TCO 1 You own a hardware store in the small town w

TCO 1 You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Points : 5) Mulitple Choice
Quickly adapting to the market Providing improved customer service Increasing your inventory levels Opening a branch store across the street from the big box Providing free expert advice and consultation to your customers
Question 2. 2. (TCO 1) Home-based entrepreneurs should focus on (Points : 5) seeking a short-term payoff. creating a long-term vision. accepting security. getting results. trying new ideas.
Question 3. 3. (TCO 1) The use of government regulations to limit the free-trade of goods and services includes (Points : 5) import taxes. export taxes. import quotas. export quotas. non-tariff barriers.
Question 4. 4. (TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by the following. (Points : 5)
Consumers and investors have called for increased government regulation in the financial sector. U.S. businesses will need to work with government to create a competitive environment that is fair. Future financial crises will not be as severe as previous ones. Businesses won’t have to worry with future healthcare insurance regulations. Global competition will steadily decline over time.
Question 5. 5. (TCO 2) It can be difficult to balance ethics and other goals, such as pleasing stakeholders or advancing your career. According to management writer Ken Blanchard and religious leader Norman Vincent Peale, it helps to ask oneself which of the following questions when facing an ethical dilemma? (Points : 5)
Is my proposed action legal? Is my proposed action legally defensible? Is it balanced? Is it the truth? How will this course of action make me feel about myself?
Question 6. 6. (TCO 2) The basic rights of consumers are. (Points : 5) the right to purchase items at a discount warehouse store. the right to know the sales tax amount of an item. the right to know the company- commitment to the public. the right to be heard. the right to be informed.
Question 7. 7. (TCO 3) Issues that will influence global markets include (Points : 5) Brazil is the second-largest economy in South America. China will overtake the United States as the world- largest economy by 2027. Russia is plagued by political, currency, and social problems. India- working age population is expected to shrink because of continued health concerns. the BRIC economies are the only areas of opportunity in the global market.
Question 8. 8. (TCO 3) Nations rely on a number of key indicators to measure global trade. These include (Points : 5) the total value of a nation- exports compared to its imports measured over a particular period. the total value of a nation- imports compared to its gross domestic product over a particular period. the total value of a nation- exports compared to the value of the International Monetary Fund. the difference between money coming into a country and money leaving the country. the difference between money leaving the country and its imports measured over a particular period.
Question 9. 9. (TCO 3) Currency valuation problems can be especially harsh on developing economies. At times a nation- government will intervene and readjust the value of its currency, often to increase the export potential of its products. This means (Points : 5) devaluation lowers the value of a nation- currency relative to others. devaluation raises the value of a nation- currency relative to others. due to a nation- strong currency, the only way to trade is bartering. due to a nation- weak currency, the only way to trade is bartering. countertrading is a simple form of bartering with good profit potential.
Question 10. 10. (TCO 4) To look at problems and/or passions and see opportunities in them, which of the following questions should be asked? (Points : 5) What do I want but can never find? What services would improve society? What products would improve my life? What irritates me and what product would help? What products would improve all mankind?
Question 11. 11. (TCO 4) A limited liability company has the following advantages (Points : 5) limited liability. choice of taxation. flexible ownership rules. self-employment taxes. fewer incentives.
Question 12. 12. (TCO 4) The disadvantages of corporations include (Points : 5) two tax returns. extensive paperwork. double taxation. difficulty of termination. perpetual life.
Question 13. 13. (TCO 5) In this digital age, setting up shop online is vital for most retail businesses. But having only an online presence that customers can access at home isn’t enough anymore. Now consumers have an array of smartphones and digital tablets that can get them online from anywhere. For social networks and retailers alike, the mobile market has already enjoyed tremendous growth. Given this information as a sales manager for Always Better Car Sales (ABCS), your concerns include which of the following? (Points : 5) Migrating to the mobile medium shouldn’t be a problem. Making the leap from laptop to touchscreen is an option at this stage of your efforts. Social media is one option to enter the mobile market. Using a service such as a mobile commerce platform is an option. Economists estimate that as much as 51% of the total consumer spending may go through social networking sites.
Question 14. 14. (TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Points : 5) Sweepstakes promotional information News information and sports information Client information Company information Competitor information
Question 15. 15. (TCO 5) The changing marketing environment presents a continuous challenge to companies wishing to increase their sales revenue. A number of processes are used to try and obtain better strategic marketing information. Looking at such strategic marketing information is only a part of the whole picture, however. The facets of the marketing environment that should be considered are (Points : 5) values, attitudes, and beliefs of the target population. expenses and employment data by household. changes to the Internet, telecommunications, and computers. speed, service, price, and selection of the products. strengths, weaknesses, and threats as perceived by the target population.
