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WorksheetsBusiness & Marketing Practice Test
Total questions: 119
Worksheet time: 2hrs 5mins
A command economy is characterized by
A laissez-faire approach by the government
A moderate amount of government intervention in the economy
Business commanding all aspects of the economy
The government controlling prices and production
Which of the following is not a responsibility of the Securities and Exchange Commission (SEC)?
Regulating securities
Investigating insider trading
Setting interest rates
Processing applications for initial public offerings (IPOs)
In marketing, the demand for a product is directly influenced by:
Customer's desire for a product
Customer's ability to obtain a product
Availability of a product
Both A and B
The Sarbanes-Oxley Act of 2002:
Vastly reduced financial reporting obligations that corporation face
Deregulated public utilities
Was intended to fight corporate and accounting fraud
Reduced tariffs on trade among North American countries
An employee earns $2,000 per month in gross pay, but pays $104.36 for health insurance, 9% in federal taxes, 3% for state taxes, and 2% for local taxes. What is the employee's net pay?
$2,000.00
$1,615.64
$1,820.00
$1,720.00
A market in which product availability exceeds demand is called a:
Free market
Seller's market
Buyer's market
Black market
Which of the following is not part of Maslow's hierarchy of needs?
Self-actualization
Esteem
Safety
Supply and demand
Which of the following countries is not part of NAFTA?
Mexico
United States
Canada
China
A consumer's credit score is directly influenced by which of the following factors?
Debt repayment history
Employment history over the last five years
Marital status
Income level
Upon which organization does the international community primarily rely to deal with claims of unfair protectionism by one country against another?
North Atlantic Treaty Organization (NATO)
World Trade Organization (WTO)
Organization of Petroleum Exporting Countries (OPEC)
International Red Cross (IRC)
A homeowner is attempting to choose between several mortgage loans for a $200,000 home. Which of the following would have the lowest monthly payment?
A 30-year fixed rate mortgage at 6%
A 15-year fixed rate mortgage at 7%
A 30-year fixed rate mortgage at 12%
A 15-year fixed rate mortgage at 12%
The biggest factor that leads American companies to manufacture their products overseas in developing countries like China and India is:
Higher quality of craftsmanship
Lower labor costs
Decreased transportation costs
Effective legal systems
Which of the following correctly summarizes the accounting equation for a sole proprietorship?
Assets = Liabilities + Owner's equity
Liabilities = Assets + Owner's equity
Owner's equity = Assets + Liabilities
Revenue = Assets - Liabilities
In order to present a business plan to a group of potential investors, a businessperson would most likely use which software?
Powerpoint
Quickbooks
Peoplesoft
Excel
In order to start an online business, an individual would need all but which of the following:
A business model
A website
An email address
A fax machine
Which of the following types of assets would not be subject to depreciation?
Heavy equipment
Computers
Real estate
Company vehicles
When itemizing deductions on a federal tax return, an individual taxpayer may be able to deduct all but which of the following?
Interest paid on a mortgage
Charitable donations
Losses from theft
Groceries
Which of the following terms best describes a situation where an individual enters into an agreement with a company to use the company's business model within a given territory, usually in exchange for a fee?
Sole proprietorship
Limited liability corporation
Franchise
Incorporation
The par value of a bond is the:
Average interest rate paid by a given type of bond over subsequent issues
Amount of time until the bond matures
Amount paid when the bond matures
Amount of interest that the bond pays
Which of the following best describes Congress' purpose in setting up Freddie Mac in 1970?
Expanding opportunities for home ownership
Deregulating the credit market
Improving regulation of the Internet
Creating a place for small businesses to get loans
Which of the following countries would be considered an emerging market?
Japan
India
Britain
Canada
If the exchange rate between the Euro and the U.S. dollar is $2.5 to 1, how many dollars would it take to purchase a plane ticket that costs 1,5800.00 Euros?
