BUSN 115 Final Exam

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BUSN 115 Final Exam
(TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional…

 

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BUSN 115 Final Exam

BUSN 115 Final Exam

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(TCO 1) _____ refer to a resource or capability a company must have before it can start competing in a given market. (Points : 5)

Assets

Economies of scale

Barriers to entry

Technological requirements

Fixed costs

(TCO 1) Free-market capitalism is characterized by _____. (Points : 5)

The right of few sellers dominating the market

The right to bear and keep arms

The right to freedom of competition

The right to invest in foreign stock markets

The right to serve on juries

(TCO 1) Home-based entrepreneurs should focus on _____. (Points : 5)

Seeking a short-term payoff

Creating a long-term vision

Accepting security

Getting a line-of-credit from a foreign bank

Understanding financial ratios on their balance sheet

(TCO 3) A small business is defined as a company that _____. (Points : 5)

Is newly launched and has fewer than 100 shareholders

Is dominant in its field and employs fewer than 1,500 employees

Has a revenue of less than $750,000

Is independently owned and operated and not dominant in its field

Is funded through personal lines of credit and has fewer than 1,000 employees

(TCO 1) You own Wash This Way Laundromat in a busy part of town. ABC Laundry, a chain store competitor, opened across the street in a busy shopping strip. You decide to improve your business by adding an internet café offering free Wi-Fi. Why? (Points : 5)

To promote private ownership of businesses

To improve quality of life

To exceed customer expectations

To expand your market

(TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by which of the following? (Points : 5)

Consumers and investors have called for increased government regulation in the financial sector

U.S. businesses will need to work with government to create a competitive environment that is fair

Future financial crises will not be as severe as previous ones

Businesses won’t have to worry with future healthcare insurance regulations

Global competition will steadily decline over time

(TCO 2) A conscious plan that represents and encourages a unique set of values includes which? (Points : 5)

Our elected representatives

Our communities
Our competitors
Our employees

Our customers

(TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes which? (Points : 5)

The creation of a positive brand image

Meeting the needs of the consumer

Meeting the strategic marketing goals of the firm

Meeting the promotional goals of the firm

Meeting profit expectations of external investors

(TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Points : 5)

Quickly adapting to the market

Providing improved customer service

Increasing your inventory levels

Opening a branch store across the street from the big box

Providing free expert advice and consultation to your customers

(TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small-business start-up? (Points : 5)

Undercapitalization

Competitors and competition

Government control

Collecting and remitting sales and use taxes

Training for what you don’t know how to do

(TCO 1) The latest economic news is not very positive. Unemployment rates are higher than expected, consumer confidence has fallen, and companies are reporting layoffs are in order. The Federal Reserve chairman acknowledges the economy is in a recession. What actions might the federal government and the Federal Reserve take to give the economy a boost? What are these policies called? (Points : 10)

(TCO 2) The Uniform Commercial Code includes which? (Points : 5)

Laws that cover promissory notes and checks

Legally enforceable agreements between two or more parties

Bills of Lading

Something of value

Forms of commercial paper

(TCO 2) It is always best to put a contract in writing, even though oral contracts can be enforceable under contract law. A contract should _____. (Points : 5)

Specify the extent of profits expected by the original party

Be recorded at the secretary of state’s office

Contain a clear offer and agreement

Have only one party to the contract sign and date it

(TCO 3) One disadvantage of free trade is _____. (Points : 5)

domestic companies can lose their comparative advantage

Uninterrupted flow of capital provides for lower interest rates

Workers will be given across-the-board pay increases

A company’s productivity grows when it has an absolute advantage

Domestic workers can be trained for additional jobs

(TCO 3) What are the advantages of corporations? (Points : 5)

has the power to own property and conduct business

It is owned by shareholders

It has stock which can be public or private

All statements are true

(TCO 2) Which category of business law originates from legislative action? (Points : 5)

