MGT100 HK1/ MGT100 HK1 Midterm Exam 2015 - 96447

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Question 1 1 points Save Which of the following has NOT been identified as a basic consumer right? Consumers have a right to safe products. Consumers have a right to collude. Consumers have a right to be informed about a product. Consumers have a right to be heard. Consumers have a right to choose what they buy. Question 2 1 points Save __________ occurs when producers, wholesalers, or retailers respond to increased demand with extremely high prices. Price fixing Gain taking Price gouging Recession pricing Inflation Question 3 1 points Save The Ronald McDonald House program is a good example of a(n) _____________ stance to social responsibility. accommodative obstructionist proactive defensive societal Question 4 1 points Save The Brazilian practice of jeitinho means "to find a way". "to win at all costs". "on my honor". "to dance together". "to fight like a lion". Question 5 1 points Save Carbon monoxide emitted by automobiles contributes to land pollution. air pollution. noise pollution. kiting. consumption. Question 6 1 points Save Which is the first step in establishing a social responsibility program? Social responsibility must start at the top. A committee of top managers must develop a plan. Governmental initiatives must dictate starting a plan. One executive must be put in charge of the firm's agenda. The organization must conduct occasional social audits. Question 7 1 points Save Dangerous chemical and/or radioactive byproducts of manufacturing processes are called green rain. phosphates. exajoules. toxic wastes. spreaders. Question 8 1 points Save In the fall of 2001, _________ purchased a 20% stake in ImClone. American Home Products BioMed IBM Schering-Plough Bristol-Myers Question 9 1 points Save Firms adopting a(n) ___________ stance to social responsibility do not necessarily or proactively seek avenues for contributing, but participate after solicitation. accommodative obstructionist proactive defensive societal Question 10 1 points Save Retailers who charged very high prices during the panic immediately following September 11, 2001 could have been charge with price fixing. price matching. unit pricing. segmentation pricing. price gouging. Question 11 1 points Save Best Brews buys coffee beans grown in South American and has them shipped to the U.S. for sale in their high-end coffee shops. In this example, Best Buys is _________ coffee. importing buying back brokering exporting servicing Question 12 1 points Save Which of the following is NOT mentioned as a common legal and political issue in international business? quotas tariffs local content laws business practice laws real property taxes Question 13 1 points Save Many countries control bacteria and disease by banning certain agricultural products through tariffs. embargoes. subsidies. local content laws. quotas. Question 14 1 points Save The rate at which the currency of one nation can be exchanged for that of another is called a(n) balance of payments. exchange rate. floating interest rate. trade surplus. trade deficit. Question 15 1 points Save Which of the following large firms began their international operations as exporters? Walgreens Cisco Systems UPS USPS Coca-Cola Question 16 1 points Save Tariffs that are imposed strictly to raise money for the government are referred to as ________ tariffs. revenue quota subsidy protectionist union Question 17 1 points Save Using a(n) ________ strategy, the company finds a partner in the country in which it would like to conduct business. branch office replication strategic alliance independent agency direct investment Question 18 1 points Save Toyota began selling cars in the United States during the 1930's. 1940's. 1950's. 1960's. 1970's. Question 19 1 points Save In 1999, the U.S. charged companies from Japan and Brazil with __________ for selling steel at prices 70% below its normal value. bribery setting up a cartel setting quotas dumping globalization Question 20 1 points Save The amount of Canadian softwood timber that can be imported is limited under a(n) tariff. embargo. subsidy. local content law. quota. Question 21 1 points Save __________ is a system of collaborative goal settings that extends from the top of an organization to the bottom. Equity theory Two-factor theory Hygiene theory Management by objectives Empowerment Question 22 1 points Save Joe Liemandt is the founder of EDS. Trilogy Software. BMC Software. Wal-Mart. Taylor Corporation. Question 23 1 points Save According to which of the following theories are workers solely motivated by money? behavior theory human relations theory two-factor theory classical theory expectancy theory Question 24 1 points Save Participative management and empowerment results in increased job satisfaction. greater commitment by employees to organizational goals. increased benefit costs. both a and b. both b and c. Question 25 1 points Save A challenging job and self-fulfillment can meet the ___________ needs level in the hierarchy of needs model. social self-actualization physiological esteem security Question 26 1 points Save Which of the following approaches to human relations in the workplace reflects a basic theory of motivation? classical theory scientific management behavior theory contemporary motivational theory all of the above Question 27 1 points Save Which of the following is designed to add one or more motivating factors to job activities? process management job redesign job enrichment MBO team management Question 28 1 points Save At Trilogy Software, Joe Liemandt emphasizes teamwork and risk-taking. process improvement. job redesign. telecommuting. reducing turnover. Question 29 1 points Save At United Systems, managers and employees meet to