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ACC 280 A+ Answers to thease questions

Business / Economics

5/9/12

Opening Offer: $11.50
Posted by: shonatutes
Date Posted: 5/9/12 7:06 PM
Due Date: 12/31/69

ACC 280 ACC280 Week 5 . Answers to Below Questions A+ Work 1. Sources of increases to owner's equity are 2. A small neighborhood barber shop that is operated by its owner would likely be organized as a An account consists of A numbering system for a chart of accounts The ledger should be arranged in A debit to an asset account indicates Unearned revenue is classified as Which of the following are in accordance with generally accepted accounting principles? Accrual basis accounting At December 31, 2010, before any year-end adjustments, Cable Car Company's Insurance Expense account had a balance of $1,450 and its Prepaid Insurance account had a balance of $3,800. It was determined that $3,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be Chapter 4 It is not true that current assets are assets that a company expects to After closing entries are posted, the balance in the owner's capital account in the ledger will be equal to journalized Liabilities are generally classified on a balance sheet as Chapter 5 At the beginning of the year, Hinz Company had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Hinz Company reported ending inventory of $600,000 and sales of $2,000,000, the company's cost of goods sold and gross profit rate must be The Merchandise Inventory account is used in each of the following except the entry to record On a classified balance sheet, merchandise inventory is classified as The Sales Returns and Allowances account does not provide information to management about Merchandise inventory is Lee Industries had the following inventory transactions occur during 2010: The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars) Shandy Shutters has the following inventory information. A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system. Under the FIFO method, the cost of goods sold for each sale is: Chapter 7 The one characteristic that all entries recorded in a multi-column purchases journal have in common is a The individual amounts in the Accounts Payable column in the cash payments journal are posted to the subsidiary ledger The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledger In which journal would a cash purchase of merchandise inventory be recorded? In large companies, the independent internal verification procedure is often assigned to Which of the following would not be reported on the balance sheet as a cash equivalent? If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts A $100 petty cash fund has cash of $15 and receipts of $80. The journal entry to replenish the account would include a credit to The maturity value of a $30,000, 8%, 3-month note receivable is The balance of Allowance for Doubtful Accounts prior to making the adjusting entry to record estimated uncollectible accounts The percentage of receivables basis for estimating uncollectible accounts emphasizes A note receivable is a negotiable instrument which Chapter 10 Depreciable cost is the Mather Company purchased equipment on January 1, 2010 at a total invoice cost of $224,000; additional costs of $4,000 for freight and $20,000 for installation were incurred. The equipment has an estimated salvage value of $8,000 and an estimated useful life of five years. The amount of accumulated depreciation at December 31, 2011 if the straight-line method of depreciation is used is: Hull Company acquires land for $86,000 cash. Additional costs are as follows: Hull will record the acquisition cost of the land as The factor that is not relevant in computing depreciation is Chapter 11 Lincoln Company sells 600 units of a product that has a one-year warranty on parts. The average cost of honoring one warranty contract is $50. During the year 30 contracts are honored at a cost of $1,500. It is estimated that 60 contracts will be honored in the following year. The adjusting entry at the end of the current year will include a The paid absence that is most commonly accrued is Most companies pay current liabilities The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's Which one of the following would not be considered an expense of a partnership in determining income for the period? Finney is admitted to a partnership with a 25% capital interest by a cash investment of $90,000. If total capital of the partnership is $390,000 before admitting Finney, the bonus to Finney is Mary Janane's capital statement reveals that her drawings during the year were $50,000. She made an additional capital investment of $25,000 and her share of the net loss for the year was $10,000. Her ending capital balance was $200,000. What was Mary Janane's beginning capital balance? The most appropriate basis for dividing partnership net income when the partners do not plan to take an active role in daily operations is The following data is available for BOX Corporation at December 31, 2010: Based on the data, how many shares of common stock are outstanding? When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the The two ways that a corporation can be classified by ownership are On January 2, 2007, Pacer Corporation issued 30,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2010, Pacer Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?


ACC 280 

ACC280 Week 5 . Answers to Below Questions A+ Work

1. Sources of increases to owner's equity are

2. A small neighborhood barber shop that is operated by its owner would likely be organized as a

An account consists of

A numbering system for a chart of accounts

The ledger should be arranged in

A debit to an asset account indicates


Unearned revenue is classified as


Which of the following are in accordance with generally accepted accounting principles?


Accrual basis accounting

At December 31, 2010, before any year-end adjustments, Cable Car Company's Insurance Expense account had a balance of $1,450 and its Prepaid Insurance account had a balance of $3,800. It was determined that $3,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be

Chapter 4

It is not true that current assets are assets that a company expects to

After closing entries are posted, the balance in the owner's capital account in the ledger will be equal to

journalized

Liabilities are generally classified on a balance sheet as

Chapter 5

At the beginning of the year, Hinz Company had an inventory of $400,000. During the year, the company

 purchased goods costing $1,600,000. If Hinz Company reported ending inventory of $600,000

 and sales of $2,000,000, the company's cost of goods sold and gross profit rate must be

The Merchandise Inventory account is used in each of the following except the entry to record

On a classified balance sheet, merchandise inventory is classified as

The Sales Returns and Allowances account does not provide information to management about

Merchandise inventory is

Lee Industries had the following inventory transactions occur during 2010:


The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory

system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)

Shandy Shutters has the following inventory information.

 


A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand.

 Assume a periodic inventory system is used. Ending inventory under FIFO is

During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system.

Under the FIFO method, the cost of goods sold for each sale is:

Chapter 7

The one characteristic that all entries recorded in a multi-column purchases journal have in common is a

The individual amounts in the Accounts Payable column in the cash payments journal are posted to

 the subsidiary ledger


The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledger


In which journal would a cash purchase of merchandise inventory be recorded?

In large companies, the independent internal verification procedure is often assigned to



Which of the following would not be reported on the balance sheet as a cash equivalent?


If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts

for disbursements when it is replenished, the journal entry to record replenishment should include credits

to the following accounts

 

A $100 petty cash fund has cash of $15 and receipts of $80. The journal entry to replenish the account

 would include a credit to

The maturity value of a $30,000, 8%, 3-month note receivable is


The balance of Allowance for Doubtful Accounts prior to making the adjusting entry to record

estimated uncollectible accounts


The percentage of receivables basis for estimating uncollectible accounts emphasizes


A note receivable is a negotiable instrument which

Chapter 10

Depreciable cost is the


Mather Company purchased equipment on January 1, 2010 at a total invoice cost of $224,000;

additional costs of $4,000 for freight and $20,000 for installation were incurred.

 The equipment has an estimated salvage value of $8,000 and an estimated useful life of five years.

The amount of accumulated depreciation at December 31, 2011 if the straight-line method of depreciation is used is:


Hull Company acquires land for $86,000 cash. Additional costs are as follows:


Hull will record the acquisition cost of the land as


The factor that is not relevant in computing depreciation is


Chapter 11

Lincoln Company sells 600 units of a product that has a one-year warranty on parts.

The average cost of honoring one warranty contract is $50. During the year 30 contracts are honored

 at a cost of $1,500. It is estimated that 60 contracts will be honored in the following year. The adjusting

 entry at the end of the current year will include a


The paid absence that is most commonly accrued is


Most companies pay current liabilities


The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's

Which one of the following would not be considered an expense of a partnership in determining income

for the period?


Finney is admitted to a partnership with a 25% capital interest by a cash investment of $90,000.

 If total capital of the partnership is $390,000 before admitting Finney, the bonus to Finney is


Mary Janane's capital statement reveals that her drawings during the year were $50,000.

She made an additional capital investment of $25,000 and her share of the net loss for

the year was $10,000. Her ending capital balance was $200,000. What was Mary Janane's beginning capital balance?


The most appropriate basis for dividing partnership net income when the partners do not plan to take

an active role in daily operations is

The following data is available for BOX Corporation at December 31, 2010:


Based on the data, how many shares of common stock are outstanding?


When stock is issued for legal services, the transaction is recorded by debiting Organization Expense

for the



The two ways that a corporation can be classified by ownership are



On January 2, 2007, Pacer Corporation issued 30,000 shares of 6% cumulative preferred stock

at $100 par value. On December 31, 2010, Pacer Corporation declared and paid its first

dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?

 

Acc 280 Questions and A+ Answers

Business / Economics

5/9/12

Opening Offer: $9.99
Posted by: shonatutes
Date Posted: 5/9/12 7:07 PM
Due Date: 12/31/69

ACC 280 Acc280 WEEK 5 Questions and Answers: 1. Accountants refer to an economic event as a a. purchase. b. sale. c. transaction. d. change in ownership. 2. The use of computers in recording business events a. has made the recording process more efficient. b. does not use the same principles as manual accounting systems. c. has greatly impacted the identification stage of the accounting process. d. is economical only for large businesses. 3. Which of the following is an external user of accounting information? a. Labor unions b. Finance directors c. Company officers d. Managers 4. The origins of accounting are generally attributed to the work of a. Christopher Columbus. b. Abner Doubleday. c. Luca Pacioli. d. Leonardo da Vinci. 5. Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. c. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers. 6. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title 7. Credits a. decrease both assets and liabilities. b. decrease assets and increase liabilities. c. increase both assets and liabilities. d. increase assets and decrease liabilities. 8. A debit to an asset account indicates a. an error. b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset. 9. The normal balance of any account is the a. left side. b. right side. c. side which increases that account. d. side which decreases that account. 10. The double-entry system requires that each transaction must be recorded a. in at least two different accounts. b. in two sets of books. c. in a journal and in a ledger. d. first as a revenue and then as an expense. 11. An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption. d. a reporting period. 12. Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns. a. annual, annual b. monthly, annual c. quarterly, monthly d. monthly, monthly 13. Which of the following time periods would not be referred to as an interim period? a. Monthly b. Quarterly c. Semi-annually d. Annually 14. Which of the following are in accordance with generally accepted accounting principles? a. Accrual basis accounting b. Cash basis accounting c. Both accrual basis and cash basis accounting d. Neither accrual basis nor cash basis accounting 1 15. The matching principle states that expenses should be matched with revenues. Another way of stating the principle is to say that a. assets should be matched with liabilities. b. efforts should be matched with accomplishments. c. dividends to stockholders should be matched with stockholders' investments. d. cash payments should be matched with cash receipts. 16. The information for preparing a trial balance on a worksheet is obtained from a. financial statements. b. general ledger accounts. c. general journal entries. d. business documents. 17. Closing entries are necessary for a. permanent accounts only. b. temporary accounts only. c. both permanent and temporary accounts. d. permanent or real accounts only. 18. A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period. 19. The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts. 20. A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year. 21. The standards and rules that are recognized as a general guide for financial reporting are called a. generally accepted accounting standards. b. generally accepted accounting principles. c. operating guidelines. d. standards of financial reporting. 22. "Generally accepted" in the phrase generally accepted accounting principles means that the principles a. are proven theories of accounting. b. have substantial authoritative support. c. have been approved by the Internal Revenue Service. d. have been approved for use by the managements of business firms. 23. The conceptual framework developed by the Financial Accounting Standards Board a. was approved by a vote of all accountants. b. are rules that all accountants must follow. c. is viewed as providing a constitution for setting accounting standards for financial reporting. d. is legally binding on all accountants. 24. Accounting principles must be a. proven and tested. b. hypothesized and theorized. c. developed or decreed. d. universally accepted. 25. FASB has had the responsibility for developing accounting principles since the early a. 1900s. b. 1920s. c. 1940s. d. 1970s. 26. Which one of the following is primarily interested in the liquidity of a company? a. Federal government b. Stockholders c. Long-term creditors d. Short-term creditors 27 Which one of the following is not a characteristic generally evaluated in analyzing financial statements? a. Liquidity b. Profitability c. Marketability d. Solvency 28. In analyzing the financial statements of a company, a single item on the financial statements a. should be reported in bold-face type. b. is more meaningful if compared to other financial information. c. is significant only if it is large. d. should be accompanied by a footnote. 29. Short-term creditors are usually most interested in evaluating a. solvency. b. liquidity. c. marketability. d. profitability. 30. Long-term creditors are usually most interested in evaluating a. liquidity and solvency. b. solvency and marketability. c. liquidity and profitability. d. profitability and solvency


  ACC 280 

Acc280 WEEK 5 Questions and Answers:

1. Accountants refer to an economic event as a a. purchase. b. sale. c. transaction. d. change in ownership.

 

2. The use of computers in recording business events a. has made the recording process more efficient. b. does not use the same principles as manual accounting systems. c. has greatly impacted the identification stage of the accounting process. d. is economical only for large businesses.

 

3. Which of the following is an external user of accounting information? a. Labor unions b. Finance directors c. Company officers d. Managers

 

4. The origins of accounting are generally attributed to the work of a. Christopher Columbus. b. Abner Doubleday. c. Luca Pacioli. d. Leonardo da Vinci.

 

5. Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. c. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers.

 

6. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title

 

7. Credits a. decrease both assets and liabilities. b. decrease assets and increase liabilities. c. increase both assets and liabilities. d. increase assets and decrease liabilities.

 

8. A debit to an asset account indicates a. an error. b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset.

 

9. The normal balance of any account is the a. left side. b. right side. c. side which increases that account. d. side which decreases that account.

 

10. The double-entry system requires that each transaction must be recorded a. in at least two different accounts. b. in two sets of books. c. in a journal and in a ledger. d. first as a revenue and then as an expense.

 

11. An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption. d. a reporting period.

 

12. Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns. a. annual, annual b. monthly, annual c. quarterly, monthly d. monthly, monthly

 

13. Which of the following time periods would not be referred to as an interim period? a. Monthly b. Quarterly c. Semi-annually d. Annually

 

14. Which of the following are in accordance with generally accepted accounting principles? a. Accrual basis accounting b. Cash basis accounting c. Both accrual basis and cash basis accounting d. Neither accrual basis nor cash basis accounting 1

 

15. The matching principle states that expenses should be matched with revenues. Another way of stating the principle is to say that a. assets should be matched with liabilities. b. efforts should be matched with accomplishments. c. dividends to stockholders should be matched with stockholders' investments. d. cash payments should be matched with cash receipts.

 

16. The information for preparing a trial balance on a worksheet is obtained from a. financial statements. b. general ledger accounts. c. general journal entries. d. business documents.

 

17. Closing entries are necessary for a. permanent accounts only. b. temporary accounts only. c. both permanent and temporary accounts. d. permanent or real accounts only.

 

18. A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period.

 

19. The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

 

20. A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year.

 

21. The standards and rules that are recognized as a general guide for financial reporting are called a. generally accepted accounting standards. b. generally accepted accounting principles. c. operating guidelines. d. standards of financial reporting.

 

22. "Generally accepted" in the phrase generally accepted accounting principles means that the principles a. are proven theories of accounting. b. have substantial authoritative support. c. have been approved by the Internal Revenue Service. d. have been approved for use by the managements of business firms.

 

23. The conceptual framework developed by the Financial Accounting Standards Board a. was approved by a vote of all accountants. b. are rules that all accountants must follow. c. is viewed as providing a constitution for setting accounting standards for financial reporting. d. is legally binding on all accountants.

 

24. Accounting principles must be a. proven and tested. b. hypothesized and theorized. c. developed or decreed. d. universally accepted.

 

25. FASB has had the responsibility for developing accounting principles since the early a. 1900s. b. 1920s. c. 1940s. d. 1970s.

 

26. Which one of the following is primarily interested in the liquidity of a company? a. Federal government b. Stockholders c. Long-term creditors d. Short-term creditors

 

27 Which one of the following is not a characteristic generally evaluated in analyzing financial statements? a. Liquidity b. Profitability c. Marketability d. Solvency

 

28. In analyzing the financial statements of a company, a single item on the financial statements a. should be reported in bold-face type. b. is more meaningful if compared to other financial information. c. is significant only if it is large. d. should be accompanied by a footnote.

 

29. Short-term creditors are usually most interested in evaluating a. solvency. b. liquidity. c. marketability. d. profitability.

 

30. Long-term creditors are usually most interested in evaluating a. liquidity and solvency. b. solvency and marketability. c. liquidity and profitability. d. profitability and solvency

ACC 280 A+ Answers

Business / Economics

5/9/12

Opening Offer: $9.99
Posted by: shonatutes
Date Posted: 5/9/12 7:09 PM
Due Date: 12/31/69

ACC 280 A+ Answers to the below questions 1. Accountants refer to an economic event as a a. purchase. b. sale. c. transaction. d. change in ownership. 2. The use of computers in recording business events a. has made the recording process more efficient. b. does not use the same principles as manual accounting systems. c. has greatly impacted the identification stage of the accounting process. d. is economical only for large businesses. 3. Which of the following is an external user of accounting information? a. Labor unions b. Finance directors c. Company officers d. Managers 4. The origins of accounting are generally attributed to the work of a. Christopher Columbus. b. Abner Doubleday. c. Luca Pacioli. d. Leonardo da Vinci. 5. Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. c. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers. 6. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title 7. Credits a. decrease both assets and liabilities. b. decrease assets and increase liabilities. c. increase both assets and liabilities. d. increase assets and decrease liabilities. 8. A debit to an asset account indicates a. an error. b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset. 9. The normal balance of any account is the a. left side. b. right side. c. side which increases that account. d. side which decreases that account. 10. The double-entry system requires that each transaction must be recorded a. in at least two different accounts. b. in two sets of books. c. in a journal and in a ledger. d. first as a revenue and then as an expense. 11. An accounting time period that is one year in length, but does not begin on January 1, is referred to as a. a fiscal year. b. an interim period. c. the time period assumption. d. a reporting period. 12. Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns. a. annual, annual b. monthly, annual c. quarterly, monthly d. monthly, monthly 13. Which of the following time periods would not be referred to as an interim period? a. Monthly b. Quarterly c. Semi-annually d. Annually 14. Which of the following are in accordance with generally accepted accounting principles? a. Accrual basis accounting b. Cash basis accounting c. Both accrual basis and cash basis accounting d. Neither accrual basis nor cash basis accounting 15. The matching principle states that expenses should be matched with revenues. Another way of stating the principle is to say that a. assets should be matched with liabilities. b. efforts should be matched with accomplishments. c. dividends to stockholders should be matched with stockholders' investments. d. cash payments should be matched with cash receipts. 16. The information for preparing a trial balance on a worksheet is obtained from a. financial statements. b. general ledger accounts. c. general journal entries. d. business documents. 17. Closing entries are necessary for a. permanent accounts only. b. temporary accounts only. c. both permanent and temporary accounts. d. permanent or real accounts only. 18. A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period. 19. The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts. 20. A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year. 21. The standards and rules that are recognized as a general guide for financial reporting are called a. generally accepted accounting standards. b. generally accepted accounting principles. c. operating guidelines. d. standards of financial reporting. 22. "Generally accepted" in the phrase generally accepted accounting principles means that the principles a. are proven theories of accounting. b. have substantial authoritative support. c. have been approved by the Internal Revenue Service. d. have been approved for use by the managements of business firms. 23. The conceptual framework developed by the Financial Accounting Standards Board a. was approved by a vote of all accountants. b. are rules that all accountants must follow. c. is viewed as providing a constitution for setting accounting standards for financial reporting. d. is legally binding on all accountants. 24. Accounting principles must be a. proven and tested. b. hypothesized and theorized. c. developed or decreed. d. universally accepted. 25. FASB has had the responsibility for developing accounting principles since the early a. 1900s. b. 1920s. c. 1940s. d. 1970s. 26. Which one of the following is primarily interested in the liquidity of a company? a. Federal government b. Stockholders c. Long-term creditors d. Short-term creditors 27 Which one of the following is not a characteristic generally evaluated in analyzing financial statements? a. Liquidity b. Profitability c. Marketability d. Solvency 28. In analyzing the financial statements of a company, a single item on the financial statements a. should be reported in bold-face type. b. is more meaningful if compared to other financial information. c. is significant only if it is large. d. should be accompanied by a footnote. 29. Short-term creditors are usually most interested in evaluating a. solvency. b. liquidity. c. marketability. d. profitability. 30. Long-term creditors are usually most interested in evaluating a. liquidity and solvency. b. solvency and marketability. c. liquidity and profitability. d. profitability and solvency. 16) Which one of the following is not a justification for adjusting entries? A. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP. B. Adjusting entries are necessary to ensure that the matching principle is followed. C. Adjusting entries are necessary to ensure that revenue recognition principles are followed. D. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. 17) The preparation of adjusting entries is A. only required for accounts that do not have a normal balance. B. often an involved process requiring the skills of a professional. C. straight forward because the accounts that need adjustment will be out of balance. D. optional when financial statements are prepared. 18) Accounts often need to be adjusted because A. there are always errors made in recording transactions. B. many transactions affect more than one time period. C. there are never enough accounts to record all the transactions. D. management can't decide what they want to report. 19) The adjusted trial balance is prepared A. after financial statements are prepared. B. before the trial balance. C. after adjusting entries have been journalized and posted. D. to prove the equality of total assets and total liabilities. 20) Financial statements are prepared directly from the A. general journal. B. ledger. C. adjusted trial balance. D. trial balance. 21) An adjusted trial balance A. is prepared after the financial statements are completed. B. proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. C. cannot be used to prepare financial statements. D. is a required financial statement under generally accepted accounting principles.


  ACC 280 

A+ Answers to the below questions 

1.          Accountants refer to an economic event as a 
a.     purchase. 
b.     sale. 
c.     transaction. 
d.     change in ownership. 

2.          The use of computers in recording business events 
a.     has made the recording process more efficient. 
b.     does not use the same principles as manual accounting systems. 
c.     has greatly impacted the identification stage of the accounting process. 
d.     is economical only for large businesses. 

3.          Which of the following is an external user of accounting information? 
a.     Labor unions 
b.     Finance directors 
c.     Company officers 
d.     Managers 

4.          The origins of accounting are generally attributed to the work of 
a.     Christopher Columbus. 
b.     Abner Doubleday. 
c.     Luca Pacioli. 
d.     Leonardo da Vinci. 

5.          Generally accepted accounting principles are 
a.     income tax regulations of the Internal Revenue Service. 
b.     standards that indicate how to report economic events. 
c.     theories that are based on physical laws of the universe. 
d.     principles that have been proven correct by academic researchers. 


6.          Which one of the following is not a part of an account? 
a.     Credit side 
b.     Trial balance 
c.     Debit side 
d.     Title 

7.          Credits 
a.     decrease both assets and liabilities. 
b.     decrease assets and increase liabilities. 
c.     increase both assets and liabilities. 
d.     increase assets and decrease liabilities. 

8.          A debit to an asset account indicates 
a.     an error. 
b.     a credit was made to a liability account. 
c.     a decrease in the asset. 
d.     an increase in the asset. 

9.          The normal balance of any account is the 
a.     left side. 
b.     right side. 
c.     side which increases that account. 
d.     side which decreases that account. 
      
10.          The double-entry system requires that each transaction must be recorded 
a.     in at least two different accounts. 
b.     in two sets of books. 
c.     in a journal and in a ledger. 
d.     first as a revenue and then as an expense. 

11.          An accounting time period that is one year in length, but does not begin on January 1, is referred to as 
a.     a fiscal year. 
b.     an interim period. 
c.     the time period assumption. 
d.     a reporting period. 

     12.     Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns. 
a.     annual, annual 
b.     monthly, annual 
c.     quarterly, monthly 
d.     monthly, monthly 

13.          Which of the following time periods would not be referred to as an interim period? 
a.     Monthly 
b.     Quarterly 
c.     Semi-annually 
d.     Annually 

14.          Which of the following are in accordance with generally accepted accounting principles? 
a.     Accrual basis accounting 
b.     Cash basis accounting 
c.     Both accrual basis and cash basis accounting 
d.     Neither accrual basis nor cash basis accounting 

     

 

15.          The matching principle states that expenses should be matched with revenues. Another way of stating the principle is to say that 
a.     assets should be matched with liabilities. 
b.     efforts should be matched with accomplishments. 
c.     dividends to stockholders should be matched with stockholders' investments. 
d.     cash payments should be matched with cash receipts. 

16.          The information for preparing a trial balance on a worksheet is obtained from 
a.     financial statements. 
b.     general ledger accounts. 
c.     general journal entries. 
d.     business documents. 

17.          Closing entries are necessary for 
a.     permanent accounts only. 
b.     temporary accounts only. 
c.     both permanent and temporary accounts. 
d.     permanent or real accounts only. 

18.          A post-closing trial balance will show 
a.     only permanent account balances. 
b.     only temporary account balances. 
c.     zero balances for all accounts. 
d.     the amount of net income (or loss) for the period. 

19.          The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is 
a.     analyzing transactions. 
b.     journalizing and posting adjusting entries. 
c.     preparing a post-closing trial balance. 
d.     posting to ledger accounts. 

20.          A current asset is 
a.     the last asset purchased by a business. 
b.     an asset which is currently being used to produce a product or service. 
c.     usually found as a separate classification in the income statement. 
d.     an asset that a company expects to convert to cash or use up within one year. 

21.          The standards and rules that are recognized as a general guide for financial reporting are called 
          a.     generally accepted accounting standards. 
          b.     generally accepted accounting principles. 
          c.     operating guidelines. 
          d.     standards of financial reporting. 


22.          "Generally accepted" in the phrase generally accepted accounting principles means that the principles 
          a.     are proven theories of accounting. 
          b.     have substantial authoritative support. 
          c.     have been approved by the Internal Revenue Service. 
          d.     have been approved for use by the managements of business firms. 

23.          The conceptual framework developed by the Financial Accounting Standards Board 
          a.     was approved by a vote of all accountants. 
          b.     are rules that all accountants must follow. 
          c.     is viewed as providing a constitution for setting accounting standards for financial reporting. 
          d.     is legally binding on all accountants. 

24.          Accounting principles must be 
          a.     proven and tested. 
          b.     hypothesized and theorized. 
          c.     developed or decreed. 
          d.     universally accepted. 

25.          FASB has had the responsibility for developing accounting principles since the early 
          a.     1900s. 
          b.     1920s. 
          c.     1940s. 
          d.     1970s. 

26.          Which one of the following is primarily interested in the liquidity of a company? 
a.     Federal government 
b.     Stockholders 
c.     Long-term creditors 
d.     Short-term creditors 

     27     Which one of the following is not a characteristic generally evaluated in analyzing financial statements? 
a.     Liquidity 
b.     Profitability 
c.     Marketability 
d.     Solvency 

     28.     In analyzing the financial statements of a company, a single item on the financial statements 
a.     should be reported in bold-face type.
b.     is more meaningful if compared to other financial information. 
c.     is significant only if it is large. 
d.     should be accompanied by a footnote. 

     29.     Short-term creditors are usually most interested in evaluating 
a.     solvency. 
b.     liquidity. 
c.     marketability. 
d.     profitability. 

     30.     Long-term creditors are usually most interested in evaluating 
a.     liquidity and solvency. 
b.     solvency and marketability. 
c.     liquidity and profitability. 
d.     profitability and solvency.

 

16) Which one of the following is not a justification for adjusting entries? A. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP. B. Adjusting entries are necessary to ensure that the matching principle is followed. C. Adjusting entries are necessary to ensure that revenue recognition principles are followed. D. Adjusting entries are necessary to bring the general ledger accounts in line with the budget.

 

17) The preparation of adjusting entries is A. only required for accounts that do not have a normal balance. B. often an involved process requiring the skills of a professional. C. straight forward because the accounts that need adjustment will be out of balance. D. optional when financial statements are prepared.

 

18) Accounts often need to be adjusted because A. there are always errors made in recording transactions. B. many transactions affect more than one time period. C. there are never enough accounts to record all the transactions. D. management can't decide what they want to report.

 

19) The adjusted trial balance is prepared A. after financial statements are prepared. B. before the trial balance. C. after adjusting entries have been journalized and posted. D. to prove the equality of total assets and total liabilities.

 

20) Financial statements are prepared directly from the A. general journal. B. ledger. C. adjusted trial balance. D. trial balance.

 

21) An adjusted trial balance A. is prepared after the financial statements are completed. B. proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. C. cannot be used to prepare financial statements. D. is a required financial statement under generally accepted accounting principles.

ACC 280 A+ Answers

Business / Economics

5/9/12

Opening Offer: $9.99
Posted by: shonatutes
Date Posted: 5/9/12 7:10 PM
Due Date: 12/31/69

ACC 280 A+ Answers to the below questions ACC 280 1. Liabilities of a company would not include a. notes payable. b. accounts payable. c. wages payable. d. cash. 2. According the matching principle, the cost of inventory becomes an expense a. when the inventory is purchased. b. when the inventory is paid for. c. when the inventory is sold. d. when the inventory is used. 3. If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period? a. $20,000 increase b. $10,000 decrease c. $10,000 increase d. $15,000 decrease 4. Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry: a. Accounts Receivable Cash b. Cash Accounts Receivable c. Miscellaneous Expense Accounts Receivable d. No adjusting entry is necessary 5. Walker Clothing Store had a balance in the Accounts Receivable account of $780,000 at the beginning of the year and a balance of $820,000 at the end of the year. Net credit sales during the year amounted to $8,000,000. The average collection period of the receivables in terms of days was a. 30 days. b. 365 days. c. 10 days. d. 37 days. 6. Zendejas Company purchased a ruler for $2.00. The ruler is expected to last for ten years. Tony, the accountant, expensed the cost of the ruler in the year of the purchase. Which constraint has Tony taken into account when making his accounting decision? a. Conservatism b. Faithful Representation c. Neutrality d. Materiality 7. A debit to an asset account indicates a. an error. b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset. Information below is for question # 8. Risen Company had $250,000 of current assets and $90,000 of current liabilities before borrowing $50,000 from the bank with a 3-month note payable. 8. What effect did the borrowing transaction have on the amount of Risen Company's working capital? a. No effect b. $50,000 increase c. $90,000 increase d. $50,000 decrease 9. The current assets of Kile Company are $150,000. The current liabilities are $120,000. The current ratio expressed as a proportion is a. 125%. b. 1.25 : 1 c. .80 : 1 d. $150,000 ÷ $120,000. 10 . If a corporation distributes cash to its stockholders, then a. there has been a violation of accounting principles. b. stockholders' equity will increase. c. stockholders' equity will decrease. d. there will be a new liability showing the stockholders' owes money to the business. Problem # 1: Instructions Prepare a correct income statement: Hint: you will need to adjust the numbers in the income statement below, with the additional data below the problem (Try some journal entries, and post them to the proper account), and then do the income statement. Your choice on whether you show the entries, although it may help, and show me how you got the numbers! Total Points: 8 Todd Insurance Agency prepares monthly financial statements. Presented below is an income statement for the month of June that is correct on the basis of information considered. TODD’S INSURANCE AGENCY Income Statement For the Month Ended June 30 ——————————————————————————————————————————— Revenues Premium Commission Revenue.................................................... $35,000 Expenses Salary expense............................................................................... $6,000 Advertising expense........................................................................ 800 Rent expense.................................................................................. 4,200 Depreciation expense..................................................................... 2,800 Total expenses............................................................................... 13,800 Net income............................................................................................... $21,200 Additional Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information: 1. A utility bill for $2,000 was received on the last day of the month for electric and gas service for the month of June. 2. A company insurance salesman sold a life insurance policy to a client for a premium of $35,000. The agency billed the client for the policy and is entitled to a commission of 20%. 3. Supplies on hand at the beginning of the month were $3,000. The agency purchased additional supplies during the month for $3,500 in cash and $2,200 of supplies were on hand at June 30. 4. The agency purchased a new car at the beginning of the month for $19,200 cash. The car will depreciate $4,800 per year. 5. Salaries owed to employees at the end of the month total $5,300. The salaries will be paid on July 5. Journal Entries Problem # 2 Instructions: Please read the information below, the instructions, and then follow the instructions. First do the entries, and make sure you adjust any accounts that are necessary. Please show all calculations that you want to, as it will help. Total Points 4: (a) Journalize the entries required to complete the closing of the accounts. (b) Prepare an retained earnings statement for the year ended December 31, 2008. All revenue and expense accounts have been closed at the end of the calendar year for the Staley Bears Company. The Income Summary account has total debits of $520,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and Dividends has a balance of $48,000. Problem # 3 Instructions: (a) Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2008. (For this, just do a basic retained earnings calculation, but no formal statement is required)! (b) Prepare a classified balance sheet for Ken’s Concepts at December 31, 2008 assuming the note payable is a long-term liability. Total Points: 8 The financial statement columns of the worksheet for Ken’s Concepts at December 31, 2008, are as follows: KEN’S CONCEPTS Worksheet For the Year Ended December 31, 2008 Income Statement Balance Sheet Accounts Debit Credit Debit Credit Cash 15,000 Accounts Receivable 7,000 Supplies 4,000 Prepaid Insurance 6,000 Audio Equipment 209,000 Accumulated Depreciation—Audio Equipment 29,000ACC 280 

A+ Answers to the below questions

ACC 280 

1.         Liabilities of a company would not include 

a.   notes payable.

b.   accounts payable.

c.   wages payable.

d.   cash.

 

2.         According the matching principle, the cost of inventory becomes an expense

 

            a.   when the inventory is purchased.

            b.   when the inventory is paid for.

            c.   when the inventory is sold.

            d.   when the inventory is used.

 

3.         If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?

 

a.   $20,000 increase

b.   $10,000 decrease

c.   $10,000 increase

d.   $15,000 decrease

 

4.         Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry:

 

a.   Accounts Receivable

               Cash

b.   Cash

               Accounts Receivable

c.   Miscellaneous Expense

               Accounts Receivable

d.         No adjusting entry is necessary

5.         Walker Clothing Store had a balance in the Accounts Receivable account of $780,000 at the beginning of the year and a balance of $820,000 at the end of the year. Net credit sales during the year amounted to $8,000,000. The average collection period of the receivables in terms of days was

 

a.   30 days.

b.   365 days.

c.   10 days.

d.   37 days.

 

6.          Zendejas Company purchased a ruler for $2.00. The ruler is expected to last for ten years. Tony, the accountant, expensed the cost of the ruler in the year of the purchase. Which constraint has Tony taken into account when making his accounting decision?

 

            a.   Conservatism

            b.   Faithful Representation

            c.   Neutrality

            d.   Materiality

 

7.         A debit to an asset account indicates

a.   an error.

b.   a credit was made to a liability account.

c.   a decrease in the asset.

d.   an increase in the asset.

 

Information below is for question # 8.

 

Risen Company had $250,000 of current assets and $90,000 of current liabilities before borrowing $50,000 from the bank with a 3-month note payable.

 

    8.     What effect did the borrowing transaction have on the amount of Risen Company's working capital?

 

a.   No effect

b.   $50,000 increase

c.   $90,000 increase

d.   $50,000 decrease

 

9.         The current assets of Kile Company are $150,000. The current liabilities are $120,000. The current ratio expressed as a proportion is

 

a.   125%.

b.   1.25 : 1

c.   .80 : 1

d.   $150,000 ÷ $120,000.

 

10  .     If a corporation distributes cash to its stockholders, then

 

a.   there has been a violation of accounting principles.

b.   stockholders' equity will increase.

c.   stockholders' equity will decrease.

d.   there will be a new liability showing the stockholders' owes money to the business.

 

 

 

Problem #  1:

 

 

Instructions

Prepare a correct income statement:  Hint:  you will need to adjust the numbers in the income statement below, with the additional data below the problem (Try some journal entries, and post them to the proper account), and then do the income statement. Your choice on whether you show the entries, although it may help, and show me how you got the numbers!

 

Total Points:  8

 

 

Todd Insurance Agency prepares monthly financial statements. Presented below is an income statement for the month of June that is correct on the basis of information considered.

TODD’S INSURANCE AGENCY

Income Statement

For the Month Ended June 30

———————————————————————————————————————————

Revenues

         Premium Commission Revenue....................................................                        $35,000

Expenses

         Salary expense...............................................................................        $6,000

         Advertising expense........................................................................             800

         Rent expense..................................................................................          4,200

         Depreciation expense.....................................................................          2,800

         Total expenses...............................................................................                          13,800

Net income...............................................................................................                        $21,200

Additional Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information:

1.   A utility bill for $2,000 was received on the last day of the month for electric and gas service for the month of June.

2.   A company insurance salesman sold a life insurance policy to a client for a premium of $35,000. The agency billed the client for the policy and is entitled to a commission of 20%.

3.   Supplies on hand at the beginning of the month were $3,000. The agency purchased additional supplies during the month for $3,500 in cash and $2,200 of supplies were on hand at June 30.

4.   The agency purchased a new car at the beginning of the month for $19,200 cash. The car will depreciate $4,800 per year.

5.   Salaries owed to employees at the end of the month total $5,300. The salaries will be paid on July 5.

 

 


Journal Entries 

 
Problem # 2

Instructions:  Please read the information below, the instructions, and then follow the instructions.  First do the entries, and make sure you adjust any accounts that are necessary.  Please show all calculations that you want to, as it will help.

 

Total Points 4:

 

(a)  Journalize the entries required to complete the closing  of the accounts.

(b)  Prepare an retained earnings statement for the year ended December 31, 2008.

 

All revenue and expense accounts have been closed at the end of the calendar year for the Staley Bears Company. The Income Summary account has total debits of $520,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and Dividends has a balance of $48,000.

 

 

 
 
 
 
 
 
 
 
 Problem # 3

Instructions:

(a)         Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2008. (For this, just do a basic retained earnings calculation, but no formal statement is required)!

 

(b)     Prepare a classified balance sheet for Ken’s Concepts at December 31, 2008 assuming the note payable is a long-term liability.

