Providing education in return of fees is an example of a service.
One of the fundamental consumer rights that form the basis of much of the
consumer-related legislation in the United States is the right to know the lowest
available price of a good in the local market.
Quality is a measure of how productive an organization’s employees are.
An economic slowdown is viewed as a weakness in the SWOT analysis of a firm.
In large organizations, mechanisms put in place to prevent mistakes can also hamper
innovative thinking by restricting people to tried-and-true methods.
Balance sheet presents a firm’s financial position on a particular date.
An operational budget outlines expenditures for real estate, new facilities, and major
equipment.
The demand curve will shift to the left if the price of substitute products increases.
International travel would be more expensive for U.S. residents if the dollar is strong.
Maturity date is the date on which the principle of a bond will be repaid in full.
Equifax, Experian, and TransUnion are the major credit-rating agencies for businesses
and securities.
A country that imports more than it exports would have a trade surplus.
Work-life balance is the concept that employees need to juggle the competing demands
of their professional and personal lives.
Flextime allows two employees to share a single full-time job and split the salary and
benefits.
Strategic marketing planning refers to the process of examining an organization’s
current marketing situation, assessing opportunities and setting objectives, and then
developing a marketing strategy to reach those objectives.
Audit is a formal evaluation of the fairness and reliability of a client’s financial
statements.
Which of the following is an example of an open market operation?
A) Fed reducing the discount window for banks
B) Fed imposing selective credit controls
C) Fed buying Treasury bonds
D) Fed increasing the discount rate for banks
E) Fed increasing the reserve requirement on deposits
Which of the following is a key difference between quality control and quality
assurance?
A) High level managers perform quality control whereas middle managers perform
quality assurance.
B) Quality assurance is more proactive than quality control.
C) Quality assurance is a subset of quality control process.
D) Quality control is continuous, whereas quality assurance is intermittent.
E) Quality control is typically preferred by organizations that focus on quality.
Luke is the store manager at the departmental store of Nature’s Basket, a multinational
retailer corporation, located in Cincinnati. He decides to use cross training to improve
motivation levels among people who work at the store. Luke is most likely to
implement which of the following measures?
A) Luke asks people who stock the shelves to handle the cash registers, and the cashiers
are taught to stock shelves.
B) Luke provides detailed feedback to all employees at the store and sets performance
goals for them.
C) Luke starts a “Retail Apprenticeship Scheme” that allows employees to earn
certifications and learn new skills.
D) Luke hires temporary workers to assist store employees during peak periods.
E) Luke implements an incentive scheme based on the individual performance of
employees.
Proctor and Gamble offers products under more than fifty brand names. The company’s
products vary from cosmetics to cat foods. A complete list of all these products that the
company offers will refer to the company’s ________.
A) core product line
B) marketing mix
C) product mix
D) product line
E) co-branding list
Using personalized letters and email messages to deliver targeted messages to
individual consumers or organizational purchasers would be classified as ________.
A) institutional advertising
B) direct marketing
C) product placement
D) guerrilla advertising
E) personal selling
In a country, the state owns all major productive resources from electricity to
transportation. The country has very few opportunities for entrepreneurship and the
economic classes are absent. The economy of this country is characterized by which of
the following economic systems?
A) anarchism
B) communism
C) capitalism
D) socialism
E) mixed
A(n) ________ is a form of “group mentoring” in which you assemble a team of people
with subject-area expertise or vital contacts to help review plans and decisions.
A) advisory board
B) business incubator
C) venture capitalist
D) angel investor
E) micro lender
Which of the following is a defining characteristic of drop shippers?
A) They take ownership, but not physical possession, of the goods they handle.
B) They do not do take title to the goods they distribute but take possession of those
goods.
C) They sell various noncompeting products to customers in a specific region.
D) They set up displays in retail outlets, stock inventory, and perform other services
such as marking prices on merchandise.
E) They complete or customize solutions for customers.
Dell Computers allows customers to place orders online. The company produces major
parts using bulk production and allows customers to personalize such features as
software, color, memory size, and screen size. This type of manufacturing is an example
of ________.
A) mass customization
B) mass production
C) customized production
D) mass manufacturing
E) batch-of-one production
A business that relies on human resources more than on buildings, machinery, material
resources, and land would be a ________ business.
A) capital-intensive
B) labor-intensive
C) not-for-profit
D) competitively disadvantaged
E) manufacturing
________ unemployment is the natural movement of workers into and out of jobs, such
as when a person quits one job without first lining up a new job.
A) Structural
B) Intrinsic
C) Frictional
D) Cyclical
E) Seasonal
Which of the following is a disadvantage of becoming a union member?
