MGT 521 FINAL EXAM 1 | VERIFIED ANSWERS

MGT 521 FINAL EXAM 1 1) John writes a memo to his employees. Putting his thoughts onto paper is an example of A. communicating B. messaging C. encoding D. cryptography 2) Chantel received an invitation to a web mee ...

MGT 521 FINAL EXAM 1 1) John writes a memo to his employees. Putting his thoughts onto paper is an example of A. communicating B. messaging C. encoding D. cryptography 2) Chantel received an invitation to a web meeting that will take place at 3:00 p.m. She accepted invitation. This is an example of A. formal channels of communication B. spontaneous communication C. feedback as a function of communication D. informal channels of communication 3) You are doing research on political issues and find that you are on a conservative leaning site. What type of source credibility issue is this? A. Credentials B. Impartiality C. Currency D. Style 4) When reviewing an educational math website, you find author’s background is in English. What type of source credibility issue is this? A. Credentials B. Impartiality C. Currency D. Style 5) A famous ice cream manufacturer sent workers to a nearby grocery store to offer shoppers a sample of its new flavor. workers provided samples to 300 shoppers and noted that 80% of sample population stated they liked flavor. Based on this scenario, which of following is an example of an inference? A. Workers provided samples to 300 shoppers. B. 20 percent of sample population did not like new flavor or were indifferent. C. ice cream manufacturer began producing new ice cream flavor and offered it in stores. D. workers were offering samples to see if general public liked new flavor. 6) Persuading or convincing others to accept your argument means reasoning must be logical. Which of following is an example of logical flaws or fallacies? A. Opposing views are considered B. Hasty Generalization C. Argument presents alternative explanations D. Reasoning from specific evidence 7) What is best way for CEO to deal with managers in key positions who continue to resist a major change? A. Minimize their interactions with fellow employees and work around them B. Replace them with people who will support change C. Give them space and hope they will come to see why change was necessary D. Keep increasing pressure on them to support change 8) Finding a win-win solution that allows parties who are involved to have their goals achieved is an example of A. accommodation B. collaboration C. team building D. compromising 9) What is emphasized more in ethical leadership theories than in transformational leadership? A. Leader values B. Leader behaviors C. Leader skills A. Leader values D. Leader traits 10) Ethical behavior and integrity for a leader is most likely to result in A. higher unit performance B. higher performance ratings for leader by bosses C. higher subordinate satisfaction and trust D. less stress for leader 11) A common characteristic of most entrepreneurs is that they A. accept risks involved in starting and managing a business B. have a high level of scientific and technical expertise C. possess a great deal of personal wealth D. have experience in running large, complex organizations 12) In order to make an intelligent investment decision, entrepreneurs should A. limit their options to those business investments that are backed by U.S. government B. invest in businesses that have generated a stable rate of profit for at least past ten years C. invest only in business opportunities where it is possible to take an active role in management D. compare risks of potential investments to their expected profits and find right balance between profit and risk 13) customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by policies and activities of a business represent firm's A. market makers B. economic environment C. stakeholders D. social mentors 14) When a firm makes use of SWOT analysis, one of its objectives is to A. identify best employees to fill each position within organization B. set specific short-term performance standards for each department C. evaluate desirability of issuing stocks or bonds in current financial climate D. identify things it does well as an organization and things it needs to improve 15) process of rating an organization's practices, processes, and products against best of world is known as A. web working B. outsourcing C. benchmarking D. core competencies 16) Companies benefit today by inter-firm cooperation. One of ways they cooperate is through networking. Another way is by seeking technological knowledge and learning new processes from other firms that usually fall outside of their respective industries. We call this A. competency capturing B. technology swapping C. benchmarking D. broadening knowledge base 17) An important difference between accounting and other business functions, such as marketing and management, is that A. accounting functions must be performed by an "outsider" (rather than by an employee of business) in order to avoid conflicts of interest B. accounting offers us insight into whether business is financially sound C. accounting involves mainly clerical activities and thus requires very little analysis D. accounting deals exclusively with numbers 18) Although accounting has several specific uses, overall purpose of accounting can be summarized as A. to provide financial information that is useful to decision makers B. to meet legal requirements of Financial Accounting Standards Board (FASB) C. to allow government to track business activity levels D. to compute profit or loss and declared dividend of a business firm 19) An important advantage that knowledge technology has over older versions of business technology is that it A. is much cheaper to incorporate into most business operations B. delivers timely information directly to people who need it C. allows businesses to locate anywhere and