Question 1

In evaluating colleges,students and parents are likely to judge a school:
A) strictly on the basis of major curriculums offered.
B) based on the tuition.
C) by the collection of benefits offered by the school.
D) on the anticipated rate of return on their tuition investment.

Accepted Answer

While major curriculums offered and tuition costs are certainly important factors in evaluating colleges, students and parents are increasingly looking at the collection of benefits offered by schools. This includes everything from career services, to internship opportunities, to study abroad programs, to access to top-notch facilities and resources. Ultimately, students and their families want to feel like they are getting the most value for their investment, and a robust collection of benefits and resources can help justify the cost of tuition.

Question 2

Businesses have the right to keep and use their profits as they choose,without limitations.

Accepted Answer

Within legal limitations,businesses have the right to keep and use their profits as they choose.

Question 3

___________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.
A) Vision
B) Planning
C) Strategy
D) Execution
E) Tactic

Accepted Answer

Strategy refers to the development of plans and decisions aimed at guiding the direction of the firm and determining its long-term performance. This involves a systematic approach to identifying the firm's goals and objectives, assessing its internal and external environment, and formulating plans and policies to achieve its goals. Planning is a broader concept that includes the identification of goals and objectives, the development of strategies to achieve them, and the creation of specific action plans and schedules to implement the strategies. Vision refers to the overall purpose and direction of the firm, while execution involves the implementation of plans and strategies to achieve the firm's goals. Tactics are specific actions and activities that are used to implement strategies and achieve goals.

Question 4

A manager is an individual who assumes the risk of starting a business.

Accepted Answer

A manager is an individual who is responsible for directing and controlling the resources of a business or organization. However, assuming the risk of starting a business is typically the role of an entrepreneur or founder.

Question 5

Any organization that produces a good or service can be classified as a business.

Accepted Answer

The answer of Any organization that produces a good or...

Question 6

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.
A) Vision
B) Planning
C) Strategy
D) Execution
E) Tactic

Accepted Answer

Strategy refers to the development of plans and decisions that will guide the direction of the firm and determine its long-term performance. A vision is a general idea or inspiration for what a company hopes to achieve, but it does not necessarily outline a specific plan or decision. Planning involves setting specific goals and determining the actions needed to achieve those goals. Execution refers to the implementation of those actions. Tactics are specific actions taken to achieve short-term goals, rather than the overall direction of the company. Therefore, the best answer is C.

Question 7

As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle class neighborhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:
A) both practice product mix effectiveness.
B) they utilize product differentiation.
C) Fernando's has chosen a shopping good strategy.
D) their target markets differ, with one intended to appeal to the industrial market, and the other designed to attract the consumer market.

Accepted Answer

Both Fernando's and Carmelita's are utilizing product differentiation by positioning themselves differently in terms of price and atmosphere, while offering similar items on their menus. They are not practicing product mix effectiveness as they do not offer a wide variety of items, and Fernando's is not utilizing a shopping good strategy as they are not emphasizing convenience or practicality for consumers. Additionally, their target markets are both aimed at the consumer market, but with different income levels and preferences.

Question 8

Today,managers have to make allocation decisions around the use of which scarce resources,
A) financial
B) human
C) natural
D) all resources

Accepted Answer

Managers have to make allocation decisions around the use of all resources, including financial, human, and natural resources. Making decisions about the optimal use of all resources is essential for the success and sustainability of any organization. Ignoring one of these resources can have a negative impact on the organization's overall performance and may lead to long-term consequences. Therefore, managers should consider all resources when making allocation decisions to achieve their goals effectively.

Question 9

_______________ is the art of getting things done using organizational resources.
A) Socialization
B) Justification
C) Preparation
D) Management

Accepted Answer

The art of getting things done using organizational resources is known as management. It involves planning, organizing, leading, and controlling resources (such as people, materials, and finances) to achieve specific goals and objectives. Therefore, option D is the correct choice. Options A, B, and C are not related to the given definition of management.

Question 10

Businesses seek to earn a profit by providing goods and services to others.

Accepted Answer

This is a fundamental principle of economics and the main goal of most businesses.

Question 11

Strategy:
A) Is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance
B) Focuses on the vision of the firm and the opportunity which it believes exists in the marketplace
C) checks that the life expectancy of the product or service is long enough to ensure that the initial investment can be recovered and that the firm can make a profit.
D) a) and c)
E) a), b) and c)

Accepted Answer

Strategy involves both the development of plans and decisions to guide the firm's direction and long-term performance (A) as well as the focus on the firm's vision and opportunities in the market (B). Additionally, it also considers the life expectancy of the product or service to ensure a long enough period for the recovery of the initial investment and profitability (C). Therefore, the best choice is option E, which includes all the options A, B, and C.