discuss organizational goals and set individual goals. Employees are evaluated and rewarded based on their achievement of these goals. United Systems uses a __________ system. participative management management by objectives team management job enrichment flextime Question 30 1 points Save Job rotation is a form of job enrichment. management by objectives. team management. flextime. participative management. Question 31 1 points Save Which of the following is a component of the marketing mix? place pricing promotion product all of the above Question 32 1 points Save Xbox was created by __________ and released to the market in November ______. Nintendo, 2001 Dell, 2000 IBM, 2000 Sega, 2001 Microsoft, 2001 Question 33 1 points Save Products purchased for personal use are called intangibles. consumer goods. industrial goods. industrial services. the advertising mix. Question 34 1 points Save Which of the following is NOT a method of marketing research? surveys observation focus groups experimentation positioning Question 35 1 points Save Hospitals, churches, museums, and charitable organizations are called __________ markets. reseller industrial institutional government pricing Question 36 1 points Save Raw materials, integrated circuits, and surgical instruments are substitute products. industrial goods. consumer goods. marketing goods. services. Question 37 1 points Save Data warehousing is a marketing strategy that emphasizes long lasting relationships with customers. the process of dividing a market into categories of customer types. the study of consumer needs and wants, and the ways in which sellers can best meet them. the process of collecting, storing, and retrieving data in electronic files. the process of fixing, adapting, and communicating the nature of the product itself. Question 38 1 points Save Market segmentation is a marketing strategy that emphasizes long lasting relationships with customers. the process of dividing a market into categories of customer types. the study of consumer needs and wants, and the ways in which sellers can best meet them. the process of collecting, storing, and retrieving data in electronic files. the process of fixing, adapting, and communicating the nature of the product itself. Question 39 1 points Save Which of the following best describes place utility? Emphasizing lasting relationships with customers and suppliers. Making products available when consumers want them. Transferring legal possession to the consumer. Making products available where consumers can conveniently purchase them. Turning raw materials into finished products. Question 40 1 points Save Which of the following is NOT a component of the organizational market? reseller markets industrial markets institutional market government markets retail markets Question 41 1 points Save When the quantity demanded exceeds the quantity supplied, a(n) __________ will result. demand deficit stoppage equilibrium point shortage surplus Question 42 1 points Save Who is MOST closely associated with the Production Era? Andrew Carnegie Andrew Mellon John D. Rockefeller J.P. Morgan Henry Ford Question 43 1 points Save Market forecasts are an example of information resources. physical resources. capital. labor. entrepreneurs. Question 44 1 points Save Which of the following most accurately reflects the history of business in the US, from earliest to most recent? Entrepreneurial Era, Industrial Revolution, Global Era, Marketing Era, Internet Era, Production Era. Industrial Revolution, Production Era, Entrepreneurial Era, Marketing Era, Internet Era, Global Era. Production Era, Industrial Revolution, Entrepreneurial Era, Marketing Era, Global Era, Internet Era. Marketing Era, Entrepreneurial Era, Industrial Revolution, Marketing Era, Global Era, Internet Era. Industrial Revolution, Entrepreneurial Era, Production Era, Marketing Era, Global Era, Internet Era. Question 45 1 points Save Of the following periods, which came first? Entrepreneurial Era Industrial Revolution Global Era Marketing Era Production Era Question 46 1 points Save In the city of Westminster, market analysts have observed that all Christmas trees offered for sale will be purchased at a price of $20.00 and all demand will be satisfied. In this market, $20,00 is the equilibrium price. demand price. supply price. enterprise price. margin price. Question 47 1 points Save In socialism, which of the following is most UNLIKELY to be owned by the government? the banking industry the communications industry the transportation industry the restaurant industry the steel industry Question 48 1 points Save Which of the following eras was prompted by increased consumer demand after World War II? Global Era Industrial Revolution Entrepreneurial Era Production Era Marketing Era Question 49 1 points Save On a graph showing the supply curve and the demand curve, the point at which the supply curve crosses the demand curve is referred to as _______. the junction the crossover the equilibrium price the law of demand the breakeven point Question 50 1 points Save "Buyers will purchase (demand) more of a product as its price drops and less of a product as its price increases." This is referred to as the buyers' code of conduct. the eternal purchase guideline. the "asking factor". the law of demand. the greater sucker theory. Question 51 1 points Save In a(n) __________ corporation, stock may be traded on the exchanges of several countries. transnational private S- limited liability global Question 52 1 points Save Which of the following typically has voting rights, with each share carrying one vote? common stock preferred stock bonds options futures Question 53 1 points Save Under a franchise arrangement, the buyer is called the franchisee. franchiser. bank. parent company. wholesaler. Question 