Business 001 - Introduction to Business » Fall 2020 » Midterm II
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Question #1
Salary is a term that represents compensation based on the number of hours worked.
A.
FALSE
B.
TRUE
Question #2
Which of the following is the first step in the employee recruitment process?
A.
Conducting employment tests
B.
Identifying job requirements
C.
Reviewing applications and résumés
D.
Interviewing candidates
Question #3
The purpose of the Equal Employment Opportunity Commission (EEOC) is to _____.
A.
enforce the Family and Medical Leave Act of 1993
B.
guarantee companies pay social security for all employees
C.
determine employee benefits and compensation packages
D.
investigate discrimination complaints
Question #4
The four goals of advertising are:
A.
attention, interest, desire and action
B.
attention, interest, desire and alternative
C.
attention, interest, desire and advantage
D.
observation, interest, desire and action
Question #5
Which of the following is a concern about performance reviews?
A.
They are held too frequently.
B.
They are mostly based on criteria that are objective rather than subjective.
C.
They take place in the form of two-way communication.
D.
They may be skewed in favor of a single manager’s subjective opinion.
Question #6
A manager must demonstrate _____, which is the ability to direct or inspire people to attain certain goals.
A.
commitment
B.
flexibility
C.
delegation
D.
leadership
Question #7
Autocratic leaders make decisions after consulting their employees.
A.
TRUE
B.
FALSE
Question #8
Which of the following management functions is most likely to be responsible for planning for staffing needs, recruiting and hiring workers, providing for training and evaluating performance, determining compensation and benefits, and overseeing employee separation?
A.
Human asset accounting
B.
Change management
C.
Research and Development (R&D)
D.
Human resource management
Question #9
All of the following are core responsibilities of human resource managers EXCEPT _____.
A.
employee recruitment
B.
employee compensation and benefits
C.
company budget forecasts
D.
training and performance evaluation
Question #10
Which of the following is one of the overall objectives of the human resource management department in an organization?
A.
Forecasting anticipated sales
B.
Maximizing employee effectiveness in the organization
C.
Supervising hourly employees on a daily basis
D.
Determining various sources of operating funds in the organization
Question #11
Saleem, an electrician for FCG Electricals, is paid $40 for each hour he works during the day. After 5 p.m. and on weekends, he is paid the overtime rate of one and one-half times the regular hourly rate. In this scenario, Saleem is paid a _____.
A.
wage
B.
bonus
C.
salary
D.
commission
Question #12
Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) _____.
A.
salary
B.
employee benefit
C.
time wage
D.
wage
Question #13
All of the following employee benefits are required by law with the exception of _____.
A.
health insurance
B.
unemployment insurance
C.
Social Security
D.
Medicare
Question #14
Rose was recently terminated from her position at an insurance agency due to unethical behavior. This is an example of _____.
A.
outsourcing
B.
voluntary turnover
C.
downsizing
D.
involuntary separation
Question #15
A key premise of Maslow’s hierarchy of needs theory is that _____.
A.
satisfied needs are motivators and unsatisfied needs are not motivators.
B.
higher order needs have to be satisfied first.
C.
people’s needs are based on their wants
D.
people’s needs are arranged in a hierarchy of importance
Question #16
According to Maslow, an individual gives first priority to satisfy his or her _____ need.
A.
safety
B.
physiological
C.
self-actualization
D.
esteem
Question #17
To avoid bad hiring decisions, some companies require job candidates to perform tasks related to the job they’re seeking as part of the job application process.
A.
FALSE
B.
TRUE
Question #18
_____ is the use of people and machinery to convert materials into finished goods or services.
A.
Distribution
B.
Production
C.
Marketing
D.
Merchandising
Question #19
Which of the following are combined to result in mass production?
A.
Mechanization, specialized labor, and robots
B.
Analytic systems, synthetic systems, and continuous processes
C.
Standardization, job-order production, and specialized labor
D.
Mechanization, specialized skills, and standardization
Question #20
Which of the following is a disadvantage of mass production?
A.
