Quiz 2

When Alex, the marketing manager of Hartwell Inc., realized that his plan to increase sales levels was not producing the results he desired, he took quick action to make necessary adjustments. According to this scenario, Alex was exercising the management function of:

• Organizing

• Controlling

• Planning

• Communicating

• Leading

To become an effective manager, one should choose _____ of the four management functions and commit one hundred percent.

• Only one

• Just two

• Three

• between 1 and 3

• All

Which of the following represent skills that are crucial to managers?

• conceptual and decision, professional, and technical

• professional, technical, and selling and public relations

• technical, interpersonal and communication skills, conceptual and decision-making skills

• professional, technical, and conceptual and decision

• selling and public relations, conceptual and decision, and professional

Often in business the greater the risk, the ________.

• lower the value provided to society

• greater the number of stakeholders

• lower the expected revenues

• greater the potential reward

• None of the above

World-class businesses attempt to meet the needs of:

• their customers, even if it comes at the expense of employees and other stakeholders in the business.

• exclusively their owners, since they are ultimately the ones who pay the bills.

• their employees, even if it means shortchanging customers by charging higher prices.

• all stakeholders.

• only those customers that has great contribution to business

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to refuse are:

• the freedom to make their own decisions.

• employer-paid benefits such as paid vacation and health insurance.

• local government benefits such as enterprise zone tax credits.

• tickets to sporting events that trading partners may provide.

• more vacation and less work makes their life happier

Contractual agreement whereby someone with a good idea for a business sells others the rights to use the business name and sell a product or service in a given territory in a specific manner.

• Joint Venture

• Licensing

• Franchising

• Contract manufacturing

• Granting

The presence of competition in free markets:

• is undesirable, because one big firm can usually produce goods more efficiently than a large number of small firms.

• is rare, since most markets eventually evolve into monopolies.

• is undesirable because it results in unnecessary duplication of efforts.

• usually results in better quality and lower prices.

• All of the above

Which one is not among the

benefits of trading with other nations?

• Economic dominance

• Revenue

• Jobs

• Taking advantage of quality and price

• Economic Welfare

Trade protectionism is believed to help:

• Foreign investors increase market share rapidly

• Foreign companies enter the market easily

• Support local producers to survive and grow

• Local businesses avoid tax

• None of the above