$39,500
$3,950
$395
$632
If the U.S. Federal Reserve concludes that there is significant risk of inflation, it will most likely:
Raise interest rates
Lower interest rates
Keep interest rates the same
Decrease bond yields
A combination of slow economic growth and high inflation is called:
Inflationary pressure
Deflation
Stagflation
Disinflation
A shareholder owns 200 shares of stock XYZ at $58 each. If there is a 2-1 stock split, how many shares will that shareholder have, and what will the new share price be?
100 shares at $116 per share
200 shares at $116 per share
400 shares at $29 per share
400 shares at $58 per share
Which of the following in not true of stock dividends?
They are usually taxable
They are offered voluntarily by companies in order to make their stock more attractive
Their amount and frequency are determined directly by shareholders at large
They may be discontinued or reduced at any time
If a stock has a high P/E ratio, this means that:
The stock's price is low considering the value of the company's earnings
The stock pays a high dividend based on its earnings per share
The stock's price is high considering the value of its earnings per share
The company's earnings per share are high
An individual who is about to retire and wants to earn interest without risking his or her principal would most likely be advised to invest in:
Value stocks
An index fund
A mutual fund
U.S. Treasury bonds
A company that is included in the Dow Jones Industrial Average most likely to be:
A well-known corporation with a large market capitalization
A foreign company
A start-up that was recently listed on the stock exchange
A small- to mid-sized technology company
If one is planning to start a small business, which should one do first?
Obtain a business loan
Find a partner
Assess one's personal financial situation
Choose a location for one's business
If a country is a net exporter, this means that:
The value of goods that it imports exceeds the value of the goods that it exports
The value of the goods that it exports exceeds the value of the goods that it imports
It exports consumer products
It has high tariffs
If a government implements an import tariff on consumer electronics, what is it most likely trying to accomplish?
It is trying to protect its domestic consumer electronics industry from competition
It is trying to decrease the cost of imported consumer electronics
It is trying to discourage domestic companies from producing consumer electronics
It is trying to increase competition and lower prices in the consumer electronics industry
If a potential business owner projects that she will need to invest $100,000 in equipment to start a dry cleaning business, and the business' monthly expenses on rent, insurance, labor costs, and other incidentals are $5,000, how many months will it take for her to earn back her initial investment if the average monthly gross revenue is $8,000?
Less than 9 months
Less than 20 months
Less than 34 months
None of the above
A consumer's credit score may be a factor in all but which of the following transactions?
Buying a car
Buying a home
Getting a personal loan
Opening a bank account
Comprehensive car insurance typically covers:
Damage the insured does to the property of others while driving the insured vehicle
Medical expenses other incur as a result of a collision with the insured vehicle
Damage done to the insurer's vehicle by a vandal
All of the above
Which of the following is not typically cited as a potential cause of oil price increases?
Price increases for consumer goods and services in the U.S.
Increased global demand for oil
Speculation in the oil market
Insufficient refinery capacity
Nations whose economies rely primarily on the export of non-oil commodities like rubber or copper are:
Typically located in Northern and Western Europe
Often referred to as "developing countries" or "emerging markets"
Known for their world class education systems
Usually among the wealthiest countries in the world
A company considering manufacturing a product in several different emerging markets will most likely consider which of the following factors in choosing between them?
Likelihood of political instability
Labor costs and regulations
Cost of shipping goods from that country to the destination country
All of the above
Adam Smith is best known for:
Founding the doctrine of mercantilism
Supporting the spread of communism
Arguing for free market economics
Arguing that the government should redistribute income
According to standard economic theories, countries that have a comparative advantage in the production of cotton should:
Export another product, and import cotton
Export cotton, and import other products
Implement tariffs to protect their domestic cotton industry
Work hard to reduce their comparative advantage and diversify their economy
An advantage of protectionism for countries that implement it is that it:
Improves the country's global competitiveness
Ensures that domestic jobs will be retained in the short term
Encourages economic growth
Prevents corruption
GDP measures a country's:
Employment level
Education level
Total economic output
Wage levels
A human resources manager is likely to be responsible for all but which of the following:
Sales
Payroll
Hiring
Training
The main function of a human resources department is to:
Meet the company's recruiting goals
Maximize employee productivity while maintaining pay
Facilitate communication between the employer and the employees
Prevent lawsuits
Which of the following questions would it be illegal to ask a job candidate at a pre-employment interview?