Managers are seldom able to create conditions for high productivity.
B.
It moves the product along a conveyor belt past a number of workstations.
C.
Workers perform specialized tasks.
D.
It is inefficient for producing small batches of different items.
Question #21
State and local governments may offer _____ to encourage businesses to locate in their area.
A.
tax incentives
B.
proximity to raw materials
C.
physical factors such as energy
D.
proximity to suppliers
Question #22
_____ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
A.
Consumer behavior
B.
Market segmentation
C.
Marketing
D.
Marketing research
Question #23
Which of the following is the first step in developing a marketing strategy?
A.
Identify a target market
B.
Decide how to promote the product
C.
Implement the appropriate distribution system
D.
Develop the right product
Question #24
Tom is developing the marketing mix for his company's new line of power tools. A brand name, price, and distribution system have been decided. Now Tom is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Tom's ______ strategy.
A.
production
B.
pricing
C.
promotional
D.
product
Question #25
Marketing is a process that begins with discovering unmet customer need.
A.
TRUE
B.
FALSE
Question #26
A marketer’s product strategy focuses on a product’s _____.
A.
symbolic attributes
B.
physical characteristics
C.
service attributes
D.
benefits
Question #27
Which of the following planning activities involves two components: business continuation and public communication?
A.
Tactical planning
B.
Contingency planning
C.
Strategic planning
D.
Operational planning
Question #28
Firms can help meet employees’ _____ needs by providing affordable health coverage and a company sponsored pension plan.
A.
psychological
B.
safety
C.
social
D.
esteem
Question #29
______is the power of a good or service to satisfy a want or need.
A.
Barter
B.
Marketing
C.
Utility
D.
Exchange
Question #30
Reminder-oriented advertising is often used during the _____stage(s) of the product life cycle to maintain awareness of the importance and usefulness of a product, concept, or institution.
A.
growth and maturity
B.
late introduction and growth
C.
stabilization
D.
late maturity and decline
Question #31
In which stage of the product life cycle do competitors enter the field with similar offerings?
A.
Maturity stage
B.
Introductory stage
C.
Growth stage
D.
Decline stage
Question #32
_____ is responsible for moving goods and services from producers to buyers.
A.
Marketing
B.
Sales
C.
Production
D.
Distribution
Question #33
Who is most likely to succeed as an entrepreneur?
A.
Philip who has an aversion for taking risks.
B.
Marcel who cannot tolerate failures.
C.
Gina who is driven by the need to excel
D.
Fiona who blames others for her failures.
Question #34
All of the following are major advantages of buying an existing business over starting a new business EXCEPT:
A.
less risk is involved.
B.
product or service is not known in the marketplace.
C.
obtaining financing is often easier.
D.
existing suppliers and employees are in place
Question #35
Competitive differentiation:
A.
guarantees a reduction in production costs for a company.
B.
is a method that guarantees a firm monopoly in a market and allows it to eliminate competition.
C.
encourages price-fixing.
D.
is the unique combination of abilities and approaches that sets a company apart from its competitors.
Question #36
Corporate culture is an organization’s system of principles, beliefs and _____.
A.
profits
B.
growth plans
C.
values
D.
markets
Question #37
George is being considered for a promotion as a manager. What type of training program would help him improve his skills and broaden his knowledge in areas such as leadership and interpersonal skills?
A.
An affirmative action program
B.
Classroom-based training
C.
A management development program
D.
Cross-training
Question #38
When a cabinet maker combines wood, tools, and skill to create finished kitchen cabinets for a new home, the cabinet maker is engaging in _____.
A.
production
B.
time utility
C.
distribution
D.
process utility
Question #39
What is the task of production and operations management?
A.
To manage the use of people and other resources in the development of distribution channels and promotional strategies
B.
To determine the most economical routes for transporting the firms' products
C.
To design systems that will provide managers with information useful for decision making
D.
To manage the use of people and machinery in converting materials and resources into finished goods and services
Question #40
The production manager in a manufacturing company divides employee work into simple components so each employee can concentrate on performing one task. This manager is involved in _____.
