INTRODUCTION TO BUSINESS A

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2) __________ is sometimes considered the father of the consumer movement.

1 point

A) Jack Ross

B) Al Franken

C) Ralph Nader

D) Ross Perot

Clear selection

3) Consumerism is one aspect of the _____________ environment.

1 point

A) social

B) economic

C) political/legal

D) technological

Clear selection

4) Some companies attempt to determine a customer's worth before doing business with that person. This practice is known as

1 point

A) weblining.

B) price gouging.

C) webbing.

D) exception.

Clear selection

5) The Patients' Bill of Rights does not provide:

1 point

A) confidentiality.

B) access to emergency services.

C) choice of providers.

D) free health care.

Clear selection

6) Unethical business practices often decline when firms

1 point

A) face challenging business situations.

B) cooperate to organize a Better Business Bureau.

C) collude with one another.

D) set a flexible code of ethics.

Clear selection

7) Which one of the following is not a service offered by the Federal Trade Commission Bureau of Consumer Protection?

1 point

A) prevent consumer fraud

B) receive a free consumer credit report

C) do not call registry to block unwanted telemarketing

D) arbitration

Clear selection

8) The starting point in understanding how consumers respond to various marketing efforts the company might use is the

1 point

A) Lipinski model of buying behavior.

B) Freudian model of buying behavior.

C) stimulus-response model of buyer behavior.

D) Maslow's model of life-cycle changes.

Clear selection

9) What entails all consumer activities associated with the purchase, use, and disposal of goods and services, including the consumer’s emotional and behavioral responses that precede, determine, and follow these activities?

1 point

A) marketing

B) consumption

C) public policy

D) consumer behavior

Clear selection

10) Which of the following involves the analysis of markets to identify opportunities and challenges?

1 point

A) market analysis

B) marketing research

C) opportunity ID

D) market prospecting

Clear selection

11) A heavily promoted brand of aspirin sells for much more than a virtually identical nonbranded or store-branded product because promotion adds ________ value to the product.

1 point

A) functional

B) political

C) inspirational

D) psychological

Clear selection

12) A company that makes roofing shingles claims that their shingles "will last longer than you or your money back." Because this is a clear overstatement of their product's performance, they are engaging in

1 point

A) deceptive pricing.

B) bad promotions.

C) deceptive promotion.

D) deceptive packaging.

Clear selection

13) A ____________ product is usually more expensive than a convenience product and a consumer usually compares several brands or stores for style, practicality, price, and lifestyle compatibility.

1 point

A) shopping

B) unsought

C) convenience

D) specialty

Clear selection

14) ______ sell overstock and end-of-season high-quality, name-brand merchandise at low prices.

1 point

A) Superstores

B) Factory outlets

C) Specialty stores

D) Discount stores

Clear selection

15) Sales promotions:

1 point

A) include advertising, publicity, and personal selling.

B) create customer loyalty.

C) generate immediate, short-term sales.

D) are not usually very expensive.

Clear selection

16) Business activities start with:

1 point

A) marketers.

B) service businesses.

C) producers.

D) intermediaries.

Clear selection

17) The right to make decisions about how responsibilities should be achieved is called:

1 point

A) span of control.

B) accountability.

C) authority.

D) delegation.

Clear selection

18) Starting a business always involves a

1 point

A) risk.

B) loss.

C) revenue.

D) profit.

Clear selection

19) Which of the following is not a function of management?

1 point

A) planning for the future of the department and/or company.

B) organizing employees to get the most benefit out of their efforts.

C) setting an example to those under their authority concerning work ethics and company loyalty.

D) appointing members to the board of directors.

Clear selection

20) This term describes a worker's permanent separation from the company.

1 point

A) transfer

B) promotion

C) termination

D) layoff

Clear selection

21) The amount of money a business has after all expenses are paid is called:

1 point

A) profit margin.

B) gross profit.

C) net profit.

D) gross income.

Clear selection

22) Michelle LaPorte is planning to launch a new business and has been encouraged to start in a business incubator. This will give her access to

1 point

A) free rent.

B) management counsel.

C) bank loans.

D) prepaid insurance.

Clear selection

23) In human resource management, ____________ is the process of deciding who should be hired, under legal guidelines, for the best interests of the individual and the organization.

1 point

A) applicant analysis

B) interviewing

C) selection

D) performance appraisal

Clear selection

24) Carl is worried about the disadvantages of starting a sole proprietorship. Carl is probably most concerned with the

1 point

A) complexity of the organization.

B) difficulty of distribution.

C) lack on limits on his personal liability.

D) cost of starting the business.

Clear selection

25) A corporation is chartered under

1 point

A) local law.

B) state law.

C) international law.

D) federal law.

Clear selection

26) Mac is worried about the increase in the number of subordinates he supervises; therefore, he is concerned about his

1 point

A) informal organization.