still reach their customers D. eliminates need for business to store information electronically 20) First Engineering, a large U.S. based mechanical engineering firm, is considering entering global market. Upon careful analysis of global market, they will find that global trade A. opportunities are diminishing B. is dominated by emerging, developing countries C. is likely to be severely restricted in future by nontariff trade barriers D. is big business today and is expected to be more important in future 21) process of setting up individual functional units of business to do specialized tasks is called A. departmentalization B. division of labor C. job specialization D. delegation of authority 22) proven success of job specialization lies in fact that A. it leads to groupthink B. it avoids pitfalls of division of labor, where workers become removed from thinking conceptually about business C. it is a detractor to others who are thinking about entering your industry because it successfully creates barriers to entry D. it adds efficiency to business's operation by identifying tasks that some do better than others 23) Economics is study of how a society A. invests wisely in stock market B. employs resources to produce goods and services and distribute them among competing groups and individuals C. employs statistical techniques to make predictions about evolution of society over long run D. governs itself for good of its citizens 24) How is it that people working in their own self-interest produce goods, services, and wealth for others? A. By taking advantage of a vast supply of labor, people working in their own self-interest could hire others at very low wages. B. In order to earn money and produce goods that improve lives, self-directed gain would provide jobs, and subsequently wages for others. C. government pays entrepreneurs in United States to produce goods, services, and wealth for others. D. Entrepreneurs tend to include themselves in a group of people who need charitable support. A portion of entrepreneur's profit (as required by law) goes to charity of one's choice to support less fortunate. 25) ultimate resource of a firm is its A. business plan B. marketing mix C. capital budget D. employees 26) Today, human resource management has become so important that in many firms it has become A. a function performed by managers in all areas of organization B. main responsibility of firm's legal staff C. a function handled only by specialists in human resource department D. function handled only by firm's top management 27) Which of following is included in performing a business analysis? A. Hiring new employees B. Entering global markets C. Conducting a SWOT analysis D. Networking 28) When competition is intense and environment is changing rapidly, it is especially important to A. maintain a high level of external monitoring B. have detailed plans and operating procedures C. increase power of chief executive D. strengthen organization culture 29) Which of following would be a concern addressed in a strategic plan? A. Which specific jobs should be assigned to each employee? B. How much output should be produced this week in a given production facility? C. Which computer software package should firm’s human resources office use to manage payroll? D. Should firm make a long-term commitment to expand into new markets? 30) Tactical planning is concerned with A. determining best way to cope with an emergency situation . devising temporary courses of action to be used if primary plans do not achieve desired results . developing detailed strategies about what is to be done, who is to do it, and how it is to be one D. setting long run goals that will govern general course of organization for years 23.Best Buy will often try to sell buyer of a high-end television monitor an extended warranty. This is an example of _______________. ). pure service ). tangible good with accompanying services C). hybrid ). pure tangible good 24. Within last couple years several cosmetics manufacturers have introduced non-clumping mascara. Revlon was one of these manufacturers. Revlon should use ________ advertising to increase selective demand for its non-clumping mascara. A). informative B). descriptive C). persuasive D). reminder 25.Which of following areas will a marketing manager standardize or adapt when taking a new product global? A). Marketing concept B). Promotion strategy C). Product strategy D). Marketing mix 26.Public policy makers have developed a substantial body of laws and regulations to govern advertising. For these reasons, an important step in developing an advertising campaign is _____________. A). creative development of message ). asking network censors what to cut out of communication ). social responsibility review ). preparing a copy strategy statement 27.When customers buy on basis of a reference price or because price conveys a particular quality image to them, they are being influenced by ____________. ). psychology of pricing B). value pricing ). going rates of competitors ). value augmented by perception 28.Toyota, maker of Scion brand, is using what kind of brand strategy with Scion products? ). Individual names B). Blanket family names ). Separate family names ). Corporate names 29.Scotty is in process of opening Suburban Legends SK8S to sell boards, wheels, trucks, othing, videos, and skateboarding related collectibles. first thing Scotty should do when setting store’s prices is to ____________. A). estimate costs ). select a pricing method ). select a pricing objective ). determine target market 30.Marketers plan their market offerings at five levels. What is correct order of levels, going from most fundamental to level with most benefits? ). Potential-augmented-expected-core-basic ). Basic-expected-augmented-core-potential ). Core-basic-expected-augmented-potential ). Expected-potential-basic-augmented-core