1.
award:
2 out of
2.00 points
MC Qu. 3 Which of the following
circumstances is mos…
Which of the following
circumstances is most likely to reduce one’s standard of living?
A decrease in the cost of some
goods such as a decrease in housing prices.
Stable prices and an increase in
employee wages.
An increase in the cost of some
goods such as escalating gasoline prices.
Losing your job, but gaining a
sizeable inheritance.
2.
award:
0 out of
2.00 points
MC Qu. 14 Since the mid-1980s,
the __________ sector has …
Since the mid-1980s, the
__________ sector has generated the most amount of increases in employment in
the United States.
goods producing
agricultural
manufacturing
service
3.
award:
2 out of
2.00 points
MC Qu. 1 When referring to risk,
which …
When referring to risk, which of
the following statements is reasonable?
Although risk means taking a
chance at losing, the less risk you take, the more you are likely to profit.
Good business strategy encourages
less risk, because the least risky ventures usually make more profit.
Sizeable risks can lead to
substantial profits, if the business takes calculated risks and captures good
opportunities.
Although risk means taking a
chance, a start-up will usually manage to get off the ground faster if the
stakes are high.
4.
award:
2 out of
2.00 points
MC Qu. 15 Today, high-paying
service-sector jobs in the U.S. …
Today, high-paying service-sector
jobs in the U.S. can be found in ___________________.
machine tools production
entertainment
farming
the automobile industry
5.
award:
0 out of
2.00 points
MC Qu. 13 In the technological
business environment the …
In the technological business
environment the opportunity would be the internet, the challenge would
be_______, whereas in the global business environment the opportunity would be
______ and the challenge would be war and terrorism.
rev: 09_10_2012
E-Commerce theft and increase in
standard of living
Leisure time and databases
Identity theft and green living
Decrease in social security
contributions and the Freedom to choose and start your own business.
6.
award:
2 out of
2.00 points
MC Qu. 1 The way in which a
country’s resource…
The way in which a country’s
resources are utilized to produce goods and services; and, the way those goods
and services are distributed among those who desire to have them depends upon
______________.
The number of documented
economically disadvantaged persons in the nation
The economic system under which
the country operates
The availability of tangible
versus intangible resources
The stage of development of those
resources
7.
award:
2 out of
2.00 points
MC Qu. 11 The U.S. unemployment
rate is an important, key economic indicator…
The U.S. unemployment rate is an
important, key economic indicator because most of us need jobs to maintain our
standard of living. A criteria used to
calculate the unemployment rate is:
all persons claiming not to have
a job, except students. Full-time and part-time students are excluded from the
calculation.
persons who were dismissed from
their last job, and, subsequently have been out of work for over a year.
anyone under the age of 60, who
does not have a job and lives within the physical borders of the U.S.
unemployed persons age 16 and
over, who have been looking for work during the past four weeks.
8.
award:
2 out of
2.00 points
MC Qu. 14 A few years ago, the
American Society of Civil Engineers published…
A few years ago, the American
Society of Civil Engineers published a report card for America’s interstates.
It was reported that road repairs cost the American taxpayers $67 billion per year.
Through the enactment of ___________ the U.S. government collects tax dollars
and then spends some of these funds to maintain the infrastructure of the
nation. Increasing taxes has the effect
of drawing money away from the private sector.
deficit policy
fiscal policy
congressional policy
monetary policy
9.
award:
0 out of
2.00 points
MC Qu. 10 The following chart
reflects the U.S.’s GDP [Gross Domestic Product] for the past five years.
The following chart reflects the U.S.’s GDP [Gross Domestic Product] for
the past five years. Which of the
following statements best reflects the health of the U.S. economy during this
time period?
2005 $12.62 trillion
2006 $12.96 trillion
2007 $13.21 trillion
2008 $13.16 trillion
2009 $12.70 trillion
2010 $13.09 trillion
The U.S. economy fell into
recession in 2008 and 2009.
Although the GDP decreased in
2008 and 2009, the decline was not enough for businesses and consumer to feel
negative effects.
The U.S. economy was experiencing
recovery in 2007 and 2008.
The U.S. economy experienced a
robust economy, particularly during the first three years.
10.
award:
0 out of
2.00 points
MC Qu. 13 At Six City Wellness
Center, Greg operates a new state-of-the-art MRI scanner that serves…
At Six City Wellness Center, Greg
operates a new state-of-the-art MRI
scanner that serves approximately 10
patients during his 8-hr. shift.
