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WorksheetsQTKD1DDL
Total questions: 34
Worksheet time: 17mins
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.
One disadvantage of a limited liability company is that it:
has a more restrictive ownership requirement than S corporations.
requires all earnings of the business be taxed at the corporate rate.
has a limited life span.
requires the owners to divide up profits and losses in a fixed proportion
The only deposits of a rare and sought-after mineral known as Yuksporite are found in Russia. Since no other nation has deposits of Yuksporite, Russia has a(n)_ in this mineral.
diversified benefit
protected advantage
relative internal benefit
absolute advantage
Unlimited liability means:
as a franchisee your franchisor is responsible for the debts of the franchise.
you are only liable for the money you invest in the business.
you are liable for whatever advertising promises your firm makes.
when you own your own business you are responsible for all the business debts.
A firm's marketing mix consists of 4 major components, which are generally referred to as the four:
Ps.
Keynotes to success.
Persuaders.
Intangibles of marketing.
Which of the following techniques would a team of workers be most likely to use if they wanted to evaluate several possible solutions to a specific problem their company needs to solve?
Regression analysis
MBO
PMI
PERT
Continental Foods is considering a conglomerate merger with a company that makes storage solutions. A likely reason is:
expand its market share.
develop spin-off companies.
meet the requirements to convert to a limited liability company.
diversification.
The freedom of people to decide where they want to work and live, and what they want to buy or sell are basic capitalist rights under
freedom of competition.
freedom of choice.
eminent domain
freedom of expression.
A disadvantages of licensing is:
the licensee may decide to use the expertise you have developed, break the agreement, and begin producing the product on his/her own
the licensee can decide to end the contract at a moment's notice
it's very costly for the licensor
your company's image is never permitted to be associated with the product, even though you are the developer
The presence of competition in free markets:
is undesirable, because one big firm can usually produce goods more efficiently than a large under o small firms.
is undesirable because it results in unnecessary duplication of efforts
usually results in better quality and lower prices
is rare, since most markets eventually evolve into monopolies
Taxes and government regulations are part of the business.
technological
competitive
social
economic and legal
A comparison of the marketing concept and customer relationship management indicates that customer relationship management
and the marketing concept are in fact identical
extends the marketing concept by calling for the firm to learn more about its customers so that it not only satisfies them, but exceeds their expectations over time
urns the marketing concept upside down. The marketing concept emphasized that marketing was the most important function performed by a firm, but customer relationship management views management to be the most important function
attempts to improve profits by keeping quality high, while the marketing concept attempts to improve profits by a careful design of the promotional mix
Stockholders of the Sasha Deal Company are concerned about irregularities in the firm's accounting system. One approach to identify problems in the records of the company would be to have a(n). performed.
nternal audit
independent audit
unofficial audit
GAAP analysis
well as his own business and building. Patrick maintains ownership due to:
eminent domain
the right to own private property
the freedom of competition.
the Freedom of choice.
Last year, the nation of Tigerland imported goods totaling $500 million and exported products totaling $386 million. Tigerland experienced a(n):
favorable balance of trade
unfavorable balance of trade
trade surplus
benefit from membership in a free trade zone
The social audit is
a company report that always includes a net social contribution.
a recent development that creates a ratio to compare a firm's corporate philanthropy to its profits.
a company report that measures the firm's social contributions inside and outside of the firm
a government-mandated report required of all firms that have a business license.
Hendry HVAC, a heating and cooling company headquartered in Milwaukee, Wisconsin, permits its employees to volunteer for nonprofit organizations, as part of their paid company time. According to recent findings, which of the following statements best explains this company's action?
Employee time is measured as going further for social causes than monetary
contributions.
Companies find it less costly to permit employees to volunteer for food pantries and other nonprofit organizations in their area of operation, rather than make large philanthropic contributions.
Several smaller firms do not have enough work to keep employees busy. They fear that employees will quit and go to work elsewhere during a time of low unem
When we think of successful music entertainment groups of the past 60 years, the Beatles almost always appear in the top 5! In the early days, the entertainment group's life cycle could have ended as so many other rock groups do-here today, gone tomorrow. The four musicians were definitely creative and passionate about their craft and genre of music. As the informal leader of the group, John Lennon the others to make important compositional contributions. All four members had the opportunity to create musical compositions and receive copyright credit for their contributions.
Transformed
Commanded
Enabled
Empowered
means producing the desired result.
E-production
Effectiveness
Productivity
Technology
Business is under pressure from society to be more socially responsible. However, even the strongest advocates for corporate responsibility can't seem to agree:
if politicians should be held to the same standards of behavior.
on what social responsibility involves.
who should be policing businesses' behavior.
if all businesses, large and small, should be held to the same standards.
Which of the following represents the value of one nation's currency relative to the currencies of another country?
Standard of living
Exchange rate
Euro rate
Currency rate
One way to eliminate some of the risk of your partners making costly mistakes that could jeopardize your personal assets is to set up a
limited amount of time each can actively spend in the business.
Master Limited Partnership.
limited liability partnership.
sole proprietorship.
The accounting profession is divided into 5 key working areas, two of which are:
auditing and managerial accounting
forecasting and logistical accounting
inventory control and budgeting
income accounting and expenditure accounting
When corruption is present in the business environment
it promotes fair competition
company leaders can threaten competitors and minimize competition
factories are easier to build without a government permit.
laborers can make more money
The majority of CEOs blame unethical employee conduct on
The nation's business schools that tolerate unethical behavior in students.
The breakdown of traditional religious institutions
The increase in lawsuits used to avoid personal responsibility.
A failure of leadership to establish ethical standards.
