Project #159580 - Business multiple choice

Business Tutors

Subject Business
Due By (Pacific Time) 12/08/2016 10:00 pm

 

HR Solutions, Inc. (HRSI)

 

HR Solutions, Inc. (HRSI) is a human resources management company that specializes in helping small companies learn the proper ways of handling human resources issues and activities. The company teaches the various activities that are involved in HR management, as well as teaching companies how to plan for the future. HRSI even helps companies downsize without having their reputations suffer. However, according to HRSI, an ideal situation would be one where all companies downsize simply by attrition. Another main objective of HRSI is to increase cultural diversity within every organization that it helps. HRSI management believes that this diversity is the key to the introduction of successful new ideas into any organization.

 

HRSI is in the process of hiring new employees. This is a critical decision for the company because it is supposed to be the expert on this issue. Once the selection is done, HRSI will need to train its employees effectively so that they will be able to maintain the good image of the company.

 

     1.   Refer to HR Solutions, Inc. When HRSI helps small companies with the development phase of human resource management, it is involved with which of the following activities?

a.

Profit sharing

b.

Training

c.

Downsizing

d.

Determining health benefits

e.

Attrition

 

 

     2.   Refer to HR Solutions, Inc. HRSI hopes that all companies can downsize simply by attrition, a word that, in this context, refers to

a.

increasing quality.

b.

being dismissed from the workforce.

c.

people leaving the company.

d.

retiring early because employees are within a few years of retirement anyway.

e.

an increasing amount of work per employee.

 

 

     3.   Refer to HR Solutions, Inc. Since HRSI puts a great deal of emphasis on cultural diversity, it needs to inform its clients about its advantages. These include all of the following except

a.

profit sharing.

b.

cost.

c.

flexibility.

d.

creativity.

e.

problem solving.

 

 

     4.   Refer to HR Solutions, Inc. When HRSI is going through the selection process, which of the following activities would it include?

a.

Job analysis

b.

Recruiting

c.

Compensation

d.

Checking references

e.

Orientation

 

 

     5.   Refer to HR Solutions, Inc. Maintaining human resources involves which of the following?

a.

Selection

b.

Recruiting

c.

Compensation

d.

Job analysis

e.

Checking references

 

 

Jefferson, Inc. (JI)

 

Jefferson Inc. (JI) is a relatively new company that wants to improve its employee rewards, compensation, and benefits. The company understands that there are effective reward systems that will motivate employees. However, JI management is not sure which would be the best for the company. Compensation, another important area, must also be improved so that it will satisfy all employees effectively. In addition, the company wants to create benefits to keep the employees not just satisfied, but also motivated. Yet another pressing issue is deciding on the training methods that are to be used to successfully teach the new employees.

 

JI believes that it will be on the right path if all of these changes can be successfully accomplished. The company plans to incorporate performance appraisals so it can be sure that the rewards, compensation, and benefits are effectively distributed.

 

     6.   Refer to Jefferson, Inc. JI management needs to know that effective reward systems must do which of the following?

a.

Distinguish the best from the rest.

b.

Enable employees to satisfy basic needs.

c.

Provide noncomparable rewards to those offered by other firms so JI can be differentiated.

d.

Distribute to the top performers only in the organization.

e.

Recognize that all people have the same needs, which can be satisfied with more money.

 

 

     7.   Refer to Jefferson, Inc. If JI management discovers that its female employees generally make less than its male employees, it may want to study the ____ of positions occupied by men and women.

a.

job analysis

b.

monthly salary

c.

comparable worth

d.

incentive payments

e.

hourly wages

 

 

     8.   Refer to Jefferson, Inc. JI management must consider implementing the many different types of benefits. These include all of the following except

a.

insurance packages.

b.

pension and retirement programs.

c.

worker’s compensation insurance.

d.

Social Security.

e.

profit sharing.

 

 

     9.   Refer to Jefferson, Inc. The training of new employees at JI can be carried out through

a.

appraisal errors.

b.

judgmental methods.

c.

turnovers.

d.

seminars.

e.

rating scales.

