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Name: __________________________ Date: _____________ 1. Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) ________. A) salary B) wage C) time wage D) employee benefit 2. Which of the following is often a negative result of downsizing? A) employee morale declines B) product quality drops C) competitive position deteriorates D) customer service quality declines 3. Which of the following is an overall objective of the human resource management department? A) maximizing employee effectiveness in the organization B) forecasting anticipated sales C) determining sources of operating funds D) daily supervision of hourly employees 4. Evan is working on a labor dispute. He meets with both sides, listens to their proposals, and makes a decision on a new contract. Evan is acting as a(n) ________ and ________ force a settlement. A) mediator; cannot B) mediator; can C) arbitrator; cannot D) arbitrator; can 5. Kate is a full-time nurse and would like to vary her starting and ending time to better accommodate her children's school hours. Which flexible work plan would be ideal for her situation? A) flextime B) job sharing program C) telecommuter D) compressed workweek Page 1 6. According to Maslow, the desire to be valued and recognized by others is a(n) ________ need. A) safety B) self-actualization C) physiological D) esteem 7. Rose was recently let go from her position at an insurance agency as a result of downsizing. This is an example of ________. A) voluntary separation B) involuntary separation C) involuntary turnover D) voluntary turnover 8. Beatrice is trying to resolve a labor dispute. She meets with both sides, makes a number of recommendations, and suggests a compromise. Beatrice is acting as a(n) ________ and ________ force a settlement. A) mediator; cannot B) mediator; can C) arbitrator; cannot D) arbitrator; can 9. Lisa works for an advertising agency and has presented her client with ideas for new commercials. After the presentation Lisa asks for ________ to determine if the clients correctly understood her message. A) a decoded message B) a channel C) feedback D) less noise 10. William is listening to one of his fellow team members speak at a meeting. He believes she is just trying to get the team leader to adopt her idea. William is being a(n) ________ listener. A) offensive B) cynical C) polite D) non Page 2 11. Teams at Google come from many different countries, with skills ranging from creativity to communication to search engine optimization. This is an example of team ____________. A) development B) cohesiveness C) diversity D) level 12. ________ communication with customers should create goodwill and contribute to customer satisfaction. A) every B) written C) external D) formal 13. Mya's team members feel attracted to the team and motivated to remain part of it. Mya's team can be characterized as ________ . A) informal B) formal C) verbal D) cohesive 14. Javier works for a home electronics store and is a member of a team created to increase communication among various departments. Javier has networked with new people and now has strong contacts for each department when he needs them. Javier is a member of a ________ team. A) work B) problem-solving C) cross-functional D) virtual 15. Deni uses lots of gestures and facial expressions when communicating. These are examples of _____________ communication. A) informal B) oral C) formal D) nonverbal Page 3 16. When Toyota was faced with serious quality problems and was forced to recall thousands of vehicles, the company quickly formed a temporary group of employees to brainstorm the problem. This is an example of a(n) _______ team. A) virtual B) self-managed C) problem-solving D) cross-functional 17. Grey Water Disposal wants to build a landfill outside Cincinnati. . The company must conduct a(n) ________ study, which includes analyzing the effect the landfill might have on the water supply, air conditions, and wildlife. A) market impact B) consumer behavior C) location feasibility D) environmental impact 18. Harriet uses a computer-based production planning system by which a firm can ensure that it has needed parts and materials available at the right time and place and in the correct amounts. Harriet uses: A) materials requirement planning B) just-in-time inventory system C) computer-aided manufacturing D) vendor-managed inventory 19. The critical path in a PERT chart represents the ________. A) sequence of operations that involves outside suppliers B) sequence of operations that requires the longest time for completion C) areas of operations that require the least amount of technical support D) areas of operations that have abundant and extra time 20. The last step in production control is to spot problems in the production process and inform management of needed adjustments. This phase is called ________. A) evaluation B) dispatching C) follow-up D) process control Page 4 21. When Best Buy vendors ship merchandise directly to stores instead of distribution centers, the company is utilizing ________. A) perpetual inventory B) inventory control C) production control D) vendor-managed inventory 22. The want-satisfying power of a good or service is called ________. A) quality B) ownership C) worth D) utility 23. Elijah is a warehouse production manager and has been assigned a complex project that might result in lengthy delays. In order to coordinate all aspects of the production process, Elijah has created a(n) ________ chart. A) ISO B) FMS C) Gantt D) PERT 24. A firm that produces a variety of nonstandard products in relatively small quantities would probably use a ________ layout. A) customer-oriented B) process C) product D) fixed-position 25. Which of the following situations would present a challenge for a just-in-time (JIT) investment system? A) Increase in the number of suppliers B) Long-term relationships with suppliers C) Vendor managed inventory D) Sudden increase in demand Page 5 26. Which