Midterm 2 Flashcards
Mitchelle works in the HR department at a large retailers. Part of her job involves determining the number of people needed in 1 year and estimating people currently employed at the retailer to fill various jobs. This part of her job i called
Supply forecasting
Ashley just got hired at Lulu Lemondate. Part of her training consists of learning how to use the machinery required to make different drinks. What type of on the job training is this
Job orientation
Fred is looking to hire a manager in the customer service department at Green Plant Company. He posts the job on Indeed. He is hiring from
The external labor market
Benefits…
can be mixed and matched, dependant on the firm to allow for customizable coverage
Anne works at a company selling potato chips. She recently has a meeting with her manager where they compared her actual performance with expected performance. After which they described compensation and possible job changes
A performance appraisal
___ and ____ can impact an employee’s pay
Position in the company and salaries paid by competition
Maxime just got a new job in sales. Her salary starts at $40,000 with an additional 3$ on any sales past $50,000 of product sold. This is an example of
Base pay and commission
Union membership has _____ over the past three decades
Decreased
If Ben and Jerry’s Ice Cream has a goal of investing 2 percent of their after-tax profits in the charitable contribution that goal:
Helps to define corporate culture
What company’s hiring process exhibits how they want their employees to treat their customers
Ritz- Carlton
Meghan is reading a job posting to be a financial analyst intern. The section of the posting she is reading describes the task and the responsibilities mandatory for the role. She is reading the ____ qualifications
Job description
Chart
This is a PERT chart that shows that “install windows”, “install roof”, and “install exterior” take 18 days to be be completed
Maria is an executive for a manufacturing company. For the company to become more competitive, they need to streamline how they make their products. They can do this by
Automating their factories, focusing on quality-control techniques, and developing new production processes
Layout is…
All of the above
For manufacturers to continually improve efficiency they must
Fine-tune their production processes to focus on quality, hold down the cost of material and labor, eliminate all costs that add no value to the finished product
The Canadian economy has changed from a goods producer to a service producer over the last ___ years
60
Tamera works in an engineering firm and wants to digitally test a product that she has been designing. What software/system is she using?
Computer-Aided Design (CAD)
Frankenstein is an operations manager. He ensures that the final product made is of good quality and will be beneficial to customers. He is focused on the utility of
Form
____ accounting supports the decisions of internal clients while ____ accounting provides information to external users such as shareholders, banks, and the government
Managerial; financial
What is sallys equity?
+$5250
Which of the following is categorized as a current asset?
Accounts Receivable
Tori wants to use ratios to see how well-positioned Wallymart is to pay bills in the near future. She should use..
Liquidity Ratio
Ryan is interested in investing a mining company. He is calculating their earnings per share and notices is has a value of $4.25 in 2018 and $4.75 in 2019. This indicates that
It has a profit of 12%
When calculating the return on owners equity, the net income figure comes from the ___ and the owner’s equity figure comes from the ___
Income statement, balance sheet
What is the return on equity for a perfect poster if net income is $12,585 and total owner’s equity is $111,155? Is this good or bad?
11.3% can’t tell
When calculating the return on sales, the net income figure comes from the ___, and the sales revenue figure comes from the ____
Income statement, income statement
What is the return on sales if net income is $12,585 and sales revenue is $256,585? Is this good or bad?
4.9% can’t tell
When calculating the current ratio, we divide ___ by __ and both these figures are found on the ___
current assets, current liabilities, balance sheet
If the current assets for perfect posters inc are $57,210 and the current liabilities are $21, 935 then the current ratio is____ . Is this good or bad>
2.61, this is good
If the current assets for perfect posters inc are $57,210 and the current liabilities are $21, 935, the working capital for this company is? And working capital is defined as ___
$35,275, money available to put towards daily operations
When calculating the age of receivables, age of payables, & age of inventory, receiveable payables, and inventory figures are found in the ____, while costs figure is found in the
Balance Sheet, Income Statement
Hayley is looking into investing in an energy company. She is calculating their debt to equity ratio and notices it has a value of 0.6. This means that
They have invested more into the business than they have borrowed as the number is less than 1
Which statement best fits into the alternative evaluation step of the purchase decision process?
I can’t decide b/w a designer box, convenience pack
What is marketing?
process includes meeting customer needs, includes identifying customer needs
Anna was reviewing a job offer she got for Emerald Engineering. The details included a $70,000 base salary as well as health insurance and 14-days of vacation time. The health insurance and 14-days of vacation time is an example of:
Indirect Pay
______ and _______ training are the two ways that employees can be trained.
On-the-job; off-the-job
Wallymart Company is currently in a human resource shortage. They decide to act on this by…
Hiring new staff, Paying current employees’ overtime, and Subcontracting
Marley just got hired as a graphic designer. While she was going through the hiring process, she was able to negotiate her own salary and benefits. Marley is…
Not part of union
The main steps of the Human Resource Management process are:
Hiring, Developing, and Evaluating
Liam applied for a job at a Real Estate Investment Trust. He has filled out an application, submitted his resume, and had a phone call with a member of their HR team. They recently sent him a personality test to complete. He is currently in which part of the employee recruitment process?
Employment Testing
Starbucks unique strategy was dependant on:
Offering health benefits to part-time workers, Offering stock ownership to part-time workers, focusing on experiential marketing
Job specification…
Contains the skills, knowledge, and abilities a person must have to fill a job
There are ____ sources of job applicants.
2
KPMG developed ________ to guide employees and establish consistency worldwide.
A code of conduct
A job analysis is a study of the _____ required to do a job well. This information is used to specify the ________ required for the job.
Tasks; essential skills, knowledge, and abilities
Ryan works construction and is part of a union. He has a complaint about the health and safety at one of his job sites. Ryan wants to reach out to his union to let them know about this issue. He should reach out to:
A shop steward
Martino applied for a job at a large accounting firm. He has currently filled out an application, submitted his resume, and had a phone call with a member of their HR team. He is currently in which part of the employee recruitment process?
Initial Screening
Monika was reviewing a job offer she got for Sapphire Engineering. The details included a $70,000 base salary as well as health insurance and 14-days of vacation time. The $70,000 base salary is an example of:
Direct Pay
Robert works for the City of Guelph. He does not personally dispute his pay, hours, or working conditions. Robert is…
Part of a union
Burger King redesigned their facilities to accommodate the needs of their customers while keeping costs low by…
Wrapping their Whoppers in paper instead of cardboard boxes that took up more space
A critical path is…
The path that took the longest amount of time
Accounting is defined as…
The process of measuring and summarizing business activities, interpreting financial information, and communicating the results to management and other decision-makers
Management accounting…
Provides information that is intended for use by people who perform a wide variety of jobs
Brittany is looking at the financial statements for her business. She wants to find out how much her total cost of goods is. What financial statement should she look at and what is the term for what she’s looking for?
Income Statement; Cost of Goods Sold
Andrew wants to use ratios to see how much borrowing Wallymart has done in order to finance the operations of the business. He would use…
Debt ratios
Financial accounting…
Adheres to the International Financial Reporting Standards (IFRS)
What statement is this? sales, Cogs, Gross profit
Income Statement
Tori wants to use ratios to see how well-positioned Wallymart is to pay bills in the near future. She would use…
Liquidity ratios
Accounting is valued because…
It communicates a company’s financial performance, It interprets financial information, It measures and summarizes financial activities, and It helps stakeholders make better business decisions
Earnings Per Share is an example of a(n)…
Profitability ratio
Accounting and financial reporting is important for investors as…
It allows them to assess a company’s performance and make a smart investment decision
Deb is looking at Pear’s financial statements from previous years and is making yearly comparisons. This is commonly referred to as a..
Horizontal analysis
Cash flow reports cash in what distinct areas of business?
Cash from operations, cash from investing, cash from financing
The difference between a publicly traded company and a private company is…
Publicly traded companies are traded on the stock exchange and privately traded companies are not, Publicly traded companies release their financial statements to the general public and private companies do not
Nathan is thinking of investing in Spencer’s Shrimp Shack. He wants to know how much cash is coming in and going out of the company. What statement should he look at?
Statement of Cash Flows
What ratio measures the degree to which a company is financing their operations through their own funds versus debt?
Debt to equity ratio
Five influences can have an impact on a consumer’s purchase decision process, which are purchase task, social surrounds, physical surroundings, temporal effects, and antecedent states. These are referred to as
Situational Influences
All of the following are functions of marketing except
manufacturing the product
What need (s) does this commercial target on Maslow’s hierarchy of needs
Self-actualization, personal needs, social needs, safety needs, and psychological needs
Which table is longer
both
Large corporation Coca-Cola makes soda at their factory and sells it to its large department store Wallymart to sell under their in-house brand “Greatest value”. This branding strategy is known as
Private Branding
__________ is an important aspect of marketing that involves moving the product or service to a different part of a consumers mind
Repositioning
Jessica works at the Crabby Patty burger company. Her boss has asked her to determine what type of package might work well for a new product. Which element of the SWOT analysis should Jessica look to?