54 1 points Save Under this arrangement, the SBA works with a corporation founded by local citizens who want to boost the local economy to finance the small business, with the SBA's share not to exceed $500,000 for each small business. guaranteed loans program immediate participation loans program venture capital subsidy program local development companies program long-term progressive loan program Question 55 1 points Save MasterCard is an example of a private or ________ corporation. general public closely held sole limited Question 56 1 points Save Which of the following are recent trends in small business startups? Entrepreneurs who cross over from big business. Increased opportunities for minorities. Increased opportunities for women. New opportunities in global enterprise. All of the above. Question 57 1 points Save Which of the following specializes in financing businesses that are owned and operated by minorities? MESBICs UNESCO UNSCOMs SEC FERAC Question 58 1 points Save Jan Pennington is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT one of the advantages of operating the business as a sole proprietorship? freedom simple to form limited liability low startup costs tax benefits Question 59 1 points Save Alan has invested $100,000 in a new business. In the event that the business fails, Alan can lose no more than the $100,000 that he has invested. Alan has most likely invested in a corporation. limited partnership. general partnership. sole proprietorship. either a or b. Question 60 1 points Save Which of the following guarantees holders fixed dividends? common stock bonds mortgages preferred stock none of the above Question 61 1 points Save Which of the following is a selection technique? application forms interviews aptitude tests polygraph tests all of the above Question 62 1 points Save Member of the International Brotherhood of Basketweavers have walked off the job based on the failure of contract negotiations between Collector Baskets, Inc. and the union representing the building maintenance staff. This is an example of a(n) __________ strike. wildcat sympathy wage economic contingent Question 63 1 points Save Which of the following describes the skills, education, and experience required by a job? staffing survey advertising budget job specification employee analysis on-the-job training agreement Question 64 1 points Save Jane, a supervisor, has offered George, a subordinate, a raise and promotion in exchange for a sexual relationship. This is an example of _________ harassment. quid pro quo hostile work environment affirmative action employment-at-will reverse Question 65 1 points Save A standardized form that asks the applicant for information such as background, experience, and education is referred to as a(n) resume. letter of introduction. advertisement. job application. performance recommendation. Question 66 1 points Save Employees hired to supplement an organization's permanent work force are called union trustbusters. contingent workers. migratory workers. flextime workers. telecommuters. Question 67 1 points Save A ___________ allows wage rates to be renegotiated during the life of a labor contract. cost-of-living adjustment bargaining zone strike bargaining unit wage reopener clause Question 68 1 points Save A(n) ____________ is a set of individuals who, by nature of one or more common characteristics, are protected from discrimination on the basis of that characteristic. protected class bargaining unit union worker's consortium affirmative action Question 69 1 points Save After negotiations failed, Collector Baskets, Inc. may chose to use a(n) __________ to prevent union employees from coming to work. wildcat strike boycott lockout strikebreaker economic strike Question 70 1 points Save Which of the following links raises performance levels in nonsales jobs? bonuses merit salary systems wages cafeteria benefit plans workers' compensation insurance Question 71 1 points Save Which of the following is a benefit of treating departments as profit centers? Control is narrowed and made easier. Coordination is narrowed and made easier. Top managers can see how units are performing. A department can be treated as a profit center. All of the above. Question 72 1 points Save Which of the following is a disadvantage of specialization? Employees may derive less satisfaction from their jobs. Employees may become bored and careless. Employees may become overpaid. All of the above. Both a and b. Question 73 1 points Save When the organization is divided according to production processes, it is using __________ departmentalization. functional process customer geographic finance Question 74 1 points Save In early 1999, Ford executives announced changes intended to eliminate corporate bureaucracy, speed decision making, and improve communication and working relationships among people at different levels of the organization. These changes are examples of the ________ function of management. controlling directing organizing planning none of the above Question 75 1 points Save Which of the following best describes responsibility? The power to make the decisions necessary to complete a task. The liability of subordinates for accomplishing tasks assigned by managers. The number of people supervised by one manager. The duty to perform an assigned task. The assignment of a task, responsibility, or authority by a manager to a subordinate. Question 76 1 points Save Vlasic has separate divisions to transform cucumbers into fresh-packed pickles, pickles cured in brine, and relishes. This is an example of __________ departmentalization. customer functional geographic process product Question 77 1 points Save Shell Oil has recently purchased an executive conference center north of Houston as part of its program