MGT 100 Introduction to Business Final Exam Answers

MGT 100 Introduction to Business Final Exam Answers

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Take Assessment: Final Exam

Name Final Exam Instructions Multiple Attempts This Test allows 2 attempts. This is attempt number 2. Force Completion This Test can be saved and resumed later.

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Question 1	1 points				Save
	The most typical time frame for a budget is
	one month. three months. six months. one year. five years.

Question 2	1 points				Save
	Which of the following is NOT a Core Competency in Accounting as identified by the CPA Vision Project?
	skills in interpreting converging information strategic and critical skills technology skills computational skills communication and leadership skills

Question 3	1 points				Save
	The ____________ measures the average number of times that inventory is sold and restocked during the year.
	inventory turnover ratio current ratio the restock factor The Learning Effect the acid test ratio

Question 4	1 points				Save
	As buildings and equipment wear out or become obsolete, their value decreases. To reflect decreasing value, accountants use
	prepaid expenses. subtracting methods. depreciation. licensing. all of the above.

Question 5	1 points				Save
	_______________ is concerned with reporting the operations of the company as a whole to shareholders and the public.
	Managerial accounting Government accounting Minor accounting Financial accounting Stock market accounting

Question 6	1 points				Save
	An expense, such as rent, that is paid before the upcoming period in which it is due is referred to as _________ on the balance sheet.
	accounts receivable futures prepaid expenses merchandise inventory marketable securities

Question 7	1 points				Save
	__________ is also known as net profit or net earnings.
	Operating income Net income Cash flow Leverage Selling income

Question 8	1 points				Save
	Subtracting income taxes from operating income reveals
	operating income. net income. cash flow. leverage. selling income.

Question 9	1 points				Save
	Depreciation is
	the process of distributing the cost of an asset over its useful life. the amount paid for an existing business above the value of its other assets. a debt that must be paid within the year. additional money, above proceeds from a stock sale, paid directly to a firm by its owners. a debt that is not due for at least one year.

Question 10	1 points				Save
	Which of the following statements is the most accurate?
	All inventory turnover ratios should be five or above. A “good” inventory turnover ratio depends upon the industry that a firm is in. As a rule, any firm strives to achieve an inventory ratio below five. Most firms pay no attention to inventory turnover. Inventory turnover is a short-term solvency ratio.

Question 11	1 points				Save
	Along with the computer, Mega Computers has sent a document that states the promised payment date and amount. The buyer must sign it before taking the computer. This is a(n)
	revolving credit agreement. open-book credit. promissory note. trade draft. line of credit.

Question 12	1 points				Save
	Financial control is
	the process of checking actual performance against plans to ensure that desired financial results occur. a firm’s strategies for reaching some future financial position. rules governing a firm’s extension of credit to customers. the granting of credit by one firm to another. the management of cash inflows and outflows to ensure adequate funds for purchases and the productive use of excess funds.

Question 13	1 points				Save
	Property insurance is
	insurance covering income lost during times when a company is unable to conduct business. insurance underwritten for a group as a whole rather than each individual in it. insurance covering losses resulting from physical damage to or loss of the insured’s real estate or personal property. coverage provided by a firm to employees for medical expenses, loss of wages, and rehabilitation costs resulting from job-related injuries or disease. insurance covering losses resulting from medical and hospital expenses as well as income lost from injury or disease.

Question 14	1 points				Save
	Cash-flow management is
	the process of checking actual performance against plans to ensure that desired financial results occur. a firm’s strategies for reaching some future financial position. rules governing a firm’s extension of credit to customers. the granting of credit by one firm to another. the management of cash inflows and outflows to ensure adequate funds for purchases and the productive use of excess funds.

Question 15	1 points				Save
	The mix of debt and equity funding that a firm uses is called its
	capital structure. long-term funding mix. financial mix. debt-to-equity ratio. corporate capital mix.

