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DC Intro to Biz - Final

Total questions: 125

Worksheet time: 1hrs 3mins

Name
Class
Date
1.
At your neighborhood Burger King, some employees take and fill orders, others prepare food, a few clean and maintain equipment, and some supervise. This process of dividing work into separate jobs and assigning tasks to workers is called:
a)
functional design
b)
division of labor
c)
task division
d)
group division
2.
A(n) _____ is a picture of the relationships among tasks and those employees given authority to do those tasks.
a)
informal chart
b)
organization chart
c)
formal picture
d)
functional chart
3.
Coca-Cola Enterprises (CCE) is the largest bottler and distributor of Coke products in the world. It is organized around its North America division and its European division. This departmentalization by _____ allows CCE to respond to the demands of different markets.
a)
process
b)
customer
c)
geography
d)
function
4.
The three basic levels of the managerial hierarchy are:
a)
functional, process, and product
b)
strategic, tactical, and functional
c)
top, middle, and supervisory
d)
planning, coordinating, and controlling
5.
______ is the legitimate power granted by the organization and acknowledged by the employees.
a)
Coordination
b)
Functionalization
c)
Cooperation
d)
Authority
6.
Specialization refers to the:
a)
width of the managerial hierarchy
b)
degree to which tasks are subdivided into smaller groups
c)
size of the span of management
d)
depth of the organization chart
7.
The skills, knowledge, and abilities a person must have to fill a job are spelled out in a(n):
a)
occupational checklist
b)
job description
c)
task inventory
d)
skills checklist
8.
_____ is the attempt to find and attract qualified job applicants in the external labor market.
a)
Labor forecasting
b)
Qualifying
c)
Recruitment
d)
Prospecting
9.
_____ is the process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job.
a)
Two-way feedback
b)
Qualifying
c)
Acquisition
d)
Selection
10.
_____ provides new employees with information about company policies, salary and benefits, and parking. It also includes work rules and performance expectations.
a)
Orientation
b)
An employment lecture
c)
Simulation
d)
Job guidance
11.
Like many other companies, Robert Mondavi Winery uses _____ to systematically compare the actual performance of each employee with his or her expected performance.
a)
value analyses
b)
worker benchmarks
c)
performance appraisals
d)
job guidance
12.
Which of the following statements about employee compensation is true?
a)
Compensation is closely connected to performance appraisal.
b)
Different jobs of equal importance to the company are usually compensated differently.
c)
When a firm generates high amounts of revenue, they tend to pay their employees less
d)
Employee compensation is fixed and never subject to change.
13.
_____ is something that prompts an individual to release his or her energy in a certain direction.
a)
Motivation
b)
Operations management
c)
Human relations
d)
Personnel management
14.
According to the Hawthorne effect,
a)
workers respond to being paid attention to
b)
responsibility motivates all employees
c)
workers respond to only money
d)
workers don't care about positive reinforcement
15.
An employee who was more worried about having a safe work environment and a financially sound pension plan than anything else would be most concerned with which of the needs in Maslow's hierarchy of needs?
a)
safety needs
b)
physiological needs
c)
social needs
d)
self-actualization needs
16.
The _____ style of management is based on a pessimistic view of human nature and assumes that the average person dislikes work, will try to avoid work, prefers to be directed, avoids responsibility, and wants security above all else.
a)
Theory X
b)
Theory Y
c)
Theory Z
d)
scientific
17.
The idea that employees are motivated by their expectations, or estimates of chances for reward, is called the _____ theory.
a)
psychological
b)
estimation
c)
expectancy
d)
reevaluation
18.
The _____ is a theory that is concerned with workers' perception about how fairly they are treated compared with their coworkers.
a)
equity theory
b)
expectancy theory
c)
theory of objectivity
d)
theory of equilibrium
19.
_____ is the process that converts inputs into outputs that can be sold as goods and services.
a)
marketing
b)
production
c)
mechanization
d)
specialization
20.
The ability to manufacture many goods at once is called _____ production.
a)
general
b)
mass
c)
centralized
d)
open
21.
Which of the following businesses is most likely to consider proximity to raw materials when locating a new manufacturing plant?
a)
a company that provides fresh baked goods for restaurants
b)
a manufacturer of hunting equipment
c)
a pharmaceutical manufacturer
d)
a whiskey distillery
22.
Taco Bell fast-food restaurant does not chop the lettuce and tomatoes and grate the cheese used to make its menu items, but hires someone outside the restaurant to perform these tasks. By _____ these tasks, Taco Bell can keep its overhead low and concentrate its resources on taking customer orders and assembling food.
