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Exam Due in 2 hours Question 1.1. (TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5) They take twice the human effort. They have the same defects in the finished product. They require half of the engineering effort. They use half the floor space for the same output. They carry 50% more inventory. Question 2.2. (TCO 7) The results of materials requirement planning include (Points : 5) investment forecasts. profit forecasts. human resource forecasts. reduced inventories. increased inventories. Question 3.3. (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 4.4. (TCO 8) The major promotional strategies include which of the following? (Points : 5) The producer using advertising, personal selling, and sales promotion to convince wholesalers and retailers to stock and sell merchandise Heavy advertising and sales promotion efforts directed toward consumers so they’ll request products from retailers Consumers who pick out their products from online outlets Paying people to say positive things on the Internet Setting up multilevel selling schemes whereby consumers earn commissions Question 5.5. (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) Bankers Government Employees Surrounding/competing Businesses Foreign business leaders Domestic business leaders Question 6.6. (TCO 1) Home-based entrepreneurs should focus on _____ (Points : 5) Seeking a short-term payoff Creating a long-term vision Accepting security Getting a line-of-credit from a foreign bank Understanding financial ratios on their balance sheet Question 7.7. (TCO 1) The use of government regulations to limit the free trade of goods and services includes _____. (Points : 5) Income taxes Export taxes Import quotas Export quotas Foreign barriers to market entry Question 8.8. (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 one of the following questions when facing an ethical dilemma? (Points : 5) How will this course of action be evaluated by others? Is my proposed action legally defensible? Is this course of action based on principle? Is this course of action based on the truth? How will this course of action make me feel about myself? Question 9.9. (TCO 2) The concerns in and around international ethics and social responsibility include _____. (Points : 5) Revocation of government regulations tending to be weak Fairness of requiring international suppliers to adhere to U.S. ethical standards being clear-cut Ethical problems and issues of social responsibility that are unique to the United States Working with organized labor on a set of common labor standards U.S. businesses demanding socially responsible behavior from their international suppliers Question 10.10. (TCO 2) The change in U.S. business from manufacturing to knowledge-based technology has created new regulatory challenges for federal agencies. This means _____. (Points : 5) The government’s resolve to pursue corporate income tax evasion cases has increased Competition is a cornerstone of a knowledge-based economy. Antitrust oversight has always been the rule. The definition of competitive advantage has been limited Antitrust issues will persist in the future. Question 11.11. (TCO 3) One advantage of offshore outsourcing is _____. (Points : 5) Less strategic tasks can be sourced so that companies can focus on sales and marketing Communication among company members, suppliers, and customers is problematic. Outsourced work allows companies to create efficiencies that in fact let them fire more workers. Consumers benefit from lower prices generated by effective use of global resources and developing nations. Offshore outsourcing may reduce product quality and can therefore cause damage to a company’s reputation. Question 12.12. (TCO 3) Global marketing strategies are your area of expertise. As such, your new employer, Mega-Giant Toys, has tasked you with gaining entry into a new market with a new console game. Your concerns for launching this product in a new market include _____. (Points : 5) Indirect exporting of the devices Licensing in such a manner that distributes the trade secrets of the device Direct exporting of the devices Adapting the device to the new countries that it will be marketed and sold in The income potential of the devices as a result of foreign direct investment Question 13.13. (TCO 3) An Issue that will influence global markets is _____. (Points : 5) Brazil is the second-largest economy in South America. The United States will overtake China as the world’s largest economy by 2027 Russia is plagued by political, currency, and social problems. India’s 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 14.14. (TCO 4) An advantage of a partnership is _____. (Points : 5) Limited financial resources Unlimited liability Difficulty of termination No additional special taxes Limited survival Question 15.15. (TCO 4) A disadvantage of a corporation is _____. (Points : 5) Simplified tax returns Simplified Record Keeping Simplified operations in overseas markets Difficulty of termination Perpetual life Page 2 Question 1.1. (TCO 5) A process is used whereby the total market is divided into groups whose members have similar characteristics. The aim of this process is to break the market into smaller units. Sales generated from the Internet can provide an additional source of revenue to the firm using such a scenario. One dimension that should be considered given a case like this is: (Points : 5) Dividing a market by cities, counties, states, or regions Demographic aggregation Ignoring a group’s values, attitudes, and interests Employee segmentation Employer segmentation Question 2.2. (TCO 4) Select a primary concern when a new small business is started. (Points : 5) Understanding your competition Financing your business Knowing your customers Managing your employees Keeping records Question 3.3. (TCO 5) In the vacation market, many people find the holiday they want themselves. They use the Internet