1. (TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5) They take twice the human effort. They have the same defects in the finished product. They require half of the engineering effort. They use half the floor space for the same output. They carry 50% more inventory.
Question 2.2. (TCO 7) Operations management includes (Points : 5) facility location but not layout. facility layout but not location. capacity planning. holding output steady while lowering costs. None of the Above.
Question 3.3. (TCO 8) The era of sustainability has entered into distribution as well as the other aspects of marketing. Given this information, (Points : 5) the decision of what distribution mode to use is less complex than first imagined. emissions from air freight are lower than rail shipping. emissions from air freight are higher than ocean shipping. motor transportation is more fuel efficient per ton-mile than rail. transportation accounts for one third of carbon dioxide emissions.
Question 4.4. (TCO 8) Small business owners usually invest little money into new marketing straties because? (Points : 5) Marketing is not important. Consumers are not interested in marketing ads. Marketing is expensive Many small business owners invest money into other areas of the business.
Question 5.5. (TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Points : 5) Strictly adhere to your previous five-years business plans Providing improved customer service Increasing your inventory levels Opening a branch store across the street from the big box Charging your customers for consultation time when they ask for advice
Question 6.6. (TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small-business start-up? (Points : 5) Current local council actions Local school board policies Government control Collecting and remitting sales and use taxes Training for what you don’t know how to do
Question 7.7. (TCO 1) The use of government regulations to limit the free trade of goods and services includes _____. (Points : 5) Income taxes Export taxes Import quotas Export quotas Foreign barriers to market entry
Question 8.8. (TCO 2) It can be difficult to balance ethics and other goals, such as pleasing stakeholders or advancing your career. According to management writer Ken Blanchard and religious leader Norman Vincent Peale, it helps to ask oneself which one of the following questions when facing an ethical dilemma? (Points : 5) How will this course of action be evaluated by others? Is my proposed action legally defensible? Is this course of action based on principle? Is this course of action based on the truth? How will this course of action make me feel about myself?
Question 9.9. (TCO 2) The concerns in and around international ethics and social responsibility include _____. (Points : 5) Revocation of government regulations tending to be weak Fairness of requiring international suppliers to adhere to U.S. ethical standards being clear-cut Ethical problems and issues of social responsibility that are unique to the United States Working with organized labor on a set of common labor standards U.S. businesses demanding socially responsible behavior from their international suppliers
Question 10.10. (TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by _____. (Points : 5) Consumers and investors have called for increased government regulation in the financial sector. U.S. businesses will need to work independent of the federal government Future financial crises will not be as severe as previous ones. Businesses won’t have to worry with future healthcare insurance regulations. Global competition will steadily decline over time.
Question 11.11. (TCO 3) Government policies aimed at shielding a country’s industries from foreign competition (Points : 5) tariffs free-market capitalism protectionism import quotas
Question 12.12. (TCO 3) Nations trade with other nations because _____. (Points : 5) They can produce all the products their people want and need. Buying and selling products is allowed by international treaty. Sophisticated technology allows for the improved use of natural resources. Buying and selling products is allowed by verbal contracts. They are able to buy what is needed in a mutually beneficial exchange relationship.
Question 13.13. (TCO 3) An Issue that will influence global markets is _____. (Points : 5) Brazil is the second-largest economy in South America. The United States will overtake China as the world’s largest economy by 2027 Russia is plagued by political, currency, and social problems. India’s working age population is expected to shrink because of continued health concerns. The BRIC economies are the only areas of opportunity in the global market.
Question 14.14. (TCO 4) Starting your own business (Points : 5) Is an alternative to unemployment. Is not risky. Allows others to control your future. Is not difficult and does not require sacrifice.
Question 15.15. (TCO 4) A disadvantage of a corporation is _____. (Points : 5) Simplified tax returns Simplified Record Keeping Simplified operations in overseas markets Difficulty of termination Perpetual life Page 2
Question 1.1. (TCO 5) A process is used whereby the total market is divided into groups whose members have similar characteristics. The aim of this process is to break the market into smaller units. Sales generated from the Internet can provide an additional source of revenue to the firm using such a scenario. One dimension that should be considered given a case like this is: (Points : 5) Dividing a market by cities, counties, states, or regions Demographic aggregation Ignoring a group’s values, attitudes, and interests Employee segmentation Employer segmentation
Question 2.2. (TCO 4) Select a primary concern when a new small business is started. (Points : 5) Understanding your competition Financing your business Knowing your customers Managing your employees Keeping records
Question 3.3. (TCO 5) The rapid spread of brand communities has been one of the major impacts of social media. The Harley Davidson Owners Group is one example of an informal network of people with similar interests who use social media to bond and share information. Why are these brand communities effective? (Points : 5) The cost of consumer-oriented publications is too expensive. Consumers now trust their peers more than any source for product information. Consumers no longer trust salespeople. State and local consumer protection agencies no longer review products.
