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.
determine employee benefits and compensation packages
B.
guarantee companies pay social security for all employees
C.
enforce the Family and Medical Leave Act of 1993
D.
investigate discrimination complaints
Question #4
The four goals of advertising are:
A.
attention, interest, desire and advantage
B.
attention, interest, desire and action
C.
attention, interest, desire and alternative
D.
observation, interest, desire and action
Question #5
Which of the following is a concern about performance reviews?
A.
They take place in the form of two-way communication.
B.
They are mostly based on criteria that are objective rather than subjective.
C.
They may be skewed in favor of a single manager’s subjective opinion.
D.
They are held too frequently.
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.
Research and Development (R&D)
C.
Human resource management
D.
Change management
Question #9
All of the following are core responsibilities of human resource managers EXCEPT _____.
A.
employee recruitment
B.
employee compensation and benefits
C.
training and performance evaluation
D.
company budget forecasts
Question #10
Which of the following is one of the overall objectives of the human resource management department in an organization?
A.
Maximizing employee effectiveness in the organization
B.
Determining various sources of operating funds in the organization
C.
Supervising hourly employees on a daily basis
D.
Forecasting anticipated sales
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.
commission
C.
bonus
D.
salary
Question #12
Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) _____.
A.
wage
B.
time wage
C.
salary
D.
employee benefit
Question #13
All of the following employee benefits are required by law with the exception of _____.
A.
Medicare
B.
health insurance
C.
unemployment insurance
D.
Social Security
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.
involuntary separation
C.
voluntary turnover
D.
downsizing
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.
people’s needs are arranged in a hierarchy of importance
C.
people’s needs are based on their wants
D.
higher order needs have to be satisfied first.
Question #16
According to Maslow, an individual gives first priority to satisfy his or her _____ need.
A.
physiological
B.
safety
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.
Merchandising
B.
Production
C.
Marketing
D.
Distribution
Question #19
Which of the following are combined to result in mass production?
A.
Standardization, job-order production, and specialized labor
B.
Mechanization, specialized labor, and robots
C.
Mechanization, specialized skills, and standardization
D.
Analytic systems, synthetic systems, and continuous processes
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.
It is inefficient for producing small batches of different items.
D.
Workers perform specialized tasks.
Question #21
State and local governments may offer _____ to encourage businesses to locate in their area.
A.
proximity to suppliers
B.
physical factors such as energy
C.
proximity to raw materials
D.
tax incentives
Question #22
A.
Marketing
B.
Consumer behavior
C.
Market segmentation
D.
Marketing research
Question #23
Which of the following is the first step in developing a marketing strategy?
A.
Develop the right product
B.
Identify a target market
C.
Implement the appropriate distribution system
D.
Decide how to promote the 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.
promotional
B.
product
C.
production
D.
pricing
Question #25
A.
TRUE
B.
FALSE
Question #26
A marketer’s product strategy focuses on a product’s _____.
A.
physical characteristics
B.
service attributes
C.
symbolic attributes
D.
benefits
Question #27
Which of the following planning activities involves two components: business continuation and public communication?
A.
Operational planning
B.
Strategic planning
C.
Tactical planning
D.
Contingency planning
Question #28
Firms can help meet employees’ _____ needs by providing affordable health coverage and a company sponsored pension plan.
A.
psychological
B.
esteem
C.
safety
D.
social
Question #29
______is the power of a good or service to satisfy a want or need.
A.
Marketing
B.
Exchange
C.
Utility
D.
Barter
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.
late introduction and growth
B.
stabilization
C.
late maturity and decline
D.
growth and maturity
Question #31
In which stage of the product life cycle do competitors enter the field with similar offerings?
A.
Growth stage
B.
Decline stage
C.
Maturity stage
D.
Introductory stage
Question #32
_____ is responsible for moving goods and services from producers to buyers.
A.
Production
B.
Marketing
C.
Distribution
D.
Sales
Question #33
Who is most likely to succeed as an entrepreneur?
A.
Philip who has an aversion for taking risks.
B.
Gina who is driven by the need to excel
C.
Fiona who blames others for her failures.
D.
Marcel who cannot tolerate 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.
existing suppliers and employees are in place
C.
product or service is not known in the marketplace.
D.
obtaining financing is often easier.
Question #35
Competitive differentiation:
A.
guarantees a reduction in production costs for a company.
B.
is the unique combination of abilities and approaches that sets a company apart from its competitors.
C.
encourages price-fixing.
D.
is a method that guarantees a firm monopoly in a market and allows it to eliminate competition.
Question #36
Corporate culture is an organization’s system of principles, beliefs and _____.
A.
values
B.
growth plans
C.
markets
D.
profits
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.
A management development program
C.
Cross-training
D.
Classroom-based 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.
time utility
B.
production
C.
process utility
D.
distribution
Question #39
What is the task of production and operations management?
A.
To determine the most economical routes for transporting the firms' products
B.
To manage the use of people and machinery in converting materials and resources into finished goods and services
C.
To design systems that will provide managers with information useful for decision making
D.
To manage the use of people and other resources in the development of distribution channels and promotional strategies
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.
standardization
B.
mechanization
C.
specialization
D.
quality management
Question #41
In selecting a production facility location, labor supply would be most important to which of the following?
A.
Jewelry manufacturer
B.
Software developer
C.
Paper mill
D.
Steel 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.
Consumer behavior
B.
Market segmentation
C.
Exchange process
D.
Affinity program
E.
Ownership utility
F.
marketing mix
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.
Ownership utility
C.
Exchange process
D.
marketing mix
E.
Market segmentation
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.
Market segmentation
C.
End-use segmentation
D.
marketing mix
E.
Consumer behavior
F.
B2B
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.
Comarketing
B.
secondary data
C.
End-use segmentation
D.
B2B
E.
Exchange process
F.
Consumer behavior
Question #47
Matching the response to the question. Marketing researchers use _____ as a quick and inexpensive resource of consumer information.
A.
Comarketing
B.
End-use segmentation
C.
B2B
D.
secondary data
E.
Market segmentation
F.
Consumer behavior
Question #48
Matching the response to the question. _____ is a cooperative arrangement in which two businesses that jointly market each other's products.
A.
Consumer behavior
B.
Market segmentation
C.
End-use segmentation
D.
Exchange process
E.
secondary data
F.
Comarketing
Question #49
Matching the response to the question. _____ includes the actions and decision making processes of buyers.
A.
secondary data
B.
Exchange process
C.
Consumer behavior
D.
End-use segmentation
E.
Market segmentation
F.
Affinity program
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.
Ownership utility
B.
Exchange process
C.
Affinity program
D.
End-use segmentation
E.
B2B
F.
Consumer behavior
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.
End-use segmentation
B.
marketing mix
C.
Consumer behavior
D.
Exchange process
E.
Affinity program
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.
Comarketing
B.
Market segmentation
C.
End-use segmentation
D.
B2B
E.
marketing mix
F.
secondary data
Question #53
Place utility is created _____.
A.
when the business firm converts raw materials into finished products
B.
by having the good or service available at a convenient location when the consumer wants to buy it
C.
when arrangements for the transfer of title from seller to buyer are made
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.
developed a marketing plan
C.
created personal utility
D.
selected a target market
Question #55
A.
target market
B.
marketing mix
C.
business products
D.
consumer products
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.
demographics
B.
product
C.
psychographic
D.
end-use
Question #57
The desire to work fewer hours is one of the main drives for those who choose to become entrepreneurs
A.
TRUE
B.
FALSE
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