A company created a new production process that decreased the cooling time required for heat-treated
manufactured parts. This method enabled employees to handle the parts more quickly in the next
production step. The new production process was created in response to
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Terms in this set (100)
Which of the following is the most commonly used data-collection method:SurveyBusinesses use budgets to manage theirincome and expenses.Which of the following is an example of an external mechanism of corporate governance:Government regulationsWhich of the following is an example of how a business or industry has a unique relationship with its environment:Demand for skilled nursing care rises as the population ages.Which of the following is a result of learning how to sell your ideas:Improved communication skillsWhich of the following is a true statement regarding the relationship between risk and business objectives:Risks help businesses determine objectives.Andrew noticed that his sister was having a problem tying her shoes due to severe arthritis in her hands, so he created a device that helps make the task easier for her to perform. Now, Andrew is talking with a manufacturer who is interested in producing and selling the device on a large scale. How does Andrew's entrepreneurial discovery impact society?It improves the target market's quality of life.What should you do if you realize that your vision no longer matches your ambitions?Change or adjust your original vision.When should an entrepreneur start plotting her/his exit strategy?When writing the business planAs a brand manager for a consumer products producer, Maria is trying to determine whether to add a new product line. Which of the following would Maria do first to make that decision:Conduct a feasibility studyWhich of the following would a bank consider when analyzing the personal financial statement of a prospective entrepreneur:Credit report, personal tax returns, debtsWhich of the following is an example of a labor-intensive conversion process:Painting an office buildingWhat is an example of a way to manage physical risks?Make sure employees know where all of the building exits are.In response to an economic recession and a steady decline in profits, the ARU Company's management staff must eliminate 150 positions. Which of the following would be an ethical way for the company to handle the situation:Provide the affected employees with career counseling and severance payWhat technique might a supervisor use with employees who are violating company rules before resorting to penalizing them?Corrective counselingWhich of the following is a potential challenge when implementing quality management:Lack of integrationA business offers a service to customers that other similar businesses do not offer. This is an example ofnon-price competition.Which of the following is an important question that a business should ask when selecting a vendor:Does the vendor have the resources to consistently meet our business's needs?Who is most likely to use managerial cost accounting information?Company executivesWhich of the following creates a link between the business and the consumer:PromotionThe three types of flows in supply chain management are material flow, information flow, and __________ flow.moneySheri is weighing the pros and cons of purchasing an expensive piece of equipment for her business. What type of analysis is Sheri conducting?Cost-benefit analysisWhich of the following is the first question that a new business owner should ask when determining the venture's technology needs:What software programs will help the business operate efficiently?Putnam Incorporated expects its employees to respond to its customers' telephone requests within 24 hours. This is an example of acompany-defined service standard.Which of the following is a true statement about budgets:They are used for a variety of different purposes.The Sweets Company sells sugar, which is a commodity product. Most likely, the company hasminimal pricing flexibility.Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery:Increased cultural diversityIn which of the following situations is it important for a new business that intends to accept credit cards to shop around in order to obtain the best rate before selecting a credit card company:Projected sales volume will be low.Ellie is opening her own day care and hiring three teachers. She interviews Jeff as a potential candidate but chooses not to hire him. Ellie could be violating regulations if she chose not to hire Jeff becauseshe does not feel comfortable hiring a man as a teacher.A company released a video game that depicts the game's characters using a certain brand of equipment. What type of sales promotion is the business using?AdvergamingA business borrowing startup money from a commercial bank is an example ofdebt financing.Which of the following is a method a business might use to gather relevant information about external factors that affect the business:Reading magazines and newspapersHow can government laws and regulations result in economic risk?They can reduce a business's profits.A business with limited cash flow might decide to lease rather than buy a facility because it wants to avoid making asizeable down payment.A comprehensive report reveals that the Sabin Company can increase its data-entry outputs by 20% in a six-month period by installing the MMX software system. Sabin can use this type of business analysis to determinehow to increase its efficiency.Which of the following financial analysis methods involves comparing the same items on a company's financial statements for two or more periods:Horizontal analysisWhat does a business often do when conducting a break-even analysis?Change numbers in the equationOne of the most important, fundamental keys to successful change management isinvolving everyone in the organization.The observation method of collecting marketing-research data involveswatching what customers do.Which of the following is an individual (personal) influence on buying behavior:AgeWhich of the following is an operational issue that entrepreneurs must consider when planning their businesses:Production processThe money that is used to run a business on a daily basis is called itsworking capital.Feasibility studies can help owners/managers determinethe best time to start a project or venture.A producer or distributor of popular consumer goods probably would use a(n) __________ distribution strategy.intensiveCorporate governance is intended tomitigate risk and avoid problems.Julio is starting a new business, and he has formed relationships with several successful local business owners. Which of the following is the best way to leverage these relationships to help his own business succeed:Sharing those businesses' content on social mediaJamal assembled a small group of independent business professionals to