bus 101 final exam Answers
bus 101 final exam

FINAL EXAM BUS101

Question 1

Visa Buxx and Cobalt-cards are debit cards for:

Question 2

Business observers suggest that which of the following is a reason for labor’s decline?

Question 3

Pleased with the service provided by a national brokerage house when he bought and sold stocks and bonds, Ted would like to have this brokerage firm handle more of his financial needs. If Ted explores the services offered by such firms in more depth, he will find that:

Question 4

A(n) ___________ is a union official who works permanently in an organization and represents

employee interests on a daily basis.

Question 5

Buccaneer Industries manufactures and markets expensive industrial cranes. This long lasting heavy equipment would be classified as a(n) __________ good. Answer

Question 6

_________ is the term William Ouchi used to refer to the management approach typically used

by firms in the United States.

Question 7

The findings of the Hawthorne studies led researchers to look more closely at how

____________ could lead to better productivity.

Question 8

To reduce the time and expense of collecting their accounts receivable, some firms:

Question 9

___________ would probably be distributed using an intensive strategy.

Question 10

The __________ was set up as a federation of many separate craft unions.

Question 11

Perry is responsible for recording all sales transactions that take place at Turncoat Enterprises.

He must be careful that his recording is both accurate and thorough. Perry’s work involves tasks

associated with :

Question 12

The most liquid asset is:

Question 13

Accounting includes _________ information related to financial transactions.

Question 14

Matt works for a sports marketing firm. He feels that he has been treated unfairly by the

organization. He helped three other employees organize a series of successful street hockey

tournaments in different regions of the country. While the other employees were given a bonus

and corporate recognition, his efforts were ignored. According to equity theory, Matt is likely to

Question 15

SitRite Furniture Company uses labor and machinery to transform wood, plastic, metal and cloth into comfortable chairs, sofas, and love seats. This process creates: Answer

Question 16

__________ is the physical arrangement of resources in the production process.

Question 17

Operations management is the __________ phase of management.

Question 18

A __________ is a name, symbol, or design (or combination of these) that identifies the goods or

services of one seller or group of sellers and distinguishes them from those of competitors.

Question 19

A strength of Generation X managers is likely to be their:

Question 20

When reviewing the product life cycle model, it is important to remember that:

Question 21

Every month Sam Taylor is assigned a different job at Russo & Daughters Financial Consulting. Sam enjoys the variety and finds that switching jobs on a regular basis keeps the work from becoming boring. Russo & Daughters is using a technique known as job: Answer

Question 22

Which of the following organizations would be most likely to acquire short-term funding by

issuing commercial paper?

Question 23

All-Star Collectibles focuses its marketing efforts on high-income buyers of unique collectible items. The firm realizes that the number of buyers in this segment of the collectible market is small. However, they are confident that this approach will be profitable since these buyers will

pay premium prices for their unique products and superior customer service. All-Star’s approach

is an example of:

Question 24

Which of the following historical events motivated Congress to establish the Federal Reserve

System?

Question 25

5 out of 5 points

The justification for dues or fees paid by nonunion members to the union in a(n) _________ shop

is that the union represents all workers in collective bargaining, not just those who belong to the

union.

Question 26

Suits for Success is a men’s clothing store in a large suburban shopping mall. The managers of the store know that their customers usually comparison shop, looking carefully at quality and

price before deciding to buy. Armed with this information, Suits for Success carries quality

clothing, offers competitive pricing, and friendly, helpful service. The target customers

apparently view men’s suits as a:

Question 27

Harold Hilton is a human resource manager with Golden Years Elder Care Services. The

company is considering offering some new services, and he wants to know how many of his

existing employees have certain types of skills and training that the performance of these new

services will require. A document that would help Harold answer this question is the firm’s:

Question 28

At Ditka and Associates, Gina Huck works daily as a secretary from 9:00 a.m. until 1:00 p.m., when she is replaced by Cassie Otten, who works from 1:00 until 5:00 p.m. The arrangement Gina and Cassie have with Ditka and Associates is known as job: Answer

Question 29

5 out of 5 points

Mini-Case

Minnie A. Wright-Hoff works as an accountant for Double Entry Doors, Inc. Her company sells and installs oversized garage doors needed by large vehicles. Most of Minnie’s work involves helping department heads and other decision-makers by measuring and reporting costs for their departments, and by identifying areas where departments are exceeding their budgets. However, as one of only three accountants employed by Double Entry Doors, Minnie is something of a ‘jill-of-all-trades’ in terms of her accounting assignments. For example, she recently spent several hours summarizing all of the financial data in account ledgers to see if the information was correct and balanced. Her efforts revealed no problems, so she is now ready to start working on the firm’s financial statements. Minnie is interested in this part of the accounting cycle because she likes to be one of the first to know the ‘bottom line’ her company will report. She knows that she and the other accountants who work on these statements can influence the results by the choices they make about the way they report certain items.

