In the U.S. economy, ___ are considered the reward for the risk of entering business.;A. liabilities;B. profits;C. sales;D. revenues;2. Forbes, Fortune, and similar types of magazines often contain ads for Rolex watches, BMW automobiles, and other luxury items. Advertisers are trying to reach a market segment based on;A. age.;B. income.;C. location.;D. gender.;3. Pham is employed as a human resource manager. His responsibilities might include all of the following activities except;A. administering compensation plans.;B. administering employee benefit programs.;C. projecting sales for the coming six-month period.;D. developing employee training programs.;4. The country Artesia exported products totaling $86 billion last year. During the year, Artesia imported products valued at $43 billion. Artesia has a/an;A. trade surplus of $43 billion.;B. exchange rate of 2 to 1.;C. trade deficit of $43 billion.;D. unfavorable balance of payments.;5. Student A says that if you're going to prepare alternative course of action, you need to do strategic planning. Student B says that if you're going to prepare alternative courses of action, you need to do contingency planning. Which student is correct?;A. Student B only;B. Both;C. Student A only;D. Neither;6. Television is an attractive advertising medium because it;A. is relatively inexpensive.;B. offers a rapidly growing network audience.;C. offers mass coverage and flexibility.;D. provides instant feedback which can be used to measure effectiveness.;7. Union workers at an auto parts plant go out on strike. In response, management closes the plant. This tactic is a;A. secondary boycott.;B. lockout.;C. strikebreaker.;D. cooling-off period.;8. Mario is part of a strategic planning team. He has identified that his company is the low-cost producer in its industry. This should be listed on a SWOT analysis as a/an;A. threat.;B. weaknesses.;C. opportunity.;D. strength.;9. What is the name for a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services?;A. Countertrading;B. Currency fluctuations;C. Exchange activity;D. Countertopping;10. The method of determining the minimum sales volume needed at a certain price level to cover all costs is;A. equilibrium pricing.;B. market share analysis.;C. breakeven analysis.;D. return on sales.;11. In which stage of the product life cycle do sales reach a saturation level, making further sales expansion difficult?;A. Maturity stage;B. Introductory stage;C. Growth stage;D. Decline stage;12. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into position, as specified in the company's ________ plan.;A. tactical;B. operational;C. contingency;D. strategic;13. Ida works on creating ways to ensure that customers receive goods at the right time and correct location. Ida is involved in her firm's ________ strategy.;A. pricing;B. transportation;C. product;D. promotion;14. The salesperson's task of identifying potential customers is known as;A. follow-up.;B. prospecting.;C. selection.;D. demonstration.;15. What prompted Congress to enact the Sarbanes-Oxley Act in 2002?;A. Congress wanted to make accounting practices more efficient.;B. A series of improper financial disclosures were found during investigations.;C. Stockholders petitioned for increased access to financial records.;D. Major companies requested government regulation following negative publicity.;16. Student A says that customer satisfaction is a mark of a world-class business. Student B says that proactive ethics is a mark of a world-class business. Which student is correct?;A. Student A only;B. Neither;C. Student B only;D. Both;17. Camden Products buys a $500,000 machine by taking out a bank loan. The company's assets will ________ by $500,000 while its liabilities will ________ by $500,000.;A. fall, fall;B. fall, rise;C. rise, rise;D. rise, fall;18. Sole proprietorships have all of the following advantages except;A. unlimited life.;B. profits subject only to a single tax.;C. ease of formation.;D. ease of liquidation.;19. Student Betty says that physical distribution includes both transportation and storage. Student Bob says that exchange includes both buying and selling. Which student is correct?;A. Bob only;B. Neither;C. Both;D. Betty only;20. A company includes an "instant coupon" as part of a product's package, giving the buyer a reduction off the retail price. What is the company attempting to do?;A. Accentuate product value;B. Stabilize sales;C. Increase sales;D. Provide information;21. In which stage of the product life cycle are profits at their highest?;A. Growth stage;B. Maturity stage;C. Introductory stage;D. Decline stage;22. The curve that shows the relationship between different prices and the quantity requested at each price is the ________ curve.;A. equilibrium;B. buying;C. demand;D. supply;23. Omar, an electrician for Quality Builders, is paid $35 for each hour he works during the day. After 5 p.m. and on weekends, he is paid the overtime rate of one and one-half times the regular hourly rate. Omar is paid a;A. bonus.;B. commission.;C. wage.;D. salary.;24. One way for a country to obtain an absolute advantage in marketing a product outside its borders is to.;A. revalue the currency.;B. produce the good at the lowest cost.;C. enter into an orderly marketing agreement.;D. adopt many trade restrictions.;25. If you seek to determine the value of one nation's currency relative to the currencies of other countries, you should isolate the nation's;A. exchange rate.;B. international current module.;C. countertrading activity.;D. governmental surplus.;26. _______ ratios measure the degree to which a firm relies on borrowed funds in its operations.;A. Earnings per share;B. Leverage (debt);C. Wholesale earning;D. Retail earning;27. According to the doctrine of supply, the amount _______ will increase as the _______ increases.;A. demanded, cheapness;B. sold, demand;C. supplied, price;D. bought, cost;28. If you want to turn self-directed gain into social and economic benefits for all, you should use a/an _______ strategy.;A. invisible hand;B. visible hand;C. government;D. charitable aid society;29. Which of the following represents the basic accounting equation?;A. Liabilities = Assets + Owners' Equity;B. Owners' Equity? Liabilities = Assets;C. Assets = Liabilities + Owners' Equity;D. Assets + Liabilities = Owners' Equity;30. During a recession, unemployment ________ while inflation;A. rises, falls.;B. falls, falls.;C. rises, rises.;D. falls, rises.;31. If a firm has a current ratio of 2.00, it means that for every $2 in ________ it has $1 in;A. current assets, current liabilities.;B. total assets, total liabilities.;C. total assets, current liabilities.;D. current assets, total liabilities.;32. Efficiency means producing _______ using the least amount of;A. entrepreneurship, people.;B. human resources, time.;C. capital, natural items.;D. goods, resources.;33. The rate the Fed charges member banks for short-term loans is called the;A. margin rate.;B. federal funds rate.;C. discount rate.;D. reserve requirement.
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