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Intro To Business > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

1) ________ refers to a state of physical and emotional exhaustion that can result from constant exposure to stress over a long period of time.

A

Employee burnout

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2
Q

Aligning the workforce refers to ________.

A

matching the right employees to the right jobs at the right time

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3
Q

An overall environment that results from job and work conditions is called ________.

A

quality of work life

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4
Q

Which of the following is, in part, a contributor to the gender pay gap?

A

Opportunity

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5
Q

An environment where one is made to feel uncomfortable by lewd jokes, remarks, or gestures could be considered to support ________.

A

sexual harassment

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6
Q

________ made it illegal for employers to practice sexism or discrimination on the basis of gender.

A

The Civil Rights Act of 1964

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7
Q

The ________ is a metaphor for discriminatory practices that have prevented women and minorities from advancing to executive level jobs.

A

glass ceiling

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8
Q

The various characteristics and experiences that define individuals is called ________.

A

diversity

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9
Q

Which of the following designates any ethnic segment other than white Americans of European descent?

A

Minority

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10
Q

________ refers to a statement of the tasks involved in a given job and the conditions under which the holder of a job will work.

A

Job description

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11
Q

________ refers to a statement describing the kind of person who would be best for a given job—including the skills, education, and previous experience that the job requires.

A

Job specification

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12
Q

________ refers to the percentage of the workforce that leaves every year.

A

Turnover

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13
Q

The term ________ represents workforce planning efforts that identify possible replacements for specific employees, usually senior executives.

A

succession planning

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14
Q

Which of the following alternative work arrangements allow two or more employees to share a single full-time job, and split the salary and benefits?

A

Job sharing

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15
Q

The process of attracting appropriate applicants for an organization’s jobs is known as ________.

A

recruiting

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16
Q

Which of the following acts prohibits any form of testing that can be construed as a pre-employment medical examination?

A

Americans with Disabilities Act

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17
Q

________ services, such as resume-writing courses, career counseling, and secretarial assistance are offered to laid-off employees by many companies.

A

Outplacement

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18
Q

The ________ provides retirement, disability and medical coverage for employees and their dependents and is jointly funded by employers and employees.

A

Social Security Act

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19
Q

Which of the following is the action of laying off employees for economic or business reasons not related to employee performance?

A

Layoffs

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20
Q

________ supports the concept that an employee can be fired or quit their employment at any time.

A

At-will employment

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21
Q

A(n) ________ identifies both the current skill levels of the company’s workforce as well as those the company needs in order to succeed.

A

skills inventory

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22
Q

What is used to clarify job requirements and give employees feedback on their performance?

A

Performance appraisals

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23
Q

A wage differs from salary in that the wage ________.

A

is paid by the unit of time such as daily or weekly

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24
Q

________ refers to an incentive program that rewards employees for meeting specific, individual goals.

A

Pay for performance

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25
Q

________ refers to pay tied to an employee’s acquisition of skills.

A

Knowledge-based pay

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26
Q

________ is a defined contribution retirement plan in which employers often match the amount employees invest.

A

401(k) plan

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27
Q

Which of the following enables employees to acquire shares in a company?

A

An employee stock-ownership plan

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28
Q

A(n) ________ refers to a company-sponsored counseling or referral plan for employees with personal problems.

A

employee assistance program

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29
Q

Which of the following allows workers up to 12 weeks unpaid leave to care for a family member with a serious illness?

A

Family Medical Leave Act

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30
Q

Typically, labor unions seek to protect employee interests by ________.

A

negotiating with employers for better wages and benefits

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31
Q

Which of the following is an advantage of joining a labor union?

A

Union members receive greater benefits compared to non-union employees.

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32
Q

Which of the following refers to the relationship between organized labor and business owners?

A

Labor relations

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33
Q

What is management’s top priority when having to work with unions in the organization?

A

Making sure the firm can stay competitive

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34
Q

How do wants differ from needs?

A

Wants are the core of all marketing efforts.

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35
Q

________ utility is the benefit provided by making the company’s products available where customers want to purchase them.

A

Place

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36
Q

In addition to the ideas of and exchange of value, which of the following is one of the three essential elements of successful marketing?

A

Lasting relationships

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37
Q

What type of utility is created when a customer actually purchases and has a product?

A

Possession

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38
Q

The process of collecting and interpreting information about customers, competitors, and other related marketing issues is known as ________.

