Let Quiz 5-Business - Introduction To Business

1

Without her employees, Marissa knows she could not operate her editorial business at a profitable level. Which factor of production does Marissa require?

2

Bell Valley Community College has eight campuses located in different areas of the state. The chancellor occupies the top position in the organization, followed by four vice-chancellors. Each campus has a president, two vicepresidents, several deans, and faculty members, all of whom serve the students. The college also employs professionals, but they do not make decisions with respect to the

3

Which concept deals with giving employees the power to make commitments and use resources to accomplish the assigned tasks?

4

The measurement of total sales volume at all stages of production is called the gross domestic product (GDP).

5

Horizontal diversification ________

6

Home Helpers, Inc. produces a variety of reasonably-priced household appliances. To cut costs, the company has decided to eliminate all of the marketing intermediaries who help distribute its products. Home Helpers will be able to reduce its total marketing costs by eliminating the marketing functions these intermediaries perform.

7

Firms that use internal recruitment to fill job openings are likely to benefit in all of the following ways EXCEPT:

8

What do the terms par (face) value, coupon, and maturity date mean for bonds?

9

It is appropriate for a country to impose trade restrictions on exports that might endanger its national security

10

Briefly compare blogging and microblogging

11

An example of a business situation in the United States that is both illegal and unethical is canceling a company retirement plan.

12

_____ are companies that provide short-term financing to firms by purchasing their accounts receivables at a discount

13

Rennie Hanks has a great idea for a new business—one he is sure will make a ton of money. He's eager to get started, so he wants to form his business with a minimum of hassle, expense, and red tape. He also wants to be his own boss and have complete control over the company. Rennie's goals suggest that he would seriously consider operating his business as a sole proprietorship

14

You should never borrow to cover regular expenses, but it makes perfectly good sense to use credit to cover unexpected expenses such as car or home repairs.

15

McCloud Company wants to avoid being unable to compare job candidates' qualifications after an interview because the applicants were asked different questions. Giving what type of interview might eliminate this problem?

16

All entrepreneurs launch their businesses with the belief that it is their only economic option

17

An intentional tort is a willful act that results in injury.

18

Which of the following is considered a shopping product that consumers buy only after comparing price, quality, and style and thus would utilize selective distribution?

19

When a firm produces goods for mass consumption, what type of goods production method is generally used?

20

A disadvantage of the corporate structure is that it ________

21

Carmen Cattucci wanted to buy a new car. She visited several dealers to compare prices, styles, and dealer reputations. Finally, she bought a car from a local dealer. The purchase of a car is an example of a

22

Medicare is intended for all of the following groups EXCEPT

23

What was the goal of the Industrial Workers of the World?

24

Arocare International, a general hospital, converts its cancer unit into a new hospital called Miracle. Arocare then issues stock in the new hospital and sells the stock to outside investors. This helps Arocare raise additional funds. This scenario exemplifies:

25

Which of the following is an important etiquette guideline when you are representing your company online?

26

Website designers use the term informative nomenclature to describe the content, structure, labeling, and navigational flow of all the parts of a website

27

Speedtomarket is the rate at which a company's competitors copy its new product innovations

28

Price Waterhouse, a large accounting firm, would be most properly classified in the ____ industry, whereas a grocery store such as Kroger would be included in the ____ industry.

29

________ is the process of evaluating and correcting activities to keep an organization on course.

30

Describe flexible manufacturing and mass customization and explain how they affect the costs and efficiency of a company.

The term flexible manufacturing technology -or lean production, as it is often called-covers a range of manufacturing technologies designed to (1) reduce setup times for complex equipment, (2) increase the utilization of individual machines through better scheduling, and (3) improve quality control at all stages of the manufacturing process. Flexible manufacturing technologies allow the company to produce a wider variety of end products at a unit cost that at one time could be achieved only through the mass production of a standardized output. Research suggests the adoption of flexible manufacturing technologies may actually increase efficiency and lower unit costs relative to what can be achieved by the mass production of a standardized output while enabling the company to customize its product offering to a much greater extent than was once thought possible. The term mass customization
has been coined to describe the ability of companies to use flexible manufacturing technology to reconcile two goals that were once thought to be incompatible: low cost and product customization.

31

Which of the following terms refers to the examination of a company's accounting system to determine whether its financial reports fairly represent its operations?

32

What is the difference between ethics and social responsibility?

