Strayer University - All Va Campuses > BUS508 FINAL EXAM ( ALL CORRECT ANSWERS)

FINAL EXAMINATION Part 1 – Multiple Choice (50 marks – each question carries 1 mark) 1. Which of the following is the first step in the employee recruitment process? a. review applications and résumés b. interview ...

FINAL EXAMINATION Part 1 – Multiple Choice (50 marks – each question carries 1 mark) 1. Which of the following is the first step in the employee recruitment process? a. review applications and résumés b. interview candidates c. conduct employment tests d. identify job requirements 2. Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) ________. a. employee benefit b. time wage c. wage d. salary 3. Vroom’s Expectancy Theory states that: a. Employees assess the probability of accomplishing a task, the value of the reward, and the likelihood that successful performance leads to a desirable reward. b. Employees compare their results with those of coworkers and decrease their efforts if they feel they are under-rewarded for similar work. c. People are motivated to the extent to which they accept challenging goals and receive feedback on their progress. d. People’s needs are arranged on a hierarchy of importance. 3 4. ________ utility is created when the business firm converts raw materials into finished goods and services. a. Place b. Exchange c. Ownership d. Form 5. Maria is campaigning for city council and talks with prospective voters in her ward about their concerns. Maria is engaged in ________ marketing. a. person b. place c. cause d. idea 6. An organization's ________ is the group of potential customers toward whom it directs its marketing efforts. a. marketing demographic b. target market c. market segment d. product market 7. Only a few Jaguar dealers are located in the Toronto metropolitan area. For buyers who will accept no substitute, Jaguar automobiles are ________. a. specialty products b. convenience products c. shopping products d. capital items 4 8. Coke, Diet Coke, Cherry Coke, Coke Zero, and Coke with Lime constitute Coca Cola's ________ of soft drinks. a. distribution strategy b. product mix c. product line d. product cluster 9. In which stage of the product life cycle do sales reach a saturation level, making further sales expansion difficult? a. Maturity stage b. Growth stage c. Introductory stage d. Decline stage 10. Integrated marketing communications would include all of the following EXCEPT ________. a. direct mail b. sales promotions c. public relations d. distribution 11. A paid, non-personal sales communication usually directed at a large number of potential buyers is ________. a. the media mix b. sales promotion c. advertising d. publicity 5 12. Shannon sells furniture, and a couple in her store tells her they’re impressed with a particular living room couch. Shannon should ________. a. show them a more expensive model b. persuade them to buy furniture for their entire home c. point out less-than-stellar aspects of the model d. attempt to close the sale 13. ________ activities focus on providing valuable assets to a business. a. Investing b. Marketing c. Selling d. Operating 14. Raphael works as a tax accountant at a mid-sized manufacturing company. Raphael would be considered a ________. a. management consultant b. management accountant c. public accountant d. government accountant 15. All of the following are assets EXCEPT ________. a. Inventory b. bank loans c. Patents d. Cash 6 16. All of the following are profitability ratios EXCEPT ________. a. return on equity b. inventory turnover c. return on assets d. gross profit margin 7 Part 2 – True/False (30 marks – each question carries 1 mark) 51. A company should view employee training as an ongoing process throughout each employee’s tenure with the firm. 52. Salary is a term that represents compensation based on the number of hours worked. 53. Marketing strategies are not essential for not-for-profit organizations because they do not compete for dollars as commercial businesses do. 54. Market segmentation is the process of dividing a total market into several relatively diverse groups. 55. The early stages of a product's life cycle are generally the most profitable for the company because there is little competition. 56. A brand may be a name, term, sign, symbol, or design used to identify a product. 57. Advertising is the most visible form of non-personal promotion. 58. Jamal, the service manager for a local Ford dealer, makes a point of sending out letters to all customers asking whether or not they are satisfied with their purchase. Jamal is conducting a follow-up. 59. Accountants play a role in all three business activities: financing, investing, and operating. 60. The primary role of government accountants is to determine how efficiently their organizations have accomplished their objectives. 61. A firm has $15 million in assets and $5 million in owner's equity. Therefore, the firm must also have $15 million in liabilities. 9 Part 3 – Short Answer Questions(20 marks – each question carries 5 marks) Please complete ANY FOUR of the following questions in the examination booklet provided. A. Explain the advantages of Internet recruiting. B. Explain how a marketing mix is developed. ANS: Decisions about marketing involve four major strategies: products, pricing, distribution, and promotion. A firm's marketing mix blends the four strategies to fit the needs and preferences of a specific target market. Marketing success depends not on the four individual strategies, but on their unique and effective combination. C. Describe how services differ from goods and provide examples of each. D. Describe the follow-up stage of the selling process. Why is this stage important? . 10 25. What is the purpose of the balance sheet? Explain how it is it organized. ANS: