Harry ordered a television online for $800, he was asked to pay $100 toward shipping
charges, $50 as installation charges, and another $100 for extended warranty. This
example best illustrates _____.
A. bait pricing
B. internal reference pricing
C. partitioned pricing
D. multipack pricing
Which of the following is an example of a product reaching the decline stage?
A. Customers switching from CRT television sets to flat panel television sets
B. Decrease in demand for carbonated drinks
C. Falling demand for ice cream in the cold season
D. Decrease in prices of electronic goods during a sale
_____ is the idea and actions that explain how a firm will make its profits.
A. Strategy
B. Objective
C. Mission
D. Goal
Which of the following is true of a part-time firm?
A. It starts small and stays very small.
B. It has a continuous growth.
C. Its success is defined by annual profits of $1,000,000.
D. It aims to achieve growth rates of 25 percent or more a year.
The _____ is given by the U.S. Government to businesses and nonprofit organizations
that have been judged outstanding in quality leadership; strategic planning; customer
and market focus; measurement, analysis, and knowledge management; human resource
focus; process management; and results.
A. Economic Times Award
B. Ron Brown Award
C. Malcolm Baldrige National Quality Award
D. Golden Peacock National Quality Awards
_____ refers to the impression of a long-term continuity a business gives others.
A. Intermittence
B. Variance
C. Passé
D. Permanence
Which of the following is a management philosophy of selecting and promoting people
based solely on their being the most capable person for the job?
A. Nepotism
B. Capitalism
C. Meritocracy
D. Democracy
A(n) _____ defines and discusses all the essential knowledge, skills, and abilities that
are needed to fill a position.
A. employment certification
B. cover letter
C. resume
D. job description
A situation that occurs when businesses have founders or owners who are passionate
about one or two of the key business functions, such as sales, operations, accounting,
finance, or human resources is known as _____.
A. expert business professionalization
B. specialized business professionalization
C. minimized business professionalization
D. maximized business professionalization
_____ is a type of CRM report that segments by customer or customer group on
purchases or dates of purchase.
A. Customer vector
B. Sales report
C. Customer service
D. Interim report
According to the bottom line concept, which of the following is true?
A. Nations or cultures can be considered as living, growing entities, but not businesses.
B. The four domains in which balanced entrepreneurs need to achieve success to be
truly happy do not include self and family.
C. Success cannot be accurately measured solely in terms of profits.
D. The suggestion that the short-term measure of success for any organization is profit
with survival being the long-term measure holds true in practice especially for small
businesses.
Which of the following is true of limited partnerships?
A. All the owners have full responsibility of repaying debts.
B. All the owners face the potential of having to pay business debts from their own
wealth.
C. None of the owners, except the general partner, is fully liable.
D. None of the owners are at a risk of losing what they invested in the business.
Which of the following is the second step of a small business’ strategic planning
process?
A. Reviewing and confirming the goals that define the firm
B. Knowing the magic number
C. Studying the dynamics and trends of the industry
D. Considering the customers and the benefits to offer them
_____ is referred to as the extent to which employees, investors, and family members
involved in the business know the business’s purposes and operations.
A. Internal understanding
B. Narrowcasting
C. Test marketing
D. External legitimacy