Patients are scheduled for various lengths of time, depending on which
part(s) of their body requires scanning. The image quality is significantly
superior to what it was on previous scanners, but the number of patients served
per day remains the same. This situation attests to the fact that:
the service sector has seen
improvement in quality of service, but productivity remains about the same.
productivity is increased because
it is calculated by combining quantity produced + quality produced.
technological advancements have
increased productivity in the service sector.
hospitals and health clinics are
part of the service sector. Productivity is not a concern in this sector.
Multiple ChoiceMC Qu. 13 At Six City Wellness Center, Greg
operates a new state-of-the-art MRI scanner that serves…
11.
award:
2 out of
2.00 points
MC Qu. 8 According to Geert
Hofstede, who has spent a lifetime…
According to Geert Hofstede, who
has spent a lifetime studying differences in cultures, the Chinese have a
long-term orientation, meaning they are patient savers and are willing to forgo
things today, for a better future.
Americans typically have a short-term orientation. They prefer more
instant gratification and are not as willing to save for the future. This
difference in values between the Chinese and Americans is a _____________ attribute that may represent a challenge in
future global trade.
sociocultural
legal and regulatory
physical
economic
12.
award:
2 out of
2.00 points
MC Qu. 3 As a strategy for
reaching global markets, licensing…
As a strategy for reaching global
markets, licensing provides the licensor with several advantages. One advantage is _____________.
the cost of producing and
marketing the product in a foreign market is significantly reduced
there are very few contractual
agreements between the two parties, so the licensee is free to sell proprietary
technologies originally owned by the licensor at its discretion
licensing helps avoid patent
infringement
once the licensing agreement is
signed, the licensor has no obligation to customers for the quality of the
product they receive
13.
award:
2 out of
2.00 points
MC Qu. 5 Even though the nation
faces political instability, the island of…
Even though the nation faces
political instability, the island of Frollik with its wide, expansive beaches
is a destination hub for cruise lines.
Recently, a large theme park business showed strong interest in buying
land in Frollik, including beach front property, with the intent of building an
entertainment park targeted toward families.
The theme park company wants to make a commitment to Frollik, including
the hiring of several hundred local employees.
The global marketing strategy referred to in this scenario is
____________.
strategic alliance
licensing agreement
joint venture
foreign direct investment
14.
award:
2 out of
2.00 points
MC Qu. 1 The Republic of South
Africa exports edible fruits and…
The Republic of South Africa
exports edible fruits and nuts into the common market known as the European
Union, and imports from the European Union other products which South Africa
could produce but at a higher cost than what it costs the Europeans to produce. This practice follows the premise of
_________________.
The Theory of Competitive
Advantage
The Theory of Malthus
The Theory of Comparative
Advantage
The Theory of Absolute Advantage
15.
award:
0 out of
2.00 points
MC Qu. 6 The strategic alliance
between Coca Cola and Nestle has…
The strategic alliance between
Coca Cola and Nestle has spanned a period of over 20 years due to the fact that
both companies benefit from this arrangement.
As a global marketing strategy, an important characteristic of a
strategic alliance is _____________.
participant companies do not
share costs or profits
separation of company policies,
procedures, and production, but unified financial accountability
the complete immersion of employees
assigned to the alliance, eventually forming a separate company
it must be a long-term venture of
10 or more years
16.
award:
2 out of
2.00 points
MC Qu. 5 The first day on the job
waiting tables at a popular…
The first day on the job waiting
tables at a popular restaurant, Ashley noticed that when one member of the wait
staff was serving a very large party, the other waiters would help with
carrying food to the table(s) and even checking to make sure water glasses were
filled and condiments were on the table.
Although these actions were not part of the mandatory wait staff
training, Ashley perceived that those who were not as attentive to helping out
were not viewed as team players by the majority of employees. Ashley was observing an example of the
___________ followed at this organization.
social order ethics
actual ethics
compliance-based ethics
integrity-based ethics
17.
award:
2 out of
2.00 points
MC Qu. 7 Proponents of corporate
social responsibility strongly…
Proponents of corporate social
responsibility strongly believe in benevolence; however, they still want their
businesses to be profitable. In the long
run, they believe ______________.