to become a __________ organization. team virtual learning boundaryless flexible Question 78 1 points Save Which of the following begins when a manager assigns a task to a subordinate? delegation responsibility centralization decentralization authority Question 79 1 points Save Authority given to a special group of employees that play central roles in the firm's daily operations is called risk aversion. committee and team authority. line authority. matrix organization. international organization. Question 80 1 points Save Cypress Semiconductor employs a __________ organizational structure. team virtual learning boundaryless flexible Question 81 1 points Save A __________ balance of trade results when a country exports more than it imports. positive beneficial depressed nominal negative Question 82 1 points Save How might low inflation affect McDonald's? McDonald's will pay higher prices for supplies and will charge customers more for its products. McDonald's will pay relatively constant prices for supplies and will charge customers more for its products. McDonald's will pay higher prices for supplies, but will be unable to increase the price paid by customers. McDonald's will pay relatively constant prices for supplies, but will be unable to increase the price paid by customers. McDonald's will pay much higher prices for supplies and will charge customers more for its products. Question 83 1 points Save Which of the following will influence a neighborhood grocery store? an increase in unemployment in the area pricing policies of competitors other marketing policies of competitors all of the above none of the above Question 84 1 points Save ____________ is the economic condition characterized by widespread increased prices without increased purchasing power. Unemployment Deflation Expansion Stability Inflation Question 85 1 points Save Which of the following best describes real GDP? Total quantity of goods and services produced by an economic system. Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system. Total value of all goods and services produced within a given period by a national economy, through domestic factors of production measured in current dollars, or with all components valued at current prices. Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production. Total value of all goods and services produced by a national economy within a given period, calculated to account for changes in currency values and price changes. Question 86 1 points Save Currently, the U.S. national debt is approximately $590 million. $59 billion. $590 billion. $5.9 trillion. $590 trillion. Question 87 1 points Save The principle of _________ states that exchange rates are set so that the prices of similar products in different countries are about the same. purchasing power parity consumer price index gross national product equal prices nominal GDP Question 88 1 points Save Which of the following statements about inflation is true? The consumer price index is a good way of measuring inflation. Inflation decreases the purchasing power of consumer dollars. Inflation increases the purchasing power of consumer dollars. Both a and b. None of the above. Question 89 1 points Save Taken together, fiscal policy and monetary policy make up ________ policy. economic inflation recession information stabilization Question 90 1 points Save In the Fortune list of most admired companies, _________ was ranked first in its industry in 2001 and last in the 2002 list. Enron Wal-Mart Southwest Airlines Merck Canon Question 91 1 points Save Coca Cola's decision to increase sales in Europe by building European bottling facilities is an example of a(n) tactical plan. operational plan. strategic tactic. strategic plan. operational tactic. Question 92 1 points Save Marjorie Scardino's focus as CEO of Pearson PLC is on maximizing sales. looking for ways to increase efficiency and lower costs. the personal and professional welfare of her employees. reorganizing a large number of services into four core businesses. developing new products. Question 93 1 points Save Developed by middle- and lower-level managers, these short-term targets are directed at daily, weekly, or monthly performance. strategic goals tactical plans strategic plans operational plans tactical strategies Question 94 1 points Save Titles such as plant manager, operations manager, and division manager designate which of the following levels of management? first-line managers second-line managers middle managers top managers supervisors Question 95 1 points Save Comparing actual performance against standards is an example of which of the following processes of management? planning optimizing organizing directing controlling Question 96 1 points Save Which of the following managers depend most on conceptual skills? first-line managers top managers middle managers production managers marketing managers Question 97 1 points Save Which of the following would be classified as an opportunity for an organization? government regulations competition changing consumer tastes strong reputation with consumers recall of a competitor's product Question 98 1 points Save Pearson PLC is a(n) British media company. credit card and financial services company. travel agency. entertainment conglomerate. farming cooperative. Question 99 1 points Save The last step in the decision-making process is evaluating the alternatives. implementing the chosen alternative. defining the problem. evaluating the effectiveness of the chosen alternative. gathering facts. Question 100 1 points Save The titles supervisor, office manager, and group leader are examples of which of the following levels of management? top management middle management first-line management operations management marketing management
Solution Description