B) span of control.

C) chain of command.

D) organizational structure.

Clear selection

27) _____ is/are not included on a company organizational chart.

1 point

A) Work relationships

B) Structure of the organization

C) Job descriptions

D) Classifications of jobs

Clear selection

28) _______________ was the dominant strategy for improving worker productivity during the early 1900s.

1 point

A) Job enrichment

B) Management by objective

C) Scientific management

D) Social Darwinism

Clear selection

29) Which statement best describes the practice of hiring from within?

1 point

A) on-the-job training will not be necessary

B) this practice assures that the manager is familiar with the person's work habits

C) the selection process is more expensive than off-site hiring

D) job descriptions are not needed in the recruitment process

Clear selection

30) A business plan includes sales projections for the long term, which is considered:

1 point

A) two to five years after startup.

B) the first year.

C) five years in the future.

D) ten years in the future.

Clear selection

31) Who is a check written to?

1 point

A) drawee

B) endorser

C) payee

D) drawer

Clear selection

32) Money management involves:

1 point

A) finding a way to satisfy all of your needs and wants.

B) saving at least 50 percent of earnings.

C) living well below your means.

D) getting the most for your money.

Clear selection

33) Which selection lists the four types of banking institutions?

1 point

A) commercial banks, state banks, mortgage banks, investment banks

B) credit unions, state banks, national banks, mutual savings banks

C) commercial banks, savings and loan associations, mutual savings banks, credit unions

D) savings and loan associations, mutual savings banks, bond banks, national banks

Clear selection

34) The prime interest rate is the

1 point

A) rate that financial institutions are charged to borrow.

B) rate that banks make available to their best business customers.

C) short-term (6 month) interest rate charged.

D) rate that large U.S. corporations pay for borrowing.

Clear selection

35) A ______________ represents a promise by a bank to pay a foreign company a given amount if certain conditions are met.

1 point

A) letter of credit

B) certificate of deposit

C) bond indenture agreement

D) callable option

Clear selection

36) Three of the following are things young people can do to take responsibility in planning for their eventual retirement. Which one may be delayed until later in life?

1 point

A) investing in a 401K plan

B) opening a savings account

C) purchasing savings bonds

D) successfully completing some type of financial planning business course (i.e., Intro to Financial Planning)

Clear selection

37) ____ is a series of regular payments made to a retired worker under an organized plan.

1 point

A) IRA

B) Pension

C) Balance of payments

D) Unemployment insurance

Clear selection

38) The main objective of a budget is:

1 point

A) incorporate comparison shopping.

B) make ends meet.

C) determine net worth.

D) achieve financial goals.

Clear selection

39) All of the following are the three main types of endorsements of checks except

1 point

A) blank.

B) restrictive.

C) open.

D) special.

Clear selection

40) A check issued against bank funds is called a:

1 point

A) cashier’s check.

B) guaranteed check.

C) traveler’s check.

D) money order.

Clear selection

41) Which of the following is a not-for-profit financial institution formed by people who have like occupations or live in the same community?

1 point

A) Credit Union

B) Mutual Savings Bank

C) Commercial Bank

D) Savings and Loan

Clear selection

42) About 60 percent of the deposit and loan business in the United states is done by:

1 point

A) central banks.

B) commercial banks.

C) credit unions.

D) retail banks.

Clear selection

43) The ____________ summarizes a firm's financial position at a specific point in time.

1 point

A) statement of owner's equity

B) balance sheet

C) income statement

D) capital statement

Clear selection

44) Payment for store rent represents:

1 point

B) an asset.

C) a liability.

D) cash outflow.

Clear selection

45) ___ is a fixed asset.

1 point

A) Cash

B) Inventory

C) Accounts receivable

D) Building

Clear selection

46) Which of the following should not be included in a solid retirement plan?

1 point

A) savings plans.

B) guaranteed social security payments.

C) annuity investments.

D) IRA accounts.

Clear selection

47) Short-term borrowing involves items that mature between 91 days and 1 year. What is the term for these short-term items?

1 point

A) T-bills

B) T-notes

C) T-bonds

D) T-securities

Clear selection

48) People who invest in CDs may choose them because they want investment vehicles that:

1 point

A) offer high returns with little risk.

B) provide safety and income.

C) offer low returns with high risk.

D) provide liquidity and moderate returns.

Clear selection

49) ____ is an amount of money an insurance company pays to a person who has previously deposited money with the company.

1 point

A) Retirement allowance

B) Pension

C) Annuity

D) Unemployment compensation

Clear selection

50) Which entity represents a network of stockbrokers who trade in the securities of corporations not listed on the national exchanges?

1 point

A) NYSE

B) NLRB

C) NASDAQ

Clear selection

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