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Study Resources (Business Management)

  1) The bedrock principle of business is that it should ________. A) please its customers B) advertise better than its competitors C) earn a profit D) continually improve 2) Which two categories below are used for business costs? A) materials and labor B) gross and net C) fixed and variable D) cost of goods sold and administrative 3) A litmus.
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  1) ________ permit businesses to deliver what is promised when it is promised. A) Expeditors B) Operations C) Sales D) Brokers 2) The set of actions that produce goods and services is called ________. A) shipping B) operations C) manufacturing D) processing 3) Which of the following is not a step in the production-distribution chain? A) A retailer buys 6 rings. B).
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  9) Compare the legal structure implications of a sole proprietorship and a Subchapter S Corporation for the seven parameters of 1) ownership, 2) liability, 3) taxation issues, 4) profit distribution, 5) voting on policy, 6) life of the legal structure, and 7) capitalization. 10) Which is not a potential penalty for.
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  38) Retail point-of-sales systems, restaurant menu order systems, and concert venue ticketing systems are all examples of ________. A) custom software applications B) industry-specific technology C) systems for large businesses D) indirect marketing 39) In general, a web site or electronic storefront is not necessary for retail businesses. 40) What steps can an organization take to.
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  29) Marketing inspired by a commitment to a social, political or environmental issue is called ________. A) socially responsible business B) philanthropy C) cause-related marketing D) person marketing 30) Why are nonprofit corporations tax exempt? A) because they use the money they collect to help improve society B) because they donate money to foundations C) because they pay.
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  1) Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers. A) publicity B) advertising and publicity C) advertising D) coupons 2) Marketing is ________. A) satisfying customers at a profit B) the business function that identifies customers and their needs and wants C) product, place, promotion, and price D) All of.
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  21) Which of the following is not a category of fixed costs? A) rent B) advertising C) capital D) depreciation 22) The percentage of value of an asset subtracted each year until the value becomes zero, to reflect wear and tear on the asset, is called ________. A) depreciation B) inventory C) deductible D) reduction 23) If a business has.
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  8) ________ is the core values of an organization in action. A) Mission B) Culture C) Vision D) None of the above. 9) When you start your business your ________ will guide the business operations and decisions. A) core beliefs B) track record C) guiding light D) competitive offers 10) Your ________ is a concise communication of your strategy including.
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  1) Which of the following is not a basic financial document that entrepreneurs use to track their businesses? A) income statement B) cash flow statement C) balance sheet D) market share statement 2) The last line of an income statement shows a business's ________. A) gross profit or gross loss B) profit or loss C) net profit or.
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  31) Fixed operating costs can change over time. 32) Depreciation is the percentage of value of an asset added each year to reflect wear and tear on the asset. 33) Jenny is worried because when she calculates the EOU for her business, the gross profit is too low. Explain whether or not.
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  11) A pacesetting style of leadership consists of a leader who sets very high personal performance standards and challenges employees to meet them too. 12) Why is it important for an entrepreneur to pay him/herself regularly in a consistent manner out of the business's earnings? 13) According to expert Daniel Goleman, what.
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  31) Smart marketers always emphasize ________. A) benefits, not features B) features, not benefits C) benefits, not prices D) None of the above. 32) The product life cycle compares gross profit to sales as a product/service moves through its life stages. 33) Market research should be an integral part of your business. 34) Explain the difference between.
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  11) The ________ section of the business plan should be written last. A) Cover Page B) Mission, Vision, Culture C) Executive Summary D) Financial Statements 12) The Executive Summary contains the ________. A) inspired enthusiasm for success B) story of the business C) funding request D) All of the above. 13) Making the beliefs, values, and behavioral norms explicit and.
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  21) Dividing the market by purchase behaviors that have been observed is ________ segmentation. A) demographic B) behavioral C) psychographic D) benefits-sought 22) By teaching customers how to use its products, Home Depot is helping customers see the ________ of its products. A) ramifications B) benefits C) features D) utility 23) What is a focus group? A) It is a method.
