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Sam's Club sells sports apparel to individual consumers for their personal use and to
small businesses that resell those goods to consumers. Therefore, Sam's Club functions
as both a retailer and a wholesaler.
The term outplacement services refers to external professionals who help an
organization in terminating employees.
A 12-employee executive recruiting firm making $750,000 per year would be a small
business.
Producers do not create needs, but they do try to shape your wants by exposing you to
attractive choices.
Products vary widely in the amount of skilled support they may require before and after
a sale.
A mission statement is a statement of the operational goals of the organization.
The idea that your job satisfaction is based on how much you put into your job versus
how much you get out of your job is the basis of the equity theory of motivation.
The practice of engaging outside firms to handle either individual projects or entire
business functions is called downsizing.
A borrower is foreclosing when he stops making payments on his mortgage.
Headhunters refer to outside agencies that specialize in finding and placing employees.
A fiscal year is a 12-month accounting period that begins on January 1 and ends on
December 31.
Internal auditors verify the work of the company's accounting effort and look for
opportunities to improve efficiency and cost effectiveness.
Megan is an HR representative at Canales Investment firm. The firm needs to recruit
new sales representatives, as the firm plans to expand its business. Megan is asked to
review the job responsibilities of the current sales representatives and list the key tasks
and responsibilities associated with the position. She is also asked to create an optimal
employee profile to fill the sales representative position. The task assigned to Megan
can be classified under which of the following processes?
A) job analysis
B) job enrichment
C) forced ranking
D) onboarding
E) job expansion
When the role of an intermediary is taken over by manufacturers upstream or customers
downstream, ________ occurs.
A) centralization
B) disintermediation
C) drop shipping
D) market penetration
E) horizontal integration
Which of the following enables employees to become partial owners of a company?
A) a self-insurance plan
B) a cafeteria plan
C) an employee stock-ownership plan
D) a sliding-scale plan
E) a wellness plan
If consumer demand for a product decreases, the demand curve ________.
A) moves downward
B) moves upward
C) moves to the right
D) moves to the left
E) remains stationary
________ is a temporary work stoppage aimed at forcing management to accept union
demands.
A) Arbitration
B) Boycott
C) Lockout
D) Strike
E) Injunction
You are the strategist of a firm that manufactures premium cars. The company is
planning to enter China as part of its expansion strategy. Conduct a secondary study to
identify the various trade barriers that the company will face in China.
RK Associates is a firm incorporated in the state of Delaware. The company has
operations in thirteen states. However, the company does not have any facilities in
countries other than the United States. RK Associates is a(n) ________.
A) international company
B) local corporation
C) domestic company
D) alien corporation
E) foreign corporation
Which of the following statements is TRUE about intrapreneurship?
A) It increases bureaucracy and hinders innovation.
B) It refers to individuals who start new, independent businesses.
C) It refers to individuals who start a business by buying into a franchise system.
D) It involves working with tried-and-true methods.
E) It can be risky behavior that may or may not be rewarded.
A number of applications in the Android Market do not charge the customer for using
the basic version of the application. However, the customers are charged if they want a
version of the product with better features. This pricing strategy is referred to as
________ pricing.
A) value-based
B) freemium
C) optimal
D) auction
E) penetration
Wholesalers differ from retailers in that wholesalers ________.
A) sell products to organizational customers
B) are marketing intermediaries
C) primarily sell products to consumers for personal use
D) cannot sell products to consumers for personal use
E) create place utility and time utility
Which of the following statements is TRUE about cap and trade programs?
A) They promote an anti-business perspective.
B) They provide technological solutions to reduce pollution and resource consumption.
C) They force companies to choose the highest-cost means of taking responsibility for
their emissions.
D) They try to balance free-market economics with government intervention.
E) They put pressure on businesses to consider consumer needs and interests.
Advertising or display materials set up at retail locations to promote products to
potential customers as they are making their purchase decisions are called ________.
A) rebates
B) trade allowances
C) point-of-purchase displays
D) specialty advertising
E) coupons
Novice Telecom is a manufacturer of cell phones. The company is planning to launch a
new model of smart phone and the pre-launch marketing has created much hype in the
market. In order to cash in on the hype, the company charges a high price during the
initial stages of the product's launch. Identify the pricing strategy this company is using.
A) optimal pricing
B) skim pricing
C) penetration pricing
D) auction pricing
E) freemium pricing
________ refers to the addition of entertainment or education aspects to the retail
experience.
A) Multichannel retailing
B) Off-price retailers
C) Unbundling of services
D) Retail theater
E) Wheel of retailing
________ refers to a statement describing the kind of person who would be best for a
given job - including the skills, education, and previous experience that the job requires.
A) Job specification
B) Job enrichment
C) Succession planning
D) Job analysis
E) Job description
The Fed decides to increase the reserve requirements on the deposits of banks. This
would ________.
A) reduce the money supply
B) lead to low interest rates
C) intensify market activity
D) boost economic activities
E) increase the availability of credit
Which of the following is a characteristic of effective teams?
A) Groupthink is encouraged among team members.
B) Decision making is done through quick votes.
C) Decision making is done by the team leader.
D) Conflict is managed by focusing on the people, not the issues.
E) Disagreements are discussed openly and calmly.
Which of the following is an advantage of buying into a franchise system?
A) It comes with an established business system.
B) It comes with a workforce.
C) It already has a customer base with ongoing sales.
D) It allows the owner to have a very high level of freedom.
E) It requires the owner to establish brand recognition from scratch.
________ is a legislation passed in 1947 that addressed many concerns raised by
business owners and shifted the balance of power back to business owners.
A) Labor-Management Reporting Act
B) National Labor Relations Act
C) Norris-La Guardia Act
D) Landrum-Griffin Act
E) Labor-Management Relations Act
Which of the following is classified as a general expense?
A) promotional expenses
B) wages of salespeople
C) legal fees paid
D) advertising costs
E) depreciation costs of showroom
List the managerial strategies that are vital to maintaining a motivated workforce.
Compare and contrast transportation through air with transportation via water. What is
intermodal transportation?
Discuss the four indicators that can be used to measure motivation in a workplace
setting?
Compare and contrast venture capitalists with angel investors.
Compare and contrast the influence of customer relationship management (CRM)
systems on the marketing process with that of social commerce.
Identify and briefly describe at least 3 sources of financial aid that are available to small
businesses.
Explain the concept of value webs.
Why are not-for-profit organizations different from most businesses? Are there any
similarities between a goods-producing business and a not-for-profit organization?
