Eastern Gateway Community College BUS 101: Final Exam_ Introduction to Business | Score for this quiz: 94 out of 100 Latest 2026.

Final Exam_ Introduction to Business - BUS101 LATEST Attempt 1 203 minutes 94 out of 100  Correct answers are hidden. Score for this quiz: 94 out of 100 Submitted Mar 7 at 12:54am This attempt took 203 minutes. Question 1 1 / 1 pts Businesses engage in environmental protection activities to show their responsibility to their general public stakeholders. True False Question 2 1 / 1 pts The critical path method (CPM) is used to design, test, and modify new and existing products. TrueFalse Question 3 1 / 1 pts A tall organization structure has many managerial levels and a long chain of command. True False Question 4 1 / 1 pts Management involves: all of the above planning leadership controlling organizing Question 5 1 / 1 ptsOne of the documents that help human resource planners find the right person for a specific job is a list of tasks and responsibilities required of the job. This document is known as a: job description job worksheet job specification personnel requirement skill list Question 6 1 / 1 pts Service companies generally use a repetitive or intermittent production process rather than the continuous process. True False Question 7 1 / 1 pts A well-designed product transcends cultural barriers. It does not need to be changed to suit different countries or cultures. True FalseQuestion 8 1 / 1 pts Retained earnings are the amounts left over from profitable operations since the firm's beginning. They are equal to total profits minus all dividends paid to stockholders. True False Incorrect Incorrect Question 9 0 / 1 pts Economics is the study of a society's financial institutions. True False Question 10 1 / 1 pts The marketing concept: does all of the above achieves long-term organizational goals integrates all of the company's activities to satisfy customer wantsfocuses on customer wants so the company can differentiate its product from its competition satisfies customer wants and needs legally and responsibly Question 11 1 / 1 pts A current asset is one that can or will be converted into cash within one year. True False Question 12 1 / 1 pts _____ is the set of moral standards for judging whether something is right or wrong. The marketing concept Ethics Social responsibility Legality ConsumerismQuestion 13 1 / 1 pts _____ is the gap between what is and what is desired, and _____ is the gap between what is and what is required. Motivation; experience A perquisite; a goal A want; a need Experience; Motivation A need; a want RATIONALE: Employee stock ownership plans are great motivators. Question 14 1 / 1 pts Employee ownership creates too much stress and is a poor motivator. True False Question 15 1 / 1 pts Types of promotional goals include creating awareness, increasing the use of products, and identifying potential customers. TrueFalse Question 16 1 / 1 pts Internet retailing is also called e-retailing. True False Question 17 1 / 1 pts The International Monetary Fund (IMF) was created to promote trade through financial cooperation by working to eliminate trade barriers. False RATIONALE: Physical distribution is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers. True Question 18 1 / 1 pts Leon Georges works in the warehouse for a manufacturer of airpurification systems. He is responsible for the transportation of metal components, preformed plastic, etc. used to manufacture the systems as well as the efficient movement of the finished systems from themanufacturing facility to the warehouse to distribution trucks. Georges is involved in: distribution intermediation countertrading component logistics centralized transportation Question 19 1 / 1 pts _____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action. Supervisory Functional RATIONALE: This is an example of an account receivable. Strategic Operational Tactical Question 20 1 / 1 pts The $350 charged to the homeowner for electrical work performed one month ago is an example of a note receivable.True False Question 21 1 / 1 pts Performance appraisals are comparisons of actual performance with expected performance. True False Question 22 1 / 1 pts In 2004, Albertson's Inc. purchased Southern California's premier fresh, gourmet, and specialty food retailer, Bristol Farms. This was an example of an acquisition. True False RATIONALE: The matrix structure combines functional and product departmentalization. Question 23 1 / 1 pts The matrix structure is a combination of a line and a staff organization.True False Question 24 1 / 1 pts Performance appraisals are used most often to make decisions about pay raises, training needs, and advancement opportunities. True False Question 25 1 / 1 pts The Sarbanes-Oxley Act redefines the public corporation-auditor relationship and restricts the types of services auditors can provide to clients. True False Question 26 1 / 1 pts Scientific management focused primarily on how human behavior and relations affect organizational performance.True False Question 27 1 / 1 pts In business, an example of a protected class would be the spotted owl, whose habitat loggers and the paper industry may not disturb. True False RATIONALE: This is factoring. Question 28 1 / 1 pts Selling a firm's accounts receivables to a financial institution at a discount is called countertrading. True False Question 29 1 / 1 pts Which of the following is an advantage of sole proprietor ownership? Ease with which capital can be raisedLimited liability Freedom from government regulation None of the above Ease with which qualified employees can be found Question 30 1 / 1 pts Making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash: management targeting administration capitalization maintenance Question 31 1 / 1 pts Labor, as a factor of production, relates only to the production of manufactured goods; services are not included. True FalseQuestion 32 1 / 1 pts _____ refers to all of the equipment and techniques needed to manage and process information. A relational network A transaction system An intranet RATIONALE: Organization charts are visual representation among tasks and the people given the authority to perform those tasks. A data processing system Information technology Question 33 1 / 1 pts