Quiz a lot 2. Business - Introduction To Business

1

Communication that is intended to inform, persuade, or remind an organization's target markets about the organization and its products is called promotion

2

Whatever its type-strategic, tactical, or operational-the purpose of planning is to achieve a ________, which is a broad, long-range target an organization wishes to attain.

3

Which type of manager spends most of their time working with and supervising the employees who report to them?

4

Which of the following should you look for when proofreading a document for writing errors?

5

One objective of a carefully managed compensation plan is to keep labor costs low. In order to achieve this objective, a firm should strive to keep wages, salaries, and benefits at or below the compensation levels of its competitors.

False

A well-managed compensation plan does strive to keep labor costs low. However, this does not necessarily mean that a firm should strive to pay wages and salaries that are at or below the level offered by competitors. Compensation is one of the main marketing tools that companies use to attract employees. Offering low wages may make it difficult to compete for the best employees. A carefully managed compensation and benefit program can help a firm accomplish a variety of objectives: attracting the kinds of people the organization needs, providing incentives for employees to work productively, keeping valued employees from leaving for better-paying positions with competitors (or even starting their own business), and maintaining morale by providing workers with some sense of financial security. These objectives are not necessarily accomplished by paying low wages. Instead, they may enable the firm to keep labor costs low by ensuring high productivity from a loyal workforce.

6

Both import quotas and voluntary export restraints (VERs) benefit domestic producers by limiting import competition

7

Which of the following, if true, strengthens the case that Streeter & Sons is profitable?

8

The decision on how to departmentalize should depend on the customer and the product or service the firm is offering.

9

A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n)

10

Costs that depend on the number of units produced are called

11

When translated, caveat emptor means "let the buyer beware."

12

Angel investors provide money to finance new businesses in exchange for a large rate of interest

13

The expectancy theory says that people are motivated:

14

________ refers to a subset of expatriates who are citizens of a foreign country working in the home country of their multinational employer.

15

If Texas Instruments hires an accounting firm to compute the company's taxes, the accounting firm is providing

16

Creating a plain-text file of your résumé

17

An economy is experiencing hyperinflation when average prices of goods and services:

18

Identify a true statement about process layouts.

19

The Rusties Market, a small antique shop, periodically runs advertisements in the local newspaper to keep its name before the public. This is known as ____ advertising.

20

The CIO, COO, and CFO are classified as top management positions.

21

The owners of limited liability companies (LLCs) are called members because:

22

Chad's boss, Eric, has asked him for months to go to dinner. Chad knows the invitation isn't business related and has told Eric that he prefers to maintain professional relationships with colleagues

23

By the mid-1990s, communism was rising worldwide

24

Stock Room Area

25

Emerson believed that the craft of the merchant is the bringing of a product from where it abounds to where it is costly

26

_____ is a motivation theory that proposes that perceptions of fairness directly affect worker motivation

27

A company can measure its level of ________ by evaluating whether a given company activity creates social value through innovation.

28

You have just opened a new small business. You're really happy to learn that studies show that small-business workers

29

Give an example of a company following the pricing objective of building traffic

30

When a company collects external marketing data, it looks at information about:

31

Most homeowners' insurance policies automatically provide adequate coverage for small home-based businesses.

32

Which of the following is needed when practicing business etiquette when in teams and in meetings?

33

Intel consistently scores high as an industry leader in its commitment to strong CSR practices because it supports many charitable groups and is responsive to the needs of the communities where it has facilities

34

"Although our servers are stable, the telephone system is a serious concern" is a

35

Which of the following is true of the AFL-CIO?

36

Identify and discuss the social responsibilities of a firm to three of the four stakeholder groups described in your textbook.

Customers: Businesses are responsible for satisfying customers by offering them goods and services of real value. One of the surest ways of failing to please customers is to be less than totally honest with them. Investors: According to Milton Friedman, businesses are responsible for generating profits for their owners and investors. Some people believe that before "you can do good, you must do well"; others believe that by doing good, you can also do well. Many people believe that it makes financial as well as moral sense to invest in companies that are planning ahead to create a better environment. By choosing to put their money into companies whose goods and services benefit the community and the environment, investors can improve their own financial health while improving society's health. Employees: Firms have several responsibilities to employees. First, they have a responsibility to create jobs if they want to grow. Once a company creates jobs, it has the responsibility to see to it that hard work and talent are respected and fairly rewarded. Employees need realistic hope of a better future, which comes only through a chance for upward mobility. Companies can demonstrate commitment and caring by giving employees salaries and benefits that help them reach their personal goals. Society and the Environment: One of business's major responsibilities to society is to create new wealth. Businesses are also partly responsible for promoting social justice. Businesses are also taking responsibility for helping to make their own environment a better place. Environmental efforts may increase the company's costs, but they also may allow the company to charge higher prices, to increase market share, or both. The environmental movement is a social trend that all generations have embraced. Businesses which show a concern for the environment may increase their costs, but customers are willing to pay higher prices if they know that the business is environmentally conscious.

37

Most people have mastery of all the skills a successful manager needs to possess: technical, interpersonal, conceptual, decision-making, and time management

38

Taking into account the risk/return trade-off, it would stand to reason that a secured bond holds a lower interest rate than an unsecured bond.

39

A candidate should not include references in the résumé; instead, write "References available upon request."

40

Which of the following reactions by management would NOT be appropriate under current laws governing the formation of a bargaining unit?

41

According to most definitions, a small business almost always has ________ employees.

42

In a ________ arrangement two part-time employees fill one full-time job.

43

Nick wants to make money, so he starts his own business as a sole proprietor. He likes this form of business because

44

The rationale behind a job enlargement strategy is that jobs are more satisfying when

45

The development of e-books and e-readers has led to the closure of many brick-and-mortar booksellers. Which of the following likely did NOT drive this change in the marketplace?

46

The two key aspects of product quality are level and longevity.

47

Trendy Fashions is a national chain of clothing stores that is offering its stock to the public for the first time. What does this scenario best describe?

48

Discount brokers offer a wide range of additional services to their clients free of cost.

49

Why is being a team player an important aspect of professionalism?

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Quiz a lot 2. Business - Introduction To Business

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