BUS 101 Final Exam (2014)

Question1
Marks: 1
Complete the following sentence. Quotas, as they relate to global trade, are:
Choose one answer.
 
a. limits on exports.   
 
b. a complete ban of imports. 
 
c. taxes on imports. 
 
d. political weapons. 

Question2
Marks: 1
Fill in the blank. In the study of the global nature of doing business in a specific country, the floating exchange rate comes into play. A high value of the dollar means the dollar is trading for ________of a foreign currency than before.
Choose one answer.
 
a. less 
 
b. equal to 
 
c. more   
 
d. considerably less 

Question3
Marks: 1
The North American Free Trade agreement consists of which of the following countries?
Choose one answer.
 
a. Central America 
 
b. Mexico   
 
c. El Salvador 
 
d. Puerto Rico 

Question4
Marks: 1
The term "Balance of Trade" incorporates the measure of which of the following?
Choose one answer.
 
a. Imports 
 
b. Exports 
 
c. Currency 
 
d. Both A and B   

Question5
Marks: 1
If a country has a trade deficit, what will occur?
Choose one answer.
 
a. Imports will exceed exports.   
 
b. Exports will exceed imports. 
 
c. Imports and exports will be equal. 
 
d. Currency will be devalued. 

Question6
Marks: 1
Which of the following allows a foreign company to sell a company’s products or use its intellectual property in exchange for royalty fees?
Choose one answer.
 
a. Joint venture 
 
b. Licensing agreement   
 
c. Strategic alliance 
 
d. Offshoring 

Question7
Marks: 1
The economic downturn (cycle) occurring during the 1930s was known as which of the following?
Choose one answer.
 
a. A recession 
 
b. A depression   
 
c. Stagflation 
 
d. Inflation 

Question8
Marks: 1
During the 1990s, price increases slowed down (inflation rate was declining). This situation is an example of which of the following?
Choose one answer.
 
a. Stagflation 
 
b. Deflation   
 
c. Inflation 
 
d. Disinflation 

Question9
Marks: 1
Complete the following sentence. As it relates to fiscal policy, a budget deficit exists when:
Choose one answer.
 
a. the government receipts are greater than its expenditures. 
 
b. the government expenditures are greater than its receipts.   
 
c. the government expenditures are equal to its receipts. 
 
d. the national debt is less than the yearly revenue. 

Question10
Marks: 1
Complete the following sentence. The individual buying a franchise is called the:
Choose one answer.
 
a. franchisor. 
 
b. brick and mortar business. 
 
c. franchisee.   
 
d. e-commerce buyer. 

Question11
Marks: 1
Which section of a business plan outlines a management summary of the projected business?
Choose one answer.
 
a. Management team 
 
b. Financial plan 
 
c. Marketing plan 
 
d. Executive summary   

Question12
Marks: 1
Which legal form of business will allow the perpetual operation of a business?
Choose one answer.
 
a. Partnership 
 
b. Corporation   
 
c. Sole proprietorship 
 
d. Sub chapter S 

Question13
Marks: 1
Which of the following business forms is a government creation that looks like a corporation but is taxed like sole proprietorships and partnerships?
Choose one answer.
 
a. Limited liability company 
 
b. S corporation   
 
c. Franchise 
 
d. Acquisition 

Question14
Marks: 1
Which of the following qualities describe entrepreneurs?
Choose one answer.
 
a. Innovators 
 
b. Risk takers 
 
c. Creators of improved products 
 
d. All of the above.   

Question15
Marks: 1
When one company buys the assets and liabilities of another company, this is known as which of the following?
Choose one answer.
 
a. Limited liability company 
 
b. Merger 
 
c. Conventional corporation 
 
d. Acquisition   

Question16
Marks: 1
The result of two firms joining to form a company is known as which of the following?
Choose one answer.
 
a. Limited liability company 
 
b. Merger   
 
c. Conventional corporation 
 
d. Acquisition 

Question17
Marks: 1
In which stage of the product life cycle would we expect the most money to be invested in advertising?
Choose one answer.
 
a. Growth 
 
b. Decline 
 
c. Introductory   
 
d. Maturity 

Question18
Marks: 1
If we segment a market by demographics, which of the following measures will be used?
Choose one answer.
 
a. Customers’ interests 
 
b. Usage 
 
c. Average income   
 
d. Region 

Question19
Marks: 1
When did the Relationship Era of marketing begin?
Choose one answer.
 
a. 1930s 
 
b. 1950s 
 
c. 1970s 
 
d. 1990s   

Question20
Marks: 1
In which stage of the product life cycle would we expect to see the most attention given to differentiating the product?
Choose one answer.
 
