Question 3.3. (TCO 1) As a pharmacist in your community, you are concerned with the level of service

provided to those in need at odd hours and after hours and in the neighborhoods where such extended service is needed. Your concerns are centered on which of the following? (Points : 5)

Making products and counseling available when consumers need them

Changing the buying behaviors of consumers

Understanding the risks of some of the products offered for sale

Doing whatever is necessary to provide credit through debit cards and credit cards

Providing open and free-flowing communication to the consumers

Question 4.4. (TCO 3) Which of the following is true about a small business? (Points : 5)

A small business is one that employs between 500 to 1000 employees.

A small business is usually funded by personal lines of credit and not through bank loans and microlenders.

A small business is one that is not dominant in its field.

A small firm usually curtails the freedom to innovate.

A small firm avoids risks that larger firms are willing to take.

Question 5.5. (TCO 1) A basic set of rules for allocating resources to satisfy its citizens’ needs is called (Points : 5)

a monetary system.

a free market system.

an economic system.

a planned system.

Question 6.6. (TCO 2) These are government policies aimed at shielding a country’s industries from foreign competition. (Points : 5)

Tariffs

Free-market capitalism

Protectionism

Import quotas

Question 7.7. (TCO 3) One disadvantage of free trade is _____. (Points : 5)

domestic companies can lose their comparative advantage

uninterrupted flow of capital provides for lower interest rates

workers will be given across-the-board pay increases

a company’s productivity grows when it has an absolute advantage

domestic workers can be trained for additional jobs

Question 8.8. (TCO 3) What is not a disadvantage of a corporation? (Points : 5)

Initial cost

Extensive paperwork

Ability to raise money for investment

Possible conflict with stakeholders and board of directors

Question 9.9. (TCO 2) _____ are long-term partnerships between two or more companies to jointly develop, produce, or sell products. (Points : 5)

Strategic alliances

Global franchises

Joint ventures

Strategic mergers

Incorporated partnerships

Question 10.10. (TCO 3) Starting your own business (Points : 5)

is an alternative to unemployment.

is not risky.

allows others to control your future.

is not difficult and does not require sacrifice.

Question 11.11. (TCO 4) Consumers have needs for living and wants, which are desires and to know them helps businesses to meet market demands. From the following list, identify which combination is just needs, or just wants. (Points : 5)

Food and Big Mac

Motorcycle and car

Shelter and condo

Water and Coca-Cola

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)

Order processing

Market segmentation

Inventory control

Transportation

Question 14.14. (TCO 5) You have been recently hired as the new employee development and training director at a small utility engineering company. Your boss, the company founder as well as president and CEO of the firm, has specifically asked your assistance in finding a way to improve creativity in the engineers through a process called job enrichment. You have thought about this for a few days and now feel that it is necessary to meet with your boss to present your ideas concerning motivation and performance. One idea that you would present is (Points : 5)

the extent to which a job demands the same skills.

the degree to which the job requires doing a task with a visible outcome from beginning to end.

the degree to which the job has an insubstantial impact on the lives or work of others.

the degree of indiscretion in scheduling leisure time.

the amount of direct and clear information given about team goals.

Question 15.15. (TCO 6) The modern production technique which allows designs to be drafted in three dimensions, removing some of the manual process in the traditional design of a product, is (Points : 5)

process flexible-aided design.

process manufacturing.

computer-aided design.

intermittent process.

Question 16.16. (TCO 7) Financial accounting includes which one of the following? (Points : 5)

The preparation and distribution of an a periodic report

A summarization of the costs of production

The preparation of departmental budgets

Compliance with the Financial Accounting Standards Board (FASB) guidelines

Reviewing and evaluating the information used to prepare a company’s financial statements

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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