a)
outsourcing
b)
unbundling
c)
remarketing
d)
demarketing
23.
The _____ is the entire sequence of securing inputs, producing goods, and delivering goods to a customers.
a)
production life cycle
b)
supply chain
c)
product life cycle
d)
demand chain
24.
According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.
a)
market mission statement
b)
customer satisfier
c)
sales concept
d)
marketing concept
25.
The _____ is a specific group of consumers toward which a firm directs its marketing efforts.
a)
population sample
b)
package market
c)
target market
d)
demand group
26.
The blend of the marketer's tools is called the five Ps. Which of the following is NOT one of the five Ps?
a)
possession strategy
b)
product strategy
c)
place strategy
d)
promotion strategy
27.
_____ is the collection, recording, and analysis of data important in marketing and communicating that information to management.
a)
marketing information
b)
marketing collection
c)
market research
d)
data collection
28.
_____ is the division of markets into different groups
a)
market layering
b)
market segmentation
c)
product segmentation
d)
tactical marketing
29.
A basic form of market segmentation that uses such variables as age, education, and income is called:
a)
demographic
b)
psyschographic
c)
benefit
d)
population
30.
_____ is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.
a)
Material handling
b)
Distribution
c)
Exchange
d)
Intermediation
31.
The chain of manufacturer, agent, wholesaler, and retailer through which items like x-ray machines, dental equipment, and safety goggles flow is called a(n) ______ channel.
a)
industrial
b)
service
c)
consumer
d)
distribution
32.
_____ are distribution channel members that buy finished products from manufacturers and sell them to retailers.
a)
Manufacturers
b)
Wholesalers
c)
Service providers
d)
Market managers
33.
_____ is the act of informing, persuading, and reminding the target market about a product.
a)
Marketing
b)
Distribution
c)
Promotion
d)
Operations
34.
Which of the following is an example of an advertising medium?
a)
newspapers
b)
television
c)
direct mail
d)
all of the above
35.
_____ is the number of different target consumers who are exposed to a commercial at least once during a specific period, usually four weeks.
a)
Interaction
b)
Selectivity
c)
Frequency
d)
Reach
36.
Accounting provides a framework for looking at:
a)
past performance
b)
current financial health
c)
possible future performance
d)
all of the above
37.
To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:
a)
accounting rules and principles
b)
principled accounting procedures
c)
generally accepted accounting principles
d)
financial accounting standards
38.
Things of value owned by a firm are called its:
a)
assets
b)
liabilities
c)
capital
d)
intangibles
39.
Current assets, such as marketable securities and inventory, usually are expected to be turned into cash within:
a)
1 year
b)
18 months
c)
5 years
d)
10 years
40.
______ is a financial statement that shows what a firm has earned and spent over a period.
a)
income statement
b)
balance sheet
c)
trial balance
d)
statement of owner's equity
41.
______ is anything (regardless of form) that is acceptable as payment for goods and services.
a)
capital
b)
money
c)
revenue
d)
asset
42.
The _____ characteristic of money is revealed by the fact that a dollar can be converted into four quarters or ten times.
a)
durability
b)
divisibility
c)
scarcity
d)
compatibility
43.
_____ is cash held in the form of coins and paper money.
a)
A time deposit
b)
Capital
c)
Revenue
d)
Currency
44.
A checking account is also commonly referred to as a:
a)
time deposit
b)
treasury account
c)
certificate of deposit
d)
demand deposit
45.
The _____ is an independent, quasi-public corporation that insures deposits in commercial banks and thrift institutions for up to a ceiling of $250,000 per account.
a)
Savings Association Insurance Fund (SAIF)
b)
Bank Insurance Fund (BIF)
c)
Federal Savings and Loan Insurance Corporation
d)
Federated Deposit Investment Corporation (FDIC)
46.
Managerial accounting provides all of the following financial information EXCEPT:
a)
production reports
b)
payroll summaries
c)
income statements
d)
budgets
47.
Fixed assets are property and buildings that a firm expects to use for more than:
a)
one month
b)
one year
c)
five years
d)
ten years
48.
_____ are debts that are to be paid within twelve months.
a)
current assets
b)
current liabilities
c)
fixed assets
d)
fixed liabilities
49.
A company's total earnings after subtracting all of its expenses from its revenues is ____
a)
gross profit
b)
net profit
c)
net sales
d)
gross sales
50.
How do distribution channels improve product distribution?
a)
Channel intermediaries perform all of the functions needed to get the product from its raw material state into the hands of its final user.
b)
Channel intermediaries eliminate the need for the manufacturer to provide customer service.
c)
Distribution channels eliminate the need to store products.
d)
Distribution channels reduce the number of transactions needed to get the product from the manufacturer to the consumer
51.

