1. Managers tend to have a short-term perspective (daily operations), leaders tend to have a long-term perspective (stratigic goals 2-5 years). (Points : 2) True
False
Question 2. 2. Match the appropriate business form to the legal/tax implications. This is the least regulated form of business ownership. Control and liability lies with the proprietor. (Points : 2)
LLC
S Corporation
501-C3 Non-Profit Corporation
C Corporation
Partnership
Sole Proprietorship
Question 3. 3. Which business form has the greater liability? (Points : 2)
Sole proprietorship
a Corporation
a 501C3
Question 4. 4. What does “Place” mean in the 4 P’s of the marketing mix? (Points : 2)
Place refers to distribution, inventory and assortment
Place refers to customer location.
Place refers to the product or service “place” in the pricing structure.
Place refers to the transportation used to convey the product or service.
Question 5. 5. There is one leadership style as a “best” leadership style for all situations and employees. (Points : 2)
True
False
Question 6. 6. Maslow’s Hierarchy of Needs specifies that this stage of the hierarchy reflects humans greatest need: (Points : 2)
self-esteem
self-awareness
safety needs
self-actualization
Question 7. 7. ADA law requires businesses hiring for a position if they find a qualified disabled candidate to: (Points : 2)
Only disqualify them if the applicant cannot “get around” as quickly as an able bodied candidate.
Hire them if you can make reasonable accommodations for the applicant.
Only consider them for hiring if the company has fewer than 10 people.
Question 8. 8. In this product life cycle stage, the competition becomes more fierce. (Points : 2)
Introduction
growth
maturity
decline
Question 9. 9. Which of these are the 4 P’S of the Marketing Mix? (Points : 2)
Participation, Privatization, Principles and Planning
Promotion, Participation, Production and Pricing
Product, Price, Promotion and Place
Payment, Placement, Production and Planning
Question 10. 10. When manufacturers aggressively trying to convince wholesalers, who in turn convinces retailers to carry their products is considered what type of marketing strategy? (Points : 2)
trade-off strategy
push strategy
pull strategy
personal selling strategy
Question 11. 11. Reward involves the legitimate authority someone has to control others and resources based on their title/position in the company (Points : 2)
True
False
Question 12. 12. What does the “C” in the POLC model stand for and what does it include? (Points : 2)
Control refers to the control of the production process involved in generating a product or service.
Control refers to controlling unforeseen circumstances in marketing.
Control of costs and expenses as well as policies and systems. d. Control of customer service problems generated in doing business.
Question 13. 13. The most notable provision of this corporation is that it serves as a conduit for its net income, passing all of its profits or losses through to the individual shareholders, which means that its income is taxed only once at the individual tax rate. (Points : 2)
C Corporation
S Corporation
501-C3 Non-Profit Corporation
LLC
Partnership
Sole Proprietorship
Question 14. 14. Effective managers define __________ as the process of influencing others to achieve group or organizational goals. (Points : 2)
management
leadership
interpersonal influence
supervision
Question 15. 15. Coercive is defined as an employee acts out of fear of repercussions if they do not comply. (Points : 2)
True
False
Question 16. 16. States recognize this partial liability form like a corporation has pass-through taxation benefits but allows for different types of members including other corporations. For tax purposes, the Federal government does not recognize this corporation type. (Points : 2)
Sole Proprietorship
S Corporation
501-C3 Non-Profit Corporation
C Corporation
Partnership
LLC
Question 17. 17. A sub-group of people or firms that share characteristic(s) and have product needs in common is called a: (Points : 2)
market segment
psychographic group
customer base
client profile
Question 18. 18. Legitimate is defined, as the person who has the power to reward employees in some way they deem valuable. (Points : 2)
True
False
Question 19. 19. Expert is defined as power and influence based on expertise. These individuals have specialized knowledge such that others come to depend on them. (Points : 2)
True
False
Question 20. 20. __________ is defined as the management function concerned with assigning tasks, grouping tasks into departments, and allocation resources to departments. (Points : 2)
Management
Planning
Organizing
Controlling