A

marketing research

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39
Q

Companies use ________ in an effort to capture everything current and potential customers say and write about the company and its products.

A

voice of the customer

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40
Q

Tension that exists when a person’s beliefs don’t match his or her behaviors is called ________.

A

cognitive dissonance

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41
Q

Consumers markets include ________.

A

Households

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42
Q

Which of the following influence our purchase decisions by shaping values, attitudes, and beliefs?

A

culture

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43
Q

________ involves selling more of your existing products into the markets you already serve.

A

Market penetration

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44
Q

Creating new goods and services for a firm’s current markets is called ________.

A

product development

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45
Q

A firm’s portion of the total sales within a market is its ________.

A

market share

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46
Q

Grouping customers with similar characteristics, behaviors, and needs is known as ________.

A

market segmentation

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47
Q

The study of the statistical characteristics of a population is called ________.

A

demographics

48
Q

________ refers to the categorization of customers according to their relationship with products or response to product characteristics.

A

Behavioral segmentation

49
Q

________ consists of the four key elements of marketing strategy: product, price, distribution, and customer communication.

A

Marketing Mix

50
Q

______ is an element of the marketing mix that refers to a wide variety of persuasive techniques used by companies to communicate with their target markets and the general public.

A

Promotion

51
Q

Which of the following is referred to as the bundle of value offered in a marketing exchange, for the purpose of satisfying a need or want?

A

product

52
Q

The value captured from customers in exchange for the value offered in a product determines ________.

A

Price

53
Q

The organized network that moves a product from the producer to the customer is known as the ________.

A

distribution channel

54
Q

The sensitivity of consumers to changes in the price of a product is reflected in

A

price elasticity

55
Q

56) Which of the following can be categorized as a good?
A) Life insurance
B) Air travel
C) Financial advice
D) Shoes
E) Digital music

A

Shoes

56
Q

A product is called a good if ________.

A

it is predominantly tangible

57
Q

________ are everyday individual goods and services that people buy frequently without much conscious planning.

A

Convenience product

58
Q

________ are fairly important individual goods and services that people buy less frequently.

A

Shopping products

59
Q

________ are particular brands that the buyer especially wants and will seek out regardless of location or price.

A

Specialty products

60
Q

_______ are expensive organizational products with a long useful life.

A

Capital Products

61
Q

Research and development is carried out usually during the ________ stage of product development.

A

introductory

62
Q

The ________ stage of the product life cycle is marked by a rapid increase in sales.

A

growth

63
Q

_______ is a product development stage in which a product is sold on a limited basis to gauge its market appeal.

A

Test marketing

64
Q

During the final stage of development, large-scale production and distribution of the product begins the process of ________.

A

product launch

65
Q

A survey revealed that a product has a high level of brand loyalty. This means that ________.

A

people are committed to the brand

66
Q

Which of the following best describes a brand?

A

The core value associated with a product

67
Q

The portion of the brand that can be spoken and can include words, letters, or number is referred to as the ________.

A

brand name

68
Q

Which of the following refers to a graphical representation of a brand?

A

Logo

69
Q

________ refer to brands that have been given legal protection so that their owners have exclusive rights to their use.

A

Trademarks

70
Q

Co-branding is ________

A

a partnership to closely link brand names for a single product

71
Q

________ is an agreement to use another company’s brand on its products for a fee.

A

A license

72
Q

Brands offered and promoted by a national manufacturer are considered to be ________.

A

national brand

73
Q

Which of the following refers to creating variations of an existing product?

A

Line stretchin

74
Q

________ refers to using a successful brand name on new products in the hopes that the reputation of the existing product will help sales of the new product.

A

Brand extension

75
Q

A company strategy of providing fewer products and selling more of each of those products can lower production costs through ________.

A

economies of scale

76
Q

Which of the following offers better opportunities for manufacturers of specialized or low-volume products to reach customers?

A

Online retailin

77
Q

When extending a product to an overseas market, what type of governmental influences must be considered?

A

Tariffs and trade barriers

78
Q

How does a firm determine the number of units they must sell to pay for fixed and variable costs?

A

Break-even analysis

79
Q

The conventional promotion model differs from the social model of customer communication in that the conventional promotion model ________.

A

tends to be intrusive and unidirectional

80
Q

The defining characteristic of ________ is that it tells past customers that a product is still available or a company is ready to serve their needs.

A

reminder advertising

81
Q

The single most important idea the company hopes to convey to its target audience about a product is the ________.