Organization charts show the formal and informal relationships among people, jobs, and departments. True False Question 34 1 / 1 pts An excellent way of putting the informal organization to work for the good of the company is to bring informal leaders into the decision-makingprocess. True False Incorrect Incorrect Question 35 0 / 1 pts In the past few years, the federal government has cut back burdensome government regulations and paperwork to the point that they are almost non-existent for small business owners. True False Question 36 1 / 1 pts What is the primary difference between a good and a service? A service is tangible, and a good is intangible. The development costs for a service is higher than for a product. A good costs more to produce than a service. A good is tangible, and a service is intangible. A good costs more to market than a serviceQuestion 37 1 / 1 pts Many people consider knowledge to be a fifth factor of production. True False Question 38 1 / 1 pts The situation in which the average of all prices of products is rising is called inflation. True False Question 39 1 / 1 pts When Allison Logue found out her children were allergic to corn, she started looking for sweets and starches that were corn-free and was dismayed to find very few such products on the market. As a result, she has started her own small business to produce and market corn-free desserts. It is a small market, and Logue plans to keep her business small. Logue is an example of a(n): micropreneur interpreneurgrowth entrepreneur intrapreneur multipreneur Question 40 1 / 1 pts Recruitment is the attempt to find and attract qualified applicants in the external labor market. True False Question 41 1 / 1 pts When Ashland Plastics and Melamine Chemicals formed a joint venture to develop flame-resistant plastic sheeting, the relationship most likely ended as soon as the project was completed. True False Question 42 1 / 1 ptsAn enterprise portal is an internal Web site that provides proprietary corporate information to a defined user group. True False Question 43 1 / 1 pts The chain of manufacturer, agent, wholesaler, and retailer through which items like x-ray machines, dental equipment, and safety goggles flow is called a(n) ______ channel. promotional industrial consumer service distribution Incorrect Incorrect Question 44 0 / 1 pts The two types of cooperatives are wholesale and retail. True FalseQuestion 45 1 / 1 pts Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products. True False Question 46 1 / 1 pts What type of business organization generates the most total sales? General partnership Cooperative Partnership Corporation Sole proprietorship Question 47 1 / 1 pts An example of nonstore retailing is the vending machine from which you purchased a soda.False RATIONALE: Enlightened firms are realizing the value of empowerment in improving employee satisfaction. True Question 48 1 / 1 pts Enlightened firms are realizing that empowerment puts too much stress on employees and are eliminating empowerment programs. True False RATIONALE: He is doing survey research Question 49 1 / 1 pts Verna Knight is doing observation research when he asks people to describe how to fold sheets, towels, and pillowcases. True False RATIONALE: Venture capitalists provide equity financing. Incorrect Incorrect Question 50 0 / 1 ptsVenture capitalists provide a source of debt financing and usually charge high interest for loans because of the high risk of the enterprises they finance. True False Question 51 1 / 1 pts _____ is the process that converts inputs into outputs that can be sold as goods and services. Mechanization Operations Production Specialization Marketing Question 52 1 / 1 pts The final stage of the selling process is closing the sale. True FalseQuestion 53 1 / 1 pts A manufacturing company in which industrial engineers have maximized efficiency by determining the best way to perform every task from tightening a bolt to operating a forklift would be illustrative of: equity theory Herzberg's motivator-hygiene theory expectancy theory the Hawthorne effect scientific management Question 54 1 / 1 pts When workers in a union elect their officers to represent them, it is an example of division of labor. False RATIONALE: A term loan is a loan with an initial maturity of more than one year True Question 55 1 / 1 ptsA term loan is a loan with a maturity of less than a year. False . T rue Question 56 1 / 1 pts The reason that Castle and Cooke processes and packages Dole pineapple products in Hawaii is more than likely because of low energy costs. True False Incorrect Incorrect Question 57 0 / 1 pts The short-range, detailed planning that focuses on current operations is called functional planning. True False Question 58 1 / 1 ptsStrategic planning is long-range, formulated by top management, and made as if the company operated in a vacuum True False Question 59 1 / 1 pts International trade-dependent jobs have grown at a rate three times the growth of U.S.-dependent jobs. True False Question 60 1 / 1 pts In the product development process, most companies utilize the concepts of brainstorming, screening, and test marketing. True False RATIONALE: These are computer viruses. Incorrect Incorrect Question 61 0 / 1 ptsA computer program that copies itself into other software and can spread to other computer systems is called a software infestation. True False Question 62 1 / 1 pts Managers can use equity theory to improve worker satisfaction. True False RATIONALE: According to goal-setting theory, more difficult goals lead to better performance than easy goals. Question 63 1 / 1 pts With the goal-setting theory, managers have learned that easier goals motivate more effectively than challenging ones. False RATIONALE: Acquiring venture capital is a difficult process. True Question 64 1 / 1 ptsOf all the forms of equity capital, venture capital is the easiest to obtain. True False Question 65 1 / 1 pts _____ involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals. Resource planning Operational planning Implementing Controlling Organizing Question 66 1 / 1 pts Operations managers: face the challenge of combining people and other resources to produce high-quality productswork closely with people in marketing, finance, accounting, and human