Administrative Law

Common Law

Statutory Law

Civil Law

(TCO 3) Nations and companies trade internationally for any of the following reasons: (Points : 5)

Expanding into new markets to increase sales revenues

Pursuing economies of scale to achieve lower production costs

Acquiring materials, goods, and services not available at home

All of the above

(TCO 3) Nations rely on a number of key indicators to measure global trade. These include which? (Points : 5)

The total value of a nation’s exports compared to its imports measured over a particular period
The total value of a nation’s imports compared to its gross domestic product over a particular period

The total value of a nation’s exports compared to the value of the International Monetary Fund

The difference between money coming into a country and money leaving the country

The difference between money leaving the country and its imports measured over a particular period
(TCO 3) In 1948, a global forum was created whose purpose it was to reduce trade restrictions on goods, services, ideas, and cultural programs. The results of the efforts of this organization include which?  (Points : 5)

The creation of regional alliances

Reduction of tariffs an average of 38% worldwide

Expansion of new trade rules to areas like agriculture

The protection of patents

Overcoming constraints and decrease business opportunities

(TCO 3) Strategies for reaching global markets include which? (Points : 5)

Licensing

Importing

Direct marketing

Franchising
Contract manufacturing

(TCO 4) Consumers have needs for living and wants, which are desires and to know them helps businesses to meet market demands.  From the following list, identify which combination is just needs, or just wants. (Points : 5)

Food and Big Mac

Motorcycle and car

Shelter and condo

Water and Coca-Cola

(TCO 4) A system that captures, organizes and capitalizes on all the interactions that a company has with its customers is referred to as: (Points : 5)

Customer Schmoozing

Customer Respect Pandering

Customer Rated Loyalty

Customer Relations Management

(TCO 4) When someone regrets making a purchase immediately after making it this is known as? (Points : 5)

Wants and needs

Cognitive dissonance

Exchange process

Behavior

(TCO 4) The disadvantages of sole proprietorships are which? (Points : 5)

Risk of personal success
Risk of personal loss

Unlimited financial resources

Few or no fringe benefits

Unlimited life span

(TCO 4) A limited liability company has which of the following advantages? (Points : 5)

Limited liability

Choice of taxation
Flexible ownership rules

Self-employment taxes

Fewer incentives

(TCO 4) To look at problems and/or passions and see opportunities in them, which of the following questions should be asked? (Points : 5)

What do I want but can never find?

What services would improve society?

What products would improve my life?

What irritates me, and what product would help?

What products would improve all mankind?

(TCO 5) What is a primary responsibility of individual employees in contrast to management in creating workplace motivation? (Points : 5)

Employees have the ethical obligation to find the motivation to do their job

Employees are required to accept positive reinforcement that is provided by management

Employees are responsible to help other employees meet their management objectives

It is the responsibility of employees to understand Maslow’s Hierarchy

(TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Select all that apply.) (Points : 5)

Sweepstakes promotional information

News and sports information

Client information
Company information

Competitor information

(TCO 5) You are an independent Internet marketing consultant. You have an excellent track record of assisting small- to medium-sized companies fully realize their marketing potential through an improved and enhanced presence on the Web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium), specializes in the care and grooming of cats and only cats and has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. Your recommendations include which of the following? (Points : 5)

Building and improving relationships with customers

Online advertising to get potential customers to the website

Announcing weekly sales promotions so customers will make a purchase

Infomercials provided via video streaming to the Web

Printable discount coupons printed right from the website

(TCO 5) In this digital age, setting up shop online is vital for most retail businesses. But having only an online presence that customers can access at home isn’t enough anymore. Now consumers have an array of smartphones and digital tablets that can get them online from anywhere. For social networks and retailers alike, the mobile market has already enjoyed tremendous growth. Given this information as a sales manager for Always Better Car Sales (ABCS), your concerns include which of the following? (Points : 5)