A.
quality management
B.
specialization
C.
mechanization
D.
standardization
Question #41
In selecting a production facility location, labor supply would be most important to which of the following?
A.
Paper mill
B.
Steel manufacturer
C.
Software developer
D.
Jewelry manufacturer
Question #42
Sakura is a production manager and has decided that grouping machinery and equipment according to their functions works best at her company. What layout would be her company be using?
A.
Customer oriented
B.
Process
C.
Product
D.
Fixed
Question #43
Matching the response to the question. _____ refers to an orderly transfer of goods and services from the seller to the buyer.
A.
marketing mix
B.
Exchange process
C.
Consumer behavior
D.
Affinity program
E.
Market segmentation
F.
Ownership utility
Question #44
Matching the response to the question. A firm's _____ blends four strategies to fit the needs and preferences of a specific target market.
A.
Consumer behavior
B.
Market segmentation
C.
Ownership utility
D.
marketing mix
E.
Exchange process
F.
Affinity program
Question #45
Matching the response to the question. _____ attempts to isolate the traits that distinguish a certain group of customers from the overall market.
A.
Affinity program
B.
Consumer behavior
C.
marketing mix
D.
End-use segmentation
E.
B2B
F.
Market segmentation
Question #46
Matching the response to the question. _____ are goods and services purchased to be used, either directly or indirectly, in the production of other goods for resale
A.
Consumer behavior
B.
Comarketing
C.
B2B
D.
End-use segmentation
E.
secondary data
F.
Exchange process
Question #47
Matching the response to the question. Marketing researchers use _____ as a quick and inexpensive resource of consumer information.
A.
Consumer behavior
B.
End-use segmentation
C.
Comarketing
D.
Market segmentation
E.
secondary data
F.
B2B
Question #48
Matching the response to the question. _____ is a cooperative arrangement in which two businesses that jointly market each other's products.
A.
End-use segmentation
B.
Consumer behavior
C.
Comarketing
D.
secondary data
E.
Market segmentation
F.
Exchange process
Question #49
Matching the response to the question. _____ includes the actions and decision making processes of buyers.
A.
secondary data
B.
End-use segmentation
C.
Affinity program
D.
Consumer behavior
E.
Market segmentation
F.
Exchange process
Question #50
Matching the response to the question. _____ are activities in which two or more parties give something of value to each other to satisfy perceived needs.
A.
End-use segmentation
B.
Affinity program
C.
Exchange process
D.
Consumer behavior
E.
Ownership utility
F.
B2B
Question #51
Matching the response to the question. A(n) _____ is a marketing effort sponsored by an organization that solicits involvement by individuals who share common interests and activities.
A.
Exchange process
B.
Consumer behavior
C.
Affinity program
D.
End-use segmentation
E.
marketing mix
F.
B2B
Question #52
Matching the response to the question. _____ focuses on the precise way a business-to-business purchaser will use a product.
A.
marketing mix
B.
secondary data
C.
End-use segmentation
D.
Market segmentation
E.
Comarketing
F.
B2B
Question #53
Place utility is created _____.
A.
when arrangements for the transfer of title from seller to buyer are made
B.
by having the good or service available at a convenient location when the consumer wants to buy it
C.
when the business firm converts raw materials into finished products
D.
when the product is made available to the consumer at a time the consumer wants to buy it
Question #54
A business aims its promotions toward singles between the ages of 25 and 40 who reside in a specific county. The business has _____.
A.
developed a marketing mix
B.
created personal utility
C.
developed a marketing plan
D.
selected a target market
Question #55
A.
business products
B.
marketing mix
C.
consumer products
D.
target market
Question #56
Amazon.com keeps track of goods its customers have ordered. When a returning customer logs onto Amazon.com, the site creates a list of recommendations based on the customer's purchasing history. Amazon is segmenting the market by _____.
A.
product
B.
end-use
C.
demographics
D.
psychographic
Question #57
The desire to work fewer hours is one of the main drives for those who choose to become entrepreneurs
A.
FALSE
B.
TRUE
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