A

core message

82
Q

A promotional strategy that focuses on intermediaries is termed as ________.

A

push strategy

83
Q

A promotional strategy that directly stimulates consumer demand via advertising and other communication efforts is known as ________.

A

pull strategy

84
Q

Trying to attract buyers by advertising a product that you don’t intend to sell, and then
trying to sell them another, usually more expensive, product is known as ________.

A

bait-and-switch advertising

85
Q

The government agency that has the authority to impose penalties against advertisers who violate federal standards for truthful advertising is the ________.

A

Federal Trade Commission

86
Q

________ refers to a creative tactic designed to capture the audience’s attention and promote preference for the product or company being advertised.

A

Advertising appeal

87
Q

The ad that tells you to “call within the next ten minutes because supplies are limited” is using advertising appeal based on ________.

A

scarcity

88
Q

Which of the following enables a company to personalize its interaction with every customer?

A

Customer databases

89
Q

One-on-one interaction between a salesperson and a prospective buyer is called ________.

A

direct marketing

90
Q

In ________, a salesperson acts as an advisor who helps current and potential customers find the best solutions to their personal or business needs.

A

consultative selling

91
Q

The process of finding and qualifying potential customers is known as ________.

A

prospecting

92
Q

If a potential customer has a concern or objection, what should a salesperson do?

A

Have answers and alternatives ready

93
Q

During which step of the sales process should salespeople make sure customers are satisfied and ask for referrals to other customers?

A

Following up

94
Q

________ involve(s) short-term incentives to build the reputation of a brand and stimulate interest in a product.

A

Institutional advertising

95
Q

________ refer(s) to intermediaries that sell products to other intermediaries for resale or to organizations for internal use.

A

Wholesalers

96
Q

Which of the following is a key difference between financial accounting and management accounting?

A

Financial accounting is concerned with preparing cost analysis, whereas management accounting is concerned with creating reports.

97
Q

Bookkeeping refers to ________.

A

recording the economic activities of the business

98
Q

Which of the following refers to evaluating a company’s performance and the economic implications of strategic decisions such as product pricing, employee benefits, and business acquisitions?

A

Financial analysis

99
Q

________ refers to combining accounting and investigating skills to assist in legal and criminal matters.

A

Forensic accounting

100
Q

A(n) ________ is responsible for overseeing all accounting functions in a company, reports to the CFO or company president, and is the higher-ranking accountant in a company.

A

controller

101
Q

Which of the following terms refers to a formal evaluation of the integrity and reliability of a company’s financial statements?

A

Audit

102
Q

Public accountants are professionals who provide ________.

A

accounting services to businesses and individuals for a fee

103
Q

The Sarbanes-Oxley Act outlaws ________.

A

loans by corporations to their own executives

104
Q

The Sarbanes-Oxley Act requires ________.

A

corporate lawyers to report evidence of financial wrongdoing

105
Q

The ________ requires that expenses incurred in producing revenues be deducted from the revenue they generated during the same accounting period.

A

matching principle

106
Q

________ is an accounting method in which revenue is recorded when a sale is made, and an expense is recorded when the company uses an asset to produce revenue.

A

Accrual basis

107
Q

________ is an accounting method in which revenue is recorded when payment is received and an expense is recorded when money is paid

A

Cash basis

108
Q

113) Which of the following is an example of a fixed asset?
A) Money-market funds
B) Short-term investments
C) Accounts receivable
D) Transportation equipment
E) Cash

A

Transportation equipment

109
Q

Accounts receivable refers to ________.

A

amounts that a firm owes to other parties

110
Q

Which of the following is a component of a firm’s working capital account?

A

Long-term loans

111
Q

The ________ includes all other budgets to present a complete and comprehensive view of the company’s financial position.

A

master budget

112
Q

A company can use a(n) ________ to identify all sources of revenue and coordinate the spending of those funds throughout the coming year.

A

operating budget

113
Q

Short-term financing is financing that will typically be repaid within ________.

A

one year

114
Q

The maturity date is the date on which ________.

A

the debt must be repaid

115
Q

________ is an arrangement in which a financial institution makes money available for use at any time after the loan has been approved.

A

Corporate bond

116
Q

Which of the following handles the initial public offerings of stocks and bonds?

A

Primary market

117
Q

If stock prices have been increasing over an extended period of time, what type of market is being experienced?

A

Bull market

Intro To Business (3 decks)

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