Exploring Business

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1.  The main difference between process manufacturing and an assembly process is: Process manufacturing uses sophisticated robots and automated machinery to produce a good or service, while an assembly process uses labor and simple tools to make a product. 
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2.  Marketers use pricing, advertising, and packaging to differentiate their products from competitors' products even when actual differences are quite small. 
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3.  The resources that contribute to the creation of wealth are known as ________. 
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4.   A ________ group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues. 
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5.  Manufacturers use CAM (computer aided manufacturing) to create three-dimensional designs of products before they are built. 
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6.  Which of the following describes individuals that want goods and services for personal consumption and have the resources to buy them? 
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7.  Market segmentation is the process of dividing a market into several groups whose members have dissimilar characteristics. 
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8.  The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.
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9.   Safety needs are placed at the lowest level in Maslow's hierarchy of needs.
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10.  __________ is a problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas.
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11.  Those organizations that assist in the movement of goods and services from producer to industrial and consumer users are known as: 
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12.  When WorldCom used intentional accounting irregularities to make the company look more profitable than it actually was, it: 
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13.  When marketing intermediaries perform the steps necessary to transfer ownership from one party to another, they are providing _________ utility. 
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14.   _________ theory is based on the idea that managers can use both rewards and punishments to motivate employee behavior. 
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15.  Firms that specialize in accounting, finance, and management consulting are all part of the service sector. 
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16.  The point of intersection between the supply and demand curves is called the stress point. 
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17.  A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors. 
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18.  The goal of lean manufacturing is to: 
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19.  Warehouse clubs compete with enhanced service to customers and seldom try to compete on price. 
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20.  Span of control refers to the number of different markets a business can serve efficiently. 
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21.  After personal savings, the next largest source of capital for entrepreneurs is from: 
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22.   _________ utility adds value to goods by having them available where people want them. 
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23.  An entrepreneur risks time and money to start and manage a business
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24.  Exporting is the selling of products to another country. 
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25.  Employees who perform functions that advise and assist line personnel are known as: 
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26.  An organization that consists of many layers of management is referred to as a(n) ____________ organization. 
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27.  A(n) ____________ consists of the marketing intermediaries that transport and store goods as they move through their path from producer to final user. 
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28.  The four key management functions are planning, organizing, leading, and controlling. 
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29.  Today's workers place a lower priority on leisure time than they did in the past.
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30.  Microeconomics focuses on the decisions and behavior of people and organizations in particular markets. 
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31.  Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?
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32.   Entrepreneurship involves accepting the risk of starting and running a business.
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33.  The SWOT analysis helps firms identify competitive threats and market opportunities. 
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34.  Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
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35.  The amount of goods and services people can buy with the money they have is called their: 
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36.  Granting a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called:
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37.  __________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably. 
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38.  A bureaucracy empowers employees to quickly respond to customers' wants and desires. 
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39.  Since Herzberg’s hygiene factors do not motivate workers toward high achievement at work, managers can safely ignore these factors when trying to develop an effective work environment.
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40.  An advantage of decentralized authority is that those individuals closest to the customers and more familiar with local conditions make decisions.
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41.  The country of Nelly exports $250 of goods and services and imports $170 of goods and services. Nelly has an unfavorable balance of trade of $80. 
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42.  Planning involves setting the organizational vision, goals and objectives
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43.  Which of the following is involved in setting work standards and schedules needed to implement the firm's tactical objectives? 
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44.  A __________ is an overall explanation of why an organization exists and where it is trying to head. 
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45.  Productivity is the amount of output you generate given the amount of input such as hours worked. 
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46.  The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's: 
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47.   When firms successfully produce products, they create form utility
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48.   According to McGregor, Theory X managers assume that employees dislike work, and will avoid it if possible. 
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49.  Help wanted ads, public and private employment agencies, and college placement bureaus are all ________ sources that human resource managers can use in the recruiting 
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50.  Miller Light Beer, Maxwell House Coffee, Jell-O brand gelatin, Kraft Mayonnaise, and Marlboro Cigarettes, were all at one time products of the Philip Morris Company. These products represented a part of the product line Philip Morris offered.
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51.   A job ___________ is a statement that identifies the objectives of a job, the type of work to be done, the responsibilities and duties that are associated with the job, the working conditions, and the relationship of the job to other functions. 
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52.  Creative people working as entrepreneurs within a large organization are called intrapreneurs. 
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53.  Customer relationship management (CRM) is the process of learning as much as possible about customers and doing everything you can to satisfy them. 
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54.  10. (p. 70) A form of foreign direct investment, where a domestic company purchases a company in a foreign country to produce a similar product or service is a: 
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55.  The line of authority that moves from the top of a hierarchy to the lowest level is called the: 
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56.   __________ exists when the entire supply of a good is controlled by a single seller. 
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57.   A detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a: 
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58.  Which of the following is a basic right under capitalism?
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59.  An oligopoly is a market that is characterized by: 
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60.  Part-time workers, seasonal workers and independent contractors are all examples of contingent workers. 
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61.  Managers in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving orders. 
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62.  Overly ambitious business goals and employee incentives can lead to unethical behavior. 
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63.  Intermediaries are firms in the middle of a series of organizations that distribute goods from producers to consumers. 
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64.  The Age Discrimination in Employment Act only prevents discrimination against employees who are over the age of 65
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65.   Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life. 
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66.  A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service. 
