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.
Interviewing candidates
B.
Reviewing applications and résumés
C.
Identifying job requirements
D.
Conducting employment tests
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 advantage
B.
observation, interest, desire and action
C.
attention, interest, desire and alternative
D.
attention, interest, desire and action
Question #5
Which of the following is a concern about performance reviews?
A.
They are mostly based on criteria that are objective rather than subjective.
B.
They may be skewed in favor of a single manager’s subjective opinion.
C.
They take place in the form of two-way communication.
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.
leadership
C.
flexibility
D.
delegation
Question #7
Autocratic leaders make decisions after consulting their employees.
A.
FALSE
B.
TRUE
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 resource management
B.
Human asset accounting
C.
Change management
D.
Research and Development (R&D)
Question #9
All of the following are core responsibilities of human resource managers EXCEPT _____.
A.
employee compensation and benefits
B.
company budget forecasts
C.
training and performance evaluation
D.
employee recruitment
Question #10
Which of the following is one of the overall objectives of the human resource management department in an organization?
A.
Determining various sources of operating funds in the organization
B.
Maximizing employee effectiveness in the organization
C.
Forecasting anticipated sales
D.
Supervising hourly employees on a daily basis
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.
salary
B.
commission
C.
bonus
D.
wage
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.
wage
D.
time 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.
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.
safety
B.
physiological
C.
esteem
D.
self-actualization
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.
Distribution
D.
Marketing
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.
Analytic systems, synthetic systems, and continuous processes
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 is inefficient for producing small batches of different items.
C.
It moves the product along a conveyor belt past a number of workstations.
D.
Workers perform specialized tasks.
Question #21
State and local governments may offer _____ to encourage businesses to locate in their area.
A.
tax incentives
B.
proximity to suppliers
C.
proximity to raw materials
D.
physical factors such as energy
Question #22
A.
Market segmentation
B.
Marketing research
C.
Consumer behavior
D.
Marketing
Question #23
Which of the following is the first step in developing a marketing strategy?
A.
Identify a target market
B.
Develop the right product
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.
product
B.
pricing
C.
promotional
D.
production
Question #25
A.
TRUE
B.
FALSE
Question #26
A marketer’s product strategy focuses on a product’s _____.
A.
service attributes
B.
benefits
C.
physical characteristics
D.
symbolic attributes
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.
safety
B.
psychological
C.
social
D.
esteem
Question #29
______is the power of a good or service to satisfy a want or need.
A.
Utility
B.
Marketing
C.
Barter
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.
stabilization
B.
growth and maturity
C.
late introduction and growth
D.
late maturity and decline
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.
Introductory stage
D.
Maturity stage
Question #32
_____ is responsible for moving goods and services from producers to buyers.
A.
Distribution
B.
Sales
C.
Production
D.
Marketing
Question #33
Who is most likely to succeed as an entrepreneur?
A.
Gina who is driven by the need to excel
B.
Philip who has an aversion for taking risks.
C.
Marcel who cannot tolerate failures.
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.
obtaining financing is often easier.
B.
less risk is involved.
C.
existing suppliers and employees are in place
D.
product or service is not known in the marketplace.
Question #35
Competitive differentiation:
A.
encourages price-fixing.
B.
is a method that guarantees a firm monopoly in a market and allows it to eliminate competition.
C.
guarantees a reduction in production costs for a company.
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.
values
C.
markets
D.
growth plans
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.
Classroom-based training
B.
An affirmative action program
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.
process utility
B.
distribution
C.
production
D.
time utility
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 design systems that will provide managers with information useful for decision making
C.
To manage the use of people and machinery in converting materials and resources into finished goods and services
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.
quality management
B.
specialization
C.
standardization
D.
mechanization
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.
Steel manufacturer
D.
Paper mill
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.
Fixed
B.
Customer oriented
C.
Product
D.
Process
Question #43
Matching the response to the question. _____ refers to an orderly transfer of goods and services from the seller to the buyer.
A.
Ownership utility
B.
Exchange process
C.
Consumer behavior
D.
Affinity program
E.
Market segmentation
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.
Affinity program
B.
Consumer behavior
C.
Ownership utility
D.
Exchange process
E.
marketing mix
F.
Market segmentation
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.
End-use segmentation
B.
Market segmentation
C.
marketing mix
D.
Affinity program
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.
Consumer behavior
C.
B2B
D.
Exchange process
E.
secondary data
F.
End-use segmentation
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.
Market segmentation
D.
secondary data
E.
B2B
F.
Comarketing
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.
Comarketing
C.
Exchange process
D.
Consumer behavior
E.
secondary data
F.
Market segmentation
Question #49
Matching the response to the question. _____ includes the actions and decision making processes of buyers.
A.
secondary data
B.
Consumer behavior
C.
Affinity program
D.
Exchange process
E.
Market segmentation
F.
End-use segmentation
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.
Affinity program
C.
B2B
D.
End-use segmentation
E.
Consumer behavior
F.
Exchange process
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.
marketing mix
C.
End-use segmentation
D.
Consumer behavior
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.
secondary data
B.
Comarketing
C.
End-use segmentation
D.
marketing mix
E.
Market segmentation
F.
B2B
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 plan
B.
developed a marketing mix
C.
created personal utility
D.
selected a target market
Question #55
A.
marketing mix
B.
business products
C.
target market
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.
psychographic
B.
end-use
C.
product
D.
demographics
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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