The weaknesses inside her company
This gum brand is trying to reposition its product as a :
Specialty good
In retail settings, it is common for vendors to offer a product that is priced below its maximum profit margin in order to attract customers to
True
About a decade ago, Tropicana decided to change its packaging to something customers did not like. This resulted in 35 million wasted after having to change back to the original design. This failure can be attributed to a lack of assessment of the
External environment
Which the following BEST defines the term “shopping goods”
Items for which the consumer compares several alternatives on criteria such as price, quality, or style
Which of the following is LEAST likely to be an example of a consumer good
Food Preservation
What are the constraints that you should seek to understand when setting your price?
Demand for your product or service, product costs, and competitor pricing
We can use the PERT chart to tell us where we can gain efficiency by…
Improving our performance on one or more of the activities along the critical path
Education is moving towards which production process?
Just-in-time production
Total Quality Management (TQM) is also known as:
Quality Assurance
Zante works in a manufacturing plant that needs a software/system that can control the functions of their industrial robots. These robots are used to perform repetitive tasks that may be difficult/dangerous for human workers to perform. What software/system should she use?
Computer-Integrated Manufacturing (CIM)
anufactured goods are often _________. Services are often ______________.
Standardized; Customized
Shows completed work and work to be completed
This is a Gantt chart that shows that “sew and stuff fur” and “sew accessories” begin on the same day
A Gantt Chart…
Is an easy-to-use graphical tool that helps determine the status of projects
Mark is a consumer. As a consumer he demands…
High quality at reasonable prices
Noor is doing operations planning and control for her company. She is currently looking to see if there are other manufacturers in her industry in the area. She is checking what?
The manufacturing environment
A critical path is…
The path that took the longest amount of time
Hailey is doing operations planning and control for her company. She is currently evaluating how the facility location will affect their ability to serve their customers and which location will give them the best competitive advantage with their customers. She is checking what?
Marketing factors
Nearly every type of business organization needs to find the most __________ and ________ methods of producing the goods or services it sells to its customers.
Efficient; Effective
Tia works in an engineering firm and has just finished testing her new design and needs to link CAD to the manufacturing process. What software/system should she use?
Computer-Aided Manufacturing (CAM)
The four main types of utility are:
Time, ownership, form, place
What percentage of ROI would a company be aiming for by expecting $20,000 profit on a $200,000 investment?
10%
The act of satisfying customer needs while meeting organizational goals is known as:
The Marketing Concept
The music, lighting, layout, and smell of a store are all examples of:
Situational Influences
Rebecca works for a company whose laundry detergent product has entered into the decline stage of the PLC. They have decided to gradually reduce money spent on the product, including investment and marketing costs. Their goal in reducing costs is to increase profits from the product until the inventory has run out. What type of strategy is Rebecca’s company using?
Harvesting strategy
You are in the market to purchase a vehicle. As of this moment, you are unsure of which car you would like but are interested in four-door sedans. Which of the following factors would help influence your purchase decision?
Environmental and marketing factors, The situation, Psychological factors, Family and culture
Abominable Snowman Ice Cream Co. is looking to create a new flavour, but first, they must conduct primary research to find out what flavours their audience would enjoy. They have determined their target market and questions but now must decide what methods to use in conducting this research. Which of the following options should Abominable Snowman Ice Cream Co. use?
Focus Groups - to get a wide variety of info, Personal Interviews - to gain personal insight, Surveys - to easily obtain info (all of the above)
Tropical fish food brand Tetra caters to a very select group of customers, those with tropical fish. They are enlisting a _________ by becoming the most popular brand in that specific market:
Niche Marketing strategy
College and university students can be defined as a _________ due to the similarities in interests, behaviours, and nuances within a group of people. For example, the vast majority of college students know what it’s like to be on a budget, cram for an exam, or experience school spirit at a sports game.
Subculture
The Marketing Mix can be defined as:
Product, Place, Price, Promotion
Sarah and her family are taking a trip to Saudi Arabia during reading week. Sarah and her mother were told they must be covered up at all times, as this is what the women of Saudi Arabia do. What is this an example of?
Culture
Mickey works at Dynasty International, a company that purchases large quantities of products from producers. Dynasty stores the products and breaks them down into smaller cases and quantities. Other companies then purchase these broken-down quantities of products in amounts they are comfortable selling. What type of company is Dynasty International?