type of company would be most interested in locating in an area close to its market? A) Dry cleaners B) Pharmaceutical companies C) Automobile manufacturers D) Shipbuilding companies 27. Trucks, personnel, buildings, fuel, goods to be shipped, truck parts, and packaged supplies are examples of: A) inputs B) outputs C) conversion D) transformation 28. A Gantt chart is associated with which step in production control? A) Routing B) Scheduling C) Dispatching D) Follow-up 29. Computer chip manufacturers, such as Intel, must be primarily concerned with ________. A) availability to energy B) proximity to markets C) community living conditions D) availability pfa water supply 30. Companies use ________ to focus on a specific consumer market by combining product, distribution, promotion, and pricing strategies. A) a marketing mix B) organization marketing C) consumer behavior D) market segmentation 31. An organization's ________ is the group of potential customers toward whom it directs its marketing efforts. A) marketing demographic B) target market C) market segment D) product market Page 6 32. Desmond is developing several different marketing strategies based on target markets that differ in terms of lifestyles. He is segmenting the overall market by ________. A) demographics B) end-use C) psychographics D) product 33. The current marketing period where companies emphasize customer satisfaction is referred to as the ________ era. A) production B) relationship C) marketing D) sales 34. Luke works as a marketing researcher and goes online to obtain information from government publications for census data and demographics. What type of data is Luke researching? A) Internal data B) Peripheral data C) Secondary data D) Primary data 35. Mona designs the packages and chooses the brand names for goods produced by her firm. Mona is involved in which part of the marketing mix? A) Promotion strategy B) Distribution strategy C) Product strategy D) Pricing strategy 36. The marketing function creates all of the following types of utility EXCEPT ________ utility. A) time B) ownership C) place D) form Page 7 37. The utility that is created when a salesperson at a car dealership completes the sales contract is ________ utility. A) place B) form C) time D) ownership 38. Devin obtains research data based on the number of unique visitors to his company's Web site, as well as tracking types of orders and amount of money spent. Devin is acquiring what type of research data? A) Principal B) Secondary C) External D) Primary 39. Ida works on creating ways to ensure that customers receive goods at the right time and correct location. Ida is involved in her firm's ________ strategy. A) pricing B) promotion C) distribution D) product 40. ________ utility is created when the business firm converts raw materials into finished goods and services. A) Form B) Ownership C) Exchange D) Place 41. A singles business aims its promotions toward singles between the ages of 25 and 40 who reside in a specific county. The business has ________. A) created personal utility B) developed a marketing plan C) developed a marketing mix D) selected a target market Page 8 42. Since potential customers are unaware of a product during its introductory stage, initial promotion concentrates on ________. A) reducing the size of an available market through selective advertising B) informing the market about the item and explaining its features, uses, and benefits C) communicating new uses for the product D) word-of-mouth referrals 43. Maria owns a store that prepares gourmet chocolates, which are hand-made and sold on the premises. What type of product is Maria selling? A) Accessory B) Specialty C) Shopping D) Convenience 44. When Smith Glass Factory purchases light bulbs for everyday use, it is purchasing ________. A) expense items B) component parts C) raw materials D) supplies 45. General Mills products include Betty Crocker, Pillsbury, Hдagen-Dazs, Green Giant, Hamburger Helper, and Progresso. These examples constitute General Mills' ________. A) distribution strategy B) product mix C) product cluster D) product line 46. A new refrigerator falls into which of the following classifications of goods? A) Accessory equipment B) Specialty products C) Convenience products D) Shopping products 47. Which classification of business goods is usually consumed over a long period and usually involves large sums of money? A) Convenience items B) Capital items C) Installations D) Expense items Page 9 48. The tires built by Michelin that appear on Formula 1 race cars are classified as ________. A) supplies B) specialty products C) accessory equipment D) component parts and materials 49. Yvonne's job is to coordinate the flow of raw materials from suppliers to her company's various production facilities. Which of the following best describes what Yvonne does? A) Logistics B) Inventory management C) Supply chain D) Physical distribution 50. Marketing intermediaries include ________. A) manufacturers and agents B) retailers and customers C) producers and service providers D) wholesalers and retailers 51. Charles works for Whirlpool and is producing a new washer/dryer unit. He is collaborating with the marketing staff to arrange for a series of designs, tests, and functioning prototypes. Charles is working in which stage of new-product development? A) Test marketing B) Screening C) Commercialization D) Product development 52. In which stage of the product life cycle do competitors enter the field with similar offerings? A) Introductory stage B) Decline stage C) Maturity stage D) Growth stage Page 10 53. Greta has been analyzing the competitive standings of one of her products. Since she began her operation, 20 similar products have appeared, forcing her to change distribution strategies. Greta has also needed to change pricing strategies in order to remain competitive. Sales volume has dipped, and she suspects sales of her product have reached a saturation level. At what stage of the product