 

Total Points:  8

 

The financial statement columns of the worksheet for Ken’s Concepts at December 31, 2008, are as follows:

KEN’S CONCEPTS

Worksheet

For the Year Ended December 31, 2008

                                                                                Income Statement                 Balance Sheet   

            Accounts                                                     Debit             Credit             Debit           Credit 

Cash                                                                                                                   15,000

Accounts Receivable                                                                                            7,000

Supplies                                                                                                                4,000

Prepaid Insurance                                                                                                 6,000

Audio Equipment                                                                                               209,000

Accumulated Depreciation—Audio Equipment                                                                      29,000

ACC 280 8 Sets with A+ Answers

Business / Economics

5/9/12

Opening Offer: $25.00
Posted by: shonatutes
Date Posted: 5/9/12 7:11 PM
Due Date: 12/31/69

ACC 280 8 Sets with A+ Answer Over 400 MCQ's covered in 8 Sets with A+ Answers. Must Refer to Score A Sample Questions: 1) Balance sheet accounts are considered to be __________. A. nominal accounts B. permanent accounts C. temporary stockholders’ accounts D. capital accounts 2) The major reporting standard for management accounts is __________. A. generally accepted accounting principles B. the Sarbanes-Oxley Act of 2002 C. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management D. relevance to decisions 3) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers? A. It should sell an equal quantity of both B. Wine C. Beer D. Selling either results in the same additional income for the company 4) What is the preparation of reports for each level of responsibility in the company’s organization chart called? A. Master budgeting analysis B. Responsibility reporting C. Static reporting D. Exception reporting 5) These are selected account balances on December 31, 2008. Land (location of the corporation’s office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $950,000 B. $1,100,000 C. $1,300,000 D. $1,600,000 6) Of the following companies, which one would not likely employ the specific identification method for inventory costing? A. Hardware store B. Farm implement dealership C. Music store specializing in organ sales D. Antique shop 7) The cost of an asset and its fair market value are __________. A. the same on the date of acquisition B. the same when the asset is sold C. never the same D. irrelevant when the asset is used by the business in its operations 8) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____. A. $50 B. $75 C. $65 D. $60 9) The primary purpose of the statement of cash flows is to __________. A. facilitate banking relationships B. prove that revenues exceed expenses if there is a net income C. provide information about the investing and financing activities during a period D. provide information about the cash receipts and cash payments during a period 10) Which list below best describes the major services performed by public accountants? A. Cost accounting, production scheduling, recruiting B. Employee training, auditing, bookkeeping C. Bookkeeping, mergers, budgets D. Auditing, taxation, management consulting 11) The standards and rules that are recognized as a general guide for financial reporting are called __________. A. standards of financial reporting B. generally accepted accounting principles C. generally accepted accounting standards D. operating guidelines 12) If a company reports a net loss, it __________. A. will not be able to make capital expenditures B. will not be able to pay cash dividends C. may still have a net increase in cash D. will not be able to get a loan 13) What exists when budgeted costs exceed actual results? A. An excess profit B. A favorable difference C. A budgeting error D. An unfavorable difference 14) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? A. $90,000 B. $60,000 C. $150,000 D. $75,000 15) For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________. A. plus the cost of tuition, equals the opportunity cost of going to college B. should be counted only to the extent that they are more expensive at college than elsewhere C. should be counted in full, regardless of the costs of eating and sleeping elsewhere D. usually exceed the opportunity cost of going to college 16) If a binding price ceiling were imposed in the computer market, __________. A. the quality of computers would increase B. the supply of computers would decrease C. the demand for computers would increase D. a shortage of computers would develop 17) Which of the following statements about GDP is correct? A. GDP increases if the total population increases. B. Money continuously flows from households to government and then back to households, and GDP measures this flow of money. C. GDP measures two things at once: the total in (it seems incomplete , please complete it.) 1. The statement of cash flows is a not a required statement, but may be prepared to supplement the income statement, balance sheet, and retained earnings statement. False 2. For external reporting, a company must prepare either an income statement or a statement of cash flows, but not both. False 3. A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions. False 4. A statement of cash flows indicates the sources and uses of cash during a period. True 5. In preparing a statement of cash flows, cash equivalents are subtracted from cash in order to compute the net change in cash during a period. False 6. Cash equivalents are highly-liquid investments that have maturities of less than three months. True 7. The use of cash to purchase highly liquid short-term investments (cash equivalents) would be reported on the statement of cash flows as an investing activity. False 8. In preparing a statement of cash flows, the issuance of debt as a cash inflow in the financing section. True 9. Non-cash investing and financing activities must be reported in the body of a statement of cash flows. False 10. The statement of cash flows classifies cash receipts and payments as operating, non-operating, financial, and extraordinary activities. True 11. The statement of cash flows a. reports the changes in stockholders’ equity for the year. b. reports the financial position of the company. c. is another name for the income statement. d. summarizes the operating, financing, and investing activities of an entity. 12. The primary purpose of the statement of cash flows is to a. provide information about the investing and financing activities during a period. b. prove that revenues exceed expenses if there is a net income. c. provide information about the cash receipts and cash payments during a period. d. facilitate banking relationships. 13. If a company reports a net loss, it a. may still have a net increase in cash. b. will not be able to pay cash dividends. c. will not be able to get a loan. d. will not be able to make capital expenditures. 14. The order of presentation of activities on the statement of cash flows is a. operating, investing, and financing. b. operating, financing, and investing. c. financing, operating, and investing. d. financing, investing, and operating. 15. Meyer Company reported net income of $30,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is a. $25,000. b. $45,000. c. $29,000. d. $30,000. 16. Flynn Company reported a net loss of $10,000 for the year ended December 31, 2005. During the year, accounts receivable decreased $5,000, merchandise inventory increased $8,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2005, operating activities a. used net cash of $2,000. b. used net cash of $8,000. c. provided net cash of $2,000. d. provided net cash of $8,000. 17. Which of the following would be subtracted from net income using the indirect method? a. Depreciation expense b. An increase in inventory c. An increase in salaries payable d. A decrease in supplies 18. Which of the following would be added to net income using the indirect method? a. An increase in accounts receivable b. An increase in prepaid expenses c. Depreciation expense d. A decrease in accounts payable 19. Stone Company had a cost of purchases of $250,000. The comparative balance sheet analysis revealed a $10,000 decrease in inventory and a $20,000 increase in accounts payable. What were Stone's cash payments to suppliers? a. $230,000. b. $220,000. c. $260,000. d. $280,000. 20. The information in a statement of cash flows will not help investors to assess the entity's ability to a. generate future cash flows. b. obtain favorable borrowing terms at a bank. c. pay dividends. d. pay its obligations when they become due.ACC 280 8 Sets with A+ Answer

Over 400 MCQ's covered in 8 Sets with A+ Answers. Must Refer to Score A 

Sample Questions:

1) Balance sheet accounts are considered to be __________. A. nominal accounts B. permanent accounts C. temporary stockholders’ accounts D. capital accounts 2) The major reporting standard for management accounts is __________. A. generally accepted accounting principles B. the Sarbanes-Oxley Act of 2002 C. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management D. relevance to decisions 3) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers? A. It should sell an equal quantity of both B. Wine C. Beer D. Selling either results in the same additional income for the company 4) What is the preparation of reports for each level of responsibility in the company’s organization chart called? A. Master budgeting analysis B. Responsibility reporting C. Static reporting D. Exception reporting 5) These are selected account balances on December 31, 2008. Land (location of the corporation’s office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $950,000 B. $1,100,000 C. $1,300,000 D. $1,600,000 6) Of the following companies, which one would not likely employ the specific identification method for inventory costing? A. Hardware store B. Farm implement dealership C. Music store specializing in organ sales D. Antique shop 7) The cost of an asset and its fair market value are __________. A. the same on the date of acquisition B. the same when the asset is sold C. never the same D. irrelevant when the asset is used by the business in its operations 8) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____. A. $50 B. $75 C. $65 D. $60 9) The primary purpose of the statement of cash flows is to __________. A. facilitate banking relationships B. prove that revenues exceed expenses if there is a net income C. provide information about the investing and financing activities during a period D. provide information about the cash receipts and cash payments during a period 10) Which list below best describes the major services performed by public accountants? A. Cost accounting, production scheduling, recruiting B. Employee training, auditing, bookkeeping C. Bookkeeping, mergers, budgets D. Auditing, taxation, management consulting 11) The standards and rules that are recognized as a general guide for financial reporting are called __________. A. standards of financial reporting B. generally accepted accounting principles C. generally accepted accounting standards D. operating guidelines 12) If a company reports a net loss, it __________. A. will not be able to make capital expenditures B. will not be able to pay cash dividends C. may still have a net increase in cash D. will not be able to get a loan 13) What exists when budgeted costs exceed actual results? A. An excess profit B. A favorable difference C. A budgeting error D. An unfavorable difference 14) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? A. $90,000 B. $60,000 C. $150,000 D. $75,000 15) For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________. A. plus the cost of tuition, equals the opportunity cost of going to college B. should be counted only to the extent that they are more expensive at college than elsewhere C. should be counted in full, regardless of the costs of eating and sleeping elsewhere D. usually exceed the opportunity cost of going to college 16) If a binding price ceiling were imposed in the computer market, __________. A. the quality of computers would increase B. the supply of computers would decrease C. the demand for computers would increase D. a shortage of computers would develop 17) Which of the following statements about GDP is correct? A. GDP increases if the total population increases. B. Money continuously flows from households to government and then back to households, and GDP measures this flow of money. C. GDP measures two things at once: the total in (it seems incomplete , please complete it.)

    1.   The statement of cash flows is a not a required statement, but may be prepared to supplement the

income statement, balance sheet, and retained earnings statement.  False

 

  2.  For external reporting, a company must prepare either an income statement or a statement of

cash flows, but not both.

 False

  3.  A primary objective of the statement of cash flows is to show the income or loss on investing and

financing transactions. False

 

  4.  A statement of cash flows indicates the sources and uses of cash during a period. True

 

  5.  In preparing a statement of cash flows, cash equivalents are subtracted from cash in order to compute

the net change in cash during a period.

 False

  6.  Cash equivalents are highly-liquid investments that have maturities of less than three months. True

 

  7.  The use of cash to purchase highly liquid short-term investments (cash equivalents) would be reported

on the statement of cash flows as an investing activity. False

 

  8.  In preparing a statement of cash flows, the issuance of debt as a cash inflow in the financing section. True

 

  9.  Non-cash investing and financing activities must be reported in the body of a statement of cash flows. False

 

  10.  The statement of cash flows classifies cash receipts and payments as operating, non-operating,

financial, and extraordinary activities. True

 

    11.  The statement of cash flows

    a.  reports the changes in stockholders’ equity for the year.

    b.  reports the financial position of the company.

    c.  is another name for the income statement.

d.  summarizes the operating, financing, and investing activities of an entity.

 

   12.  The primary purpose of the statement of cash flows is to

    a.  provide information about the investing and financing activities during a period.

    b.  prove that revenues exceed expenses if there is a net income.

    c.  provide information about the cash receipts and cash payments during a period.

  d. facilitate banking relationships.

 

  13.  If a company reports a net loss, it

    a.  may still have a net increase in cash.

    b.  will not be able to pay cash dividends.

    c.  will not be able to get a loan.

    d.  will not be able to make capital expenditures.

 

    14.  The order of presentation of activities on the statement of cash flows is

  a. operating, investing, and financing.

  b. operating, financing, and investing.

  c. financing, operating, and investing.

  d. financing, investing, and operating.

 

   15.  Meyer Company reported net income of $30,000 for the year. During the year, accounts receivable

increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was

recorded. Net cash provided by operating activities for the year is

  a. $25,000.

  b. $45,000.

  c. $29,000.

  d. $30,000.

 

  16.  Flynn Company reported a net loss of $10,000 for the year ended December 31, 2005. During the year,

accounts receivable decreased $5,000, merchandise inventory increased $8,000, accounts payable

increased by $10,000, and depreciation expense of $5,000 was recorded. During 2005, operating

activities

  a. used net cash of $2,000.

  b. used net cash of $8,000.

  c. provided net cash of $2,000.

  d. provided net cash of $8,000.

 

   17.  Which of the following would be subtracted from net income using the indirect method?

  a. Depreciation expense

  b. An increase in inventory

    c.  An increase in salaries payable

  d. A decrease in supplies

 

  18.  Which of the following would be added to net income using the indirect method?

  a. An increase in accounts receivable

    b.  An increase in prepaid expenses

  c. Depreciation expense

  d. A decrease in accounts payable

 

   19.  Stone Company had a cost of purchases of $250,000. The comparative balance sheet analysis revealed

a $10,000 decrease in inventory and a $20,000 increase in accounts payable. What were Stone's cash

payments to suppliers?

  a. $230,000.

  b. $220,000.

  c. $260,000.

  d. $280,000.

 

  20.    The information in a statement of cash flows will not help investors to assess the entity's ability to

    a.  generate future cash flows.

    b.  obtain favorable borrowing terms at a bank.

  c. pay dividends.

    d.  pay its obligations when they become due.

Good marketing is no accident, but a r..

Business / Economics

5/9/12

Opening Offer: $15.99
Posted by: shonatutes
Date Posted: 5/9/12 7:14 PM
Due Date: 12/31/69

Good marketing is no accident, but a result of careful planning and Marketing Quiz 100% Correct Answers 1. Good marketing is no accident, but a result of careful planning and ________. a. execution b. selling c. strategies d. tactics e. research 2. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the 4Ps (Product, Price, Place, Promotion) d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e. improving the quality of life for consumers 3. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.” a. we make profits b. we challenge competitors c. we implement ads d. we sell hope e. we sell quality 4. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities. a. creative b. measurable c. macro d. micro e. niche 5. The task of any business is to deliver ________ at a profit. a. customer needs b. products c. customer value d. products and services e. improved quality 6. Today, the “mass-market” is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria. a. micromarkets b. market targets c. macromarkets d. customer cliques e. demographic units 7. The Japanese have refined the value delivery process to include a component that emphasizes ________. a. zero servicing b. zero customer feedback time c. zero promotion d. zero dependency on intermediaries e. zero marketing costs 8. The firm’s success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________. a. core strategies b. satellite businesses c. core values d. core business processes e. core technologies 9. The major responsibility for identifying significant marketplace changes falls to the ________. a. Ministry of Labor & Social Affairs b. company’s marketers c. American Marketing Association d. industry lobby groups found in Washington, D.C. e. marketing research industry 10. Marketers have extensive information about how consumption patterns vary across countries. On a per capita basis within Western Europe, the ________ smoke the most cigarettes. a. Swiss b. Greeks c. Irish d. Austrians e. French 11. The company’s marketing information system should be a cross between what managers think they need, what managers really need, and ________. a. what the marketing research department is able to do b. what consumers are willing to share c. what the competition is doing d. what is acceptable industry practice e. what is economically feasible 12. A ________ is “unpredictable, short-lived, and without social, economic, and political significance.” a. fad b. fashion c. trend d. megatrend e. style 13. Which of the following countries is known for having 99 percent of its population literate? a. England b. Germany c. France d. United States e. Japan 14. The twenty-first century saw ________ markets grow more rapidly again due to a higher birth rate, a lower death rate, and rapid growth from foreign immigration. a. suburban b. urban c. rural d. coastal e. secondary 15. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. a. Marketing intelligence b. MIS (marketing information system) c. Marketing research d. Demographics e. Marketing management 16. Companies normally budget marketing research at ________ percent of company sales. a. 1 to 2 b. 2 to 3 c. 4 d. 6.5 e. 10 to 12 17. All of the following would be among the ways that small companies can conduct marketing research in creative and affordable ways EXCEPT ________. a. using the Internet b. engaging students to design and carry out projects c. checking out rivals d. engaging professors to design and carry out projects e. hiring syndicated-service research firms to conduct projects 18. The marketing manager needs to know the cost of the research project before approving it. During which of the following stages of the marketing research process would such a consideration most likely take place? a. Step 1—defining the problem. b. Step 1—creating decision alternatives. c. Step 1—drafting the research objectives. d. Step 2—develop the research plan. e. Step 3—information collection. 19. Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions. a. quantitative b. qualitative c. psychographic d. covert e. subliminal 20. If a marketing researcher selects the most accessible population members, he or she would have selected the ________ sampling method. a. simple random b. stratified random c. cluster d. judgment e. convenience 21. ________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering. a. Profit-centered companies b. Customer-centered companies c. Production-centered companies d. Sales-centered companies e. Promotion-centered companies 22. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. a. Perceived usefulness b. Failure avoidance rate c. Report rating d. Customer perceived value e. Competitors market share rate 23. One key to customer retention is ________. It would be wise for a company to measure this factor frequently. a. heavy promotion b. deep discounts for intermediaries c. to have an ethics officer d. customer satisfaction e. to have customers on the board of directors 24. A ________ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream of attracting, selling, and servicing that customer. a. profitable b. semi-profitable c. unprofitable d. niche e. target 25. ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. a. Target marketing b. Psychographic segmentation c. Psychology d. Consumer behavior a. Product differentiation 26. The fundamental determinant of a person’s wants and behavior is the person’s ________. a. psyche b. national origin c. culture d. peer group e. family tree 27. A person’s ________ consist(s) of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior. a. culture b. subculture c. psychographics d. reference groups e. demographics 28. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers. a. marketing channels b. organizational buying c. demand-oriented buying d. purchasing e. inventory control 29. The demand for business goods is ultimately derived from the demand for ________. a. raw materials b. consumer goods c. electronics d. business solutions e. e-commerce 30. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________. a. limiting the quantity that can be purchased b. no refunds c. no adjustments d. no services e. no customer advertising


  Good marketing is no accident, but a result of careful planning and 

Marketing Quiz 100% Correct Answers 

1. Good marketing is no accident, but a result of careful planning and ________.

a. execution

b. selling

c. strategies

d. tactics

e. research

 

2. The most formal definition of marketing is ________.

a. meeting needs profitably

b. identifying and meeting human and social needs

c. the 4Ps (Product, Price, Place, Promotion)

d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.

e. improving the quality of life for consumers

 

3. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.”

a. we make profits

b. we challenge competitors

c. we implement ads

d. we sell hope

e. we sell quality

 

4. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities.

a. creative

b. measurable

c. macro

d. micro

e. niche

 

5. The task of any business is to deliver ________ at a profit.

a. customer needs

b. products

c. customer value

d. products and services

e. improved quality

 

6. Today, the “mass-market” is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria.

a. micromarkets

b. market targets

c. macromarkets

d. customer cliques

e. demographic units

 

7. The Japanese have refined the value delivery process to include a component that emphasizes ________.

a. zero servicing

b. zero customer feedback time

c. zero promotion

d. zero dependency on intermediaries

e. zero marketing costs

 

8. The firm’s success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________.

a. core strategies

b. satellite businesses

c. core values

d. core business processes

e. core technologies

 

9. The major responsibility for identifying significant marketplace changes falls to the ________.

a. Ministry of Labor & Social Affairs

b. company’s marketers

c. American Marketing Association

d. industry lobby groups found in Washington, D.C.

e. marketing research industry

 

10. Marketers have extensive information about how consumption patterns vary across countries. On a per capita basis within Western Europe, the ________ smoke the most cigarettes.

a. Swiss

b. Greeks

c. Irish

d. Austrians

e. French

 

11. The company’s marketing information system should be a cross between what managers think they need, what managers really need, and ________.

a. what the marketing research department is able to do

b. what consumers are willing to share

c. what the competition is doing

d. what is acceptable industry practice

e. what is economically feasible

 

12. A ________ is “unpredictable, short-lived, and without social, economic, and political significance.”

a. fad

b. fashion

c. trend

d. megatrend

e. style

 

13. Which of the following countries is known for having 99 percent of its population literate?

a. England

b. Germany

c. France

d. United States

e. Japan

 

14. The twenty-first century saw ________ markets grow more rapidly again due to a higher birth rate, a lower death rate, and rapid growth from foreign immigration.

a. suburban

b. urban

c. rural

d. coastal

e. secondary

 

15. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.

a. Marketing intelligence

b. MIS (marketing information system)

c. Marketing research

d. Demographics

e. Marketing management

 

16. Companies normally budget marketing research at ________ percent of company sales.

a. 1 to 2

b. 2 to 3

c. 4

d. 6.5

e. 10 to 12

 

17. All of the following would be among the ways that small companies can conduct marketing research in creative and affordable ways EXCEPT ________.

a. using the Internet

b. engaging students to design and carry out projects

c. checking out rivals

d. engaging professors to design and carry out projects

e. hiring syndicated-service research firms to conduct projects

 

18. The marketing manager needs to know the cost of the research project before approving it. During which of the following stages of the marketing research process would such a consideration most likely take place?

a. Step 1—defining the problem.

b. Step 1—creating decision alternatives.

c. Step 1—drafting the research objectives.

d. Step 2—develop the research plan.

e. Step 3—information collection.

 

19. Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions.

a. quantitative

b. qualitative c.

psychographic

d. covert

e. subliminal

 

20. If a marketing researcher selects the most accessible population members, he or she would have selected the ________ sampling method.

a. simple random

b. stratified random

c. cluster

d. judgment

e. convenience

 

21. ________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering.

a. Profit-centered companies

b. Customer-centered companies

c. Production-centered companies

d. Sales-centered companies

e. Promotion-centered companies

 

22. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

a. Perceived usefulness

b. Failure avoidance rate

c. Report rating

d. Customer perceived value

e. Competitors market share rate

 

23. One key to customer retention is ________. It would be wise for a company to measure this factor frequently.

a. heavy promotion

b. deep discounts for intermediaries

c. to have an ethics officer

d. customer satisfaction

e. to have customers on the board of directors

 

24. A ________ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream of attracting, selling, and servicing that customer.

a. profitable

b. semi-profitable

c. unprofitable

d. niche

e. target

 

25. ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

a. Target marketing

b. Psychographic segmentation

c. Psychology

d. Consumer behavior

a. Product differentiation

 

26. The fundamental determinant of a person’s wants and behavior is the person’s ________.

a. psyche

b. national origin

c. culture

d. peer group

e. family tree

 

27. A person’s ________ consist(s) of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior.

a. culture

b. subculture

c. psychographics

d. reference groups

e. demographics

 

28. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

a. marketing channels

b. organizational buying

c. demand-oriented buying

d. purchasing

e. inventory control

 

29. The demand for business goods is ultimately derived from the demand for ________.

a. raw materials

b. consumer goods

c. electronics

d. business solutions

e. e-commerce

 

30. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________.

a. limiting the quantity that can be purchased

b. no refunds

c. no adjustments

d. no services

e. no customer advertising

 

Accounting MCQ's

Business / Economics

5/9/12

Opening Offer: $15.99
Posted by: shonatutes
Date Posted: 5/9/12 7:17 PM
Due Date: 12/31/69

The one cost that would be classified as part of both prime cost and conversion cost would be Great of collection of Accounting MCQ's with 100% correct Answers 1. Nonmanufacturing costs: include only fixed costs seldom influence financial success or failure include the cost of selling, distribution, and after-sales costs for customers are considered by GAAP to be an element of product costs 2. The one cost that would be classified as part of both prime cost and conversion cost would be: indirect material direct labor direct material indirect labor 3. A key element of any organization's strategy is identifying: its potential shareholders its target customers competitor's products employee needs 4. In July direct labor was 40% of conversion cost. If the manufacturing overhead cost for the month was $34,000 and the direct materials cost was $23,000, the direct labor cost was: $22,667 $15,333 $51,000 $34,500 5. The information below relates to Derby Manufacturing Company's operations for a recent month. (Assume that all raw materials are direct materials.): Purchases of raw materials $91,000 Direct labor cost $122,000 Selling costs (total) $42,000 Administrative costs (total) $56,000 Manufacturing overhead costs (total) $340,000 Raw materials inventory, beginning $22,000 Work in process inventory, beginning $27,000 Finished goods inventory, beginning $42,000 Raw materials inventory, ending $7,000 Work in process inventory, ending $35,000 Finished goods inventory, ending $15,000 What wasDerby's cost of goods manufactured for the month? $545,000 $560,000 $568,000 $587,000 6. Management accounting information can be used for all of the following except: calculate the cost of a product or service. evaluate the performance of a company. project materials needs. evaluate the market price of the stock 7. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as: direct materials. a period cost. administrative expense. manufacturing overhead. 8. The Institute of Management Accountants' Materials used in the operation of a factory confidentiality that requires that management accountants: refrain from disclosing confidential information acquired in the course of their work except when authorized by management. refrain from disclosing confidential information acquired in the course of their work in all situations. refrain from disclosing confidential information acquired in the course of their work except when authorized by management, unless legally obligated to do so. refrain from disclosing confidential information acquired in the course of their work in all cases since the law requires them to do so. 9. All of the following are characteristics of a pull production system EXCEPT: Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand. Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials. Products are completed just in time to be shipped to customers. Manufactured parts are completed just in time to be assembled into products. 10. Abel Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $47,000, the manufacturing overhead is: $152,000 $11,750 $21,250 $9,500 11. For a manufacturing company, what type of position (line or staff) is each of the following? a. Manager of a Data Processing Department b. Manager of a Production Department a. Staff b. Staff a. Staff b. Line a. Line b. Staff a. Line b. Line 12. During the month of July, direct labor cost totaled $12,000 and direct labor cost was 30% of prime cost. If total manufacturing costs during July were $86,000, the manufacturing overhead was: $46,000 $40,000 $28,000 $74,000 13. The plans of management are often expressed formally in: financial statements. performance reports. budgets. ledgers. 14. Prime costs consist of: direct materials and the variable portion of manufacturing overhead. direct labor and indirect labor. indirect labor and the fixed portion of manufacturing overhead. direct labor and direct materials. 15. Which of the following statements about products is true? Product costs are deducted from revenue when the production process is completed. Product costs are deducted from revenue as expenditures are made. Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets. Product costs appear on financial statements only when products are sold. 16. Management accounting: focuses on estimating future revenues, costs, and other measures to forecast activities and their results. provides information about the company as a whole. reports information that has occurred in the past that is verifiable and reliable. provides information that is generally available only on a quarterly or annual basis. 17. The person MOST likely to use management accounting information is a(n): banker evaluating a credit application shareholder evaluating a stock investment governmental taxing authority assembly department supervisor 18. The person MOST likely to use ONLY financial accounting information is a: factory shift supervisor vice president of operations current shareholder department manager 19. Management accounting information can be used for all of the following except: calculate the cost of a product or service. evaluate the performance of a company. project materials needs. evaluate the market price of the stock. 20. One consequence of a change from a push to a properly implemented pull production system can be: an increase in work in process inventories. an extremely difficult cultural change due to enforced idleness when demand falls below production capacity. an increased mismatch between what is produced and what is demanded by customers. an increase in raw materials inventories. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of the above are correct. 2. Financial accounting information: (Points :2) provides a signal that something is wrong identifies what is wrong explains what is wrong simply summarizes information but gives no indication that anything is wrong 3. The act of simply measuring and reporting information on certain processes: (Points :2) focuses the attention of employees on those processes that are being measured diverts the employee's attention to other activities that are not being measured disproves the saying "What gets measured gets managed." has no effect on employee behavior 4. Management accounting information includes: (Points :2) tabulated results of customer satisfaction surveys the cost of producing a product the percentage of units produced that is defective All of these are correct. 5. The person MOST likely to use management accounting information is a(n): (Points :2) banker evaluating a credit application shareholder evaluating a stock investment governmental taxing authority assembly department supervisor 6. The accounting process is constrained by mandated reporting requirements by all of the following organizations EXCEPT the: (Points :2) Internal Revenue Service (IRS) Institute of Management Accountants (IMA) Financial Accounting Standards Board (FASB) Securities and Exchange Commission (SEC) for companies that are publicly traded 7. In general, it was not until the 1970s that management accounting systems: (Points :2) were improved because of demands by the FASB and the SEC stagnated and proved inadequate started to develop innovations in costing and performance-measurement systems due to intense pressure from overseas competitors started to address the decision-making needs of managers 8. A key element of any organization's strategy is identifying: (Points :2) its potential shareholders its target customers competitor's products employee needs 9. Which of the following groups would be LEAST likely to receive detailed management accounting reports? (Points :2) stockholders customer service representatives production supervisor vice president of operations 10. Top executives of a multi-plant firm are LEAST likely to use management accounting information: (Points :2) to support decisions that result in long-term consequences to evaluate the performance of individual plants for strategic planning for operational control 11. A national company manufactures a line of modern furniture. Information MOST useful to the employee who assembles the furniture includes: (Points :2) a daily report comparing the actual time it took to assemble a piece of furniture to the standard time allowed a monthly report on the portion of furniture pieces assembled with defects the number of furniture pieces sold this month revenue per employee 12. Recently, increased demand for management accounting information has been: (Points :2) primarily from manufacturing firms from service organizations from both the manufacturing and the service industries an illusion; in fact, the demand for management accounting has changed very little 13. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of these are correct. 14. Decentralized responsibility refers to allowing lower-level managers to do all of the following EXCEPT: (Points :2) make decisions without seeking higher approval take advantage of local opportunities make periodic financial reports to upper-management pursue individual objectives even though they may not contribute to the entire company 15. All of the following are true regarding the return on investment (ROI) formula developed at Dupont EXCEPT that: (Points :2) it is the sole measure top-management utilizes to evaluate which division should receive additional capital it allows companies to have centralized control with decentralized responsibility it produces a measure of divisional performance it equals (Operating income/Sales) x (Sales/Investment) 16. The act of simply measuring and reporting information: (Points :2) focuses the attention of employees on those processes diverts the employee's attention to other activities disproves the saying "What gets measured gets managed." has no effect on employee behavior 17. When a change is introduced, employees tend to: (Points :2) embrace the change be indifferent to the change exhibit no change in behavior resist the change 18. The introduction of a new management system is MOST likely to motivate UNWANTED employee behavior when it is used for: (Points :2) evaluation planning decision making coordinating individual efforts 19. Management accountants are MOST likely to feel outside pressure to favorably influence the numbers favorably when the information is used for: (Points :2) budgeting compensation and promotions continuous improvement product costing 20. The Institute of Management Accountants (IMA): (Points :2) is a professional organization of management accountants is a professional organization of financial accountants issues standards for management accounting issues standards for financial accountingThe one cost that would be classified as part of both prime cost and conversion cost would be

Great of collection of Accounting MCQ's with 100% correct Answers 

1. Nonmanufacturing costs:  

include only fixed costs
seldom influence financial success or failure
include the cost of selling, distribution, and after-sales costs for customers
are considered by GAAP to be an element of product costs

2. The one cost that would be classified as part of both prime cost and conversion cost would be:  

indirect material
direct labor
direct material
indirect labor

 

3. A key element of any organization's strategy is identifying:  

its potential shareholders
its target customers
competitor's products
employee needs







4. In July direct labor was 40% of conversion cost. If the manufacturing overhead cost for the month was $34,000 and the direct materials cost was $23,000, the direct labor cost was:  

$22,667
$15,333
$51,000
$34,500

 

5. The information below relates to Derby Manufacturing Company's operations for a recent month. (Assume that all raw materials are direct materials.):

Purchases of raw materials $91,000
Direct labor cost $122,000
Selling costs (total) $42,000
Administrative costs (total) $56,000
Manufacturing overhead costs (total) $340,000
Raw materials inventory, beginning $22,000
Work in process inventory, beginning $27,000
Finished goods inventory, beginning $42,000
Raw materials inventory, ending $7,000
Work in process inventory, ending $35,000
Finished goods inventory, ending $15,000

What wasDerby's cost of goods manufactured for the month?

$545,000
$560,000
$568,000
$587,000

6. Management accounting information can be used for all of the following except: 
        calculate the cost of a product or service. 
        evaluate the performance of a company. 
        project materials needs. 
        evaluate the market price of the stock



7. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as:  

direct materials.
a period cost.
administrative expense.
manufacturing overhead.

 

8. The Institute of Management Accountants' Materials used in the operation of a factory confidentiality that requires that management accountants:  

refrain from disclosing confidential information acquired in the course of their work except when authorized by management.
refrain from disclosing confidential information acquired in the course of their work in all situations.
refrain from disclosing confidential information acquired in the course of their work except when authorized by management, unless legally obligated to do so.
refrain from disclosing confidential information acquired in the course of their work in all cases since the law requires them to do so.




9. All of the following are characteristics of a pull production system EXCEPT:  

Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials.
Products are completed just in time to be shipped to customers.
Manufactured parts are completed just in time to be assembled into products.



10. Abel Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $47,000, the manufacturing overhead is:  

$152,000
$11,750
$21,250
$9,500

 

11. For a manufacturing company, what type of position (line or staff) is each of the following?

a. Manager of a Data Processing Department
b. Manager of a Production Department

a. Staff
b. Staff
a. Staff
b. Line
a. Line
b. Staff
a. Line
b. Line

12. During the month of July, direct labor cost totaled $12,000 and direct labor cost was 30% of prime cost. If total manufacturing costs during July were $86,000, the manufacturing overhead was:  

$46,000
$40,000
$28,000
$74,000

 

13. The plans of management are often expressed formally in:  

financial statements.
performance reports.
budgets.
ledgers.

14. Prime costs consist of:  

direct materials and the variable portion of manufacturing overhead.
direct labor and indirect labor.
indirect labor and the fixed portion of manufacturing overhead.
direct labor and direct materials.

15. Which of the following statements about products is true?  

Product costs are deducted from revenue when the production process is completed.
Product costs are deducted from revenue as expenditures are made.
Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets.
Product costs appear on financial statements only when products are sold.

16. Management accounting:  

focuses on estimating future revenues, costs, and other measures to forecast activities and their results.
provides information about the company as a whole.
reports information that has occurred in the past that is verifiable and reliable.
provides information that is generally available only on a quarterly or annual basis.

 

17. The person MOST likely to use management accounting information is a(n):  

banker evaluating a credit application
shareholder evaluating a stock investment
governmental taxing authority
assembly department supervisor

 

18. The person MOST likely to use ONLY financial accounting information is a: 

factory shift supervisor
vice president of operations
current shareholder
department manager

 

19. Management accounting information can be used for all of the following except:  

calculate the cost of a product or service.
evaluate the performance of a company.
project materials needs.
evaluate the market price of the stock.

 

 

20. One consequence of a change from a push to a properly implemented pull production system can be:  

an increase in work in process inventories.
an extremely difficult cultural change due to enforced idleness when demand falls below production capacity.
an increased mismatch between what is produced and what is demanded by customers.
an increase in raw materials inventories.

 

  1. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of the above are correct.

 

2. Financial accounting information: (Points :2)

provides a signal that something is wrong

identifies what is wrong

explains what is wrong

simply summarizes information but gives no indication that anything is wrong

 

3. The act of simply measuring and reporting information on certain processes: (Points :2) focuses the attention of employees on those processes that are being measured

diverts the employee's attention to other activities that are not being measured

disproves the saying "What gets measured gets managed." has no effect on employee behavior

 

4. Management accounting information includes: (Points :2) tabulated results of customer satisfaction surveys the cost of producing a product the percentage of units produced that is defective All of these are correct.

 

5. The person MOST likely to use management accounting information is a(n): (Points :2) banker evaluating a credit application shareholder evaluating a stock investment governmental taxing authority assembly department supervisor

 

6. The accounting process is constrained by mandated reporting requirements by all of the following organizations EXCEPT the: (Points :2) Internal Revenue Service (IRS) Institute of Management Accountants (IMA) Financial Accounting Standards Board (FASB) Securities and Exchange Commission (SEC) for companies that are publicly traded

 

 

 

7. In general, it was not until the 1970s that management accounting systems: (Points :2) were improved because of demands by the FASB and the SEC stagnated and proved inadequate

started to develop innovations in costing and performance-measurement systems due to intense pressure from overseas competitors

started to address the decision-making needs of managers

 

8. A key element of any organization's strategy is identifying: (Points :2) its potential shareholders its target customers competitor's products employee needs

 

9. Which of the following groups would be LEAST likely to receive detailed management accounting reports? (Points :2) stockholders customer service representatives production supervisor vice president of operations

 

10. Top executives of a multi-plant firm are LEAST likely to use management accounting information: (Points :2) to support decisions that result in long-term consequences to evaluate the performance of individual plants for strategic planning for operational control

 

11. A national company manufactures a line of modern furniture. Information MOST useful to the employee who assembles the furniture includes: (Points :2)

a daily report comparing the actual time it took to assemble a piece of furniture to the standard time allowed

a monthly report on the portion of furniture pieces assembled with defects

the number of furniture pieces sold this month

revenue per employee

 

12. Recently, increased demand for management accounting information has been: (Points :2) primarily from manufacturing firms from service organizations from both the manufacturing and the service industries an illusion; in fact, the demand for management accounting has changed very little

 

13. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of these are correct.