Migrating to the mobile medium shouldn’t be a problem

Making the leap from laptop to touchscreen is an option at this stage of your efforts

Social media is one option to enter the mobile market

Using a service such as a mobile commerce platform is an option

Economists estimate that as much as 51% of the total consumer spending may go through social networking sites

(TCO 6) The relationship between a PERT chart and a Gantt chart includes which of the following? (Points : 5)

A Gantt chart is used for forecasting sales

A PERT chart is used for measuring progress

They are both considered to be control-procedure monitors

Both use a critical path to delineate the flow of materials

A PERT network can be made up of thousands of events over many months

(TCO 6) Which does a mission statement address? (Points : 5)

A company’s organizational philosophy

A company’s organizational psychology

A company’s organizational efficacy

A company’s organizational phenomenology

A company’s organizational social responsibility
(TCO 6) Imagine a world that is populated by 9 billion people. In order to maintain our current quality of life, such a world would require 2.3 planets’ worth of resources. In order to sustain the U.S. way of life, businesses and the government must plan for 30% more people living across the globe. Most of those people will be in developing countries, and the demand will be great for energy, food, and healthcare. Your concern is that you and your production team have been asked by your leadership to create a scorecard to measure your firm’s efforts in sustainability. Your team’s scorecard should necessarily include which? (Points : 5)

Water use

Recyclables

Waste

Greenhouse gases

Information technology

(TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing which? (Select all that apply.) (Points : 5)

Feelings

Facts

Solutions

Falsities

Paradoxes

(TCO 7) Financial accounting includes which one of the following? (Points : 5)

The preparation and distribution of an a periodic report

A summarization of the costs of production

The preparation of departmental budgets

Compliance with the Financial Accounting Standards Board (FASB) guidelines

Reviewing and evaluating the information used to prepare a company’s financial statements

(TCO 7) Imagine that you have just earned your business degree and have been hired as a hospital administrator at a small hospital that, like many others, is experiencing financial problems. A suggestion that you would make to help improve the financial position of the hospital and correct the financial problems is to (Points : 5)

Improve the efficiency of the hospital’s cash management system

Use a carefully planned lawn care service

Continue the hospital’s large stockpile of drugs

Cease using a just-in-time inventory system

Use a carelessly planned inventory control system

(TCO 7) A cellular or modular layout can accommodate changes in design or customer demand. This includes which? (Points : 5)

Not necessarily a strictly linear approach

Scheduling work operations

Different customers with similar needs

One station in the factory sending completed items to two or more next stations

Processes that are used to produce large quantities of a few types of products

(TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5)

They take twice the human effort

They have the same defects in the finished product

They require half of the engineering effort

They use half the floor space for the same output

They carry 50% more inventory

(TCO 7) Mass customization means (Points : 5)

Tailoring products to meet the needs of a large number of individual customers

Fewer and fewer manufacturers are learning to customize their products

Manufacturing companies may become service companies over time

More and more manufacturers are learning to customize their products

Operations management concepts are not applicable to the service sector

(TCO 8) If there is one thing that advertisers agree upon, it is the growing importance of social media in product promotion. Given this information, (Points : 5)

Investing in social media hinders a company in reaching its goals

Social media needs to work hand in hand with other channels

Social media reaches old audiences that have new devices

Nontraditional audiences are the new target for social media

Social media and direct mail are complementary to one another

(TCO 8) One scarce item in the future will be water. Which is the least expensive way to get water from places of abundance to places of need? (Points : 5)

Pipeline transmission
Air transportation

Truck transportation

Ship transportation
Train transportation
(TCO 8) The marketing manager is responsible for choosing how to implement which? (Points : 5)

Product

Place

Promotion

Profit

Price

(TCO 9) Technology can provide significant increases in productivity and efficiency. However, less than stable technology-based systems can significantly impact businesses at the most inopportune times. Issues that are inadvertently and unexpectedly created in such instances include which? (Points : 5)