Question 16	1 points				Save
	Credit policies are
	the process of checking actual performance against plans to ensure that desired financial results occur. a firm’s strategies for reaching some future financial position. rules governing a firm’s extension of credit to customers. the granting of credit by one firm to another. the management of cash inflows and outflows to ensure adequate funds for purchases and the productive use of excess funds.

Question 17	1 points				Save
	A __________ is an arrangement in which a lender agrees to make funds available on demand and on a continuing basis.
	line of credit revolving credit agreement commercial paper factoring trade acceptance

Question 18	1 points				Save
	_________ risks involve the possibility of gain or loss.
	Acts of God Market Speculative Pure Financial

Question 19	1 points				Save
	__________ is uncertainty about future events.
	Flow Risk Leverage Liquidity Hedging

Question 20	1 points				Save
	_______ are purchases of fixed assets such as land, buildings, and machinery.
	Capital expenditures Operating expenditures Fixed expenditures Budgeted expenditures Investments

Question 21	1 points				Save
	Search engines such as Yahoo! serve as ___________, collections of business Web sites representing diverse products.
	internet service providers electronic storefronts cybermalls multi-level marketers e-catalogs

Question 22	1 points				Save
	___________ help Internet customers by gathering and sorting information on products and prices.
	Rack jobbers Syndicated sellers E-referrals Shopping agents Brokers

Question 23	1 points				Save
	Which of the following would violate FCC cross-ownership regulations?
	Montrose Broadcasting owns newspapers in San Diego and San Francisco. Wine Tarner owns one newspaper and one television station in Omaha. Entertainment Systems owns a newspaper in Orlando and a radio station in Tampa. All of the above. None of the above.

Question 24	1 points				Save
	The Federal Communications Commission has regulations against ____________, ownership of more than one media outlet in the same market.
	channeling multi-plexing cross-ownership dual ownership dual distribution

Question 25	1 points				Save
	The type of nonstore marketing used by Tupperware, Amway, and Avon is
	direct selling. video marketing. electronic shopping. telemarketing. mail order.

Question 26	1 points				Save
	__________ generate large sales volume by offering goods at substantial price reductions. In recent years they have offered higher quality and a few department store services.
	Discount houses Warehouse clubs Factory outlets Off-price stores Catalog showrooms

Question 27	1 points				Save
	In _________, the telephone is used to sell directly to consumers.
	direct selling video marketing electronic shopping telemarketing mail ordering

Question 28	1 points				Save
	There are over _______ million retail establishments in the U.S.
	10.0 7.5 5.0 2.5 1.6

Question 29	1 points				Save
	___________ distribution is a strategy by which a manufacturer grants exclusive rights to distribute or sell a product to a limited number of wholesalers or retailers in a given geographic area.
	Network Exclusive Selective Matrix Intensive

Question 30	1 points				Save
	Which of the following work on commission, do not take title to the goods they sell, and serve as sales reps to manufacturers who need them?
	merchant wholesalers merchant shippers drop shipper rack jobbers agents and brokers

Question 31	1 points				Save
	Only corporations can issue ___________ bonds.
	municipal serial callable convertible sinking fund

Question 32	1 points				Save
	A _______ is a bond for which no specific property is pledged as collateral.
	bearer bond debenture registered bond secured bond callable bond

Question 33	1 points				Save
	Animal names have figured prominently in the stock market for years. Which animal listed below do we associate with a rising market?
	lamb tiger bear bull panther

Question 34	1 points				Save
	What condition would lead an issuer to call a bond?
	The coupon payments on the bond are high. Prevailing interest rates are lower than the rate being paid on the bond. Government regulation. The coupon payments on the bond are low. Prevailing interest rates are higher than the rate being paid on the bond.

Question 35	1 points				Save
	Which of the following are aspects of a short sale by an investor?
	Borrowing of stock from a broker. Required return of the stock to broker. Hope for falling price on the stock sold short. Money not required up front. All of the above.

