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55 Cards in this Set

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  • Back
1.True or False? The concept that the boss does the thinking and the employee does the workis outdated.
True
2. True or False? The need for effective management decreases as the business expands.
False
3. True or False? Consumerism is built of the philosophy of "Let the buyer beware."
False
4. True or False? An informal group can help or hinder the proper functioning of a business.
True
5. True or False? Consumerism is an organized movement of citizens and government agencies to improve the rights and power of sellers in relations to buyers.
False
6. True or False? A sole proprietorship is a business owned and operated by a board of directors.
False
7. True or False? As a rule, for cerificates of deposit the rate of interest your money earns is higher if you agree to keep your money on deposit for a long period of time.
True
8. True or False? The free enterprise system is a command economic system.
False
9. True or False? The Fair Labor Standards Act does not require businesses to give its employees sick leave or paid vacations.
True
10. True or False? There are restictions on the owner's personal liability in a sole proprietorship.
False
11. True or False? The death of a majority stockholder of a corporation results in the dissolution of the corporation.
False
12. True or False? Liability law has had an impact on business by requiting them to place warming labels on products.
True
13. True or False? One of the disadvantages of the corporate form of ownership is the limited liability of its owners.
False
14. True or False? A sole proprietorship must be registered with the state to obtain its legal charter.
False
15. True or False? Ownership in a corporation is shown by stock certificates.
True
16. True or False? Risk management and insurance management is the same thing.
False
17. True or False? Employee bonding is a commonly used protection against employee dishonesty.
True
18. True or False? Insurance is most often used to protect against loses that aare unexpected.
False
19. True or False? Compounded interest means that interest is added to your balance (usually quarterly), and then the nest quarter the interest is computed on your money deposited plus the last quarter interest.
True
20. True or False? Money market deposit accounts usually pay a lower rate of interest than checking accounts and require a lower miniuim balance.
False
21. True or False? Today's coins and paper money (currency) are backed by the promise of the U.S. goverment.
True
22. True or False? Each individual customer's account is insured by the FDIC up to $1,000,000 per account ownership.
False
23. True or False?Despite labor laws, students of any age can deliver newspapers or work in movies, theatre, TV, radio; or can work in parent-owned business.
True
24. True or False? State can establish minimum wages laws, as long as the minimum wage is higher than that of the fedral government.
True
25. During an interview, an employer
A. can judge an applicant without any further research.
B. should do most of the talk
C. should find out whether a young woman plans to stay home with erh children when they are born.
D.can evaluate the appearance, job knowlegde, and personality of the applicant.
D. Can evaluate the appearance, job knowledge, and personality of the applicant.
26. Job orientation applies most specifically to training given
A. during the employment review.
B. during the first few days on the job.
C. during the first two years on the job.
D. after selection, but prior to reporting for work.
B. Durring the first few days on the job.
27. All of the following are reasons companies conduct interviews, except
A. to determine the applicant's race
B. to determine the applicant's career goals.
C. To determine the applicant's personality.
D. To determine the applicant's educational background.
A. To determine the applicant's race.
28. Which of the following types of interviewing has the applicant persorm a small sample of his or her potential duties
A. Tradional interviewing
B. Differential interviewing
C. Reactive interviewing
D. Behavioral interviewing
D. Behavioral interviewing
29. All the following are characteristics that companies look for in applicants except
A. religious preferences
B. problem-solving ability
C. ability to work in teams.
D. comminication ability
A. religious preferences
30.______ is thebody of information applied directly to job performance.
A. Competency
B. Skill
C. Knowledge
D. Ability
C. Knowledge
32. Which of the following is not a feasible way to evaluate appicants for a postion?
A. Conduct an Interview
B. Have them fill out an application form.
C. Hire a private investigator to follow the applicant.
D. Check preferences
C. Hire a private investigator to follow the applicant
33._____is the continuing process by which an employee begins to understand and accept the values, norms, and beliefs held by others in the organization.
