FSOT : Management Questions! Trivia Test! Quiz

73 Questions | Total Attempts: 59

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FSOT : Management Questions! Trivia Test! Quiz

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Questions and Answers
  • 1. 
    What is the most effective method for a firm to improve morale for its employees?
    • A. 

      Increasing salary.

    • B. 

      Having programs that cater to their emotional, psychological, and domestic needs.

    • C. 

      Having corporate parties all the time.

    • D. 

      Having top management present company directions and strategy.

  • 2. 
    Which of the two strategies can effectively be used to motivate employees?
    • A. 

      Behavior modification and job design.

    • B. 

      Overseas posting and self-improvement courses.

    • C. 

      Promotions and holidays.

    • D. 

      Vouchers and gifts.

  • 3. 
    Which of these strategies cannot be used to motivate the employee?
    • A. 

      Job rotation.

    • B. 

      Job enlargement.

    • C. 

      Job enrichment.

    • D. 

      Job reduction.

  • 4. 
    This is a program that allows employees to choose their starting and ending times, provided that they are at work during the specified core period.  What is it?
    • A. 

      Double time.

    • B. 

      Flextime.

    • C. 

      Part time.

    • D. 

      Job sharing.

  • 5. 
    With affirmative action programs, legally mandated plans try to increase job opportunities for
    • A. 

      Professionals.

    • B. 

      White Caucasian males.

    • C. 

      Highly qualified individuals.

    • D. 

      Women and minorities.

  • 6. 
    The Equal Pay Act mandates that men and women who do equal work must receive the same wage.  Wage differences are acceptable only if they are attributed to seniority or
    • A. 

      National origin.

    • B. 

      Religion.

    • C. 

      Performance.

    • D. 

      Location.

  • 7. 
    Which of these is not a factor in evaluating employee performance?
    • A. 

      Productivity.

    • B. 

      Leadership.

    • C. 

      Adaptability.

    • D. 

      Social skills.

  • 8. 
    In companies, people come and go.  Which of these is not a rule for peaceful separation (resignation)?
    • A. 

      Prior to leaving, do not disrupt your current employer's business.

    • B. 

      Inform everyone that you are leaving the firm.

    • C. 

      Sign an agreement with your new employer only after you have left the old position.

    • D. 

      Have the recruiting employer indemnify you from judgments, settlements, and attorney fees resulting from litigation initiated by the former employer.

  • 9. 
    The International Monetary Fund (IMF) was established to
    • A. 

      Promote trade among member nations by eliminating trade barriers and fostering financial cooperation.

    • B. 

      Loan money to underdeveloped developing countries; it was formally known as the International Bank for Reconstruction and Development.

    • C. 

      Ensure that there is no major currency speculation in the world.

    • D. 

      All of the above.

  • 10. 
    The negotiation process through which management and unions reach an agreement about compensation, working hours, and working conditions is
    • A. 

      Union labor contract.

    • B. 

      Union arbitration.

    • C. 

      Union Mediation.

    • D. 

      Collective bargaining.

  • 11. 
    In the event that a collective bargaining process fails to go through, what can management do?
    • A. 

      Strike.

    • B. 

      Boycott.

    • C. 

      Lock out.

    • D. 

      Picket.

  • 12. 
    In marketing management, which of these is not part of the marketing mix?
    • A. 

      Consumer.

    • B. 

      Place.

    • C. 

      Price.

    • D. 

      Product.

  • 13. 
    The central focus of marketing is to create utility, which refers to a product's ability to satisfy human needs and wants.  A McDonald's Big Mac or a two-day vacation at Walt Disney World both satisfy needs or wants.  Which of the following is a utility not provided by marketing?
    • A. 

      Place.

    • B. 

      Possession.

    • C. 

      Form.

    • D. 

      Time.

  • 14. 
    Why do we need to segment the market before applying the marketing mix?
    • A. 

      Because the market is too defragmented, and we need to consolidate.

    • B. 

      Because consumers are very heterogeneous, and we need to form similar groups for targeting.

    • C. 

      Because it is easier to staff manpower.

    • D. 

      Because the marketing mix can be applied only to segments and not masses.

  • 15. 
    Which of these is a multiple target market strategy?
    • A. 

      Promoting BMW Z4 to a select group of customers.

    • B. 

      Selling generic tires nationwide.

    • C. 

      Combo meals for parents and kids at McDonald's.

    • D. 

      Having product lines with many products.