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  30) What organization administers the Malcolm Baldrige National Quality Award? A) United Nations (UN) B) National Aeronautical and Space Administration (NASA) C) National Institute of Standards and Technology (NIST) D) National Merit Award Administration (NMAA) 31) Comparing one company's performance against that of other companies in the same industry or against best practices, standards, or.
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  21) Telemarketing is a form of ________. A) advertising B) publicity C) direct marketing D) None of the above. 22) Which of the following is not needed in all business management teams? A) operations B) outside directors C) marketing D) accounting 23) Resumes and position descriptions should be included in business plans for ________. A) all employees B) key managers C) Both of.
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  15) The time period in which legal action may be taken is the ________. A) limit of liability B) statute of legal obligations C) statute of limitations D) None of the above. 16) Some contracts specify that conflicts may be settled through ________ instead of court. A) negotiation B) coercion C) arbitration D) small claims 17) The four "A's" of.
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  31) The marketing plan is based on the marketing mix of product, price, place, and packaging. 32) Discuss the significance of the management section of the business plan and what it should contain. 33) Describe mission, vision and culture. 34) What are the types of financial information to include in a business plan.
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  1) Madam C. J. Walker was an entrepreneur who became ________. A) the first female pharmacist in America B) the first African-American businessperson to become a millionaire C) the first entrepreneur to franchise a business D) the first self-made female millionaire 2) Research indicates that ________ is the most important characteristic required for successful leadership. A).
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  33) A low deductible will yield a ________. A) lower premium B) higher coverage plan C) has no impact on the premium D) higher premium 34) A ________ is the amount of loss or damage that you agree to cover before any insurance coverage takes over. A) deductible B) carrying cost C) premium D) co-insurance 35) ________ insurance compensates employees.
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  1) Which of the following is not an element of business definition? A) the offer B) the acceptance C) target market D) production and delivery capability 2) A target market of every adult in the United States is too ________. A) narrow B) broad C) specific D) limiting 3) Business definition answers the questions of who, what, and ________. A) how B).
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  37) How are demographic, psychographic and behavioral segmentation different? 38) Positioning your product in the market involves ________. A) buying advertising and obtaining publicity B) distinguishing your product by demonstrating to customers that it is the cheapest in the market C) distinguishing your product from others being offered to the market segments you have targeted D).
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  18) In analyzing competitive advantage, you will need to ask three questions. Among these are: A) Cost structure - are you at a cost advantage or disadvantage? B) What is your unique selling proposition? What do you have that competitors cannot or will not match? C) Competitive offers - how do you compare.
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  1) Entrepreneurs ________ constantly, not just to customers, but to investors, bankers and people they want to hire. A) sell B) try to make a good impression C) attempt to be optimistic D) All of the above. 2) When you sell, you should always listen carefully to customer complaints, because ________. A) it's better to have.
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  35) Which of the following is not a best practice? A) Write for your audience. B) Use technical language and jargon. C) Show that you are emotionally, intellectually and financially invested in the business. D) Explain why the business will be successful. 36) A(n) ________ is a 30-second to a 2-minute summary of your business. A).
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  37) ________ is a review of financial and business records to ascertain integrity and compliance with standards and laws, particularly by the U.S. Internal Revenue Service. A) Scrutiny B) Assessment C) Due diligence D) Audit 38) The difference between a receipt and an invoice is that the receipt records ________. A) sales B) interest paid C) purchases D) credit.
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  21) The ________ of an organization is the shared beliefs, values, and attitudes. A) mission B) culture C) structure D) vision 22) The Mission of an organization is the shared beliefs, values, and attitudes among employees - also referred to as "how things are done around here." 23) An organizational structure in which each person reports.