CSR can lead to even more profits
the fastest way to demoralize your
stakeholders is to throw too much money toward social programs, and less in the
pockets of employees
benevolence can lead to a vote of
no confidence by company stakeholders
firms should take added caution
so as to develop a bias for government socialist type programs such as welfare
18.
award:
2 out of
2.00 points
MC Qu. 9 The last recession
changed the way many companies…
The last recession changed the
way many companies give. Monetary
donations _______________. Many firms
chose to ______________.
increased; pull away from global
contributions, but double the contributions in their domestic areas of
operation
increased; give more money
because they understood how badly society needed a helping hand
decreased; eliminate all
contributions in every way
decreased; encourage their
employees to volunteer their time
19.
award:
2 out of
2.00 points
MC Qu. 11 A few months ago,
Pedro%u2019s Pizza House, …
A few months ago, Pedro’s Pizza
House, a large nationwide chain of restaurants, purchased one of its
competitors, Italian Stallion Pizza Stations, for $800 million. Italian Stallion stockholders got a very fair
deal for their stock: $6.50/share above market value. The event was not without its problems. An ethical issue arose when it was speculated
that somehow a member of Pedro’s management team mentioned the deal to a person
he sat next to on a flight from LA to Seattle.
That person called five of his relatives. Three of them quickly bought shares of
Italian Stallion and “got on record” before the acquisition. The ethical dilemma that occurred is called
_________.
moral impropriety
pro-current procurement
acquisition stalking
insider trading
20.
award:
0 out of
2.00 points
MC Qu. 3 Jake served on a
committee of employees who…
Jake served on a committee of
employees who were charged with selecting three co-workers to honor at the
holiday banquet. One employee whose name
was at the top of everybody’s list was instrumental in helping another employee
who failed to wear his protective gear avoid a serious head injury. Although this was a noble act, Jake knew
that the hero was frequently negligent about wearing his own head gear. Jake knew that several other employees followed
strict company policy every day and always wore their head gear; yet, they were
not being acknowledged for their compliance. These employees also knew Jake was
representing them on this committee.
According to Normal Vincent Peale, which of the following questions
should Jake refer to as he proceeds to make an ethical decision?
How does the action I am
proposing to take make me feel about myself?
Does the action I am about to
take follow universal business law?
How can my decision help elevate
my own status with the firm?
Is the action I am proposing to
take something the boss would like to promote?
Multiple ChoiceMC Qu. 3 Jake served on a co
21.
award:
0 out of
2.00 points
MC Qu. 8 Twenty years ago, your
parents invested in Sears. As…
Twenty years ago, your parents
invested in Sears. As the years have
gone by, the investment has grown.
However, if Sears should go out of business, what would happen?
Your parents will only lose the
value of their shares.
Your parents will have to go to
court to show they have no involvement in the firm.
Your parents will have to borrow
money to pay for the value of their shares.
Your parents will be responsible
for some of the debt of Sears.
22.
award:
0 out of
2.00 points
MC Qu. 3 Partnerships refer to
more than one owner. The …
Partnerships refer to more than
one owner. The difference between a
general partnership and a limited partnership is a ______________.
general partnership is a shadow
firm for a much larger corporation. It
is like a shell company to dispose of risky assets
limited partnership is taxed
similar to a corporation, whereas a general partnership is taxed like a sole
proprietorship
limited partnership consists of
general partners and limited partners, at least one of each
limited partnership is limited by
the number of partners allowed. There
can only be a total of 10 partners actively involved in the business
23.
award:
2 out of
2.00 points
MC Qu. 1 When Greg started his
window-washing busine…
When Greg started his
window-washing business, he wanted to keep things simple. As recommended, he filed a record of the
business with the state where he resided.
He carefully watched his expenses including state filing expenses and
licensure requirements. Greg knew his
financial resources were limited, but after all, it was only “him.” There were no other family members to
support. Greg could easily form a
___________________.
sole proprietorship
S Corporation
corporation
master limited partnership
24.
award:
2 out of
2.00 points
MC Qu. 2 Unlimited liability
means ___________.
Unlimited liability means
___________.
the business is responsible for
the debt it incurs. If the business
cannot pay its bills, the debt burden transfers to the owner(s), and
he/she/they are liable for all debt
a concept that is reserved for
corporations. Corporations are set up to
realize unlimited liability of expenses
the business is responsible for
the debt it incurs, and filing bankruptcy is out of the question
the business is responsible for
the debt. If the business cannot pay,
the company files bankruptcy. The debt
does not fall on the shoulders of individual owners. They are safe from the liability
25.
award:
0 out of
2.00 points
MC Qu. 11 Organizations known as
_______________ have a …
Organizations known as
_______________ have a significant role in the economic recovery. Some start-up businesses have successfully
found sources of capital by going through one of these organizations.
CDFIs (Community Development
Financial Institutions)
ARMs (Adjusted Rate Mortgage
lenders)
Venture Capitalists
PACs (Personal Asset Collateral
funds)
26.
award:
2 out of
2.00 points
MC Qu. 8 Why do experts agree
that small business management …
Why do experts agree that small
business management and large business management are similar in practice?
