Quiz Review 10- Business - Introduction To Business

1

The accounts receivable turnover ratio is calculated by dividing sales by the average value of accounts receivable for a period

2

The purchasing behavior of organizations is easier to understand than the purchasing behavior of consumers because it's more clearly driven by economics and influenced less by subconscious and emotional factors

3

Which of the following statements best defines personal space?

4

Turner's Garage, an automotive repair shop, sends out a direct-mail offer for a complete tune-up for first-time customers at a greatly reduced price. Which sales promotion objective is Turner's Garage trying to accomplish?

5

Establishment of which of the following would hold a coordinating bureaucracy accountable to the citizens of member nations?

6

Which of the following statements is true of online retailing?

7

Drop shippers are limited function wholesalers that typically put together many small shipments to form a single larger shipment.

8

Joe is creating a business plan for a new robot that can do his homework for him. What element should his business proposal include?

9

Selective-demand advertising aimed at persuading consumers to make purchases within a short time is called ____ advertising

10

Which of the following does the business consultant assume?

Answer: C
Explanation: C) The business consultant wants people to have the skills that people need to perform their jobs, but why focus just on the entry-level jobs? If those people succeed, they may get promoted to different jobs with different requirements. So the business consultant must assume Choice C. If the required skills are different, then it wouldn't make sense to focus only on the skills required for entry-level positions. Choice A goes too far. Choice A would strengthen the argument if it were true, but it doesn't need to be true in order for the argument to work. Choice B: Other organizations are irrelevant. Choices D and E undercut the argument by calling for a more balanced approach (Choice D) and suggesting that higher standards for technical skills wouldn't have mattered (Choice E).

11

________ involves donating money, employee time, or other resources to various causes without regard for any direct business benefits for the company

12

Describe the basic features of limited partnerships and limited liability partnerships

13

Balance of payments is a much broader concept than balance of trade

14

In which type of market would investors be motivated to sell because they feel prices will fall further?

15

What is promotion? Name and describe two major types of emerging promotional tools.

Answers will vary.Promotion is marketing communication designed to influence consumer purchase decisions through information, persuasion, and reminders. The most effective promotion builds strong relationships between customers and companies. In the past decade, the promotional landscape has changed dramatically. Digital technology has surged forward at breakneck speed. As a result, new promotional tools have emerged, and previously minor tools have burst into the mainstream.The following are two of the emerging promotional tools:Social media: Social media-including Facebook, Twitter, Blogger, Tumblr, Foursquare, and many others-are not a fad, but rather, a paradigm shift in how successful businesses market themselves.Sponsorships: A deep association between a marketer and a partner (usually a cultural or sporting event), which involves promotion of the sponsor in exchange for either payment or the provision of goods.

16

The market for corn in Mexico has a large number of sellers and buyers, and there is no difference in the products sold by each seller. As a result, prices are determined by the

17

The most common source of small business financing is:

18

Which of the following is a disadvantage of the social communication model?

19

the linking of a brand to other favorable images

20

Most corporations include important elements of their financial statements ___ in their annual reports to permit readers to compare financial data.

21

_____ is a period of robust economic growth and high employment indicating that businesses are capitalizing on new market opportunities

22

Congress has given the Equal Employment Opportunity Commission broad powers to issue guidelines for acceptable employer behavior concerning employment opportunities.

23

The desire phase of a conventional marketing or sales message should

24

Since most ethics violations are small and rather insignificant in nature, employees need to understand that addressing these issues is secondary to making profits. CEOs may be justified in ignoring these small problems and waiting for more convenient moments to address them.

25

Social media sites such as Facebook and Twitter are unreliable sources of market research data because few customers use such sites to discuss business issues

26

The purchase of one corporation by another is referred to as a

27

Small businesses produce more patents per employee than large patenting firms

28

Currency swaps are transacted between international businesses and their banks, between banks, and between governments when it is desirable to move out of one currency into another for a limited period without incurring foreign exchange risk.

29

The discussion above most strongly suggests that the project manager and the executive would disagree about the answer to which of the following questions?

30

The elements of the marketing mix are

31

Under a floating exchange rate system, a country's ability to expand or contract its money supply as it sees fit is limited by the need to maintain exchange rate parity

32

Which of the following is an essential element in coordinating design and testing while minimizing costs?

33

Goals that are specific enough to give employees clarity and focus can function as effective motivators

34

Which of the following is one of the four psychological characteristics of a successful entrepreneur?

35

The Federal Reserve requires that all commercial banks offer mobile deposits.

36

Which of the following products would normally be classified as a shopping good or service?

37

The owner of a single-person LLC can avoid paying self-employment taxes by electing to have the LLC treated as a corporation

38

A corporate culture is generally defined as the

39

One of the most significant issues of online retailing is _____.

40

Which of the following would help prevent a universal life policy from lapsing?

41

In a same-steps layout, equipment and people are set up to produce one type of good in a fixed sequence of steps and are arranged according to its production requirements

42

Rita and her friend Wanda intend to establish their own ventures. While Rita intends to establish a manufacturing company, Wanda intends to establish a multi-specialty hospital. In the context of planning the facilities for their ventures, discuss the types of facility layout that should be implemented by both prior to the establishment of their ventures.

43

A country valuates its currency without attaching it to a reference currency under the pegged exchange rate regime.

44

A leader who works with employees to find the best way to complete a job while maintaining final authority is a(n) ________ leader

45

Growth stocks are the stocks of corporations whose earnings are expected to grow faster than the overall economy.

46

After assessing the risks of a project, the second step is to ________ each risk, or to think about whether the adverse impact will be major or minor

47

Management takes place only in business settings.

48

A job ________ is a statement that identifies the objectives of a job, the type of work to be done, the responsibilities and duties that are associated with the job, the working conditions, and the relationship of the job to other functions.

49

The last step in the rational decision-making model is to determine whether the decision was a good one and follow up.

50

Mexico has raised the taxes on cheeses imported from the United States. These taxes are an example of a(n)

51

Small businesses are typically managed by people who started and own them.

52

Reilly's Law of Retail Gravitation ________.

53

The Sullivan principles attempted to fight against:

54

Which type of manager is responsible for implementing the strategies, policies, and decisions made by top managers?

55

Explain the two institutions established by the Bretton Woods agreement.

The agreement reached at Bretton Woods established two multinational institutions-the International Monetary Fund (IMF) and the World Bank. The task of the IMF would be to maintain order in the international monetary system and that of the World Bank would be to promote general economic development. The IMF stood ready to lend foreign currencies to members to tide them over during short periods of balance-of-payments deficits, when a rapid tightening of monetary or fiscal policy would hurt domestic employment. A pool of gold and currencies contributed by IMF members provided the resources for these lending operations.

The official name for the World Bank is the International Bank for Reconstruction and Development (IBRD). When the Bretton Woods participants established the World Bank, the need to reconstruct the war-torn economies of Europe was foremost in their minds. The bank's initial mission was to help finance the building of Europe's economy by providing low-interest loans.

56

Telewhiz, Inc., just contracted with a firm in the Philippines to provide customer service for its smartphone customers. Although there were cheaper labor markets that Telewhiz could have tapped, customers have reported that they understand English-speaking Filipino people better than English-speaking people in other countries. As an outsourcing option, it is a good compromise.

57

The new trade theory is at variance with which theory, which suggests that a country will predominate in the export of a product when it is particularly well endowed with those factors used intensively in its manufacture?

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Quiz Review 10- Business - Introduction To Business

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