Need help with intro to business questions two exams

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Question 1

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Which of the following is a selection technique?

		application forms
		interviews
		aptitude tests
		polygraph tests
		all of the above

Question 2

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Which of the following is designed to show precisely how well workers are doing their jobs?

		performance appraisal
		job description
		seniority
		vestibule assessment
		MBO

Question 3

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Cindy Stevens has developed a document that identifies the duties and responsibilities of a database administrator. This document is referred to as a

		job advertisement.
		job specification.
		job description.
		job quantification.
		recruitment effort.

Question 4

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When middle managers are rewarded, especially for productive output such as producing earnings that significantly exceed the cost of bonuses, is called

		wages.
		salary.
		cafeteria plan.
		gainsharing plan.
		pay for performance.

Question 5

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George is paid $12.50 per hour. This is an example of a(n)

		wage.
		incentive.
		salary.
		stock option.
		fringe benefit.

Question 6

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A plan in which a certain dollar amount of benefits per employee is set aside so each employee can choose from a variety of alternatives is called a(n)

		gainsharing plan.
		profit-sharing plan.
		cafeteria benefit plan.
		doctrine of employment plan.
		equal employment plan.

Question 7

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When Greyhound trains bus drivers on a simulator, they are employing

		on-the-job training.
		vestibule training.
		merit training.
		performance training.
		substitute training.

Question 8

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Enforcement of equal employment opportunity legislation is handled by the

		Office of Federal Contract Compliance Programs.
		Secret Service.
		Equal Employment Opportunity Commission.
		All of the above.
		Both a and c.

Question 9

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Insurance for compensating workers injured on the job is called

		a cafeteria plan.
		wages.
		salary.
		a profit-sharing plan.
		workers' compensation insurance.

Question 10

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Sharon is teaching secretaries how to use a new email system, while the secretaries are seated at their workstations. This is an example of

		on-the-job training.
		vestibule training.
		off-the-job training.
		incentive training.
		none of the above.

Question 11

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The United States government forbids the importation of cigars from Cuba into the United States. This government order is known as a(n)

		tariff.
		embargo.
		subsidy.
		local content law.
		quota.

Question 12

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Ford, IBM, Nestle, and Exxon Mobil are examples of

		exporters.
		government agencies.
		multinational firms.
		international firms.
		strategic alliances.

Question 13

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Lionel Polaine became famous as a

		computer manufacturer.
		bread maker.
		train manufacturer.
		chicken processor.
		salsa chef.

Question 14

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American _____________ can be profitably exported to many other countries.

		umbrellas
		snowmobiles
		popular culture
		jackets
		swim suits

Question 15

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After the United States, _________ is the world's second largest exporter of software.

		Japan
		China
		the United Kingdom
		Ireland
		Canada

Question 16

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Unilever, Royal Dutch/Shell, Michelin, and Nestle are headquartered in

		Western Europe.
		the United States.
		Canada.
		Mexico.
		Japan.

Question 17

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Franchising is a form of

		licensing arrangement.
		independent agent.
		branch office.
		strategic alliance.
		direct investment.

Question 18

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With a(n) __________ exchange rate, the value of a country's currency remains constant relative to that of another country.

		floating
		indexed
		fixed
		demand
		adjusted

Question 19

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Since its founding, NAFTA has resulted in

		an increase in jobs in Mexico, but decreases in the United States and Canada.
		an increase in jobs in Mexico, the United States, and Canada.
		a decrease in jobs in Mexico, the United States, and Canada.
		a decrease in jobs in Mexico and Canada, but an increase in the United States.
		an increase in jobs in Canada, accompanied by a decrease in jobs in the United States and Mexico.

Question 20

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Firms give individuals or companies in a foreign country exclusive rights to manufacture or market their products through which of the following international organizational strategies?

		licensing arrangements
		independent agents
		branch offices
		strategic alliances
		direct investment

Question 21

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Competition in which there is a handful of very large sellers, market entry is difficult, and a company can have major impact on the product price is known as _______.

		perfect competition
		monopoly
		oligopoly
		oligopolistic competition
		monopolistic competition

Question 22

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Which of the following list of founders and companies is FALSE?