 

14. Decentralized responsibility refers to allowing lower-level managers to do all of the following EXCEPT: (Points :2) make decisions without seeking higher approval take advantage of local opportunities make periodic financial reports to upper-management pursue individual objectives even though they may not contribute to the entire company

 

15. All of the following are true regarding the return on investment (ROI) formula developed at Dupont EXCEPT that: (Points :2) it is the sole measure top-management utilizes to evaluate which division should receive additional capital it allows companies to have centralized control with decentralized responsibility it produces a measure of divisional performance it equals (Operating income/Sales) x (Sales/Investment)

 

16. The act of simply measuring and reporting information: (Points :2) focuses the attention of employees on those processes diverts the employee's attention to other activities disproves the saying "What gets measured gets managed." has no effect on employee behavior

 

17. When a change is introduced, employees tend to: (Points :2) embrace the change be indifferent to the change exhibit no change in behavior resist the change

 

18. The introduction of a new management system is MOST likely to motivate UNWANTED employee behavior when it is used for: (Points :2) evaluation planning decision making coordinating individual efforts

 

 

19. Management accountants are MOST likely to feel outside pressure to favorably influence the numbers favorably when the information is used for: (Points :2) budgeting compensation and promotions continuous improvement product costing

 

20. The Institute of Management Accountants (IMA): (Points :2) is a professional organization of management accountants is a professional organization of financial accountants issues standards for management accounting issues standards for financial accounting

STR 581 Version 4 A+ Answers

Business / Economics

5/9/12

Opening Offer: $14.99
Posted by: shonatutes
Date Posted: 5/9/12 7:19 PM
Due Date: 12/31/69

STR 581 STR 581 Version 4 A+ Answer to below Questions 1. Good marketing is no accident, but a result of careful planning and ________. a. execution b. selling c. strategies d. tactics e. research 2. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the 4Ps (Product, Price, Place, Promotion) d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e. improving the quality of life for consumers 3. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.” a. we make profits b. we challenge competitors c. we implement ads d. we sell hope e. we sell quality 4. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities. a. creative b. measurable c. macro d. micro e. niche 5. The task of any business is to deliver ________ at a profit. a. customer needs b. products c. customer value d. products and services e. improved quality 6. Today, the “mass-market” is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria. a. micromarkets b. market targets c. macromarkets d. customer cliques e. demographic units 7. The Japanese have refined the value delivery process to include a component that emphasizes ________. a. zero servicing b. zero customer feedback time c. zero promotion d. zero dependency on intermediaries e. zero marketing costs 8. The firm’s success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________. a. core strategies b. satellite businesses c. core values d. core business processes e. core technologies 9. The major responsibility for identifying significant marketplace changes falls to the ________. a. Ministry of Labor & Social Affairs b. company’s marketers c. American Marketing Association d. industry lobby groups found inWashington,D.C. e. marketing research industry 10. Marketers have extensive information about how consumption patterns vary across countries. On a per capita basis withinWestern Europe, the ________ smoke the most cigarettes. a. Swiss b. Greeks c. Irish d. Austrians e. French 11. The company’s marketing information system should be a cross between what managers think they need, what managers really need, and ________. a. what the marketing research department is able to do b. what consumers are willing to share c. what the competition is doing d. what is acceptable industry practice e. what is economically feasible 12. A ________ is “unpredictable, short-lived, and without social, economic, and political significance.” a. fad b. fashion c. trend d. megatrend e. style 13. Which of the following countries is known for having 99 percent of its population literate? a.England b.Germany c.France d.United States e.Japan 14. The twenty-first century saw ________ markets grow more rapidly again due to a higher birth rate, a lower death rate, and rapid growth from foreign immigration. a. suburban b. urban c. rural d. coastal e. secondary 15. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. a. Marketing intelligence b. MIS (marketing information system) c. Marketing research d. Demographics e. Marketing management 16. Companies normally budget marketing research at ________ percent of company sales. a. 1 to 2 b. 2 to 3 c. 4 d. 6.5 e. 10 to 12 17. All of the following would be among the ways that small companies can conduct marketing research in creative and affordable ways EXCEPT ________. a. using the Internet b. engaging students to design and carry out projects c. checking out rivals d. engaging professors to design and carry out projects e. hiring syndicated-service research firms to conduct projects 18. The marketing manager needs to know the cost of the research project before approving it. During which of the following stages of the marketing research process would such a consideration most likely take place? a. Step 1—defining the problem. b. Step 1—creating decision alternatives. c. Step 1—drafting the research objectives. d. Step 2—develop the research plan. e. Step 3—information collection. 19. Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions. a. quantitative b. qualitative c. psychographic d. covert e. subliminal 20. If a marketing researcher selects the most accessible population members, he or she would have selected the ________ sampling method. a. simple random b. stratified random c. cluster d. judgment e. convenience 21. ________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering. a. Profit-centered companies b. Customer-centered companies c. Production-centered companies d. Sales-centered companies e. Promotion-centered companies 22. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. a. Perceived usefulness b. Failure avoidance rate c. Report rating d. Customer perceived value e. Competitors market share rate 23. One key to customer retention is ________. It would be wise for a company to measure this factor frequently. a. heavy promotion b. deep discounts for intermediaries c. to have an ethics officer d. customer satisfaction e. to have customers on the board of directors 24. A ________ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream of attracting, selling, and servicing that customer. a. profitable b. semi-profitable c. unprofitable d. niche e. target 25. ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. a. Target marketing b. Psychographic segmentation c. Psychology d. Consumer behavior a. Product differentiation 26. The fundamental determinant of a person’s wants and behavior is the person’s ________. a. psyche b. national origin c. culture d. peer group e. family tree 27. A person’s ________ consist(s) of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior. a. culture b. subculture c. psychographics d. reference groups e. demographics 28. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers. a. marketing channels b. organizational buying c. demand-oriented buying d. purchasing e. inventory control 29. The demand for business goods is ultimately derived from the demand for ________. a. raw materials b. consumer goods c. electronics d. business solutions e. e-commerce 30. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________. Marketing managers do NOT usually commission ____________. There are _____________ categories of specialist services that are often placed with outside The second step of an effective market research process is to _______________. A focus group consists of _____________ . Commonly used primary research techniques include four of the following but not ____________ . A sampling plan calls for ______________ decisions. Subjects (respondents) can be contacted by _________. How many barriers restrict the usage of marketing research? An MDSS is ____________________ . Companies normally budget marketing research at 1-2 per cent of company sales. Ethnographic research is an observational approach that uses concepts and tools from anthropology and other social science disciplines. The most scientifically valid research is experimental research. The data collection phase of marketing is generally the most prone to error. There are five characteristics of good marketing research. Companies can prepare as many as 90 different types of demand estimates for six different product levels, five space levels and three time periods. The size of a market hinges on the number of buyers who might exist for a particular market offer. The AC Nielsen six-monthly survey is conducted online with 21,000 consumers acrossEurope.STR 581 

STR 581 Version 4 A+ Answer to below Questions

1. Good marketing is no accident, but a result of careful planning and ________.

a. execution

b. selling

c. strategies

d. tactics

e. research

 

2. The most formal definition of marketing is ________.

a. meeting needs profitably

b. identifying and meeting human and social needs

c. the 4Ps (Product, Price, Place, Promotion)

d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.

e. improving the quality of life for consumers

 

3. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.”

a. we make profits

b. we challenge competitors

c. we implement ads

d. we sell hope

e. we sell quality

 

4. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities.

a. creative

b. measurable

c. macro

d. micro

e. niche

 

5. The task of any business is to deliver ________ at a profit.

a. customer needs

b. products

c. customer value

d. products and services

e. improved quality

 

6. Today, the “mass-market” is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria.

a. micromarkets

b. market targets

c. macromarkets

d. customer cliques

e. demographic units

 

 

 

7. The Japanese have refined the value delivery process to include a component that emphasizes ________.

a. zero servicing

b. zero customer feedback time

c. zero promotion

d. zero dependency on intermediaries

e. zero marketing costs

 

8. The firm’s success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________.

a. core strategies

b. satellite businesses

c. core values

d. core business processes

e. core technologies

 

9. The major responsibility for identifying significant marketplace changes falls to the ________.

a. Ministry of Labor & Social Affairs

b. company’s marketers

c. American Marketing Association

d. industry lobby groups found inWashington,D.C.

e. marketing research industry

 

10. Marketers have extensive information about how consumption patterns vary across countries. On a per capita basis withinWestern Europe, the ________ smoke the most cigarettes.

a. Swiss

b. Greeks

c. Irish

d. Austrians

e. French

 

11. The company’s marketing information system should be a cross between what managers think they need, what managers really need, and ________.

a. what the marketing research department is able to do

b. what consumers are willing to share

c. what the competition is doing

d. what is acceptable industry practice

e. what is economically feasible

 

12. A ________ is “unpredictable, short-lived, and without social, economic, and political significance.”

a. fad

b. fashion

c. trend

d. megatrend

e. style

 

13. Which of the following countries is known for having 99 percent of its population literate?

a.England

b.Germany

c.France

d.United States

e.Japan

 

14. The twenty-first century saw ________ markets grow more rapidly again due to a higher birth rate, a lower death rate, and rapid growth from foreign immigration.

a. suburban

b. urban

c. rural

d. coastal

e. secondary

 

15. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.

a. Marketing intelligence

b. MIS (marketing information system)

c. Marketing research

d. Demographics

e. Marketing management

 

16. Companies normally budget marketing research at ________ percent of company sales.

a. 1 to 2

b. 2 to 3

c. 4

d. 6.5

e. 10 to 12

 

17. All of the following would be among the ways that small companies can conduct marketing research in creative and affordable ways EXCEPT ________.

a. using the Internet

b. engaging students to design and carry out projects

c. checking out rivals

d. engaging professors to design and carry out projects

e. hiring syndicated-service research firms to conduct projects

 

18. The marketing manager needs to know the cost of the research project before approving it. During which of the following stages of the marketing research process would such a consideration most likely take place?

a. Step 1—defining the problem.

b. Step 1—creating decision alternatives.

c. Step 1—drafting the research objectives.

d. Step 2—develop the research plan.

e. Step 3—information collection.

 

19. Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions.

a. quantitative

b. qualitative c.

psychographic

d. covert

e. subliminal

 

20. If a marketing researcher selects the most accessible population members, he or she would have selected the ________ sampling method.

a. simple random

b. stratified random

c. cluster

d. judgment

e. convenience

 

21. ________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering.

a. Profit-centered companies

b. Customer-centered companies

c. Production-centered companies

d. Sales-centered companies

e. Promotion-centered companies

 

22. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

a. Perceived usefulness

b. Failure avoidance rate

c. Report rating

d. Customer perceived value

e. Competitors market share rate

 

23. One key to customer retention is ________. It would be wise for a company to measure this factor frequently.

a. heavy promotion

b. deep discounts for intermediaries

c. to have an ethics officer

d. customer satisfaction

e. to have customers on the board of directors

 

24. A ________ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream of attracting, selling, and servicing that customer.

a. profitable

b. semi-profitable

c. unprofitable

d. niche

e. target

 

25. ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

a. Target marketing

b. Psychographic segmentation

c. Psychology

d. Consumer behavior

a. Product differentiation

 

26. The fundamental determinant of a person’s wants and behavior is the person’s ________.

a. psyche

b. national origin

c. culture

d. peer group

e. family tree

 

27. A person’s ________ consist(s) of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior.

a. culture

b. subculture

c. psychographics

d. reference groups

e. demographics

 

28. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

a. marketing channels

b. organizational buying

c. demand-oriented buying

d. purchasing

e. inventory control

 

29. The demand for business goods is ultimately derived from the demand for ________.

a. raw materials

b. consumer goods

c. electronics

d. business solutions

e. e-commerce

 

30. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________.

 

 

Marketing managers do NOT usually commission ____________.

 

There are _____________ categories of specialist services that are often placed with outside

 

The second step of an effective market research process is to _______________. 

 

A focus group consists of _____________ .

 

Commonly used primary research techniques include four of the following but not ____________ .

 

A sampling plan calls for ______________ decisions.

 

Subjects (respondents) can be contacted by _________.

 

How many barriers restrict the usage of marketing research?

 

An MDSS is ____________________ .

 

Companies normally budget marketing research at 1-2 per cent of company sales.

 

 

Ethnographic research is an observational approach that uses concepts and tools from anthropology and other social science disciplines.

 

 

The most scientifically valid research is experimental research.

 

 

The data collection phase of marketing is generally the most prone to error.

 

 

There are five characteristics of good marketing research.

 

 

Companies can prepare as many as 90 different types of demand estimates for six different product levels, five space levels and three time periods.

 

 

The size of a market hinges on the number of buyers who might exist for a particular market offer.

 

 

The AC Nielsen six-monthly survey is conducted online with 21,000 consumers acrossEurope.

RES 341 final exam

Business / Economics

5/9/12

Opening Offer: $19.99
Posted by: shonatutes
Date Posted: 5/9/12 7:21 PM
Due Date: 12/31/69

RES 341 RES 341 Week 5 More than 150 MCQ's with Grade A Answers - Score FULL Which of the following is not required to perform a one-factor ANOVA? A. The sample sizes must be equal. B. The samples for each treatment must be selected randomly and independently. C. The populations must be normally distributed. D. The population variances must be equal. Hartley's test measures the equality of the means for several groups. A. True B. False Which of the following statistics from the ANOVA table do not have an additive relationship? A. Sum of squares B. It is not possible to tell. C. Degrees of freedom D. Mean squares The nonparametric counterpart of the parametric one-way analysis of variance F-test is the A. Kruskal-Wallis test. B. Wilcoxon signed rank sum test. C. Friedman test. D. Spearman’s rho. 26) The appropriate measure of central location of ordinal data is the A. mean. B. median. C. mode. D. all of these. 27) Statistical methods that require few assumptions, if any, about the population distribution are known as A. nonparametric techniques. B. All of these C. parametric techniques. D. free agent techniques. 28) In the chi-squared goodness-of-fit test, if the expected frequencies ei and the observed frequencies fi were quite different, we would conclude that the A. null hypothesis is false, and we would reject it. B. chi-squared distribution is invalid, and we would use the t-distribution. instead C. null hypothesis is true, and we would not reject it. D. alternative hypothesis is false, and we would reject it. 29) If each observation can be classified into one of several mutually exclusive and collectively exhaustive categories, the population is a A. normal B. chi-squared. C. binomial. D. multinomial. Which of the following cannot generate a Poisson distribution? 22) Ten bolts were selected randomly from a production line and the diameter of each was measured. Why do these diameters not have a binomial distribution? 23) A multiple-choice test has 20 questions, and there are 4 choices for each question. A student comes to class with four different colored balls of identical shape and size in her pocket. She has decided to draw one ball from her pocket per question and allow the color of the ball to select the answer for each question. What type of probability distribution can be used to figure out her chance of getting 10 questions right? A. Hypergeometric distribution B. Binomial distribution C. Normal distribution D. Poisson distribution A woman is expecting her second child. Her doctor has told her that she has a 50-50 chance of having another girl. If she has another girl, there is a 90% chance that she will be taller than the first. If she has a boy, however, there is only a 25% chance that he will be taller than the first child. Find the probability that the woman’s second child will be taller than the first. a) 0.675 b) 0.225 c) 0.575 d) 0.425 e) 0.725 1. At the beginning of each year, an investment newsletter predicts whether or not the stock market will rise over the coming year. Historical evidence reveals that there is a 75% chance that the stock market will rise in any given year. The newsletter has predicted a rise for 80% of the years when the market actually rose, and has predicted a rise for 40% of the years when the market fell. Find the probability that the newsletter’s prediction for next year will be correct. a) 0.75 b) 0.60 c) 0.70 d) 0.45 e) 0.30 2. In a histogram, the proportion of the total area which must be to the right of the mean is a) less than 0.50 if the distribution is skewed to the left b) exactly 0.50 c) more than 0.50 if the distribution is skewed to the right d) exactly 0.50 if the distribution is symmetric and unimodal e) exactly 1.0 if the distribution is symmetric and bimodal 3. Which of the following is not a measure of variability? a) The range b) The variance c) The arithmetic mean d) The standard deviation e) The interquartile range 4. Which of the following statements is true for the following data values: 3, 1, 0, 2, 4, 8, and 3? a) The mean, median and mode are all equal b) Only the mean and median are equal c) Only the mean and mode are equal d) Only the median and mode are equal 5. The price-earnings ratios of a sample of stocks have a mean value of 13.5 and a standard deviation of 2. If the ratios have a mound-shaped distribution, what can we say about the proportion of ratios that fall between 9.5 and 17.5? a) The interval contains approximately 68% of the ratios. b) The interval contains approximately 75% of the ratios. c) The interval contains approximately 95% of the ratios. d) The interval contains approximately 89% of the ratios. e) The interval contains approximately 99.7% of the ratios. What do these statistics tell you about the relationship between x and y? a) The coefficient of correlation tells us that there is a strong negative linear relationship between X and Y. b) The coefficient of correlation tells us that there is a moderate positive linear relationship between X and Y. c) The coefficient of correlation tells us that there is a strong positive linear relationship between X and Y. d) The coefficient of correlation tells us that there is no relationship between X and Y. e) The coefficient of correlation tells us that there is a moderate positive relationship between X and Y. A study of the scores on an in plant course in management principles and the years of service of the employees enrolled in the course yielded the following statistics: Test Scores: mean=100 variance = 225 Years of Service: mean=5 variance = 81 Of test scores and years of service, which measure has the greater dispersion? The average score for a class of 30 students was 75. The 20 male students in the class averaged 70. The 10 female students in the class averaged Textbook Price. Number of Textbooks: $25 to $35 2 35 to 45 16 45 to 55 5 55 to 65 7 65 to 75 20. Estimate the standard deviation of the price of a textbook. Which measurement uses absolute values? Which of these measurement scales has a rank order associated with its use? Identify the scale which has no meaningful zero. Which of the following cannot generate a Poisson distribution? Which of the following is a characteristic of every binomial distribution? The local police department must write, on average, 5 tickets a day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows a Poisson distribution with a mean of 5.5 tickets per day. Interpret the value of the mean. Which of these parameters associated with a binomial experiment will produce a probability distribution with the smallest standard deviation; given n is the same for each situation? The Big Red Arcade and Pizza Palace caters to young teens and sells tokens to play arcade games for 25¢ each and slices of pizza for 50¢ each. The distribution of sales of pizza slices per customer and sales of arcade tokens per customer is below. Which of the following is NOT a potential source of survey error? a. Nonresponse bias; b. Sampling error; c. Systematic error; d. Selection bias Which of these is not an acceptable type of survey question: a. Fill in the blank; b. Open ended; c. Prejudicial or biased questions; d. Closed ended .Which of the following statements is consistent with the Central Limit Theorem? a. When we know s, the variation in the sample means will be equal to that of the population; b. When µ and s are known, the population will be approximately normally distributed; c. Means of samples of n=30 from an exponential distribution will be approximately normally distributed; d. If a population has µ and s, a sample from that population will be normally distributed if the sample size is large enough. The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of: a. a statistic; b. inferential statistics; c. descriptive statistics; d. a parameter 9.Which of the following is NOT a basic step in conducting a survey? a. Develop a budget; b. Create a research design; c. State the goals; d. Secure financing for the survey Name the item that is NOT a recognized survey guideline. a. quality control; b. ability to find friendly survey respondents; c. design; d. pilot or beta test 2.Trudy Jones recently completed her certification examination and learned that her z-score was –2.5. The examining board also informed her that a failure to pass would be all scores that were 1 or more standard deviations below the mean and that those with scores higher than 2 standard deviations above the mean would receive a special commendation award. Trudy can, therefore, conclude that she: a. passed the exam, but no commendation award is forthcoming; b. needs more data to determine if she passed the exam; c. failed the exam; d. passed the exam and will receive a special commendation award What does it mean to have 95% confidence in an interval estimate? a. In repeated sampling, 95% of the point estimates fall within the given interval; b. In repeated sampling, 95% of the intervals would contain the population parameter; c. In repeated sampling, the population parameter would fall in the given interval 95% of the time; d. In repeated sampling, 95% of the population observations fall within the given interval The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of a. descriptive statistics; b. a statistics; c. a parameter; d. inferential statistics .Which of the following is not a reason one should have knowledge of statistics? a. To make future projections of one’s sales; b. To increase the amount of information available for use; c. To be able to mount an effective effort to change a government regulation that negatively affects one’s business; d. To help interpret existing information If terms such as positive, negative, more than, and less than, are used, then these hypothesis are: a. alternative hypotheses; b. directional hypotheses; c. nondirectional hypotheses; d. null hypotheses


RES 341 

RES 341 Week 5 More than 150 MCQ's with Grade A Answers - Score FULL 

 

Which of the following is not required to perform a one-factor ANOVA? A. The sample sizes must be equal. B. The samples for each treatment must be selected randomly and independently. C. The populations must be normally distributed. D. The population variances must be equal.

Hartley's test measures the equality of the means for several groups. A. True B. False

Which of the following statistics from the ANOVA table do not have an additive relationship? A. Sum of squares B. It is not possible to tell. C. Degrees of freedom D. Mean squares

 

The nonparametric counterpart of the parametric one-way analysis of variance F-test is the A. Kruskal-Wallis test. B. Wilcoxon signed rank sum test. C. Friedman test. D. Spearman’s rho.

 

26) The appropriate measure of central location of ordinal data is the A. mean. B. median. C. mode. D. all of these.

27) Statistical methods that require few assumptions, if any, about the population distribution are known as A. nonparametric techniques. B. All of these C. parametric techniques. D. free agent techniques.

 

 28) In the chi-squared goodness-of-fit test, if the expected frequencies ei and the observed frequencies fi were quite different, we would conclude that the A. null hypothesis is false, and we would reject it. B. chi-squared distribution is invalid, and we would use the t-distribution. instead C. null hypothesis is true, and we would not reject it. D. alternative hypothesis is false, and we would reject it.

29) If each observation can be classified into one of several mutually exclusive and collectively exhaustive categories, the population is a A. normal B. chi-squared. C. binomial. D. multinomial.

Which of the following cannot generate a Poisson distribution?

 

22) Ten bolts were selected randomly from a production line and the diameter of each was

measured. Why do these diameters not have a binomial distribution?

 

23) A multiple-choice test has 20 questions, and there are 4 choices for each question. A student comes to class with four different colored balls of identical shape and size in her pocket. She has decided to draw one ball from her pocket per question and allow the color of the ball to select the answer for each question. What type of probability distribution can be used to figure out her chance of getting 10 questions right?



A. Hypergeometric distribution


B. Binomial distribution


C. Normal distribution

 

D. Poisson distribution



A woman is expecting her second child. Her doctor has told her that she has a 50-50 chance of having another girl. If she has another girl, there is a 90% chance that she will be taller than the first. If she has a boy, however, there is only a 25% chance that he will be taller than the first child. Find the probability that the woman’s second child will be taller than the first.

 

a)      0.675         b) 0.225           c) 0.575           d) 0.425           e) 0.725

 

  1. 1.      At the beginning of each year, an investment newsletter predicts whether or not the stock market will rise over the coming year. Historical evidence reveals that there is a 75% chance that the stock market will rise in any given year. The newsletter has predicted a rise for 80% of the years when the market actually rose, and has predicted a rise for 40% of the years when the market fell. Find the probability that the newsletter’s prediction for next year will be correct.

 

a)      0.75           b) 0.60             c) 0.70             d) 0.45             e) 0.30

 

  1. 2.      In a histogram, the proportion of the total area which must be to the right of the mean

is

a)      less than 0.50 if the distribution is skewed to the left

b)      exactly 0.50

c)      more than 0.50 if the distribution is skewed to the right

d)      exactly 0.50 if the distribution is symmetric and unimodal

e)      exactly 1.0 if the distribution is symmetric and bimodal

 

 

 

  1. 3.      Which of the following is not a measure of variability?

a)      The range

b)      The variance

c)      The arithmetic mean

d)      The standard deviation

e)      The interquartile range

 

  1. 4.      Which of the following statements is true for the following data values: 3, 1, 0, 2, 4, 8,

and 3?

a)      The mean, median and mode are all equal

b)      Only the mean and median are equal

c)      Only the mean and mode are equal

d)      Only the median and mode are equal

 

  1. 5.      The price-earnings ratios of a sample of stocks have a mean value of 13.5 and a standard deviation of 2. If the ratios have a mound-shaped distribution, what can we say about the proportion of ratios that fall between 9.5 and 17.5?

a)      The interval contains approximately 68% of the ratios.

b)      The interval contains approximately 75% of the ratios.

c)      The interval contains approximately 95% of the ratios.

d)      The interval contains approximately 89% of the ratios.

e)      The interval contains approximately 99.7% of the ratios.

 



What do these statistics tell you about the relationship between x and y?

 

a)      The coefficient of correlation tells us that there is a strong negative linear relationship between and Y. 

b)      The coefficient of correlation tells us that there is a moderate positive linear relationship between and Y. 

c)      The coefficient of correlation tells us that there is a strong positive linear relationship between and Y. 

d)      The coefficient of correlation tells us that there is no relationship between and Y. 

e)      The coefficient of correlation tells us that there is a moderate positive relationship between and Y.

 

A study of the scores on an in plant course in management principles and the years of service of the employees enrolled in the course yielded the following statistics: Test Scores: mean=100 variance = 225 Years of Service: mean=5 variance = 81 Of test scores and years of service, which measure has the greater dispersion?

 

  1. The average score for a class of 30 students was 75. The 20 male students in the class averaged 70. The 10 female students in the class averaged

 

  1. Textbook Price. Number of Textbooks: $25 to $35 2 35 to 45 16 45 to 55 5 55 to 65 7 65 to 75 20. Estimate the standard deviation of the price of a textbook.

 

  • Which measurement uses absolute values?

 

  • Which of these measurement scales has a rank order associated with its use?

 

  • Identify the scale which has no meaningful zero.

 

  • Which of the following cannot generate a Poisson distribution?

 

  • Which of the following is a characteristic of every binomial distribution?

 

The local police department must write, on average, 5 tickets a day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows a Poisson distribution with a mean of 5.5 tickets per day. Interpret the value of the mean.

Which of these parameters associated with a binomial experiment will produce a probability distribution with the smallest standard deviation; given n is the same for each situation?

The Big Red Arcade and Pizza Palace caters to young teens and sells tokens to play arcade games for 25¢ each and slices of pizza for 50¢ each.  The distribution of sales of pizza slices per customer and sales of arcade tokens per customer is below.  

Which of the following is NOT a potential source of survey error? a. Nonresponse bias; b. Sampling error; c. Systematic error; d. Selection bias

 Which of these is not an acceptable type of survey question: a. Fill in the blank; b. Open ended; c. Prejudicial or biased questions; d. Closed ended

 .Which of the following statements is consistent with the Central Limit Theorem? a. When we know s, the variation in the sample means will be equal to that of the population; b. When µ and s are known, the population will be approximately normally distributed; c. Means of samples of n=30 from an exponential distribution will be approximately normally distributed; d. If a population has µ and s, a sample from that population will be normally distributed if the sample size is large enough.


The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of: a. a statistic; b. inferential statistics; c. descriptive statistics; d. a parameter

9.Which of the following is NOT a basic step in conducting a survey? a. Develop a budget; b. Create a research design; c. State the goals; d. Secure financing for the survey

Name the item that is NOT a recognized survey guideline. a. quality control; b. ability to find friendly survey respondents; c. design; d. pilot or beta test 

2.Trudy Jones recently completed her certification examination and learned that her z-score was –2.5. The examining board also informed her that a failure to pass would be all scores that were 1 or more standard deviations below the mean and that those with scores higher than 2 standard deviations above the mean would receive a special commendation award. Trudy can, therefore, conclude that she: a. passed the exam, but no commendation award is forthcoming; b. needs more data to determine if she passed the exam; c. failed the exam; d. passed the exam and will receive a special commendation award

 

What does it mean to have 95% confidence in an interval estimate? a. In repeated sampling, 95% of the point estimates fall within the given interval; b. In repeated sampling, 95% of the intervals would contain the population parameter; c. In repeated sampling, the population parameter would fall in the given interval 95% of the time; d. In repeated sampling, 95% of the population observations fall within the given interval 

The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of a. descriptive statistics; b. a statistics; c. a parameter; d. inferential statistics

.Which of the following is not a reason one should have knowledge of statistics? a. To make future projections of one’s sales; b. To increase the amount of information available for use; c. To be able to mount an effective effort to change a government regulation that negatively affects one’s business; d. To help interpret existing information 

If terms such as positive, negative, more than, and less than, are used, then these hypothesis are: a. alternative hypotheses; b. directional hypotheses; c. nondirectional hypotheses; d. null hypotheses

 

RES 342 final exam LATEST MCQ's

Business / Economics

5/9/12

Opening Offer: $24.99
Posted by: shonatutes
Date Posted: 5/9/12 7:24 PM
Due Date: 12/31/69

RES 342 Good Collection - Complete Test Bank - Three Sets RES 342 LATEST MCQ's(More than 100) in Three Sets. Please lookout for your question by following the serial of the Set that is Set 1 first and then 2 then 3. These are only the sample questions though there are more than 100 but all cannot be pasted Analysis of variance is used to Given the following Analysis of Variance table for three treatments each with six observations. If the paired differences are normal in a test of mean differences, then the distribution used for testing is the Two accounting professors decided to compare the variance of their grading procedures. To accomplish this they each graded the same 10 exams with the following results: A random sample of 16 companies was selected and asked for their annual dividend rate in three different industries: utilities, banking, and insurance. The ANOVA comparing the mean annual dividend rate among three industries rejected the null hypothesis. The Mean Square Error (MSE) was 3.36. The following table summarized the results: Based on the comparison between the mean annual dividend for companies in the utilities and insurance industries, A survey of hotels found that the average hotel room rate in New Orleans is $88.42 and the average room rate in Phoenix is $80.61. The survey sampled 50 hotels in each city. The standard deviations were $5.62 and $4.83, respectively. At alpha=.05, it can be concluded that there is a significant different in the rates? The accountant for Thomas’s Furniture Store is concerned regarding the outstanding receivable owed the company. There has been a cash flow problem and it is believed that the slow collection of accounts receivable is partially the blame. The accountant believes that 40% of the present accounts are more than 4 months behind in making payments. To be able to make a decision regarding this belief, a random sample of 100 accounts was taken. It was found that 37 accounts were more than 4 months late. Did the sample data confirm the accountant’s belief? Use the .05 significant level for the statistical test. One hundred women were polled and 60 reported successfully communicating an automobile problem to an auto repairman. A sample of 150 men had 95 reporting the same success. The value of the test statistic for a test of the equality of proportions is For a hypothesis test of a single population mean at 95% confidence level, a calculated Z score of 1.7 supports the conclusion that A survey of hotels found that the average hotel room rate in New Orleans is $88.42 and the average room rate in Phoenix is $80.61. The survey sampled 50 hotels in each city. The standard deviations were $5.62 and $4.83, respectively. At alpha=.05, it can be concluded that there is a significant different in the rates Weekly sales of iPods® at 20 Best Buy® stores are compared before and after installing a new eye-catching display. To determine if the display is effective in increasing sales, what type of statistical test would you perform If the paired differences are normal in a test of mean differences, the distribution used for testing is the The accountant for Thomas's Furniture Store is concerned regarding the outstanding receivable owed the company. There has been a cash flow problem and it is believed that the slow collection of accounts receivable is partially the blame. The accountant believes that 40% of the present accounts are more than 4 months behind in making payments. To be able to make a decision regarding this belief, a random sample of 100 accounts was taken. It was found that 37 accounts were more than 4 months late. Did the sample data confirm the accountant's belief? Use the .05 significant level for the statistical test. New college business graduates are finding it difficult to get a job. A business journal has reported that only one in five graduates is able to find a job within 6 months of their graduation. A report by University of Phoenix indicated that out of a survey of 300 recent business graduates, 75 had jobs. You are a business major at University of Phoenix and have a concern about getting a job. Based on this data, will a graduate of University of Phoenix have a better chance of getting a job in the first 6 months after graduation? Use the .05 significant level for the test. a�/:e�4�; so-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman"; color:#666666;mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language: AR-SA'> Mr. Thomas owns three different restaurants in Cincinnati, Ohio. He is concerned about the profitability of the restaurants. There are monthly differences between the restaurants and he wants to determine if the differences in profit are significant. Mr. Thomas wants to do a statistical test to see if he should concerned. The best test to address this problem would be Sound engineers studied factors that might affect the output, in decibels, of a rock concert's speaker system. The desired level of significance was a = .05. The results of their ANOVA tests are shown: Totto, an automobile manufacturer, has designed a radically new engine and wants to recommend the grade of gasoline that will have the best fuel economy. The four grades are regular, below regular, premium, and super premium. The test car made three trial runs on the test track using each of the grades and the miles per gallon were recorded. At the 0.05 level, what is the critical value of F used to test the hypothesis that the miles per gallon for each fuel are the same? Nonparametric statistics are used when The nonparametric test most commonly used for testing the statistical independence between two variables is Rachael Smith is the personnel manager at Johnson and Johnston, an accounting firm. She is concerned about absenteeism, which seems to be an increasing problem, especially after days off work. She decided to sample the records to determine if absenteeism was distributed evenly throughout the 6-day work week. The null hypothesis to be tested was: Absenteeism is distributed evenly throughout the week. The sample results were: A public opinion poll surveyed a simple random sample of voters. Respondents were classified by gender and by voting preference-Republican, Democrat, or Independent. The results follow. What parametric test is equivalent to the nonparametric Spearman's rank test? Michelle used a sample of 50 U.S. cities to estimate the relationship between crime, or annual property crimes per 100,000 persons, and income, or median income per capita. Her estimated regression equation was crime = 428 - .01 income. Assuming her model is statistically significant, if income decreases by $1,000, we would predict that crime will In the least squares equation, Y' = 12 + 25X the value of 25 indicates A manufacturer of automobile transmissions uses three different processes. Management ordered a study of the production costs to see if there is a difference among the three processes. A summary of the findings is shown below. A random sample of 16 companies was selected and asked for their annual dividend rate in three different industries: utilities, banking, and insurance. The ANOVA comparing the mean annual dividend rate among three industries rejected the null hypothesis. The Mean Square Error (MSE) was 3.36. The following table summarized the results: Based on the comparison between the mean annual dividend rate for companies in the utilities and banking, the 95% confidence interval shows an interval of 1.28 to 6.28 for the difference. This result indicates that A large department store examined a sample of the 18 credit card sales and recorded the amounts charged for each of three types of credit cards: MasterCard, Visa and Discover. Six MasterCard sales, seven Visa and five Discover sales were recorded. The store used an ANOVA to test if the mean sales for each credit card were equal. What are the degrees of freedom for the F statistic? When testing for differences between treatment means, the t statistic is based on:RES 342 Good Collection - Complete Test Bank - Three Sets

RES 342 Week 5 LATEST MCQ's(More than 100) in Three Sets. Please lookout for your question by following the serial of the Set that is Set 1 first and then 2 then 3.

These are only the sample questions though there are more than 100 but all cannot be pasted 

Analysis of variance is used to 

Given the following Analysis of Variance table for three treatments each with six observations.

If the paired differences are normal in a test of mean differences, then the distribution used for testing is the

Two accounting professors decided to compare the variance of their grading procedures. To accomplish this they each graded the same 10 exams with the following results:

A random sample of 16 companies was selected and asked for their annual dividend rate in three different industries: utilities, banking, and insurance. The ANOVA comparing the mean annual dividend rate among three industries rejected the null hypothesis. The Mean Square Error (MSE) was 3.36. The following table summarized the results:
   Based on the comparison between the mean annual dividend for companies in the utilities and insurance industries, 


A survey of hotels found that the average hotel room rate in New Orleans is $88.42 and the average room rate in Phoenix is $80.61. The survey sampled 50 hotels in each city. The standard deviations were $5.62 and $4.83, respectively. At alpha=.05, it can be concluded that there is a significant different in the rates?

The accountant for Thomas’s Furniture Store is concerned regarding the outstanding receivable owed the company. There has been a cash flow problem and it is believed that the slow collection of accounts receivable is partially the blame. The accountant believes that 40% of the present accounts are more than 4 months behind in making payments. To be able to make a decision regarding this belief, a random sample of 100 accounts was taken. It was found that 37 accounts were more than 4 months late. Did the sample data confirm the accountant’s belief? Use the .05 significant level for the statistical test.

One hundred women were polled and 60 reported successfully communicating an automobile problem to an auto repairman. A sample of 150 men had 95 reporting the same success. The value of the test statistic for a test of the equality of proportions is

For a hypothesis test of a single population mean at 95% confidence level, a calculated Z score of 1.7 supports the conclusion that

A survey of hotels found that the average hotel room rate in New Orleans is $88.42 and the average room rate in Phoenix is $80.61. The survey sampled 50 hotels in each city. The standard deviations were $5.62 and $4.83, respectively. At alpha=.05, it can be concluded that there is a significant different in the rates

Weekly sales of iPods® at 20 Best Buy® stores are compared before and after installing a new eye-catching display. To determine if the display is effective in increasing sales, what type of statistical test would you perform

If the paired differences are normal in a test of mean differences, the distribution used for testing is the

The accountant for Thomas's Furniture Store is concerned regarding the outstanding receivable owed the company. There has been a cash flow problem and it is believed that the slow collection of accounts receivable is partially the blame. The accountant believes that 40% of the present accounts are more than 4 months behind in making payments. To be able to make a decision regarding this belief, a random sample of 100 accounts was taken. It was found that 37 accounts were more than 4 months late. Did the sample data confirm the accountant's belief? Use the .05 significant level for the statistical test.

 

New college business graduates are finding it difficult to get a job. A business journal has reported that only one in five graduates is able to find a job within 6 months of their graduation. A report by University of Phoenix indicated that out of a survey of 300 recent business graduates, 75 had jobs. You are a business major at University of Phoenix and have a concern about getting a job. Based on this data, will a graduate of University of Phoenix have a better chance of getting a job in the first 6 months after graduation? Use the .05 significant level for the test. a�/:e�4�; so-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman"; color:#666666;mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language: AR-SA'>

Mr. Thomas owns three different restaurants in Cincinnati, Ohio. He is concerned about the profitability of the restaurants. There are monthly differences between the restaurants and he wants to determine if the differences in profit are significant. Mr. Thomas wants to do a statistical test to see if he should

concerned. The best test to address this problem would be

 

Sound engineers studied factors that might affect the output, in decibels, of a rock concert's speaker system. The desired level of significance was a = .05. The results of their ANOVA tests are shown:

 

 

 

Totto, an automobile manufacturer, has designed a radically new engine and wants to recommend the grade of gasoline that will have the best fuel economy. The four grades are regular, below regular, premium, and super premium. The test car made three trial runs on the test track using each of the grades and the miles per gallon were recorded. At the 0.05 level, what is the critical value of F used to test the hypothesis that the miles per gallon for each fuel are the same?

Nonparametric statistics are used when

The nonparametric test most commonly used for testing the statistical independence between two variables is

Rachael Smith is the personnel manager at Johnson and Johnston, an accounting firm. She is concerned about absenteeism, which seems to be an increasing problem, especially after days off work. She decided to sample the records to determine if absenteeism was distributed evenly throughout the 6-day work week. The null hypothesis to be tested was: Absenteeism is distributed evenly throughout the week. The sample results were:

A public opinion poll surveyed a simple random sample of voters. Respondents were classified by gender and by voting preference-Republican, Democrat, or Independent. The results follow.

What parametric test is equivalent to the nonparametric Spearman's rank test?