Have you ever requested workers' compensation benefits?
Do you have any disabilities that would interfere with your ability to perform this job?
Both A and B
Neither A nor B
Technological aids can be used to directly fulfill all but which of the following human resources functions?
Soliciting resumes for open positions
Assessing a new employee's job readiness
Communicating information about employee benefits
Resolving disputes between employees and management
A new manager with ABC Industries has noticed that many of his employees are chronically late to work. To remedy the problem, the manager decides to implement a bonus system that will financially reward employees who are on time to work for ten consecutive days. According to B.F. Skinner's Operant Conditioning theory, what type of behavior modification is the manager using?
Extinction
Punishment
Negative reinforcement
Positive reinforcement
A successful manager will be able to effectively delegate:
Responsibility
Accountability
Authority
Ability
According to Fayol's Adminisitrative Theory of Management, which of the following is a correct list of the five essential functions of management?
Controlling, composing, planning, organizing, implementing
Containing, controlling, implementing, planning, organizing
Composing, coordinating, controlling, planning, organizing
Controlling, commanding, coordinating, planning, organizing
According to the National Environmental Protection Act of 1967, a business is required to prepare an environmental impact statement (EIS) when it:
Hires a new worker
Makes a charitable contribution
Develops a new marketing initiative
Build a new factory
A manufacturing company implements anti-pollution measures as outlined by applicable legislation, but opts not to adopt any additional anti-pollution measures. This company has most likely adopted which of the following approaches to business-society relations?
Social Responsiveness Approach
Social Responsibility Approach
Social Obligation Approach
Cost-Benefit Approach
Which of the following constitutes a binding contract?
An agreement signed and dated by one party and one witness
An agreement signed and dated by both parties
An agreement signed by both parties and witnessed by a third party
An agreement signed and dated by both parties and a witness
Corporation X, the largest oil refiner in the U.S. wants to purchase Corporation Y, the only other oil refiner in the U.S. This situation may be of concern to the government because:
It may violate environmental laws
It may constitute a violation of antitrust laws
It could violate labor laws by reducing employees' choice of employers
It could constitute a pyramid scheme
The Equal Employment Opportunity Commission (EEOC) is responsible for enforcing all but which of the following laws?
Civil Rights Act of 1964
Equal Pay Act
Environmental Protection Act
Americans with Disabilities Act
Anna is interested in purchasing a computer for her small landscaping business. She wants to be able to compose simple fliers and advertising materials, communicate with clients via email, and order supplies online. Which of the following lists best describes the hardware and software components that Anna's computer should have?
Internet connection, Quickbooks, and at least 10 GB of memory
Work processing software, Quickbooks, and an Internet connection
Work processing software, an Internet connection, and 1-5 GB of memory
Quickbooks, an Internet connection, and 1-5 GB of memory
Microsoft Excel would most likely be used for which of the following tasks?
Developing a strategic plan
Filing invoices
Creating a sales presentation
Analyzing numerical sales data
Which of the following steps might a company take in order to prevent unauthorized individuals from accessing confidential data?
Requiring a username and password to access its computer system
Constructing a firewall to protect access its computer system
Both A and B
Neither A nor B
A business education teacher has allotted one class period to help students identify potential career options. Which of the following activities would be most appropriate given these circumstances?
Having students complete an internship
Having each student deliver a five-minute presentation describing their parents' jobs
Administering a test that advises students about what careers might fit their interests and talents
Asking students to write an essay describing their "dream job"
Choose the list that best describes the most important content of a resume:
Salary requirements, relevant work experience, educational attainment, objective
Contact information, grade point average, relevant work experience, objective
References, objective, educational attainment, salary requirements
Contact information, objective, educational attainment, relevant work experience
Which of the following business careers could a teacher safely recommend for a student who would not enjoy working with the public on a regualr basis?
