BMGT 110 EXAM 1 QUESTIONS WITH ACCURATE
ANSWERS
"Laissez- Faire" correct answer The "hands-off" approach policy of governmental
non-intervention
"Tall" -vs- "Flat" correct answer Flat orgs have few layers of management whereas
tall orgs have a pyramid shape
2 major pipelines correct answer Alaska and Colonial
2 other forms of business ownership outside of the basic 3 correct answer
Franchise and Cooperatives
4 qualities of entrepreneurship correct answer Opportunity
- The "American Dream" is still applicable.
Profit
- Being rich is still a big motivator.
Independence
- Being your own boss is very liberating.
Challenge
- Using hard work to overcome the risks
5 basic steps of controlling correct answer Establish Clear Standards
Monitor Performance
Evaluate Results
,Communicate Results
Corrective Action?
Staff Feedback
5 forms of transportation correct answer truck, rail, air, ship, and pipeline.
5 step process to understanding consumer behavior correct answer 1) Problem
Recognition
2) Information Search
3) Alternative Evaluation
4) Purchase Decision
5) Post-Purchase Evaluation (Cognitive Dissonance)
1154 Lil Video correct answer It's good to work and start a business with you
rbest friend
Acquisition correct answer When one firm purchases another. Can be hostile or
financed through extensive borrowing
Advantages of Socialism correct answer Social equality is the major benefit of
their economic system. Taxation redistributes wealth into programs like free
education and child care. Workers receive longer vacations and have more
generous benefits.
Air Cargo Advantages correct answer provide the fastest way to get anything
anywhere. Most anything can be transported, virtually anywhere on the planet,
within 48 hours.
, Air Cargo Disadvantages correct answer The speed and service of air
transportation mean high costs.
Service is limited to airports so you must use another carrier(s) for remaining
travel legs.
Usually reliable, but can be affected by weather (like trucking)
Autocratic correct answer Dictatorial form of leadership, autocrats rely very little
on outside input.
Basic Roles of Warehousing correct answer Consolidation and/or Breakbulk
Product Mixing
Customer Service Support
Contingency Protection and Smoothing
Manufacturing Support
Benefits of Partnership correct answer More financial resources, shared
management and skills, longer survival, and no special taxes.
Brain Drain correct answer Everyone is getting paid the same amount, regardless
of your talents, so there is no motivation to work hard.
Business Environments correct answer 1. Economic/Legal
2. Tech
3. Competitive
4. Social
ANSWERS
"Laissez- Faire" correct answer The "hands-off" approach policy of governmental
non-intervention
"Tall" -vs- "Flat" correct answer Flat orgs have few layers of management whereas
tall orgs have a pyramid shape
2 major pipelines correct answer Alaska and Colonial
2 other forms of business ownership outside of the basic 3 correct answer
Franchise and Cooperatives
4 qualities of entrepreneurship correct answer Opportunity
- The "American Dream" is still applicable.
Profit
- Being rich is still a big motivator.
Independence
- Being your own boss is very liberating.
Challenge
- Using hard work to overcome the risks
5 basic steps of controlling correct answer Establish Clear Standards
Monitor Performance
Evaluate Results
,Communicate Results
Corrective Action?
Staff Feedback
5 forms of transportation correct answer truck, rail, air, ship, and pipeline.
5 step process to understanding consumer behavior correct answer 1) Problem
Recognition
2) Information Search
3) Alternative Evaluation
4) Purchase Decision
5) Post-Purchase Evaluation (Cognitive Dissonance)
1154 Lil Video correct answer It's good to work and start a business with you
rbest friend
Acquisition correct answer When one firm purchases another. Can be hostile or
financed through extensive borrowing
Advantages of Socialism correct answer Social equality is the major benefit of
their economic system. Taxation redistributes wealth into programs like free
education and child care. Workers receive longer vacations and have more
generous benefits.
Air Cargo Advantages correct answer provide the fastest way to get anything
anywhere. Most anything can be transported, virtually anywhere on the planet,
within 48 hours.
, Air Cargo Disadvantages correct answer The speed and service of air
transportation mean high costs.
Service is limited to airports so you must use another carrier(s) for remaining
travel legs.
Usually reliable, but can be affected by weather (like trucking)
Autocratic correct answer Dictatorial form of leadership, autocrats rely very little
on outside input.
Basic Roles of Warehousing correct answer Consolidation and/or Breakbulk
Product Mixing
Customer Service Support
Contingency Protection and Smoothing
Manufacturing Support
Benefits of Partnership correct answer More financial resources, shared
management and skills, longer survival, and no special taxes.
Brain Drain correct answer Everyone is getting paid the same amount, regardless
of your talents, so there is no motivation to work hard.
Business Environments correct answer 1. Economic/Legal
2. Tech
3. Competitive
4. Social