Minnie knows that Double Entry has a lot of short-term debt coming due in the next year, and wants to make sure that the company will have the ability to make the required payments. Given a troubling downturn in construction activity over the past couple of months, she is not confident that Double Entry can count on selling its current inventory of doors before the debt comes due. Which of the following ratios would be most relevant to Minnie? Answer

Question 30

5 out of 5 points

Which of the following was a major reason motivation was extremely high on Ford’s ‘Team

Mustang’?

Question 31

5 out of 5 points

Which of the following refers to the time period from our country’s first settlers through the early

1900s?

Question 32

5 out of 5 points

Which of the following is a likely reason that a company would move its facility from one location to another that would have this characteristic? Answer

Question 33

5 out of 5 points

At the Grenchit Corporation the union and management have not been able to reach a mutually satisfactory agreement on a grievance. The two sides have agreed to bring in a(n) _________

who will examine the evidence and arguments on both sides and issue a binding decision.

Question 34

5 out of 5 points

A(n) __________ is responsible for verifying that the accounting procedures within a firm are

consistent with established accounting principles.

Answer

Question 35

The transportation method with the most flexibility in the types of products it can handle is:

Question 36

Which financial statement represents what the company owns and owes as of a specific date?

Question 37

5 out of 5 points

Which of the following refers to the process of dividing the total market into several groups with

similar characteristics? market:

Question 38

5 out of 5 points

As a management consultant, Lamont knows that regardless of how good a firm’s product might be, the firm has little chance of success without a(n): Answer

Question 39

5 out of 5 points

____________ examines statistical samples of product components at each stage of the

production process and plots the results on a graph in order to spot and correct any variances

from desired quality levels.

Question 40

5 out of 5 points

The purpose of management by objectives is to:

Question 41

5 out of 5 points

When Elaine accepted a position with Cannon Corporation in Dallas, Texas she felt uneasy. She was new to the area and new to this company. However, she was pleased that her new job offered her the opportunity to play on the company volleyball team. She quickly made new friends and, through her new friends, learned about the city. Apparently, her new job satisfies Elaine’s

________ needs.

Question 42

5 out of 5 points

Comparing the business practices of the 1950s to those of today indicate that today’s marketing

managers:

.

Question 43

5 out of 5 points

Compared to railroads and trucks, the biggest advantage offered by air transport is that it is:

Answer

Question 44

For many types of service organizations such as hospitals, banks and airlines, the primary cost of

operations is:

Question 45

5 out of 5 points

Which of the following statements about the costs of elder care is most accurate?

Answer

Selected Answer:

The costs of elder care are likely to rise very rapidly in coming years as an increasing number of older and more experienced employees face the need to care for aging parents and other relatives.

Question 46

5 out of 5 points

Which of the following statements best describes the distinction between production

management and operations management? Production management involves:

Answer

Selected Answer:

activities managers perform to help create goods while operations management is a broader term that involves the activities involved in producing services as well as goods.

Question 47

5 out of 5 points

Miko is preparing her homework for her accounting class. She is uncertain as to the proper

handling of patents and copyrights on a firm’s financial statements. Which of the following is

correct?

Question 48

The changes in the American business system that have had the most dramatic impact on the workings of the free enterprise system are the changes in: Answer

Question 49

5 out of 5 points

Companies who send salespeople to customers’ homes or places of work are making use of

__________ selling.

Question 50

5 out of 5 points

According to Herzberg, a sense of achievement, earned recognition, and interest in the work

itself were all:

Answer

Selected Answer:

important motivators.

role of managers is shiftig towards increased flexibility and less rigidly defined roles.

total product offer = value package – includes every factor a consumer considers when buying smth.