  • 16. 
    Which of these cannot be used as a basis for segmenting consumers?
    • A. 

      Demographic information, which includes gender and income.

    • B. 

      Geographic information, which includes terrains and population density.

    • C. 

      Psychological information, which includes personality and motives.

    • D. 

      Medical condition information, which includes health and cancer records.

  • 17. 
    What are the 4Ps of the marketing mix?
    • A. 

      Place, product, people, promotion.

    • B. 

      Product, people, place, promotion.

    • C. 

      Product, price, place, promotion.

    • D. 

      Product, place, price, promotion.

  • 18. 
    In marketing research, what is the difference between primary and secondary data?
    • A. 

      The former is used by marketing managers, while the later is used by consumers.

    • B. 

      The former is collected directly from consumers, while the latter is aggregated or compiled information.

    • C. 

      The former is collected directly from consumers, while the latter is seldom used by marketing managers.

    • D. 

      The former is used by marketing managers, while the latter is aggregated or compiled data.

  • 19. 
    For consumer buying behavior, which of these is not a psychological variable affecting it?
    • A. 

      Imagination.

    • B. 

      Perception.

    • C. 

      Attitude.

    • D. 

      Personality.

  • 20. 
    Which of these is not a social variable of consumer buying behavior.
    • A. 

      Social roles.

    • B. 

      Reference groups.

    • C. 

      Social learning.

    • D. 

      Social class.

  • 21. 
    The marketing environment includes the following:
    • A. 

      Political factors, social factors, competitive factors, technological factors.

    • B. 

      Psychological factors, social factors, competitive factors, technological factors.

    • C. 

      Political factors, social factors, military factors, technological factors.

    • D. 

      Political factors, biological factors, competitive factors, technological factors.

  • 22. 
    What is the bottom line for micro marketing?
    • A. 

      Sales.

    • B. 

      Expenses.

    • C. 

      Profit.

    • D. 

      Pricing.

  • 23. 
    Many firms need to develop new products.  What do you think is the sequence involved in new products?
    • A. 

      Idea development, idea screening, test marketing, product development, commercialization.

    • B. 

      Idea development, idea screening, test marketing, commercialization, product development.

    • C. 

      Test marketing, idea development, idea screening, product development, commercialization.

    • D. 

      Idea development, idea screening, product development, test marketing, commercialization.

  • 24. 
    Consumer products are products intended for household or family use.  Which of these is not a consumer convenience product?
    • A. 

      Furniture.

    • B. 

      Eggs.

    • C. 

      Batteries.

    • D. 

      Newspapers.

  • 25. 
    Which of the following is not a consumer product?
    • A. 

      Specialty products.

    • B. 

      Raw materials.

    • C. 

      Shopping products.

    • D. 

      Convenience products.

  • 26. 
    In product management, in which stage of the product life cycle is there a negative profit?
    • A. 

      Introduction.

    • B. 

      Growth.

    • C. 

      Maturity.

    • D. 

      Decline.

  • 27. 
    What is the difference between a brand and a trademark?
    • A. 

      There is no difference.

    • B. 

      Brands are used for consumer goods, while trademarks are for advertising.

    • C. 

      A trademark is a brand that is registered and legally protected.

    • D. 

      A brand is used for a product or service, while a trademark is used for generic goods.

  • 28. 
    What is price skimming?
    • A. 

      Temporary price reductions, often employed to boost sales.

    • B. 

      Encouraging purchases based on emotional rather than rational responses to price.

    • C. 

      A price designed to help a product enter the market and gain market share rapidly.

    • D. 

      Charging the highest possible price that buyers who want the product will pay.

  • 29. 
    Which of these is an example of marketing direct channel?
    • A. 

      IBM selling PCs at a retail store in a mall

    • B. 

      IBM selling PCs online on its Web site.

    • C. 

      IBM selling PCs at Wal-Mart.

    • D. 

      IBM selling PCs at an IBM authorized retail outlet.

  • 30. 
    For a product like a Lamborghini sports car, what kind of distribution should the company use for market coverage?
    • A. 

      Exclusive distribution.

    • B. 

      Intensive distribution.

    • C. 

      Selective distribution.

    • D. 

      Any; it does not matter.

  • 31. 
    Which one of these international transportation means is the cheapest?
    • A. 

      Trains.

    • B. 

      Ships.

    • C. 

      Planes.

    • D. 

      Trucks.