Question 36	1 points				Save
	On the stock pages of The Wall Street Journal, which column informs us as to how many shares of a given stock was sold during the market session reported on?
	Vol 100s Close Net Chg 52-Week High Div

Question 37	1 points				Save
	Among municipal bonds, which are backed by the issuer’s taxing power?
	obligation bonds revenue bonds supported bonds commonwealth bonds trans-issued bonds

Question 38	1 points				Save
	Through _________, the risk of loss is reduced by spreading the total investment across more stocks.
	spreading shorting margin buying asset allocation diversification

Question 39	1 points				Save
	Typically, a state or local government will issue ___________ to fund new elementary and high schools.
	obligation bonds revenue bonds supported bonds commonwealth bonds trans-issued bonds

Question 40	1 points				Save
	Which is the most widely cited U.S. stock market index?
	Standard & Poor’s Composite Index the NYSE index The New York Times index Dow Jones Industrial Average NASDAQ composite index

Question 41	1 points				Save
	Buyers fall into two groups: buyers of __________ and buyers of ___________.
	shopping goods, convenience goods temporary goods, permanent goods quick goods, fast goods consumer products, industrial products cheap goods, expensive goods

Question 42	1 points				Save
	Companies often price their products to establish ______________, a company’s percentage of the total market sales for a specific product type.
	market share fixed costs sales percentage variable costs breakeven point

Question 43	1 points				Save
	Which of the following is most likely to generate profits to cover the expenses of developing new products?
	price fixing price skimming penetration pricing market pricing price lining

Question 44	1 points				Save
	___________ is frequently used to stimulate sales.
	Price fixing Price discounting Psychological pricing Market pricing Price lining

Question 45	1 points				Save
	Which of the following is NOT a function of packaging?
	Serves as in-store advertisement. Reduces risk of spoilage. Increases the quality of the product inside. Makes the product attractive. Displays the brand name.

Question 46	1 points				Save
	___________ refers to the physical container in which a product is sold, advertised, or protected.
	Labeling Branding Pricing Packaging Lining

Question 47	1 points				Save
	The three types of brand names are ________________ brands.
	national, licensed, and private large, medium, and small local, regional, and national nearer, farther, and farthest numerical, logistical, and literal

Question 48	1 points				Save
	A ____________ is the tangible and intangible features that characterize a product.
	product line service package service mix prototype product mix

Question 49	1 points				Save
	When companies extend their horizons and identify opportunities outside existing product lines, the result is
	conglomeration. multiple product lines. ubiquity. universalism. global response.

Question 50	1 points				Save
	A product __________ is a group of similar products intended for a group of similar buyers.
	line assortment mix shield range

Question 51	1 points				Save
	The evaluation of all work activities, materials flows, and paperwork to determine the value that they add for customers is
	quality/cost studies. value-added analysis. benchmarking. getting closer to the customer. statistical process control.

Question 52	1 points				Save
	Through _________, a firm compares its products and processes with those of competitors or even companies in other lines of business.
	external benchmarking quality improvement failure management internal benchmarking process improvement

Question 53	1 points				Save
	Which of the following was used where GTE improved its over-the-phone business?
	ISO 9000 reengineering ROQ Back to Basics Six Sigma

Question 54	1 points				Save
	Business process reengineering is
	the concept that all employees are valuable contributors to a firm’s business, and should be entrusted with decisions regarding their work. the redesigning of business processes to improve performance, quality, and productivity. a program certifying that a factory, laboratory, or office has met the quality management standards of the International Organization for Standardization. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system. a certification program attesting to the fact that a factory, laboratory, or office has improved environmental performance.

Question 55	1 points				Save
	A product with a very low defect rate would have high
	quality control. quality reliability. quality circles. total quality management. performance quality.

Question 56	1 points				Save
	Productivity measures how much we produce with the _______ we use to produce it.
	materials labor resources dollars time

Question 57	1 points				Save
	The process by which a company analyzes a competitor’s product to identify desirable improvements in its own is called
	competitive product analysis. benchmarking. quality/cost studies. performance quality analysis. quality reliability analysis.