Similar to large businesses,
small business have concerns about capital and good marketing and management.
Large and small businesses still
require several employees.
Small businesses and large
corporations raise capital in the same manner, and look to the same sources for
that capital.
Successful small businesses and
large businesses typically grow at the same rate, and neither has the desire to
remain the same size that it is today.
27.
award:
2 out of
2.00 points
MC Qu. 6 When Parker started his
business, he knew he had to keep …
When Parker started his business,
he knew he had to keep costs to a minimal and he worried about taxes. He planned to build and distribute safety
goggles for construction workers and military personnel. Most of his business would not be walk-in
customers. He chose to locate in a
government subsidized area called a(n) ________________, where he would receive
tax breaks.
affective designation
enterprise zone
immigration zone
intrapreneurial territory
28.
award:
0 out of
2.00 points
MC Qu. 7 Why do incubator
facilities continue to remain …
Why do incubator facilities
continue to remain very popular with start-up businesses?
They always team up with large
corporations who are willing to buy out the small businesses.
They have a very strong success
rate. Their graduates almost always succeed.
They almost always provide strong
visibility.
They are essentially loan
offices.
29.
award:
2 out of
2.00 points
MC Qu. 3 An opportunity has
evolved that has leveled the playing …
An opportunity has evolved that
has leveled the playing field for home-based businesses. ___________ has made starting a home-based
business much more affordable.
The China price and opportunities
to export to China
Cultural acceptance
Broadband Internet connections
and other technologies
Tax law
30.
award:
2 out of
2.00 points
MC Qu. 7 After 8 years of working
for a company that installed …
After 8 years of working for a
company that installed underground sprinkling systems for golf courses, Jake
was ready to venture into his own business.
As he prepared his SWOT analysis, he evaluated where he stood at this
time. He was fortunate to have $100,000 financing to get the business under
way. He knew of three skilled installers
who were willing and interested to work for him, and he was aware that new
construction was at an all-time low, with several residential properties being
foreclosed. In reviewing his list, you
would categorize these events as __________.
three opportunities and one threat
three opportunities and one
weakness
two strengths and one weakness
two strengths and one threat
31.
award:
2 out of
2.00 points
MC Qu. 8 All managers do
planning. Allison is a general manager …
All managers do planning. Allison is a general manager for a large toy
store. Each day she plans the number of
employees she will have in each department, including the number of
cashiers. She plans the break schedules
and the freight delivery schedules. In
the business world, we refer to this type of planning as ___________.
operational planning
strategic planning
tactical planning
contingency planning
32.
award:
0 out of
2.00 points
MC Qu. 12 Technical skills that
apply to the business at …
Technical skills that apply to
the business at hand are most often necessary at __________.
the board of directors level
higher levels of management
lower levels of management
mid-levels of management
33.
award:
2 out of
2.00 points
MC Qu. 5 Most businesses follow a
logical process when performing…
Most businesses follow a logical
process when performing the planning function.
It is important to understand ______________________, before embarking
upon creating future long-term goals, objectives, and strategies.
the needs of secondary suppliers
how to measure objectives
the current situation
how to analyze each job, via job
descriptions and specifications
34.
award:
2 out of
2.00 points
MC Qu. 11 Ben oversaw the work of
six pharmaceutical sales …
Ben oversaw the work of six
pharmaceutical sales managers in the southeast region of the U.S. Each sales manager managed a team of 8-10
pharmaceutical sales representatives that developed relationships with doctors,
clinics, hospital pharmacies, and local drug stores. Ben met regularly with four others in his
company whose jobs were similar to his position. How would you describe the level of
management Ben has achieved?
Middle management
Supervisory management
First-line management
Top management
34.
award:
2 out of
2.00 points
MC Qu. 11 Ben oversaw the work of
six pharmaceutical sales …
Ben oversaw the work of six
pharmaceutical sales managers in the southeast region of the U.S. Each sales manager managed a team of 8-10
pharmaceutical sales representatives that developed relationships with doctors,
clinics, hospital pharmacies, and local drug stores. Ben met regularly with four others in his
company whose jobs were similar to his position. How would you describe the level of management
Ben has achieved?