Question 16. 16. (TCO 6) The elements of leading include (Points : 5) providing resources. rewarding performance. clarifying policies. developing employees. explaining routines.
Question 17. 17. (TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing (Points : 5) feelings. facts. solutions. falsities. paradoxes.
Question 18. 18. (TCO 6) The elements of planning include (Points : 5) providing constructive feedback. determining resources needed. setting organizational goals. setting precise standards. establishing procedures.
Question 19. 19. (TCO 7) One development that has changed production techniques is the integration of computers into the design and manufacturing of products. The processes that this includes are (Points : 5) process manufacturing. intermittent process. computer-aided design. flexible manufacturing. computer-integrated manufacturing.
Question 20. 20. (TCO 7) Flexible manufacturing includes (Points : 5) having machines instead of people do the work. 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 are adjusted frequently.
Question 21. 21. (TCO 7) Operations management planning issues include (Points : 5) facility location but not layout. facility layout but not location. purchasing. just-in-time inventory control. holding output steady while lowering costs.
Question 22. 22. (TCO 8) The marketing eras include (Points : 5) customer relationship. advertising. marketing concept. sales. production.
Question 23. 23. (TCO 8) You work in a moderately priced ready-to-wear clothing store at a mall near where you live. The sales steps that you can expect to follow include (Points : 5) preapproach. prospecting. qualifying. ask questions. follow up.
Question 24. 24. (TCO 8) The era of sustainability has entered into distribution as well as the other aspects of marketing. Given this information, (Points : 5) the decision of what distribution mode to use is less complex than first imagined. emissions from air freight are lower than rail shipping. emissions from air freight are higher than ocean shipping. motor transportation is more fuel efficient per ton-mile than rail. transportation accounts for one third of carbon dioxide emissions.
Question 25. 25. (TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is (Points : 5) single location for the information being edited and saved. multiple copies of the information so backups are not necessary. the software is considered shareware and is therefore not copyrighted. the software is considered public domain software and is free for the taking. multiple locations where the information is stored provides quick access.
Question 26. 26. (TCO 9) The typical office worker checks e-mail 50 times and uses instant messaging 77 times a day. Such interruptions undermine workers’ attention spans, increases stress, and decreases job satisfaction and negatively impact creativity. Suggestions to reduce the number of distractions include which of the following? (Points : 5) Monitor and limit the use of the “reply-all” button on your e-mail program. Communicate by phone or in-person can save time, build relationships, and lower stress. Archive all garbage and trash can messages in order to review them once a week. Limit the use of automated replies to messages. Add alerts to wireless, handheld, and smartphone devices and switch off desktop alerts.
Question 27. 27. (TCO 9) Knowledge management and business intelligence are interrelated to one another. As well, the scope of the Internet, corporate intranets, extranets, and virtual private networks continue to evolve and improve. Given this information, you are the new CIO of Gargantuan Baby Doll Company. The holiday sales rush is coming up soon and you want to be sure that your IT operation is ready to fully and completely support the company. Your concerns are centered around (Points : 5) full and complete integration of all resources. full and complete integration of information. full and complete integration of reports. full and complete integration across multiple and extended venues. full and complete seamlessness to the end-user.
Question 28. 28. (TCO 10) Managerial accounting includes (Points : 5) information provided to creditors and lenders. information provided to government agencies. information reviewed and evaluated prior to preparing a company- financial statements. information related to the preparation and distribution of an annual report. information reported concerning the costs of production.
Question 29. 29. (TCO 10) An accounting system includes (Points : 5) tax return information. balance sheet information. summarization of accounts information. compliance information. eleemosynary information.
Question 30. 30. (TCO 10) The most common reasons that companies fail are (Points : 5) underspecialization. poor control of cash flow. lack of adequate sales revenue. inadequate control of expenses. inadequate managerial expertise.
Question 31. 31. (TCO 1) The latest economic news was not very positive. Unemployment rates were higher than expected, consumer confidence had fallen, and companies were reporting layoffs were in order. The Federal Reserve chairman acknowledged the economy was in a recession. What actions might the federal government take to give the economy a boost? What is this policy called? (Points : 10) WRITTEN ANSWERS
Question 32. 32. (TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)
Question 33. 33. (TCO 3) Discuss the positive aspects of globalization and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)
Question 34. 34. (TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)
Question 35. 35. (TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or Web applications. (Points : 15)
Question 36. 36. (TCO 8) Identify the 4 P- of marketing, and give an example how each of the 4 P- can be used to market your favorite product or service. (Points : 15)
Question 37. 37. (TCO 7) Given the following companies, Boeing (airliner manufacturer) and Dell Computer (computer manufacturer), which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of their facilities? List the specific needs and requirements of each company when determining location. (Points : 15)