Question 58	1 points				Save
	Employee empowerment is
	the concept that all employees are valuable contributors to a firm’s business, and should be entrusted with decisions regarding their work. an ongoing commitment to improving products and processes in the pursuit of ever-increasing customer satisfaction. a program certifying that a factory, laboratory, or office has met the quality management standards of the International Organization for Standardization. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system. a certification program attesting to the fact that a factory, laboratory, or office has improved environmental performance.

Question 59	1 points				Save
	A _________ could be used to analyze variations in the weight of cereal boxes.
	process capability study value-added analysis benchmark quality circle quality/cost study

Question 60	1 points				Save
	Total quality management is
	the principle that quality belongs to each person who creates it while performing a job. the consistency of a product’s quality from unit to unit. the performance features offered by a product. the sum of all activities involved in getting high-quality products into the marketplace. the process by which a company analyzes a competitor’s products to identify desirable improvements.

Question 61	1 points				Save
	Information is
	the useful interpretation of facts and figures. names and numbers from a large phonebook. raw facts and figures. proven facts. controlled flow of words for a useful purpose.

Question 62	1 points				Save
	Netscape Navigator, Netscape Communicator, and Internet Explorer are
	data communication networks. Web links. browsers. Web servers. connections.

Question 63	1 points				Save
	__________ need information to analyze trends in the business environment and overall company performance in order to make long-range plans.
	Middle managers Members of the board of directors Top-level managers First-level managers Knowledge workers

Question 64	1 points				Save
	The ________ was originally commissioned by the Pentagon.
	Fox News Channel World Wide Web National Public Radio Federal Communications Commission Internet

Question 65	1 points				Save
	_________ allows people in remote locations to work simultaneously on one document.
	Videoconferencing Voice mail Data conferencing Digital information service An Internet service provider

Question 66	1 points				Save
	A(n) ________________ is a quick-reference, easy-access application of information systems specially designed for instant access by upper-level managers.
	application decision support executive support expert artificial intelligence

Question 67	1 points				Save
	Which of the following is a database management program?
	Microsoft Access Word Perfect Lotus 1-2-3 A, b, and c None of the above

Question 68	1 points				Save
	Robotics is a special category of
	applied technology. human support. executive support. an expert system. artificial intelligence.

Question 69	1 points				Save
	Which of the following are spreadsheet packages?
	Lotus 1-2-3 Quattro Pro Microsoft Excel All of the above None of the above

Question 70	1 points				Save
	Lotus Notes and Netscape Communicator are __________ products.
	groupware data communication network Internet electronic conferencing Internet service provider

Question 71	1 points				Save
	A nondeposit financial institution that pools funds from it members to provide retirement income for its members is a(n)
	credit union. securities dealer. insurance company. finance company. pension fund.

Question 72	1 points				Save
	The _________ funds national improvements by making loans to build roads, schools, power plants, and hospitals.
	Federal Reserve World Bank Import-Export Bank European Union International Monetary Fund

Question 73	1 points				Save
	Approximately ________ of all U.S. currency is held by residents of other countries who want the security of U.S. dollars.
	10 percent 20 percent 25 percent 50 percent 75 percent

Question 74	1 points				Save
	Which of the following is a purpose of the International Monetary Fund?
	Promote the stability of exchange rates. Provide temporary, short-term loans to member countries. Encourage members to cooperate on international monetary issues. Encourage development of a system for international payments. All are purposes of the IMF.

Question 75	1 points				Save
	Which of the following will result in an increase of the money supply?
	An increase in reserve requirements. An increase in the discount rate. A decrease in reserve requirements. An increase in taxes. Sale of securities by the Fed.

Question 76	1 points				Save
	David has a savings account and his home mortgage with this financial institution. In addition, he periodically receives a dividend check from them. He is invested with a
	commercial bank. finance company. savings and loan associations. mutual savings bank. credit union.

Question 77	1 points				Save
	Which of the following is NOT part of the M-2 money supply?
	time deposits money market mutual funds savings deposits government bonds currency

Question 78	1 points				Save
	Where will one find the most avid users of the smart card?
	United States Great Britain North Africa Europe and Asia Scandinavia

Question 79	1 points				Save
	If today’s currency wears out it can be replaced, thus demonstrating that it is
	portable. divisible. stable. durable. valuable.