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  23) Discuss the eight step sales call. 24) Using technology to sell ________. A) is not really necessary B) works for products but not services C) can be useful in helping you communicate your product to the customer and to stay in touch with the customer D) is too expensive for the average salesperson 25) Brian Tracy.
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  1) A(n) ________ is a company's plan to generate revenue and make a profit from operations. A) business plan B) marketing plan C) analysis D) business model 2) A feasibility analysis is a study to assist in making a go/no go decision based upon a close examination of product/service, market, industry, and financial data in.
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  19) Which of the following is a harvest strategy, not an exit strategy? A) merger B) IPO (initial public offering) C) acquisition D) franchising 20) It typically requires at least ________ years to develop a company worth harvesting. A) twenty B) fifteen C) twelve D) ten 21) The harvest or exit strategies set out in a business's plan is important.
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  15) Hiring employees is called ________. A) assessment B) controlling C) management D) recruitment 16) The ________ identifies the knowledge, skills, and abilities required to perform the specific tasks of the job. A) job rotation B) job enlargement C) job enrichment D) job profile 17) Which of the following is not a primary function of management? A) planning B) organizing C) optimizing D) controlling 18).
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  29) Customer complaints should be ________. A) carefully listened to, but not responded to (don't let the customer know you take the complaints seriously) B) acknowledged and responded to politely C) politely ignored D) put in priority order 30) Telling the truth about any negative aspect of a product or service usually ________. A) means that you.
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  36) Which of the following is a role of the marketing plan? A) convincing skeptical investors that your plan has merit B) identifying the target market for the organization C) detailing the advertising plan D) All of the above. 37) Good marketers know that a(n) ________ is the heart of the marketing plan. A) researching suppliers B).
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  11) In doing research, there are several choices to help you. Among these are ________. A) business library B) magazine articles C) Internet research D) All of the above. 12) Your best option in market research is generally primary rather than secondary research. 13) Psychographic analysis and behavioral analyses are examples of methods of ________. A) market.
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  11) Suppliers may be found through ________. A) newspapers and magazines B) trade shows, conferences, and catalogs C) All of the above. D) None of the above. 12) Factors to consider when selecting a ________ include charging a price you are willing to pay and timely delivery. A) customer B) supplier C) sales representative D) manufacturer 13) ________ are the.
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  11) Outline the principles of selling. 12) During each sales call you make, focus on this question. A) How can I make the customer buy from me? B) What does the customer need? C) How can I convince the customer to ignore his/her objections? D) How do I handle the objections that will be raised? 13).
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  1) Which of the following is one of the four Ps of marketing? A) population B) publicity C) product D) packaging 2) Promotion consists of ________. A) devices such as discount coupons and giveaways B) advertising C) publicity D) All of the above. 3) Finding a retail site that has more than ample parking, excellent access and walk-in trade potential.
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  31) Companies that have faced ethical scandals typically did not have ________ in place to ensure that managers did not misuse funds or otherwise behave illegally or unethically. A) better business regulations B) penalties C) corporate governance D) a code of ethics 32) Which of the following is not a good method of ensuring that.
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  19) Location and distribution are major components of the "place" component. 20) What is a banner ad? A) an ad that runs on a Web site B) an ad attached to the back of an airplane C) an ad that runs in the newspaper D) an ad that is attached to an email 21) ________ is.
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  20) If you are considering starting a business venture in your home, thoroughly investigate zoning ordinances, civic association rules, and ________. A) the neighborhood B) deed restrictions C) distance from the Interstate D) proximity to city hall 21) Home-based entrepreneurs have special considerations other businesses don't have. 22) The statistical methods, within Six Sigma, are designed.
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  17) People you think might be receptive to your sales presentation are called ________. A) consumers B) customers C) prospects D) interested parties 18) Every sales call is an opportunity to ________. A) improve your selling skills B) talk and talk and talk to the customer C) exploit your customers D) None of the above. 19) Which of the following.
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