Intro to Bus101

Risk is associated with reward. Business people take a risk that their business might fail in order to get a reward, which is

a healthy economyemploymentprofit.happy customersa sense of self-satisfaction

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Question 21 pts

Which of the following is NOT true about knowledge workers?

The number of knowledge workers in today’s global economy is increasingKnowledge workers are primarily employed in manufacturingKnowledge workers are highly educatedKnowledge workers can easily transfer to other companies or countriesKnowledge workers are easily promoted to higher positions

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Question 31 pts

Which of the following is NOT true about society’s demand curve?

The demand curve depends on the supply curveA steep slope indicates price inelastic demandThe demand curve slopes downwardThe demand curve shows the relationship between price and quantity demanded.The demand curve shows aggregate demand

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Question 41 pts

In a publicly traded, for profit business corporation, the owners are the

workersunionscustomersmanagersshareholders

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Question 51 pts

Which of the following is NOT one of the trends in e-commerce today?

Pressure for efficiency is becoming less intenseMarkets are increasingly looking for openness and transparencyCustomers are becoming more demandingKnowledge is becoming a more important asset to businessesCompanies are working more closely in a network of buyers and suppliers

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Question 61 pts

Peter van Stolk, founder of Jones Soda, develops offbeat flavors that appeal to teens, who he knows are also interested in the Internet and extreme sports. Peter van Stolk has a good understanding of his company’s target group.

TrueFalse

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Question 71 pts

One of the most significant drawbacks of international mergers and acquisitions is the difficulty of integrating the operations, finances, and cultures of two very different organizations.

TrueFalse

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Question 81 pts

Which of the following is NOT one of the benefits of free trade among nations?

Increased job securityHigher quality of goodsLower pricesGreater consumer choiceHigher standards of living

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Question 91 pts

Who or what benefits most from barriers to trade, also called protection?

Foreign firms, because they can sell all of their quotasDomestic firms, because of lower competitionThe consumers, who pay lower pricesThe government, because it can collect more tariffsForeign firms, because of the increase in the market size

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Question 101 pts

Japan limits the amount of foreign-grown rice that can be sold in that country by imposing a very high import tax. This protects high-cost domestic rice producers because it forces rice importers to raise prices, making imported rice less competitive against rice grown in Japan. This type of trade barrier is called

counter tradevoluntary restrainta tariffa quotaan embargo

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Question 111 pts

Globalization is

bad for developing countries, but good for developed countriesgood for both developed and developing countries, if implemented fairlyusually bad for both developed and developing countriesalways good for both developed and developing countriesbad for developed countries, but good for developing countries

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Question 121 pts

When Home Depot donated millions of dollars of supplies to victims of hurricanes in New Orleans, it was primarily adopting a societal responsibility model of business governance.

TrueFalse

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Question 131 pts

A U.S. corporation’s decision to reincorporate in Bermuda may be both legal and unethical.

TrueFalse

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Question 141 pts

Jeffrey Wigand was a research scientist employed by Brown & Williamson, a tobacco firm, until he was fired following his public statements about the dangers of cigarettes. Wigand was acting as a

proprietorgeneral partnerdirectorwhistleblowerlimited partner

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Question 151 pts

Elsa, Steve, and Adrienne formed a partnership to own and operate a wine shop. Elsa manages the shop and Steve travels the world buying wine. Adrienne contributed some start-up capital but does not help to run the business. Therefore, it is likely that

Elsa and Steve are limited partners and Adrienne is a general partnerElsa, Steve, and Adrienne are all general partnersElsa and Adrienne are general partners and Steve is a limited partnerElsa and Steve are general partners and Adrienne is a limited partnerElsa, Steve, and Adrienne are all limited partners

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Question 161 pts

Economies of scale occur when

a high volume of production drives costs downthe more numerous small businesses crowd out the large businessesentrepreneurs do not enter a market that is seen as decliningthere is a cycle of business success and failurethe cost per unit rises as production increases

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Question 171 pts

Which of the following is NOT a characteristic common to most entrepreneurs

CommitmentAmbition and driveSelf-confidenceIndependenceLow tolerance for risk

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Question 181 pts

Which of the following statements sounds most like an entrepreneur?

“A regular paycheck is very important to me.”“In a tough situation, I would probably quit.”“I can’t take the risk of letting down my family.”“I have a lifelong passion for providing this service.”“I prefer to be told what to do.”

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Question 191 pts

Which of the following is NOT one of the four basic functions of management

MeetingControllingOrganizingDirectingPlanning

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Question 201 pts

An organization chart represents the

organization’s chain of commandarrangement of physical space within the organizationexperiences and qualifications of each workerrelative pay of each workerflow of work within an organization

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Question 211 pts

Looking at their employer’s organization chart, Lisa’s name appears in a box that is directly underneath Nellie’s box and a line connects the two boxes. This means that

Lisa reports to Nellie, her supervisorLisa is more highly paid than is NellieLisa has a higher rank than does NellieNellie and Lisa are coworkers at the same organizational levelNellie performs further tasks on work that Lisa has completed

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Question 221 pts

When managers delegate the __________ for achieving some result to a subordinate, it is very important that they also delegate the __________, to ensure that the subordinates have the power to accomplish the result.

span of control; chain of commandchain of command; span of controlstaff authority; committee authorityresponsibility; authorityauthority; responsibility

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Question 231 pts

Which of the following is NOT one of the trends having a significant impact on human resources management in the U.S. today?