Question 12

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve:
A) deceptive marketing recognition.
B) the creation of knockoff products.
C) new product development.
D) product differentiation.

Accepted Answer

The advertising slogan "I Can't Believe That It's Medicine" is a part of the manufacturer's strategy to differentiate their product from competing brands. They are trying to emphasize that their antacid is different and better than others in terms of taste and effectiveness. This is an example of product differentiation.

Question 13

Profit is what it costs to make and sell a product.

Accepted Answer

Profit is the difference between what it costs to make and sell a product and what a customer pays for it.

Question 14

Sweet Dream Confectioners uses the same ingredients as most other producers of chocolate candies.In fact,taste tests suggest that the candy itself,while quite good,isn't much better than other well-known brands of chocolate.However,the company wraps its candies in expensive looking foil and places them in very attractive boxes.It promotes its products in advertisements as "the ultimate in chocolate experience." Sweet Dream charges a much higher price than most competitors,but sales continue to grow.This success indicates that:
A) consumers often behave in an irrational manner.
B) there is more to the total product offer than the physical product.
C) consumers seldom consider price when making a buying decision for goods such as chocolate.
D) chocolate is best classified as a convenience good.

Accepted Answer

The success of Sweet Dream Confectioners indicates that there is more to the total product offer than just the physical chocolate product. The attractive packaging and promotion of "the ultimate in chocolate experience" contribute to consumers' willingness to pay a higher price for the Sweet Dream brand. This suggests that consumers consider factors beyond just the taste or quality of the chocolate when making purchasing decisions.

Question 15

Today's progressive managers:
A) usually prefer to use the autocratic style of leadership.
B) tend to emphasize teamwork and cooperation rather than discipline and order-giving.
C) face fewer challenges and problems than managers in the past.
D) can rely on a much higher level of worker loyalty to the organization than in the past.

Accepted Answer

Today's progressive managers tend to emphasize teamwork and cooperation rather than discipline and order-giving. This is because they recognize the value and benefits of collaboration and involving employees in decision-making processes. While they still need to provide guidance and direction, they do so in a more democratic and participative manner. Additionally, managers in the modern workplace face new and complex challenges such as diverse workforces, changing technologies, and global competition. Therefore, they cannot rely on traditional approaches and must adopt new strategies to meet the demands of the contemporary workplace. Overall, the autocratic style of leadership is becoming less popular as progressive managers recognize the importance of collaboration and engagement in creating a positive and productive work environment.

Question 16

_______,managers need to understand where the market is going and how their products and services will fit into the market and meet customer needs.________,they need to ensure that the right product reaches the right customer at the right time and at the right place for the right price.
A) Tactically; tactically
B) Strategically; strategically
C) Strategically; Tactically
D) Decisively; tactically
E) defensively; tactically

Accepted Answer

The first blank refers to a high-level, long-term approach which is strategic in nature. The second blank refers to implementation and execution, which is tactical in nature. Therefore, the best choice is C - Strategically; Tactically.

Question 17

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Accepted Answer

The answer of Revenue is the amount a business earns...

Question 18

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

Accepted Answer

Nonprofit organizations, including the Canadian Cancer Society, often engage in management, marketing, and finance-related activities in order to achieve their mission and goals. These activities are necessary to ensure the effective operation and sustainability of the organization.

Question 19

Non-profit organizations,
A) last for only short periods of time as their objective is not to create profits for their owners.
B) Have a hard time hiring employees as they have no means of paying them.
C) Are not concerned about meeting their financial needs.
D) Can provide an opportunity for individuals to address social issues.

Accepted Answer

Non-profit organizations are established to address social issues and provide solutions without the help of governments or profit-oriented organizations. They can provide an opportunity for people to work towards social causes and community development.

Question 20

The goal of business activities is profit.

Accepted Answer

The primary goal of business activities is to generate profit. Other goals, such as building strong customer relationships and contributing to society, may also be important, but ultimately profit is what allows the business to sustain itself and grow.

Quiz 1: What Is Business

In evaluating colleges,students and parents are likely to judge a school:

Businesses have the right to keep and use their profits as they choose,without limitations.

___________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

A manager is an individual who assumes the risk of starting a business.

Any organization that produces a good or service can be classified as a business.

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

Today,managers have to make allocation decisions around the use of which scarce resources,

_______________ is the art of getting things done using organizational resources.

Businesses seek to earn a profit by providing goods and services to others.

Strategy:

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve:

Profit is what it costs to make and sell a product.

Today's progressive managers:

_,managers need to understand where the market is going and how their products and services will fit into the market and meet customer needs.__,they need to ensure that the right product reaches the right customer at the right time and at the right place for the right price.

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Nonprofit organizations such as the Canadian Cancer Society do not engage in management,marketing,or finance activities.

Non-profit organizations,

The goal of business activities is profit.