Financial advisor
Insurance salesperson
Real estate agent
None of the above
At a meeting with shareholders, an executive would be most likely to use which of the following visual aids to present a report on monthly stock gains and losses over a one-year period?
Bar chart
Pie chart
Line graph
Scatterplot
When researching a presentation about a national shipping business, the most detailed and comprehensive source of information about the top management of the company and its competitors would most likely be:
Microfilm records from local newspapers
Hoovers.com
LexisNexis.com
The catalogue at your local library
Which of the following lists contains only types of computer software?
Internet, Microsoft Office, Quicken
Motherboard, Quicken, Excel
Quicken, Peoplesoft, Microsoft Office
Monitor, Mouse, Keyboard
A business education teacher wants students to complete an activity that teaches them skills that are necessary for working in a culturally diverse environment. Which of the following activities would fulfill this goal?
Collaborating with the social studies teacher to teach students about work customs in other cultures
Asking students to read and discuss written accounts of minorities' experiences in the workplace
Teaching students about laws and regulations that protect people from diverse ethnic and cultural backgrounds
All of the above
What deductions should a part-time W-4 employee have?
401k and health insurance
Social security and Medicare
Social security, Medicare, and income taxes
None of the above
What is the correct order for businesses from least to most risky?
BB, BBB, AA, AAA
BBB, BB, AAA, AA
AAA, AA, BBB, BB
AA, AAA, BB, BBB
The company that Scott Smith works for provides full-time employment with a 100% 401k match after one year on the job if they contribute 4% of their paycheck. If Scott becomes a full-time employee after one year, makes $2,000 per paycheck, and contributes 4% to this 401k each pay period, how much would the company have to contribute to his 401k during each pay period?
$160
$80
$40
Cannot be determined
Accounts receivable are:
Fixed assets
Fixed liabilities
Current assets
Current liabilities
Owners' equity is comprised of:
The personal net worth of the owners plus the amount of their initial investment in the business
The amount of the owners' initial investment in the business
The owners' unclaimed profits from the business' operation
Both B and C
Which of the following are not protected by copyright laws?
Architectural drawings
Scripts for plays
Advertising slogans
Books of poetry
A phrase that is associated with a particular product would be protected by which of the following?
Trademark law
Patent law
Copyright law
Both A and C
Which of the following is true of a corporation?
It is always owned by shareholders
Its shareholders are personally liable if it fails
Its board of directors is personally liable if it fails
It cannot sue another entity or be sued
Which of the following would be a violation of the Occupational Safety and Health Act (OSHA)?
An employee becoming injured while commuting to work
An employee becoming injured because an employer did not provide equipment in good working order
An employer requiring employees to work with toxic chemicals
An employer failing to accompany an OSHA compliance officer on an inspection
The following are each statements from a job description. Select the sentence that clearly and correctly communicates its intended meaning.
The employee, will have excellent oral communication skills.
The employees oral communication skills will be excellent.
The employee will communicate orally and in writing well.
The employee will have excellent writing skills.
Which of the following is true of a Wide Area Network (WAN)?
A WAN is equivalent to a LAN
Businesses usually have their own WAN
The Internet is an example of a WAN
Businesses prefer WANs to LANs because their data transfer speeds are higher
Which of the following would violate federal child labor regulations?
Hiring your own child to work in your small business if the child is under 14
Employing someone under 14 as a newspaper carrier
Employing someone under 18 in a job deemed hazardous
Employing anyone under 18 as a babysitter
A U.S. based automobile manufacturing firm is entering into the market of a country overseas where automobile manufacturing firms already operate. The United States-based firm and a local firm in the other country contract with each other to create a joint venture. One of the key features of the joint venture is that the two firms will:
be chartered as a limited partnership
employ a workforce from both countries
be subject to intentional legal codes
share governance, return, and risks
In contrast to a leader characterized by an autocratic style of business leadership, a leader using a democratic style is most likely to place a greater emphasis on:
planning for long-term goals rather than short-term targets
investing in employees' skills rather than cultivating their talents
expanding one market niche rather than growing into new niches
inspiring employees to create rather than incentivizing them to perform
In a matrix organizational structure, cross-functional teams from different parts of a firm work together on various projects. One significant advantage of this type of structure is that it provides:
strategies and metrics for evaluating job performances of staff
a clear division of labor where all staff know their roles and responsibilities
increased flexibility that allows more effective responses to change
a clear chain of command for making and communicating decisions
Federal laws governing discrimination based on disabilities allow an employer to engage in which practice?