		Andrew Carnegie and U.S. Steel
		Andrew Mellon and Alcoa
		J.P. Morgan and Morgan Guarantee and Trust
		John D. Rockefeller and Standard Oil
		All of the items on this list are true

Question 23

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Which of the following seems the most likely pricing approach for a monopoly?

		Charge customers whatever you please.
		Give customers a real bargain on price.
		Charge a price that will not cause consumer demand to drop.
		Undercut the prices of the competition.
		Concentrate on quality and service, and not on price.

Question 24

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____________ includes the physical and intellectual contributions people make while working.

		Labor
		Capital
		Entrepreneurship
		Gasoline
		Natural resources

Question 25

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Which one of the following is NOT one of the principles underlying perfect competition?

		Products are perceived as being identical.
		The government will set prices at the optimal level.
		Buyers and sellers know what the current market price is.
		It is easy for firms to enter and leave the market.
		Prices are set by the laws of supply and demand.

Question 26

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Under the law of demand, which situation sketched below will be accompanied by purchasing more of a product?

		The consumer's need for the product.
		Lowering of the price of the product.
		Raising of the price of the product as an indication that it is of high quality.
		The popularity of the product.
		The knowledge that possessing such a product can add to a person's positive image.

Question 27

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The price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal is known as _______.

		the market price
		the break-even price
		the balanced price
		the equilibrium price
		either the market price or the equilibrium price

Question 28

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A centralized government controls all or most of the factors of production in a(n) _________ economy.

		ownership
		planned
		capitalist
		market
		essential

Question 29

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The funds needed to create and operate a business enterprise can be referred to as

		physical resources.
		the money supply.
		capital.
		information resources.
		none of the above.

Question 30

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Covisint is an example of a

		monopoly.
		network.
		planned economy.
		supply schedule.
		virtual market.

Question 31

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Which of the following is NOT a method of marketing research?

		surveys
		observation
		focus groups
		experimentation
		positioning

Question 32

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Firms that sell products to consumers for personal consumption are engaged in

		industrial marketing.
		selling services.
		consumer marketing.
		relationship marketing.
		substitute marketing.

Question 33

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A plan to market down-filled parkas in rural Minnesota reflects ____________ segmentation.

		psychographic
		geographic
		product use
		demographic
		pricing

Question 34

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The most highly visible component of the marketing mix is

		promotion.
		price.
		place.
		product.
		revenues.

Question 35

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In consumer behavior, lifestyle, personality, and economic status are called

		social influences.
		personal influences.
		cultural influences.
		psychological influences.
		background influences.

Question 36

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After using __________ to collect market research data, UPS found that customers wanted more interaction with drivers.

		surveys
		observation
		focus group
		experimentation
		positioning

Question 37

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__________ is the ability of a product to satisfy a human want or need.

		Utility
		Exchange
		Value
		Differentiation
		Function

Question 38

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All of the following statements concerning organizational buyers are true EXCEPT:

		Organizational buyers are professionals who are trained in negotiating purchase terms.
		In general, organizational buyers are company specialists in a line of items.
		Organizational buyers routinely study competing products and competing suppliers.
		Organizational buyers tend to be primarily motivated by emotional motives.
		All of the above are true.

Question 39

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Decisions concerning wholesalers and retailers relate to distribution

		price.
		promotion.
		channels.
		advertising.
		production.

Question 40

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Experimentation is the market research technique

		that involves creating an image of a product for the consumer.
		that uses a questionnaire that is either mailed to individuals or used as the basis of telephone or personal interviews.
		that involves watching and recording consumer behavior.
		in which a group of people is gathered, presented with an issue, and asked to discuss it in depth.
		that attempts to compare the responses of the same or similar people under different circumstances.

Question 41

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Which of the following statements about conceptual skills is most correct?

