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CCU BAM 105 for Business Essentials Exam




BAM 105 CHALLENGE EXAMINATION;1. The price at which the quantity of goods demanded and the quantity of goods supplied are;equal is referred to as price.;a. the equilibrium;b. consumer equality;c. the deal-maker;d. the fixed point;2. A (n) occurs when the quantity supplied exceeds the quantity demanded.;a. overage;b. shortage;c. demand deficit;d. surplus;3. ?Buyers will purchase more of a product as its price drops and less of a product as its price;increases.? The situation being described is referred to as.;a. the law of supply;b. purchase dissonance;c. the law of demand;d. buyer? s remorse;4. Which of the following is NOT one of the elements required in private enterprise?;a. freedom of choice;b. private property rights;c. stability of cash flow;d. profits;5. U.S. agriculture is a good example of.;a. perfect competition;b. monopolistic competition;c. a monopoly;d. an oligopoly;6. Which of the following best defines the term aggregate output?;a. the total quantity and quality of goods and services that country? s citizens can purchase;with the currency used in their economic system;b. the pattern of short-term ups and downs in an economy;c. the total quantity of goods and services produced by an economic system during a;given period;d. the conditions of the economic system in which an organization operates;7. refers to ethical or unethical behaviors by employees in the context of their jobs.;a. Social ethics;b. Collusion;c. Business ethics;d. Social responsibility;8. An employee who discovers and tries to put an end to a company? s unethical, illegal or socially;irresponsible actions by publicizing the m is called.;a. an investor;b. an outside contractor;c. a whistle-blower;d. top management;9. The ethical norm of considers if the decision is fair.;a. utility;b. justice;c. rights;d. caring;10. Which of the following groups is NOT considered an organizational stakeholder?;a. investors;b.competitors;c. employees;d. customers;11. According to analysts, who must take chief responsibility for educating employees about;ethics?;a. parents;b. religious organizations;c. employers;d. business school;12. The current whistle-blower law stems from which of the following pieces of legislation?;a. The False Claims Act of;1863;b. The Clayton Act of 1914;c. The Sherman Act of 1890;d. The Webb-Pomerene Act of 1918;13. A locally owned and operated restaurant is typically a(n).;a. small business;b. monopoly;c. corporation;d. oligopoly;14. is the process of seeking business opportunities under conditions of risk.;a. Wholesaling;b. Entrepreneurship;c. Goal setting;d. Leverage;15. A major drawback of sole proprietorships is.;a. limited liability;b. low startup costs;c.unlimited liability;d. flexibility;16. Both sole proprietorship and partnerships lack.;a. profits;b. trust;c. clarification;d. continuity;17. A(n) is organized to operate like a corporation but is taxed like a partnership.;a. S-corporation;b. professional corporation;c. public corporation;d. private corporation;18. Kent Kauffman and Patrick McCormick have decided to start a landscaping business. One of;the first things that they do is sign the, which describes the investments and;responsibilities of the partners and makes provisions for the allocations of profits and;dissolution of the business.;a. articles of incorporation;b. corporate charter;c. partnership charter;d. partnership agreement;19. A company sending some of its own managers overseas to conduct business in a local office is;practicing the international organization strategy of.;a. branch offices;b. joint venture arrangements;c. strategic alliances;d. direct investment;20. A subsidy is a.;a. tax;b. global competitor;c. product;d. payment;21. Under, Canada, the United States and Mexico will gradually eliminate tariffs and all;other trade barriers.;a. NAFTA;b. the Pan-American Agreement;c. the EURO Agreement;d. CMA;22. Which of the following exists when a country can produce something more cheaply and/or of;higher quality than any other country can?;a. national competitive advantage;b. balance of payments;c. absolute advantage;d. comparative advantage;23. Which global arrangement most closely represents a partnership?;a. exporting;b. enterprise resource planning (ERP);c. licensing arrangement;d. strategic alliance;24. The Oil Producing and Exporting Countries (OPEC) is an example of a.;a. subsidy;b. foreign direct investment;c. cartel;d. quota;25. Which of the following refers to a person? s ability to think in the abstract, to diagnose and;analyze different situations and to see beyond the present situation?;a. production skills;b. human relations skills;c. decision-making skills;d. conceptual skills;26. The purpose