a. Introductory 
 
b. Maturity   
 
c. Growth 
 
d. Decline 

Question21
Marks: 1
If you make the decision to use information that has been researched by other people and that is available in journals, books, or online, then you are using what type of data?
Choose one answer.
 
a. Secondary data   
 
b. Primary data 
 
c. Reflective data 
 
d. Marketable data 

Question22
Marks: 1
After a market has been segmented, it is necessary to seek a group of customers on which to focus your efforts. This group is known as which of the following?
Choose one answer.
 
a. Target market   
 
b. Focus group 
 
c. Select group 
 
d. Mass market 

Question23
Marks: 1
The marketing mix does NOT include which of the following?
Choose one answer.
 
a. Product 
 
b. Promotion 
 
c. Delivery of the product 
 
d. Social class   

Question24
Marks: 1
Which of the following is NOT one of the 4ps of marketing?
Choose one answer.
 
a. Price 
 
b. Product 
 
c. Psychology   
 
d. Promotion 

Question25
Marks: 1
The following attributes describe which type of segmentation: age, education, and income?
Choose one answer.
 
a. Geographic 
 
b. Demographic   
 
c. Volume 
 
d. Psychographic 

Question26
Marks: 1
Which of the following terms does NOT belong in the consumer decision-making process?
Choose one answer.
 
a. Problem recognition 
 
b. Postpurchase evaluation 
 
c. Recognition of outside influences   
 
d. Information search 

Question27
Marks: 1
The following attributes describe which type of segmentation: personality, values, and lifestyle?
Choose one answer.
 
a. Demographic 
 
b. Volume 
 
c. Psychographic   
 
d. Volume 

Question28
Marks: 1
In the United States, which of the following systems was established to be in charge of money?
Choose one answer.
 
a. Federal Deposit Insurance Corporation 
 
b. Federal Savings and Loan Corporation 
 
c. Federal Reserve   
 
d. Standard and Poor’s 

Question29
Marks: 1
The GAAP is an acronym that represents which of the following?
Choose one answer.
 
a. Principles for inventory monitoring 
 
b. Principles for marketing costs 
 
c. Principles for financial reporting   
 
d. Principles for global tracking 

Question30
Marks: 1
The liabilities on a balance sheet are represented by which of the following?
Choose one answer.
 
a. The items you own 
 
b. The stock holding you possess 
 
c. The inventory in your warehouse 
 
d. The debts you owe   

Question31
Marks: 1
Which act of legislation was passed to encourage ethical corporate behavior?
Choose one answer.
 
a. Environmental Protection Agency 
 
b. Establishment of the Federal Reserve 
 
c. Federal Deposit Insurance Corporation 
 
d. Sarbanes Oxley Act   

Question32
Marks: 1
Which of the following is NOT a financial statement?
Choose one answer.
 
a. Income statement 
 
b. Balance sheet 
 
c. Company performance sheet   
 
d. Cash flow statement 

Question33
Marks: 1
The income statement reflects which of the following?
Choose one answer.
 
a. Liabilities and revenue 
 
b. Cash flow and assets 
 
c. Revenue and expenses   
 
d. Assets and cash flow 

Question34
Marks: 1
A mission statement for a company does NOT include which of the following?
Choose one answer.
 
a. Its philosophy 
 
b. Social responsibility 
 
c. Financial statements   
 
d. Product or service offered 

Question35
Marks: 1
Which of the following activities would NOT be directed by human resource management?
Choose one answer.
 
a. Recruitment 
 
b. Training 
 
c. Union organization   
 
d. Selection 

Question36
Marks: 1
Fill in the blank. The process of ____________occurs when a third party arrives at a binding decision in a union disagreement.
Choose one answer.
 
a. mediation 
 
b. solution analysis 
 
c. resolution 
 
d. arbitration   

Question37
Marks: 1
Which leadership style may also be referred to as participative leadership?
Choose one answer.
 
a. Free-rein 
 
b. Democratic   
 
c. Autocratic 
 
d. Mentoring 

Question38
Marks: 1
Fill in the blank. The process of ________________occurs when an impartial third party makes a recommendation in a union disagreement.
Choose one answer.
 
a. arbitration 
 
b. mediation   
 
c. solution analysis 
 
d. resolution 

Question39
Marks: 1
Workers walk away from their jobs and refuse to return until the issue at hand has been resolved. This situation best describes which of the following union tactics?
Choose one answer.
 
a. Picketing 
 
b. Boycott 
 
c. Strike   
 
d. Lockout 

Question40
Marks: 1
Which of the following takes place when a company sets its standards by comparing data from other companies and similar industries to its own?
Choose one answer.
 
a. Balancing 
 
b. Benchmarking   
 
c. Standard deviation 
 
d. Performance appraisal