MGT 253 Final Exam | Q & A (Complete Solutions)

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MGT 253 Final Exam | Q & A (Complete Solutions) In an interview, an interviewer can ask questions about: A. Arrest Record B. Prior Convictions C. Religion D. Disability Which of the following inform ... ation should be obtained in the application/interview process? A. Work History B. Education and Training C. Social Security Number D. All of These When a small business owner is advertising a job, the company needs to attract the/a _________ pool of applicants to choose from. A. Smallest B. Largest C. Diverse D. Best Qualified Which of the following application and interview questions is legal to ask? A. What previous experience do you have? B. Are you a Republican or a Democrat? C. Are you heterosexual or homosexual? D. Where were you born? The Americans with Disabilities Act regulates firms with how many employees? A. less than 15 employees B. 15 or more employees C. less than 20 employees D. 20 or more employees The Civil Rights Act applies to all firms having how many employees? A. more than 16 employees B. less than 16 employees C. more than 25 employees D. less than 15 employees In a family business, business decisions: A. are made by negotiations between family and nonfamily members. B. are never family decisions C. are seldom rational decisions D. often affect both the business and the family Which of the following theories states that we all judge how we are treated relative to how we see others being treated? A. equity theory B. equality theory C. judgement theory D. expectancy theory Performance review includes all of the following EXCEPT: A. review of an employee's goals B. future pay raises C. outcomes over a given period D. achievements for a given period In a family business, the interests of the family and the interests of the business are best described as: A. having no relationship with each other B. conflicting C. coinciding D. overlapping A program that allows employees to contribute to their retirement on a tax-free basis is _________. A. 401(F) B. 401(T) C. 401(C) D. 401(k) A systematic review of employees will include: A. plans for future employee growth B. how they perform relative to their objectives C. all of these D. reset goals for the next year _________ is the quantity and quality of human effort directed toward producing goods and services. A. Human Power B. Human Knowledge C. Human Resource Management D. Human Skills All of these are reasons why small business owners do not write job descriptions EXCEPT: A. remain flexible for the right individual B. unclear picture of the new position C. wait till the employee gets hired D. lack of time Which of the following represents the impact of a poor employee on the functioning of a small business? A. The problems may bleed over to other employees. B. The owner's time is lost. C. The organization does not fully benefit from the employee. D. All of these According to the book, which of the following firms needs to pay special attention to OSHA guidelines? A. family business forms B. none of these C. it firms D. manufacturing firms An employee cannot sue a small business owner for injury, if the individual accepts _________. A. social security B. employment compensation C. unemployment compensation D. workers' compensation Human resource management includes _________ the employees. A. inspiring B. hiring C. all of these D. managing A job offer is finalized by _________. A. candidate reading the offer B. a handshake C. candidate signing the offer D. employer putting it in writing According to the book, which of the following is a good characteristic of an advertisement used to recruit job applicants? A. all of these B. information about the culture of the firm C. expression of excitement about the business D. expression of desire to have the right person to join the organization A small business determines the cost of providing a product or service, and then adds some level of profit determined to be appropriate. This is called: A. pricing ceiling B. add-on cost C. price leader D. cost-plus pricing method Pricing something that ends in 99 cents makes a big difference in the buying of a product. This is because of a consumer's: A. ethics B. perception C. pocketbook D. values In establishing pricing, there are several caveats that a small business person should consider. Which of the following represents such caveats? A. Do you want to offer a quantity discount? B. What is the actual price charged for a product or service? C. How to offer an even greater value for the money charged in order to build a customer base? D. All of these Marketing efforts need to be clearly identified and defined based on: A. the ability to effectively promote the company B. the potential competitors in the market C. the business's mission D. none of these _________ are events established around a particular theme where businesses are allowed to set up booths in order to promote their goods or services. A. Television shows B. Trade shows C. Marketing fairs D. Opportunity fairs A small business owner providing a service should recognize that pricing is a valuable tool to __________ customer flow. A. Balance B. Maximize C. Quicker D. Slow Once a small business owner defines the geographic area, the next step is to define the _________ segment of the market that the business is seeking to serve. A. advertising B. marketing C. particular D. multimarket John needs to know who his customers are and how to attract them. He needs a(n): A. operation plan B. business plan C. marketing plan D. advertising plan _________ has(have) been trouble to the mail order business; owners need to include the cost of this in the pricing of their products. A. Returns B. Fraud C. Printing D. Coding Web pages can be used as a: A. distribution channel B. means of promotion C. none of these D. both of these Promotion is the means by which businesses make their product or service known to potential customers. Which of the following is the most commonly used form of promotion? A. viewed on the Internet B. heard on the radio station C. seen in television D. all of these In the