Question 4.4. (TCO 5) Direct marketing now has a new dimension with interactive video. Producers now provide all kinds of information on websites. Select the one thing that consumers can do. (Points : 5) Seek the best price Bypass the middleman markup Order paper catalogs View proprietary information View confidential financial information
Question 5.5. (TCO 6) An element of Leading is: (Points : 5) Providing resources Rewarding performance Clarifying policies Developing employees Explicating deadlines
Question 6.6. (TCO 6) Imagine a world that is populated by 9 billion people. In order to maintain our current quality of life, such a world would require 2.3 planets worth of resources. In order to sustain the US way of life, businesses and the government must plan for 30-percent more people living across the globe. Most of those people will be in developing countries, and the demand will be great for energy, food, and health care. Your concern is that you and your production team have been asked by your leadership to create a scorecard to measure your firm’s efforts in sustainability. Your team’s scorecard would include: (Points : 5) Electrical use Non-Recyclables Hazards Greenhouse gases Non-technology requirements
Question 7.7. (TCO 6) Managers of employees from different cultural and geographic backgrounds have unique opportunities to reach out to new markets and understand ways to extend their products to new markets. A better understanding of other cultures’ customs and concerns helps managers’ to increase customer satisfaction and customer loyalty. Part of cultural competency is not only understanding different languages, but also understanding: (Points : 5) Similar food selections Looking others in the eye when speaking to them How much money people make How tall people are when compared to others How people wish to be addressed
Question 8.8. (TCO 7) You have just been hired as the new Production and Operations Manager for Little Bitty Diesel Electric Generator Sets (LBDEGS). Demand has been so great that a new factory will have to be built to keep up with the market demand. Evaluating various and sundry sites presents a number of concerns to you. Select one criterion to apply in a decision process such as this one. (Points : 5) Excise tax rate at the new location Development constraints at the new location Additional unskilled workers are available Local government provides support Transportation costs are exorbitant
Question 9.9. (TCO 8) The Marketing Eras include: (Points : 5) Customer relationship Advertising Aggregation Disenfranchisement Predestination
Question 10.10. (TCO 9) Using social media is an important component in today’s business environment. Partnering with customers in this manner includes which one of the following: (Points : 5) Understanding broadband technology, such as fiber-to-the-home Allowing network capacities to maximize Understanding the impact of your telephone system Being disingenuous to customers Responding to customers in a timely manner
Question 11.11. (TCO 9) Businesses and individuals are bombarded on a minute-by-minute basis with alerts, information, messages and notifications. Sorting through this onslaught of information is challenging even under the best of circumstances. The usefulness of management information depends on: (Points : 5) A manager’s ability to learn which questions to ask to get the answers they seek. Sales and expense data that are a part of a pro-forma statement for the company. E-Mail and texting as a secure mode of communicating to allow for enhanced order processing. Sorting between the sources of information as to validity. Using an e-mail program’s organizing tools to manage information efficiently.
Question 12.12. (TCO 9) The increasing use of technology creates major concerns about privacy. This means: (Points : 5) Civil librarians have long fought to keep certain kinds of information unavailable to the public. Most companies scan employee’s postal mail on an annual basis. E-mail programs can send cookies to your Internet Service Provider. Information is a commodity and is an economic good with a measureable value. Stoneware can be uninstalled from your computer with or without your knowledge.
Question 13.13. (TCO 10) Business Intelligence includes which one of the following: (Points : 5) A variety of hardware configurations to support the strategic initiatives of the firm Analysis of an organization’s electric utility bills Querying the raw data to discern meaningful insights from it Generating graphs from the public library information resources Providing enhanced statistical reporting from the information
Question 14.14. (TCO 10) Financial accounting includes which one of the following: (Points : 5) The preparation and distribution of an a periodic report A summarization of the costs of production The preparation of departmental budgets Compliance with the Financial Accounting Standards Board (FASB) guidelines Reviewing and evaluating the information used to prepare a company’s financial statements
Question 15.15. (TCO 10) Managerial accounting includes which one of the following: (Points : 5) Information provided to creditors and lenders Information provided to government agencies Information reviewed and evaluated prior to preparing a company’s financial statements Information that is used by management to determine company strategy Information obfuscated concerning the costs of production
Question 1. 1. (TCO 1) The latest economic news is not very positive. Unemployment rates are higher than expected, consumer confidence has fallen, and companies are reporting layoffs are in order. The Federal Reserve chairman acknowledges the economy is in a recession. What actions might the federal government and the Federal Reserve take to give the economy a boost? What are these policies called? (Points : 10)
Question 2. 2. (TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)
Question 3. 3. (TCO 3) Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)
Question 4. 4. (TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)
Question 5. 5. (TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or web applications. (Points : 15)
Question 6. 6. (TCO 8) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 15)
Question 7. 7. (TCO 7) Businesses try to create systems that deliver goods or services to customers as efficiently as possible. This often involves multiple steps and systems that hopefully work together to accomplish that goal. Explain the “Systems Perspective”, and identify at least 5 principles of systems thinking that can improve your skills as a manager. (Points : 15)