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WorksheetsUnit 3 Business Operations and Technology
Total questions: 70
Worksheet time: 51mins
The first step in new product planning is to develop a full marketing strategy.
True
False
Effective marketing begins with a good product.
True
False
A direct channel of distribution uses only one other organization to ship a product from the producer to the consumer.
True
False
The four types of businesses responsible for production are producers, extractors, farmers, and service providers.
True
False
A markup reduces the amount of money the business has to cover operating expenses and profits.
True
False
A management information system is a coordinated system of processing and reporting information in an organization.
True
False
The use of technology to create product styles and designs is called robotics.
True
False
Employee benefits include paid and unpaid vacation time, sick leave, a salary, health insurance and access to a retirement plan.
True
False
Expanded technology and computer use can result in concerns about job loss, health and safety, criminal activities, and privacy concerns.
True
False
Financial performance ratios are comparisons of a company’s financial elements that indicate how well the business is doing.
True
False
Continuous process improvement (CPI) increases the quality of work by reducing errors, inefficiencies, and waste.
True
False
Marketing-information management is obtaining, managing, and using market information to improve business decision making and the performance of marketing activities.
True
False
New product planning involves two steps: product design and product production.
True
False
Insurance is a way for individuals and businesses to deal with some of the risks and possible losses they face.
True
False
If the cost of some risks are too high, a business may not be able to afford the cost of insurance protection.
True
False
Businesses that operate in multiple countries encounter additional risks and challenges.
True
False
With careful planning an individual or business can avoid all risk.
True
False
Workers’ compensation insurance is a type of life insurance.
True
False
Computer-assisted instruction is the use of computers to help people learn or improve skills at their own pace.
True
False
20. Computers have become a key homework tool for students.
True
False
Which type of financial records identify the amount assets have decreased in value due to their age and use?
asset records
depreciation records
cash records
accounts payable records
Building a specific and unique product to meet the needs of each customer is done with
custom manufacturing.
mass production.
repetitive production.
materials processing.
An example of a(n) buying motive might be purchasing a birthday card for someone because you love them.
economic
impulse
rational
Buying a specific automobile because it gets the best gas mileage and has been rated as a cost-effective purchase by a leading magazine is an example of a(n) buying motive.
emotional
economic
impulse
A product will probably have a relatively high price if
it is not convenient to purchase.
there is a large supply of it.
it has been on the market for a long time.
it has many features and options.
Product costs + percent markup =
gross margin.
markup on cost.
markup on selling price.
markdown.
A key difference between advertising and publicity is that
advertising is personalized promotion and publicity is mass promotion.
advertising is presented through the media and publicity is not.
advertising is paid communication and publicity is non-paid communication.
advertising is always positive and publicity is always negative.
A small number of consumers expressing opinions about a new product or service in a group discussion is a
target market.
focus group.
survey group.
experimental group.
The marketing function _______________ deals with designing and improving products and services.
marketing-information management
product and service management
promotion
selling
The marketing function _______________ involves communicating information about products and services to potential customers.
marketing-information management
product and service management
promotion
selling
The marketing function _______________ deals with obtaining, managing, and using market information to improve business decision making.
marketing-information management
product and service management
promotion
distribution
What translates commands and allows programs to interact with the computer’s hardware?
application software
central processing unit
operating system software
memory
An estimate of the actual money a business received and paid out for a specific period is a(n)
start-up budget.
operating budget.
short-term budget.
cash budget.
The main source of financial information established businesses use to prepare a budget is
the company financial records.
accountants and bankers.
the Small Business Administration.
The Wall Street Journal.
Liabilities are
what a company owes.
what a company owns.
the value of the owners’ investment in the company.
what a company has on hand to sell.
A company’s sales and profits for a specific period are listed in its
income statement.
operating budget.
balance sheet.
cash budget.
A(n) __________ budget is an estimate of the actual money received and paid out for a specific period.
capital
operating
start-up
A(n) _________ budget plans the amounts and timing for buying buildings, equipment, and other assets that will be used over a long time period.
cash
operating
start-up
The profit or loss of a business is determined by
subtracting expenses from revenue.
subtracting expenses and inventory from revenue.
subtracting the actual performance from the budgeted performance.
subtracting the budgeted performance from the actual performance.
The forms of production include extraction, processing, manufacturing, and
retailing.
wholesaling.
cultivation.
distribution.
The activities, equipment, and resources needed to manufacture a product are part of
pure research.
the production process.
product design.
applied research
After a manufacturer establishes quality performance standards, the next step in the CPI method is to
identify process activities.
monitor performance.
shut down production until the standards are implemented.
select measurement tools.
The just-in-time process is which type of business operation?
facilities management
logistics
scheduling
safety and security
Meaghan is trying to determine whether the building her company currently uses is large enough or if an expansion is necessary. Which business operation is Meaghan involved in?
facilities management
logistics
scheduling
safety and security
A company that finds another business to complete a risky activity is
insuring the risk
transferring the risk
assuming the risk
avoiding the risk
Services are intangible. This means that
they have no physical form.
their availability must match their demand at a specific time.
they cost more than products.
there will be differences in the type and quality of service provided.
The _________ ratio tells a business how much it is relying on money borrowed from others rather that will have to be paid back rather than money provided by the owners.
current
net income
profit margin
Which of the following is NOT true of an intranet?
It is an organization’s private computer network.
It is a smaller version of the Internet and is only accessible to authorized users.
It looks and functions like a typical website.
It cannot be linked to the broader Internet.
The physical elements of a computer system are called
software.
hardware.
memory.
processing units.
A(n) (a) identifies how a company uses marketing to achieve its goals.
Finding solutions to problems through carefully designed studies involving consumers is called (a) .
(a) is a marketing function responsible for determining the best ways to move a product from producer to consumers allowing for customers to locate, obtain, and use a company’s products and services.
(a) is the marketing function that involves communicating directly with potential customers to determine and satisfy their needs.
(a) analysis is the marketing function that involves budgeting for marketing activities and providing financial assistance to customers so they can purchase goods and services.
The (a) e-commerce model is used when a company buys parts online from its suppliers.
Examples of computer (a) are word processing and spreadsheet programs.
Assets, liabilities, and owner’s equity for a specific date are listed on a financial statement called the (a) .
The (a) budget plans income and expenses for a new business or major expansion.
The (a) budget describes the financial plan for ongoing operations including revenue and expenses for a specific period.
(a) research would be used by engineers interested in improving the asphalt used in paving roadways.
(a) is the business operation involving the acquisition, movement, and storage of supplies, materials, and finished products in a business.
(a) develop products to sell to other businesses or consumers.
(a) is the business operation involving determining the activities that need to be completed, the people who will complete the work, and the needed resources.
(a) obtain natural resources, such as coal or timber, from the earth for processing and use.
(a) processing uses short production runs to produce a precise amount of a variation of a product.
Keyboards and printers are examples of computer (a) .
(a) is the unauthorized use of intellectual property, patents, trademarks, and copyrights.
68. List the four basic components that make up a computer system.
Discuss the three activities involved in production planning.
Define marketing and list its seven functions.