to find the right spot, and then make choices, sometimes questioning potential sellers online. By using the Internet in this fashion, what is a role of marketing? (Points : 5) Make sure that a company precludes traditional advertising Make sure that a company’s services are easily available for review by possible purchasers Make sure that a company’s products can be shipped by common carrier Make sure that the company cultivates personal relationships with customers Make sure that a company responds effectively to competitors Question 4.4. (TCO 5) You are an independent Internet Marketing Consultant. You have an excellent track-record of assisting small to medium sized companies fully realize their marketing potential through an improved and enhanced presence on the world-wide-web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium) specializes in the care and grooming of cats and only cats has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. A recommendation is: (Points : 5) Building and improving relationships with customers Online advertising to get potential customers to the website Announcing weekly sales promotions so customers will make a purchase Information to competitors and near-competitors Website software to send “spam” email messages Question 5.5. (TCO 6) An element of Planning is: (Points : 5) Providing constructive feedback Determining reconstruction needed Promulgating financial statements Setting precise standards Establishing standard procedures Question 6.6. (TCO 6) One of the aspects of efficient use of a facility as well as efficient use of employees’ time and energy is that of layout. This necessarily includes the physical arrangement of resources (including people) in the production process. One attribute would be: (Points : 5) A facility where teams of workers combine to produce more complex units of the final product A facility where workers do not congregate around the product to be completed A facility where teams of workers do a great number of tasks at a time A facility where workers do many, many tasks at one time A facility where dissimilar equipment is grouped together Question 7.7. (TCO 6) 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 8.8. (TCO 7) You have just been hired as the new Production and Operations Manager for Little Bitty Diesel Electric Generator Sets (LBDEGS). Demand has been so great that a new factory will have to be built to keep up with the market demand. Evaluating various and sundry sites presents a number of concerns to you. Select one criterion to apply in a decision process such as this one. (Points : 5) Excise tax rate at the new location Development constraints at the new location Additional unskilled workers are available Local government provides support Transportation costs are exorbitant Question 9.9. (TCO 8) The Marketing Eras include: (Points : 5) Customer relationship Advertising Aggregation Disenfranchisement Predestination Question 10.10. (TCO 9) Select a type of information that is available to businesses today: (Points : 5) Psychological information Consumer process information Physical-world observations Private information from the government Exobiological information Question 11.11. (TCO 9) Businesses and individuals are bombarded on a minute-by-minute basis with alerts, information, messages and notifications. Sorting through this onslaught of information is challenging even under the best of circumstances. The usefulness of management information depends on: (Points : 5) A manager’s ability to learn which questions to ask to get the answers they seek. Sales and expense data that are a part of a pro-forma statement for the company. E-Mail and texting as a secure mode of communicating to allow for enhanced order processing. Sorting between the sources of information as to validity. Using an e-mail program’s organizing tools to manage information efficiently. Question 12.12. (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, increase stress, and decrease job satisfaction and negatively impact creativity. A suggestion to reduce the number of distractions is: (Points : 5) Monitor and encourage the use of the “reply-all” button on your email program. Communicate by phone or in-person can save time, build relationships and lower stress. Archive all garbage/trashcan messages in order to review them once a week. Limit the use of automated replies to messages. Add alerts to wireless/handheld/smartphone devices and switch-off desktop alerts. Question 13.13. (TCO 10) You are part of an ad-hoc committee in your organization that is considering migrating to a cloud computing environment. This will include email, corporate messaging as well as all ordering, sales, accounting, payroll and financial functions, including reports/reporting. A part of the charter for your ad-hoc committee includes a suggestion to use a private cloud for essential tasks, but use a public cloud as needed. You have studied cloud computing and have read some recent articles related to other organizations moving to such an environment. One advantage of cloud computing is: (Points : 5) Paying for upgrades and spending time installing security patches Information is stored on servers at each of your locations so access times are improved. Additional capacity can be purchased, usually overnight, on an as-needed basis. Since applications run in the cloud, you don’t need to purchase expensive equipment Sharing of documents is much more difficult in a cloud computing environment Question 14.14. (TCO 10) 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 15.15. (TCO 10) Managerial accounting includes which one of the following: (Points : 5) Information provided to creditors and lenders Information provided to government agencies Information reviewed and evaluated prior to preparing a company’s financial statements Information that is used by management to determine company strategy Information obfuscated concerning the costs of production

