Exam 3

Question 1

1) ________ refers to a state of physical and emotional exhaustion that can result from constant exposure to stress over a long period of time.

Answer 1

Employee burnout

Question 2

Aligning the workforce refers to ________.

Answer 2

matching the right employees to the right jobs at the right time

Question 3

An overall environment that results from job and work conditions is called ________.

Answer 3

quality of work life

Question 4

Which of the following is, in part, a contributor to the gender pay gap?

Answer 4

Opportunity

Question 5

An environment where one is made to feel uncomfortable by lewd jokes, remarks, or gestures could be considered to support ________.

Answer 5

sexual harassment

Question 6

________ made it illegal for employers to practice sexism or discrimination on the basis of gender.

Answer 6

The Civil Rights Act of 1964

Question 7

The ________ is a metaphor for discriminatory practices that have prevented women and minorities from advancing to executive level jobs.

Answer 7

glass ceiling

Question 8

The various characteristics and experiences that define individuals is called ________.

Answer 8

diversity

Question 9

Which of the following designates any ethnic segment other than white Americans of European descent?

Answer 9

Minority

Question 10

________ refers to a statement of the tasks involved in a given job and the conditions under which the holder of a job will work.

Answer 10

Job description

Question 11

________ refers to a statement describing the kind of person who would be best for a given job—including the skills, education, and previous experience that the job requires.

Answer 11

Job specification

Question 12

________ refers to the percentage of the workforce that leaves every year.

Answer 12

Turnover

Question 13

The term ________ represents workforce planning efforts that identify possible replacements for specific employees, usually senior executives.

Answer 13

succession planning

Question 14

Which of the following alternative work arrangements allow two or more employees to share a single full-time job, and split the salary and benefits?

Answer 14

Job sharing

Question 15

The process of attracting appropriate applicants for an organization’s jobs is known as ________.

Answer 15

recruiting

Question 16

Which of the following acts prohibits any form of testing that can be construed as a pre-employment medical examination?

Answer 16

Americans with Disabilities Act

Question 17

________ services, such as resume-writing courses, career counseling, and secretarial assistance are offered to laid-off employees by many companies.

Answer 17

Outplacement

Question 18

The ________ provides retirement, disability and medical coverage for employees and their dependents and is jointly funded by employers and employees.

Answer 18

Social Security Act

Question 19

Which of the following is the action of laying off employees for economic or business reasons not related to employee performance?

Answer 19

Layoffs

Question 20

________ supports the concept that an employee can be fired or quit their employment at any time.

Answer 20

At-will employment

Question 21

A(n) ________ identifies both the current skill levels of the company’s workforce as well as those the company needs in order to succeed.

Answer 21

skills inventory

Question 22

What is used to clarify job requirements and give employees feedback on their performance?

Answer 22

Performance appraisals

Question 23

A wage differs from salary in that the wage ________.

Answer 23

is paid by the unit of time such as daily or weekly

Question 24

________ refers to an incentive program that rewards employees for meeting specific, individual goals.

Answer 24

Pay for performance

Question 25

________ refers to pay tied to an employee's acquisition of skills.

Answer 25

Knowledge-based pay

Question 26

________ is a defined contribution retirement plan in which employers often match the amount employees invest.

Answer 26

401(k) plan

Question 27

Which of the following enables employees to acquire shares in a company?

Answer 27

An employee stock-ownership plan

Question 28

A(n) ________ refers to a company-sponsored counseling or referral plan for employees with personal problems.

Answer 28

employee assistance program

Question 29

Which of the following allows workers up to 12 weeks unpaid leave to care for a family member with a serious illness?

Answer 29

Family Medical Leave Act

Question 30

Typically, labor unions seek to protect employee interests by ________.

Answer 30

negotiating with employers for better wages and benefits

Question 31

Which of the following is an advantage of joining a labor union?

Answer 31

Union members receive greater benefits compared to non-union employees.

Question 32

Which of the following refers to the relationship between organized labor and business owners?

Answer 32

Labor relations

Question 33

What is management's top priority when having to work with unions in the organization?

Answer 33

Making sure the firm can stay competitive

Question 34

How do wants differ from needs?

Answer 34

Wants are the core of all marketing efforts.

Question 35

________ utility is the benefit provided by making the company's products available where customers want to purchase them.

Answer 35

Place

Question 36

In addition to the ideas of and exchange of value, which of the following is one of the three essential elements of successful marketing?

Answer 36

Lasting relationships

Question 37

What type of utility is created when a customer actually purchases and has a product?

Answer 37

Possession

Question 38

The process of collecting and interpreting information about customers, competitors, and other related marketing issues is known as ________.

Answer 38

marketing research

Question 39

Companies use ________ in an effort to capture everything current and potential customers say and write about the company and its products.

