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Business 101 Reveiw Questions

TRUE/FALSE
____1. The chain of command defines lines of authority throughout the company.
____2. Tactical planning usually involves short term statements.
____3. A reason for imposing trade restrictions would be to protect jobs of domestic workers.
____4. A problem for corporate stockholders is double taxation.
____5. Reverse discrimination works against whites or males.
____6. Theory Y assumes employees generally do not like to work.
____7. All general partners share in decision making and in unlimited financial liability.
____8. Line people are directly involved with achieving company goals.
____9. Job analysis describes what employees do.
____10. GATT and WTO were designed to increase international trade among member nations.
____11. Flextime schedules are very rigid.
____12. Title VII of the 1964 Civil Rights Act outlaws age discrimination.
____13. An advantage of a franchise is a nationally recognized name.
____14. In a closed corporation, common stock is owned by a large number of shareholders.
____15. The Hawthorne Studies by Elton Mayo showed that human factors are important in
regard to motivation.
____16. A positive balance of trade means that you have imported more goods than you have
exported.
____17. Frederick Taylor was very involved with Scientific Management.
____18. In a decentralized organization, top management tightly controls all aspects of the
company.
____19. An S corporation is taxed like a sole proprietorship or a partnership.
____20. Cafeteria fringe benefits give employees choices.
.
SHORT ESSAY
1. What is benchmarking?

2. What are the five levels of Maslows Hierarchy?

3. In international trade, define the concept of an import duty or tariff.

4. What is done by management during the control function?

5. What do job specifications explain?

6. What is unlimited liability in regard to a sole proprietorship?

Business Situation
Describe the steps involved with the selection or hiring process for a new employee.

TRUE/FALSE
____1. A pull strategy is directed to consumers.
____2. Agents or brokers do not take title to any goods, they just transfer them.
____3. Place utility makes a product available where customers want it.
____4. Personal selling makes heavy use of electronic media.
____5. In market research, the first step is to define the question or problem.
____6. Unsought goods are products that consumers do not know that they need.
____7. A product line is a grouping of products that are very similar in nature.
____8. Private label brands carry a distributor or retailers name.
____9. Packaging does not normally have to attract the buyers attention.
____10. Using the product life cycle normally has no benefit to the marketing department.
____11. Primary data is taken from published sources.
____12. Brand association normally connects a brand to some type of favorable or positive
image.
____13. An example of non-store retailing is direct selling.
____14. An advantage of internet marketing is that it can be accessed anytime.
____15. Creating an image may be a price objective.
____16. Penetration pricing sets a relatively high price for a new product entering the market
and, then, the price is decreased after some interval.
____17. In personal selling, you normally do not have direct contact with the customer.
____18. A sales promotion activity might be sponsorship of an event.
____19. During the decline stage of the product life cycle, marketers must redesign products to
accelerate market trends.
____20. Publicity is always paid for by the company seeking to get attention.
.
SHORT ESSAY
7. When you try to close the sale, what is your ultimate goal?

8. What happened in the production era of marketing?

9. What is a market segment?

10. Briefly explain the concept of supply-chain management.

11. What does a merchant wholesaler do?

12. What are the four elements of a marketing mix?

Business Situation
You are a salesperson for Proctor and gamble selling Tide detergent. List and describe in detail
the seven tasks that you or any other salesperson must perform in your profession.
Relate these tasks to Tide detergent..

TRUE/FALSE
____1. A pull strategy is directed to consumers.
____2. Agents or brokers do not take title to any goods, they just transfer them.
____3. Place utility makes a product available where customers want it.
____4. Personal selling makes heavy use of electronic media.
____5. In market research, the first step is to define the question or problem.
____6. Unsought goods are products that consumers do not know that they need.
____7. A product line is a grouping of products that are very similar in nature.
____8. Private label brands carry a distributor or retailers name.
____9. Packaging does not normally have to attract the buyers attention.
____10. Using the product life cycle normally has no benefit to the marketing department.
____11. Primary data is taken from published sources.
____12. Brand association normally connects a brand to some type of favorable or positive
image.
____13. An example of non-store retailing is direct selling.
____14. An advantage of internet marketing is that it can be accessed anytime.
____15. Creating an image may be a price objective.