Which of the following is considered a current asset on a company's balance sheet?

a)

Inventory

b)

Land

c)

Goodwill

d)

Equipment

52.

The process of evaluating and choosing among job applicants is known as:

a)

Job analysis

b)

Orientation

c)

Recruitment

d)

Selection

53.

A marketing strategy that divides a broad target market into subsets of consumers with common needs is called:

a)

Branding

b)

Product positioning

c)

Market penetration

d)

Market segmentation

54.

Which document outlines the main duties and responsibilities associated with a specific position?

a)

Task analysis

b)

Employee handbook

c)

Job description

d)

Job specification

55.

What is the process of attracting potential candidates to apply for a job called?

a)

Orientation

b)

Placement

c)

Selection

d)

Recruitment

56.

Which of the following best describes the process of dividing work into specialized tasks assigned to different people?

a)

Centralization

b)

Span of control

c)

Division of labor

d)

Job rotation

57.

Which of the following best describes the process of assigning specific tasks to individuals or groups within an organization?

a)

Span of control

b)

Centralization

c)

Delegation

d)

Job rotation

58.

A company that purchases products in large quantities from manufacturers and sells them in smaller quantities to retailers is known as a:

a)

Retailer

b)

Wholesaler

c)

Distributor

d)

Agent

59.

Which of the following is considered a current asset on a company's balance sheet?

a)

Patents

b)

Inventory

c)

Buildings

d)

Equipment

60.

Which of the following best describes assets that are expected to be used or converted into cash within a year?

a)

Long-term investments

b)

Deferred revenue

c)

Current assets

d)

Fixed liabilities

61.

The process of dividing a market into distinct groups of buyers with different needs or behaviors is known as:

a)

Product differentiation

b)

Market penetration

c)

Market segmentation

d)

Brand positioning

62.

What is the main purpose of a supply chain in business operations?

a)

To set product prices

b)

To advertise products

c)

To manage employee relations

d)

To move goods from suppliers to customers

63.

Which management theory assumes that employees are self-motivated and enjoy taking on responsibility?

a)

Classical theory

b)

Scientific management

c)

Theory Y

d)

Theory X

64.

When a company hires another firm to handle its payroll processing, this is an example of:

a)

benchmarking

b)

insourcing

c)

vertical integration

d)

outsourcing

65.

The process of dividing an organization's activities into separate jobs and assigning them to different people is known as:

a)

job rotation

b)

job specialization

c)

job enrichment

d)

job enlargement

66.

Which of the following is considered a current liability for a business?

a)

Land

b)

Machinery

c)

Accounts payable

d)

Patents

67.

The process of dividing a market based on lifestyle and personality traits is known as:

a)

Demographic segmentation

b)

Psychographic segmentation

c)

Behavioral segmentation

d)

Geographic segmentation

68.

A(n) _____ is a written statement outlining the duties, responsibilities, and qualifications required for a particular job.

a)

Job description

b)

Performance review

c)

Orientation manual

d)

Employee handbook

69.

Which of the following best describes the process of dividing an organization's activities into specialized jobs to increase efficiency?

a)

Centralization

b)

Job enrichment

c)

Division of labor

d)

Job rotation

70.

The process of attracting, screening, and selecting qualified people for a job is known as:

a)

Appraisal

b)

Recruitment

c)

Orientation

d)

Training

71.

Which of the following is considered a current liability on a company's balance sheet?

a)

Patents

b)

Land

c)

Equipment

d)

Accounts payable

72.

Which of the following is NOT considered a characteristic of money?

a)

Durability

b)

Divisibility

c)

Portability

d)

Inflation

73.

The process of gathering, analyzing, and interpreting information about a market is known as:

a)

Sales forecasting

b)

Product development

c)

Market research

d)

Market segmentation

74.

