BUSN 115 Final Exam Set 3
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1. (TCO 1) Describe the six major functional areas in a business enterprise. (Points : 25)
Question 2.2. (TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 25)
Home Depot is one of the world's biggest home improvement retailers in the United States, Canada, and Puerto Rico. Home Depot stores strive to serve both the professional contractors as well as the casual home repairers.
Question 3.3. (TCO 3) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a
Question 4.4. (TCO 4) Describe the stages a consumer passes through when making a purchase decision. Give examples of each stage. (Points : 25)
Question 5.5. (TCO 5) Compare and contrast Theory X with Theory Y. (Points : 25)
Question 6.6. (TCO 6) Businesses try to create systems that deliver goods or services to customers as efficiently as possible. This often involves multiple steps and systems that hopefully work together to accomplish that goal. Explain the systems perspective, and identify at least five principles of systems thinking that can improve your skills as a manager. (Points : 25)
Question 7.7. (TCO 7) Describe double-entry bookkeeping and the matching principle. (Points : 25)
1. (TCO 1) _____ refer to a resource or capability a company must have before it can start competing in a given market. (Points : 5)
Economies of scale
Barriers to entry
Question 2.2. (TCO 1) People who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address include which of the following? (Points : 5)
Foreign business leaders
Domestic business leaders
Question 3.3. (TCO 1) Home-based entrepreneurs should focus on _____. (Points : 5)
seeking a short-term payoff
creating a long-term vision
getting a line-of-credit from a foreign bank
understanding financial ratios on their balance sheet
Question 4.4. (TCO 3) Which of the following is an example of a lifestyle business? (Points : 5)
A paper recycling unit that employs about 800 employees
A self-employed landscape designer
Nature's Delights, an international gourmet food chain that is considered to be the world's leading retailer of natural and organic foods
Museum of Fine Arts, a government-funded museum that houses a collection of 19th and 20th century American, German, and French paintings
Freedom Books, a firm that is the leader in the English-language, book-publishing sector
Question 5.5. (TCO 1) Performing a SWOT analysis is part of the _____. (Points : 5)
Question 6.6. (TCO 2) One advantage of globalization is _____. (Points : 5)
all government regulations are eliminated
all trade barriers are eliminated
production costs are reduced because of reduced labor cost
oppressive governments benefit
Question 7.7. (TCO 3) A strategy for reaching a global market is ¬¬¬_____. (Points : 5)
Question 8.8. (TCO 3) The reason(s) a company pursues a strategic alliance is to _____. (Points : 5)
enhance the ability to expand internationally
gain access to new technologies and know-how
increase credibility or brand awareness
All of the above
Question 9.9. (TCO 2) _____ are long-term partnerships between two or more companies to jointly develop, produce, or sell products. (Points : 5)
Question 10.10. (TCO 3) Entrepreneurship has become the new way of doing business in our world. With economies in decline and organizations downsizing and the lack of opportunities that satisfy, entrepreneurship has been born. Entrepreneurship involves (Points : 5)
bringing in compelling ideas.
helping small businesses achieve more.
providing the platform for launching companies that grow to be quite large.
All of the above
Question 11.11. (TCO 4) Which of the following pairs represent an advantage and a disadvantage of marketing to a mobile phone rather than a fixed computer? (Points : 5)
Mobile phone users are accustomed to advertising interruptions while fixed computers have limited links to retailer websites.
The mobile phone is operating most of the time, but the interactivity is less than a fixed computer.
The screen size of fixed computers is larger, but screen enlargement overcomes that limitation in mobile phones.
Fixed computers can provide advertising based on where you happen to be while mobile phone advertisements are limited to product categories.
Question 12.12. (TCO 4) The rapid spread of brand communities has been one of the major impacts of social media. The Harley Davidson Owners Group is one example of an informal network of people with similar interests who use social media to bond and share information. Why are these brand communities effective? (Points : 5)
The cost of consumer-oriented publications is too expensive.
Consumers now trust their peers more than any source for product information.
Consumers no longer trust salespeople.
State and local consumer protection agencies no longer review products.
Question 13.13. (TCO 4) Successfully distributing goods to customers involves low cost and customer satisfaction. Several steps must take place in order to reach this goal. Which step need NOT be considered in the physical distribution of goods? (Points : 5)
Question 14.14. (TCO 5) The steps to Mining Group Gold include (Points : 5)
defining the behavioral parameters of a unique subset of cultures.
establishing a zone of proximal development.
setting expectations for reasonableness of the ideas presented.
establishing clear and concise expectations of factual information.
conducting a series of time-checks throughout the meeting.
Question 15.15. (TCO 6) Production and operations management is best described by which of the following? (Points : 5)
Overseeing all of the activities involved in producing goods and services
Designing machines to do multiple tasks
Tailoring products to meet the needs of a large number of customers
Using technology and robotic units to assist with plant operations
Short production runs and the machines being adjusted frequently
Question 16.16. (TCO 7) A common reason that companies fail is (Points : 5)
an excellent control of cash flow.
a lack of adequate sales revenue.
an inadequate control of expenses.
an inadequate managerial expertise.
Question 17.17. (TCO 7) What are the three interrelated reports required by law for all publically traded companies that act as vital management tools for all companies, big and small? (Points : 5)
Ledger, operating budget, balance sheet
Journal, adjusted trial balance, income statement
Balance sheet, income statement, statement of cash flows
Expense report, balance sheet, capital budget
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