 

 

   10.   Refer to Jefferson, Inc. When JI management considers performance appraisal, various techniques and methods are either objective or ____ in nature.

a.

measurable

b.

marginal

c.

judgmental

d.

goal-oriented

e.

personal

 

 

   11.   Chevron Corporation is one of the largest integrated oil companies in the world. Its management is assessing the world marketplace and taking steps to sustain the company’s competitive position. Chevron is studying external and internal factors that could influence its success. Faced with business competition on a global scale, Chevron is modifying its strategic business model to manage its resources more efficiently. At Chevron, as at competing companies, one of the most important resources is

a.

financial resources.

b.

human resources.

c.

natural resources.

d.

lobbyists.

e.

computers.

 

 

   12.   Another name for human resources management is ____ management.

a.

personnel

b.

corporate

c.

administrative

d.

operations

e.

marketing

 

 

   13.   John works for Texas Instruments. His tasks involve traveling to nearby colleges, interviewing students for hire after graduation, selecting certain ones to be invited for an office visit, and acquainting them with the facilities. He is in which phase of the HRM process?

a.

Maintaining a certain level of human resources

b.

Developing and training human resources

c.

Human resources planning

d.

Orientation and employee relations

e.

Acquiring human resources

 

 

   14.   Activities that increase employee satisfaction such as satisfaction surveys, employee communication programs, exit interviews, and fair treatment are all part of which phase of the human resources management process?

a.

Benefits and compensation

b.

Job analysis

c.

Developing human resources

d.

Maintaining human resources

e.

Acquiring human resources

 

 

   15.   Periodically, employees at Southwest Airlines complete satisfaction surveys that management uses to improve employee job satisfaction. This is an example of

a.

job analysis.

b.

employee relations.

c.

human resources planning.

d.

performance appraisal.

e.

employee communication programs.

 

 

   16.   The development phase of human resources management consists of two important activities: (1) training and development (2) and

a.

job analysis.

b.

recruiting.

c.

motivating.

d.

appraising performance.

e.

orientation.

 

 

   17.   Chevron's 60,000 employees work for thirteen major operating companies in fifty-eight countries. Each national unit does business according to the needs of its market. Effective management of human resources in such a complex environment is an awesome task, and the key to success is reliable, accurate management information. Thus, Chevron developed an online human resources information system, which is a critical tool in managing its human resources. As expected, one of the broad goals of the human resources information system is to help management

a.

prepare specific job or position descriptions.

b.

write a job specification for the computer programmer.

c.

develop a replacement chart.

d.

send greetings to employees on their birthdays.

e.

utilize human resources efficiently to meet organizational goals.

 

 

   18.   Generally, human resources management is a responsibility shared by line managers and

a.

top management.

b.

unions.

c.

foremen.

d.

HRM specialists.

e.

vestibule centers.

 

 

   19.   At a large book publishing company like Cengage, we would expect human resources management to be handled by ____. At a small local print shop, human resources management would probably be ____.

a.

a vice president; completely ignored

b.

the owner; handled at the vice-presidential level

c.

a specialist; assigned to the vice president for personnel management

d.

a departmental secretary; completely ignored

e.

the personnel manager; the responsibility of the owner

 

 

   20.   Employee compensation systems are generally developed and administered by ____, and pay increases and promotions are usually recommended by ____.

a.

top management; HRM specialists

b.

unions; line managers

c.

HRM specialists; line managers

d.

top management; unions

e.

professional HR consultants; HRM staff personnel

 

 

Community Bank

 

Jeffrey is the training manager for the Community Bank in Maryland. Jeffrey has developed a training program for all new employees that emphasizes understanding the basics of money. Jeffrey and the bank’s management believe that if the employees understand the basics of money, they can utilize the information in their own personal finances as well as guide and answer questions from bank customers.

 

The bank recently hired Laila. She was hired at a high-level position because she brought with her extensive bank management experience. Laila’s responsibilities included making sure that the reserve requirement would always be met and keeping track of the interest rate that the Federal Reserve System charged for loans to member banks.

 

   21.   Refer to Community Bank. In his training, when Jeffrey suggests that money should retain its value over time, which of the following characteristics is he referring to?

a.

Difficulty of counterfeiting

b.

Liquidity

c.

Divisibility

d.

Stability

e.