of strategy is to determine what business or businesses a company will;own and operate.;a. functional;b. corporate;c. business;d. mission;27. Corporate culture.;a. is difficult to change;b. can direct employees? efforts toward;goals;c. is usually determined by outside forces;d. very seldom changes;28. T itles such as plant manager, operations manager and division manager designate which of;the following levels of management?;a. first-line managers;b. supervisors;c. top managers;d. middle managers;29. Which of the following managers depend most on conceptual skills?;a. top managers;b. first-line managers;c. marketing managers;d. middle managers;30. CFO and controller are titles associated with managers.;a. information;b. human resource;c. marketing;d. financial;31. When each department targets a specific customer category, departmentalization occurs along;lines.;a. functional;b. customer;c. process;d. product;32. Decentralization is typical in companies that.;a. are smaller in size;b. focus tightly on maintaining standardization;c. face stable, predictable environments;d. face complex and dynamic environments;33. All of the following are advantages of job specialization EXCEPT specialized jobs.;a. can be learned more quickly;b. are more interesting;c. can be performed more efficiently;d. can be filled more quickly;34. Which of the following is NOT one of the four basic forms of organizational structure;mentioned in the text?;a. matrix;b. divisional;c. functional;d.production;35. American Wood Products has three divisions. The Lumberjack division is involved in;harvesting trees and transporting them to lumber mills. The Milling division transforms cut;timber into dimensional lumber for building. The Paper Products division makes papers and;cardboard from the remnants of the milling process. This is an example of.;a. functional departmentalization;b. process departmentalization;c. customer departmentalization;d. geographic departmentalization;36. According to the text, Martha Stewart Living Omni media u s e s a(n) structure to;manage its lifestyle business.;a. operational;b. departmental;c. divisional;d matrix;37. refers to the sameness of product quality from unit to unit.;a. Performance;b. Quality control;c. Reliability;d. Consistency;38. includes all activities involved in getting quality products into the marketplace.;a. T otal quality management;b. Quality reliability;c. Performance quality;d. Quality control;39. is the evaluation of all work activities, materials flows and paperwork to;determine the value that they add for customers.;a. Quality management;b.Value-added analysis;c. Groupware;d. Benchmarking;40. Operations produce standardized products for mass consumption.;a. Make-to -order;b.Make-to-stock;c. Low-contact;d. High-contact;41. A is an activity that is performed regularly when conducting business.;a. technique;b. process;c. request;d. function;42. When Ford assembles parts into a Ford Explorer, it creates utility.;a. time;b. place;c. form;d. possession;43. A good person-job fit is a situation in which.;a. the employee? s contributions slightly exceed the company? s inducements;b. the employee? s contributions and the company? s inducements;balance;c. the company? s inducements slightly exceed the employee? s contributions;d. the person hired for the job is qualified for it;44. When two people work part-time to share a single full-time job, it is referred to as.;a. MBO;b. flextime;c. job redesign; sharing;45. reflects a person? s comfort level with relationships.;a. openness;b. extraversion;c. conscientiousness;d. agreeableness;46. According to Herzberg, recognition fo r a job well done is a.;a. scientific factor;b motivation factor;c. hygiene factor;d. dissatisfier;47. When a company pays rewards for desired behaviors in employees, it is using.;a. piecemeal;b. equity theory;c.positive reinforcement;d. punishment;48. In equity theory, the social comparison made by an employee relative to the treatment by the;organization to others is similar to.;a the psychological contract;b. job sharing;c. the Hawthorne effect;d. expectancy theory;49. According to Kotter, when creating an agenda, managers focus on.;a. organizing and staffing;b. controlling and problem solving;c. planning and budgeting;d. establishing direction;50. T ransactional leadership is essentially the same as.;a. controlling;b. planning;;d. organizing;51. T o be an effective strategic leader, a manager needs to have an understanding of the;organization? s.;a. strengths and weaknesses;b. culture;c. history;d. All of the above.;52. Managers at Adidas had a ?hunch? that their sponsorship deal with the Yankees would be a;good one. Their feelings were based on.;a. escalation of commitment;b. risk propensity;c. intuition;d. perception;53. The