case study Friend's Home Health, the founders had issues with identifying potential customers because: A. they were targeting rehabilitation hospitals B. they were targeting elderly persons likely to be hospitalized C. they were targeting individuals who loved and cared for elderly people D. all of these Marketing efforts need to be based on the: A. mission statement B. focused strategies C. aligned marking strategies D. core values Which one of the following methods does NOT require an extensive understanding of geographic location? A. mixed promotion B. independent sales force C. pure promotion D. virtually free promotion According to the book, what is the most important thing that a business owner needs to define after the geographic area has been determined? A. all of these B. the business's mission statement C. the particular segment of the market that the business is seeking to serve D. the potential competitors in the market In the case study James Monsees and Adam Bowen: Ploom, one of the marketing problems the founders have is: A. the ability to market the problem internationally B. none of these C. the ability to make claims about the health benefits D. the ability to develop promotion Which of the following aspects needs to be considered while developing a marketing plan? A. determining sales management procedures B. all of these C. specifying the ideal and general target customer D. indentifying your market Promotion of a product or service is considered as: A. planning B. operations C. marketing D. management A major difficulty of operating a mail order catalogue is the handling of: A. search for call center employees B. wrong addresses C. primary data D. credit cards Which of the following questions should you try to answer after the target population has been identified? A. How many individuals from the target population actually exist within the business's market area? B. Do these numbers of people who might actually be your customers match with your cash flow projections? C. All of these D. What percentage of these individuals is reasonable for you to attract as customers? Which type of business has a production process? A. Retail B. Manufacturing C. Technology D. All of these Critical path analysis is a _________ document that should be modified during the process of actually accomplishing tasks. A. dynamic B. living C. stagnant D. both dynamic and living If a new business is to compete against McDonald's, it will have to have similar _________ and _________ of offerings. A. none of these B. type; quantity C. quality; quantity D. kind; quality Which of the following correctly depicts the typical cycle of the economy? A. boom, slowdown, recession, growth, and boom B. boom, slowdown, recession, and growth C. growth, boom, slowdown, recession, and boom D. boom, growth, slowdown, recession, and boom In the "Study Café" example, the critical chart process helped the students realize: A. both they need to open their doors for business as they originally planned and they need to open their doors for business in April B. they need to open their doors for business in April C. they need to open their doors for business in August D. they need to open their doors for business as they originally planned Your ability to obtain critical supplies may dictate your _________ time and _________ time. A. none of these B. lead; opening C. supply; lead D. order; supply Universal Studios, who made the Indiana Jones movies, forms a relationship with Burger King to put advertisements for the movie on drink cups. This is a form of _________. A. compact alliance B. none of these C. promotional alliance D. strategic alliance Which of the following factors should a new business owner consider when deciding the best time to start a new business? A. all of these B. competitors' moves C. the general environment D. lifestyle issues According to the book, which of the following terms is used to discuss the acceptance by key stakeholders that your business is more than just a "start-up" and will be successful? A. efficacy B. efficiency C. legitimacy D. applicability Which of the following is typical when purchasing new equipment instead of used equipment? A. all of these B. guarantees that the new equipment is the most current available C. usually the most expensive option D. delivered directly to the new business An owner who does not set _________ and _________ risks the possibility of losing funds and valuable resources. A. timetables; objectives B. goals; responsibilities C. goals; objectives D. timetables; responsibilities The owners in the Friend's Home Health case study realized their plans for the operation were: A. breaking even B. not leading to a break-even point C. in line with production chart progress D. faced with a positive situation above their expectations Which of the following is an example of the initial payments that a new small business has to make? A. initial advertising expenses B. security deposits C. all of these D. bank set-up fees It is relatively common for new equipment to depreciate in the first year after purchase. What is the typical rate of depreciation of new equipment in the first year? A. more than 50 percent B. more than 10 percent C. less than 40 percent D. less than 50 percent Which of the following have well-established methods of operation? A. new start-up firms B. franchises C. all of these D. bankrupt firms A(n) _________ demonstrates how a set of activities are dependent on each other and which activities take the longest time. A. critical path chart B. pro forma chart C. production pie chart D. activity-setting chart What does a new business owner need to keep in mind while making a decision about what equipment to buy? A. All of these. B. What equipment is needed? C. What is the cost of the equipment? D. How quickly the company may require larger/more equipment? A production chart is similar to a: A. critical path chart B. deficit gap chart C. pro forma chart D. analysis chart _________ is the acceptance by key stakeholders that you are a genuine business that will still be in operation next year. [Show More]

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