Exam Due in 2 hours

Question 1.1. (TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5) They take twice the human effort. They have the same defects in the finished product. They require half of the engineering effort. They use half the floor space for the same output. They carry 50% more inventory.

Question 2.2. (TCO 7) The results of materials requirement planning include (Points : 5) investment forecasts. profit forecasts. human resource forecasts. reduced inventories. increased inventories.

Question 3.3. (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 4.4. (TCO 8) The major promotional strategies include which of the following? (Points : 5) The producer using advertising, personal selling, and sales promotion to convince wholesalers and retailers to stock and sell merchandise Heavy advertising and sales promotion efforts directed toward consumers so they’ll request products from retailers Consumers who pick out their products from online outlets Paying people to say positive things on the Internet Setting up multilevel selling schemes whereby consumers earn commissions

Question 5.5. (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) Bankers Government Employees Surrounding/competing Businesses Foreign business leaders Domestic business leaders

Question 6.6. (TCO 1) Home-based entrepreneurs should focus on _____ (Points : 5) Seeking a short-term payoff Creating a long-term vision Accepting security Getting a line-of-credit from a foreign bank Understanding financial ratios on their balance sheet

Question 7.7. (TCO 1) The use of government regulations to limit the free trade of goods and services includes _____. (Points : 5) Income taxes Export taxes Import quotas Export quotas Foreign barriers to market entry

Question 8.8. (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 one of the following questions when facing an ethical dilemma? (Points : 5) How will this course of action be evaluated by others? Is my proposed action legally defensible? Is this course of action based on principle? Is this course of action based on the truth? How will this course of action make me feel about myself?

Question 9.9. (TCO 2) The concerns in and around international ethics and social responsibility include _____. (Points : 5) Revocation of government regulations tending to be weak Fairness of requiring international suppliers to adhere to U.S. ethical standards being clear-cut Ethical problems and issues of social responsibility that are unique to the United States Working with organized labor on a set of common labor standards U.S. businesses demanding socially responsible behavior from their international suppliers

Question 10.10. (TCO 2) The change in U.S. business from manufacturing to knowledge-based technology has created new regulatory challenges for federal agencies. This means _____. (Points : 5) The government’s resolve to pursue corporate income tax evasion cases has increased Competition is a cornerstone of a knowledge-based economy. Antitrust oversight has always been the rule. The definition of competitive advantage has been limited Antitrust issues will persist in the future.

Question 11.11. (TCO 3) One advantage of offshore outsourcing is _____. (Points : 5) Less strategic tasks can be sourced so that companies can focus on sales and marketing Communication among company members, suppliers, and customers is problematic. Outsourced work allows companies to create efficiencies that in fact let them fire more workers. Consumers benefit from lower prices generated by effective use of global resources and developing nations. Offshore outsourcing may reduce product quality and can therefore cause damage to a company’s reputation.

Question 12.12. (TCO 3) Global marketing strategies are your area of expertise. As such, your new employer, Mega-Giant Toys, has tasked you with gaining entry into a new market with a new console game. Your concerns for launching this product in a new market include _____. (Points : 5) Indirect exporting of the devices Licensing in such a manner that distributes the trade secrets of the device Direct exporting of the devices Adapting the device to the new countries that it will be marketed and sold in The income potential of the devices as a result of foreign direct investment

Question 13.13. (TCO 3) An Issue that will influence global markets is _____. (Points : 5) Brazil is the second-largest economy in South America. The United States will overtake China as the world’s largest economy by 2027 Russia is plagued by political, currency, and social problems. India’s 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 14.14. (TCO 4) An advantage of a partnership is _____. (Points : 5) Limited financial resources Unlimited liability Difficulty of termination No additional special taxes Limited survival

Question 15.15. (TCO 4) A disadvantage of a corporation is _____. (Points : 5) Simplified tax returns Simplified Record Keeping Simplified operations in overseas markets Difficulty of termination Perpetual life

Page 2

Question 1.1. (TCO 5) A process is used whereby the total market is divided into groups whose members have similar characteristics. The aim of this process is to break the market into smaller units. Sales generated from the Internet can provide an additional source of revenue to the firm using such a scenario. One dimension that should be considered given a case like this is: (Points : 5) Dividing a market by cities, counties, states, or regions Demographic aggregation Ignoring a group’s values, attitudes, and interests Employee segmentation Employer segmentation

Question 2.2. (TCO 4) Select a primary concern when a new small business is started. (Points : 5) Understanding your competition Financing your business Knowing your customers Managing your employees Keeping records