Michelle used a sample of 50 U.S. cities to estimate the relationship between crime, or annual property crimes per 100,000 persons, and income, or median income per capita. Her estimated regression equation was crime = 428 - .01 income. Assuming her model is statistically significant, if income decreases by $1,000, we would predict that crime will

In the least squares equation, Y' = 12 + 25X the value of 25 indicates

A manufacturer of automobile transmissions uses three different processes. Management ordered a study of the production costs to see if there is a difference among the three processes. A summary of the findings is shown below.
A random sample of 16 companies was selected and asked for their annual dividend rate in three different industries: utilities, banking, and insurance. The ANOVA comparing the mean annual dividend rate among three industries rejected the null hypothesis. The Mean Square Error (MSE) was 3.36. The following table summarized the results:
 Based on the comparison between the mean annual dividend rate for companies in the utilities and banking, the 95% confidence interval shows an interval of 1.28 to 6.28 for the difference. This result indicates that 
A large department store examined a sample of the 18 credit card sales and recorded the amounts charged for each of three types of credit cards: MasterCard, Visa and Discover. Six MasterCard sales, seven Visa and five Discover sales were recorded. The store used an ANOVA to test if the mean sales for each credit card were equal. What are the degrees of freedom for the F statistic? 

When testing for differences between treatment means, the t statistic is based on: 

 

MGT 330 A+ Answers 100 MCQ

Business / Economics

5/9/12

Opening Offer: $19.99
Posted by: shonatutes
Date Posted: 5/9/12 7:27 PM
Due Date: 12/31/69

MGT 330 A+ Answers A+ Work All 100 MCQ's have been answered perfectly. Please open the attchment: 1) The cost principle is the basis for preparing financial statements because it is __________. 2) The cost principle requires that when assets are acquired, they be recorded at __________. 3) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________. 4) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? 5) In what situations will a static budget be most effective in evaluating a manager's effectiveness? 6) The major reporting standard for management accounts is __________. 7) Multinational corporations __________. 8) What is value chain management best defined as? 9) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March? A. $8,250 B. $750 C. $5,250 (9000*2)-(6000+7500) D. $4,500 10) Which one of the following items is not generally used in preparing a statement of cash flows? 11) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers? 12) What exists when budgeted costs exceed actual results? 13) The standards and rules that are recognized as a general guide for financial reporting are called __________. 14) Managerial accounting __________. 15) If a binding price ceiling were imposed in the computer market, __________. 16) Resources are __________. 17) Lekeisha's income exceeds her expenditures. Lekeisha is a __________. 18) In order to be successful, a cartel must __________. 19) Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market? 20) Without trade, __________. 21) There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________. 22) Many U.S. business leaders argue that the current state of U.S. net exports is the result of __________. 23) The principal lag for monetary policy __________. 24) The model of short-run economic fluctuations focuses on the price level and __________. 25) President George W. Bush and congress cut taxes and raised government expenditures in 2003. Which of the following is not correct? 26) The political business cycle refers to __________. 27) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________. 28) A leader is: 29) Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered: 30) Having individuals actually do the job they are applying for as a test to see if they can do it is __________. 31) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the: 32) Which of these represent skills that managers need? 33) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is: 34) Japanese manufacturers' kaizen (continuous improvement) programs enable them to maintain: 35) Managers will utilize __________ skills with increasing frequency as they rise within an organization. 36) Building a dynamic organization is another way of describing which function of management? 37) Teams that work on long-term projects but disband once the work is completed are known as: 38) When a company establishes technology leadership by pioneering unique products or services that command premium prices, it has benefited from a: 39) Teams that operate separately from the regular work structure and exist temporarily are known as: 40) Which of these refers to the practices aimed at discovering and harnessing an organization's intellectual resources? 41) One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called: 42) In a random sample of 810 women employees, it is found that 81 would prefer working for a female boss. The width of the 95% confidence interval for the proportion of women who prefer a female boss is _____. 43) Use the following table to answer question: Cell Phone Service Provider County Sprint (S) AT&T (A) Verizon(V) Row Total Macomb (M) 17 25 8 50 Oakland (O) 19 38 13 70 Wayne (W) 24 37 19 80 Col Total 60 100 40 200 P(S | W) is approximately _____. 44) To estimate the average annual expenses of students on books and class materials a sample of size 36 is taken. The average is $850 and the standard deviation is $54. A 99% confidence interval for the population mean is __________. 45) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample, the median is _____. 46) Independent events A and B would be consistent with which of the following statements: 47) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample, which measure of central tendency is least representative of the “typical” student? 48) The one-worker, multiple machines approach functions as: 49) Theoretically, service capacity must exceed demand, lest queues become infinitely long. If capacity does not exceed demand, what is likely to happen? 50) In a network diagram, an activity: 51) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. Which conclusion is not correct? 52) Suppose the estimated quadratic model Yt = 500 + 20 t - t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20). Which statement is incorrect? 53) It is very difficult to manage data for which of the following reasons? 54) Search engines and metasearch engines are examples of which network application? 55) The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel. 56) In the _____ phase of the decision making process, managers test potential solutions “on paper.” 57) What is _____ is not necessarily _____. 58) Competitive advantage for an organization manifests as all of the following except: 59) Which of the following are not provided by digital dashboards? 60) Computer support is greatest for which of the following problems? 61) Which of the following is not a function of functional area information systems? 62) Which of the following is not a reason that managers need IT support? 63) At 8% compounded annually, how long will it take $750 to double? 64) Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors’ required rate of return on this stock is 15%, what is the value of per share? 65) At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years? 66) You hold a portfolio with the following securities: Security Percent of Portfolio Beta Return X Corporation 20% 1.35 14% Y Corporation 35% .95 10% Z Corporation 45% .75 8% Compute the expected return and beta for the portfolio. 67) PepsiCo calculates unlevered betas for each peer group in order to: 68) An increase in future value can be caused by an increase in the __________. 69) What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments. 70) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period? 71) Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in years 1-5 of $87,385 per year. You have determined that the current after-tax cost of the firm's capital (required rate of return) for each source of financing is as follows Cost of Debt 8% Cost of Preferred Stock 12% Cost of Common Stock 16% Long term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project? A.-$13,876 B.-$20,000, C. $0, D. $287,692 E.$1568 72) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520. Year Net Cash Flow 1 $1,000 2 $1,500 3 $ 500 73) Bell Weather, Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and the risk-free rate is 5%. According to CAPM, what is the required return on this stock? 74) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock? 75) According to the hedging principle, permanent assets should be financed with _____ liabilities. 76) Economists' economic-buyer theory assumes that __________. 77) The basic objective of theU.S. market-directed economic system is to: 78) "Marketing strategy planning" means: 79) The "four Ps" of a marketing mix are: 80) The clustering techniques that can be used in segmenting: 81) Which of the following is a business or organizational customer? 82) Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing? 83) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: 84) A firm's "marketing mix" decision areas would NOT include: 85) In comparison to the buying of final consumers, the purchasing of organizational buyers: 86) Marketing: 87) Regarding organizational buying, the people who have the power to select or approve the supplier--especially for larger purchases--are called: 88) Which of the following terms need not be disclosed under Truth-in-Lending Act? 89) In which of the following are these steps of a criminal case listed in the correct order? 90) Which of the following receives at least some protection under the U.S. Constitution? 91) Which of the following statements is generally not true about state intermediate appellate courts? 92) Which of the following is correct about litigating commercial disputes? 93) What makes a publicly held corporation different from a public corporation? 94) If the value of the collateral is less than the debt owed to the secured party, then: 95) Which of the following lists, in descending priority, of sources considered by most courts in settling questions of international law? 96) The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is: 97) A professional corporation is one that: 98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States. 99) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner. 100) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?


MGT 330 A+ Answers 

A+ Work All 100 MCQ's have been answered perfectly. Please open the attchment:

1) The cost principle is the basis for preparing financial statements because it is __________.



2) The cost principle requires that when assets are acquired, they be recorded at __________.



3) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.





4) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?




5) In what situations will a static budget be most effective in evaluating a manager's effectiveness?



6) The major reporting standard for management accounts is __________.



7) Multinational corporations __________.




8) What is value chain management best defined as?

 

9) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

A. $8,250 
B. $750 
C. $5,250   (9000*2)-(6000+7500) 
D. $4,500 



10) Which one of the following items is not generally used in preparing a statement of cash flows?




11) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?



12) What exists when budgeted costs exceed actual results?


13) The standards and rules that are recognized as a general guide for financial reporting are called __________.





14) Managerial accounting __________.


15) If a binding price ceiling were imposed in the computer market, __________.



16) Resources are __________.




17) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.


18) In order to be successful, a cartel must __________.




19) Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market?

 
20) Without trade, __________.



21) There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________.



22) Many U.S. business leaders argue that the current state of U.S. net exports is the result of __________.




23) The principal lag for monetary policy __________.



24) The model of short-run economic fluctuations focuses on the price level and __________.




25) President George W. Bush and congress cut taxes and raised government expenditures in 2003. Which of the following is not correct?


26) The political business cycle refers to __________.



27) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________.


28) A leader is:



29) Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered:

30) Having individuals actually do the job they are applying for as a test to see if they can do it is __________.



31) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:



32) Which of these represent skills that managers need?


33) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:


34) Japanese manufacturers' kaizen (continuous improvement) programs enable them to maintain:



35) Managers will utilize __________ skills with increasing frequency as they rise within an organization.




36) Building a dynamic organization is another way of describing which function of management?




37) Teams that work on long-term projects but disband once the work is completed are known as:



38) When a company establishes technology leadership by pioneering unique products or services that command premium prices, it has benefited from a:




39) Teams that operate separately from the regular work structure and exist temporarily are known as:




40) Which of these refers to the practices aimed at discovering and harnessing an organization's intellectual resources?




41) One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called:


42) In a random sample of 810 women employees, it is found that 81 would prefer working for a female boss. The width of the 95% confidence interval for the proportion of women who prefer a female boss is _____.



43) Use the following table to answer question: 

Cell Phone Service Provider

 

 

County

Sprint (S)

AT&T (A)

Verizon(V)

Row Total

Macomb (M)

17

25

8

50

Oakland (O)

19

38

13

70

Wayne (W)

24

37

19

80

Col Total

60

100

40

200



P(S | W) is approximately _____.




44) To estimate the average annual expenses of students on books and class materials a sample of size 36 is taken. The average is $850 and the standard deviation is $54. A 99% confidence interval for the population mean is __________.




45) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. 

For this sample, the median is _____.




46) Independent events A and B would be consistent with which of the following statements:


47) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. 

For this sample, which measure of central tendency is least representative of the “typical” student?

48) The one-worker, multiple machines approach functions as:



49) Theoretically, service capacity must exceed demand, lest queues become infinitely long. If capacity does not exceed demand, what is likely to happen?


50) In a network diagram, an activity:



51) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. 

Which conclusion is not correct?



52) Suppose the estimated quadratic model Yt = 500 + 20 t - t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20). 

Which statement is incorrect?


53) It is very difficult to manage data for which of the following reasons?




54) Search engines and metasearch engines are examples of which network application?



55) The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel.





56) In the _____ phase of the decision making process, managers test potential solutions “on paper.”




57) What is _____ is not necessarily _____.


58) Competitive advantage for an organization manifests as all of the following except:


59) Which of the following are not provided by digital dashboards?




60) Computer support is greatest for which of the following problems?




61) Which of the following is not a function of functional area information systems?





62) Which of the following is not a reason that managers need IT support?



63) At 8% compounded annually, how long will it take $750 to double?



64) Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors’ required rate of return on this stock is 15%, what is the value of per share?

65) At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years?

66) You hold a portfolio with the following securities: 


Security Percent of Portfolio Beta Return 
X Corporation 20% 1.35 14% 
Y Corporation 35% .95 10% 
Z Corporation 45% .75 8% 

Compute the expected return and beta for the portfolio.


67) PepsiCo calculates unlevered betas for each peer group in order to:


68) An increase in future value can be caused by an increase in the __________.


69) What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments.


70) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period?


71) Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in years 1-5 of $87,385 per year. You have determined that the current after-tax cost of the firm's capital (required rate of return) for each source of financing is as follows Cost of Debt 8% Cost of Preferred Stock 12% Cost of Common Stock 16% Long term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project?

A.-$13,876
B.-$20,000,
C. $0, 
D. $287,692 
E.$1568

 





72) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520. 


Year Net Cash Flow 
1 $1,000 
2 $1,500 
3 $ 500 

73) Bell Weather, Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and the risk-free rate is 5%. According to CAPM, what is the required return on this stock?


74) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock?


75) According to the hedging principle, permanent assets should be financed with _____ liabilities.

76) Economists' economic-buyer theory assumes that __________.


77) The basic objective of theU.S. market-directed economic system is to:


78) "Marketing strategy planning" means:


79) The "four Ps" of a marketing mix are:


80) The clustering techniques that can be used in segmenting:


81) Which of the following is a business or organizational customer?

82) Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing?

83) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

84) A firm's "marketing mix" decision areas would NOT include:


85) In comparison to the buying of final consumers, the purchasing of organizational buyers:


86) Marketing:


87) Regarding organizational buying, the people who have the power to select or approve the supplier--especially for larger purchases--are called:

88) Which of the following terms need not be disclosed under Truth-in-Lending Act?


89) In which of the following are these steps of a criminal case listed in the correct order?

90) Which of the following receives at least some protection under the U.S. Constitution?

91) Which of the following statements is generally not true about state intermediate appellate courts?

92) Which of the following is correct about litigating commercial disputes?

93) What makes a publicly held corporation different from a public corporation?


94) If the value of the collateral is less than the debt owed to the secured party, then:

95) Which of the following lists, in descending priority, of sources considered by most courts in settling questions of international law?

96) The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is:

97) A professional corporation is one that:

98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.


99) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner.

100) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?

MGT 330 Questions and Answers A+ Answe..

Business / Economics

5/9/12

Opening Offer: $14.99
Posted by: shonatutes
Date Posted: 5/9/12 7:49 PM
Due Date: 12/31/69

MGT 330 Questions and Answers A+ Answers MGT 330 Questions and Answers A+ work The way in which the alternatives to a decision are stated or phrased may have an impact on which alternative is chosen. Varying alternatives can be presented in a more favorable or less favorable way, affecting the decision. This is referred to as a. framing effects b. phrasing effects c. fraud effects d. flamboyancy effects e. fracture effects A mental image of a possible and desirable future state of the organization is a A. strategic plan B. operational plan C. goal D. vision Real-time information is information that a. is based on past performance b. represents a realistic forecast c. is based on adjusted predictions d. is obtained with little or no delay e. is discounted for the future Advantages in using a group for decision making include a. a higher level of understanding the decision b. domination by one member for leading the discussion c. groupthink d. satisficing e. all of the above are advantages Allowing one person to control a discussion or decision is referred to as a. groupthink b. satisficing c. domination d. displacement e. esprit de corps What occurs when people agree with the group or with an individual of the group because nobody wants to break up the positive feeling of cordiality? a. satisficing b. groupthink c. domination d. displacement e. synergy This type of control takes place while plans are carried out, and is the heart of any control system A. Feedback control. B. Concurrent control C. Feed forward control D. Market control Where are performance data commonly obtained? A. Oral and written reports and personal observation B. Supervisors, line managers, and coworkers C. Top, middle, and lower management D. Competitors The last step in the control process is A. taking corrective action B. setting performance standards C. measuring performance D. comparing performance Which of the following functions of management is focused on delivering strategic value? A. Planning B. Organizing C. Leading D. Controlling Which of the following best characterizes the controlling function of management? A. Motivating people to be high performers B. Assigning job responsibilities and allocating resources C. Monitoring performance and implementing changes as necessary D. Analyzing current situations and formulating business strategies ____________involves analyzing a situation, determining goals to be pursued, and deciding upon the actions that will be taken to achieve these goals A. Staffing B. Leading C. Organizing D. Planning Robert was recently hired as the workplace safety compliance officer at ABC Power Company. Robert will have the responsibility to monitor regulations from which of these government agencies? A. Federal Communications Commission B. Environmental Protection Agency C. National Labor Relations Board D. Occupational Safety and Health Administration Which of the following is the first step in effective delegation? A. Give the person the authority needed. B. Define the goal succinctly. C. Select the person to do the task. D. Solicit ideas from subordinates. The assignment of different tasks to different people or groups is the A. strategic plan B. organization structure C. division of labor D. value chain The outcome of situational analysis is A. the identification of alternative plans of action B. the identification of contingency plans to be followed under various scenarios C. the identification of planning assumptions, issues, and problems D. the identification of the consequences of alternatives under consideration What is management’s function in strategic planning? A. To outline the goals and objectives of the organization B. To give specific directions as to how each department is operated C. To begin the selection and hiring process for the organization D. To set-up tight controls on how each function in the organization is to be structured Which of the following would provide the best information for the manager on factors that influence the company’s strategic, tactical, operational, and contingency plans? A. Recently released government regulations B. Statistical data regarding market share C. SWOT analysis D. Prior year’s financial performance of the company ___________plans might be referred to as "what-if" plans Single-use Strategic Contingency Standing A plan that focuses on ongoing activities and may become a more permanent policy or rule is a A. standing plan B. single-use plan C. strategy D. mission statement Which type of program should management implement to have a culture of ethics that prevent, detect, and punish legal violations? A. Sarbanes-Oxley Act Training B. Ethics program C. Compliance-based ethics program D. Integrity-based ethics program Honesty, caring, loyalty, fairness, and integrity are all examples of A. citizenship B. values C. self-focus D. ethics As a manager, you want to create a project team to plan and implement a project designed to meet the demands of globalization. Which of the following types of organizational structure would you use to achieve higher degree of flexibility and adaptability of the team members? A. Functional B. Divisional C. Matrix D. Network The planning process of human resources management begins with A. determining the number and types of people needed to realize the organization's business plans B. recruiting individuals who will assist the organization to realize its business plans C. training people who will assist the organization to realize its business plans D. evaluating an organization's present employees and their capabilities to fulfill the organization's business plans Which type of organizational structure optimizes employee empowerment? A. Centralized B. Decentralized C. Functional D. Divisional Which of the following is an advantage of product departmentalization? A. Information needs managed more easily B. Suitable for stable environments C. Efficient resource utilization D. Decision making and lines of communication are simple Ruby recently accepted a job with a large insurance firm as an internal auditor. Ruby has found that her job is different than the internship she had at an accounting consulting firm. The insurance firm has strictly defined job responsibilities and lines of communication. For every decision Ruby needs to make, approval must be obtained from upper management. Overall, she has found the atmosphere to be quite formal as compared to the internship. Ruby has concluded that the insurance firm has A. a high degree of centralization B. decentralized authority C. a matrix design D. an ineffective structure If expansion to Australiadoes not materialize, Widget, Inc.'s backup plan is to expand to Asia. This backup plan is an example of a A. Contingency plan B. Trial-and-error plan C. Strategic plan D. Standing plan A plan to integrate new employees into a new system of payroll is an example of which type of plan? Assume that you anticipate making this change only once A. Single-use plan B. On-site plan C. Standing plan D. Implementation plan A system of rules that governs the ordering of values is referred to as A. Legal system B. Ethics C. Corporate legitimacy D. Justice Human resources planning has three stages. They are A. Recruiting, screening, and hiring B. Planning, executing, and delivering C. Hiring, training, and firing D. Planning, programming, and evaluating The programming stage of human resources management consists of A. Implementing plans determined earlier B. Setting up employee files in the computer C. Evaluating employee performance levels D. Determining appropriate automation methods An organization with departmentalization that groups units around products, customers, or geographic regions is called a: A. Centralized organization B. Functional organization C. Divisional organization D. Matrix organization --Which of the following statements regarding vision is NOT accurate? A. A single, unchanging vision is appropriate for all organizations. B. Many people do not develop a clear vision. C. Many people focus on performance, day-to-day survival. D. A person can develop a vision for any task. --Which of the following reflects a possible cause for an inappropriate vision? The vision is too long-term. The vision is too challenging. The vision does not motivate all members of the organization. The vision reflects only the leader's needs. --Decisions to be made by managers are typically characterized as a. well-structured b. certain c. containing risk d. free of conflict e. all of the above. --Uncertainty exists when the manager a. faces two conflicting issues. b. knows the risk involved in making the decision. c. has accurate information to make the decision. d. has insufficient information to make the decision. e. none of the above describe uncertainty in decision making. Good decision makers prefer to a. avoid risk. b. enjoy risk. c. manage risk. d. take risks. e. both a and c. --When a solution is specifically designed for a particular problem or set of problems, it is called a. a designer-enhancement b. dynamic c. ready-made d. future-generated e. none of the above --The initial step in the decision making process is a. select an alternative b. evaluate the decision c. implement the decision d. generate alternatives e. identify the problem --Once a problem is identified and properly diagnosed, the next stage in the decision making process involves a. evaluating alternatives b. evaluating consequences c. evaluating information d. evaluating the decision e. none of the above --Making a decision that appears adequate in the face of uncertainty is referred to as a. optimalization b. satisficing c. maximizing d. minimizing e. acceptability --To maximize is to a. realize the largest possible financial benefit b. involve as many people affected by the decision as possible in its design c. make the best possible decision d. utilize groupthink as individual decisions e. generate many alternatives for evaluation --The final step in the decision making process is a. select an alternative b. evaluate the decision c. implement the decision d. generate alternatives e. identify the problem --Evaluating the decision essentially involves a. checking to see if it has been accepted by those affected b. collecting feedback from the external environment c. evaluating attitudes toward the decision d. collecting information on how well the decision is working e. restarting the entire process of decision making --Illusion of control, discounting the future, and framing effects are all examples of a. social realities b. psychological biases c. rationality d. vigilance e. time pressures 59. Groupthink is a. avoiding disagreement b. obtaining all members' input c. the result of creativity d. superior to individual decision making e. extreme satisficing Groups that operate under a condition known as groupthink a. make risky decisions b. are overconfident c. value team spirit d. all of the above e. none of the above Legitimate power is described as power that exists through A. control over punishments B. control over rewards C. the authority to tell others what to do D. having expertise Behavior that gives purpose and meaning to organizations, while envisioning and creating a positive future A. supervisory leadership B. strategic leadership C. charismatic leadership D. task-motivated leadership NAFTA combined the economies of A. theU.S.,Canada, andMexico B.Canada,Mexico, andSouth America C. South America, theU.S., andLatin America D. Latin America,Pacific Rim, and the European Union A pharmaceutical manufacturer actively monitors all products produced to verify their ingredients fall within rigid control ranges that ensure product effectiveness. This monitoring allows them to make adjustments should they see negative trends occurring. The manufacturer is engaging in the management function of A. planning B. controlling C. quality assurance D. regulatory compliance Which type of control works best when there is “no one best way” to do a job and employees are empowered to make decisions? A. Bureaucratic control B. Market control C. Clan control D. Performance controlMGT 330 Questions and Answers A+ Answers 

MGT 330 Questions and Answers A+ work 

 

The way in which the alternatives to a decision are stated
or phrased may have an impact on which alternative is
chosen. Varying alternatives can be presented in a more favorable
or less favorable way, affecting the decision. This is
referred to as
a. framing effects
b. phrasing effects
c. fraud effects
d. flamboyancy effects
e. fracture effects

A mental image of a possible and desirable future state of the organization is a
A. strategic plan
B. operational plan
C. goal
D. vision


Real-time information is information that
a. is based on past performance
b. represents a realistic forecast
c. is based on adjusted predictions
d. is obtained with little or no delay
e. is discounted for the future

Advantages in using a group for decision making include
a. a higher level of understanding the decision
b. domination by one member for leading the discussion
c. groupthink
d. satisficing
e. all of the above are advantages

Allowing one person to control a discussion or decision is
referred to as

a. groupthink
b. satisficing
c. domination
d. displacement
e. esprit de corps

What occurs when people agree with the group or with an
individual of the group because nobody wants to break up the
positive feeling of cordiality?

a. satisficing
b. groupthink
c. domination
d. displacement
e. synergy

 

This type of control takes place while plans are carried out, and is the heart of any control system
A. Feedback control.
B. Concurrent control
C. Feed forward control
D. Market control

Where are performance data commonly obtained?

A. Oral and written reports and personal observation
B. Supervisors, line managers, and coworkers
C. Top, middle, and lower management
D. Competitors

The last step in the control process is
A. taking corrective action
B. setting performance standards
C. measuring performance
D. comparing performance

Which of the following functions of management is focused on delivering strategic value?
A. Planning

B. Organizing

C. Leading

D. Controlling

 

Which of the following best characterizes the controlling function of management?
A. Motivating people to be high performers
B. Assigning job responsibilities and allocating resources
C. Monitoring performance and implementing changes as necessary
D. Analyzing current situations and formulating business strategies

____________involves analyzing a situation, determining goals to be pursued, and deciding upon the actions that will be taken to achieve these goals
A. Staffing

B. Leading

C. Organizing

D. Planning

 

Robert was recently hired as the workplace safety compliance officer at ABC Power Company. Robert will have the responsibility to monitor regulations from which of these government agencies?
A. Federal Communications Commission

B. Environmental Protection Agency

C. National Labor Relations Board

D. Occupational Safety and Health Administration

 

Which of the following is the first step in effective delegation?
A. Give the person the authority needed.
B. Define the goal succinctly.
C. Select the person to do the task.
D. Solicit ideas from subordinates.

The assignment of different tasks to different people or groups is the
A. strategic plan
B. organization structure
C. division of labor
D. value chain

The outcome of situational analysis is
A. the identification of alternative plans of action
B. the identification of contingency plans to be followed under various scenarios
C. the identification of planning assumptions, issues, and problems
D. the identification of the consequences of alternatives under consideration

What is management’s function in strategic planning?
A. To outline the goals and objectives of the organization

B. To give specific directions as to how each department is operated

C. To begin the selection and hiring process for the organization

D. To set-up tight controls on how each function in the organization is to be structured

 

Which of the following would provide the best information for the manager on factors that influence the company’s strategic, tactical, operational, and contingency plans?
A. Recently released government regulations

B. Statistical data regarding market share

C. SWOT analysis

D. Prior year’s financial performance of the company

 

___________plans might be referred to as "what-if" plans
Single-use

Strategic

Contingency

Standing

 

A plan that focuses on ongoing activities and may become a more permanent policy or rule is a
A. standing plan

B. single-use plan

C. strategy

D. mission statement

 

Which type of program should management implement to have a culture of ethics that prevent, detect, and punish legal violations?
A. Sarbanes-Oxley Act Training
B. Ethics program
C. Compliance-based ethics program
D. Integrity-based ethics program

Honesty, caring, loyalty, fairness, and integrity are all examples of
A. citizenship

B. values

C. self-focus

D. ethics

 

As a manager, you want to create a project team to plan and implement a project designed to meet the demands of globalization. Which of the following types of organizational structure would you use to achieve higher degree of flexibility and adaptability of the team members?
A. Functional

B. Divisional

C. Matrix

D. Network

 

The planning process of human resources management begins with
A. determining the number and types of people needed to realize the organization's business plans
B. recruiting individuals who will assist the organization to realize its business plans
C. training people who will assist the organization to realize its business plans
D. evaluating an organization's present employees and their capabilities to fulfill the organization's business plans

Which type of organizational structure optimizes employee empowerment?
A. Centralized

B. Decentralized

C. Functional

D. Divisional

 

Which of the following is an advantage of product departmentalization?

A. Information needs managed more easily

B. Suitable for stable environments

C. Efficient resource utilization

D. Decision making and lines of communication are simple

 

Ruby recently accepted a job with a large insurance firm as an internal auditor. Ruby has found that her job is different than the internship she had at an accounting consulting firm. The insurance firm has strictly defined job responsibilities and lines of communication. For every decision Ruby needs to make, approval must be obtained from upper management. Overall, she has found the atmosphere to be quite formal as compared to the internship. Ruby has concluded that the insurance firm has
A. a high degree of centralization
B. decentralized authority
C. a matrix design
D. an ineffective structure

If expansion to Australiadoes not materialize, Widget, Inc.'s backup plan is to expand to Asia. This backup plan is an example of a
A. Contingency plan

B. Trial-and-error plan

C. Strategic plan

D. Standing plan

 

A plan to integrate new employees into a new system of payroll is an example of which type of plan? Assume that you anticipate making this change only once
A. Single-use plan

B. On-site plan

C. Standing plan

D. Implementation plan

 

A system of rules that governs the ordering of values is referred to as

A. Legal system

B. Ethics

C. Corporate legitimacy

D. Justice

 

Human resources planning has three stages. They are
A. Recruiting, screening, and hiring

B. Planning, executing, and delivering

C. Hiring, training, and firing

D. Planning, programming, and evaluating

 

The programming stage of human resources management consists of
A. Implementing plans determined earlier

B. Setting up employee files in the computer

C. Evaluating employee performance levels 

D. Determining appropriate automation methods

 

An organization with departmentalization that groups units around products, customers, or geographic regions is called a:
A. Centralized organization

B. Functional organization

C. Divisional organization

D. Matrix organization

 

--Which of the following statements regarding vision is NOT accurate? 
A. A single, unchanging vision is appropriate for all organizations.

B. Many people do not develop a clear vision.

C. Many people focus on performance, day-to-day survival.

D. A person can develop a vision for any task.

--Which of the following reflects a possible cause for an inappropriate vision? The vision is too long-term.

The vision is too challenging.

The vision does not motivate all members of the organization.

The vision reflects only the leader's needs.

 

--Decisions to be made by managers are typically characterized
as
a. well-structured
b. certain
c. containing risk
d. free of conflict
e. all of the above.

--Uncertainty exists when the manager
a. faces two conflicting issues.
b. knows the risk involved in making the decision.
c. has accurate information to make the decision.
d. has insufficient information to make the decision.
e. none of the above describe uncertainty in decision
making.

Good decision makers prefer to
a. avoid risk.
b. enjoy risk.
c. manage risk.
d. take risks.
e. both a and c.

--When a solution is specifically designed for a particular
problem or set of problems, it is called
a. a designer-enhancement
b. dynamic
c. ready-made
d. future-generated
e. none of the above

--The initial step in the decision making process is

a. select an alternative
b. evaluate the decision
c. implement the decision
d. generate alternatives
e. identify the problem


--Once a problem is identified and properly diagnosed, the
next stage in the decision making process involves
a. evaluating alternatives
b. evaluating consequences
c. evaluating information
d. evaluating the decision
e. none of the above


--Making a decision that appears adequate in the face of
uncertainty is referred to as
a. optimalization
b. satisficing
c. maximizing
d. minimizing
e. acceptability

--To maximize is to
a. realize the largest possible financial benefit
b. involve as many people affected by the decision as
possible in its design
c. make the best possible decision
d. utilize groupthink as individual decisions
e. generate many alternatives for evaluation

--The final step in the decision making process is
a. select an alternative
b. evaluate the decision
c. implement the decision
d. generate alternatives
e. identify the problem

--Evaluating the decision essentially involves
a. checking to see if it has been accepted by those
affected
b. collecting feedback from the external environment
c. evaluating attitudes toward the decision
d. collecting information on how well the decision is
working
e. restarting the entire process of decision making

--Illusion of control, discounting the future, and framing
effects are all examples of
a. social realities
b. psychological biases
c. rationality
d. vigilance
e. time pressures

 




59. Groupthink is

a. avoiding disagreement
b. obtaining all members' input
c. the result of creativity
d. superior to individual decision making
e. extreme satisficing

 Groups that operate under a condition known as groupthink

a. make risky decisions
b. are overconfident
c. value team spirit
d. all of the above
e. none of the above

Legitimate power is described as power that exists through
A. control over punishments
B. control over rewards
C. the authority to tell others what to do
D. having expertise

Behavior that gives purpose and meaning to organizations, while envisioning and creating a positive future
            
A. supervisory leadership

B. strategic leadership

C. charismatic leadership

D. task-motivated leadership

 

NAFTA combined the economies of
A. theU.S.,Canada, andMexico

B.Canada,Mexico, andSouth America

C. South America, theU.S., andLatin America

D. Latin America,Pacific Rim, and the European Union

 

A pharmaceutical manufacturer actively monitors all products produced to verify their ingredients fall within rigid control ranges that ensure product effectiveness. This monitoring allows them to make adjustments should they see negative trends occurring. The manufacturer is engaging in the management function of

A. planning

B. controlling

C. quality assurance

D. regulatory compliance

 

Which type of control works best when there is “no one best way” to do a job and employees are empowered to make decisions?

A. Bureaucratic control

B. Market control

C. Clan control

D. Performance control

 

 

MGT 330 - 42 Questions Answered. A+ An..

Business / Economics

5/9/12

Opening Offer: $12.99
Posted by: shonatutes
Date Posted: 5/9/12 7:50 PM
Due Date: 12/31/69

MGT 330 - 42 Questions Answered. A+ Answers MGT330 All 42 Questions Answered. A+ Work 1) Planning involves all of the following EXCEPT: A. Determining objectives B. Determining rewards for goals achievement C. Deciding actions to be taken D. Analyzing current situations 2) Building a dynamic organization is another way of describing which function of management? 3) _______________ involves analyzing a situation, determining goals to be pursued, and deciding upon the actions that will be taken to achieve these goals. A. Leading B. Organizing C. Planning D. Staffing 4) Specific government organizations in a firm's immediate task environment are called ______________. 5) The competitive environment includes all of the following EXCEPT: 6) Robert was recently hired as the workplace safety compliance officer at ABC Power Company. Robert will have the responsibility to monitor regulations from which of these government agencies? 7) The assignment of different tasks to different people or groups is the: 8) The first step in effective delegation is selecting the person to whom you will delegate. A. True B. False The first step in effective delegation is actually making a list of all tasks to be performed; choosing a specific person to delegate to after the completion of the list is the second step. Effective managers begin with an overview of their current duties and work responsibilities - then, they begin to mull over candidates who might be able to do these tasks effectively. 9) A basic characteristic of decentralized organizations is delegating authority to people at lower hierarchical levels to make decisions and take action. A. True B. False 10) The outcome of situational analysis is: A. The identification of contingency plans to be followed under various scenarios B. The identification of planning assumptions, issues, and problems C. The identification of alternative plans of action D. The identification of the consequences of alternatives under consideration 11) Which is the first step in the formal planning process? A. Situational analysis B. Monitor and control C. Goal and plan evaluation D. Implementation 12) Which of the following does NOT describe effective plans in organizations? A. They provide a clear road map. B. They are purposeful. C. They are flexible. D. They may be formal or informal. 13) If expansion toAustraliadoes not materialize, Widget, Inc.'s backup plan is to expand toAsia. This backup plan is an example of a: A. Contingency plan B. Standing plan C. Strategic plan D. Trial-and-error plan 14) _____________ plans might be referred to as "what-if" plans. A. Strategic B. Contingency C. Single-use D. Standing 15) A plan that focuses on ongoing activities and may become a more permanent policy or rule is a: A. Single-use plan B. Standing plan C. Missionstatement D. Strategy 16) Which of the following is NOT an example of a value, as defined in the textbook? A. Respect for others B. Honesty C. Loyalty D. Financial success 17) A system of rules that governs the ordering of values is referred to as: A. Corporate legitimacy B. Ethics C. Legal system D. Justice 18) The moral principles and standards that guide behavior in the world of business are: A. Business philosophy B. Business principles C. Business ethics D. Business development 19) Human resources planning has three stages. They are: 20) Companies use empowerment programs, continuous improvement, and total quality initiatives to achieve: 21) The final stage in the human resource planning process is to: A. Discharge those employees determined to be ineffective at realizing organizational goals B. Evaluate the activities conducted to ensure they produce the desired results C. Distribute compensation adjustments D. Restart the process22) A process in which different individuals and units perform different tasks is: A. Authority B. Accountability C. Differentiation D. Specialization 23) The assignment of different tasks to different people or groups is the: 24) An organization chart conveys all of the following EXCEPT: 25) An organization with departmentalization that groups units around products, customers, or geographic regions is called a: A. Centralized organization B. Functional organization C. Matrix organization D. Divisional organization 26) Which of the following statements regarding departmentalization is FALSE? A. Organizations will be most effective if they utilize a consistent form of departmentalization. B. Geographical departmentalization can allow an organization to provide faster service. C. In a product structure, information needs are managed more easily. D. Functional departmentalization is not as strong an organizational building block as it once was. 27) Which of the following is an advantage of product departmentalization? 28) Which of the following reflects a possible cause for an inappropriate vision? A. The vision does not motivate all members of the organization. B. The vision is too long-term. C. The vision reflects only the leader's needs. D. The vision is too challenging. 29) A mental image of a possible and desirable future state of the organization is a(n): A. Operational plan B. Vision C. Goal D. Strategic plan 30) Which of the following statements regarding vision is NOT accurate? 31) Legitimate power is described as power that exists through: A. Control over rewards B. Having expertise C. The authority to tell others what to do D. Control over punishments 32) Behavior that provides guidance, support, and corrective feedback for the day-to-day activities of work unit members is: A. Supervisory leadership B. Task leadership C. Organizational leadership D. Strategic leadership 33) The right or authority to tell employees what to do and what they are obligated to comply with the orders is: A. Reward power B. Legitimate power C. Coercive power D. Referent power 34) To be competitive in a global economy, Europeans must increase their level of: A. Productivity B. Espionage activity C. Population density D. Philanthropic contributions 35) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods? A. Canada B. Mexico C. Japan D. China 36) One study found that manufacturing labor costs ___ an hour inChina, compared to ____ dollars in theUnited States. A. about $2; about 15 B. less than $1; about 25 C. less than $1; about 15 D. about $2; about 25 37) Which of the following is not a symptom of an out-of-control company? A. Excessive policies B. Lack of periodic reviews C. Lax top management D. Bad information systems 38) Control has been called one of the Siamese twins of management. The other twin is: A. Organizing B. Leading C. Planning D. Directing 39) A process that directs the activities of individuals toward achieving organizational goals is: A. Control B. Directing C. Policies D. Control points 40) Using budgeting, statistical reports, and performance appraisals to regulate behavior and results are all components of: A. Market control B. Bureaucratic control C. Clan control D. Isolation 41) Which of the following is NOT one of the four major steps in the control process? A. Setting standards B. Taking corrective action C. Comparing performance with standards D. Revising standards 42) Where are performance data commonly obtained? A. Supervisors, line managers, and coworkers B. Top, middle, and lower management C. Oral and written reports and personal observation D. CompetitorsMGT 330 - 42 Questions Answered. A+ Answers 

MGT330 All 42 Questions Answered. A+ Work 
1) Planning involves all of the following EXCEPT:

            A.   Determining objectives              B.   Determining rewards for goals achievement

             C.   Deciding actions to be taken             D.   Analyzing current situations

 

2) Building a dynamic organization is another way of describing which function of management?