		Conceptual skills are most important to first-line managers.
		Conceptual skills are most important to middle managers.
		Conceptual skills are most important to top managers.
		Conceptual skills are equally important at all levels of management.
		Conceptual skills are rarely needed by managers.

Question 42

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Plans that typically involve upper and middle management and are shorter-range for implementing a specific aspect of the company's strategic plans are called

		strategic goals.
		tactical plans.
		tactical strategies.
		operational plans.
		operational tactics.

Question 43

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Yellow Corporation is in the ________ industry.

		automobile
		transportation
		entertainment
		financial services
		home furnishings

Question 44

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Which of the following levels of management are responsible for the overall performance and effectiveness of the firm?

		top managers
		first-line supervisors
		middle managers
		operations managers
		plant managers

Question 45

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The skills needed to perform specialized tasks are called

		motor skills.
		human relations skills.
		technical skills.
		conceptual skills.
		decision-making skills.

Question 46

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The management function of ___________ involves setting goals, developing a strategy to reach each goal, and designing plans to implement each strategy.

		organizing
		developing
		planning
		controlling
		processing

Question 47

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Which of the following statements about technical skills is most correct?

		Technical skills are most important to first-line managers.
		Technical skills are most important to middle managers.
		Technical skills are most important to top managers.
		Technical skills are equally important at all levels of management.
		Technical skills are rarely needed by managers.

Question 48

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Mary Beth Graham works well with people and makes them feel excited about their work. She has strong

		human relations skills.
		technical skills.
		accounting skills.
		conceptual skills.
		motor skills.

Question 49

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Which of the following levels of management spend most of their time working with and supervising the employees who report to them?

		first-line managers
		middle managers
		top managers
		plant managers
		chief executive officers

Question 50

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Ace Products hopes to increase sales of home heating products in the upcoming year. This is an example of a(n)

		tactic.
		strategy.
		action.
		implementation step.
		goal.

Question 51

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As a very small organization grows, so does the need to

		find buyers.
		specialize.
		retrench.
		redevelop.
		internalize.

Question 52

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The duty to perform an assigned task is called

		delegation.
		authority.
		responsibility.
		accountability.
		centralization.

Question 53

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Which of the following is a benefit of treating departments as profit centers?

		Control is narrowed and made easier.
		Coordination is narrowed and made easier.
		Top managers can see how units are performing.
		A department can be treated as a profit center.
		All of the above.

Question 54

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Organizations structured around marketing, operations, and finance departments have which of the following organizational forms?

		divisional
		matrix
		functional
		international
		process

Question 55

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The power to make the decisions necessary to complete the task is referred to as

		delegation.
		authority.
		responsibility.
		centralization.
		accountability.

Question 56

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Which of the following types of organizational structure entails a second chain of command?

		divisional
		departmental
		committee
		matrix
		international

Question 57

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Wal-Mart handles all international operations through separate

		companies.
		countries.
		international divisions.
		departments.
		organizations.

Question 58

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Which of the following types of organizational structures was pioneered by NASA for use in developing specific programs?

		regional
		matrix
		international
		functional
		divisional

Question 59

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Which of the following factors affect the manager's span of control?

		employee's ability
		supervisor's managerial skills
		simplicity of the task
		similarity of the task
		all of the above

Question 60

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The type of organization within which people do their jobs in different ways and interact with other people in ways that do not follow formal lines of communication is called the

		matrix organization.
		informal organization.
		rational organization.
		international organization.
		divisional organization.

Question 61

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Calculate the inflation rate for the year 1991:

		5.5%
		4.2%
		4.0%
		2.8%
		the inflation rate cannot be calculated from the information given

Question 62

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____________ unemployment results from recessions or depression.

		Seasonal
		Structural
		Cyclical
		Frictional
		Linear

Question 63

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The _________ rate is the percentage change in a price index.

		price
		index
		inflation
		recession
		formula

Question 64

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Low unemployment can result in

		increased prices for products.
		decreased purchasing power.
		decreased profit margins.
		all of the above.
		none of the above.

