Business - Introduction To Business. Quiz Level 1

1

For firms that sometimes have difficulty selling their inventory, the current ratio is likely to be a better measure of liquidity than the acid-test ratio.

2

National competitive advantage derives from four conditions, one of which is factor conditions. What do factor conditions include?

3

Disinflation is defined as a period of slowing average price increases across an economy.

4

Rick is a salesperson for a local company. He has just finished presenting his sales message to a customer. The

5

Hot and Black Tide Inc., an electronics manufacturer, merges with Crimp Corp., a food manufacturing brand, to make the firms less vulnerable to adverse conditions in any single market. This scenario is an example of a(n) _____.

6

What is a national balance of trade? What does someone mean when he or she says that the balance of trade is favorable? Unfavorable?

7

Countertrade is most attractive to:

8

The Federal Reserve consists of seven Federal Reserve districts.

9

A contract that calls for regular payments to an individual for life or for a fixed period of time is called a(n)

10

In the context of electronic bill presentment and payment, the method of biller-direct is one where youuse the "bill-pay" service at your bank to automatically pay your monthly bills.

11

One advantage of part-time work is that it usually provides the same benefits that full-time employees receive.

12

High taxation, excess regulation, and limited choices in a business environment are likely to result in a(n):

13

In the context of operations management, a _____ is defined as a set of related activities that transform inputs into outputs, thus adding value.

14

A key issue in the "millennium round" of the WTO was to increase barriers to cross-border trade in agricultural products.

15

Which of the following contains information on each employee's education, skills, work experiences, and career aspirations?

16

When you're composing a business report, only include the information that supports your line of reasoning

17

Your personal brand ________

18

Briefly discuss domestic, foreign, alien, private, and public corporations.

19

Accounting and investments are specialized areas within financial management.

20

________ is the making, buying, and selling of goods and services within a country

21

The four resources that a business must use to operate successfully include material resources, human resources, financial resources, and operational resources.

22

From the perspective of the company, which of the following is a potential drawback of using an unstructured organization?

23

The only standard in the ISO 9000 family for which organizations can be certified is ISO 9011.

24

Union growth has slowed in recent years because

25

The Securities and Exchange Commission (SEC)has the authority to go after individuals who engage in illegalinsider trading, which is the practice of:

26

The use of pipelines should decline in the future because this mode is suitable only for shipping petroleum.

27

Employers may require an AIDS test as a condition of an offer of employment

28

Operations managers need management information in all of the following areas except

29

__________ is the process managers use to continually monitor all phases of the production process to ensure that quality is being built into the product from the beginning and that quality is not being inspected into the product at the end of the production process.

30

"As the supply and demand curves are dynamic, so is the equilibrium point." Explain this statement with an example

31

Macy's Pick to the Last Unit system, described in the chapter-opening case, is an example of which of the following?

32

In a leveraged buyout, the managers of a firm, its employees, or other investors

33

What is a team? How does a functional team differ from a cross-functional team?

Answer: A unit of two or more people who share a mission and collective responsibility as they work together to achieve a goal is called a team. A functional team is organized along the lines of the organization's vertical structure and thus may be referred to as a vertical team. Such teams are composed of managers and employees within a single functional department, and the structure of a vertical team typically follows the formal chain of command.
In contrast to functional teams, a cross-functional team draws together employees from various functional areas and expertise. Cross-functional teams can facilitate information exchange, help coordinate multiple organizational units, encourage new solutions for organizational problems, and aid the development of new organizational policies and procedures.

34

Pressures for local responsiveness imply that it may not be possible to leverage skills and products associated with a firm's core competencies wholesale from one nation to another

35

The money a company makes just from its products is called ________

36

A policyowner is allowed to pay premiums more than once a year under which provision?

37

Gillette uses television to inform the audience about its products. This is called

38

The most potent weapon currently available to management when collective bargaining breaks down is the use of yellow-dog contracts.

39

Fern Motors is offering a rebate on cars purchased this month. This activity involves the ____ ingredient of the marketing mix

40

Your Wish, Inc. Cindy worked for a retail company and noticed there were many things it could do better. She shared some of her ideas with upper management, but it did not want to do things differently. When Cindy went home to talk to her husband, they both realized that, given her passion, it would be better for Cindy to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Wish, Inc. She also knew just where to open the store⎯right next to her house. To be certain to address all aspects of the business, Cindy hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized

41

Which of the following BEST describes employee-focused leader behavior?

42

Based on what we read in the "Wealth of Nations," if Adam Smith were alive today, he would most likely be against the economic concepts presented by North American Free Trade Agreement and the European Economic Union

43

A company should develop a new set of skills and strategies in each stage of the life cycle to remain competitive

44

Which of the following is the exchange rate policy where the government intervenes in the exchange rate system only in a limited way?

45

A firm would implement a policy of holding exit interviews if it wanted to

46

A check is an order to a bank to withdraw funds at any time

47

What is the electronic collection, storage, and retrieval of data referred to as?

48

An auto repair shop is an example of a fixed-position layout.

49

Workers in nations who are strong proponents of communism work much harder and longer hours.

50

Technical skills are more important to the first-line manager than to other managers.

51

Theory Y is most suitable in a work situation in which workers are

52

The fundamental issues concerning land pollution are how to restore already contaminated land and how to prevent further contamination

53

Compare and contrast secured bonds and debentures

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Business - Introduction To Business. Quiz Level 1

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