        3) _______________ involves analyzing a situation, determining goals to be pursued, and deciding upon the actions that will be taken to achieve these goals.

            A.   Leading               B.   Organizing               C.   Planning

              D.   Staffing

4) Specific government organizations in a firm's immediate task environment are called ______________.

 

5) The competitive environment includes all of the following EXCEPT:

6) Robert was recently hired as the workplace safety compliance officer at ABC Power Company. Robert will have the responsibility to monitor regulations from which of these government agencies?

7) The assignment of different tasks to different people or groups is the:

 

8) The first step in effective delegation is selecting the person to whom you will delegate.

            A.   True              B.   False
The first step in effective delegation is actually making a list of all tasks to be performed; choosing a specific person to delegate to after the completion of the list is the second step. Effective managers begin with an overview of their current duties and work responsibilities - then, they begin to mull over candidates who might be able to do these tasks effectively. 

9) A basic characteristic of decentralized organizations is delegating authority to people at lower hierarchical levels to make decisions and take action.

            A.   True              B.   False

10) The outcome of situational analysis is:

            A.   The identification of contingency plans to be followed under various scenarios

              B.   The identification of planning assumptions, issues, and problems              C.   The identification of alternative plans of action              D.   The identification of the consequences of alternatives under consideration

11) Which is the first step in the formal planning process?

            A.   Situational analysis              B.   Monitor and control              C.   Goal and plan evaluation             D.   Implementation

12) Which of the following does NOT describe effective plans in organizations?

            A.   They provide a clear road map.              B.   They are purposeful.              C.   They are flexible.              D.   They may be formal or informal.

13) If expansion toAustraliadoes not materialize, Widget, Inc.'s backup plan is to expand toAsia. This backup plan is an example of a:

            A.   Contingency plan              B.   Standing plan              C.   Strategic plan             D.   Trial-and-error plan

14) _____________ plans might be referred to as "what-if" plans.

            A.   Strategic              B.   Contingency              C.   Single-use             D.   Standing

15) A plan that focuses on ongoing activities and may become a more permanent policy or rule is a:

            A.   Single-use plan              B.   Standing plan             C.  Missionstatement

             D.   Strategy

16) Which of the following is NOT an example of a value, as defined in the textbook?

              A.   Respect for others

             B.   Honesty             C.   Loyalty            D.   Financial success

17) A system of rules that governs the ordering of values is referred to as:

            A.   Corporate legitimacy

               B.   Ethics               C.   Legal system               D.   Justice

18) The moral principles and standards that guide behavior in the world of business are:

            A.   Business philosophy              B.   Business principles             C.   Business ethics             D.   Business development

19) Human resources planning has three stages. They are:

 

20) Companies use empowerment programs, continuous improvement, and total quality initiatives to achieve:

 

21) The final stage in the human resource planning process is to:

            A.   Discharge those employees determined to be ineffective at realizing organizational goals

              B.   Evaluate the activities conducted to ensure they produce the desired results              C.   Distribute compensation adjustments

             D.   Restart the process22) A process in which different individuals and units perform different tasks is:

            A.   Authority              B.   Accountability             C.   Differentiation            D.   Specialization

23) The assignment of different tasks to different people or groups is the:

24) An organization chart conveys all of the following EXCEPT:

25) An organization with departmentalization that groups units around products, customers, or geographic regions is called a:

            A.   Centralized organization              B.   Functional organization              C.   Matrix organization              D.   Divisional organization

26) Which of the following statements regarding departmentalization is FALSE?

            A.   Organizations will be most effective if they utilize a consistent form of departmentalization.               B.   Geographical departmentalization can allow an organization to provide faster service.               C.   In a product structure, information needs are managed more easily.           D.   Functional departmentalization is not as strong an organizational building block as it once was.

 

27) Which of the following is an advantage of product departmentalization?

  28) Which of the following reflects a possible cause for an inappropriate vision?

            A.   The vision does not motivate all members of the organization.

              B.   The vision is too long-term.             C.   The vision reflects only the leader's needs.            D.   The vision is too challenging.

29) A mental image of a possible and desirable future state of the organization is a(n):

            A.   Operational plan              B.   Vision             C.   Goal            D.   Strategic plan

30) Which of the following statements regarding vision is NOT accurate?

 

31) Legitimate power is described as power that exists through:

            A.   Control over rewards              B.   Having expertise              C.   The authority to tell others what to do

             D.   Control over punishments

32) Behavior that provides guidance, support, and corrective feedback for the day-to-day activities of work unit members is:

            A.   Supervisory leadership               B.   Task leadership               C.   Organizational leadership               D.   Strategic leadership

33) The right or authority to tell employees what to do and what they are obligated to comply with the orders is:

            A.   Reward power              B.   Legitimate power             C.   Coercive power             D.   Referent power

34) To be competitive in a global economy, Europeans must increase their level of:

               A.   Productivity               B.   Espionage activity               C.   Population density              D.   Philanthropic contributions

35) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?

            A.  Canada              B.  Mexico              C.  Japan             D.  China

36) One study found that manufacturing labor costs ___ an hour inChina, compared to ____ dollars in theUnited States.

            A.   about $2; about 15              B.   less than $1; about 25              C.   less than $1; about 15              D.   about $2; about 25

37) Which of the following is not a symptom of an out-of-control company?

            A.   Excessive policies              B.   Lack of periodic reviews              C.   Lax top management             D.   Bad information systems

38) Control has been called one of the Siamese twins of management. The other twin is:

            A.   Organizing               B.   Leading               C.   Planning               D.   Directing

39) A process that directs the activities of individuals toward achieving organizational goals is:

            A.   Control              B.   Directing              C.   Policies             D.   Control points

40) Using budgeting, statistical reports, and performance appraisals to regulate behavior and results are all components of:

            A.   Market control              B.   Bureaucratic control              C.   Clan control

             D.   Isolation

41) Which of the following is NOT one of the four major steps in the control process?

            A.   Setting standards               B.   Taking corrective action               C.   Comparing performance with standards

               D.   Revising standards         

42) Where are performance data commonly obtained?

            A.   Supervisors, line managers, and coworkers               B.   Top, middle, and lower management               C.   Oral and written reports and personal observation                D.   Competitors

MKT 571 A+ Answers

Business / Economics

5/9/12

Opening Offer: $11.99
Posted by: shonatutes
Date Posted: 5/9/12 7:53 PM
Due Date: 12/31/69

MKT 571 A+ Answers MKT 571 A+ Answers True/False 1. Consumers who belong to the same market segment have identical needs and wants. 2. There are four levels at which a firm could micromarket—segments, niches, local areas, and individuals. 3. The ultimate level of marketing segmentation is mass marketing. 4. Lifestyle is an example of a demographic segmentation variable. 5. By and large, income is an excellent predictor of who will buy what products. 6. “Benefits sought” is an example of a behavioral segmentation variable. True 7. Social Class is an example of a psychographic segmentation variable. 8. Firms that offer tailored programs for several different market segments engage in differentiated marketing. 9. When Harley Davidson used the slogan “It’s time,” and offered test rides and bargain financing on its Sportsters products, it was using geographic segmentation. 10. Mass customization means a company has the ability to prepare individually designed products to meet customer requirements. 1. A(n) __________ market is characterized by a fairly narrowly defined market with a complete and distinct set of needs, and a willingness to pay a premium to meet those needs. a. local b. niche c. individual d. derived 2. An argument against local marketing in several cities is that it __________. a. makes it difficult to be profitable because of the small size of the market b. makes it difficult to select a standard taste for all c. drives up marketing and manufacturing costs by reducing economies of scale d. leads to market fragmentation 3. A consumer preference pattern in which all the dots are spread out and no pattern emerges is called __________. a. clustered preferences b. concentrated preferences c. diffused preferences d. honeycombed preferences 4. If a food company segments a market on the basis of demographic and/or psychographic information, its basis for segmentation is __________. a. customer responses b. preference segments c. customer characteristics d. market partitions 5. The Lazy H Dude resort is open to people of all sizes, shapes, and belief systems. It’s a place people can go to unwind from the stress of daily life. Which of the following is an example of a psychographic variable the owner could use in its marketing strategy? a. occupation b. age c. lifestyle d .income True/False The last step in marketing research is developing the research plan. Data published by the government can improve the quality of a company's marketing intelligence efforts. Primary data are data that were gathered for another purpose and already exist somewhere. Behavioral data is less effective and accurate than customers’ statements of their behavior. To obtain a representative sample, a probability sample of the population should be drawn. If speed is of the essence for a marketing research project, the best contact methods are either online or telephone interviewing. The disadvantages of using the personal interview method to conduct marketing research are that it is the most expensive method and it is subject to bias and distortion. When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s __________ system. sales reporting experiential research data accountability information system (AIS) marketing intelligence Small companies can engage in marketing research in a number of creative and inexpensive ways, including __________. setting up their own Web site hiring an independent marketing research firm using an online information service such as the Internet buying information from database companies like A.C. Nielsen Which of the following is NOT a consideration when preparing a sampling plan? Who is to be surveyed? How many are to be surveyed? How will the sample respondents be paid? Should a probability sample be used or not? __________ data are data that were gathered for another purpose and already exist. Primary Secondary Descriptive Causal A(n) __________ is a gathering of 6 to 10 people who spend a few hours with a skilled moderator to discuss a product, service, or other marketing entity. focus group intermediary team agent group consolidated group True/False 1. A fire detection system for homes would be considered a specialty good in the consumer-goods classification scheme. 2. The depth of a product mix refers to how many variants of each product are offered. 3. In the industrial-goods classification scheme, raw materials are long-lasting goods that facilitate developing or managing the finished product. 4. An existing product that has been repositioned can be considered a new product. 5. The brand elements of protectable, adaptable, and transferable are considered brand building elements. 6. Snickers Cruncher, a chocolate, with honeyed peanuts, caramel and coated in chocolate would be considered a brand extension. 1. All of the following could be considered products, EXCEPT: a. physical goods. b. distribution channels. c. events. d. ideas. 2. Marketers plan their market offerings at five levels. What is the correct order of the levels, going from the most fundamental level to the level with the most benefits? a. basic—expected—augmented—core—potential b. expected—potential—basic—augmented—core c. core—basic—expected—augmented—potential d. potential—augmented—expected—core—basic e. basic—core—augmented—potential—expected 3. In 2003,Toyotaintroduced its Scion brand, with the aim of bringing younger buyers into the “family.” This was a classic example of __________. a. innovayion b. line featuring c. line cannibalization d. line stretching 4. When SAP software added a Windows-style “back” button to its industrial invoice management software, the new product __________. a. used a repositioning strategy b. introduced a new product line c. added to an existing product line d. improved upon an existing product 5. Chrysler Sebring’s convertible originally drew the most interest from women between the ages of 35–55. In order to interest more potential customers in the roadster, Chrysler beefed up the model with better shockproof system and a faster engine, then emphasized performance in its advertising. This is an example of creating a new product by ­­­­__________. a. repositioning b. the development of a new product line c. a market diversification strategy d. a new-to-the-world product 6. __________ are formal statements of product quality/performance promised by the manufacturer. a. Open pricing statements b. Promotional statements c. Warranties d. Specifications True/False 1. The new product development process starts with profitability analysis of the ideas. 2. Many of the best ideas for new industrial products originate with customer ideas. 3. A product-positioning map uses selected criteria to show where a product stands in relationship to comparable products. 4. Concept testing is the most expensive part of the new product development process. 5. The stage of the product life cycle characterized by low sales, heavy promotion, low or negative profits, and minimal competition is the introduction stage. 6. Typically, the longest stage in the product life cycle is the maturity stage. 7. Increasing usage, frequency of use, or variety of use are all acceptable product modification strategies for a product in the maturity stage of the life cycle. 8. The appropriate decline strategy for a company depends on the industry’s relative attractiveness and the company’s competitive strength. 1. In terms of new-product development, Spam Contest for Great Ideas brings together Spam cooking ideas from all over the world. Each contestant hopes his or her idea for a new recipe will win the grand prize. For the makers of Spam, the contest serves as an avenue for __________. a. idea generation b. concept development c. prototype development d. business analysis 2. Which of the following is(are) an acceptable source of or opportunity to find new product ideas? a. Interactions with consumers. b. Employee-submitted ideas. c. The only acceptable idea source is internal research and development (R&D) under controlled conditions. d. A, B, and C are all acceptable ways of getting new product ideas. 3. A potential marketer of new combination bread and sandwich maker machine asks consumers, “Do you understand how the machine can benefit you?” and “Would this type of machine solve a need for you?” This marketer is in the __________ stage of new-product development. a. concept development and testing b. business analysis c. product development d. idea generation 4. Which of the following is the most expensive part of the new product development process? a. Concept testing. b. Business analysis. c. Product development. d. Commercialization. e. Idea generation. 5. Price reductions, promotion cutbacks, and competitor dropout characterize the __________ stage of the life cycle. a. introduction b. growth c. stable maturity d. decline 6. Which of the following groups is the largest group of adopters? a. The innovative majority. b. The opinion leaders. c. The early adopters. d. The early majority. 7. According to the concept of the product life cycle, __________. a. products have a limited life b. all products require the same level of marketing throughout their life cycle c. a product’s profits are fixed throughout its life cycle d. all products begin at the introductory stage and move through all the life cycles stages at a steady rate 8. The stage of the life cycle characterized by low sales, heavy promotion, low profit, and minimal competition is the _________ stage. a. introduction b. growth c. repositioning d. maturity e. decline 9. Most products are in the __________ stage of the product life cycle. a. introduction b. growth c. maturity d. decline 10. Volkswagen continued to sell its sedan (Beetle) inBrazilandMexicofor nearly 20 years after it withdrew the product from theUnited States. The company reduced R&D costs for the car to virtually nothing during that time, and did no advertising. In product life cycle terms, VW was __________ with the Beetle. a. maintaining b. harvesting c. reducing overcapacity d. engaging in product improvements


MKT 571 A+ Answers

MKT 571 A+ Answers
True/False  

1. Consumers who belong to the same market segment have identical needs and wants.

2. There are four levels at which a firm could micromarket—segments, niches, local areas, and individuals.

3. The ultimate level of marketing segmentation is mass marketing.

4. Lifestyle is an example of a demographic segmentation variable.

5. By and large, income is an excellent predictor of who will buy what products.

6. “Benefits sought” is an example of a behavioral segmentation variable. True

7. Social Class is an example of a psychographic segmentation variable.

8. Firms that offer tailored programs for several different market segments engage in differentiated marketing.

9. When Harley Davidson used the slogan “It’s time,” and offered test rides and bargain financing on its Sportsters products, it was using geographic segmentation.

10. Mass customization means a company has the ability to prepare individually designed products to meet customer requirements.

 

 

 

1. A(n) __________ market is characterized by a fairly narrowly defined market with a complete and distinct set of needs, and a willingness to pay a premium to meet those needs.

a. local

b. niche  

c. individual

d. derived

 

2. An argument against local marketing in several cities is that it __________.

a. makes it difficult to be profitable because of the small size of the market

b. makes it difficult to select a standard taste for all

c. drives up marketing and manufacturing costs by reducing economies of scale

d. leads to market fragmentation

 

3. A consumer preference pattern in which all the dots are spread out and no pattern emerges is called __________.

a. clustered preferences

b. concentrated preferences

c. diffused preferences

d. honeycombed preferences

 

4. If a food company segments a market on the basis of demographic and/or psychographic information, its basis for segmentation is __________.

a. customer responses

b. preference segments

c. customer characteristics

d. market partitions

5. The Lazy H Dude resort is open to people of all sizes, shapes, and belief systems. It’s a place people can go to unwind from the stress of daily life. Which of the following is an example of a psychographic variable the owner could use in its marketing strategy?

a. occupation

b. age

c. lifestyle

d .income

 

True/False 

  1. The last step in marketing research is developing the research plan.
  2. Data published by the government can improve the quality of a company's marketing intelligence efforts.
  3. Primary data are data that were gathered for another purpose and already exist somewhere.
  4. Behavioral data is less effective and accurate than customers’ statements of their behavior.
  5. To obtain a representative sample, a probability sample of the population should be drawn.
  6. If speed is of the essence for a marketing research project, the best contact methods are either online or telephone interviewing.
  7. The disadvantages of using the personal interview method to conduct marketing research are that it is the most expensive method and it is subject to bias and distortion.

 

 

 

  1. When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s __________ system.
    1. sales reporting
    2. experiential research data
    3. accountability information system (AIS)
    4. marketing intelligence

 

  1. Small companies can engage in marketing research in a number of creative and inexpensive ways, including __________.
    1. setting up their own Web site
    2. hiring an independent marketing research firm
    3. using an online information service such as the Internet
    4. buying information from database companies like A.C. Nielsen

 

  1. Which of the following is NOT a consideration when preparing a sampling plan?
    1. Who is to be surveyed?
    2. How many are to be surveyed?
    3. How will the sample respondents be paid? 
    4. Should a probability sample be used or not?

 

  1. __________ data are data that were gathered for another purpose and already exist.
    1. Primary
    2. Secondary  
    3. Descriptive
    4. Causal

 

  1. A(n) __________ is a gathering of 6 to 10 people who spend a few hours with a skilled moderator to discuss a product, service, or other marketing entity.
    1. focus group  
    2. intermediary team
    3. agent group
    4. consolidated group

 

 

True/False 

1. A fire detection system for homes would be considered a specialty good in the consumer-goods classification scheme.

2. The depth of a product mix refers to how many variants of each product are offered.

3. In the industrial-goods classification scheme, raw materials are long-lasting goods that facilitate developing or managing the finished product.

4. An existing product that has been repositioned can be considered a new product.

5. The brand elements of protectable, adaptable, and transferable are considered brand building elements.

6. Snickers Cruncher, a chocolate, with honeyed peanuts, caramel and coated in chocolate would be considered a brand extension.

 

 

 

1. All of the following could be considered products, EXCEPT:

a. physical goods.

b. distribution channels.

c. events.

d. ideas.

 

2. Marketers plan their market offerings at five levels. What is the correct order of the levels, going from the most fundamental level to the level with the most benefits?

a. basic—expected—augmented—core—potential

b. expected—potential—basic—augmented—core

c. core—basic—expected—augmented—potential

d. potential—augmented—expected—core—basic

e. basic—core—augmented—potential—expected

 

3. In 2003,Toyotaintroduced its Scion brand, with the aim of bringing younger buyers into the “family.” This was a classic example of __________.

a. innovayion

b. line featuring

c. line cannibalization

d. line stretching

 

4. When SAP software added a Windows-style “back” button to its industrial invoice management software, the new product __________.

a. used a repositioning strategy

b. introduced a new product line

c. added to an existing product line

d. improved upon an existing product

 

5. Chrysler Sebring’s convertible originally drew the most interest from women between the ages of 35–55. In order to interest more potential customers in the roadster, Chrysler beefed up the model with better shockproof system and a faster engine, then emphasized performance in its advertising. This is an example of creating a new product by ­­­­__________.

a. repositioning 

b. the development of a new product line

c. a market diversification strategy

d. a new-to-the-world product

 

6. __________ are formal statements of product quality/performance promised by the manufacturer.

a. Open pricing statements

b. Promotional statements

c. Warranties

d. Specifications

 

True/False 

 

1. The new product development process starts with profitability analysis of the ideas.

2. Many of the best ideas for new industrial products originate with customer ideas.

3. A product-positioning map uses selected criteria to show where a product stands in relationship to comparable products.

4. Concept testing is the most expensive part of the new product development process.

5. The stage of the product life cycle characterized by low sales, heavy promotion, low or negative profits, and minimal competition is the introduction stage.

6. Typically, the longest stage in the product life cycle is the maturity stage.

7. Increasing usage, frequency of use, or variety of use are all acceptable product modification strategies for a product in the maturity stage of the life cycle.

8. The appropriate decline strategy for a company depends on the industry’s relative attractiveness and the company’s competitive strength.

 

1. In terms of new-product development, Spam Contest for Great Ideas brings together Spam cooking ideas from all over the world. Each contestant hopes his or her idea for a new recipe will win the grand prize. For the makers of Spam, the contest serves as an avenue for __________.

a. idea generation

b. concept development

c. prototype development

d. business analysis

 

2. Which of the following is(are) an acceptable source of or opportunity to find new product ideas?

a. Interactions with consumers.

b. Employee-submitted ideas.

c. The only acceptable idea source is internal research and development (R&D) under controlled conditions.

d. A, B, and C are all acceptable ways of getting new product ideas.  

 

3. A potential marketer of new combination bread and sandwich maker machine asks consumers, “Do you understand how the machine can benefit you?” and “Would this type of machine solve a need for you?” This marketer is in the __________ stage of new-product development.

a. concept development and testing  

b. business analysis

c. product development

d. idea generation

 

4. Which of the following is the most expensive part of the new product development process?

a. Concept testing.

b. Business analysis.

c. Product development.

d. Commercialization.

e. Idea generation.

 

5. Price reductions, promotion cutbacks, and competitor dropout characterize the __________ stage of the life cycle.

a. introduction

b. growth

c. stable maturity

d. decline

 

6. Which of the following groups is the largest group of adopters?

a. The innovative majority.

b. The opinion leaders.

c. The early adopters.

d. The early majority.

 

7. According to the concept of the product life cycle, __________.

a. products have a limited life

b. all products require the same level of marketing throughout their life cycle

c. a product’s profits are fixed throughout its life cycle

d. all products begin at the introductory stage and move through all the life cycles stages at a steady rate

 

8. The stage of the life cycle characterized by low sales, heavy promotion, low profit, and minimal competition is the _________ stage.

a. introduction

b. growth

c. repositioning

d. maturity

e. decline

 

9. Most products are in the __________ stage of the product life cycle.

a. introduction

b. growth

c. maturity

d. decline

 

10. Volkswagen continued to sell its sedan (Beetle) inBrazilandMexicofor nearly 20 years after it withdrew the product from theUnited States. The company reduced R&D costs for the car to virtually nothing during that time, and did no advertising. In product life cycle terms, VW was __________ with the Beetle.

a. maintaining

b. harvesting 

c. reducing overcapacity

d. engaging in product improvements

MKT 571 Largest collection of Question..

Business / Economics

5/9/12

Opening Offer: $29.99
Posted by: shonatutes
Date Posted: 5/9/12 7:54 PM
Due Date: 12/31/69

MKT 571 Largest collection of Questions and A+ Answers- More than 1500 MCQs MKT 571 Largest collection of Questions and A+ Answers Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence? When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s___________systems. Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series? A marketing information system (MIS) consists of________ The introduction of a new product to the market using market-penetration pricing is most likely to be successful when__________ A. The high price communicates nothing to potential buyers B. There must be no existing demand for the product C. The market is highly price sensitive D. The unit costs of producing a small volume of the product are high When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a__________ Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform? Which of the following would NOT be considered part of a marketing communications program? A. Personal selling B. An event sponsorship C. Brand contact D. A sales promotion Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the__________concept A. Marketing B. Customer C. Production D. Product Which of the following is NOT about the selling concept? Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by__________ Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment? The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situations is called marketing research. Data published by the government and data purchased from outside suppliers can improve the quality of a company's marketing intelligence efforts _________is the difference between a prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives. Lowe's home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via___________ __________is likely to offer informal advice and information about a product or product category Which factors have the broadest and deepest influence on consumer behavior? Business buying behavior differs from consumer buying behavior in that___________ Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products? __________are formal statements of expected product performance by the manufacturer. When SAP software added a Windows-style "back" button to its industrial invoice management software, the new product_____________ Which of the following best describes the category in which the offering's service mix is distinguished? Mr. Tse and his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn't have the opportunity to go. The experience of the Tse's is an example of which offering? A. A major service with accompanying minor goods and services B. A hybrid C. A pure service D. A tangible good with accompanying services Ayal and Zif argue that going into fewer countries is advisable when__________ McDonald's franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of____________ within channel relations. Which is the last major decision in international marketing? Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is___________ A. Direct mail B. Television C. Magazine D. Newspapers Which of the following is NOT a major mode of communications in the marketing communications mix? A. Events and experiences B. Advertising C. Sales promotion D. Satellite radio A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs A. Maximum current revenue B. Survival C. Maximum sales growth D. Maximum current profit Convenience goods such as snack foods are sold through________________ A. Full-service B. Limited service C. Self-service D. Self-selection Because of Coca-Cola’s size and power in the marketplace, they tend to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a_______________ A. Corporate vertical marketing system B. Horizontal marketing system C. Contractual vertical marketing system D. Administered vertical marketing system Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of_____________ A. Reminder B. Persuasive C. Informative D. Descriptive The number of different persons exposed to a particular media schedule at least once during some specified time is the______________ of an advertisement. A. Reach B. Frequency C. Impact D. Iteration Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money A. Reinforcement B. Comparative C. Informative D. Persuasive _____________are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell. A. Marketing communications B. Sales promotions C. Mass communications D. Brand images This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects A. Brand building B. Viral marketing C. Direct marketing D. Personal selling ___________marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long-term preference and business. A. Behavioral response B. Transaction-oriented C. Relationship D. Business-to-business The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At the time, the firm offering these kits would likely have been using the __________ concept A. Technological B. Market C. Production D. Product The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software A. Macromarket B. Marketspace C. Marketplace D. Metamarket Which of the following is most closely associated with a proactive marketing orientation? A. Macromarket B. Marketspace C. Marketplace D. Metamarket _________is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade A. Sales promotion B. Personal selling C. Advertising D. Public relations Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families? A. Reminder B. Informative C. Descriptive D. Persuasive Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________. A. Using an online information service such as the internet B. Using its own internal marketing research department C. Buying information from database companies like A.C. Nielsen D. Setting up their own web site A marketing information system consists of the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute information to decision makers. Marketing information systems allow managers to do a better job of choosing their markets. The systematic collection, analysis, and reporting of data relevant to specific problems is the task of marketing research. Small companies can engage in marketing research in a number of creative and inexpensive ways, including using an online information service such as the Internet. A marketing information system (MIS) uses only internal sources of information to aid in managerial decision making. Usually, syndicated service research firms can provide consumer-panel data at a much lower cost than if a company carried on its own panel operations. The last step in marketing research is developing the research plan. The second step in the marketing research process is the definition of the problem and the research objectives. Primary data is generally available more quickly and at a lower cost than secondary data. Primary data is data that was gathered for another purpose and already exists. Researchers who use probability sampling can calculate their confidence in the accuracy of their findings. On average, companies budget about 11-12 percent of company sales on marketing research. If speed is of the essence for a marketing research project, one of the best contact methods is telephone. Ethos Research provides marketing research based on in-home or field in-depth interviews. The company would be considered a syndicated service research firm. If versatility is the most important criterion for a marketing research project, the preferred contact method is personal interview. Developing the research plan design is typically the most expensive step of the marketing research process. Market demand for a product refers to the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined environment under a defined marketing program. A sales quota is the sales goal set for a product line, company division, or sales representative. A trend is unpredictable, short-lived, and without social, economic, and political significance. The market-buildup method for estimating current demand is to identify all potential buyers in each market and estimate their potential purchases. The step in the marketing research process that includes determining who will be sampled is to__________ A. Collect the information B. Make the decision based on the project outcomes C. Develop the research plan D. Define the problem and research objectives The second step in the marketing research process is_______________ A. Decision regarding the research tools and target group B. Collection of the available sources for information needed C. Define the problem and research objectives D. Development of the research plan The last step in marketing research is developing the research plan A. B. Typically, companies budget about 11-12 percent of company sales for marketing research A. B. Marketing information systems are developed from internal company records, marketing intelligence, and marketing research A. B. ___________is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives A. Customer delivered value B. Customer relationship management C. Customer perceived value D. Total customer cost Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via________ A. Increasing the service value B. Increasing total customer value C. Reducing the product’s monetary costs to the buyers. D. Reducing the buyer’s nonmonetary costs Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a_______ A. Social class B. Demographic group C. Reference group D. Subculture Abercrombie and Fitch could use _______________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money. When setting the advertising budget, management should consider all of the following factors EXCEPT: In developing a creative strategy, advertisers follow all of the following steps EXCEPT: The number of different persons exposed to a particular media schedule at least once during some The qualitative value of an exposure through a given media vehicle is called _______________. An ad in Surfer Girl magazine says, “ Mr. Zog’s sex wax gloms onto your stick better and longer than any other wax.” This is an example of a(n) _______________ appeal. Michelin Tires has commercials featuring diaper-clad babies sitting in Michelin tires. A voiceover tells you the tires are more expensive than many brands but that what is riding on them is priceless. This is an example of a(n) _______________ appeal.MKT 571 Largest collection of Questions and A+ Answers- More than 1500 MCQs

MKT 571 Largest collection of Questions and A+ Answers 
  1. Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence?
  2. When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s___________systems.

    Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series?
    A marketing information system (MIS) consists of________
  3. The introduction of a new product to the market using market-penetration pricing is most likely to be successful when__________
    A. The high price communicates nothing to potential buyers
    B. There must be no existing demand for the product
    C. The market is highly price sensitive
    D. The unit costs of producing a small volume of the product are high
  4. When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a__________

  5. Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform?

  6. Which of the following would NOT be considered part of a marketing communications program?

    A. Personal selling
    B. An event sponsorship
    C. Brand contact
    D. A sales promotion

 Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the__________concept


  1. A. Marketing
    B. Customer
    C. Production
    D. Product
  2. Which of the following is NOT  about the selling concept?


  3. Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by__________



  4. Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment?
  5. The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situations is called marketing research.
  6. Data published by the government and data purchased from outside suppliers can improve the quality of a company's marketing intelligence efforts
  7. _________is the difference between a prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives.

 

 

  1. Lowe's home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via___________
  2. __________is likely to offer informal advice and information about a product or product category

  3. Which factors have the broadest and deepest influence on consumer behavior?
  4. Business buying behavior differs from consumer buying behavior in that___________



    1. Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products?

    2. __________are formal statements of expected product performance by the manufacturer.
    3. When SAP software added a Windows-style "back" button to its industrial invoice management software, the new product_____________
    4. Which of the following best describes the category in which the offering's service mix is distinguished?
    5. Mr. Tse and his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn't have the opportunity to go. The experience of the Tse's is an example of which offering?
      A. A major service with accompanying minor goods and services
      B. A hybrid
      C. A pure service
      D. A tangible good with accompanying services
    6. Ayal and Zif argue that going into fewer countries is advisable when__________

    7. McDonald's franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of____________ within channel relations.

    8. Which is the last major decision in international marketing?


    9. Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is___________

      A. Direct mail
      B. Television
      C. Magazine
      D. Newspapers
    10. Which of the following is NOT a major mode of communications in the marketing communications mix?

      A. Events and experiences
      B. Advertising
      C. Sales promotion
      D. Satellite radio

 

  1. A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs
    A. Maximum current revenue
    B. Survival
    C. Maximum sales growth
    D. Maximum current profit
  2. Convenience goods such as snack foods are sold through________________
    A. Full-service
    B. Limited service
    C. Self-service
    D. Self-selection
  3. Because of Coca-Cola’s size and power in the marketplace, they tend to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a_______________
    A. Corporate vertical marketing system
    B. Horizontal marketing system
    C. Contractual vertical marketing system
    D. Administered vertical marketing system
  4. Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of_____________

    A. Reminder
    B. Persuasive
    C. Informative
    D. Descriptive
  5. The number of different persons exposed to a particular media schedule at least once during some specified time is the______________ of an advertisement.
    A. Reach
    B. Frequency
    C. Impact
    D. Iteration
  6. Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money
    A. Reinforcement
    B. Comparative
    C. Informative
    D. Persuasive
  7. _____________are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell.
    A. Marketing communications
    B. Sales promotions
    C. Mass communications
    D. Brand images
  8. This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects
    A. Brand building
    B. Viral marketing
    C. Direct marketing
    D. Personal selling
  9. ___________marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long-term preference and business.
    A. Behavioral response
    B. Transaction-oriented
    C. Relationship
    D. Business-to-business
  10. The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At the time, the firm offering these kits would likely have been using the __________ concept
    A. Technological
    B. Market
    C. Production
    D. Product
  11. The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software

    A. Macromarket
    B. Marketspace
    C. Marketplace
    D. Metamarket
  12. Which of the following is most closely associated with a proactive marketing orientation?

    A. Macromarket
    B. Marketspace
    C. Marketplace
    D. Metamarket
  13. _________is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade
    A. Sales promotion
    B. Personal selling
    C. Advertising
    D. Public relations
  14. Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families? 
    A. Reminder
    B. Informative
    C. Descriptive
    D. Persuasive
  1. Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________. 
    A. Using an online information service such as the internet 
    B. Using its own internal marketing research department 
    C. Buying information from database companies like A.C. Nielsen 
    D. Setting up their own web site

 

  1. A marketing information system consists of the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute information to decision makers.   

    1. Marketing information systems allow managers to do a better job of choosing their markets.  

 

  1. The systematic collection, analysis, and reporting of data relevant to specific problems is the task of marketing research.  

 

  1. Small companies can engage in marketing research in a number of creative and inexpensive ways, including using an online information service such as the Internet.  

 

  1. A marketing information system (MIS) uses only internal sources of information to aid in managerial decision making. 

 

  1. Usually, syndicated service research firms can provide consumer-panel data at a much lower cost than if a company carried on its own panel operations.  

 

  1. The last step in marketing research is developing the research plan.  

 

  1. The second step in the marketing research process is the definition of the problem and the research objectives.  

 

  1. Primary data is generally available more quickly and at a lower cost than secondary data.  

 

  1. Primary data is data that was gathered for another purpose and already exists.  

 

  1. Researchers who use probability sampling can calculate their confidence in the accuracy of their findings.  

 

  1. On average, companies budget about 11-12 percent of company sales on marketing research.  

 

  1. If speed is of the essence for a marketing research project, one of the best contact methods is telephone.  

 

  1. Ethos Research provides marketing research based on in-home or field in-depth interviews. The company would be considered a syndicated service research firm.  

 

  1. If versatility is the most important criterion for a marketing research project, the preferred contact method is personal interview.  

 

  1. Developing the research plan design is typically the most expensive step of the marketing research process.  

 

  1. Market demand for a product refers to the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined environment under a defined marketing program.  

 

  1. A sales quota is the sales goal set for a product line, company division, or sales representative.  

 

  1. A trend is unpredictable, short-lived, and without social, economic, and political significance.  

 

  1. The market-buildup method for estimating current demand is to identify all potential buyers in each market and estimate their potential purchases.  

 

  1. The step in the marketing research process that includes determining who will be sampled is to__________
    A. Collect the information
    B. Make the decision based on the project outcomes
    C. Develop the research plan
    D. Define the problem and research objectives
  2. The second step in the marketing research process is_______________
    A. Decision regarding the research tools and target group
    B. Collection of the available sources for information needed
    C. Define the problem and research objectives
    D. Development of the research plan

  3. The last step in marketing research is developing the research plan
    A. 
    B.
  4. Typically, companies budget about 11-12 percent of company sales for marketing research

    A. 
    B.
  5. Marketing information systems are developed from internal company records, marketing intelligence, and marketing research
    A. 
    B.
  6. ___________is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives
    A. Customer delivered value
    B. Customer relationship management
    C. Customer perceived value
    D. Total customer cost
  7. Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via________

    A. Increasing the service value
    B. Increasing total customer value
    C. Reducing the product’s monetary costs to the buyers.
    D. Reducing the buyer’s nonmonetary costs

Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a_______

A. Social class
B. Demographic group
C. Reference group
D. Subculture

  1. Abercrombie and Fitch could use _______________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money.

 

  1. When setting the advertising budget, management should consider all of the following factors EXCEPT:

 

  1. In developing a creative strategy, advertisers follow all of the following steps EXCEPT:

 

  1. The number of different persons exposed to a particular media schedule at least once during some 
  1. The qualitative value of an exposure through a given media vehicle is called _______________.

 

  1. An ad in Surfer Girl magazine says, “ Mr. Zog’s sex wax gloms onto your stick better and longer than any other wax.”   This is an example of a(n) _______________ appeal.
  1. Michelin Tires has commercials featuring diaper-clad babies sitting in Michelin tires.  A voiceover tells you the tires are more expensive than many brands but that what is riding on them is priceless.  This is an example of a(n) _______________ appeal.