life cycle is this item? A) Decline stage B) Growth stage C) Maturity stage D) Introductory stage 54. Products purchased only after the consumer has compared competing products in competing stores on the basis of price, quality, style, and color would be classified as ________. A) supplies B) shopping products C) specialty products D) convenience products 55. Newspapers and magazines use which approach to distribution intensity? A) Exclusive distribution B) Scrambled distribution C) Intensive distribution D) Selective distribution 56. If a company's target market is small and buyers are concentrated in a specific geographical area, which distribution channel would be most effective? A) Direct channel B) Use of multiple market intermediaries C) Long distribution channel D) Producer to wholesaler to retailer to consumer 57. When a pharmaceutical company uses the phrase “ask your doctor” in its ads, the company is using a ________ strategy to appeal directly to the public instead of physicians alone. A) pulling B) public relations C) sales promotion D) pushing Page 11 58. Which of the following statements regarding price and quality is supported by research? A) The higher the price, the greater the sales volume. B) Consumers' perception of product quality is related closely to the item's price. C) Perception of quality has no relationship to price. D) Quality and price always go hand-in-hand. 59. In breakeven analysis, the costs that change with the level of production are considered ________ costs. A) variable B) recoverable C) labor D) fixed 60. Dell Computer is offering $100 cash back on the purchase of a computer. This is an example of a(n) _______________. A) specialty advertising B) rebate C) sample D) premium 61. A disadvantage of using ________ as an advertising medium is their short life span. A) magazines B) newspapers C) outdoor ads D) Internet ads 62. If you did a breakeven analysis for your firm, it would be possible for you to show management the point at which ________. A) the level of sales that will cover all of the company's costs B) the firm would not make a profit if it sold additional units C) profits would be maximized D) the firm's fixed costs would climb sharply 63. Dunkin' Donuts uses __________ advertising when it tells people that "hard-working" people prefer their coffee over the high-priced Starbucks. A) comparative B) informative C) reminder-oriented D) corporate Page 12 64. When a firm tries to differentiate its products, it often applies a concept known as ________. A) product valuation B) personal selling C) the marketing mix D) positioning 65. Loews utilizes a pricing strategy of maintaining continuous low prices rather than relying on sales. This strategy is an example of ____________. A) skimming pricing B) psychological pricing C) everyday low pricing D) penetration pricing 66. Which of the following pricing objectives has the most influence on Rolex's pricing strategy? A) Profitability B) Prestige C) Meeting the competition D) Volume 67. Texaco and Shell are located directly across the street from one another. Texaco lowers its price for regular unleaded by 5 cents, and Shell quickly follows suit. What pricing objective is Shell using? A) Competitive pricing B) Skimming pricing C) Odd pricing D) Penetration pricing 68. Borrowing money ________. A) creates leverage B) increases financial flexibility C) decreases risk to shareholders D) decreases expected returns to shareholders due to interest payments 69. Short-term assets are expected to be converted into cash within _____. A) a month B) a year C) a week D) six months Page 13 70. When a firm receives goods or services from a supplier and agrees to pay for them at a later date, this arrangement is called ________. A) a short-term loan B) a repurchase agreement C) trade credit D) commercial credit 71. The financial manager for a typical corporation is responsible for ________. A) designing the accounting system B) gathering, recording, and reporting financial information C) determining the most appropriate sources and uses of funds D) preparing operating budgets for various departments 72. A(n) _____ is a transaction in which one company buys another. A) acquisition B) Merger C) takeover D) Synergy 73. Mitch raises money from wealthy individuals and institutional investors for a variety of promising new companies. In exchange, he will become part owner of those businesses. Mitch is a(n) ________. A) angel investor B) underwriter C) entrepreneur D) venture capitalist 74. Two types of divestitures are _____. A) sell-offs and trade-offs B) trade-offs and spin-offs C) buy-offs and spin-offs D) sell-offs and spin-offs 75. A(n) ________ is the reverse of a merger. A) tender offer B) LBO C) divestiture D) acquisition Page 14 Answer Key 1. A Page: 2. A Page: 3. A Page: 4. D Page: 5. A Page: 6. D Page: 7. B Page: 8. A Page: 9. C Page: 10. B Page: 11. C Page: 12. A Page: 13. D Page: 14. C Page: 15. D Page: 16. C Page: 17. D Page: 18. A Page: 19. B Page: 20. C Page: 21. D Page: 22. D Page: 238 243 232 250 238 244 243 250 272 274 267 279 270 264 274 262 296 299 305 305 299 290 Page 15 23. D Page: 24. B Page: 25. D Page: 26. A Page: 27. A Page: 28. B Page: 29. D Page: 30. A Page: 31. B Page: 32. C Page: 33. B Page: 34. C Page: 35. C Page: 36. D Page: 37. D Page: 38. D Page: 39. C Page: 40. A Page: 41. D Page: 42. B Page: 43. B Page: 44. D Page: 45. B Page: 305 299 299 296 290 305 296 328 328 335 324 332 328 322 322 332 328 322 328 359 356 356 356 Page 16 46. D Page: 47. B Page: 48. D Page: 49. A Page: 50. D Page: 51. D Page: 52. D Page: 53. C Page: 54. B Page: 55. C Page: 56. A Page: 57. A Page: 58. B Page: 59. A Page: 60. B Page: 61. B Page: 62. A Page: 63. A Page: 64. D Page: 65. C Page: 66. B Page: 67. A Page: 68. A Page: 356 356 356 378 368 359 359 359 356 378 378 411 418 414 404 397 414 397 392 414 412 414 530 Page 17 69. B Page: 70. C Page: 71. C Page: 72. A Page: 73. D Page: 74. D Page: 75. C Page: 534 534 521 539 536 539 539 Page 18