Easy Quiz 2. Business - Introduction To Business

Which of the following statements is most accurate?

Businesses must first be responsible to their ________, who are primarily concerned with earning a profit.

Describe the four degrees of competition with examples

Pure Competition: A market structure with many competitors selling virtually
identical products. In today's U.S. economy, examples of pure competition have
virtually disappeared. The example of agricultural products probably comes the
closest.
Monopolistic Competition: A market structure with many competitors selling
differentiated products. Producers have some control over the price of their wares,
depending on the value that they offer their customers. And new producers can fairly
easily enter categories marked by monopolistic competition. Examples might include
the clothing industry and fast food establishments.
Oligopoly: A market structure with only a handful of competitors selling products that
are either similar or different. The retail gasoline business and the car manufacturing
industry, for example, are both oligopolies. Another example might include the soft
drink industry.
Monopoly: A market structure with just a single producer completely dominating the
industry, leaving no room for any significant competitors. Monopolies usually aren't
good for anyone except for the company that has control, since without competition
there isn't any incentive to hold down prices or increase quality and choices. Because
these undesirable drawbacks can harm the economy, most attempts to monopolize
markets in the United States are illegal. However, the government does allow
monopolies to operate in certain special cases. The classic example is a natural
monopoly, such as a cable television system, water company, or electric utility. The
government also fosters temporary monopolies when it grants patents or copyrights.

4

Which of the following media is used by digital marketing?

5

The institutional arrangements that govern exchange rates are called the

6

Green Sports Incorporated is a small start-up company that manufactures and markets sports equipment made from recycled materials. Green Sports is best suited to base its departmentalization on product

7

Julie Yuen has clearly defined goals for ensuring that her new meal delivery service, Magic Chef, is socially responsible. One goal is to donate a percentage of her profits to local charities. How can Yuen ensure that Magic Chef is actually implementing its socially responsible goals?

8

During her sophomore year in college Carrie received an email from First Bank telling her she was eligible for a credit card along with a free gift. Carrie was excited until she remembered that any cash she has usually "burns a hole" in her pocket, and she spends it quickly. Carrie would likely not be successful with a credit card because

9

The buffer of a negative message

10

Which of the following steps in collective bargaining is correctly matched with its descriptor?

11

When considering the economic prospects of a country, it can be said that

12

A Corvette, a dinner at the Olive Garden, and an overnight stay at a Hilton Hotel all satisfy human needs. Therefore, each

13

Single Tone, a local music and video store, consistently offers music CDs and movie DVDs at lower prices than its competitors. The pricing strategy that Single Tone uses is high/low pricing.

14

A full-length television program made to look like a television show but devoted exclusively to promoting goods and services is called an infomercial.

15

The stockholders of a construction firm decide to start a steel company, but they want to have limited liability. After completing the business plan, they initiate the process of establishing the company by filing articles of incorporation and paying the filing fees to the state government. In this scenario, the stockholders of the firm want to start a _____.

16

Before the bank would lend Evan money for a mortgage, he had to buy insurance for the property. Which of the following insurance did the bank require?

17

Enterprise risk management is

18

The basic transportation service criteria are speed, cost, dependability, flexibility, frequency, and reach.

19

The Federal Reserve provides banking services to member banks and is the central bank of the United States

20

What is the most common use that the federal government makes of a firm's accounting information?

21

Mountain Top Community College is a multi-district college in the Denver area with four campuses. Each campus has one president, two vice presidents, five deans, 12 department chairs, over 100 faculty members, and several persons in support roles. The presidents from each campus report to four vice chancellors and the vice chancellors report to the chancellor. It is clear that Mountain Top has a well-defined ________.

22

List one advantage of using trucks for transportation and one disadvantage

23

A manager responsible for facilitating the exchange of products between an organization and its customers through distribution and advertising is known as a(n) ____ manager.

24

Spam refers to unsolicited email advertisements usually sent to very large numbers of recipients, many of whom may not have interest in the message

25

After an organization has determined their communication goals, they use their ________ to decide what their marketing message will be

26

Alexis de Tocqueville believed that the aristocracy created by manufacturing was one of the most dangerous which ever existed in the world

27

Some firms use a combination of departmentalization techniques.

28

Under a civil law system, it is the responsibility of a judge only to ________ the law.

29

According to Adam Smith, competition

30

Which of the following refers to the combination of channels that a firm selects to get a product to end users?

31

Which of the following describes the concept of leadership?

32

Which of the following is a difference between full-service brokers and discount brokers?

33

McDonald's selling seaweed-flavored fries in Asian countries is an example of a company pursuing a ________ strategy

34

________ examine the data prepared by ________ and then make recommendations to top management regarding strategies for improving the firm.

35

You have been asked to develop an effective reward system for Kroger stores. In designing such a system, you should strive to meet all of the following objectives except

36

Which of the following is not one of the six basic activities that all businesses perform?

37

All of the following are examples of hygiene factors that can cause dissatisfaction except

38

Socially adept managers will have a knack for ________

39

If the audience for your presentation will be interested in but neutral to what you have to say

40

In the context of goal setting in an organization, the most effective strategic goals should be:

41

Douglas McGregor described two very different sets of managerial attitudes about employees, which he called

42

If Stanley Jones, VP Finance, meets with Linda Sheridan, CEO, to discuss how much of the budget can be allotted to certain departments for next year's project plans, the two are engaging in

43

Research suggests that only one idea in how many will end up making money?

44

________ exists when a large number of firms produce goods that are similar but customers believe there is a difference.

45

Jerszy's Smoothie Bar has decided to set its pricing structure based on an annual percentage of the amount earned as a result of financial investment as a quantifiable means to gauge the success of their pricing. This pricing structure is known as