MKT 571 A+ Answers

Business / Economics

5/9/12

Opening Offer: $15.00
Posted by: shonatutes
Date Posted: 5/9/12 8:00 PM
Due Date: 12/31/69

MKT 571 A+ Answers True/False Questions 1. The task of any business is to deliver customer value at a profit. 2. Companies that subscribe to the traditional view of marketing have the bets chance of succeeding in markets where the consumer faces abundant choice. 3. According to the value chain, every firm is a synthesis of activities performed to design, produce, market, deliver, support, and recycle its products. 4. 4. The core business process called market sensing consists of all activities involved in gathering marketing intelligence, disseminating it within the firm, and acting on it. 5. The question “How can a company use its capabilities to deliver value offerings more efficiently?” is part of the Value Creation portion of the Holistic Marketing Framework. 6. Customer perceived value is defined as the difference between the prospective customer’s evaluation of all the benefits of an offering and the perceived alternatives. 7. Product value, service value, and image value are all determinants of total customer cost. 8. Business and organizational customers always choose the highest delivered value when making an industrial product purchase. 9. Loyalty is defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future, even in the face of situational or marketing influences with the potential to cause switching behavior. 10. Experts have defined quality in different ways. 11. A product can have conformance quality without having performance quality. 12. The 20-80-30 rule suggests that a company makes 80 percent of its profit from just 20 percent of its customers, about 30 percent of the time. 13. Figuring out your average customer lifetime value is one step toward understanding long-term customer profitability. 14. The more loyal the customers, the higher the customer equity. 15. Brand equity is the customer’s tendency to stick with the brand, above and beyond the objective and subjective assessment of its worth. 16. Developing one-to-one marketing through a CRM program might include not pursuing all customers. 17. According to some marketing experts, it is no longer enough to produce satisfied customers. 18. About 60 percent of dissatisfied customers don’t complain. 19. The customer development process begins with first-time customers. 20. The highest level of investment in customer relationship building is called partnership marketing. 21. The first step to reducing customer defection is to distinguish the causes of customer irritation and identify those that can be managed better. 22. American Airlines pioneered frequent flier programs to get more loyalty from its customers. Frequency marketing is an acknowledgement that a minority of customers provides a majority of profits. 23. Database marketing is the process of building, maintaining, and using a customer mailing list. 24. Data warehousing involves the use of sophisticated statistical and mathematical techniques to extract meaning from large customer data sets. 25. One problem with CRM programs is that not all customers want a “relationship” with the marketer. True Multiple Choice Questions 26. The traditional view of marketing is that a firm makes something and then sells it. In this view, marketing takes place in the second half of the process. Companies that subscribe to this view have the best chance of succeeding __________. a. in highly competitive markets b. in economies marked by goods shortages where customers are not fussy about quality c. where consumers have plenty of choices of high quality and competitively-priced goods d. against competitors who carefully define their target markets and position their offerings accordingly e. in a marketplace where many micro niche products are available 27. The value delivery model of marketing focuses on which of the following? a. Making and selling products. b. Having and holding customers. c. Finding and communicating with the customer. d. Placing marketing at the beginning of the process. e. Serving the profitable mass market. 28. In the value creation and delivery system, the first phase involves “choosing the value.” In this strategic marketing process, the firm must do the marketing homework of __________. a. segmenting the market, targeting a customer group, and positioning the offering (difficult) b. understanding the customer through market research c. providing the proper product mix to the relevant retailers d. measuring success or failure and feeding that knowledge back to the planners e. setting a price that provides the proper perceived value to the final consumer 29. In the Value Creation and Delivery Sequence, tactical marketing follows strategic marketing, and includes all of the following EXCEPT: a. product development. b. sales promotion. c. value positioning. d. advertising. e. sourcing and making. 30. In the traditional process of value creation, making the product precedes selling the product, and includes all of the following EXCEPT: a. product design. b. procurement of inputs to make the product. c. procurement of resources to make the product. d. actually making the product. e. distribution of the product. 31. The third task in the Value Creation and Delivery Sequence is called __________. It involves utilizing the sales force, advertising, sales promotion, and other tools to announce and promote the product. a. choosing the value b. communicating the value c. entering the consumer’s zone d. doing the homework e. providing the value 32. Within the five core business processes identified, __________ involves researching, developing, and launching high-quality offerings quickly and within budget. a. the market sensing process b. the new offering realization process c. the customer acquisition process d. the customer relationship management process e. the best in class practices 33. Within the five core business processes identified, __________ involves receiving and approving orders, shipping goods on time, and collecting payments. a. the market sensing process b. the new offering realization process c. the customer benchmarking process d. the customer relationship management process e. the fulfillment management process 34. The __________ involves nine strategically relevant activities that create value and cost for the organization. a. Core Business Process b. Value Creation and Delivery Sequence c. Generic Value Chain d. Traditional Marketing Model e. Guide for Strategic Thinking 35. Which of the following is NOT considered a support activity in Porter’s Value Chain? a. Firm infrastructure. b. Human resource management. c. Procurement. d. Technology development. e. Outbound logistics 36. Which of the following is NOT considered a primary activity in Porter’s Value Chain? a. Inbound logistics. b. Service. c. Marketing. d. Human resource management. e. Operations. 37. __________ integrates the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders. a. Holistic marketing b. A distinctive capability c. A core competency d. Outsourcing e. The Value Chain 38. In the Holistic Marketing Framework, when the key management question of how to deliver value is applied to the company’s core competencies, the major resulting activity should be a focus on _________. a. the customer’s cognitive space b. strengthening business partnerships c. managing customer relationships d. managing internal resources e. increasing customer benefits 39. __________ is the difference between the prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives. a. Total customer cost b. Customer perceived value c. Customer delivered value d. Customer relationship management e. Total customer value 40. Which of the following is not a component part of total customer value? a. Product value. b. Services value. c. Psychic value. d. Personnel value. e. Image value. 41. About a year ago, Echo began renting her movies from Netflix. She perceived Netflix to be a better source because of the enhanced selection, the responsive customer service emails she has received in answer to her online queries, better pricing, and less effort compared to renting from the store in her town. Netflix has offered Echo better __________ than the local competition. a. total customer cost b. customer perceived value c. customer delivered value d. total customer value e. customer relationship management 42. Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via __________. a. reducing the buyer’s nonmonetary costs b. living up to the Lowe’s pledge c. reducing the product’s monetary costs to the buyer d. increasing the service value e. increasing total customer value 43. __________ has been defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. a. Loyalty b. Satisfaction c. Value-delivery d. “Deep” satisfaction e. Delight 44. The __________ includes all the experiences the customer will have on the way to obtaining and using the marketing offering. a. value proposition b. value-delivery system c. psychic cost d. rational buying process e. customer proclivity to purchase 45. Buyers of Harley-Davidson motorcycles are promised more than just a vehicle, they also are assured that the motorcycles will work well, and maintain good re-sale value. Additionally, the Harley-Davidson brand represents “freedom” to many customers and potential customers. This latter idea is related to Harley’s __________. a. warranty b. brand promise c. core positioning d. guarantee of complete satisfaction e. value proposition 46. Which of the following is true? a. If marketers raise expectations too high, it won’t attract enough customers. b. If the company sets expectations too low, the buyer is likely to be disappointed. c. If the company sets expectations too low, exceeding buyer expectations becomes difficult. d. If marketers raise expectations too high, the buyer is likely to be disappointed. e. If marketers raise expectations too high, they will soon have many copycat offerings competing in the marketplace. 47. What are highly satisfied customers NOT likely to do? a. Stay loyal longer. b. Talk favorably about the brand. c. Be less price sensitive. d. Upgrade their service. e. Cost a bit more to serve. 48. Which is NOT a difficulty of measuring customer satisfaction? a. Measurement tools are not sophisticated enough to measure satisfaction reliably. b. Customers may report some level of satisfaction for very different reasons. c. Different customers may define the term “satisfied” in very different ways. d. Completely satisfied could mean the same as very satisfied. e. Customer satisfaction may be strongly related to loyalty—but not always. 49. McDonald’s restaurants rank high in the quick service industry on getting orders right, something that is highly valued by quick service customers. This is an example of __________. a. conformance quality b. performance quality c. the “freedom from variation” standard d. none of the above e. More than one answer could be correct. 50. Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons? a. Communicating satisfaction findings externally would have little marketing value. b. You should not communicate satisfaction findings internally for ethical reasons. c. To highlight good news and act on bad news. d. To satisfy upper management that all is going well. e. More than one of the above reasons is a correct reason for communicating satisfaction results internally. 51. The new BMW K1200 motorcycle is fast and smooth and pricy, when compared to the Suzuki SV650. The Suzuki is a competent, budget motorcycle which costs less than half the price of the BMW, has about half the horsepower, and has a “buzzy” ride above 95 miles per hour (the BMW will go 170+!). Both bikes deliver what their customers expect. Based on these facts, which is true? a. The Suzuki delivers higher performance quality. b. The BMW delivers higher conformance quality. c. German engineering is superior to Japanese engineering. d. Both bikes deliver conformance quality- e. Both companies participate in total quality management programs. 52. Which of the following is NOT true, when speaking of quality? a. Higher quality supports higher prices. b. Quality that raises customer satisfaction is generally related to higher profits. c. High quality can lower costs. d. Total Quality Management is an organization-wide program stressing continuous improvement. e. There is no correlation between relative product quality and company profitability. 53. Marketers play all of the following roles in helping their companies define and deliver high-quality goods and services to target customers, EXCEPT: a. providing customer data to marketers with non-competing offers. b. correctly identifying customer needs. c. correctly filling customer orders. d. ensuring customer satisfaction. e. communicating customer needs to designers. 54. Which of the following is true of the customers? a. You should never “fire” your worst customers. b. The best hotel/motel customers outspend others by a ratio of 5 to 1. c. For every 20 customers, a company will make 80 percent more profit. d. The number of unprofitable customers is equal to the number of profitable ones. e. The best customers outspend others by a ratio of 5 to 1 in retailing. 55. A __________ is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the marketer’s cost stream of attracting, selling, and servicing that person, household, or company. a. good customer b. sales customer c. profitable customer d. strong customer e. marketing accountantMKT 571 A+ Answers True/False Questions 1. The task of any business is to deliver customer value at a profit. 2. Companies that subscribe to the traditional view of marketing have the bets chance of succeeding in markets where the consumer faces abundant choice. 3. According to the value chain, every firm is a synthesis of activities performed to design, produce, market, deliver, support, and recycle its products. 4. 4. The core business process called market sensing consists of all activities involved in gathering marketing intelligence, disseminating it within the firm, and acting on it. 5. The question “How can a company use its capabilities to deliver value offerings more efficiently?” is part of the Value Creation portion of the Holistic Marketing Framework. 6. Customer perceived value is defined as the difference between the prospective customer’s evaluation of all the benefits of an offering and the perceived alternatives. 7. Product value, service value, and image value are all determinants of total customer cost. 8. Business and organizational customers always choose the highest delivered value when making an industrial product purchase. 9. Loyalty is defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future, even in the face of situational or marketing influences with the potential to cause switching behavior. 10. Experts have defined quality in different ways. 11. A product can have conformance quality without having performance quality. 12. The 20-80-30 rule suggests that a company makes 80 percent of its profit from just 20 percent of its customers, about 30 percent of the time. 13. Figuring out your average customer lifetime value is one step toward understanding long-term customer profitability. 14. The more loyal the customers, the higher the customer equity. 15. Brand equity is the customer’s tendency to stick with the brand, above and beyond the objective and subjective assessment of its worth. 16. Developing one-to-one marketing through a CRM program might include not pursuing all customers. 17. According to some marketing experts, it is no longer enough to produce satisfied customers. 18. About 60 percent of dissatisfied customers don’t complain. 19. The customer development process begins with first-time customers. 20. The highest level of investment in customer relationship building is called partnership marketing. 21. The first step to reducing customer defection is to distinguish the causes of customer irritation and identify those that can be managed better. 22. American Airlines pioneered frequent flier programs to get more loyalty from its customers. Frequency marketing is an acknowledgement that a minority of customers provides a majority of profits. 23. Database marketing is the process of building, maintaining, and using a customer mailing list. 24. Data warehousing involves the use of sophisticated statistical and mathematical techniques to extract meaning from large customer data sets. 25. One problem with CRM programs is that not all customers want a “relationship” with the marketer. True Multiple Choice Questions 26. The traditional view of marketing is that a firm makes something and then sells it. In this view, marketing takes place in the second half of the process. Companies that subscribe to this view have the best chance of succeeding __________. 27. The value delivery model of marketing focuses on which of the following? 28. In the value creation and delivery system, the first phase involves “choosing the value.” In this strategic marketing process, the firm must do the marketing homework of __________. a. segmenting the market, targeting a customer group, and positioning the offering (difficult) 29. In the Value Creation and Delivery Sequence, tactical marketing follows strategic marketing, and includes all of the following EXCEPT: 30. In the traditional process of value creation, making the product precedes selling the product, and includes all of the following EXCEPT: 31. The third task in the Value Creation and Delivery Sequence is called __________. It involves utilizing the sales force, advertising, sales promotion, and other tools to announce and promote the product. 32. Within the five core business processes identified, __________ involves researching, developing, and launching high-quality offerings quickly and within budget. 33. Within the five core business processes identified, __________ involves receiving and approving orders, shipping goods on time, and collecting payments. 34. The __________ involves nine strategically relevant activities that create value and cost for the organization. 35. Which of the following is NOT considered a support activity in Porter’s Value Chain? 36. Which of the following is NOT considered a primary activity in Porter’s Value Chain? 37. __________ integrates the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders. 38. In the Holistic Marketing Framework, when the key management question of how to deliver value is applied to the company’s core competencies, the major resulting activity should be a focus on _________. 39. __________ is the difference between the prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives. 40. Which of the following is not a component part of total customer value? 41. About a year ago, Echo began renting her movies from Netflix. She perceived Netflix to be a better source because of the enhanced selection, the responsive customer service emails she has received in answer to her online queries, better pricing, and less effort compared to renting from the store in her town. Netflix has offered Echo better __________ than the local competition. 42. Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via __________. 43. __________ has been defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. 44. The __________ includes all the experiences the customer will have on the way to obtaining and using the marketing offering. 45. Buyers of Harley-Davidson motorcycles are promised more than just a vehicle, they also are assured that the motorcycles will work well, and maintain good re-sale value. Additionally, the Harley-Davidson brand represents “freedom” to many customers and potential customers. This latter idea is related to Harley’s __________. 46. Which of the following is true? a. If marketers raise expectations too high, it won’t attract enough customers. b. If the company sets expectations too low, the buyer is likely to be disappointed. c. If the company sets expectations too low, exceeding buyer expectations becomes difficult. d. If marketers raise expectations too high, the buyer is likely to be disappointed. e. If marketers raise expectations too high, they will soon have many copycat offerings competing in the marketplace. 47. What are highly satisfied customers NOT likely to do? 48. Which is NOT a difficulty of measuring customer satisfaction? 50. Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons? a. Communicating satisfaction findings externally would have little marketing value. b. You should not communicate satisfaction findings internally for ethical reasons. c. To highlight good news and act on bad news. d. To satisfy upper management that all is going well. e. More than one of the above reasons is a correct reason for communicating satisfaction results internally.MKT 571 A+ Answers True/False Questions


1. The task of any business is to deliver customer value at a profit. 2. Companies that subscribe to the traditional view of marketing have the bets chance of succeeding in markets where the consumer faces abundant choice. 3. According to the value chain, every firm is a synthesis of activities performed to design, produce, market, deliver, support, and recycle its products. 4. 4. The core business process called market sensing consists of all activities involved in gathering marketing intelligence, disseminating it within the firm, and acting on it. 5. The question “How can a company use its capabilities to deliver value offerings more efficiently?” is part of the Value Creation portion of the Holistic Marketing Framework. 6. Customer perceived value is defined as the difference between the prospective customer’s evaluation of all the benefits of an offering and the perceived alternatives. 7. Product value, service value, and image value are all determinants of total customer cost. 8. Business and organizational customers always choose the highest delivered value when making an industrial product purchase. 9. Loyalty is defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future, even in the face of situational or marketing influences with the potential to cause switching behavior. 10. Experts have defined quality in different ways. 11. A product can have conformance quality without having performance quality. 12. The 20-80-30 rule suggests that a company makes 80 percent of its profit from just 20 percent of its customers, about 30 percent of the time. 13. Figuring out your average customer lifetime value is one step toward understanding long-term customer profitability. 14. The more loyal the customers, the higher the customer equity. 15. Brand equity is the customer’s tendency to stick with the brand, above and beyond the objective and subjective assessment of its worth. 16. Developing one-to-one marketing through a CRM program might include not pursuing all customers. 17. According to some marketing experts, it is no longer enough to produce satisfied customers. 18. About 60 percent of dissatisfied customers don’t complain. 19. The customer development process begins with first-time customers. 20. The highest level of investment in customer relationship building is called partnership marketing. 21. The first step to reducing customer defection is to distinguish the causes of customer irritation and identify those that can be managed better. 22. American Airlines pioneered frequent flier programs to get more loyalty from its customers. Frequency marketing is an acknowledgement that a minority of customers provides a majority of profits. 23. Database marketing is the process of building, maintaining, and using a customer mailing list. 24. Data warehousing involves the use of sophisticated statistical and mathematical techniques to extract meaning from large customer data sets. 25. One problem with CRM programs is that not all customers want a “relationship” with the marketer. True Multiple Choice Questions 26. The traditional view of marketing is that a firm makes something and then sells it. In this view, marketing takes place in the second half of the process. Companies that subscribe to this view have the best chance of succeeding __________. a. in highly competitive markets b. in economies marked by goods shortages where customers are not fussy about quality c. where consumers have plenty of choices of high quality and competitively-priced goods d. against competitors who carefully define their target markets and position their offerings accordingly e. in a marketplace where many micro niche products are available 27. The value delivery model of marketing focuses on which of the following? a. Making and selling products. b. Having and holding customers. c. Finding and communicating with the customer. d. Placing marketing at the beginning of the process. e. Serving the profitable mass market. 28. In the value creation and delivery system, the first phase involves “choosing the value.” In this strategic marketing process, the firm must do the marketing homework of __________. a. segmenting the market, targeting a customer group, and positioning the offering (difficult) b. understanding the customer through market research c. providing the proper product mix to the relevant retailers d. measuring success or failure and feeding that knowledge back to the planners e. setting a price that provides the proper perceived value to the final consumer 29. In the Value Creation and Delivery Sequence, tactical marketing follows strategic marketing, and includes all of the following EXCEPT: a. product development. b. sales promotion. c. value positioning. d. advertising. e. sourcing and making. 30. In the traditional process of value creation, making the product precedes selling the product, and includes all of the following EXCEPT: a. product design. b. procurement of inputs to make the product. c. procurement of resources to make the product. d. actually making the product. e. distribution of the product. 31. The third task in the Value Creation and Delivery Sequence is called __________. It involves utilizing the sales force, advertising, sales promotion, and other tools to announce and promote the product. a. choosing the value b. communicating the value c. entering the consumer’s zone d. doing the homework e. providing the value 32. Within the five core business processes identified, __________ involves researching, developing, and launching high-quality offerings quickly and within budget. a. the market sensing process b. the new offering realization process c. the customer acquisition process d. the customer relationship management process e. the best in class practices 33. Within the five core business processes identified, __________ involves receiving and approving orders, shipping goods on time, and collecting payments. a. the market sensing process b. the new offering realization process c. the customer benchmarking process d. the customer relationship management process e. the fulfillment management process 34. The __________ involves nine strategically relevant activities that create value and cost for the organization. a. Core Business Process b. Value Creation and Delivery Sequence c. Generic Value Chain d. Traditional Marketing Model e. Guide for Strategic Thinking 35. Which of the following is NOT considered a support activity in Porter’s Value Chain? a. Firm infrastructure. b. Human resource management. c. Procurement. d. Technology development. e. Outbound logistics 36. Which of the following is NOT considered a primary activity in Porter’s Value Chain? a. Inbound logistics. b. Service. c. Marketing. d. Human resource management. e. Operations. 37. __________ integrates the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders. a. Holistic marketing b. A distinctive capability c. A core competency d. Outsourcing e. The Value Chain 38. In the Holistic Marketing Framework, when the key management question of how to deliver value is applied to the company’s core competencies, the major resulting activity should be a focus on _________. a. the customer’s cognitive space b. strengthening business partnerships c. managing customer relationships d. managing internal resources e. increasing customer benefits 39. __________ is the difference between the prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives. a. Total customer cost b. Customer perceived value c. Customer delivered value d. Customer relationship management e. Total customer value 40. Which of the following is not a component part of total customer value? a. Product value. b. Services value. c. Psychic value. d. Personnel value. e. Image value. 41. About a year ago, Echo began renting her movies from Netflix. She perceived Netflix to be a better source because of the enhanced selection, the responsive customer service emails she has received in answer to her online queries, better pricing, and less effort compared to renting from the store in her town. Netflix has offered Echo better __________ than the local competition. a. total customer cost b. customer perceived value c. customer delivered value d. total customer value e. customer relationship management 42. Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via __________. a. reducing the buyer’s nonmonetary costs b. living up to the Lowe’s pledge c. reducing the product’s monetary costs to the buyer d. increasing the service value e. increasing total customer value 43. __________ has been defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. a. Loyalty b. Satisfaction c. Value-delivery d. “Deep” satisfaction e. Delight 44. The __________ includes all the experiences the customer will have on the way to obtaining and using the marketing offering. a. value proposition b. value-delivery system c. psychic cost d. rational buying process e. customer proclivity to purchase 45. Buyers of Harley-Davidson motorcycles are promised more than just a vehicle, they also are assured that the motorcycles will work well, and maintain good re-sale value. Additionally, the Harley-Davidson brand represents “freedom” to many customers and potential customers. This latter idea is related to Harley’s __________. a. warranty b. brand promise c. core positioning d. guarantee of complete satisfaction e. value proposition 46. Which of the following is true? a. If marketers raise expectations too high, it won’t attract enough customers. b. If the company sets expectations too low, the buyer is likely to be disappointed. c. If the company sets expectations too low, exceeding buyer expectations becomes difficult. d. If marketers raise expectations too high, the buyer is likely to be disappointed. e. If marketers raise expectations too high, they will soon have many copycat offerings competing in the marketplace. 47. What are highly satisfied customers NOT likely to do? a. Stay loyal longer. b. Talk favorably about the brand. c. Be less price sensitive. d. Upgrade their service. e. Cost a bit more to serve. 48. Which is NOT a difficulty of measuring customer satisfaction? a. Measurement tools are not sophisticated enough to measure satisfaction reliably. b. Customers may report some level of satisfaction for very different reasons. c. Different customers may define the term “satisfied” in very different ways. d. Completely satisfied could mean the same as very satisfied. e. Customer satisfaction may be strongly related to loyalty—but not always. 49. McDonald’s restaurants rank high in the quick service industry on getting orders right, something that is highly valued by quick service customers. This is an example of __________. a. conformance quality b. performance quality c. the “freedom from variation” standard d. none of the above e. More than one answer could be correct. 50. Communication of customer satisfaction results should be done internally (inside the company or organization) for which of the following reasons? a. Communicating satisfaction findings externally would have little marketing value. b. You should not communicate satisfaction findings internally for ethical reasons. c. To highlight good news and act on bad news. d. To satisfy upper management that all is going well. e. More than one of the above reasons is a correct reason for communicating satisfaction results internally. 51. The new BMW K1200 motorcycle is fast and smooth and pricy, when compared to the Suzuki SV650. The Suzuki is a competent, budget motorcycle which costs less than half the price of the BMW, has about half the horsepower, and has a “buzzy” ride above 95 miles per hour (the BMW will go 170+!). Both bikes deliver what their customers expect. Based on these facts, which is true? a. The Suzuki delivers higher performance quality. b. The BMW delivers higher conformance quality. c. German engineering is superior to Japanese engineering. d. Both bikes deliver conformance quality- e. Both companies participate in total quality management programs. 52. Which of the following is NOT true, when speaking of quality? a. Higher quality supports higher prices. b. Quality that raises customer satisfaction is generally related to higher profits. c. High quality can lower costs. d. Total Quality Management is an organization-wide program stressing continuous improvement. e. There is no correlation between relative product quality and company profitability. 53. Marketers play all of the following roles in helping their companies define and deliver high-quality goods and services to target customers, EXCEPT: a. providing customer data to marketers with non-competing offers. b. correctly identifying customer needs. c. correctly filling customer orders. d. ensuring customer satisfaction. e. communicating customer needs to designers. 54. Which of the following is true of the customers? a. You should never “fire” your worst customers. b. The best hotel/motel customers outspend others by a ratio of 5 to 1. c. For every 20 customers, a company will make 80 percent more profit. d. The number of unprofitable customers is equal to the number of profitable ones. e. The best customers outspend others by a ratio of 5 to 1 in retailing. 55. A __________ is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the marketer’s cost stream of attracting, selling, and servicing that person, household, or company. a. good customer b. sales customer c. profitable customer d. strong customer e. marketing accountantMKT 571 A+ Answers 

True/False Questions

1.        The task of any business is to deliver customer value at a profit. 

2.        Companies that subscribe to the traditional view of marketing have the bets chance of succeeding in markets where the consumer faces abundant choice. 

3.        According to the value chain, every firm is a synthesis of activities performed to design, produce, market, deliver, support, and recycle its products. 

4.        4. The core business process called market sensing consists of all activities involved in gathering marketing intelligence, disseminating it within the firm, and acting on it. 

5.        The question “How can a company use its capabilities to deliver value offerings more efficiently?” is part of the Value Creation portion of the Holistic Marketing Framework. 

6.         Customer perceived value is defined as the difference between the prospective customer’s evaluation of all the benefits of an offering and the perceived alternatives. 

7.        Product value, service value, and image value are all determinants of total customer cost. 

8.        Business and organizational customers always choose the highest delivered value when making an industrial product purchase. 

9.        Loyalty is defined as a deeply held commitment to re-buy or re-patronize a preferred product or service in the future, even in the face of situational or marketing influences with the potential to cause switching behavior. 

10.        Experts have defined quality in different ways. 

11.         A product can have conformance quality without having performance quality. 

12.        The 20-80-30 rule suggests that a company makes 80 percent of its profit from just 20 percent of its customers, about 30 percent of the time. 

13.        Figuring out your average customer lifetime value is one step toward understanding long-term customer profitability. 

14.        The more loyal the customers, the higher the customer equity. 

15.        Brand equity is the customer’s tendency to stick with the brand, above and beyond the objective and subjective assessment of its worth. 

16.        Developing one-to-one marketing through a CRM program might include not pursuing all customers. 

17.        According to some marketing experts, it is no longer enough to produce satisfied customers. 

18.        About 60 percent of dissatisfied customers don’t complain. 

19.        The customer development process begins with first-time customers. 

20.        The highest level of investment in customer relationship building is called partnership marketing. 

21.        The first step to reducing customer defection is to distinguish the causes of customer irritation and identify those that can be managed better. 

22.        American Airlines pioneered frequent flier programs to get more loyalty from its customers. Frequency marketing is an acknowledgement that a minority of customers provides a majority of profits. 

23.        Database marketing is the process of building, maintaining, and using a customer mailing list. 

24.        Data warehousing involves the use of sophisticated statistical and mathematical techniques to extract meaning from large customer data sets. 

25.        One problem with CRM programs is that not all customers want a “relationship” with the marketer. True  

Multiple Choice Questions

26.        The traditional view of marketing is that a firm makes something and then sells it. In this view, marketing takes place in the second half of the process. Companies that subscribe to this view have the best chance of succeeding __________.


MKT 571 A+ Answers

Business / Economics

5/9/12

Opening Offer: $12.99
Posted by: shonatutes
Date Posted: 5/9/12 8:02 PM
Due Date: 12/31/69

MKT 571 A+ Answers True/False Questions A marketing information system consists of the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute information to decision makers. Marketing information systems allow managers to do a better job of choosing their markets. The systematic collection, analysis, and reporting of data relevant to specific problems is the task of marketing research. Small companies can engage in marketing research in a number of creative and inexpensive ways, including using an online information service such as the Internet. A marketing information system (MIS) uses only internal sources of information to aid in managerial decision making. Usually, syndicated service research firms can provide consumer-panel data at a much lower cost than if a company carried on its own panel operations. The last step in marketing research is developing the research plan. The second step in the marketing research process is the definition of the problem and the research objectives. Primary data is generally available more quickly and at a lower cost than secondary data. Primary data is data that was gathered for another purpose and already exists. Researchers who use probability sampling can calculate their confidence in the accuracy of their findings. On average, companies budget about 11-12 percent of company sales on marketing research. If speed is of the essence for a marketing research project, one of the best contact methods is telephone. Ethos Research provides marketing research based on in-home or field in-depth interviews. The company would be considered a syndicated service research firm. If versatility is the most important criterion for a marketing research project, the preferred contact method is personal interview. Developing the research plan design is typically the most expensive step of the marketing research process. Market demand for a product refers to the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined environment under a defined marketing program. A sales quota is the sales goal set for a product line, company division, or sales representative. A trend is unpredictable, short-lived, and without social, economic, and political significance. The market-buildup method for estimating current demand is to identify all potential buyers in each market and estimate their potential purchases. Multiple Choice Questions A marketing information system (MIS) consists of _______________. the set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation an organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute necessary accurate information in a timely fashion to marketers - the coordination of the collection of data, systems, tools, and techniques with supporting software and hardware by which an organization gathers and interprets information from the business environment When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s _______________ system. sales reporting marketing research experiential research data accountability information system (AIS) marketing intelligence Which of the following is not a step that might be used to improve the quality of a firm’s marketing intelligence? setting up a consumer panel collecting competitive intelligence by buying a competitor’s products watching how the stock market reacts to interest rate changes motivating distributors to pass along important intelligence from the marketplace purchasing information from outside suppliers The systematic collection, analysis, and reporting of data relevant to specific problems is the task of _______________. the sales reporting system marketing research marketing intelligence the sales force top management Small companies can engage in marketing research in a number of creative and inexpensive ways, including _______________. setting up their own Web site hiring an independent marketing research firm buying information from database companies like A.C. Nielsen using its own internal marketing research department using an online information service such as the Internet All of the following are steps in the marketing research process EXCEPT _________________. define the problem and research objectives develop the research plan collect the information compare data to government sources present the findings The step in the marketing research process that includes determining who will be sampled is _________________. define the problem and research objectives develop the research plan collect the information make decision based on the project outcomes present the findings The second step in the marketing research process is the _______________. development of the research plan definition of the problem and research objectives survey of stakeholders to determine if problems exist decision regarding the research tools and target group collection of the available sources for needed information Which of the following is not a consideration when preparing a sampling plan? Who is to be surveyed? How many are to be surveyed? How will the sample respondents be paid? Should a probability sample be used or not? How should respondents be chosen? Rita Jenkins, president of a local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by _______________. determining the optimum number of meetings evaluating the advantages the Chamber offers over other similar organizations defining the problem developing the marketing research plan that she would employ holding focus groups of members of similar organizations to determine whether the problems the Chamber is facing are universal or local After working for a roofing contractor for ten years, Cameron Gomez finally established his own operation. Unfortunately, Cameron’s first six months have been disappointing. He decided to conduct a marketing research study to gather preliminary data to shed light on the nature of the problem and suggest some new ideas. He needs to conduct _______________ research. exploratory causal secondary descriptive observational Which of the following is a type of causal research project that would be used by a company that publishes custom memory books that are used as fundraisers for churches, colleges, and civic groups? a study to determine the types of fundraising most commonly used by church groups a survey of previous customers to see if they are interested in a new edition a study to see if more people buy the custom memory book if the cover has a picture relating to the group selling it rather than just a generic cover a study to determine the price range for an average-sized cookbook an industrial study of what similar publishing companies are doing to better serve their customers _______________ data is data that was gathered for another purpose and already exists. Which of the following is an example of primary data that would be used by Topps card company to determine the popularity if its hologram baseball card series? data gathered by a card collectors club an article on baseball card collecting found in Parade, the Sunday magazine found in many newspapers product sales figures made available by QVC responses to a mail survey by National Family Opinion on how likely someone is to buy a collectible card observing how individuals react to the cards when they first see them Which of the following is an example of primary data that would be used by the Topps card company to determine the popularity of its new hologram baseball card series? input from a focus group that was put together specifically to discuss their perception of the popularity of the hologram card series an article about the hologram cards in a recent issue of Sport Illustrated sales records for baseball cards gathered by the industry’s trade council a survey that noted that cards were the most often collected item by males between the ages of 10 and 35 data from the sales records kept by the exclusive dealers of the Topps hologram series Which of the following is not typical of a focus group? 14-18 participants spend a few hours together. A skilled moderator guides the discussion. The discussion centers on a product, service, or marketing entity. They can gauge consumer reaction to product features or design. They can give quick consumer feedback to new ideas. Which of the following is an example of how ACE Crafts, a manufacturer of acrylic paints used in arts and crafts, would use observational research to gather primary data? A(n) _______________ is a gathering of 6 to 10 people who spend a few hours with a skilled moderator to discuss a product, service, or other marketing entity. _______________ are best suited for descriptive research such as learning about people’s knowledge, beliefs, preferences, and satisfaction, and measuring these magnitudes in the general population. A catalog retailer wants to know more about the buying habits of people who order more than once a month from its pages. The catalog retailer will use its database to examine _______________ data. The manufacturer of Babylok brand sewing sergers wants to know the effect rebates have on sales. It plans on dividing its retailers into three regions. One group will offer consumers who buy a Babylok serger a $25 cash rebate. One will offer buyers of the machine $50 worth of “free” machine accessory parts. A third region will offer buyers a $40 store credit. The results of this market research will provide Babylok with _______________ data. A(n) _______________ consists of a set of questions presented to respondents for their answers. _______________ prespecify all of the possible answers, so they are easy to interpret and tabulate. _______________ allow respondents to answer in their own words. Open-end questions Closed-end questions Galvanometers Audiometers Samplings Which of the following statements about probability sampling is true? Probability sampling is the least expensive type of sampling to use. The contact method that minimizes interviewer bias is _______________. The best contact method to use to determine how many people saw the ad for the new Volkswagen Beetle that ran last night during the 6:00 p.m. news would be _______________. If reducing the cost of data gathering is the most important criterion for a marketing research project, the preferred contact method to avoid is _______________. intercept interview telephone focus group personal interview mail Which is typically the most expensive step of marketing research process? problem definition developing the research plan information collection information analysis questionnaire design The last step in the marketing research process is to _______________. create a database using the research results determine the best solution to the problem The _______________ is the set of consumers who have a sufficient level of interest in a market offer. market target market Which of the following defines the set of consumers who have interest, income, and access to a particular offer? market target market Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment? Company sales forecast Sales quota A _______________ is the set goal for a product line, company division, or sales representative. sales quota sales budget sales potential sales forecast sales aggregation A sales quota is _______________. the expected level of company sales based on a given sales plan A _______________ is a conservative estimate of the expected sales volume, and is used primarily for making current purchasing, production, and cash-flow decisions. company sales forecast sales quota sales budget company demand market potential _______________ is the maximum amount of sales that might be available to all of the firms in an industry during a given period under a given level of industry marketing effort and given environmental conditions. Total market potential Company sales quota Company demand potential Selective demand potential Integrated demand potential The manufacturer of the line of Grote industrial meat slicers wants to identify all of the supermarkets, delis, and restaurants that were potential customers for its products in each of its market areas. Then it wants to estimate which model each will need to buy. What method of assessing market potential will the manufacturer need to use? the multiple-factor index method the market-buildup method the total market potential formula the market-demand breakdown a multi-regression analysis Companies commonly use a three-stage procedure for preparing a sales forecast. This first step is to _______________. project the ability of supply to meet demand predict consumer spending trends prepare a macroeconomic forecast prepare an industry forecast prepare a microeconomic forecast Spotting trends is an important task for companies that wish to sell in the future. Which of the following is not a part of the approach used by experts at trend-spotting? searching through the trash of competitors seeing the future as an extension of the past analyzing the actions of customers and other stakeholders searching for cycles and patterns monitoring technological and social events as they unfold The major macroenvironmental forces include all of the following except _______________. socio-cultural demographic natural technological managerial Concern with the population age mix, ethnic markets, and household patterns fall within which of the following macroenvironments? demographic socio-cultural competitive technological natural Nations vary greatly in level and distribution of income and industrial structure. Which of the following is not a type of industrial structure referred to in the book? Which of the following is true regarding savings, debt, and credit availability around the world? The U.S. Federal Food and Drug Administration must approve all drugs before they can be sold. This reflects the importance to marketers of which macroeconomic environment(s)? Which of the following is not one of the purposes for business legislation? _______________ lobby government officials and pressure business executives to pay more attention to consumer rights, women’s rights, senior citizen rights, minority rights, and gay rights.


MKT 571 A+ Answers


True/False Questions

 

A marketing information system consists of the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute information to decision makers. 

Marketing information systems allow managers to do a better job of choosing their markets.

 

The systematic collection, analysis, and reporting of data relevant to specific problems is the task of marketing research. 

 

Small companies can engage in marketing research in a number of creative and inexpensive ways, including using an online information service such as the Internet. 

 A marketing information system (MIS) uses only internal sources of information to aid in managerial decision making.

 Usually, syndicated service research firms can provide consumer-panel data at a much lower cost than if a company carried on its own panel operations. 

 The last step in marketing research is developing the research plan. 

The second step in the marketing research process is the definition of the problem and the research objectives. 

 

Primary data is generally available more quickly and at a lower cost than secondary data. 

 Primary data is data that was gathered for another purpose and already exists. 

Researchers who use probability sampling can calculate their confidence in the accuracy of their findings. 

 

On average, companies budget about 11-12 percent of company sales on marketing research. 

 

If speed is of the essence for a marketing research project, one of the best contact methods is telephone. 

 

Ethos Research provides marketing research based on in-home or field in-depth interviews. The company would be considered a syndicated service research firm.  

 

If versatility is the most important criterion for a marketing research project, the preferred contact method is personal interview. 

 

Developing the research plan design is typically the most expensive step of the marketing research process. 

 

Market demand for a product refers to the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined environment under a defined marketing program. 

 

A sales quota is the sales goal set for a product line, company division, or sales representative. 

 

A trend is unpredictable, short-lived, and without social, economic, and political significance. 

 

The market-buildup method for estimating current demand is to identify all potential buyers in each market and estimate their potential purchases. 