guide him through the early stages of his new business venture. What type of external resource is Jamal using to supplement his expertise?Advisory boardAnalyzing data with Simpson's Paradox in mind can help account forunconsidered variables or dimensions.Which of the following is an external barrier that often affects small businesses:Complex licensing requirementsWhen generating ideas for new businesses, entrepreneurs often look for ways tosolve problems.A disruption in the supply chain can cause a business tostop productionTo prevent others from making or selling Evan's invention without permission, he should seek legal protection by applying for apatent.What type of corporate growth is depicted in the following example: Company X combines with Company Y to form Company Z.ConsolidationA financially unsuccessful company wants to secure a loan, so it submits falsified financial statements to a bank. The bank lends the company money based on the information in the financial statements. The company is later unable to pay back the loan, since it was never as financially successful as it led the bank to believe. Which business tort did the company commit?MisrepresentationOne of the positive effects that government regulation has on business is that many of the laws are intended to __________ business.protectEvery six months, a company holds a meeting for all shareholders and explains how the company has been performing financially. Which component of a well-governed company is this an example of?TransparencyDetermine which of the following statements is true:Sales forecasting methods can be combined if doing so will provide the most useful data.Which of the following is an example of a business using direct marketing:A niche hotel sent a personalized email message that included a coupon to a customer.To obtain more of the market share, Morrison Snack Foods begins to sell its potato chips and crackers to Quickster Convenience Stores in Seattle, Washington, and its surrounding communities. This is an example of a company implementing a marketing __________ in relation to the marketing-mix element of __________.tactic; placeYou are opening your first restaurant and want to get the word out about the grand opening and signature dishes. Which public relations tool would be most appropriate?Press releaseEighteen-year-old Seiko wants to become independent and live on her own. However, with her current income she can only afford to pay half the cost of rent. Which of the following is the best solution for Seiko:Find a roommate to share the cost of rentJackie is interested in predicting what special events result in higher demand for chocolate candy. She should conduct behavioral segmentation based onoccasion response.Which of the following is an example of a broad objective that top management might develop for a business:Increase profitabilityWhich of the following is a technological trend that impacts new business ventures:Cloud-computing applicationsEvan is an introverted, thoughtful employee who likes structure and routine in his workday. Which of the following actions would help Evan's boss, Allison, bring out the best in him:Providing Evan with plenty of notice each time she asks him to present in a meetingA company develops a new production process so employees can create products while seated. This requires the company to schedule overtime hours but complies with a law that prevents employees from standing for more than eight hours. The company has changed its manufacturing process in response toregulations.A snack-food company donates energy bars to runners who are participating in a race to raise money for cancer research. The business is engaging in a(n)public relations activity for a charitable cause.Which of the following is an example of a customer profile based on demographics:High school student, works part-time, limited incomeWhat is an effect of monitoring your progress while working toward a goal?It increases the likelihood that you will succeed.It is important for companies to practice enterprise risk management (ERM) becausemost risks are predictable and manageable.Emotional risks that many entrepreneurs face includemarital tension and family problems.What is a guideline to follow when completing a loan application?Present yourself in a positive light but be honest.Which of the following is a true statement about the effects of remedial action:The results of punishing undesirable behavior are unpredictable.Which of the following is a true statement about the wise use of available data:It creates more satisfied customers.A firm's goal was to achieve a 10% return on sales for the first quarter. If the firm's net profit was $15,000 and its total sales for the same period was $175,000, did the firm reach its goal?No, its return on sales was 8.6%.As the manager of Gray's Sporting-Goods Store, Jay makes an effort to communicate company information to employees on a regular basis, treat all employees respectfully, reward good performance, and encourage a team-oriented attitude. This is an example of a managercreating a positive work environment.To protect a company's website and social media accounts from being hacked, the company should make sure that employees with authorized accesschange passwords frequently.Which of the following is an advantage to a business of establishing safety policies:Fewer accidentsFor successful innovation in the workplace, employees should have a desire to learn and be willing toaccept change.An entrepreneur in the early stages of his/her venture should avoid hiring full-time employees unless they are needed to perform business activities thatcreate revenue.What is the main motivation for a startup company to write a business plan?To obtain financing from a lender or investorWhich of the following are examples of customer-related services that a business might consider when setting a product's price:Credit, delivery, and installationWhich of the following is a characteristic of a wholesaler:Buys goods from producers in large quantitiesA business asks its customers about the types and amounts of products that they plan to purchase in the next 12 months. What is the business using to help forecast sales?Survey of buyer intentionsWhich of the following is a way you could promote benefits when persuading a customer to buy a product:"Using this product will save you time and money."Which of the following could be profitable customer services in a large hardware/home improvement store:Delivery, credit, ample parkingWhich of the following is an external factor that affects selling price:Economic conditionsWhich of the following is an example of an intangible product:Tennis lessonsWhich of the following is an example of a capital resource:Conveyer beltA retailer buys a variety of toys from a number of different producers and makes them all available for sale in the same place. The retailer is reducing a discrepancy ofassortment.