Middle management
Supervisory management
First-line management
Top management
35.
award:
2 out of
2.00 points
MC Qu. 7 During the past
recession, Cali-Bration Company …
During the past recession,
Cali-Bration Company created a __________ organization, when it restructured
and eliminated several middle management positions. As it emerged from the
recession, Cali-Bration realized that Internet technology permitted the remaining
employees to be just as responsive to customer needs as the firm was prior to
restructuring.
centralized
bureaucratic
flat
tall
36.
award:
0 out of
2.00 points
MC Qu. 9 ABC Company was awarded
a bid to build an …
ABC Company was awarded a bid to
build an energy-efficient motor for a large government heating and cooling
project. The requirements of the project included a timeline of one year to
build and deliver the system. In order to provide a quality product and stay
within the time requirements, ABC Company set up a _____________ organization,
whereby employees from various functions of the business would join a team to
see this project through, from start to finish.
Upon completion, the team would disband and members would return to
their respective functional units.
matrix
line
dynamic
line and staff
37.
award:
0 out of
2.00 points
MC Qu. 8 ABC Company desires a
successful product …
ABC Company desires a successful
product launch. Looking outside of its
industry, it solicits the advice of companies JKL and MNO who were known for
successful product introductions in past years.
The business term that we use to describe the practice of looking toward
others for a model approach is called _____________.
benchmarking
total quality management
outsourcing
tracing core competencies
38.
award:
2 out of
2.00 points
MC Qu. 15 AJ was a newly hired
attorney for Leisure T…
AJ was a newly hired attorney for
Leisure Time Gaming, Inc. Even though he reported directly to the president of
the company, AJ noticed that the president always had time to converse with the
director of sales, calling on him to get a pulse on legal/regulatory issues
that, as the company attorney, AJ could have probably handled. AJ also noted
that the HR manager’s administrative assistant was the “go to” person for a
number of things that would make life easier at work. AJ was recognizing the
_________________ culture at Leisure Time Gaming.
social
economic
informal organization
formal organization
39.
award:
2 out of
2.00 points
MC Qu. 7 In order for a U.S. or
non-European companies to export …
In order for a U.S. or
non-European companies to export manufactured goods to European countries,
which of the following would most likely apply?
Lean manufacturing standards to
increase worker productivity must be utilized.
They must be privately-owned and
managed in order to win any quality awards.
Companies that want to do
business with the EU must be certified by ISO standards.
The company must be a recipient
of the Malcolm Baldridge National Quality Award.
40.
award:
0 out of
2.00 points
MC Qu. 9 Bellandro Brewery
recently became certified as an …
Bellandro Brewery recently became
certified as an ISO 14000 company. Which
of the following criteria would decision-makers evaluate for this award?
Environmental improvement plans.
Quality assurance standards.
Free trade agreements and
honoring international patents.
The implementation of
state-of-the-art automation systems.
41.
award:
2 out of
2.00 points
MC Qu. 11 Anna worked for over an
hour trying to set-…
Anna worked for over an hour
trying to set-up her new smart phone by following the brochure directions and
even going online to access services. She finally gave-up and used the online
locator to find the service provider’s nearest location to her home. Businesses know their products can be
complicated and many customers prefer on-site service visits. Brick-and-mortar locations need to ________
in order to compete for the business of busy customers.
offer outstanding customer
service
bundle complimentary services
locate rather sparsely, so most
customers would find it more convenient to do business online
locate inside smaller stores to
save revenue
42.
award:
0 out of
2.00 points
MC Qu. 6 A company that makes
fireplace mantles uses computer …
A company that makes fireplace
mantles uses computer modeling in order to ensure that the process used makes
the most efficient use of resources. The company is equipped with _____________
technology.
dite selection
production management
CAD/CAM
process manufacturing
43.
award:
2 out of
2.00 points
MC Qu. 10 __________ is the
process managers use to c…
__________ is the process
managers use to continually monitor all phases of the production process to
ensure that quality is being built into the product from the beginning and that
quality is not being “inspected” into the product at the end of the process.
Six Sigma quality
Statistical quality control (SQC)
Process manufacturing
Statistical process control (SPC)
44.
award:
2 out of
2.00 points
MC Qu. 1 With respect to the
development of scientif…
With respect to the development
of scientific management, Frederick Taylor’s objective was to ______________.
increase productivity at work
develop a specialized work force
increase worker satisfaction
decrease the number of work hours
per day
45.
award:
2 out of
2.00 points
MC Qu. 8 Motivating employees by
expanding the number …
Motivating employees by expanding
the number of jobs or tasks that they are involved with is referred to as job
___________.
rotation
enlargement
simplification
enrichment
46.
award:
2 out of
2.00 points
MC Qu. 11 Which of the following
approaches suggests that a …
Which of the following approac