A manager who believes employees are self-motivated and enjoy responsibility is likely to follow which management theory?

a)

Classical theory

b)

Theory Z

c)

Theory Y

d)

Theory X

75.

Which of the following is a primary function of the Federal Reserve System?

a)

Regulating the nation's money supply

b)

Managing company payroll

c)

Insuring bank deposits

d)

Providing employee orientation

76.

The process of dividing work into separate tasks to be performed by different workers is known as:

a)

Job rotation

b)

Specialization

c)

Centralization

d)

Delegation

77.

Which document outlines a company's assets, liabilities, and owner's equity at a specific point in time?

a)

Income statement

b)

Balance sheet

c)

Cash flow statement

d)

Statement of retained earnings

78.

Which of the following is NOT a function performed by channel intermediaries in product distribution?

a)

Providing storage for products

b)

Reducing the number of transactions between producer and consumer

c)

Offering customer service

d)

Manufacturing raw materials

79.

What is the primary purpose of generally accepted accounting principles (GAAP)?

a)

To ensure consistency and accuracy in financial reporting

b)

To increase company profits

c)

To eliminate the need for audits

d)

To simplify tax calculations

80.

Which of the following is an example of demographic market segmentation?

a)

Grouping customers by their hobbies

b)

Dividing the market based on age and income

c)

Segmenting by product benefits

d)

Classifying by geographic location

81.

Which of the following is NOT considered a current asset?

a)

inventory

b)

marketable securities

c)

accounts receivable

d)

land

82.

A manager who encourages employees to participate in decision-making is practicing which management style?

a)

autocratic

b)

democratic

c)

laissez-faire

d)

bureaucratic

83.

Which of the following is a primary function of marketing?

a)

auditing

b)

promotion

c)

financing

d)

production

84.

Which of the following is a primary function of human resource management in an organization?

a)

Overseeing supply chain logistics

b)

Managing company investments

c)

Recruiting and hiring employees

d)

Designing new products

85.

The process of dividing a market into distinct groups of buyers with different needs or behaviors is known as:

a)

Market segmentation

b)

Product differentiation

c)

Sales forecasting

d)

Brand positioning

86.

Which financial statement shows a company's revenues and expenses over a specific period?

a)

Cash flow statement

b)

Income statement

c)

Statement of retained earnings

d)

Balance sheet

87.

Which of the following best describes the process of assigning specific tasks to different employees within an organization?

a)

Division of labor

b)

Job rotation

c)

Job enrichment

d)

Teamwork

88.

What is the term for the process of evaluating job applicants to determine who is most qualified for a position?

a)

Recruitment

b)

Selection

c)

Orientation

d)

Placement

89.

A group of consumers that a company aims its marketing strategies toward is known as the:

a)

market segment

b)

target market

c)

consumer base

d)

focus group

90.

Which of the following best describes the process of dividing a market into distinct groups of buyers with different needs or behaviors?

a)

Market research

b)

Market positioning

c)

Market segmentation

d)

Market targeting

91.

A company's ability to pay its short-term obligations is measured by its:

a)

Profitability

b)

Solvency

c)

Liquidity

d)

Leverage

92.

The management style that assumes employees are self-motivated and enjoy work is known as:

a)

Theory X

b)

Laissez-faire

c)

Theory Y

d)

Autocratic

93.

Which of the following is a primary function of management in an organization?

a)

Recruitment

b)

Segmentation

c)

Planning

d)

Distribution

94.

The process of dividing a market into distinct groups of buyers with different needs is known as:

a)

Target marketing

b)

Market research

c)

Market segmentation

d)

Product differentiation

95.

Which document outlines the duties, responsibilities, and qualifications required for a specific job?

a)

Job specification

b)

Job description

c)

Employee handbook

d)

Organizational chart

96.

Which of the following is NOT typically included in a company's current assets?

a)

Accounts receivable

b)

Land

c)

Marketable securities

d)

Inventory

97.

The process of attracting, selecting, and training employees for specific roles within an organization is known as:

a)

Staffing

b)

Job analysis

c)

Recruitment

d)

Orientation

98.

Which management theory assumes that employees are self-motivated and enjoy responsibility?

a)

Theory X

b)

Classical theory

c)

Theory Y

d)

Theory Z

99.