A. Socailization
B. Evolution
C. Motorization
D. Randomization
D. Randomization
34. Which of the following U.S. federal regulatory agencies handles consumer complaints?
A. Office of Consumer protection
B. Environmental Protection Agency
C. Office of Consumer Affairs
D. Consumer Product Safety Commission
C. Office of Consumer Affairs
35. Companies usually explain their procedures and policies during
A. orientation
B. job insturction training
C. supervisory training
D. initial training
A. orientation
36. Consumerism is one aspect of the ____ enviroment.
A. technological
B. political/legal
C. economic
D. social
B. political/legal
37. ____, as President of the United States, in 1962 addressed Congress and defined the basic rights of consumers.
A. Lyndon Johnson
B. Richard Nixon
C. John F. Kennedy
D. Gerald Ford
C. John F. Kennedy
38. All of the following are stages of consumer decision making except
A. problem recognition
B. perceptual categorization
C. post-purchase evaluation
D. purchase decision
B. Perceptual Categorization
39. All of the following are part fo the consumer's prtective shield except
A. federal regulatory agencies
B. International regulatory agencies
C. the U.S. legal system
D. state regulatory agencies
D. state reguatory agencies
40. According to the consumer informationprocessing theory, _____ is the final stage through which consumers progress.
A. post-purchase dissonance
B. purchase decision
C. cognitive decision
D. evaluative categorization
A. post-purchase dissonance
41. Many customer service problems are identified by
A. outside consultants
B. customer complaints
C. personal evaluation
D. entries in a suggestion box
B. customer complaints
42. The tension that occurs immediately following a purchase is referred to as
A. post-purchase satisfaction
B. post-decision complaints
C. cognitive assessment
D. cognitive dissonance
D. cognitive dissonance
43.____ are a division in society with different levels of social prestige.
A. Social Classes
B. Cultures
C. Reference Groups
D. Cognitive Categories
A. Social Classes
44. Eric Keay, a typical consumer, often purchases goods and services because he feels his coworkers will approve of these items. Eric's coworkers could be a(an)
A. referral group
B. reference group
C. associate group
D. perceptual group
B. reference group
45. A heavily promoted brand of aspirin sells for much more than a virtually identical nonbranded or store-branded product because promotion adds_____ value to the product
A. inspirational
B. functional
C. political
D. psychological
D. psychological
46. A computer company developed a printer that would wear itself out within two years of purchase, forcing consumers to buy a replacement. One might criticize this computer company because
A. of the poor service they offered to customers
B. of the high price they charged for the printer
C. they planned to make their printer obsolete
D. they product was unsafe
C. they planned to make their printer obsolete
47. High prices are often cause by
A. excessive markups
B. lowering the promotion costs
C. inexpensive labor
D. free publicity
A. excessive markups.
48. A company that makes roofing shingles claims that their shingles "will last longer than you or your money back" because this is a clear overstatement of their product's performance, they are engaging in
A. deceptive pricing
B. deceptvie packaging
C. bad promotions
D. deceptive promotion.
D. deceptive promotion
49. Which of the following can reduce competition?
A. an increased number of competitors
B. Balanced marketing practices
C. Acquistion of competitors
D. marketing prices eliminate barriers to entry
C. acquistion of competitors
50. The practice fo businesses refusing to serve specific geographic areas is known as
A. boycotting
B. pipeling
C. restrictive marketing
D. redlining
D. Redlining
51. Which of the following is an aspect of the free enterprise system?
A. The goverment decides what to produce.
B. Decisions are amde by individuals rather than the government
C. The government establishes fair prices
D. The government owns the means of production
B. Decisions are amde by individuals rather than the government
52. Competition is thought to encourage businesses to
A. sell products of low quality
B. produce new products
C. keep prices extremely high
D. offer services of low quality
B. Produce new products
53. In a mixed economic system most decisions are left to_____, but some decisions are left to_____
A. Government; individuals
B. Government; business
C. Individuals; goverment
D. Monoplies; goverment
C. Individuals; government
54. Socialism is most closely associated with
A. the owner of a sole proprietorship
B. a limited partner
C. a stockholder
D. the CEO of a corporation
A. the owner of a sole proprietorship
56. Most businesses are
A. limited partnerships
B. corporations
C. general partnerships
D. sole proprietorships
D. sole proprietorships
57. A key characteristic fo a partnership is that each partner
A. is capable of legally contracting
B. must manage the business
C. shares in company assets when the business dissolves
D. must contribute capital to the business
A. is capable of legally contracting