Question 65

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A negative balance of trade can also be called a

		trade surplus.
		national debt.
		trade deficit.
		trade shortage.
		trade deficiency.

Question 66

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How might low inflation affect McDonald's?

		McDonald's will pay higher prices for supplies and will charge customers more for its products.
		McDonald's will pay relatively constant prices for supplies and will charge customers more for its products.
		McDonald's will pay higher prices for supplies, but will be unable to increase the price paid by customers.
		McDonald's will pay relatively constant prices for supplies, but will be unable to increase the price paid by customers.
		McDonald's will pay much higher prices for supplies and will charge customers more for its products.

Question 67

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Which of the following is the best definition of vertical integration?

		The strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials and resources.
		The strategy of owning the means by which an organization produces goods or services.
		The strategy of using the Internet and word-of-mouth marketing to spread product information.
		Any activity that adds value to some input by transforming it into an output for an internal or external customer.
		An approach by which firms move away from department-oriented organization and toward process-oriented team structures that cut across old departmental boundaries.

Question 68

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A __________ balance of trade results when a country imports more than it exports.

		positive
		beneficial
		depressed
		nominal
		negative

Question 69

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A(n) _____________ separates the organization from its environment.

		integration
		depression
		organizational boundary
		aggregate output
		process

Question 70

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___________ includes human knowledge, work methods, physical equipment, electronics and telecommunications, and various processing systems that are used in performing business activities.

		The political-legal environment
		The competitive environment
		The technological environment
		The economic environment
		The social environment

Question 71

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Joan Greer is a general partner in New Windsor Interior Design. She is legally liable for

		a loan to the partnership that she originated and signed.
		a loan to the partnership, originated by another partner. (Joan had no knowledge of the loan and did not sign the loan agreement.)
		the cash settlement of a court judgment after being sued by a client.
		all of the above.
		both a and c.

Question 72

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_________ are people who assume the risk of business ownership.

		Sole proprietors
		General partners
		Limited partners
		Directors
		Entrepreneurs

Question 73

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In a(n) _________, an entrepreneur summarizes business strategy for a new venture and shows how it will be implemented.

		venture capital plan
		business plan
		franchise agreement
		master limited partnership
		employee stock ownership plan

Question 74

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Partnerships, like sole proprietorships, lack

		trust.
		clarification.
		profits.
		continuity.
		internal conflicts.

Question 75

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In a(n) ___________, owners are taxed like partners but have limited liability.

		private corporation
		public corporation
		S-corporation
		limited liability corporation
		professional corporation

Question 76

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Which of the following guarantees holders fixed dividends?

		common stock
		bonds
		mortgages
		preferred stock
		none of the above

Question 77

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Marsha Brady has organized her craft shop as a sole proprietorship. Her sister has warned her about ______________, the legal principal holding Marsha responsible for paying off all of the debts of the business.

		unlimited liability
		limited liability
		privity
		unconnectedness
		unrestricted debt

Question 78

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Casino Systems and the Hamilton Race Track have collaborated to develop software for sale to other racetracks. Cisco and Hamilton are most likely involved in a

		professional corporation.
		transnational corporation.
		vertical merger.
		limited partnership.
		strategic alliance.

Question 79

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A(n) ____________ has stock that is widely held and available for sale to the general public.

		private corporation
		public corporation
		S-corporation
		limited liability corporation
		professional corporation

Question 80

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In a(n) __________, groups of sole proprietorships or partnerships work together for a common benefit.

		corporation
		cooperative
		master limited partnership
		S-corporation
		small business

Question 81

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Douglas believes that his employees are self-motivated and growth-oriented. He is a _________ manager.

		scientific management
		Theory Y
		Theory Z
		Theory X
		contingency theory

Question 82

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Alan Schuman wants to motivate the maintenance staff to be more productive. He starts by providing training and assures employees that high productivity will be rewarded. Each employee is asked to identify the rewards (additional pay, additional time off, etc.) that would mean the most to him or her. Alan likely subscribes to the _________ theory of motivation.

		equity
		expectancy
		two-factor
		hierarchy of needs
		scientific

Question 83

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Suspending or docking pay for employees who are repeatedly late to work is an example of

		positive reinforcement.
		punishment.
		piecework rewards.
		rewarding good behavior.
		retrenchment.