  • 32. 
    For most salespeople, personal selling is a six-step process.  Which is the correct sequence?
    • A. 

      Prospecting, presenting, approaching, handling objections, closing, following up.

    • B. 

      Prospecting, approaching, presenting, closing, handling objections, following up.

    • C. 

      Prospecting, approaching, handling objections, presenting, closing, following up.

    • D. 

      Prospecting, approaching, presenting, handling objections, closing, following up.

  • 33. 
    Which of these is not a financial statement?
    • A. 

      Income statement.

    • B. 

      Balance sheet.

    • C. 

      Inventory sheet.

    • D. 

      Cash flow statement.

  • 34. 
    Which of these is not a profitability ratio?
    • A. 

      Profit margin.

    • B. 

      Return on assets.

    • C. 

      Return on equity.

    • D. 

      Receivables turnover.

  • 35. 
    Which of these reflect the three important functions of money?
    • A. 

      Medium of exchange, measure of value, store of value.

    • B. 

      Medium of exchange, measure of product, store of value.

    • C. 

      Medium of exchange, measure of value, store of deposits.

    • D. 

      Medium of gold, measure of value, store of value.

  • 36. 
    What are some of the characteristics of money?
    • A. 

      Acceptability, divisibility, portability, visibility.

    • B. 

      Acceptability, durability, portability, visibility.

    • C. 

      Acceptability, divisibility, portability, durability.

    • D. 

      Acceptability, divisibility, stability, visibility.

  • 37. 
    What are the different types of money?
    • A. 

      Checking accounts, saving accounts, credit cards, counterfeits.

    • B. 

      Checking accounts, money market accounts, credit cards.

    • C. 

      Checking accounts, savings accounts, certificate of deposit, counterfeits.

    • D. 

      Checking accounts, saving accounts, credit cards, far money.

  • 38. 
    What is the role of Automated Clearing Houses (ACHs)?
    • A. 

      Ensure the securities get cleared promptly.

    • B. 

      Ensure that ATM machines of different banks are connected and work in sync.

    • C. 

      Ensure that international funds transfers are in compliance with anti money laundering policies.

    • D. 

      Facilitate payments such as deposits and withdrawals between banks via magnetic tape.

  • 39. 
    In finance, what are bonds?
    • A. 

      Loans backed by collateral that the bank can claim if the borrowers do not repay them.

    • B. 

      Loans backed only by the borrower's good reputation and previous credit rating.

    • C. 

      An arrangement by which a bank agrees to lend a specified amount of money to an organization upon request.

    • D. 

      Debt instruments that larger companies sell to raise long-term funds.

  • 40. 
    What is the difference between OTC (over the counter) markets and organized exchanges?
    • A. 

      OTC has no central location, while the latter are organized markets where brokers act as agents to buy and sell.

    • B. 

      OTC has no central locations, while the latter are organized markets in North America.

    • C. 

      OTC has multiple central locations, while the latter are organized markets where brokers act as agents to buy and sell.

    • D. 

      OTC has multiple central locations, while the latter are organized markets with only one central market.

  • 41. 
    New entrants are newcomers to an existing industry.  They typically bring new capacity, a desire to gain market share, and substantial resources.  Which of these are threats to new entrants?
    • A. 

      Economies of scales, product differentiation, counterfeiting.

    • B. 

      Economies of scales, product differentiation, switching cost.

    • C. 

      Economies of scales, government policy, counterfeiting.

    • D. 

      Economies of scales, capital requirements, counterfeiting.

  • 42. 
    SWOT analysis is often used to analyze the business situation of a firm.  What does SWOT stand for?
    • A. 

      Situation work operation test

    • B. 

      Strength weaknesses operation test

    • C. 

      Strength weaknesses opportunity threats

    • D. 

      Situation work opportunity threat

  • 43. 
    Core competencies is something that a firm can do exceedingly well.  It is a key strength.  To have distinctive competency, a firm must meet three tests.  Which of these is not a test?
    • A. 

      Positive word of mouth.

    • B. 

      Customer value.

    • C. 

      Competitor unique.

    • D. 

      Extendibility.

  • 44. 
    Reengineering is important to strategy implementation.  It breaks away from the old rules and procedures.  Which of these is not a principle for reengineering?
    • A. 

      Organize around outcomes, not tasks.

    • B. 

      Have those who use the output of the process perform the process.

    • C. 

      Treat geographically dispersed resources as though they were centralized.

    • D. 

      Adopt status quo for some areas.