Wholesaler
A company’s macro environment includes which of the following factors:
Economic, demographic, social, political/legal, technological
An organizations brand name, distribution channels, reputation for great service, and financial liquidity can be found in the _______ section of a SWOT analysis:
Strengths
The need to feel safe and be sheltered from harm is the first and most basic level of human need in Maslow’s Hierarchy of Needs Pyramid.
False
Factors such as high interest rates, poor economic conditions, and an ageing population can be found in the _____ section of a SWOT analysis:
Threats
A longtime friend of yours is put under review at work for financial irregularities. Unfortunately you being their boss had to fire them. A few days later they ask you to write them a letter of reference. Which paradigm does this situation best fit into?
Truth vs. Loyalty
According to Carol Gilligan’s study how do people who identify as male or female differ or relate in moral thinking?
Male identities focus on ethics of justice whereas female identities focus on ethics of care
When testing for right versus wrong issues the various tests include all of the following except:
The Grandmother Test
Lawrence Kohlberg highlighted the six stages of moral judgement in respect to age and level of reasoning. In which stage(s) do children pay attention to expectations and stereotypes of ‘good’ or ‘bad’?
Stage three
Which of the following entities would NOT be a stakeholder of a bank?
All of the above are examples of bank stakeholders.
When testing for right versus wrong issues the various tests include all of the following except:
The Neighbour Test
Which is NOT a title given by Lawrence Kohlberg to the six stages of moral judgement?
Developmental
What is the first step/checkpoint for dealing with ethical issues?
Recognize that there is a moral issue
Dante and Grace two financial analysts decide to “cook the books” resulting in their company appearing more profitable. They did this so they would receive the year-end bonus. Which of the following reasons best describes why they would make this unethical decision?
Pressure to succeed
________ refers to ethical or unethical behaviours by a manager or employee of an organization.
Business ethics
Which of the following is NOT an option in the arrangement of the Prisoner’s Dilemma?
These are all option in the prisoner’s dilemma.
Which of the following is a stakeholder of Nike?
Customers, Managers, the environment
What is the “Golden Rule?”
Do to others what you would like them to do to you.
This ethical principle that asks you to test your actions by putting yourself in another person’s shoes and imagining how it would feel if you were the recipient rather than the perpetrator of your actions.
Care-based thinking
How are legal and ethical compliance different?
Legal compliance is the extent to which a company conducts its operations in accordance with applicable laws while ethical compliance is the idea that if we violate standards we are subject to the associated punishments.
Mary wants to hire a summer student for her roofing company. However, she doesn’t know what a good pay level for this intern should be. To determine this, she compares wages with her competitors. This is an example of
External Influence
On-the-Job training
Is a combination of a formal orientation about the company as well as job orientation
Performance planning and appraisal process
Incorporates feedback into the process
Green Plant Co. is currently in a human resources surplus. They decide to act on this by
reassigning employees, laying off employees, and terminating employees
Eddie wants to hire a summer student for his landscaping company, however he wants to ensure that his summer students doing landscaping and book keeping gets paid the same. This is an example of
Pay structure and internal influence
According to a study on job satisfaction conduced by SAP, ___ was the most important element of job satisfaction
Competitive Compensation
A marketing company turned a large profit during the last fiscal year. Due to this, at the end of the year the company gave out money to all employees. This is an example of
Profit Sharing
A Gantt Chart
Is an easy-to-use graphical tool that helps determine the status of a projects something something
Elizabeth works in production. Her company finds out exactly what the customer wants and then manufacturers the goods using efficient production methods to hold down costs. This is an example of which production process
Mass Customization
Milly is doing operations planning and control for herr company. She is currently checking the availability of raw materials, parts, equipment, and available manpower for each site that is under consideration. She is checking what?