Portability

 

 

   22.   Refer to Community Bank. In giving examples to new employees, Jeffrey has indicated that when customers put their money in a bank, some are looking to retain and accumulate wealth. This refers to which of the following functions of money?

a.

Money as a measure of value

b.

Money as a portable exchange

c.

Money as a store of value

d.

Money as a medium of exchange

e.

Money as a clearinghouse

 

 

   23.   Refer to Community Bank. One employee asked Jeffrey how much money could be found in the whole country. Jeffrey indicated that the government tracks this type of information via supply of money. What are the main measures of the supply of money?

a.

One: M1

b.

Four: M1, M2, M3, M4

c.

Two: M1, M2

d.

Five: M1, M2, M3, M4, M5

e.

Three: M1, M2, M3

 

 

   24.   Refer to Community Bank. Because of her previous banking experience, Laila knows that a reserve requirement is

a.

the percentage of its deposits a bank must retain, either in its own vault or on deposit with its Federal Reserve District Bank.

b.

the percentage of its loans a bank must retain with its Reserve District Bank as deposits.

c.

the percentage of its deposits a bank must send in taxes.

d.

the percentage of its credit card balance a bank must retain in the customers’ accounts.

e.

certain accounts a bank must reserve for really wealthy customers.

 

 

   25.   Refer to Community Bank. One of Laila’s responsibilities is keeping track of the interest rate that the Federal Reserve System charges for loans to member banks. Which of the following should Laila be tracking?

a.

Federal rate

b.

FRS rate

c.

Reserve rate

d.

Discount rate

e.

System rate

 

 

 

 

 

 

M&B Bank

 

Ken is a senior manager at M&B Bank. Initially, he started as a front counter worker and slowly progressed up the career ladder. In his role as a senior manager, Ken is keeping a keen eye on the industry, the Federal Reserve System, and the bank’s competitors. Ken’s previous boss did not do that well, and as a result the bank had suffered.

 

Several employees have pointed out that many businesses are not aware of the procedures for or a systematic way to evaluate the creditworthiness of their customers, collect past-due payments from customers, and protect their businesses from such losses. Based on feedback from several employees, M&B has decided to offer credit-counseling workshops for individuals and small businesses.

 

   26.   Refer to M&B Bank. Ken was concerned about the method used by the Federal Reserve System to control the money supply. He believed this would result in the bank having less money to lend to customers. Which of the following methods refers to Ken’s concern?

a.

Increase the discount rate.

b.

Decrease the reserve requirement.

c.

Sell government securities.

d.

Buy government securities.

e.

Decrease the discount rate.

 

 

   27.   Refer to M&B Bank. M&B is chartered by the U.S. Comptroller of the Currency. M&B can be described as which of the following?

a.

Non-commercial bank

b.

Regional bank

c.

State bank

d.

Credit union

e.

National bank

 

 

   28.   Refer to M&B Bank. As Ken keeps an eye on the industry, he notices many changes. Which of the following is not a change that Ken would have noticed or obtained information about?

a.

Importance of customer service

b.

Consolidation and mergers

c.

Increased competition from nonbank competitors

d.

Growth in online banking

e.

Decrease in the use of credit cards and debit cards

 

 

   29.   Refer to M&B Bank. While offering the credit-counseling workshops, the facilitator lists the five Cs of credit. Which of the following refers to the borrower’s attitude toward credit obligations?

a.

Capacity

b.

Character

c.

Collateral

d.

Capital

e.

Conditions

 

 

   30.   A system of exchange in which goods and services are traded directly for other goods and services is called a(n) ____ system.

a.

monetary

b.

barter

c.

exchange

d.

mercantile

e.

trading

 

 

   31.   The United States trades a shipment of wheat to Saudi Arabia in exchange for a shipment of oil. This type of arrangement is called

a.

an exchange medium.

b.

barter.

c.

an auction.

d.

a moneyless transfer.

e.

electronic commerce.

 

 

   32.   Anything used by a society to purchase products and services or resources is called

a.

money.

b.

barter.

c.

capital.

d.

cash.

e.

funds.

 

 

   33.   When Skye purchases a meal at Hardee’s, she will probably use the most common form of money today, which is

a.

gold.

b.

a credit card.

c.

a debit card.

d.

currency.

e.

bartering.