A) Unions give little importance to the length of time someone has worked.
B) Unions do not promote formal procedures for disciplining employees.
C) Unions often force employees to help fund political activities.
D) Unions do not have any impact in determining the work rules.
E) Unions do not provide tangible and measurable benefits to employees.
According to Maslow’s hierarchy of needs theory, which of the following are
self-actualization needs?
A) A person’s need to give and receive love and to feel a sense of belonging.
B) A person’s need for a sense of self-worth, status, and attention.
C) A person’s need to become what he or she is capable of becoming.
D) A person’s needs for security and protection from physical and emotional harm.
E) A person’s needs for food, clothing, and shelter.
A country has a trade deficit when the ________.
A) exchange rate of its currency with other currencies is fixed
B) exchange rate of its currency with other currencies is variable
C) value of its exports exceeds the value of its imports
D) total flow of money into the country equals the total flow of money out of the
country
E) value of its imports exceeds the value of its exports
High Fashion, a firm that manufactures and sells ready-to-wear fashion apparel in
Chicago, becomes a very popular brand within a few years of its launch. After
examining the current market situation, Fernanda Rhone, the owner of the firm, decides
to pursue market opportunities through market development. Which of the following
actions is she most likely to take based on this decision?
A) She offers discount coupons to her current market through a popular lifestyle
magazine.
B) She opens another store in Cincinnati, which stocks the same ready-to-wear fashion
apparel that she sells in Chicago.
C) She starts selling new home decor products such as quilts, wall hangings, and
tablecloths at her current fashion outlet in Chicago.
D) She opens a new home-furnishing outlet in Cincinnati, which sells home furnishings
and home decor items at affordable prices.
E) She changes the layout and decor of her current fashion outlet in Chicago, to make it
more attractive and customer friendly.
Which of the following statements is TRUE of the double-entry bookkeeping system?
A) Depreciation is not considered when recording transactions under this system.
B) Only credit transactions are recorded under this system.
C) The system records only those transactions that bring in revenue.
D) The accounting equation is always kept in balance under the system.
E) A business does not run on a cash basis under the double-entry bookkeeping system.
Alfa Knowledge is a knowledge management firm. The company helps organizations
document and manage internal knowledge. The company has operations in seventeen
countries.Which of the following describes a weakness that Alfa Knowledge has?
A) The company’s sales were affected by the nuclear disaster that took place in Japan.
B) The company functions in countries that lack skilled labor.
C) The company spends huge money to pay for tariffs and duties.
D) The company often incurs loses due to fluctuating exchange rates.
E) The company’s employees are not committed to be with the company for long.
The ad that tells you to “call within the next ten minutes because supplies are limited” is
using advertising appeal based on ________.
A) logic
B) emotion
C) humor
D) scarcity
E) sentiment
According to the job characteristics model, the employee’s perception of the impact the
job has on the lives of other people is called ________.
A) skill variety
B) task identity
C) task significance
D) autonomy
E) emotional labor
Which of the following statements is TRUE about venture capitalists?
A) They are private individuals without specialized investment skills.
B) They make investments in large, established businesses.
C) They usually make investments in low-risk, low-potential areas.
D) They simply provide money to new ventures, and do not provide managerial advice.
E) They are extremely focused and selective while investing in companies.
The term strikebreakers refers to ________.
A) injunctions issued by the employer to break strikes
B) nonunion workers hired during strikes
C) lawsuits filed against striking employees
D) lawsuits filed against striking unions
E) striking employees who are not in favor of the strike
You have decided to open a pet store and signed an agreement with Dogz-N-Catz
Centers RUs. You and the company have drawn up an agreement that allows you to use
the Dogz-N-Catz name and its business format, to receive training, and to use its
advertising materials. Under this agreement, Dogz-N-Catz Inc. is the ________.
A) franchisor
B) microinvestor
C) angel investor
D) venture capitalist
E) business mentor
The term ________ represents workforce planning efforts that identify possible
replacements for specific employees, usually senior executives.
A) job retrenchment
B) employee retention
C) 360-degree prognostication
D) succession planning
E) passing the torch
Investors who provide money to finance new businesses or turnarounds in exchange for
a portion of ownership, with the objective of reselling the business at a profit are called
________.
A) angel investors
B) microlenders
C) venture capitalists
D) advisory boards
E) business incubators
Compare and contrast a task force with a committee.
Compare and contrast ethical lapse and ethical dilemma?
List the factors HR managers weigh to forecast demand for the numbers and types of
employees who will be needed at various times in the firm.
Identify and define the stages of team development according to Bruce Tuckman.