The availability of production inputs
PERT CHART
This is a pert chart that shows “install sheetrock” and “install exterior” can happen at the same time
The critical parth in this chart is
B, D, and, A,C,E are both critical paths
Gannt chart
This is a gannt chart that shows “sew clothes” starts on day 3
The 3 basic types of processes or methods for production are
Make to order, mass production, and mass customization
We can use a PERT chart to tell us where we can gain efficiency by
improving our performance no one or more of the activities along the critical path
Two critical tasks for controlling production and operations efficiency are
routing and scheduling
Location of a factory or service office is a big decision that must be made early in is the production and operations planning because
all of the above
Accounting is important for
owners, management, investors
Ayla is looking at Pear’s financial statements and is calculating ratios as a percent of a larger figure. This is commonly referred to as
Vertical Analysis
The main fields of accounting are
financial and management
The current ratio is an example of a(n)
Liquidity Ratios
Victoria is looking into investing in an energy company. She is calculating their current ratio and notices that it has a value of 0.8. This means that
They are not in good shape to pay their short-term obligations as their current ratio is UNDER 1
What ratio examines the relationship between a company’s current assets and liabilities and is used to measure a company’s ability to pay short-term obligations
Current Ratio
Calculate the debt to equity ratio
1.66
Accounting is often referred to as
the language of business
What’s included in calculating the current ratio
current assets and current liabilities
The four-step process which includes situational analysis, marketing objectives, marketing strategy, and marketing tactics is known as the
Strategic Planning Process
The process of combining consumer’s lifestyle traits and personality styles in an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics is known as
Psychographics
The notion that consumers buy products that will make them closer to their “ideal self” is called
self-concept
Automaker Volkswagen is known for owning a large portion of automobile brands globally. Brands including Audi, Bentley, Lamborghini, and Bugatti all belong to the Volkswagen Group. This branding strategy is known as
Manufacturer Branding
Marketing isn’t just advertising and selling. It includes everything organizations do to meet and satisfy customer needs. True or False
True
The Polaris company, a sunglass manufacturer, is looking to expand its operations in China. The company begins to analyze regulations, competitors, technology, and the Chinese economy. The Polaris company is conducting which portion of the strategic planning analysis.
The external environment
A company’s microenvironment includes which of the following factors:
Competitors, suppliers, marketing intermediaries, the public, and customers
After receiving coupons in the mail from Kellogg’s Jessica goes to the store and purchases multiple boxes of cereal as per the coupon discount. Jessica is engaging with Kellogg’s ___ by purchasing the cereal
Market penetration strategies
Sean is an entrepreneur who owns a speciality hat business. His most popular product is a propeller hat, whose sales have steadily declined and have reached a plateau level. Along with a decrease in sales, there are now many competitors in the market, At which stage is seans product
The maturity Stage
Media that is a form of paid, non-personal communication, and designed to create awareness of a product of the company is known as
Advertising
Which of the following are characteristics of culture
All of the above
Technological ethical theories
Hold that the rightness of actions is determined solely by the amount of good consequences they produce
How do all stakeholders benefit from a manager’s ethical conduct?
Ethical conduct increases a business’s goodwill and in turn, supports profitability
The following are examples of Right versus wrong right paradigms with the exception of
Legal vs ethical
Deontological ethical theories include all of the following descriptions with the exception of:
Hold that the rightness of actions is determined solely by the amount of good consequences they produce
The Sarbanes-Oxley Act of 2002 increased the number of compliance officers within corporations to inform managers of wrongs and urge respect. In theory, which of the three wrongs does this Act, help rectify
Violation of Law
Which is NOT a test for right-versus-wrong issues
The moral test
The maxim “Do whatever produces the greatest good for the greatest number” is most associated with which of the three principles
Ends-Based Thinking
Hannah and Rebecca are discussing what to do when they find the test bank for their MGMT*1000 midterm online. While Hannah believes they should let the professor known as it’s the “right” thing to do and so students don’t use it to cheat Rebecca believes that they shouldn’t say anything to the professor and share it with their friends so they can all do well on the test. Hannah’s mindset is reflective of which of the following
Rule-Based Thinking
There are many methods used when assessing how we should behave. Specifically philosophy follow a __ approach while science takes a __ perspective
Normative; descriptive
Define Morality
Defining what is right and wrong for an individual or a community
What is business ethics?
The study of business situations, activities, and decisions where issues of right and wrong are addressed
The agency problem occurs when
Management and shareholders both value profits
What large-scale business today is governed using a partnership model?
KPMG, Deloitte, and Ben & Jerry’s
Which of the following CEO’S will best help a company be profitable and successful in the long run?
A CEO who considers stakeholders when making business decisions
Ethics consists of
the standards of behavior to which we hold ourselves in our personal
The ethical principle is best known by what Kant obtusely called the categorical imperative. Kant stated it this way “Act on that maxim through which you can at the same time will that it should become a universal law
Rule-Based Thinking
Grace found $20 outside of Mac Hall on her way to class. After class, she was having a conversation with some of the MGMT 1000 TA’s where she discovered that Emily lost $20 earlier that day. Not knowing for sure it belonged to Emily, Grace decided to not say anything and keep the money. This situation can be described as :
Unethical but legal