approach to leadership assumes that appropriate leader behavior varies from;one situation to another.;a. motivation;b. trait;c. charismatic;d. situational;54. Males tend to be more than females in making decisions.;a. democratic;b. charismatic;c. autocratic;d. free-rein;55. Which of the following types of compensation are paid for time worked?;a. wages;b. salary;c. benefits;d. gain sharing;56. Insurance for compensating workers injured on the job is called.;a. a cafeteria plan;b. a profit-sharing plan;c. disability insurance;d. workers? compensation;insurance;57. represent attempts to recruit, hire and develop members of relevant protected;classes.;a. Comparable worth programs;b. ?Glass ceiling? programs;c. Benefit plans;d.Affirmative action plans;58. A allows wage rates to be renegotiated during the life of a labor contract.;a. wage reopener clause;b. bargaining unit;c. cost-of-living adjustment;d. strike;59. Cindy has identified the credentials, skills and abilities necessary for a database administrator;in her organization. She will record this information in a(n).;a. advertising budget;b. staffing survey;c. employee analysis;d. job specification;60. Bill is able to quit his job at the pickle factory at anytime and without notice under the legal;concept of.;a. mutual consent;b. quid pro quo;c employment-at-will;d. joint agreement;61. Groups of people with similar wants and needs are.;a. price points;b. distribution points;c. target markets;d. target points;62. are the qualities, tangible and intangible, that a company builds into its products.;a. Features;b. Safety devices;c. Requirements;d. Benefits;63. A promotional tactic for brand exposure in which characters in television, film, music;magazines or video games use a real product with a brand visible to viewers is called.;a. branding;b. loyalty;c. brand awareness;d product placement;64. Selling the rights to place a brand name on products such as t-shirts is referred to as;brands.;a. international;b. national;c. licensed;d. private;65. The satellite dish and home television shopping provide examples of changes to which of the;following external environmental factors that affect marketing?;a. political;b. legal;c. economic;d technological;66. Providing volunteer participants with new products to try and then asking them to share the;information with their friends, family, co-workers and others in their social network is called;marketing.;a. buzz;b. viral;c. share;d. placement;67. Once called ?middlemen,? they are now known in marketing circles as.;a. the marketing network;b. distributors;c intermediaries;d. circulation managers;68. Companies that price their product low enough to attract a large number of buyers are likely;pursuing a goal of.;a. market stability;b. maximization of profits;c. high market share;d. price stability;69. The amount added to a product? s cost to meet profit targets is usually expressed as a;percentage of.;a. total costs;b. sales price;c. wholesale price;d. selling costs;70. The value of agents and brokers lies in their knowledge of markets and their merchandising;expertise. Which of the following do they also do?;a. remove open, torn or dirty packages, arrange products neatly and generally keep goods;attractively displayed for retail stores.;b. provide shelf and display merchandising and advertising layout for retail stores;c. show sale items to potential buyers;d. All of the above.;71. Which of the following is the first stage in the buyer decision process?;a. Buyers decide on specific products.;b Buyers recognize the need to make a;purchase;c. Buyers want to learn more about available products.;d. Buyers evaluate products after purchase.;72. Pricing above the market plays on the common assumption that.;a. although consumer will not admit it, they like to pay higher prices;b. higher price means higher quality;c. a desperate business in danger of failing must get the most for each item it sells;d. higher prices are much more popular now;73. allow outsiders limited access to a firm? s internal information systems.;a. Firewalls;b. Extranets;c. Directories;d. Intranets;74. A(n) is a system for transmitting and transforming data into information that can be;used in decision-making.;a. transformation system;b. information system;c. computer;d. management system;75. The application of electronic technologies for searching, sifting and reorganizing pools of data;to uncover useful information is referred to as data.;a warehousing;b. mining;c. access;d. tapping;76. Computers are connected by numerous applications utilizing different communications;protocols. Which of these is NOT an Internet protocol?;a. hypertext transfer protocol (HTTP);b. simple message transfer protocol (SMTP);c. document processing protocol (DPP);d. post office protocol (POP);77. is capable of gathering e -mail addresses, credit card numbers and passwords.;a. Spyware;b. Spam;c. A firewall;d. Groupware;78. Which statement is true regarding firewalls?;a. They keep companies safe from hackers.;b. They serve as a ?traffic switch,? telling a message where to go.;c. They are located within individual monitors.;d. They do none of the above.;79. offer accounting services to the public and are licensed at the state level.;a. Controllers;b. Certified Public Accountants;c. Certified Management Accountants;d. Bookkeepers;80. are costs, other than the cost of goods sold, incurred in producing a good or service.;a. Depreciation;b Operating expenses;c. Inventory expenses;d. Operating incomes;81. A ratio measures a firm? s potential earnings.;a. financial;b. solvency;c profitability;d. managerial;82. Cash transactions involved in buying and selling goods and services would be classified as;cash flows from on the statement of cash flows.;a. investing;b operations;c. planning;d. budgeting;83. Which of the following is the most commonly used liquidity ratio?;a. return on equity;b. quick ratio;c. return on sales;d. current ratio;84. is the ability of a firm to finance an investment through borrowed funds.;a. Leverage;b. Profitability;c. Liquidity;d. Solvency;85. At, deposits are only accepted from members who meet specific qualifications;usually working for a specific employer.;a. mutual savings banks;b. commercial banks;c. savings and loan associations;d. credit unions;86. The is a United Nations agency consisting of about 150 nations that have combined;resources to promote stable exchange rates, provide temporary short-term loans and serve;other purposes.;a International Monetary;Fund;b. European Union;c. Federal Reserve;d. World Bank;87. Which of the following is NOT a function of money?;a. status;symbol;b. store of value;c. medium of exchange;d. measure of worth;88. Which of the following is NOT part of the M-2 money supply?;a. M-1;b. government;bonds;c. time deposits;d. money market mutual funds;89. How many Federal Reserve Banks are there currently in the United States?;a. 15;b. 6;c. 10;d. 12;90. T -notes are treasury securities that mature to face value within.;a. 30 years;b. a few weeks to a year;c. 2 and 10 years;d. None of the above.;91. Blink credit card technology is familiar in what form?;a. buying discount bonds that do not pay interest periodically but are sold at a discount;and pay out the face value on maturity;b. using a computer to make automatic payments;c. familiar to any form that uses a magnetic strip or swipe method;d. toll roads with electronic passes that allow drivers to avoid waiting in line to pay;92. is often used for economic planning by businesses and government agencies.;a. M-2;b. M-1;c. Currency;d. A demand deposit;93. A stock? s can be calculated by dividing total shareholders? equity by the total;number of shares of stock issued.;a. book value;b. market value;c. par value;d. All of the above.;94. New stocks and bonds are sold in the market.;a. primary;b. tertiary;c. private placement;d. secondary;95. A (n) is an organization of individuals coordinat ed to provide an institutional setting;in which stock can be bought and sold.;a. stock exchange;b. brokerage;c. over-the-counter market;d. server;96. Investors will opt for no-risk U.S. T reasury Bills or intermediate-term, high-grade;corporate bonds that rate low in terms of risk on future investments.;a. Professional;b. Aggressive;c. Amateur;d. Conservative;97. A is a formal pledge (an IOU) obligating the issuer to pay interest periodically and;repay the principal at maturity (a preset future date) to the lender.;a. mutual fund;b. bond indenture;c. commercial bank loan;d. corporate bond;98. A company is ripe for raiding when.;a. insider trading has taken place;b. private owners lose some control of the company when shares are sold to the public;c. its stock prices are at an all time high;d. its stock price falls so shares can be cheaply bought;99. A is a division of stock that gives stockholders a greater number of shares but does;not change each individual? s proportionate share of ownership.;a. stock split;b. stock warrant;c. stock dividend;d. stock yield;100. ?I am a chemist with the nation? s largest chemical company. We have secretly developed a;cure for three of the world? s most serious epidemics. Before this news breaks out, I?m going;to buy as many shares of stock in my company as I can get my hands on. Then I?ll sit back;and watch the stock price head for the sky.? The person making this statement is about to;engage in.;a. insider trading;b. blue-sky trading;c. selling shares of stock;d. open-market operations


Paper#24371 | Written in 18-Jul-2015

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