(TCO 1) _____ is money that an organization brings in through the sale of its goods and services. (Points : 5) Profit Revenue Sales Capital investment Finance

Question 2. 2. (TCO 1) Free-market capitalism is characterized by _____. (Points : 5)

the right of few sellers dominating the market the right to bear and keep arms the right to freedom of competition the right to invest in foreign stock markets the right to serve on juries

Question 3. 3. (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 4. 4. (TCO 3) Which of the following is true about a small business? (Points : 5)

A small business is one that employs between 500 to 1000 employees. A small business is usually funded by personal lines of credit and not through bank loans and microlenders. A small business is one that is not dominant in its field. A small firm usually curtails the freedom to innovate. A small firm avoids risks that larger firms are willing to take.

Question 5. 5. (TCO 1) You own Wash This Way Laundromat in a busy part of town. ABC Laundry, a chain store competitor, opened across the street in a busy shopping strip. You decide to improve your business by adding an internet caf offering free Wi-Fi. Why? (Points : 5)

To promote private ownership of businesses To improve quality of life To exceed customer expectations To expand your market

Question 6. 6. (TCO 2) When a country imports more goods than it exports, this is known as a(n) _____. (Points : 5)

trade surplus globalization trade deficit exchange rate

Question 7. 7. (TCO 3) One disadvantage of free trade is _____. (Points : 5)

domestic companies can lose their comparative advantage uninterrupted flow of capital provides for lower interest rates workers will be given across-the-board pay increases a companys productivity grows when it has an absolute advantage domestic workers can be trained for additional jobs

Question 8. 8. (TCO 3) The reason(s) a company pursues a strategic alliance is to _____. (Points : 5)

enhance the ability to expand internationally gain access to new technologies and know-how increase credibility or brand awareness All of the above

Question 9. 9. (TCO 2) There have been reports of cell phone service sales representatives who actually lie to get customers to extend their contracts, or even extend their contracts without the customers knowledge. Some phone reps intentionally hang up on callers to prevent them from canceling their contracts. Why do these sales reps sometimes resort to overly aggressive tactics? (Points : 5)

Excellently designed incentive programs reward them tax free. Salaries can be reduced by half in such instances. Their managers say, Deceive the customers. Overly ambitious goals and incentives create an environment in which people can learn and grow. Overly ambitious goals and incentives create an environment in which unethical actions are tolerated.

Question 10. 10. (TCO 3) What is a key feature of intrapreneurship? (Points : 5)

It encourages sticking with the accepted wisdom. It is often found in companies that are rigid and structured. Steps are never needed to encourage, protect, and reward intrepreneurship. It can be risky behavior that may not be rewarded.

Question 11. 11. (TCO 4) Which of the following pairs represent an advantage and a disadvantage of marketing to a mobile phone rather than a fixed computer? (Points : 5)

Mobile phone users are accustomed to advertising interruptions while fixed computers have limited links to retailer websites. The mobile phone is operating most of the time, but the interactivity is less than a fixed computer. The screen size of fixed computers is larger, but screen enlargement overcomes that limitation in mobile phones. Fixed computers can provide advertising based on where you happen to be while mobile phone advertisements are limited to product categories.

Question 12. 12. (TCO 4) The rapid spread of brand communities has been one of the major impacts of social media. The Harley Davidson Owners Group is one example of an informal network of people with similar interests who use social media to bond and share information. Why are these brand communities effective? (Points : 5)

The cost of consumer-oriented publications is too expensive. Consumers now trust their peers more than any source for product information. Consumers no longer trust salespeople. State and local consumer protection agencies no longer review products.

Question 13. 13. (TCO 4) Successfully distributing goods to customers involves low cost and customer satisfaction. Several steps must take place in order to reach this goal. Which step need NOT be considered in the physical distribution of goods? (Points : 5)

Order processing Market segmentation Inventory control Transportation

Question 14. 14. (TCO 5) Managers of employees from different cultural and geographic backgrounds have unique opportunities to reach out to new markets and understand ways to extend their products to new markets. A better understanding of other cultures customs and concerns helps managers to increase customer satisfaction and customer loyalty. Part of cultural competency is not only understanding different languages, but also understanding: (Points : 5)

Similar food selections Looking others in the eye when speaking to them How much money people make How tall people are when compared to others How people wish to be addressed

Question 15. 15. (TCO 6) The modern production technique which allows designs to be drafted in three dimensions, removing some of the manual process in the traditional design of a product, is (Points : 5)

process flexible-aided design. process manufacturing. computer-aided design. intermittent process.

Question 16. 16. (TCO 7) A common reason that companies fail is (Points : 5)

underspecialization. an excellent control of cash flow. a lack of adequate sales revenue. an inadequate control of expenses. an inadequate managerial expertise.

Question 17. 17. (TCO 7) Imagine that you have just earned your business degree and have been hired as a hospital administrator at a small hospital that, like many others, is experiencing financial problems. A suggestion that you would make to help improve the financial position of the hospital and correct the financial problems is to (Points : 5)

improve the efficiency of the hospitals cash management system. use a carefully planned lawn care service. continue the hospitals large stockpile of drugs. cease using a just-in-time inventory system. use a carelessly planned inventory control system.