The shift of jobs from service to manufacturing industriesReduced importance for labor unionsAdvances in communications and computing technologyGrowth of high-tech industries and white collar workersMore jobs being moved overseas for cost reasons

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Question 241 pts

Job analysis consists of

an evaluation and a forecasta plan and an evaluationa description and a plana specification and an evaluationa specification and a description

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Question 251 pts

Of all of the resources commanded by a corporation, which is most likely to lead to a long-term competitive advantage?

Physical facilities and equipmentFinancial resourcesAccess to natural resourcesHuman capitalInformation technology

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Question 261 pts

Willie says, “I love volunteering at Big Brothers. It’s great to see the happiness on a boy’s face when I take him to a ball game or read a book with him.” Willie’s motivation is

economicintrinsicextrinsicunimportanta primary drive

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Question 271 pts

Gordon, a salesperson, says, “My work requires long hours and lots of travel that I don’t like, but the pay is great.” Gordon’s motivation is

a primary driveintrinsica secondary driveextrinsiceconomic

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Question 281 pts

Which of the following is NOT part of the marketing mix?

PromotionMarketProductDistributionPrice

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Question 291 pts

Which of the following is the psychological factor that involves the awareness of cues or stimuli?

AttitudesSelf-conceptMotivesLearningPerception

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Question 301 pts

Which of the following is considered to be the most important reference group?

ClassmatesChurchFamilyCoworkersFriends

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Question 311 pts

Information about which of the following aspect of competitors’ operations is considered to be the least important?

Advertising agencies usedMarket shareStrategiesPricesNew product plans

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Question 321 pts

Which of the following is NOT relevant for formulating objectives?

They must recognize company resourcesThey must be realistic (have a reasonable chance to be achievedThey need to be specificThey are all relevantThey need to be expressed numerically

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Question 331 pts

Which of the following is NOT recommended for a brand name?

Suggest excellenceNot have an obvious meaningBe short in lengthBe easy to spellSuggest the product’s benefits

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Question 341 pts

What percentage of new products fail?

20 percent48 percent75 percent98 percent33 percent

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Question 351 pts

Which of the following is NOT a post presentation activity that salespeople need to perform?

ClosingFollowing up and servicing customersEvaluationManaging key and marginal accountsPaper work

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Question 361 pts

Which of the following is NOT indicated in the text as a recommendation as to how to successfully close.

Review major product benefitsIncrease the number of alternative choices available to the buyerDo not be afraid to ask for the orderUse guarantees and warrantiesLook for closing signals from the buyer

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Question 371 pts

Which of the following is NOT identified in the text as a part of a code of ethics for salespeople?

Show up on time when making a sales callAnswer all questions truthfullyDo not misrepresent your purposeDo not promise what you cannot deliverMake sure customers are satisfied

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Question 381 pts

Accounting is

the claim that the purpose of a business is to benefit society at largethe recording, summarizing, and reporting of the economic activities and events of an organizationthe starting, owning, or running of a large or small businessthe determination of and the fulfilling of customer needs and desires while achieving the organization’s goalsthe creating of value for the customer and profits for the owners

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Question 391 pts

Theodore Roosevelt, speaking about the importance of ethics education, said, “To educate the person in mind and not in __________ is to educate a menace to society."

knowledgebusinessmoralsbodythe accounting profession

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Question 401 pts

The simplest form of business organization is the corporation 

TrueFalse

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Question 411 pts

Most large organizations do not use just one type of departmentalization. Rather, they mix elements of several types. 

TrueFalse

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Question 421 pts

A list of the duties, working conditions, and responsibilities of a job is called a job description.

TrueFalse

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Question 431 pts

Internal recruiting is likely to lead to more resentment among current employees than is external recruiting.

TrueFalse

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Question 441 pts

For a team approach to be successful in an organization, the company should focus on team accomplishments and lessen individual achievements. 

TrueFalse

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Question 451 pts

Workers at Ford’s engine manufacturing plant in Cleveland learn how to do each task within their work unit, and then take turns performing each task. This is an example of job rotation.

TrueFalse

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Question 461 pts

For some products, the cost of their packages may exceed the costs of their contents.

TrueFalse

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Question 471 pts

When setting prices for their products or services, companies must consider the amount of marketing support they will receive.

TrueFalse

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Question 481 pts

Digital advertising is the fastest growing advertising medium.

TrueFalse

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Question 491 pts

The Sarbanes-Oxley Act of 2002 increased oversight of accountants and increased the penalties for professional misconduct.

TrueFalse

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Question 501 pts

In a small sole proprietorship, direct observation by the proprietor is a useful internal control on accounting systems.

TrueFalse