resources departments True *b. False help to decide which products the company should produce are accurately described by all of the above RATIONALE: Another term for net worth is owners' equity 7. Another term for net worth is working capital. Question 67 1 / 1 pts _____ management is the art and science used to determine the most effective ways to acquire and use funds to achieve the firm's goals. Corporate Financial Money Operations Accounting Question 68 1 / 1 pts Armenia had a favorable balance of trade in 2018 when it exported $800 million in goods and services and imported $1.5 billion.True False Question 69 1 / 1 pts According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is: longer lunch breaks money responsibility good communication shorter hours Question 70 1 / 1 pts Due to their size large businesses tend to have greater flexibility than small businesses. True False Question 71 1 / 1 ptsSocial responsibility is a voluntary obligation. True False Question 72 1 / 1 pts Which of the following is NOT one of the main activities for a human resource manager? coordinating marketing and production activities organizational career management RATIONALE: The three participative leadership styles are democratic, consensual, and consultative. recruiting and selecting employees training and developing employees performance planning and evaluation Question 73 1 / 1 pts The three participative leadership styles are consultative, democratic, and socialistic. TrueFalse Question 74 1 / 1 pts The Blue Bird Bus Company in Georgia sells buses to the South African government. To South Africa, these buses are an example of: intangibles imports countertrades exports tariffs Question 75 1 / 1 pts Chewing gum, flashlight batteries, sewing needles, and adhesive tape are considered convenience products. True False Question 76 1 / 1 ptsCrisis, both internal and external, do not affect well-managed organizations. True False Question 77 1 / 1 pts Supervisory managers are the ones that primarily need to have strong conceptual skills. True False RATIONALE: Grid computing provides a way to divide mammoth tasks into smaller tasks Question 78 1 / 1 pts Grid computing is another term used for telecommuting. True False Question 79 1 / 1 ptsProcess departmentalization is a grouping of jobs by activity, such as marketing, finance, and production. True False Question 80 1 / 1 pts In deciding how to pay workers, the firm must be concerned with the salaries paid by competitors. True False Question 81 1 / 1 pts In finance, the potential for loss is called probability. False RATIONALE: Maslow's theory has proven very helpful in understanding why people act the way they do. True Question 82 1 / 1 ptsHuman resources managers have yet to find any use for Maslow's hierarchy of needs. True False Question 83 1 / 1 pts The difference between small business owners and entrepreneurs is that small business owners: are accurately described by all of the above accept the status quo and take a short-term view of the future started the business to pursue their idea for a new product or service are innovators are risk takers Question 84 1 / 1 pts The line organization is designed with direct, clear lines of authority and communication flowing from the top managers downward. True False RATIONALE: This is the definition for data mining.Question 85 1 / 1 pts Data tracking is a sophisticated data application that looks for hidden patterns in a group of data to help predict future behavior. False RATIONALE: ASPs are also called application service providers. True Question 86 1 / 1 pts ASPs, which are also called area server portals, provide computer users with access to e-commerce opportunities. False RATIONALE: The internal labor market is made up of employees currently working for the organization. True Question 87 1 / 1 pts The internal labor market is made up of all employees in an industry. True FalseQuestion 88 1 / 1 pts Arranging a firm's human and material resources to carry out plans is called organizing. True False Question 89 1 / 1 pts The person who takes the risk of starting and managing a business to make a profit is called a(n): entrepreneur capitalistic adventurer franchiser venture capitalist ultra capitalist Question 90 1 / 1 pts The exchange rate is the interest rate that foreign banks receive when borrowing money from the United States.True False Question 91 1 / 1 pts Which of the following is a disadvantage of sole proprietor ownership? Freedom from government regulation Unlimited liability Ease and low cost of formation Ease of dissolution All profits to the owner Question 92 1 / 1 pts One of the biggest advantages that a small business has over a large business is a greater ability to serve specialized markets. True False Question 93 1 / 1 ptsOne of the primary goals of Burberry, a British retailer, is to expand its market. When the company allocated resources so that it could open two stores in Japan, it was engaged in which management function? resource planning organizing operational planning implementing benchmarking Question 94 1 / 1 pts Which of the following statements about utilitarianism is true? Using utilitarianism, a manager can accurately calculate how his or her decision will affect the majority of its stakeholders. The application of the utilitarianism concept will only produce winners. There are no negative costs associated with utilitarianism. Utilitarianism is a legal concept-not an ethical one. Utilitarianism is designed to create both winners and losers. Question 95 1 / 1 ptsThe strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy. True False Question 96 1 / 1 pts If the sole proprietorship acquires a legal business name, the owner then has limited liability. True False Question 97 1 / 1 pts The marketing concept emphasizes a consumer orientation. True False Question 98 1 / 1 pts A brokerage firm is an example of a depository financial institution.True False Question 99 1 / 1 pts At the first level of a management support system is an informationreporting system. True False Question 100 1 / 1 pts A company with few managerial levels and a short chain of command usually has a wide span of control. This is called a _____ organizational structure. flat narrow mechanistic tall matrix Quiz Score: 94 out of 100