  • 45. 
    Which of these is not a role of management?
    • A. 

      Planning

    • B. 

      Organizing

    • C. 

      Staffing

    • D. 

      Customer service

  • 46. 
    Which of the following is not in top management?
    • A. 

      Customer Service Officer (CSO)

    • B. 

      Chief Executive Officer (CEO)

    • C. 

      Chief Financial Officer (CFO)

    • D. 

      Chier Operations Officer (COO)

  • 47. 
    First line managers do more
    • A. 

      Organizing

    • B. 

      Planning

    • C. 

      Directing

    • D. 

      Controlling

  • 48. 
    In every company, there are financial managers.  What is the role of a financial manager?
    • A. 

      Develop and administer activities involved in transforming resources into goods, services, and ideas ready for the market place.

    • B. 

      Focus on obtaining funds for the successful operation of an organization and using those funds to further organizational goals.

    • C. 

      Handle the staffing function and deal with employees in a formalized manner.

    • D. 

      Take responsibility for planning, pricing, and promoting products and making them available to customers.

  • 49. 
    What is the role of administrative managers?
    • A. 

      Develop and administer activities involved in transforming resources into goods, services, and ideas in the market place.

    • B. 

      Focus on obtaining funds for the successful operation of an organization and using those funds to further organizational goals.

    • C. 

      Handle the staffing function and deal with employees in a formalized manner.

    • D. 

      Manage an entire business or a major segment of a business.

  • 50. 
    Which is the most important asset for top management?
    • A. 

      Analytical skills

    • B. 

      Leadership

    • C. 

      Human relations skills

    • D. 

      Technical expertise.

  • 51. 
    What is functional departmentalization?
    • A. 

      The arrangement of jobs around the needs of various types of customers, such as commercial banking versus consumer banking services.

    • B. 

      The grouping of jobs according to geographic location such as state, region, country, or continent.

    • C. 

      The organization of jobs in relation to the products of the firm.

    • D. 

      The grouping of jobs that perform similar functional activities, such as finance, manufacturing, marketing, and human resources.

  • 52. 
    Which of these is not a way to structure a company?
    • A. 

      Parallel structure

    • B. 

      Line structure

    • C. 

      Multidivisional structure

    • D. 

      Matrix structure

  • 53. 
    Communication is a very important aspect of management structure in an organization.  Which of these is not a communication flow?
    • A. 

      Diagonal communication

    • B. 

      Upward communication

    • C. 

      Downward communication

    • D. 

      Reverse communication

  • 54. 
    Why do we need to have teams in organizations?
    • A. 

      It allows for the organization to be more cohesive and operate as one for the customer.

    • B. 

      It allows for pooling of skills and creative solutions from a collection of ideas.

    • C. 

      It provides internal rewards in the form of enhanced sense of accomplishment for employees.

    • D. 

      All of the above.

  • 55. 
    What is not true of being a sole proprietor?
    • A. 

      Your personal assets cannot be used to settle debts.

    • B. 

      You have more flexibility in management and accounting.

    • C. 

      You pay lower tax rates.

    • D. 

      The company is easy to setup and dismantle.

  • 56. 
    The development and administration of the activities involved in transforming resources into goods and services is known as
    • A. 

      Operations management

    • B. 

      Marketing management

    • C. 

      Financial management

    • D. 

      Human resources management

  • 57. 
    The transformation process of operations management involves
    • A. 

      Manufacturing, production, outputs.

    • B. 

      Restructuring, production, inputs.

    • C. 

      Inputs, conversion, outputs.

    • D. 

      Inputs, manufacturing, recycling.

  • 58. 
    In operations management, manufacturers and service providers differ in several aspects.  Which of these is not one of the aspects?
    • A. 

      Nature and consumption of output

    • B. 

      Uniformity of output

    • C. 

      Labor required

    • D. 

      Top management

  • 59. 
    What is just-in-time inventory management?
    • A. 

      A model that identifies the optimum number of items to order to minimize the costs of managing (ordering, storing, and using) them.

    • B. 

      A technique using smaller quantities of materials that arrive precisely for use in the transformation process and, therefore, require less storage space and other inventory management expense.

    • C. 

      A planning system that schedules the precise quantity of materials needed to make the product.

    • D. 

      The sequence of operations through which the product must pass.

  • 60. 
    When a product is marked as ISO 9000, what does it mean?
    • A. 

      It has international Sales Order of 9000 volume.

    • B. 