Question 80	1 points				Save
	Individual banks that need money can borrow from the Federal Reserve and pay interest on the loans, while the Fed provides storage for commercial banks. The preceding sentence describes which role of the Fed?
	the government’s bank the bankers’ bank guardian of the currency controlling the money supply overseeing the economy

Question 81	1 points				Save
	Approximately ________ of the Gross Domestic Product is generated by the service sector.
	20 percent 40 percent 60 percent 70 percent 80 percent

Question 82	1 points				Save
	The typical layout in automobile, food-processing, and computer assembly plants is the _______ layout.
	process customer product cellular fixed-position

Question 83	1 points				Save
	Using a _________ chart, managers list all the activities needed to complete a job, estimate the time required for each step, and check the progress of the project against the chart.
	lead time Simon MRP II PERT Gantt

Question 84	1 points				Save
	Lockheed Martin is using _________ to automatically inform their engineers and those of their subcontractors of changes to designs.
	monthly updates an electronic bulletin board a product data management system a newsletter annual meetings

Question 85	1 points				Save
	The layout that is efficient and inexpensive because it simplifies work tasks and uses unskilled labor is the _______ layout.
	process customer product cellular fixed-position

Question 86	1 points				Save
	Steve manages people who take various raw materials and pre-made assemblies and puts them together in a unique product that is sold to retail stores. Steve is involved in
	service creation. goods creation. plant management. manufacturing management. operations management.

Question 87	1 points				Save
	Check processing at your local bank is a(n) ___________ system.
	active high-contact low-contact high-interaction low-interaction

Question 88	1 points				Save
	Employment in the service sector accounts for approximately _________ of jobs in the United States.
	20 percent 40 percent 60 percent 70 percent 80 percent

Question 89	1 points				Save
	The layout where the arrangement of production facilities is design to move families of products through similar flow paths is the _______ layout.
	process customer product cellular fixed-position

Question 90	1 points				Save
	A _________ chart is a production schedule specifying the sequence and critical path for performing the steps in a project.
	lead time Simon MRP II PERT Gantt

Question 91	1 points				Save
	The sending of fliers or other types of printed advertisements to consumer’s homes is
	magazines. television. newspaper. radio. direct mail.

Question 92	1 points				Save
	__________ indicate(s) that the buyer is interested and pinpoint(s) the parts of the presentation that trouble the buyer.
	Approaching Demonstrations Objections Closing Qualifying

Question 93	1 points				Save
	To stimulate sales, drug companies use
	educational events. funding for medical research. direct-to-consumer marketing. promotional gifts. all of the above.

Question 94	1 points				Save
	The owner of Billy Joe’s Barbecue is looking at his advertising, sales promotion, and publicity programs. He is reviewing the company’s ___________ mix.
	communications marketing promotional publicity consumer information

Question 95	1 points				Save
	When New York Life advertises the safety and security of its products, it is using a _______ advertising strategy.
	push persuasive comparative pull reminder

Question 96	1 points				Save
	As an example of adding value, Burger King cut back on advertising dollars and used those funds for
	meat purchases in South America. adding highly trained managers for their units. customer discounts. expansion of the chain. none of the above.

Question 97	1 points				Save
	____________ allow companies to rent booths to display and demonstrate products to customers who have a special interest in them.
	Premiums Directional signs Point-of-purchase displays Trade shows Coupon incentives

Question 98	1 points				Save
	During the postpurchase evaluation stage of the consumer buying process, the most effective promotional tool(s) is/are
	advertising and sales promotion. personal selling. advertising and publicity. sales promotion and personal selling. advertising and personal selling.

Question 99	1 points				Save
	When selling new, innovative products the type of selling most likely needed is
	order processing. sales promotions. creative selling. missionary selling. public relations.

Question 100	1 points				Save
	Which of the following make it easier for customers to find a product and eliminate competitors’ products from consideration?
	contests POP displays coupon premiums trade shows