 

Multiple Choice Questions

 

A marketing information system (MIS) consists of _______________.

the set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment

the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation

an organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes

the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute necessary accurate information in a timely fashion to marketers  -

the coordination of the collection of data, systems, tools, and techniques with supporting software and hardware by which an organization gathers and interprets information from the business environment

 

When Molly’s parents retired, they decided they wanted to travel.  They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns.  During each stay, they test all the amenities offered by the motel and evaluate each.  The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s  _______________ system.

sales reporting

marketing research

experiential research data

accountability information system (AIS)

marketing intelligence  

 

Which of the following is not a step that might be used to improve the quality of a firm’s marketing intelligence?

setting up a consumer panel

collecting competitive intelligence by buying a competitor’s products

watching how the stock market reacts to interest rate changes

motivating distributors to pass along important intelligence from the marketplace

purchasing information from outside suppliers

 

The systematic collection, analysis, and reporting of data relevant to specific problems is the task of _______________.

the sales reporting system

marketing research

marketing intelligence

the sales force

top management

 

Small companies can engage in marketing research in a number of creative and inexpensive ways, including _______________.

setting up their own Web site

hiring an independent marketing research firm

buying information from database companies like A.C. Nielsen

using its own internal marketing research department

using an online information service such as the Internet

 

All of the following are steps in the marketing research process EXCEPT _________________.

define the problem and research objectives

develop the research plan

collect the information

compare data to government sources

present the findings

 

The step in the marketing research process that includes determining who will be sampled is _________________.

define the problem and research objectives

develop the research plan

collect the information

make decision based on the project outcomes

present the findings

 

The second step in the marketing research process is the _______________.

development of the research plan

definition of the problem and research objectives

survey of stakeholders to determine if problems exist

decision regarding the research tools and target group

collection of the available sources for needed information

 

Which of the following is not a consideration when preparing a sampling plan?

Who is to be surveyed?

How many are to be surveyed?

How will the sample respondents be paid?

Should a probability sample be used or not?

How should respondents be chosen?

 

Rita Jenkins, president of a local Chamber of Commerce, had difficulty getting members to assist in running the organization.  She felt it was because of lack of commitment to the Chamber.  Her vice-president felt it was due to having too many meetings.  The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged.  If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by _______________.

determining the optimum number of meetings

evaluating the advantages the Chamber offers over other similar organizations

defining the problem

developing the marketing research plan that she would employ

holding focus groups of members of similar organizations to determine whether the problems the Chamber is facing are universal or local

 

After working for a roofing contractor for ten years, Cameron Gomez finally established his own operation.  Unfortunately, Cameron’s first six months have been disappointing.  He decided to conduct a marketing research study to gather preliminary data to shed light on the nature of the problem and suggest some new ideas. He needs to conduct _______________ research.

exploratory

causal

secondary

descriptive

observational

 

Which of the following is a type of causal research project that would be used by a company that publishes custom memory books that are used as fundraisers for churches, colleges, and civic groups?

a study to determine the types of fundraising most commonly used by church groups

a survey of previous customers to see if they are interested in a new edition

a study to see if more people buy the custom memory book if the cover has a picture relating to the group selling it rather than just a generic cover 

a study to determine the price range for an average-sized cookbook

an industrial study of what similar publishing companies are doing to better serve their customers

 

_______________ data is data that was gathered for another purpose and already exists.

 

Which of the following is an example of primary data that would be used by Topps card company to determine the popularity if its hologram baseball card series?

data gathered by a card collectors club

an article on baseball card collecting found in Parade, the Sunday magazine found in many newspapers

product sales figures made available by QVC

responses to a mail survey by National Family Opinion on how likely someone is to buy a collectible card

observing how individuals react to the cards when they first see them 

 

Which of the following is an example of primary data that would be used by the Topps card company to determine the popularity of its new hologram baseball card series?

input from a focus group that was put together specifically to discuss their perception of the popularity of the hologram card series 

an article about the hologram cards in a recent issue of Sport Illustrated

sales records for baseball cards gathered by the industry’s trade council

a survey that noted that cards were the most often collected item by males between the ages of 10 and 35

data from the sales records kept by the exclusive dealers of the Topps hologram series

 

Which of the following is not typical of a focus group?

14-18 participants spend a few hours together.

A skilled moderator guides the discussion.

The discussion centers on a product, service, or marketing entity.

They can gauge consumer reaction to product features or design.

They can give quick consumer feedback to new ideas.

 

Which of the following is an example of how ACE Crafts, a manufacturer of acrylic paints used in arts and crafts, would use observational research to gather primary data?

 

A(n) _______________ is a gathering of 6 to 10 people who spend a few hours with a skilled moderator to discuss a product, service, or other marketing entity.

_______________ are best suited for descriptive research such as learning about people’s knowledge, beliefs, preferences, and satisfaction, and measuring these magnitudes in the general population.

 

A catalog retailer wants to know more about the buying habits of people who order more than once a month from its pages.  The catalog retailer will use its database to examine _______________ data.

The manufacturer of Babylok brand sewing sergers wants to know the effect rebates have on sales.  It plans on dividing its retailers into three regions.  One group will offer consumers who buy a Babylok serger a $25 cash rebate.  One will offer buyers of the machine $50 worth of “free” machine accessory parts.  A third region will offer buyers a $40 store credit.  The results of this market research will provide Babylok with _______________ data.

 

A(n) _______________ consists of a set of questions presented to respondents for their answers.

_______________ prespecify all of the possible answers, so they are easy to interpret and tabulate.

_______________ allow respondents to answer in their own words. 

Open-end questions

Closed-end questions

Galvanometers

Audiometers

Samplings

 

Which of the following statements about probability sampling is true?

Probability sampling is the least expensive type of sampling to use.

 

The contact method that minimizes interviewer bias is _______________.

The best contact method to use to determine how many people saw the ad for the new Volkswagen Beetle that ran last night during the 6:00 p.m. news would be _______________.

If reducing the cost of data gathering is the most important criterion for a marketing research project, the preferred contact method to avoid is _______________.

intercept interview

telephone

focus group

personal interview

mail

 

Which is typically the most expensive step of marketing research process?

problem definition

developing the research plan

information collection

information analysis

questionnaire design

 

The last step in the marketing research process is to _______________.

create a database using the research results

determine the best solution to the problem

 

The _______________ is the set of consumers who have a sufficient level of interest in a market offer.

market

target market

 

Which of the following defines the set of consumers who have interest, income, and access to a particular offer?

market

target market

 

Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment?

Company sales forecast

Sales quota

A _______________ is the set goal for a product line, company division, or sales representative.

sales quota

sales budget

sales potential

sales forecast

sales aggregation

 

A sales quota is _______________.

the expected level of company sales based on a given sales plan

A _______________ is a conservative estimate of the expected sales volume, and is used primarily for making current purchasing, production, and cash-flow decisions.

company sales forecast

sales quota

sales budget

company demand

market potential

 

_______________ is the maximum amount of sales that might be available to all of the firms in an industry during a given period under a given level of industry marketing effort and given environmental conditions.

Total market potential

Company sales quota

Company demand potential

Selective demand potential

Integrated demand potential

 

The manufacturer of the line of Grote industrial meat slicers wants to identify all of the supermarkets, delis, and restaurants that were potential customers for its products in each of its market areas.  Then it wants to estimate which model each will need to buy.  What method of assessing market potential will the manufacturer need to use?

the multiple-factor index method

the market-buildup method

the total market potential formula

the market-demand breakdown

a multi-regression analysis

 

Companies commonly use a three-stage procedure for preparing a sales forecast.  This first step is to _______________.

project the ability of supply to meet demand

predict consumer spending trends

prepare a macroeconomic forecast

prepare an industry forecast

prepare a microeconomic forecast

 

Spotting trends is an important task for companies that wish to sell in the future. Which of the following is not a part of the approach used by experts at trend-spotting?

searching through the trash of competitors

seeing the future as an extension of the past

analyzing the actions of customers and other stakeholders

searching for cycles and patterns

monitoring technological and social events as they unfold

 

The major macroenvironmental forces include all of the following except _______________.

socio-cultural

demographic

natural

technological

managerial

 

Concern with the population age mix, ethnic markets, and household patterns fall within which of the following macroenvironments?

demographic 

socio-cultural

competitive

technological

natural

 

Nations vary greatly in level and distribution of income and industrial structure. Which of the following is not a type of industrial structure referred to in the book?

 

Which of the following is true regarding savings, debt, and credit availability around the world?

 

The U.S. Federal Food and Drug Administration must approve all drugs before they can be sold. This reflects the importance to marketers of which macroeconomic environment(s)?

 

Which of the following is not one of the purposes for business legislation?

 

_______________ lobby government officials and pressure business executives to pay more attention to consumer rights, women’s rights, senior citizen rights, minority rights, and gay rights.

 

MKT 571 A+ Answers

Business / Economics

5/9/12

Opening Offer: $15.00
Posted by: shonatutes
Date Posted: 5/9/12 8:07 PM
Due Date: 12/31/69

MKT 571 A+ Answers True/False Questions 1. Outsourcing means a company decides what is critical to their business an22 percent of company sales for marketing resear1 According to Levitt, market definitions that are business-oriented rather than product-oriented are superior. Such definitions include each of the following, EXCEPT: a. customer needs. b. geographical constraints. c. customer groups. d. technology. e. relevant target markets. 41. Carmaker Toyota has the Scion division that is aimed at providing entry-priced vehicles to new members of the Toyota “family.” Scion has independent budgeting, management direction, and profit/loss responsibility within the larger company. Scion is __________. a. only sold on the west coast b. only one market segment for Toyota, because the Camry is so popular c. a strategic business unit d. a competitor for Lexus vehicles e. horizontally integrated with the parent company  l integration 45. Many years ago, French utilities management company Vivendi decided to buy a portfolio of entertainment businesses that included theme parks and rights to a music catalog. The purpose of the acquisition was to grow company revenues and profits. This was an example of __________. a. integrative diversification b. horizontal integrative growth c. conglomerate diversification d. market development e. concentric diversification 46. Tired of high prices and poor service, and convinced she can do better, funeral home owner Macy Mbacke-Abdullah decides to purchase the wholesaler that she has been buying caskets from. This is an example of __________. a. backward integration b. forward integration c. diversified integration d. horizontal integration e. concentric integration 47. A company’s __________ consists of its structures, policies, and corporate culture. a. headquarters b. organization c. sales position d. industry e. scenario 48. __________ has been defined as the shared experiences, stories, beliefs, and norms that characterize an organization. a. Corporate structure b. Corporate history c. Corporate strategy d. Corporate culture e. Corporate organization 49. Which of the following is NOT considered to be a part of an organization’s culture? a. Experiences. b. Stories. c. Beliefs. d. Salaries. e. Norms. 50. Which of the following is NOT one of Hamel’s recommendations for crafting corporate strategy? a. Management should encourage fresh ideas. b. Employees with youthful perspectives should participate. c. Those who are new to the industry should be asked to contribute. d. The company should not forget to include ideas from those who do not work close to headquarters. e. Senior management should make and hand down strategy. 51. Which of the following would NOT be considered a part of scenario analysis for General Motors? a. The company adopts the most probably scenario and watches for signs that confirm it. b. The CEO asks for plausible representations of the company’s future to be considered. c. Company analysts present last quarter's earnings for the board. d. Managers consider how they will deal with a declaration of bankruptcy by a major supplier. e. Unit chiefs map out strategies in case a strike disrupts production during upcoming contract negotiations with labor. 52. Which of the following is in the correct order, as a part of the Business Unit Strategic-Planning Process? a. mission ïƒ SWOT ïƒ strategy formulation ïƒ implementation b. external analysis ïƒ internal analysis ïƒ program formulation ïƒ mission statement c. program formulation ïƒ strategy formulation ïƒ goal formulation d. program formulation ïƒ strategy formulation ïƒ feedback ïƒ control e. mission ïƒ SWOT ïƒ program formulation ïƒ strategy formulation 53. SWOT refers to __________. a. semper wit omnicus terapis b. internal and external environmental analysis c. strategy and goal formulation d. the control and feedback loop in the strategic planning process e. implementing strategy across the organization 54. SWOT refers to __________. a. semper wit omnicus terapis b. strategy with operations talent c. strategic watching of technology d. strengths, weaknesses, opportunities, threats e. strategy formulation, willingness to negotiate, operational excellence, temperament suitable to succeed 55. Marketing opportunity analysis (MOA) involves asking each of the following questions, EXCEPT: a. Does the company have access to the resources needed to deliver customer benefits? b. Can the benefits involved in the opportunity be articulated to the target customer? c. Can the company deliver the benefits at least as well as competitors? d. Will the financial rate of return meet or exceed the company’s threshold for investment? e. Can the target market(s) be located and reached with cost-effective media and trade channels? 56. A(n) __________ is a challenge posed by an unfavorable external trend or development that would lead, in the absence of defensive marketing action, to lower sales or profit. a. environmental threat b. SWOT team c. outside sales investment d. marketing opportunity e. organizational weaknessMKT 571 A+ Answers

True/False Questions


1.
Outsourcing means a company decides what is critical to their business and they then hire others to do the less critical, or core-mission oriented tasks.  
2.
A core competency is fairly easy for competitors to replicate in a free marketplace.  

3.
Good mission statements focus on a limited number of goals and define the company’s major competitive spheres.  

4.
A strategic business unit (SBU) has its own set of competitors, distinct from other SBUs in the company.  

5.
Acquiring a supplier is a growth strategy that is achieved through integration.  

6.
Microsoft is a huge firm which nonetheless has not lost its ultra competitive edge. The text attributes this to Microsoft’s corporate culture.  

7.
Scenario analysis uses case studies of actual, historical company events and changes the assumptions related to the outcomes to improve future responses.  

8.
A proper SWOT analysis will include a market opportunity analysis, or MOA.  


9.
The SW portion of the SWOT analysis is where the external environments of the business are closely examined.  

10.
Strategy guru Michael Porter’s three “generic” strategies are: cost leadership, diversification, and focus.  

11.
Part of strategic program implementation is estimating the costs for the desired action.  

12.
The first steps in managing implementation of a strategy are to break down every program into is component activities and identify the resources required and their associate costs.  

13.
The late strategy guru Peter Drucker said that for businesses, “doing the things right” was more important than “doing the right thing.”  

14.
A marketing information system consists of the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.  

15.
Marketing information systems are developed from internal company records, marketing intelligence, and marketing research. 

16.
The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situation is called marketing research.  

17.
Small companies can engage in marketing research in a number of creative and affordable ways, including using the Internet or taking advantage of local university students who need business projects.  

18.
Typically, companies budget about 11–12 percent of company sales for marketing research.  

19.
The last step in marketing research is developing the research plan.  

20.
Data published by the government and data purchased from outside suppliers can improve the quality of a company's marketing intelligence efforts.  

21.
Primary data is generally available more quickly and at a lower cost than secondary data.  

22.
Primary data are data that were gathered for another purpose and already exist somewhere.  

23.
Because it is hard to track and verify, behavioral data are less reliable in understanding customer behavior than are customer statements of their behavior.  

24.
To obtain a representative sample, a probability sample of the population should be drawn.  

25.
If speed is of the essence for a marketing research project, the best contact methods are either online or telephone interviewing. 

26.
The disadvantages of using the personal interview method to conduct marketing research are that it is the most expensive method and it is subject to bias and distortion.  


Multiple Choice Questions

27.
In the first half the 20th century, Ford Motor Company owned rubber plantations in Brazil to supply itself with raw materials for tire making. At some point, Ford began to buy all tires from outside vendors, and put more energy and focus on making the vehicles themselves. This is an example of _________.

28.
A university with growing budget concerns decided to lay off all groundskeepers and hire the work out to a large, local landscaping firm. That firm hired most of the laid off workers. Most campus visitors and students were never aware of the change. This is an example of _________.
29.
Bernardo Sampson has a restaurant in northeastern China that makes the best Chinese dumplings, according to his well-traveled customers. According to Bernardo, the key is controlling the dumpling filling preparation process and making his own dumpling
wrapper from an old family recipe. Other inputs to the business, such as
kitchen equipment, and in some ways, employees, are less important to creating the best dumplings. The dumpling fillingpreparation and homemade dumpling
wrapper could be considered Bernardo’s _________.

30.
Which of the following is NOT a characteristic of a core competency?
a.
It has applications in a wide variety of markets.
b.
It is a source of competitive advantage.
c.
It makes a significant contribution to perceived customer benefits.
d.
It is difficult for competitors to imitate.
e.
It can easily be outsourced.  

31.
According to Figure 2.3
Company Marketing System in the text, “Factors Influencing Company Marketing Strategy,” the center of the all marketing activity should be __________.


32.
Strategic planning goes on at all of the following organizational levels, EXCEPT:
a.
corporate level.
b.
retail level.  
c.
division level.
d.
business unit level.
e.
product level.

33.
Blind Bill makes custom window treatments and sells exclusively to commercial homebuilders. CEO William Learned III often follows site finish managers around onsite to see how the customers view the products and to strengthen the partnership he feels he has with them. Learned’s goal is to improve the company’s offerings. In the holistic marketing framework, this type of activity would be called _________.
a.
core competency strengthening
b.
value exploration
c.
value creation (difficult) 
d.
value fulfillment
e.
value delivery

34.
The late business guru Peter Drucker asked all of the following questions about defining an organization’s mission, EXCEPT:


What has the business been?  

35.
A good mission statement can provide all of the following to employees, EXCEPT:
a.

36.
Good mission statements can define the company’s major competitive spheres. The vertical sphere includes __________.
a.
the range of products and applications the company will supply
b.
the type of market or customers the company will serve
c.
the number of channel levels from raw material to final product (difficult) 
d.
the range of regions or countries in which a company operates
e.
the range of core competencies the company will master and leverage

37.
Which of the following is NOT normally a part of the Strategic Planning Process?

e.
Product planning.

38.
What is the proper order for the Strategic Control Process?

b.
diagnose results ïƒ  measure results ïƒ  take corrective 
39.
Blind Bill makes custom window treatments and sells exclusively to commercial homebuilders. Which of the following is NOT true of Blind Bill?
a.
Homebuilders are its customer group.
b.
Its market segment is well defined.
c.
Window coverage is its customer need.
d.
It limits its sales to metal or vinyl miniblinds.  
e.
The various window treatment products are its technology.

40.
According to Levitt, market definitions that are business-oriented rather than product-oriented are superior. Such definitions include each of the following, EXCEPT:
a.
customer needs.
b.
geographical constraints.  
c.
customer groups.
d.
technology.
e.
relevant target markets.

41.
Carmaker Toyota has the Scion division that is aimed at providing entry-priced vehicles to new members of the Toyota “family.” Scion has independent budgeting, management direction, and profit/loss responsibility within the larger company. Scion is __________.
a.
only sold on the west coast
b.
only one market segment for Toyota, because the Camry is so popular
c.
a strategic business unit  
d.
a competitor for Lexus vehicles
e.
horizontally integrated with the parent company

42.
Perhaps the least intuitive part of assessing growth opportunities for the company is __________.
a.
planning new businesses
b.
downsizing and/or terminating older businesses  
c.
deciding whether to integrate by buying a supplier or a customer
d.
choosing an intensive growth strategy
e.
employing a market penetration approach

43.

Attempting to gain market share with current products in 
market development
e.
market penetration  

44.
Russ Clark, a NAPA auto parts dealer, bought out a competitor’s store. This is an example of _________.
a.
market penetration
b.
backward integration

45.
Many years ago, French utilities management company Vivendi decided to buy a portfolio of entertainment businesses that included theme parks and rights to a music catalog. The purpose of the acquisition was to grow company revenues and profits. This was an example of __________.
a.
integrative diversification
b.
horizontal integrative growth
c.
conglomerate diversification 
d.
market development
e.
concentric diversification

46.
Tired of high prices and poor service, and convinced she can do better, funeral home owner Macy Mbacke-Abdullah decides to purchase the wholesaler that she has been buying caskets from. This is an example of __________.
a.
backward integration  
b.
forward integration
c.
diversified integration
d.
horizontal integration
e.
concentric integration

47.
A company’s __________ consists of its structures, policies, and corporate culture.
a.
headquarters
b.
organization  
c.
sales position
d.
industry
e.
scenario

48.

__________ has been defined as the shared experiences, stories, beliefs, and norms that characterize an organization.
a.
Corporate structure
b.
Corporate history
c.
Corporate strategy
d.
Corporate culture  
e.
Corporate organization

49.
Which of the following is NOT considered to be a part of an organization’s culture?

Which of the following is NOT one of Hamel’s recommendations for crafting corporate strategy?
51.
Which of the following would NOT be considered a part of scenario analysis for General Motors?
a.
The company adopts the most probably scenario and watches for signs that confirm it.

Which of the following is in the correct order, as a part of the Business Unit Strategic-Planning Process?

SWOT refers to __________.
a.
semper wit omnicus terapis
SWOT refers to __________.

Marketing opportunity analysis (MOA) involves asking each of the following questions, EXCEPT: 

A(n) __________ is a challenge posed by an unfavorable external trend or development that would lead, in the absence of defensive marketing action, to lower sales or profit.

MKT 571 A+ Answers

Business / Economics

5/9/12

Opening Offer: $14.99
Posted by: shonatutes
Date Posted: 5/9/12 8:08 PM
Due Date: 12/31/69

MKT 571 A+ Answers True/False Questions Whirlpool uses staff anthropologists to determine how exotic cultures do their laundry. Culture is the most fundamental determinant of a person’s wants and behavior. Social classes are relatively heterogeneous and enduring divisions in a society. If you reject the values of a particular group, it is considered a dissociative group. Religious, professional, and trade union groups are types of secondary reference groups. Of the major factors influencing buying behavior, your family will exert the broadest and deepest influence. Family members constitute the most influential primary reference group. An opinion leader is a person who offers informal advice or information about some product category. The value of the social class concept to marketers is that members of a given class tend to share similar values, interests, and behavior. Usually people from the same subculture, social class, and/or occupation have essentially the same lifestyle. The buyer’s age and occupation are considered personal factors that may affect buying decisions. Because human needs are universal, status symbols are the same worldwide. VALS 2 is designed to reveal why people believe and act as they do, specifically their consumer behavior. The VALS 2 segment Experiencers is made up of conservative, conventional, and traditional people who favor familiar products and established brands. Perception involves selecting, organizing, and interpreting information inputs to create a meaningful picture of the world. Most human behavior is learned. The buying decision process will involve the same stages regardless of whether the purchase reflects high or low involvement. If in order to buy a computer, James visited several electronic stores, read magazine reviews, and talked to several friends, he would have exhibited high involvement in the consumer decision process. The consumer’s evaluation of alternatives begins with a need, progresses through analysis of the bundle of attributes, and results in a determination of the benefits the consumer needs to meet his/her needs. Post-purchase satisfaction is a function of the consumer’s product expectations and the product’s perceived performance. Multiple Choice Questions Consumer behavior is a challenging field because _______________. while it is easy to understand consumer behavior it is difficult to interpret it consumers’ stated needs and wants may not reflect how they act it is so heavily dependent on the experience and intuition of experienced marketers it is often difficult to convince marketers of the value of consumer behavior studies the aim of marketing is to meet and satisfy customers’ needs and wants Which factors have the broadest and deepest influence on consumer behavior? personal organizational social cultural psychological Within theUnited States, Germans, Mormons, and Native Americans are all examples of: social classes subcultures psychographically defined groups geographically defined groups cultures __________ are relatively homogeneous and enduring divisions in society, and may exhibit distinct product, brand, and media preferences. Subcultures Reference groups Social classes Demographic groups Cultures Lee is constantly begging his mother to buy him a Razor brand scooter because the most popular kids at his school all have one. His mother contends that he’ll just break something if she buys him the scooter. For Lee, the most popular kids in his school are an example of a _______________. subculture reference group social class demographic group culture A(n) ________ is likely to offer informal advice and information about a product or product category. primary reference group aspirational reference group opinion leader brand monger diversity marketing program Marco worked in the U.S. Navy from 1995 until 1999. He still holds fast to the values he learned while a sailor and even has contact with some of his Navy buddies sporadically. His allegiance to the Navy affects his opinions about many facets of life. For Marco the Navy is a(n) _______________ reference group. aspirational secondary dissociative associative primary Which type of manufacturer would find reference groups to be the most useful for understanding product and brand choices? automobiles wheel barrows insurance beer clothing One’s family of __________ is made up of one’s parents and siblings. preference orientation invention procreation later life _______________ are those groups a person hopes to join. Aspirational groups Dissociative groups Membership groups Family group Professional groups Which of the following types of groups consists of members whose values or behavior an individual rejects? aspirational groups dissociative groups membership groups family group professional groups Which of the following is the most influential primary reference group? family social class friends coworkers celebrities When a child specifically tells a parent what cereal to buy, this is an example of _______________. coercive influence direct influence unheeded influence indirect influence undue influence A person might have a role and its related status in which of the following? their family their church their bridge club all of the above none of the above The Checker Auto Parts chain is targeting consumers who depend heavily on relatives for emotional and economic support as well as for advice. Its target market has sharp sex-role divisions and tends to believe stereotypes exist. Which social class is this firm targeting? upper lower lower lower working middle working class Dr. Lucinda Willis is a college professor atNewDominionCollege. She got her Ph.D. atYaleUniversityand expects her children to attend the same exclusive institution as she did. She is home-oriented and believes in buying only the best for her home. Dr. Willis is also an active member of several civic organizations. Dr. Willis is probably a member of whichU.S.social class? upper upper lower upper upper middle middle cannot be determined from the information given A _______________ consists of the activities that a person is expected to perform. role value culture position moral Doug Small is married, has three kids at home between the ages of 12 and 18, and has moved up to middle management. This information tells us which stage of the __________ cycle Doug is in. psychological life business consumer household family life socio-demographic _______________ is a person’s pattern of living in the world as expressed in activities, interests, and opinions. Self-concept Personality Social class Lifestyle Demographics Aaron’s hunting and fishing activities, his interest in military history, and his opinions about an all-volunteer army reflect his _______________. self-concept personality social class lifestyle demographics Traits like sincerity, excitement, competence, sophistication, and ruggedness are examples of what researchers have found to make up a __________. brand’s personality preferred consumer’s personality timid consumer’s personality lifestyle personality variety-seeking personality _______________ refers to the distinguishing psychological characteristics that lead to relatively consistent and enduring responses to the environment. Personality Self-concept Self-image Attitude Perception Monique is designing a shoe advertisement for use in a magazine. The ad will try to show how the typical wearer of these shoes would like to see herself. If his ad is successful, Monique will have targeted their _______________. ideal self-concept attitude toward life actual self-concept others self-concept biogenic motivation Which of the following needs, as identified by Abraham Maslow, could also be described as biogenic motives? social and esteems needs psychological and physiological needs self-actualization and esteem needs physiological and safety needs social, esteem, and self-actualization needs Biogenic needs arise from _______________. motivational states psychogenic states increased intensity psychological states physiological states A _______________ is a need that is sufficiently pressing to drive the person to act. personality value moral motive (moderate) p. 117 belief On the way to work, Moe drives past at least 150 signs for businesses and hears at least 20 commercials on the radio. Yet, if you ask Moe to name a single brand or commercial he has been exposed to, he can only think of one - a humorous ad for Budweiser beer. This is an example of _______________. selective attention (moderate) p. 118 selective distortion selective retention selective memory selective disposal __________ refers to when a person learns to recognize differences in similar sets of stimuli and adjust responses accordingly. Learning Generalization Discrimination Cue formation Attention According to the work of Frederick Herzberg _______________. a person moves from stated instrumental motivation to terminal ones people are driven by particular needs at particular times polite store clerks will not necessarily be a satisfier for a consumer, but impolite ones would be a dissatisfier a bottle of Estee Lauder perfume arouses a different set of motives in consumers than anAvonperfume marketers can use laddering to determine the appropriate appeal to be used in their ads The process by which an individual selects, organizes, and interprets information inputs to create a meaningful picture of the world is called _______________. impression perception cognition comprehension conviction Aunt Beverly is a hard person to buy a gift for. Her birthday is about a week away, and she has hinted to her nephew Scott how nice a personal digital assistant (PDA) would be. Suddenly Tom starts seeing ads for PDAs in newspaper and magazines and on billboards. When he goes with his girlfriend to Staples he notices PDA displays that he can’t recall ever noticing before. Tom is probably engaging in _______________. selective attention perceptual aggregation selective distortion selective retention perceptual cuing While watching “The Howard Stern Show,” Dante saw an ad for an upset stomach remedy. Although the ad was for Rolaids, Dante thought the ad was for his favorite brand - Tums. This is an example of _______________. information overload selective attention perceptual aggregation selective retention selective distortion While watching “Larry King Live,” Grant noticed the show had a feature on Garlique, a food supplement that helps lower cholesterol. He has taken Garlique for the last year and is convinced it is the only reason he is able to keep his cholesterol numbers in check. The feature began with a description of how the product works and concluded with a discussion of its potential negative side effects. Grant called his brother to tell him how the feature supported his belief in how well Garlique works at lowering cholesterol. Due to _______________, Grant did not remember the negative comments about Garlique. _______________ involves changes in an individual’s behavior that arise from experience. __________ lead people to behave in a fairly consistent way toward similar objects. Because attitudes are very difficult to change, a company would be well-advised to _______________. A(n) _______________ is a descriptive thought a person holds about something. attitude conviction perception opinion belief While shopping for groceries, Shanté asks herself, “What would the children really like for dinner tonight?” In this case, the children’s role in the buying decision would be as _______________. A(n) _______________ is a person’s enduring favorable or unfavorable evaluations, emotional feelings, and action tendencies toward some object or idea. If your product is in a category where consumers are likely to frequently switch brands, one way to encourage consumers to choose your product and become habitual buyers over other choices would be to Benson believes the best way to truly escape from his humdrum life is on a sport-style motorcycle. He has almost saved enough money to buy himself one. After studying all the information he can get his hands on about motorcycles, he realizes that there are significant differences among the Yamaha R-1, Buell Thunderbolt, Honda CBR954RR, BMW R1100S, and Kawasaki Ninja 9X-ZR offerings. He makes list of the features of each, and then compares this list to his ideal list of features. After careful thought, Benson buys a Yamaha R-1. Benson has engaged in _______________ behavior. When shopping for “ramen” noodles to make for his roommates,Brandon’s looks at the two choices—Top Ramen and Maruchu brands. As he always does, he buys the Top Ramen. Brandonis probably engaging in _______________ behavior. When shopping for picnic foods for her family to eat while they go on their Sunday drive,Auroramay buy Armour hot dogs, Pringles potato chips, Fig Newton sandwich cookies, and sometimes Hostess Ding Dongs. Aurorais probably engaged in _______________ behavior. Trying to understand a consumer’s behavior in connection with a product has been called mapping a The first step in the buying process is the _______________. Normally, the consumer receives the most information exposure about a product from _______________ sources. Rhiannon is looking to buy a new computer and has narrowed her choices down to three, an Apple iMac, a Dell, and a Gateway. Her most important attributes for the new machine are (in order of importance) price, speed, physical appearance, and compatibility. As she does a little research online, Rhiannon decides that the Gateway is the cheapest, the Dell is the fastest, and the iMac is the nicest looking. Which will she buy? Gonzalo is considering buying a new truck. Due to budget considerations, he has eliminated all brands and models priced over $25,000. He also believes strongly in buying “made inAmerica” whenever possible, so he has eliminated all foreign brands from his list. The remaining cars are part of his _______________ set. The sudden loss of a job, a rainstorm, an encounter with a rude sales clerk, and forgetting to go by the cash machine are all examples of __________ that can change the outcome of a consumer buying situation. One way of helping your customer feel more satisfied after purchasing your product is to


MKT 571 A+ Answers

True/False Questions

 

Whirlpool uses staff anthropologists to determine how exotic cultures do their laundry. 

 

Culture is the most fundamental determinant of a person’s wants and behavior. 

 

Social classes are relatively heterogeneous and enduring divisions in a society.

 

If you reject the values of a particular group, it is considered a dissociative group.

 

Religious, professional, and trade union groups are types of secondary reference groups.

 

Of the major factors influencing buying behavior, your family will exert the broadest and deepest influence.   

 

Family members constitute the most influential primary reference group.

 

An opinion leader is a person who offers informal advice or information about some product category.

 

The value of the social class concept to marketers is that members of a given class tend to share similar values, interests, and behavior.

 

Usually people from the same subculture, social class, and/or occupation have essentially the same lifestyle. 

 

The buyer’s age and occupation are considered personal factors that may affect buying decisions.

 

Because human needs are universal, status symbols are the same worldwide.

 

VALS 2 is designed to reveal why people believe and act as they do, specifically their consumer behavior. 

 

The VALS 2 segment Experiencers is made up of conservative, conventional, and traditional people who favor familiar products and established brands.

 

Perception involves selecting, organizing, and interpreting information inputs to create a meaningful picture of the world.

 

Most human behavior is learned.

 

The buying decision process will involve the same stages regardless of whether the purchase reflects high or low involvement.

 

If in order to buy a computer, James visited several electronic stores, read magazine reviews, and talked to several friends, he would have exhibited high involvement in the consumer decision process.

 

The consumer’s evaluation of alternatives begins with a need, progresses through analysis of the bundle of attributes, and results in a determination of the benefits the consumer needs to meet his/her needs. 

 

Post-purchase satisfaction is a function of the consumer’s product expectations and the product’s perceived performance.

 

Multiple Choice Questions

 

Consumer behavior is a challenging field because _______________.

while it is easy to understand consumer behavior it is difficult to interpret it

consumers’ stated needs and wants may not reflect how they act 

it is so heavily dependent on the experience and intuition of experienced marketers

it is often difficult to convince marketers of the value of consumer behavior studies

the aim of marketing is to meet and satisfy customers’ needs and wants

 

Which factors have the broadest and deepest influence on consumer behavior?

personal

organizational

social

cultural

psychological

 

Within theUnited States, Germans, Mormons, and Native Americans are all examples of:

social classes

subcultures

psychographically defined groups

geographically defined groups

cultures

 

__________ are relatively homogeneous and enduring divisions in society, and may exhibit distinct product, brand, and media preferences.

Subcultures

Reference groups

Social classes

Demographic groups

Cultures

 

Lee is constantly begging his mother to buy him a Razor brand scooter because the most popular kids at his school all have one.  His mother contends that he’ll just break something if she buys him the scooter.  For Lee, the most popular kids in his school are an example of a _______________.

subculture

reference group

social class

demographic group

culture

 

A(n) ________ is likely to offer informal advice and information about a product or product category.

primary reference group

aspirational reference group

opinion leader

brand monger

diversity marketing program

 

Marco worked in the U.S. Navy from 1995 until 1999.  He still holds fast to the values he learned while a sailor and even has contact with some of his Navy buddies sporadically.  His allegiance to the Navy affects his opinions about many facets of life.  For Marco the Navy is a(n) _______________ reference group.

aspirational

secondary

dissociative

associative

primary

 

Which type of manufacturer would find reference groups to be the most useful for understanding product and brand choices?

automobiles

wheel barrows

insurance

beer

clothing

 

One’s family of __________ is made up of one’s parents and siblings.

preference

orientation

invention

procreation

later life

 

_______________ are those groups a person hopes to join.

Aspirational groups

Dissociative groups

Membership groups

Family group

Professional groups

 

Which of the following types of groups consists of members whose values or behavior an individual rejects?

aspirational groups

dissociative groups

membership groups

family group

professional groups

 

Which of the following is the most influential primary reference group?

family

social class

friends

coworkers

celebrities

 

When a child specifically tells a parent what cereal to buy, this is an example of _______________.

coercive influence

direct influence

unheeded influence

indirect influence

undue influence

 

A person might have a role and its related status in which of the following?

their family

their church

their bridge club

all of the above

none of the above

 

The Checker Auto Parts chain is targeting consumers who depend heavily on relatives for emotional and economic support as well as for advice.  Its target market has sharp sex-role divisions and tends to believe stereotypes exist.  Which social class is this firm targeting?

upper lower

lower lower

working

middle

working class

 

Dr. Lucinda Willis is a college professor atNewDominionCollege.  She got her Ph.D. atYaleUniversityand expects her children to attend the same exclusive institution as she did.  She is home-oriented and believes in buying only the best for her home.  Dr. Willis is also an active member of several civic organizations.  Dr. Willis is probably a member of whichU.S.social class?

upper upper

lower upper

upper middle

middle

cannot be determined from the information given

 

A _______________ consists of the activities that a person is expected to perform.

role

value

culture

position

moral

 

Doug Small is married, has three kids at home between the ages of 12 and 18, and has moved up to middle management. This information tells us which stage of the __________ cycle Doug is in.

psychological life

business

consumer household

family life

socio-demographic

 

_______________ is a person’s pattern of living in the world as expressed in activities, interests, and opinions.

Self-concept

Personality

Social class

Lifestyle

Demographics

 

Aaron’s hunting and fishing activities, his interest in military history, and his opinions about an all-volunteer army reflect his _______________.

self-concept

personality

social class

lifestyle

demographics

 

Traits like sincerity, excitement, competence, sophistication, and ruggedness are examples of what researchers have found to make up a __________.

brand’s personality

preferred consumer’s personality

timid consumer’s personality

lifestyle personality

variety-seeking personality

 

_______________ refers to the distinguishing psychological characteristics that lead to relatively consistent and enduring responses to the environment.

Personality

Self-concept

Self-image

Attitude

Perception

 

Monique is designing a shoe advertisement for use in a magazine.  The ad will try to show how the typical wearer of these shoes would like to see herself.  If his ad is successful, Monique will have targeted their _______________.

ideal self-concept

attitude toward life

actual self-concept

others self-concept

biogenic motivation

 

Which of the following needs, as identified by Abraham Maslow, could also be described as biogenic motives?

social and esteems needs

psychological and physiological needs

self-actualization and esteem needs

physiological and safety needs

social, esteem, and self-actualization needs

 

Biogenic needs arise from _______________.

motivational states

psychogenic states

increased intensity

psychological states

physiological states

 

A _______________ is a need that is sufficiently pressing to drive the person to act.

personality

value

moral

motive (moderate) p. 117

belief

 

On the way to work, Moe drives past at least 150 signs for businesses and hears at least 20 commercials on the radio. Yet, if you ask Moe to name a single brand or commercial he has been exposed to, he can only think of one - a humorous ad for Budweiser beer. This is an example of _______________.

selective attention (moderate) p. 118

selective distortion

selective retention

selective memory

selective disposal

 

__________ refers to when a person learns to recognize differences in similar sets of stimuli and adjust responses accordingly.

