Question

A) functional middleman
B) broker
C) retailer
D) sales agent
E) merchant middleman

Answer 1

E

Answer 2

Answer: B

Answer 3

b

Answer 4

False

Answer 5

Customer Relationship Management (CRM) is the ongoing process of acquiring,
maintaining, and growing profitable customer relationships by delivering unmatched
value. There are two major categories of CRM relationships:
Limited relationships: The scope of your relationships will depend not just on
the data you gather but also on your industry. Colgate-Palmolive, for example,
can't forge a close personal bond with every person who buys a bar of Irish
Spring soap. However, they do invite customers to call their toll-free line with
questions or comments, and they maintain a vibrant website with music, an enewsletter, special offers, and an invitation to contact the company. You can
bet that they actively gather data and pursue a connection with customers who
do initiate contact.
Full partnerships: If you have a high-ticket product and a smaller customer
base, you're much more likely to pursue a full partnership with each of your
key clients. Colgate-Palmolive, for instance, has dedicated customer service
teams working with key accounts such as Walmart and Costco. With a full
partnership, the marketer gathers and leverages extensive information about
each customer and often includes the customer in key aspects of the product
development process.

Answer 6

b

Answer 7

Answer: C

Answer 8

B
Explanation: B) During expansion, banks are discouraged from seeking loans from the Federal Reserve at higher discount rates, thereby slowing the addition of funds into the economy, which keeps the economy from expanding too rapidly. If the money supply were allowed to continually expand, eventually there might not be enough goods and services to satisfy demand, and when demand is high, prices will rise. Inflation results from an increase in overall prices.

Answer 9

Answer: B

Answer 10

D. Head Start

Answer 11

true

Answer 12

True

Answer 13

Answer: E
Explanation: E) Maintaining a small inventory contributes to a high activity ratio because the value of inventory appears in the denominator of the activity ratio; if the cost of goods sold is high, it indicates high efficiency in sales turnover.

Answer 14

Answer: A

Answer 15

True

Keogh plans are like an IRA for entrepreneurs. Self-employed individuals invest in a Keogh plan because they do not have the benefit of a corporate retirement system.

Answer 16

Since a corporation is a creation of society and is deemed a part of society, a corporation must act as a good citizen or society has the right to demand changes by that entity. Businesses have a responsibility to not only stockholders but also to customers, employees, suppliers, and the general public.

Answer 17

A successful business benefits society by providing the goods and services we need and want. Businesses also provide employment opportunities for members of the community. Because they offer desired goods and services, provide employment, and generate income and spending in the economy, successful businesses contribute to the quality of life by creating higher standards of living for the entire society.

Answer 18

Answer: Product adaptation is one of the key changes that companies need to consider when moving into other countries. First, managers must decide on which products and services to introduce in which countries. When selecting a country, they must take into consideration the type of government, market-entry requirements, tariffs and other trade barriers, cultural and language differences, consumer preferences, foreign-exchange rates, and differing business customs. Then, they must decide whether to standardize the product, selling it everywhere, or to customize the product to accommodate the lifestyles and habits of local target markets. A company might change only the product's name or packaging, or it can modify the product's components, size, and functions.

Answer 19

Adam Smith believed in a free-market system (also called capitalism). Smith favored a system characterized by economic freedom: the right to private ownership of property, the freedom of choice, and the freedom to compete. In his view, self-interest would lead profit-seeking entrepreneurs to produce those goods most desired by consumers, and subsequently create jobs for others. Thus, self-interested behavior would also serve the best interests of society as a whole. This is the central idea of the invisible hand concept. He also assumed that as people became wealthier, they would naturally seek to help the less fortunate. Smith's views suggested that the role of government in the economy would be quite limited.

Answer 20

D

Answer 21

True

Answer 22

B
Explanation: B) Use page templates and other formatting options to make sure your content matches the rest of the wiki.

Answer 23

An agent who tells a client that dividends are guaranteed may be guilty of misrepresentation

Answer 24

The Entire Contract provision states that the application and policy contain all provisions and constitute the entire contract.

Answer 25

Answer: A

Answer 26

c

Answer 27

a

Answer 28

true

Answer 29

Answer: A
Explanation: A) Kershner assumes from the fact of strong revenues that a good income statement will result. Kershner does not assume Choices B, D, and E—if he did, his outlook for the company would not be so optimistic. He does not mention Choice C, which in any case is not relevant to this year's income statement.

Answer 30

True

Throughout the 1990s, the amount of investment directed at both developed and developing nations increased dramatically, a trend that reflects the increasing internationalization of business corporations.

Answer 31

-International Monetary Fund

Answer 32

Answer: C
Explanation: C) Culture is not a statement about ethics, but really is the sum of the actions of employees. A recent study by a global bank found that 70 percent of actions that would be considered detrimental to customers were actually legally compliant.

Answer 33

False

Answer 34

C

Answer 35

Answer: A

Answer 36

Answer: C

Answer 37

B
Explanation: B) An infographic résumé attempts to convey a person's career development and skill set graphically through a visual metaphor such as a timeline or poster.

Answer 38

In a routine request message, state your request up front but don't be abrupt or tactless. Instead, use a tone that's respectful, not demanding. Assume your audience will comply, when they clearly understand the reason for your request. Finally, state precisely what you want.

Answer 39

True

By answering questions and offering advice, salespeople supply information to customers that enables them to choose a product that suits their needs. This creates value, or utility.

Answer 40

False

Businesses don't just make money for entrepreneurs. Businesses provide all of us with necessities such as food, clothing, housing, medical care, and transportation, as well as other goods and services that make our lives easier and better.

Answer 41

A

Answer 42

Answer: In the accounting process, an accountant finds and sorts records, puts daily transactions in journals, puts journal entries in categories in a ledger, tests the accuracy of the ledger by running a trial balance, reports on the information by issuing financial statements, and analyzes the information by assessing the firm's financial condition by using ratio analysis.
Explanation: The accounting process includes the sorting of records, the entry of daily transactions into journals, the categorization of journal entries in a ledger, the testing of the accuracy of the ledger by trial balance, the issuing of financial statements, and the assessment of the firm's financial condition by using ratio analysis.