Which of the following is a function of marketing?

a)

Product development

b)

Promotion

c)

Manufacturing

d)

Quality control

100.

What is the primary purpose of a balance sheet?

a)

To show a company's profits and losses

b)

To display a company's assets, liabilities, and equity at a specific point in time

c)

To summarize production activities

d)

To report employee performance

101.

A manager who oversees the day-to-day operations of a department is typically part of which level of management?

a)

Middle management

b)

Top management

c)

Strategic management

d)

Supervisory management

102.

Which of the following is considered a current liability for a business?

a)

Equipment

b)

Patents

c)

Land

d)

Accounts payable

103.

What is the primary purpose of a job specification?

a)

To outline the duties of a position

b)

To set employee salaries

c)

To list the qualifications required for a job

d)

To describe the company's mission

104.

Which management function involves monitoring progress and making adjustments to achieve goals?

a)

Planning

b)

Organizing

c)

Staffing

d)

Controlling

105.

Which of the following best describes the process of assigning specific tasks to individuals or groups within an organization?

a)

Job rotation

b)

Specialization

c)

Delegation

d)

Centralization

106.

The process of purchasing goods and services from outside suppliers to reduce costs and focus on core activities is known as:

a)

Franchising

b)

Outsourcing

c)

Licensing

d)

Merging

107.

Which document outlines the duties, responsibilities, and qualifications required for a particular position?

a)

Employee handbook

b)

Job description

c)

Performance appraisal

d)

Job specification

108.

Which of the following is considered a current asset on a company's balance sheet?

a)

Land

b)

Patents

c)

Inventory

d)

Machinery

109.

The process of attracting, screening, and selecting qualified people for a job is known as:

a)

Recruitment

b)

Delegation

c)

Orientation

d)

Appraisal

110.

A business that organizes its departments based on products such as electronics, clothing, and furniture is using which type of departmentalization?

a)

Functional

b)

Customer

c)

Geographical

d)

Product

111.

Which of the following is considered a current liability on a company's balance sheet?

a)

Accounts payable

b)

Land

c)

Goodwill

d)

Retained earnings

112.

The process of dividing work into separate tasks and assigning them to different people is known as:

a)

Centralization

b)

Motivation

c)

Specialization

d)

Delegation

113.

A company's ability to meet its short-term obligations is measured by its:

a)

Solvency

b)

Liquidity

c)

Profitability

d)

Productivity

114.

Which of the following best describes the process of dividing a market into distinct groups of buyers with different needs or behaviors?

a)

Market penetration

b)

Market segmentation

c)

Product positioning

d)

Market targeting

115.

What is the main purpose of a performance appraisal in a business organization?

a)

To determine employee benefits

b)

To assign job roles

c)

To compare actual employee performance with expected standards

d)

To calculate company profits

116.

Which of the following is considered a current liability for a business?

a)

Land

b)

Accounts payable

c)

Inventory

d)

Patents

117.

Which of the following is considered a long-term liability?

a)

Inventory

b)

Marketable securities

c)

Notes payable due in 10 years

d)

Accounts payable

118.

The process of attracting qualified candidates to apply for job openings is known as:

a)

Appraisal

b)

Selection

c)

Recruitment

d)

Orientation

119.

Which financial statement provides a snapshot of a company's assets, liabilities, and owner's equity at a specific point in time?

a)

Income statement

b)

Balance sheet

c)

Cash flow statement

d)

Statement of retained earnings

120.

Which of the following best describes the process of moving goods from the manufacturer to the end user?

a)

Market segmentation

b)

Financial planning

c)

Production cycle

d)

Distribution channel

121.

When a company hires another firm to handle its payroll processing, this is an example of:

a)

Outsourcing

b)

Insourcing

c)

Benchmarking

d)

Diversification

122.

A business that divides its workforce into specialized roles to increase efficiency is practicing:

a)

Task elimination

b)

Job rotation

c)

Division of labor

d)

Group synergy

123.

Which of the following is NOT typically considered one of the functions of management?

a)

Controlling

b)

Promoting

c)

Organizing

d)

Planning

124.

A balance sheet provides information about a company's:

a)

Assets, liabilities, and owner's equity

b)

Sales and expenses

c)

Market share

d)

Employee performance

125.

Which of the following is an example of a variable cost for a manufacturing company?

a)

Insurance premiums

b)

Property taxes

c)

Raw materials

d)

Factory rent

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