Overly complex software

Loss of client and customer confidence

Decrease in sales revenue

Interruption of shipments

Overly complex networking equipment

(TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is which? (Points : 5)

A single location for the information being edited and saved

Multiple copies of the information so backups are not necessary

The software being considered shareware and therefore not copyrighted

The software being considered public domain software and free for the taking

Multiple locations where the information is stored providing quick access

(TCO 9) Web 3.0 can be characterized by which of the following statements? (Points : 5)

It is known as the semantic web

It is known as the virtual world

It is known as the mobile web

It is known as the static web

It is known as the immersive Internet

(TCO 10) The role of information technology has changed since the days when it was known as data processing. You have been hired as the new manager of the IT department for Megalopolis Corporation. Megalopolis Corporation manufactures and sells barbecue grills to the middle-upper end of the market. Demand continues to be strong for all products. However, providing service (both warranty and no warranty) continues to be a challenge. In essence, having the right parts at the right place at the right time is not an easy task. Given this information, your set of “must-do-first” priorities includes which? (Points : 5)

Reviewing current operations in the IT department to determine processes that can be made more efficient

Exploring the possibilities of providing real-time manufacturing and shipping data to the expediters in the factory via handheld wireless devices

Reviewing the information that is gathered by the customer relations staff that might assist in improving existing customer relationships

Reviewing the ordering process (both warranty and nonwarranty) to streamline ordering and improve communications with suppliers and customers

Exploring new markets through an improved online presence of the company

(TCO 10) An accounting system includes which? (Points : 5)

Tax return information

Balance sheet information

Summarization of accounts information

Compliance information

Eleemosynary information

(TCO 10) Which of the following financial management functions are a part of financial planning? (Points : 5)

Understanding and allocating operational needs

Establishing a capital budget

Creating a long-term forecast

Establishing a strategic planning vision

Creating a short-term forecast

(TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)

https://www.hiqualitytutorials.com/product/identify-discuss-social-responsibilities/

(TCO 3) How do downsizing and outsourcing influence the number of small businesses? (Points : 25)

https://www.hiqualitytutorials.com/product/downsizing-outsourcing-influence-number/

Business start-ups often soar when the economy sours. During…

(TCO 3) Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)

https://www.hiqualitytutorials.com/product/discuss-positive-aspects-globalization/

(TCO 4) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 25)

https://www.hiqualitytutorials.com/product/identify-four-ps-marketing/

(TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)

https://www.hiqualitytutorials.com/product/identify-explain-incentives-entrepreneurship/

(TCO 5) Discuss the advantages and disadvantages of work specialization. (Points : 25)

https://www.hiqualitytutorials.com/product/advantages-disadvantages-work-specialization/

Work specialization can improve organizational efficiency by…

(TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or web applications.(Points : 15)

https://www.hiqualitytutorials.com/product/aside-from-retail-sales/

(TCO 6) Businesses try to create systems that deliver goods or services to customers as efficiently as possible. This often involves multiple steps and systems that hopefully work together to accomplish that goal. Explain the systems perspective, and identify at least five principles of systems thinking that can improve your skills as a manager. (Points : 25)

https://www.hiqualitytutorials.com/product/businesses-try-create-systems/

The seven principles of systems thinking that can help every manager are…

(TCO 7) What is a balance sheet? Why is it called a balance sheet? (Points : 25)

https://www.hiqualitytutorials.com/product/what-is-balance-sheet/

A balance sheet is a statement of a firm’s financial position on a particular…

(TCO 7) Given the following companies—Boeing (airliner manufacturer) and Dell Computer (computer manufacturer)—which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of its facilities? List the specific needs and requirements of each company when determining location. (Points : 15)

https://www.hiqualitytutorials.com/product/companies-boeing-airliner-manufacturer/

(TCO 8) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 15)

https://www.hiqualitytutorials.com/product/identify-four-marketing-ps/

BUSN 115 Final Exam

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