Question 1.1. (TCO 7) Production and operations management is best described by which of the following? (Points : 5) Overseeing all of the activities involved in producing goods and services Designing machines to do multiple tasks Tailoring products to meet the needs of a large number of customers Using technology and robotic units to assist with plant operations Short production runs and the machines being adjusted frequently
Question 2.2. (TCO 7) The results of materials requirement planning include (Points : 5) investment forecasts. profit forecasts. human resource forecasts. reduced inventories. increased inventories.
Question 3.3. (TCO 8) A supply chain is longer than a channel of distribution because it includes links from suppliers to manufacturers, whereas the channel of distribution begins with manufacturers. The channel of distribution includes which of the following? (Points : 5) Wholesalers Commercial banks Suppliers’ plants Consumers Manufacturers
Question 4.4. (TCO 8) You work in a store selling moderately priced, ready-to-wear clothing at a mall near where you live. The sales step that you can expect to follow includes (Points : 5) preapproach. prospecting. qualifying. asking questions. following up.
Question 5.5. (TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Points : 5) Strictly adhere to your previous five-years business plans Providing improved customer service Increasing your inventory levels Opening a branch store across the street from the big box Charging your customers for consultation time when they ask for advice
Question 6.6. (TCO 1) As a pharmacist in your community, you are concerned with the level of service provided to those in need at odd hours and after hours and in the neighborhoods where such extended service is needed. Your concerns are centered on which of the following? (Points : 5) Making products and counseling available when consumers need them Changing the buying behaviors of consumers Understanding the risks of some of the products offered for sale Doing whatever is necessary to provide credit through debit cards and credit cards Providing open and free-flowing communication to the consumers
Question 7.7. (TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes _____. (Points : 5) The creation of a positive brand image Meeting the needs of distributors Meeting the strategic marketing goals of your main supplier Meeting the needs of the indigent in your community Meeting profit expectations of external investors
Question 8.8. (TCO 2) A conscious plan that represents and encourages a unique set of values includes _____. (Points : 5) Our elected representatives Our elected representatives Our competitors Our employees Our children
Question 9.9. (TCO 2) The concerns in and around international ethics and social responsibility include _____. (Points : 5) Revocation of government regulations tending to be weak Fairness of requiring international suppliers to adhere to U.S. ethical standards being clear-cut Ethical problems and issues of social responsibility that are unique to the United States Working with organized labor on a set of common labor standards U.S. businesses demanding socially responsible behavior from their international suppliers
Question 10.10. (TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by _____. (Points : 5) Consumers and investors have called for increased government regulation in the financial sector. U.S. businesses will need to work independent of the federal government Future financial crises will not be as severe as previous ones. Businesses won’t have to worry with future healthcare insurance regulations. Global competition will steadily decline over time.
Question 11.11. (TCO 3) A strategy for reaching a global market is _____. (Points : 5) Licensing Importing Direct marketing Disenfranchisement Contract Labor
Question 12.12. (TCO 3) Nations trade with other nations because _____. (Points : 5) They can produce all the products their people want and need. Buying and selling products is allowed by international treaty. Sophisticated technology allows for the improved use of natural resources. Buying and selling products is allowed by verbal contracts. They are able to buy what is needed in a mutually beneficial exchange relationship.
Question 13.13. (TCO 3) Currency valuation problems can be especially harsh on developing economies. At times, a nation’s government will intervene and readjust the value of its currency, often to increase the export potential of its products. What does this mean? (Points : 5) Devaluation lowers the value of a nation’s currency relative to others. Devaluation raises the value of a nation’s currency relative to others. Due to a nation’s strong currency, the only way to trade is bartering. Due to a nation’s strong economy, the only way to trade is through the International Monetary Fund Countertrading is a simple form of bartering with good profit potential.