____16. Penetration pricing sets a relatively high price for a new product entering the market
and, then, the price is decreased after some interval.
____17. In personal selling, you normally do not have direct contact with the customer.
____18. A sales promotion activity might be sponsorship of an event.
____19. During the decline stage of the product life cycle, marketers must redesign products to
accelerate market trends.
____20. Publicity is always paid for by the company seeking to get attention.
.
SHORT ESSAY
1. When you try to close the sale, what is your ultimate goal?

2. What happened in the production era of marketing?

3. What is a market segment?

4. Briefly explain the concept of supply-chain management.

5. What does a merchant wholesaler do?

6. What are the four elements of a marketing mix?

Business Situation
You are a salesperson for Proctor and gamble selling Tide detergent. List and describe in detail
the seven tasks that you or any other salesperson must perform in your profession.
Relate these tasks to Tide detergent..

TRUE/FALSE
____1. A secured bond is backed by collateral.

____2. Preferred stockholders always have the right to vote.
____3. A debit card withdraws money from a checking account.
____4. Junk bonds usually have a low amount of risk.
____5. Investment bankers help to issue and sell securities.
____6. Equity funding consists of money borrowed from outside sources.
____7. In factoring, you sell your accounts payable.
____8. A short time financial forecast is normally done for a year time frame.
____9. A certificate of deposit is a savings account that earns interest.
____10. Common stockholders have the right to vote.
____11. Liquidity means the speed in which you can convert something into cash.
____12. Normally, only highly regarded customers can get unsecured loans.
____13. Undercapitalization means a company does not have enough money to start a business
properly.
____14. Stockholders never have to be paid.
____15. The discount rate is the interest rate charged by the Federal Reserve to member banks
for loans.
____16. Diversification concentrates all of your funds in one area.
____17. An operating budget is normally used to make plans to buy major assets that cost a lot of
money.
____18. A demand deposit is also known as a checking account.
____19. The Dow Jones and other indices give an idea of how the stock market is doing.
____20. Leverage means that you borrow money to increase a companys rate of return.
.
SHORT ESSAY
1. What is the maturity date of a bond?

2. Define revolving credit.

3. What are retained earnings?

4. If you buy stocks on margin, what does that mean?

5. List two disadvantages of bonds.

6. What is the reserve requirement in regard to commercial banks?

Business Situation
Explain how the federal reserve System can increase or decrease the nations supply of money
through the use of open market operations.
TRUE/FALSE
____1. A secured bond is backed by collateral.
____2. Preferred stockholders always have the right to vote.
____3. A debit card withdraws money from a checking account.
____4. Junk bonds usually have a low amount of risk.
____5. Investment bankers help to issue and sell securities.
____6. Equity funding consists of money borrowed from outside sources.
____7. In factoring, you sell your accounts payable.
____8. A short time financial forecast is normally done for a year time frame.
____9. A certificate of deposit is a savings account that earns interest.
____10. Common stockholders have the right to vote.
____11. Liquidity means the speed in which you can convert something into cash.
____12. Normally, only highly regarded customers can get unsecured loans.
____13. Undercapitalization means a company does not have enough money to start a business
properly.
____14. Stockholders never have to be paid.
____15. The discount rate is the interest rate charged by the Federal Reserve to member banks
for loans.
____16. Diversification concentrates all of your funds in one area.
____17. An operating budget is normally used to make plans to buy major assets that cost a lot of
money.
____18. A demand deposit is also known as a checking account.
____19. The Dow Jones and other indices give an idea of how the stock market is doing.
____20. Leverage means that you borrow money to increase a companys rate of return.
.
SHORT ESSAY
1. What is the maturity date of a bond?

2. Define revolving credit.

3. What are retained earnings?

4. If you buy stocks on margin, what does that mean?

5. List two disadvantages of bonds.

6. What is the reserve requirement in regard to commercial banks?

Business Situation
Explain how the federal reserve System can increase or decrease the nations supply of money
through the use of open market operations.

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