Business Information Quiz # 9

A firm's _____ is the percent of the total market for a product that is controlled by that company.

Market power

Market share

Profit margin

Penetration ratio

A firm's _____ resources are also known as labor.

Natural

Human

Financial

Physical

A firm's ________ expresses the number of times per year the business sells all of its inventory.

Liquidity ratio

Inventory turnover ratio

Operating ratio

Quick ratio

A music download costs $1.00 for one song. $1.00 is an example of _____ .

An accounting cost

A retail price

A sales tax

A narrow span of control ________.

Encourages employee autonomy

Is expensive because it adds levels of management

Simplifies vertical communication

Increases the speed of decision making

Discourages overly tight supervision

A sample standard deviation is the best point estimate of the ___________.

Population range

Population skewness

Population mode

Population standard deviation

A visual representation of an organization's structure is also known as the _______.

Organization Chart

UML

Gantt Chart

An advantage of rating performance based on outcomes is that _____.

Feedback is relatively straightforward and easy to interpret

It focuses on highlighting only the positive aspects of employee performance

It results in a normal distribution of performance ratings

Employees are monitored electronically to see how productive they are

Reliability is increased by providing specific behavioral examples to reflect effective and less effective behaviors

An agreement to share in the control and ownership of a new enterprise is known as a/an _____.

New venture

Business venture

Joint Venture

Analysis of a firm's internal environment identifies the firm's ________.

Strengths and weaknesses

Strengths and opportunities

Opportunities and threats

Weaknesses and threats

Strengths and threats

Analysis of the external environment of an organization identifies the organization's ________.

Strengths and weaknesses

Strengths and opportunities

Opportunities and threats

Weaknesses and threats

Strengths and threats

Clothing manufacturers typically prefer _____ distribution.

Selective

Exclusive

Intensive

Patterned

Direct

If you put off making a decision or performing a task, you are _______.

Weighting

Prioritizing

Analyzing

Procrastinating

_____________ studied how the characteristics of the job itself affected worker motivation.

William Ouchi

Frederick Taylor

Douglas McGregor

Frederick Herzberg

A swot analysis is often included in the ________.

Situation analysis

William Ouchi

Frederick Taylor

Douglas McGregor

All of the following are advantages of forming a corporation except ________.

Extended life

Capitalization

Separated liability

Ease of set up

All of the following are benefits that can be attributed to outsourcing, except ________.

Capping financial exposure

Gaining economies of scale

Reducing quality

Freeing up management time

Obtaining expertise

All of the following are common organizational strategies except __________

Chronology

Sentence structure

Order of importance

Comparison/contrast

____ are primarily interested in the company's margins and cash flow projections.

Suppliers/creditors

Customers/stakeholders

Bankers/lenders

None of the above

_____ can be a better way to sell items that rely on personal selling skills.

M-commerce

Social commerce

Traditional commerce

E-commerce

_____ have the most freedom from government regulation.

C corporations

S corporations

Cooperatives

Sole proprietorships

_____ is an element of the management activity in a business.

Publicity

Production

Advertising

Sales promotion

_____ is the only business function that is directly responsible for creating sales and revenue.

Accounting

Recruitment

Operations

Marketing

________ is the first, or "big picture," level of planning.

Strategic planning

Functional planning

Operational planning

Product development

Business planning

________ is the primary market for u.s. franchisers.

South America

Europe

Mexico

The Caribbean

A ________ is a group of people who would be interested in buying a given product or service.

Market

Target

Customer

Consumer

Shopper

A company's mission statement should be placed in the ________ section of its business plan.

Marketing plan

Management team and company structure

Company description

Market analysis

Industry analysis

A competitive analysis is an important component of ________.

A mission statement

Opportunity analysis

A vision statement

All of the above

A disadvantage to joining a family business is that _____.

More can be achieved by working in a team

Family relationships may be negatively affected

One individual must take on all of the financing responsibilities

There is little trust and loyalty

A firm's good reputation for quality customer service is categorized as its _____.

Capital resources

Human resources

Financial resources

Natural resources

Intangible resources