Question 14.14. (TCO 4) An advantage of a partnership is _____. (Points : 5) Limited financial resources Unlimited liability Difficulty of termination No additional special taxes Limited survival
Question 15.15. (TCO 4) Entrepreneurs, their ideas, and the businesses they start help create jobs in the United States. The history of the United States is the history of its entrepreneurs. Select the one commonality that entrepreneurs and their start-up organizations share. _____. (Points : 5) Graduated from college before starting their businesses Understood all facets of the market Had a track record of successful start-ups Borrowed money to pay back taxes A good idea that was marketable
Question 1.1. (TCO 5) The changing marketing environment presents a continuous challenge to companies wishing to increase their sales revenue. A number of processes are used to try and obtain better strategic marketing information. Looking at such strategic marketing information is only a part of the whole picture, however. A facet of the marketing environment that should be considered is:(Points : 5) Values, attitudes, and beliefs of the target population Expenses and employment data by household Changes to the health care system Opportunities and threats as perceived by the general population Strengths, weaknesses, and threats as perceived by the target population
Question 2.2. (TCO 4) Creative people are sometimes allowed to work within a corporation as entrepreneurs. The idea behind such an arrangement includes: (Points : 5) Limiting a company’s financial liability Downsizing recent new product lines Limiting expenses within the division Assisting with strategic planning Using an organization’s existing resources
Question 3.3. (TCO 5) You are a newly hired web developer for your company. You have been asked by the CEO of your company to develop a web-presence for your firm. Your firm markets and sells medium to high-end bed mattresses. While you don’t believe that someone will purchase a new mattress on the web, you’re just not sure of the possibilities. Further, your concerns center on which one of the following, as they apply to potential purchasers? (Points : 5) Baseline/Reference sub-culture Culture Super-culture Dissonant commitment Psychological commitment
Question 4.4. (TCO 5) You are an independent Internet Marketing Consultant. You have an excellent track-record of assisting small to medium sized companies fully realize their marketing potential through an improved and enhanced presence on the world-wide-web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium) specializes in the care and grooming of cats and only cats has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. A recommendation is: (Points : 5) Building and improving relationships with customers Online advertising to get potential customers to the website Announcing weekly sales promotions so customers will make a purchase Information to competitors and near-competitors Website software to send “spam” email messages
Question 5.5. (TCO 6) An element of Planning is: (Points : 5) Providing constructive feedback Determining reconstruction needed Promulgating financial statements Setting precise standards Establishing standard procedures
Question 6.6. (TCO 6) You have been recently hired as the new Employee Development and Training Director at a small utility engineering company. Your boss, the company founder as well as President and CEO of the firm has specifically asked your assistance in finding a way to improve creativity in his engineers through a process called job enrichment. You have thought about this for a few days and now feel that it is necessary to meet with your boss to present your ideas concerning motivation and performance. One idea that you would present to him is: (Points : 5) The extent to which a job demands the same skills The degree to which the job requires doing a task with a visible outcome from beginning to end The The degree to which the job has an insubstantial impact on the lives or work of others The degree of indiscretion in scheduling leisure time The amount of direct and clear information given about team goals
Question 7.7. (TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing: (Points : 5) Feelings Mathematics Physics Falsities Paradoxes
Question 8.8. (TCO 7) You have just been hired as the new Production and Operations Manager for Little Bitty Diesel Electric Generator Sets (LBDEGS). Demand has been so great that a new factory will have to be built to keep up with the market demand. Evaluating various and sundry sites presents a number of concerns to you. Select one criterion to apply in a decision process such as this one. (Points : 5) Excise tax rate at the new location Development constraints at the new location Additional unskilled workers are available Local government provides support Transportation costs are exorbitant
Question 9.9. (TCO 8) The Marketing Eras include: (Points : 5) Customer relationship Advertising Aggregation Disenfranchisement Predestination
Question 10.10. (TCO 9) Technology can provide significant increases in productivity and efficiency. However, less than stable technology-based systems can significantly impact businesses and at the most inopportune times. Issues that are inadvertently and unexpectedly created in such instances include: (Points : 5) Overly complex software Loss of client/customer confidence Increase in sales revenue Continuation of shipments without interruption Overly complex networking equipment
Question 11.11. (TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. One advantage of using such software is: (Points : 5) Multiple locations for the information being edited and saved. Multiple copies of the information so back-ups are not necessary. The software is considered shareware and is therefore not copyrighted. The software being considered public domain software and free for the taking. Multiple locations where the information is stored provides quick access.
Question 12.12. (TCO 9) Professional and managerial business information systems assist with which of the following: Select all that apply. (Points : 5) High-level tasks such as new product design Analyzing the organization’s financial information Planning relatively short-term/tactical objectives Identifying trends within the industry Transaction processing systems to further assist with the daily flow of data
Question 13.13. (TCO 10) You are part of an ad-hoc committee in your organization that is considering migrating to a cloud computing environment. This will include email, corporate messaging as well as all ordering, sales, accounting, payroll and financial functions, including reports/reporting. A part of the charter for your ad-hoc committee includes a suggestion to use a private cloud for essential tasks, but use a public cloud as needed. You have studied cloud computing and have read some recent articles related to other organizations moving to such an environment. One advantage of cloud computing is: (Points : 5) Paying for upgrades and spending time installing security patches Information is stored on servers at each of your locations so access times are improved. Additional capacity can be purchased, usually overnight, on an as-needed basis. Since applications run in the cloud, you don’t need to purchase expensive equipment Sharing of documents is much more difficult in a cloud computing environment
Question 14.14. (TCO 10) An accounting system includes which one of the following: (Points : 5) Tax return information Regulatory information Summarization of accounts information Personnel information Eleemosynary information
Question 15.15. (TCO 10) _______________ is a financial management function and a part of financial planning. (Points : 5) Understanding and allocating operational needs Disestablishing a capital budget Creating a long-term forecast Establishing a strategic planning vision Creating a short-term shipping forecast