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Efforts by the Federal Reserve Bank (the Fed) to control the money supply and interest rates are known as:

•  incomes policy

• monetary policy

• fiscal policy

•  securities policy

A key element of customer relationship management is to:

• keep the price of goods as low as possible.

• develop a strategy to achieve the largest possible market share.

• learn as much as possible about customers.

• allow customers to participate in the management decisions of the firm.

A bookkeeper's first task is to:

• interpret and report data to the firm's management

• prepare the firm's financial statements

• summarize the firm's financial data

• separate all of the firm's transactions into meaningful categories

Which of the following statements would a follower of Adam Smith most likely make?

•  If people are given the freedom to follow their own interests, theoretically their efforts will lead to economic growth that benefits society as a whole.

• Overpopulation is the main danger confronting modem economies.

• Market economies are flawed because they put too much emphasis on economic growth and not enough on environmental problems.

• The federal government should use its ability to spend and tax to guide the decisions of businesses and consumers.

Which of the following is the best example of a business whose goal is to earn a profit?

• A community college

• Boy Scouts of America

• Best Buy, Inc.

• The Salvation Army

A….represents a long-term partnership between two or more companies established to help each firm build competitive market advantages, without sharing the cost of risk.

• multinational cooperative

• shared venture

• strategic alliance

• global franchise

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:

• market makers.

• social mentors.

• stakeholders.

• economic environment.

What is the term used to describe giving workers the education and tools they

need to assume additional decision-making powers.

• Upgrading

• Energizing

• Provisioning

• Enabling

Which of the following would be considered part of a firm's marketing mix?

• Designing the most efficient production plan

• Determining the best pricing strategy for a product

• Establishing a production schedule that enables the firm to meet forecasted sales

• Identifying the best source of funds to finance a firm's marketing activities

Ethical problems and issues of social responsibility are:

• less important now than in the past.

• unique to the United States.

• unique to firms involved in global trade.

• not unique to the United States.