Business - Introduction To Business Helping Quiz 5

Kaizen calls for continuous quality improvements

Competitive benchmarking compares a company's practices, processes, and products against others in its industry, with the goal of doing it better than the competition.

3

The NLRB is responsible for creating rules relating to collective bargaining. Which of the following best describes collective bargaining?

4

Hagar dislikes buying branded clothes because he claims that they are a waste of money. In this scenario, Hagar's buying behavior is most likely related to his

5

Which of the following is not a major approach to performance feedback interviews:

6

When KFC Corporation decides on brand names, package designs, sizes of orders, and flavors of sauces and recipes, it is controlling which element of marketing mix?

7

Mini-CasePepe Pieman believes that pizza is a much more versatile meal than most people realize. As the national marketing manager for Pizza Pals, he has watched how consumers ate up barbecue pizza, Hawaiian pizza, Mexican pizza, and other new and unique combinations. His superiors, however, met his suggestions for other unusual pizzas with a negative response. Even some of his teammates laughed at his ideas. Pepe's confidence in his ability to understand the market has led him to focus on planning a business of his own. Pepe realizes that he will take a risk when he leaves his job with Pizza Pals and sets off on a new endeavor: Pepe's Pizzazzeria. Pepe is excited about the potential of profitably catering to the unmet desires of pizza consumers.Pepe remains confident and enthusiastic

8

Which of the following can be accomplished by ensuring your message supports the objectives and policies of the organization?

9

Another name for an import duty is a(n):

10

Which of the following is a duty of a socially responsible organization toward its customers?

11

How has quality control, in the United States, evolved over the years?

In the United States, quality control was performed by a separate quality control department, which was a check performed at the end of the production line. However, this approach had drawbacks, the most significant being that finding the error involved in the process was expensive and costly as well as reactive versus proactive. The drawbacks led to the realization that quality control should be viewed as a never-ending process of continually improving what the company produces. Today, production managers incorporate quality control into the entire production process rather than an inspection at the end of the production line. Many American companies have adopted a total quality management system, originally introduced in Japan. Total quality management is a proactive approach to address not only the resulting concerns with errors but to implement processes to prevent errors.

12

For any company, owners and shareholders are the only sources of primary funding.

13

Isabella Villalobos is excited about how well her first-time business, an arts-and-crafts supply store, is doing. Sales are booming, and her customers leave glowing reviews about the store on Yelp. In only six months, Villalobos has a loyal following of repeat customers, and her new art classes are a hit. But even though she is excited and proud, she is also worried. She recently saw her older brother Carlos's small business take a financial hit because he didn't file important paperwork on time and had to pay huge penalties. Plus, Carlos was sued by former employees for errors on their paychecks. "I'm not very good at keeping up with deadlines and forms," Villalobos thinks. "Will I end up making the same kinds of avoidable mistakes as my brother?" Of the following, which advice would you

14

Moving payments through banking computer systems is known as an electronic funds transfer (ETF)

15

What is a business plan? How is it different from an executive summary?

Answer: A business plan summarizes a proposed business venture, communicates the company's goals, highlights how management intends to achieve those goals, and shows how customers will benefit from the company's goods or services. An effective business plan should include your mission and objectives, company overview, management, target market, marketing strategy, design and development plans, operations plan, start-up schedule, major risk factors, and financial projections and requirements.
An executive summary is a concise version of the business plan. Investor Guy Kawasaki advises entrepreneurs to create an executive summary of their business plan to use when presenting their ideas to investors for the first time. Entrepreneurs often have as little as 20 minutes to make these pitches, so a compelling presentation backed up by an executive summary, no longer than 20 pages, is ideal. The most important part of the entire package is "the grab," a compelling one-or two-sentence statement that gets an investor's attention. If an investor is intrigued, he or she can then read the executive summary to get a better sense of the opportunity and then review the full business plan before making a decision to provide funds.

16

The assumptions underlying Theory X generally agree with Frederick W. Taylor's concepts of scientific management

17

Which of the following statements is true about economies of scale?

18

Direct selling is a distribution strategy that makes extensive use of websites and phone sales.

19

All of the following are considered to be uninsurable risks EXCEPT

20

What is the distinction between an option and a futures contract?

21

What is gamification?

22

In operations management, _____ means completing tasks or producing products that create the greatest value

23

Which of the following statements is true of the Credit Card Accountability, Responsibility and Disclosure Act of 2009?

24

One advantage enjoyed by small businesses in international markets is that overseas buyers like dealing with individuals rather than large corporate bureaucracies.

25

An individual Disability Income insurance applicant may be required to submit all of the following information EXCEPT

26

Which political view allows FDI so long as the benefits outweigh the costs?

27

Which of the following is most strongly suggested by the statements above?

28

Business leaders should use every relevant opportunity to stress the importance of business ethics and make sure that key business decisions not only make good economic sense but also are ethical

29

Personal Wellness Jackie has been working for a local small business called Personal Wellness for the last three years. It is a retail business that sells sporting goods equipment. When she started to work there, she noticed several things that were possibly the cause of the business not doing as well as it hoped. Jackie has been thinking of starting her own small business because she feels she has learned much through working for Personal Wellness. Jackie's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would put things into perspective to help the company do better. After creating the plan, Jackie suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company.

30

________ refers to pay tied to an employee's acquisition of skills

31

Describe at least three common business activities affected by contextual differences across cultures

32

In a(n) ________, all of the members are skilled specialists in a particular trade.

33

Which of the following is a drawback to formal performance appraisals?

34

Stock options are the right to purchase shares of the corporation for a fixed price.

35

Successful product differentiation requires that:

36

Good leaders motivate workers and create the environment for workers to motivate themselves.

37

Which of the following reasons is the primary motivator for a commercial bank to acquire new depositors?

38

If the middle section of your request letter contains a series of questions, save the most important question for last

39

Members of Generation X tend to be more independent and need less feedback than members of older generations.

40

What is a result of a banking crisis?

41

There is an increase in economic activity when the Federal Reserve Board

42

As an employee of the human resource department of a major corporation, you are concerned about the potential costs of drug abuse. You are contemplating testing employees for substance abuse. Before adopting such tests, you should know that

43

One of the most significant problems faced by communist nations is

44

Based on cultural differences such as significance of colors, language differences and other nonverbal signals, what should be customized when entering an international market?

45

Firms that do not export often:

46

Materials handling is that part of logistics that deals with moving goods within the warehouse, from the warehouse to the production floor, and to various work stations along the production process.

47

What motivates employees to perform on the job is the focus of human relations.

48

Identify a true statement about subprime mortgage loans

49

Sabiha will be opening her catering business soon, but still needs to hire a few more employees to fill the schedule

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Business - Introduction To Business Helping Quiz 5

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