Learning

Generalization

Discrimination

Cue formation

Attention

 

According to the work of Frederick Herzberg _______________.

a person moves from stated instrumental motivation to terminal ones

people are driven by particular needs at particular times

polite store clerks will not necessarily be a satisfier for a consumer, but impolite ones would be a dissatisfier

a bottle of Estee Lauder perfume arouses a different set of motives in consumers than anAvonperfume

marketers can use laddering to determine the appropriate appeal to be used in their ads

 

The process by which an individual selects, organizes, and interprets information inputs to create a meaningful picture of the world is called _______________.

impression

perception

cognition

comprehension

conviction

 

Aunt Beverly is a hard person to buy a gift for.  Her birthday is about a week away, and she has hinted to her nephew Scott how nice a personal digital assistant (PDA) would be.  Suddenly Tom starts seeing ads for PDAs in newspaper and magazines and on billboards.  When he goes with his girlfriend to Staples he notices PDA displays that he can’t recall ever noticing before.  Tom is probably engaging in _______________.

selective attention

perceptual aggregation

selective distortion

selective retention

perceptual cuing

 

While watching “The Howard Stern Show,” Dante saw an ad for an upset stomach remedy.  Although the ad was for Rolaids, Dante thought the ad was for his favorite brand - Tums.  This is an example of _______________.

information overload

selective attention

perceptual aggregation

selective retention

selective distortion

 

While watching “Larry King Live,” Grant noticed the show had a feature on Garlique, a food supplement that helps lower cholesterol.  He has taken Garlique for the last year and is convinced it is the only reason he is able to keep his cholesterol numbers in check.  The feature began with a description of how the product works and concluded with a discussion of its potential negative side effects.  Grant called his brother to tell him how the feature supported his belief in how well Garlique works at lowering cholesterol.  Due to _______________, Grant did not remember the negative comments about Garlique.

_______________ involves changes in an individual’s behavior that arise from experience.

__________ lead people to behave in a fairly consistent way toward similar objects.

Because attitudes are very difficult to change, a company would be well-advised to _______________.

A(n) _______________ is a descriptive thought a person holds about something.

attitude

conviction

perception

opinion

belief

 

While shopping for groceries, Shanté asks herself, “What would the children really like for dinner tonight?”  In this case, the children’s role in the buying decision would be as _______________.

A(n) _______________ is a person’s enduring favorable or unfavorable evaluations, emotional feelings, and action tendencies toward some object or idea.

If your product is in a category where consumers are likely to frequently switch brands, one way to encourage consumers to choose your product and become habitual buyers over other choices would be to

Benson believes the best way to truly escape from his humdrum life is on a sport-style motorcycle.  He has almost saved enough money to buy himself one.  After studying all the information he can get his hands on about motorcycles, he realizes that there are significant differences among the Yamaha R-1, Buell Thunderbolt, Honda CBR954RR, BMW R1100S, and Kawasaki Ninja 9X-ZR offerings.  He makes list of the features of each, and then compares this list to his ideal list of features.  After careful thought, Benson buys a Yamaha R-1.  Benson has engaged in _______________  behavior.

When shopping for “ramen” noodles to make for his roommates,Brandon’s looks at the two choices—Top Ramen and Maruchu brands. As he always does, he buys the Top Ramen. Brandonis probably engaging in _______________ behavior.

When shopping for picnic foods for her family to eat while they go on their Sunday drive,Auroramay buy Armour hot dogs, Pringles potato chips, Fig Newton sandwich cookies, and sometimes Hostess Ding Dongs. Aurorais probably engaged in _______________ behavior.

Trying to understand a consumer’s behavior in connection with a product has been called mapping a

The first step in the buying process is the _______________.

Normally, the consumer receives the most information exposure about a product from _______________ sources.

 

  1. Rhiannon is looking to buy a new computer and has narrowed her choices down to three, an Apple iMac, a Dell, and a Gateway. Her most important attributes for the new machine are (in order of importance) price, speed, physical appearance, and compatibility. As she does a little research online, Rhiannon decides that the Gateway is the cheapest, the Dell is the fastest, and the iMac is the nicest looking. Which will she buy?
  2. Gonzalo is considering buying a new truck.  Due to budget considerations, he has eliminated all brands and models priced over $25,000.  He also believes strongly in buying “made inAmerica” whenever possible, so he has eliminated all foreign brands from his list.  The remaining cars are part of his _______________ set.
  3. The sudden loss of a job, a rainstorm, an encounter with a  rude sales clerk, and forgetting to go by the cash machine are all examples of __________ that can change the outcome of a consumer buying situation.
  4. One way of helping your customer feel more satisfied after purchasing your product is to

 

 

MKT 571 A+ Answers

Business / Economics

5/9/12

Opening Offer: $14.99
Posted by: shonatutes
Date Posted: 5/9/12 8:10 PM
Due Date: 12/31/69

MKT 571 A+ Answers MKT 571 Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence? When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s___________systems. A. Accountability information system (AIS) B. Marketing intelligence C. Experiential research data D. Marketing research Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series? A marketing information system (MIS) consists of________ A. A set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment. B. An organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes. C. The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation. D. The people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment? The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situations is called marketing research. A. True B. False Data published by the government and data purchased from outside suppliers can improve the quality of a company's marketing intelligence efforts A. True B. False _________is the difference between a prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives. A. Total customer cost B. Customer perceived value C. Customer relationship management D. Customer delivered value Lowe's home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via___________ __________is likely to offer informal advice and information about a product or product category A. Primary reference group B. Aspirational reference group C. Diversity marketing program D. Opinion leader Which factors have the broadest and deepest influence on consumer behavior? A. Personal B. Social C. Psychological D. Cultural Business buying behavior differs from consumer buying behavior in that___________ A. The buyers for the business market are typically more geographically dispersed than those for the consumer market and the demand for products and services in the consumer market is unaffected by price fluctuations. B. The demand for business goods and services is derived from consumer's final demand. C. Businesses buy products to accomplish a single goal, which varies by industry and business. D. Fewer people typically participate in or influence business buying decisions than in the consumer market. Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products? A. Separate family names B. Corporate names C. Individual names D. Blanket family name __________are formal statements of expected product performance by the manufacturer. A. Open pricing statements B. General guarantees C. Warranties D. Promotional statements When SAP software added a Windows-style "back" button to its industrial invoice management software, the new product_____________ Which of the following best describes the category in which the offering's service mix is distinguished? A. Pure service B. Tangible good with accompanying services C. Hybrid D. Pure tangible good Mr. Tse and his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn't have the opportunity to go. The experience of the Tse's is an example of which offering? A. A major service with accompanying minor goods and services B. A hybrid C. A pure service D. A tangible good with accompanying services The introduction of a new product to the market using market-penetration pricing is most likely to be successful when__________ A. The high price communicates nothing to potential buyers B. There must be no existing demand for the product C. The market is highly price sensitive D. The unit costs of producing a small volume of the product are high When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a__________ Ayal and Zif argue that going into fewer countries is advisable when__________ McDonald's franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of____________ within channel relations. A. Territorial rights B. Price policies C. Sharing the risks D. Conditions of sale Which is the last major decision in international marketing? A. Deciding which markets to enter B. Deciding how to enter the market C. Deciding on the marketing program D. Deciding on the marketing organization Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is___________ A. Direct mail B. Television C. Magazine D. Newspapers Which of the following is NOT a major mode of communications in the marketing communications mix? A. Events and experiences B. Advertising C. Sales promotion D. Satellite radio Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform? A. Sales promotion B. Personal selling C. Public Relations D. Experiences Which of the following would NOT be considered part of a marketing communications program? A. Personal selling B. An event sponsorship C. Brand contact D. A sales promotion Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the__________concept A. Marketing B. Customer C. Production D. Product Which of the following is NOT true about the selling concept? A. The selling concept is practiced most aggressively with unsought goods. B. Firms tend to practice this selling concept when they have overcapacity C. It assumes that consumers must be coaxed into buying. D. It always takes into account the greater societal good. Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by__________ A. Developing the marketing research plan that she would employ B. Holding focus groups of members of other similar organizations to determine whether the problems the Chamber is facing are universal or local. C. Defining the problem D. Evaluating the advantages the Chamber officers over other similar organization. The step in the marketing research process that includes determining who will be sampled is to__________ A. Collect the information B. Make the decision based on the project outcomes C. Develop the research plan D. Define the problem and research objectives The second step in the marketing research process is_______________ A. Decision regarding the research tools and target group B. Collection of the available sources for information needed C. Define the problem and research objectives D. Development of the research plan The last step in marketing research is developing the research plan A. True B. False Typically, companies budget about 11-12 percent of company sales for marketing research A. True B. False Marketing information systems are developed from internal company records, marketing intelligence, and marketing research A. True B. False ___________is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives A. Customer delivered value B. Customer relationship management C. Customer perceived value D. Total customer cost Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via________ A. Increasing the service value B. Increasing total customer value C. Reducing the product’s monetary costs to the buyers. D. Reducing the buyer’s nonmonetary costs Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a_______ A. Social class B. Demographic group C. Reference group D. Subculture Which factors have the broadest and deepest influence on consumer behavior? A. Cultural B. Personal C. Psychological D. Social Organizational buying is___________ A. The decision-making process by which organizations establish and satisfy their needs for goods and services. B. A process by which organizations recognize their needs for goods and services C. The practice of establishing strategic partnerships between manufacturers and their suppliers. D. A way a company can produce a greater variety of high-quality products at lower cost, in less time, with less labor. __________consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers A. Consumer market B. Business market C. Government market D. Institutional market Which of the following is NOT an advantage of co-branding? A. Generates additional sales from the existing target market B. Might contribute to overexposure of the brand C. Provides more opportunities with new customers D. Helps position new products __________is when a parent brand is used on a new product targeting a new market segment within a category currently served by the parent A. Category extension B. Joint-venture co-brand C. Line extension D. Same company co-brand In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of_____________ Mazda’s Miata convertible originally drew the most interest from women between the ages of 35-55. In order to interest more potential customers in the roadster, Mazda beefed up the model with heavier shocks and a faster engine, and then emphasized performance in its advertising. This is an example of creating a new product by___________ A. Market diversification strategy B. Repositioning C. Product development strategy D. The development of a new product line Marketers plan their market offerings at five levels. What is the correct order of the levels, going from most fundamental to the level with the most benefits? A. Core-basic-expected-augmented-potential B. Basic-expected-augmented-core-potential C. Potential-augmented-expected-core-basic D. Expected-potential-basic-augmented-core Characteristics a buyer can evaluate before purchase are called__________ A. Credence qualities B. Search qualities C. Differentiation qualities D. Experience qualities For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a____________ A common mistake in pricing is A. Ignoring costs when setting prices B. Revising prices too often C. Setting prices independently of the rest of the market mix D. Considering price and price competition as a key problem in marketing When introduced in the late 1970s, personal computers had large initial demand. People were interested in buying them to make writing and editing easier. The earliest simple PCs were initially priced around $2,500. The manufacturers of the first PCs were probably using a _________ pricing strategy A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs A. Maximum current revenue B. Survival C. Maximum sales growth D. Maximum current profit Convenience goods such as snack foods are sold through________________ A. Full-service B. Limited service C. Self-service D. Self-selection Because of Coca-Cola’s size and power in the marketplace, they tend to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a_______________ A. Corporate vertical marketing system B. Horizontal marketing system C. Contractual vertical marketing system D. Administered vertical marketing system Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of_____________ The number of different persons exposed to a particular media schedule at least once during some specified time is the______________ of an advertisement. A. Reach B. Frequency C. Impact D. Iteration Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money _____________are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell. This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects A. Brand building B. Viral marketing C. Direct marketing D. Personal selling ___________marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long-term preference and business. The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At the time, the firm offering these kits would likely have been using the __________ concept A. Technological B. Market C. Production D. Product The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software Which of the following is most closely associated with a proactive marketing orientation? A. Macromarket B. Marketspace C. Marketplace D. Metamarket _________is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families? Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________.


  MKT 571 A+ Answers

MKT 571 

Which of the following is NOT a step that might be used to improve the quality of a firm’s marketing intelligence?

When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s___________systems.


A. Accountability information system (AIS)
B. Marketing intelligence
C. Experiential research data
D. Marketing research

Which of the following is an example of primary data that would be used by Topps card company to determine popularity of its new hologram baseball card series?
A marketing information system (MIS) consists of________

A. A set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment.
B. An organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes.
C. The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation.
D. The people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers

Which of the following best describes the expected level of company sales based on a chosen marketing plan and an assumed marketing environment?

The systematic collection, analysis, and reporting of data and findings relevant to specific marketing situations is called marketing research.
A. True
B. False

Data published by the government and data purchased from outside suppliers can improve the quality of a company's marketing intelligence efforts
A. True
B. False

_________is the difference between a prospective customer's evaluation of all the benefits and costs of an offering and the perceived alternatives.
A. Total customer cost
B. Customer perceived value
C. Customer relationship management
D. Customer delivered value

 

 

Lowe's home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via___________

__________is likely to offer informal advice and information about a product or product category


A. Primary reference group
B. Aspirational reference group
C. Diversity marketing program
D. Opinion leader

Which factors have the broadest and deepest influence on consumer behavior?
A. Personal
B. Social
C. Psychological
D. Cultural

Business buying behavior differs from consumer buying behavior in that___________

A. The buyers for the business market are typically more geographically dispersed than those for the consumer market and the demand for products and services in the consumer market is unaffected by price fluctuations.
B. The demand for business goods and services is derived from consumer's final demand.
C. Businesses buy products to accomplish a single goal, which varies by industry and business.
D. Fewer people typically participate in or influence business buying decisions than in the consumer market.

Toyota, the maker of the Scion brand, using what kind of brand strategy with Scion products?

A. Separate family names
B. Corporate names
C. Individual names
D. Blanket family name

__________are formal statements of expected product performance by the manufacturer.
A. Open pricing statements
B. General guarantees
C. Warranties
D. Promotional statements

When SAP software added a Windows-style "back" button to its industrial invoice management software, the new product_____________

Which of the following best describes the category in which the offering's service mix is distinguished?
A. Pure service
B. Tangible good with accompanying services
C. Hybrid
D. Pure tangible good

Mr. Tse and his family took a vacation to Washington, D.C. While there, they bought souvenirs; t-shirts and hats to take home to family and friends who didn't have the opportunity to go. The experience of the Tse's is an example of which offering?
A. A major service with accompanying minor goods and services
B. A hybrid
C. A pure service
D. A tangible good with accompanying services

 

The introduction of a new product to the market using market-penetration pricing is most likely to be successful when__________
A. The high price communicates nothing to potential buyers
B. There must be no existing demand for the product
C. The market is highly price sensitive
D. The unit costs of producing a small volume of the product are high

When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a__________

Ayal and Zif argue that going into fewer countries is advisable when__________
McDonald's franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of____________ within channel relations.

A. Territorial rights
B. Price policies
C. Sharing the risks
D. Conditions of sale

Which is the last major decision in international marketing?

A. Deciding which markets to enter
B. Deciding how to enter the market
C. Deciding on the marketing program
D. Deciding on the marketing organization

Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is___________

A. Direct mail
B. Television
C. Magazine
D. Newspapers

Which of the following is NOT a major mode of communications in the marketing communications mix?

A. Events and experiences
B. Advertising
C. Sales promotion
D. Satellite radio

Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform?
A. Sales promotion
B. Personal selling
C. Public Relations
D. Experiences

Which of the following would NOT be considered part of a marketing communications program?

A. Personal selling
B. An event sponsorship
C. Brand contact
D. A sales promotion

Intel, one of the largest producers of integrated circuit chips, puts a great deal of effort into expanding production of chips to drive down cost and thus expand the market. This is most indicative of the__________concept

A. Marketing
B. Customer
C. Production
D. Product

Which of the following is NOT true about the selling concept?

A. The selling concept is practiced most aggressively with unsought goods.
B. Firms tend to practice this selling concept when they have overcapacity
C. It assumes that consumers must be coaxed into buying.
D. It always takes into account the greater societal good.

Rita Jenkins, president of the local Chamber of Commerce, had difficulty getting members to assist in running the organization. She felt it was because of lack of commitment to the Chamber. Her vice-president felt it was due to having too many meetings. The organization’s secretary felt it was because there were several other professional organizations to which the members also belonged. If Rita wants to do research to determine the real reason why members do not want to run for office, she should begin by__________

A. Developing the marketing research plan that she would employ
B. Holding focus groups of members of other similar organizations to determine whether the problems the Chamber is facing are universal or local.
C. Defining the problem
D. Evaluating the advantages the Chamber officers over other similar organization.

The step in the marketing research process that includes determining who will be sampled is to__________
A. Collect the information
B. Make the decision based on the project outcomes
C. Develop the research plan
D. Define the problem and research objectives

The second step in the marketing research process is_______________
A. Decision regarding the research tools and target group
B. Collection of the available sources for information needed
C. Define the problem and research objectives
D. Development of the research plan

The last step in marketing research is developing the research plan
A. True
B. False

Typically, companies budget about 11-12 percent of company sales for marketing research

A. True
B. False

Marketing information systems are developed from internal company records, marketing intelligence, and marketing research
A. True
B. False

___________is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives
A. Customer delivered value
B. Customer relationship management
C. Customer perceived value
D. Total customer cost

Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via________

A. Increasing the service value
B. Increasing total customer value
C. Reducing the product’s monetary costs to the buyers.
D. Reducing the buyer’s nonmonetary costs

Lee is constantly begging his mother to buy him an iPod because the most popular kids at his school all have one. His mother contends that he’ll just break it or lose the music player if she buys it for him. For Lee, the most popular kids in his school are examples of a_______

A. Social class
B. Demographic group
C. Reference group
D. Subculture

Which factors have the broadest and deepest influence on consumer behavior?
A. Cultural
B. Personal
C. Psychological
D. Social

Organizational buying is___________
A. The decision-making process by which organizations establish and satisfy their needs for goods and services.
B. A process by which organizations recognize their needs for goods and services
C. The practice of establishing strategic partnerships between manufacturers and their suppliers.
D. A way a company can produce a greater variety of high-quality products at lower cost, in less time, with less labor.

__________consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers

A. Consumer market
B. Business market
C. Government market
D. Institutional market

Which of the following is NOT an advantage of co-branding?
A. Generates additional sales from the existing target market
B. Might contribute to overexposure of the brand
C. Provides more opportunities with new customers
D. Helps position new products

__________is when a parent brand is used on a new product targeting a new market segment within a category currently served by the parent
A. Category extension
B. Joint-venture co-brand
C. Line extension
D. Same company co-brand

In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of_____________
Mazda’s Miata convertible originally drew the most interest from women between the ages of 35-55. In order to interest more potential customers in the roadster, Mazda beefed up the model with heavier shocks and a faster engine, and then emphasized performance in its advertising. This is an example of creating a new product by___________

A. Market diversification strategy
B. Repositioning
C. Product development strategy
D. The development of a new product line

Marketers plan their market offerings at five levels. What is the correct order of the levels, going from most fundamental to the level with the most benefits?
A. Core-basic-expected-augmented-potential
B. Basic-expected-augmented-core-potential
C. Potential-augmented-expected-core-basic
D. Expected-potential-basic-augmented-core

Characteristics a buyer can evaluate before purchase are called__________
A. Credence qualities
B. Search qualities
C. Differentiation qualities
D. Experience qualities

For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a____________
A common mistake in pricing is

A. Ignoring costs when setting prices
B. Revising prices too often
C. Setting prices independently of the rest of the market mix
D. Considering price and price competition as a key problem in marketing

When introduced in the late 1970s, personal computers had large initial demand. People were interested in buying them to make writing and editing easier. The earliest simple PCs were initially priced around $2,500. The manufacturers of the first PCs were probably using a _________ pricing strategy

A __________ pricing objective is suitable for a company that has overcapacity, intense competition, and changing customer needs
A. Maximum current revenue
B. Survival
C. Maximum sales growth
D. Maximum current profit

Convenience goods such as snack foods are sold through________________
A. Full-service
B. Limited service
C. Self-service
D. Self-selection

Because of Coca-Cola’s size and power in the marketplace, they tend to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a_______________
A. Corporate vertical marketing system
B. Horizontal marketing system
C. Contractual vertical marketing system
D. Administered vertical marketing system

Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of_____________

The number of different persons exposed to a particular media schedule at least once during some specified time is the______________ of an advertisement.
A. Reach
B. Frequency
C. Impact
D. Iteration

Abercrombie & Fitch could use __________ advertising to reduce the cognitive dissonance experienced by someone who recently purchased its brand of high-fashion, high-priced clothing and wonders if they got the value for their money
_____________are the means by which firms attempt to inform, persuade, and remind customers about the products and brands they sell.

This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects

A. Brand building
B. Viral marketing
C. Direct marketing
D. Personal selling

___________marketing aims to build long-term, mutually satisfying relationships with key parties—customers, suppliers, distributors—in order to earn and retain their long-term preference and business.
The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At the time, the firm offering these kits would likely have been using the __________ concept

A. Technological
B. Market
C. Production
D. Product

The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software

Which of the following is most closely associated with a proactive marketing orientation?


A. Macromarket
B. Marketspace
C. Marketplace
D. Metamarket

_________is the key ingredient in many marketing campaigns and consists of a diverse collection of incentive tools, mostly short term, designed to stimulate trial, or quicker or greater purchase, or particular products or services by consumers or trade

Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families? 

Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________. 

 

ACC 349 FINAL EXAM (2)

Business / Economics

5/11/12

Opening Offer: $30.00
Posted by: argument
Date Posted: 5/11/12 5:30 AM
Due Date: 12/31/69

1) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation?

2) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?

3) Why is factory overhead applied to products and jobs by manufacturing companies?

4) In a job order cost accounting system, the Work in Process account is

5) Which one of the following is an important feature of a job order cost system?

6) Which of the following represents the two basic types of cost accounting systems?

7) Which of the following represents the correct order in which inventories are reported on a manufacturer's balance sheet?

8) Which one of the following is indirect labor considered?

9) Which of the following is an element of manufacturing overhead?

10) Which of the following is NOT typical of traditional costing systems?

11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)

12) A well-designed activity-based costing system starts with

13) What sometimes makes implementation of activity-based costing difficult in service industries is

14) Which of the following is a nonvalue-added activity?

15) Each of the following is a limitation of activity-based costing EXCEPT

16) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:
Mini A Maxi B
Direct labor hours 15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700
Overhead applied to Mini A using activity-based costing is

17) Which of the following factors would suggest a switch to activity-based costing?

18) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:
Mini A Maxi B
Direct labor hours 15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700
Overhead applied to Maxi B using traditional costing using direct labor hours is

19) Seran Company has contacted Truckel Inc. with an offer to sell it 5,000 of the wickets for $18 each. If Truckel makes the wickets, variable costs are $11 per unit. Fixed costs are $12 per unit; however, $5 per unit is avoidable. Should Truckel make or buy the wickets?

20) Max Company uses 10,000 units of Part A in producing its products. A supplier offers to make Part A for $7. Max Company has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the opportunity cost of buying Part A from the supplier is

21) Rosen, Inc. has 10,000 obsolete calculators, which are carried in inventory at a cost of $20,000. If the calculators are scrapped, they can be sold for $1.10 each (for parts). If they are repackaged, at a cost of $15,000, they could be sold to toy stores for $2.50 per unit. What alternative should be chosen, and why?

22) Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?

23) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

24) Hartley, Inc. has one product with a selling price per unit of $200, the unit variable cost is $75, and the total monthly fixed costs are $300,000. How much is Hartley's contribution margin ratio?

25) Which cost is charged to the product under variable costing?

26) Orbach Company sells its product for $40 per unit. During 2005, it produced 60,000 units and sold 50,000 units (there was no beginning inventory). Costs per unit are: direct materials $10, direct labor $6, and variable overhead $2. Fixed costs are: $480,000 manufacturing overhead, and $60,000 selling and administrative expenses. The per unit manufacturing cost under absorption costing is

27) Which cost is NOT charged to the product under variable costing?

28) If standard costs are incorporated into the accounting system,

29) The difference between a budget and a standard is that

30) A standard cost is

31) The standard rate of pay is $5 per direct labor hour. If the actual direct labor payroll was $19,600 for 4,000 direct labor hours worked, the direct labor price (rate) variance is

32) A company developed the following per-unit standards for its product: 2 pounds of direct materials at $6 per pound. Last month, 2,000 pounds of direct materials were purchased for $11,400. The direct materials price variance for last month was

33) The total variance is $10,000. The total materials variance is $4,000. The total labor variance is twice the total overhead variance. What is the total overhead variance?

34) Which of the following statements is FALSE?

35) The overhead volume variance relates only to

36) If the standard hours allowed are less than the standard hours at normal capacity, the volume variance

37) During December, the capital budget indicates a $280,000 purchase of equipment. The ending November cash balance is budgeted to be $40,000. Cash receipts are $840,000, and cash disbursements are $610,000 during December. The company wants to maintain a minimum cash balance of $20,000. What is the minimum cash loan that must be planned to be borrowed from the bank during December?

38) Waco's Widgets plans to sell 22,000 widgets during May, 19,000 units in June, and 20,000 during July. Waco keeps 10% of the next month's sales as ending inventory. How many units should Waco produce during June?

39) At January 1, 2004, Barry, Inc. has beginning inventory of 4,000 widgets. Barry estimates it will sell 35,000 units during the first quarter of 2004 with a 10% increase in sales each quarter. Barry's policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

40) Prices are set by the competitive market when

41) In cost-plus pricing, the markup percentage is computed by dividing the desired ROI per unit by the

42) The cost-plus pricing approach's major advantage is

ACC 349 FINAL EXAM (1)

Business / Economics

5/11/12

Opening Offer: $25.00
Posted by: argument
Date Posted: 5/11/12 5:34 AM
Due Date: 12/31/69

1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation?

3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?

4) Which of the following would be accounted for using a job order cost system?

5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?

6) What is unique about the flow of costs in a job order cost system?

7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?

8) What broad functions do the management of an organization perform?

9) Which of the following represents the correct order in which inventories are reported on a manufacturer's balance sheet?

10) In traditional costing systems, overhead is generally applied based on

11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)

12) A well-designed activity-based costing system starts with

13) Which of the following factors would suggest a switch to activity-based costing?

14) All of the following statements are correct EXCEPT that

15) What sometimes makes implementation of activity-based costing difficult in service industries is

16) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

17) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:
Mini AMaxi B
Direct labor hours15,00025,000
Machine setups600400
Machine hours24,00026,000
Inspections800700
Overhead applied to Mini A using activity-based costing is

18) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:
Mini A Maxi B
Direct labor hours15,000 25,000
Machine setups 600 400
Machine hours 24,000 26,000
Inspections 800 700
Overhead applied to Maxi B using activity-based costing is

19) Seran Company has contacted Truckel Inc. with an offer to sell it 5,000 of the wickets for $18 each. If Truckel makes the wickets, variable costs are $11 per unit. Fixed costs are $12 per unit; however, $5 per unit is avoidable. Should Truckel make or buy the wickets?

20) Rosen, Inc. has 10,000 obsolete calculators, which are carried in inventory at a cost of $20,000. If the calculators are scrapped, they can be sold for $1.10 each (for parts). If they are repackaged, at a cost of $15,000, they could be sold to toy stores for $2.50 per unit. What alternative should be chosen, and why?

21) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,

22) Hartley, Inc. has one product with a selling price per unit of $200, the unit variable cost is $75, and the total monthly fixed costs are $300,000. How much is Hartley's contribution margin ratio?

23) Which statement describes a fixed cost?

24) Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?

25) Variable costing

26) Which cost is NOT charged to the product under variable costing?

27) Orbach Company sells its product for $40 per unit. During 2005, it produced 60,000 units and sold 50,000 units (there was no beginning inventory). Costs per unit are: direct materials $10, direct labor $6, and variable overhead $2. Fixed costs are: $480,000 manufacturing overhead, and $60,000 selling and administrative expenses. The per unit manufacturing cost under absorption costing is

28) Which of the following is NOT considered an advantage of using standard costs?

29) The difference between a budget and a standard is that

30) If a company is concerned with the potential negative effects of establishing standards, they should

31) The per-unit standards for direct materials are 2 gallons at $4 per gallon. Last month, 11,200 gallons of direct materials that actually cost $42,400 were used to produce 6,000 units of product. The direct materials quantity variance for last month was
32) The standard number of hours that should have been worked for the output attained is 8,000 direct labor hours and the actual number of direct labor hours worked was 8,400. If the direct labor price variance was $8,400 unfavorable, and the standard rate of pay was $18 per direct labor hour, what was the actual rate of pay for direct labor?

33) The total variance is $10,000. The total materials variance is $4,000. The total labor variance is twice the total overhead variance. What is the total overhead variance?

34) Manufacturing overhead costs are applied to work in process on the basis of

35) The overhead volume variance relates only to

36) If the standard hours allowed are less than the standard hours at normal capacity,

37) Gottberg Mugs is planning to sell 2,000 mugs and produce 2,200 mugs during April. Each mug requires 2 pounds of resin and a half hour of direct labor. Resin costs $1 per pound and employees of the company are paid $12.50 per hour. Manufacturing overhead is applied at a rate of 120% of direct labor costs. Gottberg has 2,000 pounds of resin in beginning inventory and wants to have 2,400 pounds in ending inventory. How much is the total amount of budgeted direct labor for April?

38) Lewis Hats is planning to sell 600 straw hats. Each hat requires a half pound of straw and a quarter hour of direct labor. Straw costs $0.20 per pound and employees of the company are paid $22 per hour. Lewis has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending inventory. How many units should Lewis Hats produce in April?

39) At January 1, 2004, Barry, Inc. has beginning inventory of 4,000 widgets. Barry estimates it will sell 35,000 units during the first quarter of 2004 with a 10% increase in sales each quarter. Barry's policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

40) In most cases, prices are set by the

41) A company must price its product to cover its costs and earn a reasonable profit in

42) The cost-plus pricing approach's major advantage is

ECO 372 Final Exam

Business / Economics

5/17/12

Opening Offer: $25.00
Posted by: argument
Date Posted: 5/17/12 12:16 PM
Due Date: 12/31/69

1) The largest source of household income in the U.S. is obtained from
A. stock dividends
B. wages and salaries
C. interest earnings
D. rental income

2) The market where business sell goods and services to households and the government is called the
A. goods market
B. factor market
C. capital market
D. money market

3) Real gross domestic product is best defined as

A. the market value of intermediate goods and services produced in an economy, including exports
B. all goods and services produced in an economy, stated in the prices of a given year and multiplied by quantity
C. the market value of all final goods and services produced in an economy, stated in the prices of a given year
D. the market value of goods and services produced in an economy, stated in current-year prices

4) Underemployment includes people
A. who work "off-the-books" to avoid tax liabilities
B. who are working part time, or not using all their skills at a full-time job
C. who are tired of looking for a job, so they quit looking, but still want one
D. whose skills are not in demand anymore

5) The Bureau of Economic Analysis is responsible for which of the following?
A. Setting interest rates
B. Managing the money supply
C. Calculating U.S. gross domestic product]
D. Paying unemployment benefits

6) The Federal Reserve provides which of the following data?
A. Federal funds rate
B. Stock price of GE
C. Bond yields of corporations
D. Debt to GDP of Ireland

7) Consider if the government instituted a 10 percent income tax surcharge. In terms of the AS/AD model, this change should have
A. shifted the AD curve to the left
B. shifted the AD curve to the right
C. made the AD curve flatter
D. made the AD curve steeper

8) If the depreciation of a country's currency increases its aggregate expenditures by 20, the AD curve will
A. shift right by more than 20
B. shift right by less than 20
C. shift right by exactly 20
D. not shift at all

9) Aggregate demand management policies are designed most directly to
A. minimize unemployment
B. minimize inflation
C. control the aggregate level of spending in the economy
D. prevent budget deficits or surpluses

10) Suppose that consumer spending is expected to decrease in the near future. If output is at potential output, which of the following policies is most appropriate according to the AS/AD model?
A. An increase in government spending
B. An increase in taxes
C. A reduction in government spending
D. No change in taxes or government spending

11) According to Keynes, market economies
A. never experience significant declines in aggregate demand
B. quickly recover after they experience a significant decline in aggregate demand
C. may recover slowly after they experience a significant decline in aggregate demand
D. are constantly experiencing significant declines in aggregate demand

12) The laissez-faire policy prescription to eliminate unemployment was to
A. eliminate labor unions and government policies that hold real wages too high
B. strengthen unions and government regulations protecting unions and workers
C. increase real wages so that people are encouraged to work
D. have government guarantee jobs for everyone

13) In the AS/AD model, an expansionary monetary policy has the greatest effect on the price level when it
A. increases both nominal and real income
B. increases real income but not nominal income
C. increases nominal income but not real income
D. doesn't increase real or nominal income

14) The Federal funds rate
A. is always slightly higher than the discount rate
B. can never be close to zero
C. may sometimes have to be targeted at zero
D. is an intermediate target

15) What tool of monetary policy will the Federal Reserve use to increase the federal funds rate from 1% to 1.25%?
A. Open-market operations
B. The discount rate
C. A change in reserve requirements
D. Margin requirements

16) If the Federal Reserve increases the required reserves, financial institutions will likely lend out
A. more than before, increasing the money supply
B. less than before, decreasing the money supply
C. more than before, decreasing the money supply
D. less than before, increasing the money supply

17) Suppose the money multiplier in the U.S. is 3. Suppose further that if the Federal Reserve changes the discount rate by 1 percentage point, banks change their reserves by 300. To increase the money supply by 2700 the Federal Reserve should
A. reduce the discount rate by 3 percentage points
B. reduce the discount rate by 10 percentage points
C. raise the discount rate by 3 percentage points
D. raise the discount rate by 10 percentage points

18) If the Federal Reserve reduced its reserve requirement from 6.5 percent to 5 percent. This policy would most likely
A. increase both the money multiplier and the money supply
B. increase the money multiplier but decrease the money supply
C. decrease the money multiplier but increase the money supply
D. decrease both the money multiplier and the money supply

19) A country can have a trade deficit as long as it can
A. purchase foreign assets
B. make loans to other countries
C. borrow from or sell assets to foreigners
D. produce more than it consumes.

20) A weaker dollar
A. raises inflation and contracts the economy.
B. reduces inflation and contracts the economy
C. raises inflation and expands the economy
D. reduces inflation and expands the economy

21) In the short run, a trade deficit allows more consumption, but in the long run, a trade deficit is a problem because
A. the country eventually will consume more and produce less
B. the country eventually will sell all its financial assets to foreigners
C. the domestic currency will appreciate
D. the country eventually has to produce more than it consumes in order to pay foreigners their profits

22) Considering an economy with a current trade deficit and considering only the direct effect on income, an expansionary monetary policy tends to
A. decrease the exchange rate and increase the trade deficit
B. increase the exchange rate and increase the trade deficit
C. decrease the exchange rate and decrease the trade deficit
D. increase the exchange rate and decrease the trade deficit

23) The balance of trade measures the
A. difference between the value of imports and exports
B. share of U.S. imports coming from various regions of the world
C. share of U.S. exports going to various regions of the world
D. exchange rate needed to make imports equal exports

24) When a country runs a trade deficit, it does so by:
A. borrowing from foreign countries or selling assets to them.
B. borrowing from foreign countries or buying assets from them.
C. lending to foreign countries or selling assets to them.
D. lending to foreign countries or buying assets from them.

25) Expansionary fiscal policy tends to
A. raise U.S. income, increase U.S. imports, and increase the trade deficit
B. raise U.S. income, increase U.S. imports, and lower the trade deficit
C. lower U.S. income, reduce U.S. imports, and increase the trade deficit
D. lower U.S. income, reduce U.S. imports, and lower the trade deficit

26) In considering the net effect of expansionary fiscal policy on the trade deficit, the
A. income effect offsets the price effect
B. price effect offsets the income effect
C. income and price effects work in the same direction, so the trade deficit is decreased
D. income and price effects work in the same direction, so the trade deficit is increased

27) If U.S. interest rates fall relative to Japanese interest rates and Japanese inflation falls relative to U.S. inflation, then the
A. dollar will lose value in terms of yen
B. dollar will gain value in terms of yen
C. dollar's value will not change in terms of yen
D. change in the dollar's value cannot be determined

28) Expansionary monetary policy tends to
A. lower the U.S. interest rate and increase the U.S. exchange rate
B. lower the U.S. interest rate and decrease the U.S. exchange rate
C. increase the U.S. interest rate and decrease the U.S. exchange rate
D. increase the U.S. interest rate and increase the U.S. exchange rate

29) The U.S. has limits on Chinese textile imports. Such limits are an example of
A. a tariff
B. a quota
C. a regulatory trade restriction
D. an embargo

30) Duties imposed by the U.S. government on imported Chinese frozen and canned shrimp are an example of
A. tariffs
B. quotas
C. voluntary restrictions
D. regulatory trade restrictions

Unethical Business Practices in Accoun..

Business / Economics

5/31/12

Opening Offer: $10.00
Posted by: lgcn
Date Posted: 5/31/12 1:22 AM
Due Date: 12/31/69

800 words Essay on Unethical Business Practices in Accounting

Research a real product, and explain how

Business / Economics

6/1/12

Opening Offer: $20.00
Posted by: davidhussey
Date Posted: 6/1/12 3:14 PM
Due Date: 6/1/12

Research a real product, and explain how it is a product of denationalization including the following: How marketing costs are lower and show new market opportunities were created How it helped income all year round, benefited the local market, and reduced expenses How it used local technology and the effect it had on other production inputs Be sure to also include a response to the following questions: Did the product change jobs and wages domestically or internationally? Did it affect the environment domestically or internationally? Is denationalization of the supply chain better or worse for the global economy?Research a real product, and explain how it is a product of denationalization including the following: How marketing costs are lower and show new market opportunities were created How it helped income all year round, benefited the local market, and reduced expenses How it used local technology and the effect it had on other production inputs Be sure to also include a response to the following questions: Did the product change jobs and wages domestically or internationally? Did it affect the environment domestically or internationally? Is denationalization of the supply chain better or worse for the global economy?

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