Question number 1/60:

__________ involves planning, implementing and controlling the physical flow of materials,
goods and related information from points of origin to points of consumption

Market segmentation

Logistics

Supply chain management

Marketing management

Question number 2/60:

A neighborhood grocer who guarantees fresh produce is concerned with which function of
marketing?

Selling

Storage

Quality

Risk

Question number 3/60:

People with a burning desire to realize, actualize and build their dreams into reality would
likely make successful entrepreneurs

TURE

FALSE

Question number 4/60:

A transactional leader would most likely do which of the following?

Coach his or her staff

 Intervene only if standards are not met

Instills pride and gains respect and trust

Question number 5/60:

A company that develops a product concept and sells other the rights to make and sell the
product is called a(n) ____________________

Franchisee

Exporter

Franchisor

Importer

Question number 6/60:

__________ merger unites firms in completely unrelated industries

Vertical

Horizontal

Diagonal

Conglomerate

Question number 7/60:

The supply chain encompasses every activity needed in the process of distribution
TRUE
 FALSE

Question number 8/60:

Information overload in business is also called ___________________

Infoglut

Infoquan

Infosum

Overinfo

Question number 9/60:

Free trade is the movement of goods and services among nations without political or
economic trade barriers

TRUE

FALSE

Question number 10/60:

Apprentice programs involve a period during which a learner works alongside an
experienced employee to master the skills and procedures of a craft

TRUE

FALSE

Question number 11/60:

Financial statements are primarily a result of ____________________

The ongoing work of bookkeepers and managerial accountants

The ongoing work of bankers

 IT

Marketing efforts

Question number 12/60:

Which of the following is one of the major types of financial statements?

Statement of cash flow

Depreciation statement

Chart of accounts

All of the above are major types of financial statements

Question number 13/60:

Double-entry bookkeeping is the concept of writing (or typing) every transaction in two
places

TRUE

FALSE

Question number 14/60:

Another name for vestibule training is job simulation

TRUE

FALSE

Question number 15/60:

Management is the process of planning, organizing, leading and controlling people and other
available resources to accomplish organizational goals and objectives

TRUE
 FALSE

Question number 16/60:

The microenvironment is comprised of factors such as the firm's customers, distributors,
suppliers and competitors

TRUE

FALSE

Question number 17/60:

Ethics is our understanding of the standards of moral behaviorbehavior toward others that
is accepted by society as right versus wrong

TRUE

FALSE

Question number 18/60:

Which of the following statements about marketing is true?

Marketing assures that the correct quality and quantity of goods is available for purchase

Marketing has a financial aspect to it

Marketers are responsible for some measure of risk

All of the above are true

Question number 19/60:

Which of the following statements about strategic alliances is most true?

It is a long-term partnership between two or more companies to help each company build

competitive market advantages

 Strategic alliances can provide access to markets, capital and technical expertise

Usually risks, costs, management or profits are not shared between the firms

All of the above are true of strategic alliances

Question number 20/60:

The first step in the accounting cycle is to analyze and categorize documents

TRUE

FALSE

Question number 21/60:

B2B products have much longer channels of distribution as compared to consumer products

TRUE

FALSE

Question number 22/60:

Small businesses account for most of U.S. exports

TRUE

FALSE

Question number 23/60:

Virtualization is accessibility through technology that allows business to be conducted
anywhere at any time

TRUE

FALSE
Question number 24/60:
__________ is/are the processed and organized data that can be used for managerial
decision making

Data

Information

Knowledge

Intelligence

Question number 25/60:

The __________ provides a summary of money coming into and going out of, the firm and
tracks a company's cash receipts and cash payments

Statement of debts and liabilities

Statement of assets

Statement of cash flows

Income statement

Question number 26/60:

There are five main sources of ethical standards: utilitarian, rights, fairness or justice,
common good and virtue approaches

TRUE

FALSE

Question number 27/60:

Ethics is our understanding of behavior that is lawful

TRUE
 FALSE

Question number 28/60:

__________ is/are often the most fundamental and valuable type of training

Apprentice programs

On-the-job training

Off-the-job training

Online training

Question number 29/60:

In the 1980s business technology was known as _________________

Data processing

Information systems

Data analysis

Information technology

Question number 30/60:

Recruiting is not easy because ______________________

Some organizations operate under union regulations

People with the necessary skills are not available

 It is important to hire not only people who are skilled, but also those who fit the culture of the

organization

All of the above are true

Question number 31/60:

A firm generally has one particular objective in mind when developing an integrated
marketing communication strategy which is to ______________________

Build traffic

Further social objectives

Unite all the promotional efforts of an organization to make them consistent

All of the above are IMC objectives

Question number 32/60:

Leadership and employee motivation are key factors in an organization's success

TRUE

FALSE

Question number 33/60:

Which of the following types of partnerships limits the partners' risk of losing their personal
assets to only their own acts and omissions and to the acts and omissions of people under
their supervision?

