C201 BUSINESS ACUMEN QUESTIONS & ANSWERS
Which part of the organizing process aids in effective and efficient progress toward
planned goals and often results in changes within the organization? - Answers -
Evaluating results
What is the result of a company increasing the delegation of authority and the span of
control? - Answers -Increased number of direct reports per manager
Which two key elements does an effective organization include? - Answers -Human
interaction, structure
Why does a line organizational structure function most effectively in a crisis situation? -
Answers -It established a direct flow of authority
Number the seven steps in the recruiting and interviewing process from first to last. -
Answers -1) Define job requirements, 2) Contact and visit colleges for
applicants/interns, 3) Conduct employment tests, 4) Review resumes, 5) Conduct
candidate interviews, 6) Follow up interviews, 7) Hiring determination
With which two types of products does a marketing strategy rely on advertising more
than personal selling? Choose 2 answers. - Answers -Consumable supplies,
accessories to primary products
After years of marketing a body lotion, a cosmetics company begins promoting the
lotion as an the lotion as an insect repellent as well. In which three product life cycle
extension strategies did this company engage? Choose 3 answers - Answers -Adding
new users, finding new uses for the product, increasing frequency of use.
What are three ways that an effective brand name can influence consumer product
recognition? Choose 3 answers - Answers -It conveys an image, it depicts trademark
protection, it reflects brand equity.
A customer has purchased a product twice and intends to do so again. Which stage of
brand loyalty is this customer in? - Answers -Brand preference
Which manufacturer distribution model is enhanced by the shipping and tracking
capabilities of a global package delivery service? - Answers -retail
Which three tasks are key responsibilities of operations managers? Choose 3 answers -
Answers -Planning the overall production process, implementing the production plan,
determine the best layout for the firm's facilities.
Which two characteristics does a Just-In-Time (JIT) System have? Choose 2 answers -
Answers -A JIT system seeks to eliminate anything that does not add value in
operations activities, production using JIT reduces a firm's inventory costs.
, Which aspect of operations management do the ISO 9000 Standards address? -
Answers -Establishment of effective quality systems?
Which manufacturing model uses technology to produce small runs of customized
products cost effectively? - Answers -Flexible
Which two of the following distribution channels would take title of the products they
handle? Choose 2 answers - Answers -Limited function merchant wholesaler, full
function merchant wholesaler
Which economic graph is used by organizations to regulate production by predicting the
amount of product buyers will purchase at different prices? - Answers -Demand curve
Which two factors drive demand in a microeconomics system? Choose 2 answers -
Answers -Customer preference, price of substitute goods
How does a sudden shortage of a commodity product affect the immediate demand for
the product at its current price? - Answers -There is no immediate effect on demand
Which two impacts result from a nation's increase in productivity? Choose 2 answers -
Answers -Economy expands, Personal wealth increases
For which two purposes will the U.S Federal Reserve System follow an expansionary
monetary policy? Choose 2 answers - Answers -To encourage bankers to make loans,
to cut the cost of borrowing
Which two economic impacts should a manager anticipate when the U.S. government
reduces the number of Treasury bills, Treasury Notes, and Treasury bonds it sells?
Choose 2 answers - Answers -An increase in overall cost of debt to private borrowers,
an increase of funds for public services
What is one role of a financial manage? - Answers -Analyzing major investment
decisoins
Which two activities are finance activities rather than accounting activities? Choose 2
answers - Answers -Making capital market investments, creating a financial plan
Which three sources should a business consider when seeking a long-term source?
Choose 3 answers - Answers -Hedge funds, Venture capital, public sale of stocks
In which type of security should a business invest its excess cash in anticipation of
paying off the current year's tax liability? - Answers -Commercial paper
Which part of the organizing process aids in effective and efficient progress toward
planned goals and often results in changes within the organization? - Answers -
Evaluating results
What is the result of a company increasing the delegation of authority and the span of
control? - Answers -Increased number of direct reports per manager
Which two key elements does an effective organization include? - Answers -Human
interaction, structure
Why does a line organizational structure function most effectively in a crisis situation? -
Answers -It established a direct flow of authority
Number the seven steps in the recruiting and interviewing process from first to last. -
Answers -1) Define job requirements, 2) Contact and visit colleges for
applicants/interns, 3) Conduct employment tests, 4) Review resumes, 5) Conduct
candidate interviews, 6) Follow up interviews, 7) Hiring determination
With which two types of products does a marketing strategy rely on advertising more
than personal selling? Choose 2 answers. - Answers -Consumable supplies,
accessories to primary products
After years of marketing a body lotion, a cosmetics company begins promoting the
lotion as an the lotion as an insect repellent as well. In which three product life cycle
extension strategies did this company engage? Choose 3 answers - Answers -Adding
new users, finding new uses for the product, increasing frequency of use.
What are three ways that an effective brand name can influence consumer product
recognition? Choose 3 answers - Answers -It conveys an image, it depicts trademark
protection, it reflects brand equity.
A customer has purchased a product twice and intends to do so again. Which stage of
brand loyalty is this customer in? - Answers -Brand preference
Which manufacturer distribution model is enhanced by the shipping and tracking
capabilities of a global package delivery service? - Answers -retail
Which three tasks are key responsibilities of operations managers? Choose 3 answers -
Answers -Planning the overall production process, implementing the production plan,
determine the best layout for the firm's facilities.
Which two characteristics does a Just-In-Time (JIT) System have? Choose 2 answers -
Answers -A JIT system seeks to eliminate anything that does not add value in
operations activities, production using JIT reduces a firm's inventory costs.
, Which aspect of operations management do the ISO 9000 Standards address? -
Answers -Establishment of effective quality systems?
Which manufacturing model uses technology to produce small runs of customized
products cost effectively? - Answers -Flexible
Which two of the following distribution channels would take title of the products they
handle? Choose 2 answers - Answers -Limited function merchant wholesaler, full
function merchant wholesaler
Which economic graph is used by organizations to regulate production by predicting the
amount of product buyers will purchase at different prices? - Answers -Demand curve
Which two factors drive demand in a microeconomics system? Choose 2 answers -
Answers -Customer preference, price of substitute goods
How does a sudden shortage of a commodity product affect the immediate demand for
the product at its current price? - Answers -There is no immediate effect on demand
Which two impacts result from a nation's increase in productivity? Choose 2 answers -
Answers -Economy expands, Personal wealth increases
For which two purposes will the U.S Federal Reserve System follow an expansionary
monetary policy? Choose 2 answers - Answers -To encourage bankers to make loans,
to cut the cost of borrowing
Which two economic impacts should a manager anticipate when the U.S. government
reduces the number of Treasury bills, Treasury Notes, and Treasury bonds it sells?
Choose 2 answers - Answers -An increase in overall cost of debt to private borrowers,
an increase of funds for public services
What is one role of a financial manage? - Answers -Analyzing major investment
decisoins
Which two activities are finance activities rather than accounting activities? Choose 2
answers - Answers -Making capital market investments, creating a financial plan
Which three sources should a business consider when seeking a long-term source?
Choose 3 answers - Answers -Hedge funds, Venture capital, public sale of stocks
In which type of security should a business invest its excess cash in anticipation of
paying off the current year's tax liability? - Answers -Commercial paper