asking job applicants whether they can perform the job and how they would perform the job
making medical records of employees available to insurance companies and other interested parties
asking job applicants to take a medical exam before extending a job offer
offering a different package of fringe benefits to employees with and without disabilities
Most bankruptcy events in the United States occur under either Chapter 7 or Chapter 11 of the federal Bankruptcy Code. What is a situational distinction between these two forms of bankruptcy?
Chapter 7 governs the liquidation of the business; Chapter 11 allows for reorganization of the business
Chapter 7 prioritizes creditors based on the size of the debt; Chapter 11 prioritizes based on the date of the debt
Chapter 7 is overseen by a federal court; Chapter 11 is conducted through arbitration and mediation
Chapter 7 applies to corporations and partnerships; Chapter 11 applies to sole proprietorships and individuals
According to United States copyright law, material that appears on the Internet:
can be copyrighted only if the URL for the website in which it is found ends in .com
is only protected if it is found within a website that is listed with a registered domain name
enjoys the same copyright protection as equivalent material that appears in print or other media
is not protected by copyright unless it meets the criteria for a registered trademark
Which step in the accounting cycle ends with the preparation of a trial balance and the careful correction of any mistakes revealed in the process?
examining source documents
recording transactions
posting to the ledger
creating financial statements
Which expression can be used to calculate the amount (N) of money in an account at the end of 4 years, beginning with $1,000 and growing at a rate of 5% compounded annually?
N = (1000 × 1.5)4
N = 1000 + (100.05 × 4)
N = (1000 × 5) × 4
N = 1000 × (1.05)4
How do taxes under the Federal Insurance Contributions Act (FICA) differ from federal and state income taxes?
All employees must pay the FICA taxes, but many employees are exempt from federal and state income taxes
Individuals who are receiving Medicare and/or social security do not have to pay FICA taxes regardless of how many hours they work
The amount of FICA taxes individuals owe is calculated on their after-tax income rather than their gross income
FICA taxes are paid by each employee and by the employer, but only employees pay personal income taxes
A wiki-based website created and continually modified by a large number of users is most likely to contain reliable and accurate information on topics that involve:
highly specialized technical subjects
highly divisive controversies
matters of longstanding general interest
unexpected breaking news
A U.S. business is beginning a dialogue with a business in a foreign country about a partnership, and a senior manager in the United States business is leading a team to the foreign country for preliminary talks. The senior manager has been advised that cultural norms in that country emphasize personal relationships in business, and that a primary goal of the meeting is for the two companies' managers to establish a courteous working relationship. To best help achieve this goal, the senior manager should take which step before the preliminary talks?
arranging for a consultant familiar with the customs of the foreign country to present information about the country's culture, etiquette, and manners to team members
reminding team members that these are preliminary meetings and that they should take care not to discuss details of company operations with their counterparts
discussing perceptions of other cultures with each team member to screen out individuals who are prone to stereotyping or have ethnocentric attitudes
providing team members with a list of words and phrases in the primary language of the foreign country and their English translations for use in conversations with their counterparts
Which piece of technology can perform as both an input device and an output device?
microphone
external speaker
scanner
flash drive
A worker uses a company-issued laptop computer for business purposes. Recently, the worker deleted all cookies from the Internet browser. The worker can expect that this change could affect the next visit to a familiar Web page in which way?