General partnership

Limited partnership

Master limited partnership

 Limited liability partnership

Question number 33/60:

Which of the following types of partnerships limits the partners' risk of losing their personal
assets to only their own acts and omissions and to the acts and omissions of people under
their supervision?

General partnership

Limited partnership

Master limited partnership

Limited liability partnership

Question number 34/60:

A general partnership is a partnership with one or more partners who invest money in the
business and who have unlimited liability

TRUE

FALSE

Question number 35/60:

Importing is buying products from another country

TRUE

FALSE

Question number 36/60:

Instant messaging is not used in business; it is a personal communication tool

TRUE

FALSE
Question number 37/60:
__________ involves changes in an individual's behavior resulting from previous
experiences and information

Learning

Culture

Cognitive dissonance

Perception

Question number 38/60:

To be a leader you have to be a manager

TRUE

FALSE

Question number 39/60:

The first step in the human resource planning process is to ______________

Prepare a job analysis

Prepare a human resource inventory of the organization's employees

Assess future human resource demand

Establish a human resource strategic plan

Question number 40/60:

__________ includes anticipating trends and determining the best strategies and tactics to
achieve organizational goals and objectives
Planning
 Organizing

Controlling

Evaluating

Question number 41/60:

Social leaders plan activities and timelines and make sure the group stays on task

TRUE

FALSE

Question number 42/60:

One of the disadvantages of __________ is that intellectual property and copyright laws are
different in every country

Contract manufacturing

Exporting

Importing

Foreign direct investment

Question number 43/60:

The goal of relationship marketing is to continually acquire new customers
TRUE

FALSE

Question number 44/60:

Organizations can continue to accomplish many things without managers

TRUE
 FALSE

Question number 45/60:

Because not-for-profit organizations do not make profits, they do not require accountants

TRUE

FALSE

Question number 46/60:

Technology eliminates layers of management

TRUE

FALSE

Question number 47/60:

Which of the following is a common characteristic that all successful entrepreneurs have in
common?

Follows directions extremely well

Pays close attention to what others think of their ideas

Has a burning desire build their dreams into reality

Can direct people to do the work so that they don't have to work extremely long hours

Question number 48/60:

Which of the following are characteristics associated with managers?

Maintain

Administer
 Ask how and when

All of the above are manager characteristics

Question number 49/60:

Merchant wholesalers are independently owned firms that take title to the goods they handle

TRUE

FALSE

Question number 50/60:

One form of social responsibility in terms of investors includes __________

Insider trading

Management increasing its personal wealth

Honest bookkeeping

Reducing the workforce

Question number 51/60:

The goal of relationship marketing is to continually acquire new customers

TRUE

FALSE

Question number 52/60:

B2B buying procedures have closer relationships between marketers and buyers than
consumer buying has

TRUE
 FALSE

Question number 53/60:

Which of the following serves as a watchdog regarding how well companies enforce their
ethical and social responsibility policies?

Customers

Suppliers

Workers

Foreign investors

Question number 54/60:

Which of the following statements about management is true?

It is an appointed position

All effective managers must be leaders

There are six functions of management

All of the above are true

Question number 55/60:

The process of moving goods and materials from one place to another is called
_________________

Materials handling

Logistics marketing

Supply chain management

 Transportation

Question number 56/60:

On-the-job training begins with the new employee going on a retreat with more senior
employees to foster personal development

TRUE

FALSE

Question number 57/60:

__________ leaders plan activities and timelines and make sure the group stays on task

Formal

Informal

Task

Social

Question number 58/60:

involves establishing clear standards to determine whether an organization is progressing
toward its goals and objectives, rewarding people for doing a good job and taking corrective
action if they are not

Planning

Leading

Controlling
 Evaluating

Question number 59/60:

Many people take the risk of becoming an entrepreneur because of the independence it gives
them

TRUE

FALSE

Question number 60/60:

Requiring international suppliers to adhere to American ethical standards is ____________

Absolutely the right thing to do

Not clear-cut

Outside the scope of most corporation's responsibilities

Irrelevant to American business