BUS101 intro to business final exam Question 1 Not yet answered Points out of 2

Question 1

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In the United States, workers'________ needs, as defined by Maslow, have largely been met by minimum-wage laws and federal occupational safety standards.

Select one:

a. physiological and security 

b. security and social

c. esteem and self-actualization

d. physiological and esteem

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The correct answer is: physiological and security

Question 2

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Theories X and Y are most closely associated with

Select one:

a. Abraham Maslow

b. Frederick Herzberg

c. Douglas McGregor 

d. Elton Mayo

e. William Ouchi

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The correct answer is: Douglas McGregor

Question 3

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Mary called her work group together and presented a problem to them: They need to accomplish some extra work in less time than usual. Her employees suggest a plan for handling the situation, and she accepts it. According to McGregor's Theory, Mary could be described as

Select one:

a. Theory X manageer

b. Theory Y manager 

c. a pushover

d. negligent

e. a company person

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The correct answer is: Theory Y manager

Question 4

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Allowing one employee to work in a position from 8:00 A.M. to 12:00 P.M. and another employee to work in the same position from 1:00 P.M. to 5:00 P.M. is called

Select one:

a. job sharing 

b. work sharing

c. employment sharing

d. position sharing

e. flextime sharing

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The correct answer is: job sharing

Question 5

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The personal enjoyment you feel from doing a good job or learning something new is an intrinsic reward.

Select one:

True 

False

Question 6

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Morale is important to managers, although it doesn't affect profits.

Select one:

True

False 

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The correct answer is 'False'.

Question 7

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The Hawthorne Studies earned their name because they were conducted by Mr. Hawthorne.

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True

False 

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The correct answer is 'False'.

Question 8

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Job sharing occurs when a company shortens the workweek of all employees by a few hours to avoid layoffs.

Select one:

True

False 

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The correct answer is 'False'.

Question 9

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Marketing creates value by

Select one:

a. increasing the price of goods

b. helping people obtain what they need and want 

c. spending large amounts of advertising

d. informing people of new products

e. manipulating people into buying products they don't want

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The correct answer is: helping people obtain what they need and want

Question 10

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The marketing concept states that an organization

Select one:

a. must coordinate its efforts

b. should coordinate activities to fill customer needs

c. should try to satisfy customer needs while also achieving its own goals 

d. should emulate the competition

e. achieve its own goals

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The correct answer is: should try to satisfy customer needs while also achieving its own goals

Question 11

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A marketing strategy consists of

Select one:

a. developing a marketing mix

b. selecting a target market

c. selecting a target market and developing a marketing mix to satisfy it. 

d. choosing a product to distribute

e. none of the above

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The correct answer is: selecting a target market and developing a marketing mix to satisfy it.

Question 12

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A marketing research representative who interviews shoppers in a mall is collecting the following type of information:

Select one:

a. secondary data

b. basic information

c. primary data 

d. nondirect information

e. intermediate data

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The correct answer is: primary data

Question 13

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As long as both a buyer and seller have something of value to exchange, an exchange will take place.

Select one:

True 

False

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The correct answer is 'False'.

Question 14

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Transporting includes warehousing goods.

Select one:

True

False 

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The correct answer is 'False'.

Question 15

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Competitive and economic forces in the marketing environment include technological issues.

Select one:

True

False 

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The correct answer is 'False'.

Question 16

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Magazines located next to the checkout counter at a grocery store would probably be classified as

Select one:

a. shopping products

b. convenience products 

c. literacy promoters

d. specialty productss

e. accessory equipment

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The correct answer is: convenience products

Question 17

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Industrial products such as lumber, cotton, and iron are classified as

Select one:

a. major equipment

b. supplies

c. accessory equipment

d. raw materials 

e. component parts

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The correct answer is: raw materials

Question 18

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Which of the following is the most flexible variable in the marketing mix?

Select one:

a. Product

b. Production

c. Place

d. Promotion

e. Price 

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The correct answer is: Price

Question 19

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The type of transportation specifically noted for its flexibility in transporting products is

Select one:

a. pipelines

b. airplanes

c. trucking 

d. railroads

e. ships

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The correct answer is: trucking

Question 20

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Of the thousands of products introduced every year, most succeed

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True

False 

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The correct answer is 'False'.

Question 21

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The best products in the world will not be successful unless companies make them available where and when consumers want to buy them

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True 

False

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The correct answer is 'True'.

Question 22

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Whether to distribute a product intensively, selectively, or exclusively depends on buyer behavior, the nature of the target market, and the competition.

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True 

False

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The correct answer is 'True'.

Question 23

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___________ are electronic media that function using digital codes and includes media available via computers and other digital devices, including mobile and wireless ones like cell phones and smart phones.

Select one:

a. The Internet

b. Digital media 

c. Virtual realities

d. Digital marketing

e. Online social networking sites

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The correct answer is: Digital media

Question 24

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_____ are web-based journals in which writers can editorialize and interact with other Internet users

Select one:

a. Online newspapers

b. Wikis

c. Blogs 

d. Social networking sites

e. Virtual realities

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The correct answer is: Blogs

Question 25

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___________ occurs when criminals obtain personal information that allows them to impersonate someone else in order to use the person's credit to obtain financial accounts and make purchases.

