behavior rather than universal outcomes and consequences.
A)True
B)False
Q2) What is the term for those who work with less experienced employees to learn how to advance within the organization?
A) Overseer
B) Coach
C) Individualist
D) Collectivist
E) Mentor
Q3) Which of the following dispositions is typical for leaders with a high degree of risk propensity?
A) Reliance on intuition
B) Reliance on rational decisions
C) Aversion against use of intuition
D) Aversion against rational decisions
E) Aversion against use of both intuition and rational decisions
Q4) Contrast leadership substitutes with leadership neutralizers.
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Chapter 10: Human Resource Management and Labor Relations
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Q1) What is the purpose of a skills inventory?
A) To plan and identify people for transfer or promotion
B) To list key managerial positions
C) To describe the specifications for a job
D) To assess trends in previous human resource usage
E) To hire people from outside the organization
Q2) Which Act established the National Labor Relations Board?
A) Taft-Hartley Act
B) Patriot Act
C) Labor-Management Relations Act
D) Occupational Safety and Health Act
E) Wagner Act
Q3) Which alternative to striking encourages workers to work at a pace that results in significantly lower productivity for the organization?
A) Work slowdown
B) Lock out
C) Sickout
D) Picket
E) Boycott
Q4) What are the two types of sexual harassment as defined by the courts?
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Chapter 11: Marketing Processes and Consumer Behavior
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Q1) How do companies offer one-time direct inducements to buyers when tempting buyers to buy goods or services?
A) Personal selling
B) Sales promotions
C) Public relations campaigns
D) Integrated marketing
E) Advertising
Q2) The goals of the marketing plan are the foundations for the marketing objectives.
A)True
B)False
Q3) What is the advantage of utilizing focus groups for research?
A) They easily generate comparison data with competitors' products.
B) They offer fact-based information on products.
C) They are more structured and are easier to analyze.
D) They allow for more in-depth discussion on complex issues.
E) They are less costly and time consuming.
Q4) What advantages do smaller companies have over larger competitors when it comes to the distribution aspect of the marketing mix?
Q5) Explain each step in the consumer buying process.
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Chapter 12: Developing and Pricing Products
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Q1) Which of the following strategies is involved with price skimming?
A) Setting an initial low price to establish a new product in the market
B) Setting an initial low price to cover new product costs and still generate a profit
C) Setting a limited number of prices for certain categories or products
D) Setting an initial high price to establish a new product in the market
E) Setting an initial high price to cover new product costs and still generate a profit
Q2) Which of the following best describes pricing objectives?
A) The need for the company to compete
B) An indication of the company's social and ethical concerns
C) A reflection of the company's image
D) The ability of a firm to generate revenue
E) The goals of the seller achieved by pricing products
Q3) Sears' Craftsman Tools is an example of a private brand.
A)True
B)False
Q4) Why is new product development expensive?
Q5) What is cost-oriented pricing?
Q6) Discuss the difference between production items,expense items,and capital items.
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Chapter 13: Distributing and Promoting Products
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Q1) Convenience stores utilize which kind of distribution?
A) Direct distribution
B) Retail distribution
C) Wholesale distribution
D) Distribution by agents
E) Distribution by brokers
Q2) What limits the economic side of using railroads for transportation?
Q3) Summarize the steps in the personal selling process for creative selling.
Q4) Which of the following BEST describes the purpose of point-of-sale displays?
A) To inform customers about the benefits of the products
B) To entice customers to buy additional products
C) To make it easier for customers to find products
D) To promote the reputation of the company offering certain products
E) To target specific messages about the product to customers
Q5) While the ultimate objective of any promotion is to increase sales,marketers may have other objectives.In particular,why would adding value to a product be seen as an important objective for a promotion team?
Q6) What is a push strategy of promotion?
Q7) List and describe the three personal selling tasks.
Q8) Explain the primary difference between a retailer and a wholesaler.
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Chapter 15: The Role of Accountants and Accounting Information
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Q1) Current assets are all assets that are able to be liquidated in a short amount of time.
A)True
B)False
Q2) An audit examines whether a firm's financial statement conforms to generally accepted accounting principles.
A)True
B)False
Q3) Give three examples of management advisory services.
Q4) One of the purposes of ethics in accounting is to maintain public confidence in business institutions,financial markets,and the products and services of the accounting profession.
A)True
B)False
Q5) Which are the two major fields of accounting?
A) Managerial and forensic
B) Financial and managerial
C) Bookkeeping and advisory
D) Corporate and individual
E) Public and private
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Chapter 16: Understanding Money and the Role of Banking
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Q1) A check is an order to a bank to withdraw funds at any time.
A)True
B)False
Q2) In which way does the World Bank differ from true international banks?
A) The World Bank does not charge interest to governments with emerging markets.
B) The World Bank only provides funds for national improvements in order to increase international trade.
C) The World Bank is comprised and run by a group of 150 member nations.
D) The World Bank is designed to promote the stability of exchange rates among member nations.
E) The World Bank only lends money to those with negative trade balances.
Q3) Which of the three functions of money does a time deposit account MOST exemplify?
Q4) The international payments process that moves money between buyers and sellers on different continents is subject to worldwide policy systems.
A)True
B)False
Q5) What is the difference between a credit card and a debit card?
Q6) What are the components of the M-2 money supply?
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Chapter 17: Managing Business Finances
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Q1) What is the term for the proportion of funds invested in each of several investment alternatives?
A) Spreading
B) Shorting
C) Margin buying
D) Asset allocation
E) Diversification
Q2) Investments such as money market mutual funds offer what advantage to investors?
A) Conservative capital growth
B) Long-term capital growth
C) Market appreciation
D) Aggressive growth
E) Safety and stability
Q3) Dividend payments are optional and variable.The corporation's CEO decides whether and when a dividend will be paid,as well as the amount that is best for the future of the company's employees.
A)True
B)False
Q4) Explain the principle of compound growth.
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Q5) Explain how dividend yield and interest dividend yield are computed.
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