Question 1 1 points Save

Which of the following has NOT been identified as a basic consumer right?

Consumers have a right to safe products.

Consumers have a right to collude.

Consumers have a right to be informed about a product.

Consumers have a right to be heard.

Consumers have a right to choose what they buy.

Question 2 1 points Save

__________ occurs when producers, wholesalers, or retailers respond to increased demand with extremely high prices.

Price fixing

Gain taking

Price gouging

Recession pricing

Inflation

Question 3 1 points Save

The Ronald McDonald House program is a good example of a(n) _____________ stance to social responsibility.

accommodative

obstructionist

proactive

defensive

societal

Question 4 1 points Save

The Brazilian practice of jeitinho means

"to find a way".

"to win at all costs".

"on my honor".

"to dance together".

"to fight like a lion".

 

Question 5 1 points Save

Carbon monoxide emitted by automobiles contributes to

land pollution.

air pollution.

noise pollution.

kiting.

consumption.

Question 6 1 points Save

Which is the first step in establishing a social responsibility program?

Social responsibility must start at the top.

A committee of top managers must develop a plan.

Governmental initiatives must dictate starting a plan.

One executive must be put in charge of the firm's agenda.

The organization must conduct occasional social audits.

Question 7 1 points Save

Dangerous chemical and/or radioactive byproducts of manufacturing processes are called

green rain.

phosphates.

exajoules.

toxic wastes.

spreaders.

Question 8 1 points Save

In the fall of 2001, _________ purchased a 20% stake in ImClone.

American Home Products

BioMed

IBM

Schering-Plough

Bristol-Myers

Question 9 1 points Save

Firms adopting a(n) ___________ stance to social responsibility do not necessarily or proactively seek avenues for contributing, but participate after solicitation.

accommodative

obstructionist

proactive

defensive

societal

Question 10 1 points Save

Retailers who charged very high prices during the panic immediately following September 11, 2001 could have been charge with

price fixing.

price matching.

unit pricing.

segmentation pricing.

price gouging.

Question 11 1 points Save

Best Brews buys coffee beans grown in South American and has them shipped to the U.S. for sale in their high-end coffee shops. In this example, Best Buys is _________ coffee.

importing

buying back

brokering

exporting

servicing

Question 12 1 points Save

Which of the following is NOT mentioned as a common legal and political issue in international business?

quotas

tariffs

local content laws

business practice laws

real property taxes

Question 13 1 points Save

Many countries control bacteria and disease by banning certain agricultural products through

tariffs.

embargoes.

subsidies.

local content laws.

quotas.

Question 14 1 points Save

The rate at which the currency of one nation can be exchanged for that of another is called a(n)

balance of payments.

exchange rate.

floating interest rate.

trade surplus.

trade deficit.

Question 15 1 points Save

Which of the following large firms began their international operations as exporters?

Walgreens

Cisco Systems

UPS

USPS

Coca-Cola

Question 16 1 points Save

Tariffs that are imposed strictly to raise money for the government are referred to as ________ tariffs.

revenue

quota

subsidy

protectionist

union

Question 17 1 points Save

Using a(n) ________ strategy, the company finds a partner in the country in which it would like to conduct business.

branch office

replication

strategic alliance

independent agency

direct investment

Question 18 1 points Save

Toyota began selling cars in the United States during the

1930's.

1940's.

1950's.

1960's.

1970's.

Question 19 1 points Save

In 1999, the U.S. charged companies from Japan and Brazil with __________ for selling steel at prices 70% below its normal value.

bribery

setting up a cartel

setting quotas

dumping

globalization

Question 20 1 points Save

The amount of Canadian softwood timber that can be imported is limited under a(n)

tariff.

embargo.

subsidy.

local content law.

quota.

Question 21 1 points Save

__________ is a system of collaborative goal settings that extends from the top of an organization to the bottom.

Equity theory

Two-factor theory

Hygiene theory

Management by objectives

Empowerment

Question 22 1 points Save

Joe Liemandt is the founder of

EDS.

Trilogy Software.

BMC Software.

Wal-Mart.

Taylor Corporation.

Question 23 1 points Save

According to which of the following th