The worker may be required to enter the Web page login information
The Web page may be more likely to display an error message
The worker may see different images load on the Web page
The Web page may be missing from the browser history
United States firms involved in the growth and production of sugar, and representatives of their workers have successfully lobbied Congress to impose tariff-rate quotas on imported sugar and sugar products. Under this regulation, a limited quantity of sugar can enter the United States under a low tariff, with higher import quantities subject to a higher, over-quota tariff. The tariffs have raised the price of raw sugar in the U.S. substantially above the worldwide price. The sugar industry's lobby asserts that the higher prices have helped to sustain the employment and elevate the income of over 140,000 workers. Which consideration not included in the passage forms the strongest economic argument against the tariff-rate quota?
The higher the price of sugar has caused inflation that has destabilized the monetary system
Millions of U.S. workers are employed in industries that depend on sugar as an input
Public support for protectionist policies has been trending downward in recent decades
The jobs linked to the sugar industry tend to pay low incomes and require few skills
An entrepreneur is starting an online business that will offer a course in Internet skills. Customers will expand their knowledge of Internet search and safety strategies and learn how to evaluate Internet sites and acquire and use apps. When designing a website for the business, the entrepreneur should emphasize:
the use of colorful graphics and animation to capture the attention of potential customers
a sophisticated layout for the website to demonstrate the business owner's computer skills
a simple design for the website to ensure that it is easy to use and does not intimidate potential customers
an interactive design that allows customers to ask questions and leave comments for the business owner
Year 1 - Rate of Inflation: 2.1%, Rate of Unemployment: 3.8%, Short-term Interest Rates: 3.5%
Year 2 - Rate of Inflation: 0.7%, Rate of Unemployment: 5.4%, Short-term Interest Rates: 2.0%
Changes in the state of the economy from Year 1 to Year 2 can best be summarized by which statement?
The economy showed signs of slipping into a recession, and the Federal Reserve responded with a monetary stimulus
The falling rate of inflation and lower borrowing costs helped consumers balance their household budgets
High interest rates raised the cost of doing business, and employers responded with layoffs and higher prices
Fluctuations in the business cycle led to a decrease in productivity and an expansionary fiscal policy
People selecting a life insurance policy would most likely prefer whole life insurance to term life insurance, if they prioritize which of these features?
the option to change the designated beneficiary from one person to another
an annuity that provides a fixed benefit amount for the duration of the contract
premiums that will not fluctuate over a predetermined and guaranteed period of time
a death benefit combined with an investment component that accumulates a cash value
Many financial advisors believe that the practice of "pay yourself first" is helpful for managing personal finances. This practice is generally thought to involve:
renting an apartment for many years until savings allow for a large down payment on a purchased home
receiving as much income as possible in the form of cash to increase budgeting flexibility
enjoying some affordable luxuries and indulgences to enhance the quality of life
depositing savings into a retirement account as a permanent part of the monthly budget
A regulatory agency is making rules about the ability of Internet Service Providers to collect sensitive data from customers and use the data for ad-targeting purposes. If the agency changes the rule from opt-out consent to opt-in consent, what effect would this have on the customers?
Customers should expect to be exposed to an overall lower volume of advertising
Customers will have a greater chance to control the types of advertisements that they see
Customers will likely see more advertising related to their specific browsing histories
Customers will have fewer enforceable legal rights against unwanted marketing
In which situation would an informational advertising campaign be most appropriate and effective?
An electronics store is advertising a new "smart watch" that will be priced the same as competitors but will have more features
A newspaper publisher is advertising a free subscription for the first 30 days to its online version of daily news stories
A supermarket is advertising a 20-percent price discount to reduce overstock of a particular brand of shampoo and other personal care products
A restaurant is advertising reduced-priced appetizers during a two-hour "happy hour" period during the late afternoon on weekdays
A salesperson in the electronics department of a large department store approaches a potential customer and engages in conversation. After exchanging pleasantries, the salesperson continues to talk to the customer and determines that the customer is thinking of buying a laptop computer. Which step in the selling process should the salesperson take next?
closing the sale by asking if the customer is willing to purchase one of the laptops for sale
continuing the conversation and attempting to ascertain the customer's specific needs
providing information about specifications, warranties, and prices for a variety of laptops
anticipating and providing specific answers to any objections the customer might have
A student is beginning to think about a future career. This stage of the career development process will be most shaped by the student's answers to which question?