 

 

   34.   In many stores in Canada, U.S. currency is accepted for payment because the retailers know that their suppliers and other customers will also accept it. In this example, money serves as a

a.

medium of exchange.

b.

measure of exchange.

c.

store of value.

d.

foreign exchange currency.

e.

measure of value.

 

 

   35.   In explaining money to his twelve-year-old, Mike, the president of a small business, said that money is “symbolic.” This should be correctly interpreted to mean that money is

a.

an artificial device that aids in the exchange of resources for products, services, and resources.

b.

a tangible asset.

c.

meaningless.

d.

abstract rather than practical.

e.

beneficial to the buyer, not the seller.

 

 

   36.   A single standard that is used to assign value to or compare values of products or services is called

a.

a store of value.

b.

barter.

c.

a medium of exchange.

d.

capital.

e.

a measure of value.

 

 

   37.   It is easy for Mark to compare the differences in price when he is shopping for a new truck because money is a

a.

measure of value.

b.

medium of exchange.

c.

measure of exchange.

d.

store of value.

e.

standard intermediary.

 

 

   38.   Because it is the common denominator that we use to compare products and decide which ones we will buy, money functions as a(n)

a.

accepted resource.

b.

commercial tool.

c.

measure of value.

d.

instrument of socialism.

e.

medium of exchange.

 

 

   39.   Ricardo Martinez collected $300 last weekend for mowing yards. Rather than spending the money immediately, he set it aside in an interest-bearing account. He hopes to accumulate more than $3,000 to offset his college expenses this fall. For Ricardo, money is serving as a

a.

measure of the current exchange rate.

b.

medium of exchange.

c.

measure of value.

d.

store of value.

e.

barter.

 

 

   40.   Usually money is used as a

a.

store of wealth.

b.

means of payment.

c.

medium of exchange.

d.

measure of value.

e.

All are acceptable uses of money.

 

 

 

Caroline’s Crafts ’N Things

 

Sarah works for a retail shop called Caroline’s Crafts ’N Things. Sarah was often quite rude to customers when they annoyed her. One morning, her supervisor asked Sarah into her office and informed her that her behavior was unacceptable. To be rude to one customer could cause several customers not to come back. Sarah’s supervisor told her that retaining a customer is much cheaper than trying to get a new one. After their constructive discussion, Sarah’s boss told her that she wanted her to go out on the floor that day and attempt to be more helpful to customers.

 

Over the next few months, Sarah began to help customers learn more about the different products in the store and often explained why the customer might want to purchase one product over another. In doing so, she realized the importance of her role in the retail shop and began to truly enjoy her job. She started to think about the future of the company. She even thought that the company could do very well if it were to sell its products on eBay. When she brought this idea to her boss, her boss thought it was excellent, and asked Sarah to look further into the pros and cons of her idea.

 

After evaluating Sarah’s research, her boss decided to move forward with the idea, asking Sarah to head up this new venture for the company. Sarah then realized that retail is not just about making the sale; the customer should be the focus of all operations. Sarah now looks up to her boss, and is very glad that she was there to mentor her.

 

   41.   Refer to Caroline’s Crafts ’N Things. When Sarah was brought into her boss’s office, what was her manager trying to explain?

a.

Customer motivation

b.

Customer lifetime value

c.

Disposable income

d.

Marketing information system

e.

Possession utility

 

 

   42.   Refer to Caroline’s Crafts ’N Things. Caroline’s purchased its Thanksgiving products in June. However, in October, when the store finally displays the Thanksgiving products, which form of utility is being provided?

a.

Possession

b.

Place

c.

Market

d.

Time

e.

Form

 

 

   43.   Refer to Caroline’s Crafts ’N Things. Sarah should understand that all of the following are different types of utilities except

a.

form.

b.

time.

c.

possession.

d.

place.

e.

market.

 

 

   44.   Refer to Caroline’s Crafts ’N Things. Doing business on eBay allows an entrepreneur to

a.

develop a business-to-business selling model.

b.

develop form utility.

c.

create place utility.

d.

find out what works, fast.

e.

explore producer markets.

 

 

Your Best, Inc.