33

What are the three activities according to which a statement of cash flows is organized?

34

The marketing department at Bitty-Baby Store brainstorms with its advertising agency on what type of advertising it should use and where and when ads should be placed in order to make the most impact. Which element of the marketing mix are they considering?

35

Employees from different departments within the company may be brought together temporarily in a _____________ to tackle a specific problem.

36

In order to encourage teamwork among managers and employees, top management must create an organizational culture that allows autonomy, decentralizes authority, and rewards good work.

37

When was GATT first established?

38

Six Sigma shares some characteristics with TQM, such as an organization-wide focus on quality and a long-term commitment to continuous quality improvement

39

Which of the following plays a role in funding the vast majority of startup businesses in the United States?

40

Microbloggers often send messages with ________ that provide links to more information

41

Industrial goods and services are used to produce other products.

42

Mini-CaseThe Bank of Bramblewood survived the Great Depression through the dedication, hard work, and conservative practices of its first president, Red E. Kash. Indeed, Red's personal drive and business skills helped the Bank of Bramblewood thrive during his 50-year tenure as president. After his retirement, his granddaughter, Patty, took a position with the bank. Patty inherited her grandfather's business skills and by 1994 she had risen to become the second member of the Kash family to head the bank. Patty admits she owes a great deal to her grandfather's leadership and advice, but she also quickly points out that the banking industry has changed significantly since Red retired. Patty graduated from college with a degree in finance, and also holds several certifications with the

in Business

American Institute of Banking. "What Granddad achieved during his era was truly remarkable," Patty points out. "But times have changed, and banking regulations and bank competitors have certainly changed. If we hope to prosper in this century, we have to adjust to new competition, learn to work with new technologies, and take advantage of new opportunities. The Bank of Bramblewood has always operated for the benefit of our customers and we will continue to do so. But we must serve them more efficiently and creatively than in the past."During Red's time as head of the Bank of Bramblewood, the bank offered three services: time deposits, demand deposits, and home and business loans. Under Patty's leadership, the bank offers those same services, a variety of investment opportunities such as mutual funds and bonds, and ________ through the Internet, which supports a number of services such as paying bills directly from customers' accounts, direct deposit, and transferring money.

A. passbook banking
B. composite banking
C. demand deposits
D. online banking

43

Software Solutions Inc., a large software company, has different representatives to assist business clients and individual clients. This is an example of ________ departmentalization.

44

Which online marketing tactic involves maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by Google or Bing?

45

What increasingly popular method of providing training and development may include the use of role-plays and simulations?

46

Arthur Jones distributes rawhide to several different homes. In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Arthur sells the finished goods. This represents a(n)

47

Which of the following is NOT one of the four general classes of consumer goods and services?

48

Alvarez Construction Company was hired by the county to build a meeting hall at Greenleaf Park. During its work, the company left trash all over the construction site, displaced birds and other wildlife, and created noise that disturbed park visitors. To make up for the problems they caused at the park, the company organized a companywide clean-up week and left the park more attractive and sustainable than ever. This is an example of the attitude that because businesses create some problems, they should

49

Which person is most likely compensated through a salary?

50

Sun-Yip is the manager of an appliance manufacturing facility in a developing country. This facility does not meet the acceptable standards of the manufacturing facility in his home nation. He knows that demanding a better facility will raise the cost of the appliances that are mainly exported to other less-developed countries. However, he also realizes that by not demanding a better facility, the employees who work there are prone to serious health issues. Sun-Yip is facing

51

Which of the following, if true, justifies the customer representative's ethical position?

Answer: E
Explanation: E) If the representative has thought out a "Plan B" by which he can guarantee delivery of the shipment on time, then the promise is morally supportable. So Choice E is correct. Otherwise, the promise is ethically suspect regardless of how it is justified. Choice A makes an assumption that cannot be guaranteed: if the contractors arrive Tuesday morning for the faucets and they are not there, the representative is caught in a lie. Choice B is a good motive for making sure the shipment arrives on time, but not for deceiving the customer. If the fib is exposed, it is unlikely that the event will in fact lead to more business. Choice C describes the code of ethics at the home-building firm, which may or may not be similar to what the customer rep is expected to follow at the plumbing supply firm. Choice D indicates that the overall demeanor of the plumbing supply firm is based on morally shaky grounds, which hardly justifies the ethics of lying to a customer.

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Let Quiz 5-Business - Introduction To Business

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