What roles do I see myself playing in my local community?
How will I be able to accumulate enough wealth to afford retirement
Which activities and interests give me the most satisfaction?
Will I need a higher education in order to be credentialed for a good job?
Each employee in an office of 30 people works on several different projects in the course of a typical week, involving the work of different small teams. The projects are deadline-driven, with each task needing to be done before the next team can perform the next task. In these circumstances, the success of the enterprise requires that new employees become particularly attentive to which workplace expectation?
pursuing individual development goals that are specific and measurable, and revisiting them regularly
asking colleagues or managers for assistance when there is a possibility of falling behind in the work
receiving feedback from colleagues graciously, and giving feedback that is direct and actionable
identifying personal strengths and weaknesses when monitoring progress toward improvement
Which pair of characteristics of goal setting is likely to be most difficult to balance?
Goals should be simple and timely
Goals should be challenging and attainable
Goals should be specific and measurable
Goals should be clear and realistic
Which of the following correctly explains the Classical Theory Management Approach?
Productivity can be improved through the application of mathematical models
Understanding the worker's perspective is key to successful management
There's no correct theory-instead managers should apply the theory that's most sensible in a given situation
Productivity can be maximized by presenting the right combination of incentives, and correctly designing job
Which of the following correctly explains the Behavioral Theory Management Approach?
Productivity can be improved through the application of mathematical models
Understanding the worker's perspective is key to successful management
There's no single "correct" theory-instead managers should apply the theory that is most sensible in a given situation
Productivity can be maximized by presenting the right combination of incentives, and correctly designing jobs
Which of the following correctly explains the Management Science Management Approach?
Productivity can be improved through the application of mathematical models
Understanding the worker's perspective is key to successful management
There's no single correct theory-instead managers should apply the theory that is most sensible in a given situation
Productivity can be maximized by presenting the right combination of incentives, and correctly designing jobs
Which of the following correctly explains the Contingency Management Approach?
Productivity can be improved through the application of mathematical models
Understanding the worker's perspective is key to successful management
There's no single correct theory-instead managers should apply the theory that is most sensible in a given situation
Productivity can be maximized by presenting the right combination of incentives, and correctly designing jobs
Which of the following correctly describes the Expansion phase of the Business Cycle?
the increase in income, supply and demand. There's an increase in consumer confidence leading to spending more money
prices are at their highest, and the economy can "overheat" (business can't satisfy demand)
business owners focus on finding ways to improve their financial situation (save money, compete)
supply and demand decline, and employees do not have nearly as many materials. Unemployment is high and some companies close.
Which of the following correctly describes the Peak phase of the Business Cycle?
the increase in income, supply and demand. There's an increase in consumer confidence leading to spending more money
prices are at their highest, and the economy can "overheat" (business can't satisfy demand)
business owners focus on finding ways to improve their financial situation (save money, compete)
supply and demand decline, and employees do not have nearly as many materials. Unemployment is high and some companies close
Which of the following correctly describes the Contraction phase of the Business Cycle?
the increase in income, supply and demand. There's an increase in consumer confidence leading to spending more money
prices are at their highest, and the economy can "overheat" (business can't satisfy demand)
business owners focus on finding ways to improve their financial situation (save money, compete)
supply and demand decline, and employees do not have nearly as many materials. Unemployment is high and some companies close
Which of the following correctly describes the Trough phase of the Business Cycle?
the increase in income, supply and demand. There's an increase in consumer confidence leading to spending more money
prices are at their highest, and the economy can "overheat" (business can't satisfy demand)
business owners focus on finding ways to improve their financial situation (save money, compete)
supply and demand decline, and employees do not have nearly as many materials. Unemployment is high and some companies close
Which of the following correctly describes Cooperative Advertising?