Select one:

a. Privacy violations

b. Identity theft 

c. Bank Fraud

d. Intellectual property theft

e. Online fraud

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The correct answer is: Identity theft

Question 26

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After accepting a position at IOWatch, Paul realized quickly that he did not have sufficient experience in _________________.

Select one:

a. computers

b. interacting with customers

c. working for a corporation

d. software design

e. marketing 

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The correct answer is: marketing

Question 27

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The Internet has helped marketers to reach target markets that were previously inaccessible to many businesses.

Select one:

True 

False

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The correct answer is 'True'.

Question 28

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The Internet is not considered a distribution channel by businesses.

Select one:

True

False 

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The correct answer is 'False'.

Question 29

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An estimated 90% of illegal software sharing is done by businesses

Select one:

True 

False

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The correct answer is 'True'.

Question 30

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In double-entry bookkeeping, after gathering together and analyzing source documents and recording each financial transaction in a journal, a financial manager, bookkeeper, or accountant next

Select one:

a. closes out the books

b. posts transactions in a journal

c. posts transactions in a ledger 

d. prepares a trial balance

e. balances the accounting equation

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The correct answer is: posts transactions in a ledger

Question 31

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The debts Anna's Flowers owes to the Small Business Administration and her company's suppliers represent which of the following?

Select one:

a. Owners equity

b. Assets

c. Liabilities 

d. Stock

e. Bonds

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The correct answer is: Liabilities

Question 32

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The net income of a company is equal to the total profits minus

Select one:

a. assets

b. equity

c. expenses 

d. sales

e. income

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The correct answer is: expenses

Question 33

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The information presented in an income statement could be described using which of the following equations?

Select one:

a. equity = liabilities-assets

b. Equity = assets-liabilities

c. revenues-expenses = net income 

d. Net income = expenses-revenues+taxes

e. All of the above

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The correct answer is: revenues-expenses = net income

Question 34

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Small businesses do not have a need for the financial information compiled by accountants.

Select one:

True

False 

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The correct answer is 'False'.

Question 35

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Accounting is the recording, measurement, and interpretation of financial information

Select one:

True 

False

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The correct answer is 'True'.

Question 36

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Only businesses use accounting information to demonstrate how their funds are being used

Select one:

True

False 

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The correct answer is 'False'.

Question 37

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Money has all the following characteristics except

Select one:

a. portability

b. durability

c. difficult to counterfeit

d. intangibility 

e. stability

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The correct answer is: intangibility

Question 38

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If consumers do not pay off their entire credit card balance, they will

Select one:

a. have to pay interest on the total paid and unpaid amount

b. receive interest on the paid amount

c. have to pay interest on the unpaid amount 

d. get a rebate from the card issuer

e. have the purchased goods repossessed

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The correct answer is: have to pay interest on the unpaid amount

Question 39

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When the Federal Reserve sells investments, it

Select one:

a. decreases the money supply 

b. increases the money supply

c. increases the amount of insurance for accounts

d. clears all checks in the system immediatelye

e. keeps the money supply the same

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The correct answer is: decreases the money supply

Question 40

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Money market funds are a form of mutual fund that

Select one:

a. invests in short-term debt securities issued by governments and corporations

b. dispenses cash and allows balance inquiries

c. buys and sells stocks, bonds, and other securities and provide other services

d. is set aside by corporations to provide retirement income 

e. protects clients against financial losses from certain specified risks

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The correct answer is: invests in short-term debt securities issued by governments and corporations

Question 41

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A savings account is the same thing as a money market account.

Select one:

True

False 

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The correct answer is 'False'.

Question 42

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Credit cards have become an increasingly popular substitute for money because of their convenience and acceptance by merchants around the world.

Select one:

True 

False

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The correct answer is 'True'.

Question 43

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Most experts believe that banks will continue to consolidate and get larger over time

Select one:

True

False 

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The correct answer is 'False'.

Question 44

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Because having idle cash on hand is undesirable, a manager may choose to invest in

Select one:

a. credit cards

b. debit cards

c. working capital

d. marketable securities 

e. capital outlay

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The correct answer is: marketable securities

Question 45

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Current assets include all of the following except

Select one:

a. accounts receivable

b. accounts payable 

c. investments

d. inventory

e. cash

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The correct answer is: accounts payable

Question 46

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Dan bought three new trucks with a loan obtained from the First National Bank. If he fails to repay the loan, the bank will repossess the trucks. The trucks are

Select one:

a. bought with an unsecured loan

b. bought with a line of credit

c. collateral 

d. interest

e. principal

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The correct answer is: collateral

Question 47

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What does Glasspray sell?

Select one:

a. Fiberglass spray equipment 

b. Boats

c. Fiberglass

d. Sinks

e. Glasspray does not make anything - it is a wholesaler

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The correct answer is: Fiberglass spray equipment

Question 48

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One aspect of financial management involves managing cash flow for a business on a daily, weekly, monthly, and yearly basis.

Select one:

True 

False

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The correct answer is 'True'.

Question 49

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A lockbox is a technique for getting cash into a business's account faster.

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True 

False

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The correct answer is 'True'.

Question 50

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Capital budgeting is the process of analyzing business needs and the selection of assets that will maximize the value of the business.

Select one:

True 

False

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The correct answer is 'True'.