Answer 39

voice of the customer

Question 40

Tension that exists when a person's beliefs don't match his or her behaviors is called ________.

Answer 40

cognitive dissonance

Question 41

Consumers markets include ________.

Answer 41

Households

Question 42

Which of the following influence our purchase decisions by shaping values, attitudes, and beliefs?

Answer 42

culture

Question 43

________ involves selling more of your existing products into the markets you already serve.

Answer 43

Market penetration

Question 44

Creating new goods and services for a firm's current markets is called ________.

Answer 44

product development

Question 45

A firm's portion of the total sales within a market is its ________.

Answer 45

market share

Question 46

Grouping customers with similar characteristics, behaviors, and needs is known as ________.

Answer 46

market segmentation

Question 47

The study of the statistical characteristics of a population is called ________.

Answer 47

demographics

Question 48

________ refers to the categorization of customers according to their relationship with products or response to product characteristics.

Answer 48

Behavioral segmentation

Question 49

________ consists of the four key elements of marketing strategy: product, price, distribution, and customer communication.

Answer 49

Marketing Mix

Question 50

______ is an element of the marketing mix that refers to a wide variety of persuasive techniques used by companies to communicate with their target markets and the general public.

Answer 50

Promotion

Question 51

Which of the following is referred to as the bundle of value offered in a marketing exchange, for the purpose of satisfying a need or want?

Answer 51

product

Question 52

The value captured from customers in exchange for the value offered in a product determines ________.

Answer 52

Price

Question 53

The organized network that moves a product from the producer to the customer is known as the ________.

Answer 53

distribution channel

Question 54

The sensitivity of consumers to changes in the price of a product is reflected in

Answer 54

price elasticity

Question 55

56) Which of the following can be categorized as a good? A) Life insurance B) Air travel C) Financial advice D) Shoes E) Digital music

Answer 55

Shoes

Question 56

A product is called a good if ________.

Answer 56

it is predominantly tangible

Question 57

________ are everyday individual goods and services that people buy frequently without much conscious planning.

Answer 57

Convenience product

Question 58

________ are fairly important individual goods and services that people buy less frequently.

Answer 58

Shopping products

Question 59

________ are particular brands that the buyer especially wants and will seek out regardless of location or price.

Answer 59

Specialty products

Question 60

_______ are expensive organizational products with a long useful life.

Answer 60

Capital Products

Question 61

Research and development is carried out usually during the ________ stage of product development.

Answer 61

introductory

Question 62

The ________ stage of the product life cycle is marked by a rapid increase in sales.

Answer 62

growth

Question 63

_______ is a product development stage in which a product is sold on a limited basis to gauge its market appeal.

Answer 63

Test marketing

Question 64

During the final stage of development, large-scale production and distribution of the product begins the process of ________.

Answer 64

product launch

Question 65

A survey revealed that a product has a high level of brand loyalty. This means that ________.

Answer 65

people are committed to the brand

Question 66

Which of the following best describes a brand?

Answer 66

The core value associated with a product

Question 67

The portion of the brand that can be spoken and can include words, letters, or number is referred to as the ________.

Answer 67

brand name

Question 68

Which of the following refers to a graphical representation of a brand?

Answer 68

Logo

Question 69

________ refer to brands that have been given legal protection so that their owners have exclusive rights to their use.

Answer 69

Trademarks

Question 70

Co-branding is ________

Answer 70

a partnership to closely link brand names for a single product

Question 71

________ is an agreement to use another company's brand on its products for a fee.

Answer 71

A license

Question 72

Brands offered and promoted by a national manufacturer are considered to be ________.

Answer 72

national brand

Question 73

Which of the following refers to creating variations of an existing product?

Answer 73

Line stretchin

Question 74

________ refers to using a successful brand name on new products in the hopes that the reputation of the existing product will help sales of the new product.

Answer 74

Brand extension

Question 75

A company strategy of providing fewer products and selling more of each of those products can lower production costs through ________.

Answer 75

economies of scale

Question 76

Which of the following offers better opportunities for manufacturers of specialized or low-volume products to reach customers?

Answer 76

Online retailin

Question 77

When extending a product to an overseas market, what type of governmental influences must be considered?

Answer 77

Tariffs and trade barriers

Question 78

How does a firm determine the number of units they must sell to pay for fixed and variable costs?

Answer 78

Break-even analysis

Question 79

The conventional promotion model differs from the social model of customer communication in that the conventional promotion model ________.

Answer 79

tends to be intrusive and unidirectional

Question 80

The defining characteristic of ________ is that it tells past customers that a product is still available or a company is ready to serve their needs.

Answer 80

reminder advertising

Question 81

The single most important idea the company hopes to convey to its target audience about a product is the ________.