 

Marietta worked for a retail company and noticed there were many things it could do better. She shared some of her ideas with upper management, but management did not want to do things differently. When Marietta went home to talk to her husband, they both realized that, given her passion, it would be better for Marietta to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store¾right next to her house.

 

To be certain to address all aspects of the business, Marietta hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband’s support and a good marketing plan, Marietta felt that she would be prepared to make the right decisions.

 

   45.   Refer to Your Best, Inc. Marketing research involves

a.

satisfying customers.

b.

determining a target market.

c.

creating a product mix.

d.

interpreting information.

e.

product promotion.

 

 

   46.   Refer to Your Best, Inc. Marietta thought about focusing on the four elements of the marketing mix. Which of the following is one of those elements?

a.

Production

b.

Price

c.

Power

d.

Possession

e.

Personal income

 

 

   47.   Refer to Your Best, Inc. In preparing a marketing plan, Marietta should ensure that all of the following components are included except a(n)

a.

executive summary.

b.

SWOT analysis.

c.

production schedule.

d.

environmental analysis.

e.

evaluation and control.

 

 

   48.   Refer to Your Best, Inc. If Marietta were to use information services available online, they would offer her access to which of the following?

a.

Databases

b.

Financial assistance

c.

Physical location

d.

Production materials

e.

Disposable income

 

 

   49.   Refer to Your Best, Inc. When Marietta’s business gets going, her income less all additional personal taxes would be called her

a.

business buying behavior.

b.

disposable income.

c.

IRS imposed income.

d.

discretionary income.

e.

total loss.

 

 

   50.   The organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders is

a.

production.

b.

the chain of command.

c.

marketing.

d.

distribution.

e.

dispersion.

 

 

   51.   Walmart has its own trucks that ship merchandise to its warehouses from the supplier for backstock purposes. Walmart is carrying out which of the following functions?

a.

Contracting with suppliers

b.

Standardizing and grading its facilities

c.

Buying and selling

d.

Risking obsolescence of its products

e.

Transporting and storing

 

 

   52.   Car dealers are financed by automobile manufacturers, and Walmart receives financing from its wholesalers and manufacturers. What marketing functions do such activities perform?

a.

Physical distribution

b.

Standardization

c.

Marketing information

d.

Financing

e.

Storage

 

 

   53.   Mattel, Inc., selects suppliers and obtains raw materials to make toys. The company is engaged in which function of marketing?

a.

Selling

b.

Buying

c.

Storing

d.

Financing

e.

Risk taking

 

 

   54.   Using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationships is known as

a.

computer resource management.

b.

customer resource management.

c.

customer relationship management.

d.

customer research management.

e.

e-marketing.

 

 

   55.   New Seasons Market, a locally owned and operated one-stop grocery store based in Portland, Oregon is committed to providing local products for its particular customer base. New Seasons strives to deepen customer trust and loyalty by keeping close and regular connection with customers in a quest to better understand the customers’ needs and desires. New Seasons Market is creating a model for

a.

form utility.

b.

customer relationship management.

c.

relationship marketing..

d.

customer research management.

e.

market segmentation.

 

 

   56.   What focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships?

a.

Customer relationship management

b.

Electronic data interchange

c.

Business-to-consumer marketing

d.

Strategic partnerships

e.

The marketing concept

 

 

   57.   A Corvette, a dinner at the Olive Garden, and an overnight stay at a Hilton Hotel all satisfy human needs. Therefore, each

a.

is a service.

b.

is a convenience product.

c.

possesses utility.

d.

is unique.

e.

is created for an unsegmented market.

 

 

   58.   Sheridan Marcy is getting married on Saturday. She purchases flowers for the church ceremony early Saturday morning from a local flower shop. Which of the following types of utility is not created by this activity?

a.

Form

b.

Place

c.

Time

d.

Possession

e.

Ownership

 

 

   59.   The utility created by converting production inputs into finished products is called ____ utility.

a.

form

b.

time

c.

production

d.

place

e.

possession

 

 

   60.   ____ utility is the only type of utility created by the production process.

a.

Form

b.

Time

c.

Production

d.

Place

e.

Possession

 

 

 

 

 

 

 

 

 

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