Business Information Quiz # 7

The lower-order needs of maslow's hierarchy of needs include physiological, safety, and __________.

Esteem

Self-actualization

Shelter

Social

The middlemen in a distribution channel are sometimes called ________.

Wholesalers

Clerks

Salespeople

Assembly line workers

Consumers

The most common form of direct-mail format is a _____.

Statement stuffer

Brochure

Self-mailer

Broadside

Sales letter

The most visible part of the marketing mix, which can be very expensive, is ________.

Promotion

Complement

Dictate

Ignore

Sustain

The need __________ would be classified as a social need.

To reach one's full potential

To feel safe and secure from unexpected threats

For recognition and self-respect

To feel accepted and loved

The organizational strategy should ideally _____ the is strategy.

Drive

Complement

Dictate

Ignore

Sustain

The physical products that a business offers are called ________.

Goods

Services

Assets

Devices

Intangible

The positive effects of allowing employees to manage workflow is that _______.

Managers can begin to feel powerless

Work is harder to organize and track

The amount of managerial oversight increases

Overall, the level of productivity increases

The purpose of identifying your audience's questions about your product is to _____.

Choose a tone and style for your advertisement

Identify the purpose of your advertisement

Determine the layout for your advertisement

Address their questions in your advertisement

The sources and uses table is a part of the ___________ of the business plan

Offering section

The reality test

The competitive test

The value test

The three "tests" associated with a business plan are ________.

The reality test

The competitive test

The value test.

All of the above

The three approaches to control are ________.

Feedforward

Concurrent

Feedback

All of the above

The two major forms of workforce diversity are and .

Surface-level diversity; deep-level diversity

Surface-level diversity; lateral-level diversity

Organizational-level diversity; individual-level diversity

Lateral-level diversity; deep-level diversity

Physical-level diversity; intellectual-level diversity

The unemployment rate is defined as the divided by the .

Employed people; population

Unemployed; number working

Unemployed; number in the labor force

None of these

The value chain is the sequence of business functions in which ________.

Value is deducted from the products or services of an organization

Producing and delivering the product or service is of prime importance

Products and services are evaluated with respect to their value to the supply chain

Usefulness is added to the products or services of an organization

Through equity financing, stockholders become _________ of the firm.

Creditors

Employees.

Suppliers.

Owners

To encourage entrepreneurial growth governments might _______

Reduce the value of their currency to encourage foreign investment

Pass laws that enable businesspeople to write contracts that are enforceable in court

Establish a high tax rate to support loans for small businesses

Take over ownership of small businesses when they are first getting started

To form a sole proprietorship, ________ is required.

A local business license

Connections

Networking

Prior preparation

Today, _ and _ are often combined into a single system.

Computer-aided design; computer-aided manufacturing

Socializing new applicants in the pre-hiring phase

Providing a framework for metamorphosis of new hires

Properly rewarding management's initiatives

Top management has a major impact on the organization's culture by ________.

Establishing norms that filter down through the organization

Ensuring a proper match of personal and organizational values

Socializing new applicants in the pre-hiring phase

Providing a framework for metamorphosis of new hires

Properly rewarding management's initiatives

Trust, respect, and _______ are the building blocks of a good business relationship.

Connections

Networking

Prior preparation

Mutual support

Unlike entrepreneurs of the past, today's entrepreneurs ________.

Find fewer closed doors as small business start-ups have become less risky.

Have to piece their capital together from several sources.

Are spending a smaller percentage of their time raising capital for their businesses

Using technology to sell ________.

Is too expensive for the average salesperson

Can be useful in helping you communicate your product to the customer and to stay in

Touch with the customer

Works for products but not services

Is not really necessary

When a company uses the perpetual inventory system _________.

Purchases of Office Supplies and Equipment that will be used in the day-to-day operations of the business are recorded as debits to Merchandise Inventory.

The purchase of merchandise inventory on account is recorded as a debit to Accounts Payable and a credit to Merchandise Inventory.

The Merchandise Inventory account is reported as an expense on the income statement.

The Merchandise Inventory account is debited for purchases of goods that the company intends to resell to customers

When a firm tries to differentiate its products, it often applies a concept known as ________.

Personal selling

Product valuation

Positioning

The marketing mix

When a not-for-profit corporations dissolves, its assets are ________.

Given to a similar not-for-profit group

Value their human resources above all others

Be extremely responsive to their customers' needs

Be highly resistant to change

When buying a home, it is important to factor in future costs, like ___________.

Realtor fees

Down payment

Utility costs

Closing fees

When no historical data are available, _____ is the sole basis for predicting future demands.

Regression analysis

Exponential smoothing

Judgmental forecasting

Statistical forecasting

When the census bureau is the source of your data, you are conducting ____ research.

Qualitative

Primary

Auxiliary

Tertiary

Secondary

Companies that rely on bureaucratic control tend to ____.

Have no contingency plans

Rely on group norms rather than formalized rules and regulations