Question 84

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The degree of enjoyment that people derive from performing their jobs is referred to as

		job placement.
		job satisfaction.
		morale.
		human relations.
		job selection.

Question 85

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In a flextime program, _________ are those hours that all employees are expected to work.

		allocated assignments
		flex hours
		core hours
		common times
		work shares

Question 86

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Tina is the most productive employee in her department. When her manager retires, Tina doesn't apply for the job, in spite of her excellent record and the pay and prestige associated with the job. She believes that the job will go to someone who has more seniority. Based on expectancy theory, Tina doesn't apply for the job based on

		the effort-performance issue.
		the rewards-personal goals issue.
		the performance-rewards issue.
		her personal goals.
		all of the above.

Question 87

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__________ is a system of collaborative goal settings that extends from the top of an organization to the bottom.

		Equity theory
		Two-factor theory
		Hygiene theory
		Management by objectives
		Empowerment

Question 88

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Which of the following benefits were offered to Wal-Mart employees under Sam Walton's leadership?

		Starting pay above minimum wage.
		Internal promotion.
		Time-and-a-half pay for working Sundays.
		Opportunity for low-wage workers to own stock.
		All of the above.

Question 89

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The percentage of an organization's workforce who leaves and must be replaced is referred to as

		absenteeism.
		productivity.
		turnover.
		return of investment.
		sales per employee.

Question 90

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According to Herzberg, working conditions are an example of

		hygiene factors.
		differential factors.
		motivation factors.
		human factors.
		scientific factors.

Question 91

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Which of the following behaviors is likely to be considered unethical?

		A manager hires a friend rather than a more qualified applicant.
		A manager underpays an employee, knowing that the employee can't afford to quit.
		Company executives encourage employees to invest in company stock while withholding information about financial problems.
		An employee accepts a gift from a supplier in return for a large order.
		All of the above.

Question 92

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Which of the following is not a step mentioned by the authors of your textbook to foster a company wide sense of social responsibility?

		Social responsibility must start at the top.
		A committee of top managers must develop a plan.
		Governmental initiatives must dictate starting a plan.
		One executive must be put in charge of the firm's agenda.
		The organization must conduct occasional social audits.

Question 93

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Which of the following organizations regulates advertising and pricing practices?

		Food and Drug Administration (FDA)
		Federal Trade Commission (FTC)
		Federal Communication Commission (FCC)
		Securities and Exchange Commission (SEC)
		Internal Revenue Service (IRS)

Question 94

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Which of the following human resource management activities represents a potential social responsibility concern?

		recruiting
		training
		compensating
		promoting
		all of the above

Question 95

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An employee who detects and tries to put an end to a company's unethical, illegal, and/or socially irresponsible actions by publicizing them is referred to as a(n)

		buyers agent.
		whistle-blower.
		investor.
		corporate manager.
		government inspector.

Question 96

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Behavior that conforms to individual beliefs and social norms about what is right and good is referred to as

		collusion.
		check kiting.
		social reaction.
		ethical behavior.
		GAAP.

Question 97

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Which of the following was NOT one of the top 15 corporate foundations, based on 2000 giving?

		Wal-Mart Foundation
		General Motors Foundation
		Enron Fund
		Fannie Mae Foundation
		Ford Motor Company Fund

Question 98

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In maintaining and reporting its financial status, every corporation must conform to

		corporate rules.
		the FDA.
		GAAP.
		insider information.
		AACSP.

Question 99

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In 2002, WorldCom announced that it had overstated earnings, a failure in the organization's responsibility to

		customers.
		employers.
		investors.
		suppliers.
		local communities.

Question 100

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The highest degree of social responsibility that a firm can exhibit is the ___________ stance.

		accommodative
		obstructionist
		proactive
		defensive
		societal

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