BUS 871 Midterm 1

subject Type Homework Help
subject Pages 20
subject Words 5165
subject Authors Courtland L. Bovee, John V. Thill

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page-pf1
Theocratic law is law based on religious principles.
Unlike retailers, wholesalers primarily sell products to consumers for personal use.
A lease is an agreement to use an asset in exchange for regular payment.
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Doing the job right the first time is the basic principle of quality control.
Optimal pricing is a computer-based pricing method.
Deciding how much money to spend on new manufacturing equipment versus
launching a new advertising campaign is described as opportunity cost.
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A network structure stretches beyond the boundaries of a company to connect a variety
of partners and suppliers that perform selected tasks for a headquarters organization.
The start-up schedule section in a business plan would forecast its income, expenses,
and cash flow for the first 3 years of business.
President John F. Kennedy announced a "bill of rights" for consumers, laying the
foundation for a wave of consumer-oriented legislation.
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Cyclical unemployment is caused by a mismatch between workers' skills and current
employer needs.
Social networking can also help a company maintain a sense of community even as it
grows beyond the size that normally permits a lot of daily interaction.
All activities required to move products from producer to consumer comprise the
logistics function.
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Workforce analytics are a computer-based statistical approach to analyzing and
planning for workforce needs.
________ is a computer-based pricing method that creates a demand curve for every
product to help managers select a price that meets specific marketing objectives.
A) Value-based pricing
B) Cost-based pricing
C) Freemium pricing
D) Optimal pricing
E) Participative pricing
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Josephine is an employee supervisor in a manufacturing firm. She supervises a small
group of assembly workers on one of her company's assembly lines. Josephine is a(n)
________ manager.
A) upper-level
B) top
C) first-line
D) middle
E) executive level
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Which of the following statements is TRUE about the marketing concept?
A) It views the customer only as a target to be sold to.
B) It views the primary purpose of a business as making things.
C) It believes in building short-term relationships with customers.
D) It refers to the view that companies should respond to customers' needs.
E) It counts on customers to figure out which products they need and take the steps to
find and purchase them.
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A disadvantage of the corporate structure is that it ________.
A) limits the business's ability to raise capital
B) limits the liquidity that businesses have
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C) increases the risk of conducting business
D) involves strict reporting requirements
E) imposes unlimited liability on the owners
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Which of the following is an example of an administrative skill that managers possess?
A) ability to make correct hiring decisions
B) being skillful in information gathering
C) being skillful in operating machines
D) ability to understand others' feeling
E) having a sense of empathy with subordinates
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Which of the following is a distinct characteristic of a pure monopolistic economy?
A) many small suppliers, with virtually identical products
B) small number of suppliers with products, which can be distinguished in important
ways
C) only one supplier, with monopoly granted by government mandate
D) only one supplier, with monopoly achieved by innovation and specialization
E) few suppliers, with products that can be distinguished but are similar enough to be
replacements
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In the ________ strategy, a company uses a hybrid approach as it attempts to reap the
benefits of international scale while being responsive to local market dynamics.
A) integrated marketing
B) transnational
C) global
D) franchising
E) multidomestic
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________ involves a financial arrangement in which companies with products sold
nationally share the costs of local advertising with local marketing intermediaries.
A) Cooperative advertising
B) Prospecting
C) Canned sales pitch
D) Specialty advertising
E) Trade allowances
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USS Agro is a firm that markets agricultural products. The firm procures supplies from
agricultural cooperatives across the world. The firm forms agreements with the
cooperatives to provide supplies at a fixed price in the future to protect them against
changing prices. This is an example of ________.
A) zero-based budgeting
B) inventorying
C) liquidation
D) hedging
E) standardization
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Arbex Manufacturing allows its employees to file formal complaints against the
managers, managerial actions, and violations of agreements. Employees are required to
fill out a form to file a complaint. Such complaints are called ________.
A) collective bargains
B) injunctions
C) grievances
D) arbitrations
E) disciplining procedures
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The ________ of 1959 protects union members' rights and limits the potential for
corruption by union officials.
A) National Labor Relations Act
B) Norris-La Guardia Act
C) Landrum-Griffith Act
D) Wagner Act
E) Labor-Management Relations Act
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Which of the following is a valid observation of venture capital?
A) Venture capital counts on getting very high returns from a few winners.
B) Venture capital is a specialized form of public equity.
C) Venture capital is the most common type of funding in the United States.
D) Venture capital is one of the least specialized forms of funding.
E) Venture capital is one of the most widely available forms of funding.
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________ proposed a model that divides motivational forces into satisfiers
("motivators") and dissatisfiers ("hygiene factors").
A) Douglas McGregor
B) Abraham Maslow
C) David McClelland
D) Frederick W. Taylor
E) Frederick Herzberg
page-pf13
Market penetration differs from diversification in that market penetration ________.
A) involves division of a diverse market into smaller, relatively homogeneous groups
B) involves selling more of the existing products in current target markets
C) involves selling new products in existing markets
D) involves a higher amount of risk
E) involves selling existing products to new markets
Pearl Architectural Design, an architecture firm in Vermont, hired several junior-level
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architects on a temporary basis to fill the workforce requirement for a specific project.
In this example, Pearl Architectural Design uses ________ employees.
A) unskilled
B) contingent
C) full-time
D) permanent
E) existing
A major advantage of partnerships is that they ________.
A) do not require owners to take personal responsibility for their actions
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B) provide limited liability protection to partners
C) have a straightforward income tax structure
D) are less vulnerable to conflicts between investors
E) allow investors to handle issues such as succession and termination better
Systems thinking ability refers to the ability to understand the relationship between
components and the larger output. Systems thinking ability is an example of a(n)
________ skill.
A) interpersonal
B) conceptual
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C) technical
D) administrative
E) decision-making
Compare and contrast the research and development and the operations functions of a
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business.
Compare and contrast quick ratio and current ratio. Which one do you think is more
accurate?
Form two student groups of five members each. Conduct a mock trial of a collective
bargaining process using the groups with one group representing the management of an
industry and another group representing the labor union.
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Discuss the risks and limitations of the goal-setting theory.
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Compare and contrast an unstructured organization with a conventional organization.
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What type of economic system lies between capitalism and communism? Explain why
it is more effective than other economic systems.
Distinguish between strategic alliances and joint ventures.

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