BUSN 115 Final Exam Answers

BUSN 115 Final Exam Answers

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BUSN 115 Final Exam Answers

Question 1.1. (TCO 7) Some of the characteristics of lean systems include which of the following?

Question 2.2. (TCO 7) Mass customization means :

Question 3.3. (TCO 8) One scarce item in the future will be water. Which is the least expensive way to get water from places of abundance to places of need?

Question 4.4. (TCO 8) If there is one thing that advertisers agree upon, it is the growing importance of social media in product promotion. Given this information

Question 5.5. (TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Select all that apply.)

Question 6.6. TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small-business start-up? (Select all that apply.)

Question 7.7. (TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes which? (Select all that apply.)
The real answer that incorporates all these elements is called “Integrated Marketing Communications”.

Question 8.8. (TCO 2) A conscious plan that represents and encourages a unique set of values includes which? (Select all that apply.)

Question 9.9. (TCO 2) The Uniform Commercial Code includes which? (Select all that apply.)

Question 10.10. (TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by which of the following? (Select all that apply.)

Question 11.11. (TCO 3) Strategies for reaching global markets include which? (Select all that apply.)

Question 12.12. (TCO 3) Nations rely on a number of key indicators to measure global trade. These include which? (Select all that apply.)

Question 13.13. (TCO 3) In 1948, a global forum was created whose purpose it was to reduce trade restrictions on goods, services, ideas, and cultural programs. The results of the efforts of this organization include which? (Select all that apply.)

Question 14.14. (TCO 4) The disadvantages of sole proprietorships are which? (Select all that apply.)

Question 15.15. (TCO 4) A limited liability company has which of the following advantages? (Select all that apply.)

Question 1.1. (TCO 5) In this digital age, setting up shop online is vital for most retail businesses. But having only an online presence that customers can access at home isn’t enough anymore. Now consumers have an array of smartphones and digital tablets that can get them online from anywhere. For social networks and retailers alike, the mobile market has already enjoyed tremendous growth. Given this information as a sales manager for Always Better Car Sales (ABCS), your concerns include which of the following? (Select all that apply.)

Question 2.2. (TCO 4) To look at problems and/or passions and see opportunities in them, which of the following questions should be asked? (Select all that apply.)

Question 3.3. (TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Select all that apply.)

Question 4.4. (TCO 5) You are an independent Internet marketing consultant. You have an excellent track record of assisting small- to medium-sized companies fully realize their marketing potential through an improved and enhanced presence on the Web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium), specializes in the care and grooming of cats and only cats and has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. Your recommendations include which of the following? (Select all that apply.)

Question 5.5. (TCO 6) Which does a mission statement address? (Select all that apply.)

Question 6.6. (TCO 6) Imagine a world that is populated by 9 billion people. In order to maintain our current quality of life, such a world would require 2.3 planets’ worth of resources. In order to sustain the U.S. way of life, businesses and the government must plan for 30% more people living across the globe. Most of those people will be in developing countries, and the demand will be great for energy, food, and healthcare. Your concern is that you and your production team have been asked by your leadership to create a scorecard to measure your firm’s efforts in sustainability. Your team’s scorecard should necessarily include which? (Select all that apply.)

Question 7.7. (TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing which? (Select all that apply.)

Question 8.8. (TCO 7) A cellular or modular layout can accommodate changes in design or customer demand. This includes which? (Select all that apply.)

Question 9.9. (TCO 8) The marketing manager is responsible for choosing how to implement which? (Select all that apply.)

Question 10.10. (TCO 9) Technology can provide significant increases in productivity and efficiency. However, less than stable technology-based systems can significantly impact businesses at the most inopportune times. Issues that are inadvertently and unexpectedly created in such instances include which? (Select all that apply.)

Question 11.11. (TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is which? (Select all that apply.)

Question 12.12. (TCO 9) Web 3.0 can be characterized by which of the following statements? (Select all that apply.)

Question 13.13. (TCO 10) The role of information technology has changed since the days when it was known as data processing. You have been hired as the new manager of the IT department for Megalopolis Corporation. Megalopolis Corporation manufactures and sells barbecue grills to the middle-upper end of the market. Demand continues to be strong for all products. However, providing service (both warranty and nonwarranty) continues to be a challenge. In essence, having the right parts at the right place at the right time is not an easy task. Given this information, your set of “must-do-first” priorities includes which? (Select all that apply.)

Question 14.14. (TCO 10) An accounting system includes which? (Select all that apply.)

Question 15.15. (TCO 10) Which of the following financial management functions are a part of financial planning? (Select all that apply.)

Question 1.1. (TCO 1) The latest economic news is not very positive. Unemployment rates are higher than expected, consumer confidence has fallen, and companies are reporting layoffs are in order. The Federal Reserve chairman acknowledges the economy is in a recession. What actions might the federal government and the Federal Reserve take to give the economy a boost? What are these policies called? (Points : 10)

Question 2.2. (TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups.

Question 3.3. (TCO 3) Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response.

Question 4.4. (TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur.

Question 5.5. (TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or web applications.

Question 6.6. (TCO 8) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service.

Question 7.7. (TCO 7) Given the following companies—Boeing (airliner manufacturer) and Dell Computer (computer manufacturer)—which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of its facilities? List the specific needs and requirements of each company when determining location.