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67.  In capitalist countries, the government decides what to produce and how the goods and services will be produced
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68.  Human Resources Management is the process of deciding the number and types of people your business needs, and then, recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals. 
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69.   Insider trading occurs when employees of publicly traded companies use private company information to profit in the stock market.
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70.   Industrial goods are sold in the B2B market. 
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71.  A typical demand curve shows that: 
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72.  People who report illegal or unethical behavior are called whistleblowers.
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73.  The combination of product lines offered by a manufacturer is called the firm's:
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74.  __________ goods and services represent those products that consumers are unaware of or haven't thought of buying. 
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75.  The sense of satisfaction you get when you achieve an important goal is an intrinsic reward. 
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76.  Centralized authority provides for the delegation of authority to employees who are then better able to respond to customers' needs.
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77.  The two major types of markets are the
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78.   ________ is a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle managers, supervisors, and employees. 
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79.  Title VII of the Civil Rights Act of 1964 prohibits discrimination in hiring, firing, or compensation, based on race, religion, creed, sex, or national origin
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80.  In a(n) _____________ organization, decision-making authority is concentrated at the top level of management. 
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81.  Theory X managers are likely to believe that: 
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82.   _________ is the set of activities for obtaining the right number of people at the right time in order to select those who best meet the needs of the organization. 
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83.  In multilevel marketing, salespeople have little incentive to recruit new salespeople, because the new salespeople may compete against them and reduce their income
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84.  Demand refers to the quantity of a good that consumers are willing and able to buy at different prices at a specific time.
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85.  Setting prices higher than the competition can help create an image of quality
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86.  A ____________ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job. 
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87.  A __________ is a marketing intermediary that sells to ultimate consumers.
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88.  The four eras of the evolution of marketing are (1) production, (2) selling, (3) advertising, and (4) stakeholder relationships
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89.  A(n) __________ puts together components to make a product.
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90.  We describe charitable donations by corporations to nonprofit organizations as 
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91.  The two main types of e-commerce are: 
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92.  A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to: 
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93.   A _________________ is a check of a potential employee's work record, academic record, credit history, and recommendations. 
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94.  The concept of ____________ suggests that as a firm produces more, the average cost of goods produced goes down. 
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95.  One trend of the "leading" management function is to empower employees, giving them as much freedom as possible to become self-directed and self-motivated. 
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96.  Which of the following would most likely involve ethical concerns? 
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97.  Vending machines are used primarily to sell goods where consumers have little interest in convenience. 
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98.   A firm's marketing mix consists of 4 major components, which are generally referred to as the four: 
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99.  Small businesses account for over 50% of the U.S.'s gross domestic product (GDP)
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100.   A complete ban on the import or export of a specific good is called an embargo
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101.  Enforcement is perhaps the most important step in an effective code of ethics
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102.  A flat organization is less likely to respond quickly to customer needs
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103.  Sharon, a CPA for a large firm noticed that the company's accounting records drastically overstated the amount of inventory on hand, which led to overstating the assets of the firm. Initially, she brought it to the attention of her supervisor, but when nothing was done to correct the mistake in a timely manner; she decided the best course of action was to report it to the appropriate government official. Although her actions took her outside the company, she was counting on current law, under the ____________ to protect her against company retaliation.
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104.  The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a: 
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105.  A __________ is a partnership in which two or more companies (often from different countries) join together and share the risk and costs in order to undertake a major project. 
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106.  Wholesalers are marketing intermediaries who sell goods or services to ultimate consumers. 
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107.  __________ planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives. 
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108.  A production process characterized by long production runs to turn out finished goods over time is known as a(n): 
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109.  A _________ is a marketing intermediary that sells products to other organizations.
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110.  Industrial goods and services are used to produce other products.
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111.  Importing is the selling of products to another country. 
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112.  Macroeconomics is the economic perspective that looks at the operation of a nation's economy as a whole. 
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113.  Convenience goods are products that the consumer wants to purchase frequently and with a minimum of effort. 
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114.  Operations management involves inventory management, quality control, and production scheduling. 
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115.  A key distinction between agents and brokers is that agents tend to maintain long-term relationships with the people they represent whereas brokers are hired on a temporary basis. 
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116.  When a company's strategy is __________ the firm makes arrangements for a foreign manufacturer to produce the product. The domestic company's label and/or trademark are attached to the completed product. 
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117.  In ____________, materials are physically or chemically changed to produce a product. 
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118.   Foreign direct investment refers to the buying of goods produced in another country
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119.  Efficiency means: 
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120.  Mark successfully completed a very challenging assignment given to him by his supervisor at work. The feeling of accomplishment and satisfaction Mark experiences is an example of an extrinsic reward.
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121.  The traditional technique used to departmentalize an organization is by: 
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122.  Theory ____ assumes that the average person likes work, and has a relatively high degree of imagination and creativity. 
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123.  __________ is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell the parent company's product or service to others in a given territory in a specified manner. 
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124.  In order to be successful, efforts to improve the ethical behavior of businesses must begin with top management's support of a corporate code of conduct. 
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125.  A market consists of potential buyers of a good or service. However, for a market to exist: 
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126.   A good business plan describes key items such as the nature of the proposed business, the target market, the competitive advantages, and the qualifications of the owners
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127.  A major trend in business is ___________, where employees work at least part time at home using a computer and modem.
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128.   ________ means acting as a resource to a subordinate by teaching, guiding and making recommendations, without actively doing any of the subordinate's work.
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129.  Backstreet Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million
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