Question 3.3. (TCO 5) In the vacation market, many people find the holiday they want themselves. They use the Internet to find the right spot, and then make choices, sometimes questioning potential sellers online. By using the Internet in this fashion, what is a role of marketing? (Points : 5) Make sure that a company precludes traditional advertising Make sure that a company’s services are easily available for review by possible purchasers Make sure that a company’s products can be shipped by common carrier Make sure that the company cultivates personal relationships with customers Make sure that a company responds effectively to competitors

Question 4.4. (TCO 5) You are an independent Internet Marketing Consultant. You have an excellent track-record of assisting small to medium sized companies fully realize their marketing potential through an improved and enhanced presence on the world-wide-web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium) specializes in the care and grooming of cats and only cats has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. A recommendation is: (Points : 5) Building and improving relationships with customers Online advertising to get potential customers to the website Announcing weekly sales promotions so customers will make a purchase Information to competitors and near-competitors Website software to send “spam” email messages

Question 5.5. (TCO 6) An element of Planning is: (Points : 5) Providing constructive feedback Determining reconstruction needed Promulgating financial statements Setting precise standards Establishing standard procedures

Question 6.6. (TCO 6) One of the aspects of efficient use of a facility as well as efficient use of employees’ time and energy is that of layout. This necessarily includes the physical arrangement of resources (including people) in the production process. One attribute would be: (Points : 5) A facility where teams of workers combine to produce more complex units of the final product A facility where workers do not congregate around the product to be completed A facility where teams of workers do a great number of tasks at a time A facility where workers do many, many tasks at one time A facility where dissimilar equipment is grouped together

Question 7.7. (TCO 6) 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 8.8. (TCO 7) You have just been hired as the new Production and Operations Manager for Little Bitty Diesel Electric Generator Sets (LBDEGS). Demand has been so great that a new factory will have to be built to keep up with the market demand. Evaluating various and sundry sites presents a number of concerns to you. Select one criterion to apply in a decision process such as this one. (Points : 5) Excise tax rate at the new location Development constraints at the new location Additional unskilled workers are available Local government provides support Transportation costs are exorbitant

Question 9.9. (TCO 8) The Marketing Eras include: (Points : 5) Customer relationship Advertising Aggregation Disenfranchisement Predestination

Question 10.10. (TCO 9) Select a type of information that is available to businesses today: (Points : 5) Psychological information Consumer process information Physical-world observations Private information from the government Exobiological information

Question 11.11. (TCO 9) Businesses and individuals are bombarded on a minute-by-minute basis with alerts, information, messages and notifications. Sorting through this onslaught of information is challenging even under the best of circumstances. The usefulness of management information depends on: (Points : 5) A manager’s ability to learn which questions to ask to get the answers they seek. Sales and expense data that are a part of a pro-forma statement for the company. E-Mail and texting as a secure mode of communicating to allow for enhanced order processing. Sorting between the sources of information as to validity. Using an e-mail program’s organizing tools to manage information efficiently.

Question 12.12. (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, increase stress, and decrease job satisfaction and negatively impact creativity. A suggestion to reduce the number of distractions is: (Points : 5) Monitor and encourage the use of the “reply-all” button on your email program. Communicate by phone or in-person can save time, build relationships and lower stress. Archive all garbage/trashcan messages in order to review them once a week. Limit the use of automated replies to messages. Add alerts to wireless/handheld/smartphone devices and switch-off desktop alerts.

Question 13.13. (TCO 10) You are part of an ad-hoc committee in your organization that is considering migrating to a cloud computing environment. This will include email, corporate messaging as well as all ordering, sales, accounting, payroll and financial functions, including reports/reporting. A part of the charter for your ad-hoc committee includes a suggestion to use a private cloud for essential tasks, but use a public cloud as needed. You have studied cloud computing and have read some recent articles related to other organizations moving to such an environment. One advantage of cloud computing is: (Points : 5) Paying for upgrades and spending time installing security patches Information is stored on servers at each of your locations so access times are improved. Additional capacity can be purchased, usually overnight, on an as-needed basis. Since applications run in the cloud, you don’t need to purchase expensive equipment Sharing of documents is much more difficult in a cloud computing environment

Question 14.14. (TCO 10) 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 15.15. (TCO 10) Managerial accounting includes which one of the following: (Points : 5) Information provided to creditors and lenders Information provided to government agencies Information reviewed and evaluated prior to preparing a company’s financial statements Information that is used by management to determine company strategy Information obfuscated concerning the costs of production

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