a joint promotional strategy or cost sharing agreement between two or more companies (e.g. manufacturer and retailer/distributor)
a marketing technique in which marketers focus on appealing to the customer through other brands and retailers
a method in which one manufacturer sells its finished product to another for resale under a different label
Which of the following correctly describes Trade Advertising?
a joint promotional strategy or cost sharing agreement between two or more companies (e.g. manufacturer and retailer/distributor)
a marketing technique in which marketers focus on appealing to the customer through other brands and retailers
a method in which one manufacturer sells its finished product to another for resale under a different label
Which of the following correctly describes Symbiotic Advertising/Marketing?
a joint promotional strategy or cost sharing agreement between two or more companies (e.g. manufacturer and retailer/distributor)
a marketing technique in which marketers focus on appealing to the customer through other brands and retailers
a method in which one manufacturer sells its finished product to another for resale under a different label
What is the Consumer Protection Act?
safeguards purchasers of goods and services against defective products and deceptive, fraudulent business practices
prevents unfair methods of competition, bans the practices of price discrimination and anticompetitive mergers, also declared strikes, boycotts, and labor unions legal
authorized the federal government to institute proceedings against trusts in order to dissolve them. Outlaws all contracts, combinations, and conspiracies that unreasonably restrain interstate and foreign trade (declared monopolies illegal)
What is the Clayton Act?
safeguards purchasers of goods and services against defective products and deceptive, fraudulent business practices
prevents unfair methods of competition, bans the practices of price discrimination and anticompetitive mergers, also declared strikes, boycotts, and labor unions legal
authorized the federal government to institute proceedings against trusts in order to dissolve them. Outlaws all contracts, combinations, and conspiracies that unreasonably restrain interstate and foreign trade (declared monopolies illegal)
What is the Sherman Antitrust Act?
safeguards purchasers of goods and services against defective products and deceptive, fraudulent business practices
prevents unfair methods of competition, bans the practices of price discrimination and anticompetitive mergers, also declared strikes, boycotts, and labor unions legal
authorized the federal government to institute proceedings against trusts in order to dissolve them. Outlaws all contracts, combinations, and conspiracies that unreasonably restrain interstate and foreign trade (declared monopolies illegal)
What is a qualified endorsement?
passes title to a negotiable instrument with certain restrictions
includes the signature of the endorser, the words "For Deposit Only" and the bank account number
allows the payee to make the check payable to another person (i.e. "Pay to the order of Mr. X")
consists only of the payee's signature (has no designated payee)
occurs when an administrative agency allows a company to stop doing something (usually illegal) without admitting any illegal behaviors
What is a restrictive endorsement?
passes title to a negotiable instrument with certain restrictions
includes the signature of the endorser, the words "For Deposit Only" and the bank account number
allows the payee to make the check payable to another person (i.e. "Pay to the order of Mr. X")
consists only of the payee's signature (has no designated payee)
occurs when an administrative agency allows a company to stop doing something (usually illegal) without admitting any illegal behaviors)
What is a special endorsement?
passes title to a negotiable instrument with certain restrictions
includes the signature of the endorsee, the words "For Deposit Only" and the bank account number
allows the payee to make the check payable to another person (i.e. "Pay to the order of Mr. X")
consists only of the payee's signature (has no designated payee)
occurs when an administrative agency allows a company to stop doing something (usually illegal) without admitting any illegal behaviors
What is a blank endorsement?
passes title to a negotiable instrument with certain restrictions
allows the payee to make the check payable to another person (i.e. "Pay to the order of Mr. X")
includes the signature of the endorser, the words "For Deposit Only" and the bank account number
consists only of the payee's signature (has no designated payee)
occurs when an administrative agency allows a company to stop doing something (usually illegal) without admitting any illegal behaviors
What is a consent order?
passes title to a negotiable instrument with certain restrictions
consists only of the payee's signature (has no designated payee)
allows the payee to make the check payable to another person (i.e. "Pay to the order of Mr. X")
includes the signature of the endorser, the words "For Deposit Only" and the bank account number
occurs when an administrative agency allows a company to stop doing something (usually illegal) without admitting any illegal behaviors