      It has been manufactured by an ISO 9000 company, a company known for its computer servers.

    • C. 

      It has met a series of quality standards designed by an international organization.

    • D. 

      It uses replacement cartridges of mode ISO 9000.

  • 61. 
    An important goal of product and operations management is reducing cycle time -- the time it takes to complete a task or a process.  Which of these is not a dimension of cycle time?
    • A. 

      Speed

    • B. 

      Interactive relationships

    • C. 

      Responsiveness

    • D. 

      Management

  • 62. 
    Why is morale an important component of human relations, especially for employees?
    • A. 

      High morale contributes to high levels of productivity and high returns to stakeholders.

    • B. 

      High morale enables top management to have higher salary.

    • C. 

      High morale means the firm will have higher brand loyalty.

    • D. 

      High morale helps the firm obtain stock listing.

  • 63. 
    Motivation is very important in ensuring the workforce stays productive.  What is the motivation process?
    • A. 

      Awareness leads to need and satisfaction.

    • B. 

      Satisfaction leads to action and needs.

    • C. 

      Need leads to goal-directed behavior, and then the need satisfaction.

    • D. 

      Goal-directed behavior leads to action.

  • 64. 
    Which of these is not a form of an e-business model?
    • A. 

      Business to business

    • B. 

      Business to consumer

    • C. 

      Consumer to business

    • D. 

      Customer to consumer

  • 65. 
    Which of these is not a characteristic of a board of directors?
    • A. 

      It is the board's responsibility to ensure that the firm's objectives are achieved on schedule.

    • B. 

      Board members are legally liable for the mismanagement of the firm.

    • C. 

      A board's duty involves hiring the CEO and president.

    • D. 

      They are all employees of the firm.

  • 66. 
    Organizations operate in groups.  Which of these are forms of groups in a firm?
    • A. 

      Committees, task force, self-directed work teams

    • B. 

      Committees, task force, car-pool groups

    • C. 

      Committees, product-development teams, car-pool groups

    • D. 

      Committees, quality-assurance teams, car-pool groups

  • 67. 
    Understanding customer thinking and needs is very important.  When a marketing manager understands that the customers have certain needs to be fulfilled, products and services can be designed to fulfill those wants.  What is the highest level of Maslow's hierarchy of needs?
    • A. 

      Esteem needs

    • B. 

      Social needs

    • C. 

      Self actualization needs

    • D. 

      Physiological needs

  • 68. 
    Which of these are ways to compensate the workforce?
    • A. 

      Salary, commission, profit sharing, less work

    • B. 

      Salary, commission, benefits, less work

    • C. 

      Salary, commission, profit sharing, more responsibilities

    • D. 

      Salary, commission, profit sharing, benefits

  • 69. 
    The U.S. workforce is becoming increasingly diverse.  What are some primary characteristics of diversity?
    • A. 

      Age, gender, ethnicity, race

    • B. 

      Age, education, ethnicity, race

    • C. 

      Age, gender, work background, race

    • D. 

      Age, gender, ethnicity, marital status

  • 70. 
    What is the difference between a product line depth and product line width?
    • A. 

      There is no difference.

    • B. 

      Product line depth refers to the different types of products the firm carry, while product line width refers to the different modifications of a product.

    • C. 

      Product line width refers to the different types of product the firm carry, while product line depth refers to the different modifications of a product.

    • D. 

      The product line depth and width refer to the same product or similar product.

  • 71. 
    When a new cellular phone company enters a new market, it needs to acquire market share rapidly.  What kind of pricing strategy should it adopt?
    • A. 

      Penetrating pricing

    • B. 

      Price skimming

    • C. 

      Psychological pricing

    • D. 

      Discounts

  • 72. 
    What is economic expansion?
    • A. 

      Slowdown of the economy characterized by decline in spending, cutbacks in production, and layoffs.

    • B. 

      Economic situation where the population wants to find work but cannot.

    • C. 

      A situation that occurs when a nation spends more than it generates in taxes.

    • D. 

      An economic situation in which people are spending, thus stimulating production of goods and services, and employment.

  • 73. 
    In the business world, business ethics are very important.  It determines the character of the firm and whether there is fraud in the business practice.  Social responsibility is an integral part of the management.  In the pyramid of social responsibility, which is the highest level?
    • A. 

      Ethical responsibility

    • B. 

      Voluntary responsibility

    • C. 

      Legal responsibility

    • D. 

      Economic responsibility