Answer 81

core message

Question 82

A promotional strategy that focuses on intermediaries is termed as ________.

Answer 82

push strategy

Question 83

A promotional strategy that directly stimulates consumer demand via advertising and other communication efforts is known as ________.

Answer 83

pull strategy

Question 84

Trying to attract buyers by advertising a product that you don't intend to sell, and then trying to sell them another, usually more expensive, product is known as ________.

Answer 84

bait-and-switch advertising

Question 85

The government agency that has the authority to impose penalties against advertisers who violate federal standards for truthful advertising is the ________.

Answer 85

Federal Trade Commission

Question 86

________ refers to a creative tactic designed to capture the audience's attention and promote preference for the product or company being advertised.

Answer 86

Advertising appeal

Question 87

The ad that tells you to "call within the next ten minutes because supplies are limited" is using advertising appeal based on ________.

Answer 87

scarcity

Question 88

Which of the following enables a company to personalize its interaction with every customer?

Answer 88

Customer databases

Question 89

One-on-one interaction between a salesperson and a prospective buyer is called ________.

Answer 89

direct marketing

Question 90

In ________, a salesperson acts as an advisor who helps current and potential customers find the best solutions to their personal or business needs.

Answer 90

consultative selling

Question 91

The process of finding and qualifying potential customers is known as ________.

Answer 91

prospecting

Question 92

If a potential customer has a concern or objection, what should a salesperson do?

Answer 92

Have answers and alternatives ready

Question 93

During which step of the sales process should salespeople make sure customers are satisfied and ask for referrals to other customers?

Answer 93

Following up

Question 94

________ involve(s) short-term incentives to build the reputation of a brand and stimulate interest in a product.

Answer 94

Institutional advertising

Question 95

________ refer(s) to intermediaries that sell products to other intermediaries for resale or to organizations for internal use.

Answer 95

Wholesalers

Question 96

Which of the following is a key difference between financial accounting and management accounting?

Answer 96

Financial accounting is concerned with preparing cost analysis, whereas management accounting is concerned with creating reports.

Question 97

Bookkeeping refers to ________.

Answer 97

recording the economic activities of the business

Question 98

Which of the following refers to evaluating a company's performance and the economic implications of strategic decisions such as product pricing, employee benefits, and business acquisitions?

Answer 98

Financial analysis

Question 99

________ refers to combining accounting and investigating skills to assist in legal and criminal matters.

Answer 99

Forensic accounting

Question 100

A(n) ________ is responsible for overseeing all accounting functions in a company, reports to the CFO or company president, and is the higher-ranking accountant in a company.

Answer 100

controller

Question 101

Which of the following terms refers to a formal evaluation of the integrity and reliability of a company's financial statements?

Answer 101

Audit

Question 102

Public accountants are professionals who provide ________.

Answer 102

accounting services to businesses and individuals for a fee

Question 103

The Sarbanes-Oxley Act outlaws ________.

Answer 103

loans by corporations to their own executives

Question 104

The Sarbanes-Oxley Act requires ________.

Answer 104

corporate lawyers to report evidence of financial wrongdoing

Question 105

The ________ requires that expenses incurred in producing revenues be deducted from the revenue they generated during the same accounting period.

Answer 105

matching principle

Question 106

________ is an accounting method in which revenue is recorded when a sale is made, and an expense is recorded when the company uses an asset to produce revenue.

Answer 106

Accrual basis

Question 107

________ is an accounting method in which revenue is recorded when payment is received and an expense is recorded when money is paid

Answer 107

Cash basis

Question 108

113) Which of the following is an example of a fixed asset? A) Money-market funds B) Short-term investments C) Accounts receivable D) Transportation equipment E) Cash

Answer 108

Transportation equipment

Question 109

Accounts receivable refers to ________.

Answer 109

amounts that a firm owes to other parties

Question 110

Which of the following is a component of a firm's working capital account?

Answer 110

Long-term loans

Question 111

The ________ includes all other budgets to present a complete and comprehensive view of the company's financial position.

Answer 111

master budget

Question 112

A company can use a(n) ________ to identify all sources of revenue and coordinate the spending of those funds throughout the coming year.

Answer 112

operating budget

Question 113

Short-term financing is financing that will typically be repaid within ________.

Answer 113

one year

Question 114

The maturity date is the date on which ________.

Answer 114

the debt must be repaid

Question 115

________ is an arrangement in which a financial institution makes money available for use at any time after the loan has been approved.

Answer 115

Corporate bond

Question 116

Which of the following handles the initial public offerings of stocks and bonds?

Answer 116

Primary market

Question 117

If stock prices have been increasing over an extended period of time, what type of market is being experienced?

Answer 117

Bull market