SOPHIA: INTRODUCTION TO BUSINESS – FINAL MILESTONE QUESTIONS AND ANSWERS

Which of the following best illustrates a substitute good? CONCEPT Basics of Branding 2 Meredith created organic soaps and lotions and sold them at her local farmers' market. She originally only accepted cash or checks from her customers, but she recently updated her booth space so that her customers could make electronic payments using debit or credit cards. Which of the following types of service did Meredith begin using? CONCEPT Financial Institutions and Their Services 3 In modern times, companies need to be socially responsible toward various stakeholders. When a company ensures that its products will not cause personal injury when used, the company is demonstrating particular consideration to which stakeholder? Sophia: Introduction To Business – FINAL MILESTONE CONCEPT Models of Social Responsibility and Considering the Stakeholder 4 Select the item below that is a characteristic of holistic marketing. CONCEPT Evolution of Marketing 5 Jill owned a small business in California. The state passed new legislation that required all small businesses to use new measures to protect the personal, financial and health information of both customers and employees. Jill's business will be impacted by which external business environment below? CONCEPT Business Environments 6 Sophia: Introduction To Business – FINAL MILESTONE Which of the following is a disadvantage of a sole proprietorship? CONCEPT Non-Corporate Business 7 A toy company created a new truck to offer to consumers. Based on the graph shown above, which of the following is the equilibrium quantity and price at which the company should sell the truck? CONCEPT Supply and Demand Economics 8 Preston was assigned a project by his supervisor. He was already overloaded with work, but he decided to do it himself rather than giving some of the tasks to his employees. He did not want his supervisor to realize his staff could handle the same level of tasks as he could. Which of the following is true about Preston's delegation efforts? Sophia: Introduction To Business – FINAL MILESTONE CONCEPT Decision Making 9 Rita managed a group of financial advisors. She decided to let her employees set their own goals for an appraisal period. She thought they would be more motivated to reach goals they had defined for themselves. Which theory below does this scenario illustrate? CONCEPT Contemporary Motivation Theories 10 In which of the following ways does Human Resource Management use forecasting? Sophia: Introduction To Business – FINAL MILESTONE CONCEPT Human Resource Management Overview 11 A business owner decides to give all her employees a living wage and benefits, including any new employees. Which social responsibility stance did the business owner demonstrate? CONCEPT Stances to Social Responsibility Issues 12 Which of the following correctly describes a discount rate control? CONCEPT Federal Reserve 13 A large clothing retailer determines the company eventually wants to offer home goods and furnishings at its stores within the next six to seven years. Management decides to add a home goods division to prepare for this product offering expansion. Sophia: Introduction To Business – FINAL MILESTONE Which of the following does this scenario illustrate? CONCEPT Goal Setting and the Mission Statement 14 An employee intentionally enters inaccurate information into her company’s database to deliberately get back at her employer. Which type of technology risk below does this illustrate? CONCEPT Management Technology in Virtual Work World 15 Colin was a manager for EST Corporation, and the company wanted to expand into a new region. Colin analyzed data to determine how much money the company could make from the expansion within two years. Which responsibility of financial management below did Colin demonstrate? Sophia: Introduction To Business – FINAL MILESTONE CONCEPT Financial Accounting as Compared to Managerial Accounting 16 A clothing manufacturer uses various fabrics, threads and buttons to produce men's shirts to sell to consumers. Which item within the scenario is NOT considered to be an industrial good? CONCEPT Markets in Marketing 17 Management at a company priced a product very low to enter a new market. The company offered a small amount of the product at two initial locations. Which phase of the product life cycle below does this scenario illustrate? CONCEPT Product Life Cycle 18 Sophia: Introduction To Business – FINAL MILESTONE If a company expands a product line with product variations and increases promotion to focus on product differentiation, it is most likely in the phase of the product life cycle. CONCEPT Product Life Cycle 19 Which of the following best describes the earnings per share for a stock? CONCEPT Equity Financing 20 When an environmental group accused a local energy company of illegally dumping waste in a river, the company spokesperson released a statement that defended the energy company's actions by denying that they had any responsibility to keep the river clean. Sophia: Introduction To Business – FINAL MILESTONE Which social responsibility stance below did the energy company take? CONCEPT Ethics and Marketing 21 A well-known corporation planned to expand one of their product lines and needed financing. The corporation wanted financing that could be quickly arranged. All information about the financing needed to be kept confidential so their competitors would not find out about the expansion. Which of the following types of financing is the company likely to use? CONCEPT Debt Financing 22 Which motivational theory below suggests managers view employees as being hard-working and industrious? Sophia: Introduction To Business – FINAL MILESTONE CONCEPT Motivation, Morale and the Early to Mid-20th Century 23 Which of the following would NOT be considered a type of incentive program? CONCEPT Compensation in the Workplace 24 Which of the following is true about pricing? CONCEPT Price 25 The US government decided to enforce a trade restriction to no longer trade any goods with Mexico. Sophia: Introduction To Business – FINAL MILESTONE Which of the following does this scenario describe? CONCEPT Interactions within the Global Economy You passed this Milestone 25 questions were answered correctly. 1 What information does the sales forecast provide in a business plan? CONCEPT The 3 Part Business Plan 2 Select the item below that is a characteristic of holistic marketing. CONCEPT Evolution of Marketing 3 Select the item below that illustrates push marketing. • Developing a television commercial • Creating an in-store promotion CONCEPT Push and Pull Marketing 4 As a supervisor, Paula promoted a team atmosphere. She believed good ideas came from increased collaboration, and she looked for opportunities for her employees to build trust amongst each other. Which of the personality traits below does Paula demonstrate? CONCEPT “Big Five” Personality Traits 5 If a company expands a product line with product variations and increases promotion to focus on product differentiation, it is most likely in the phase of the product life cycle. CONCEPT Product Life Cycle 6 A software company made a new game. The company first determined all males would be interested in the game but then narrowed their focus to all teenage boys interested in martial arts games. Which of the following does this scenario illustrate? CONCEPT Marketing Strategy 7 Which of the following is an advantage of workforce diversity? CONCEPT Workforce Diversity 8 Select the institution below that provides loan services but does NOT accept deposits. • Mutual savings bank • Credit union • Commercial bank • Security and investment dealer CONCEPT Financial Institutions and Their Services 9 Connor gave one of his employees a poor rating on a performance appraisal. The employee met all of her listed goals, but Connor felt she did not interact well enough with her team members. Which of the following does this scenario describe? CONCEPT Appraisals and Their Impact in HR and Training 10 Colin was a manager for EST Corporation, and the company wanted to expand into a new region. Colin analyzed data to determine how much money the company could make from the expansion within two years. Which responsibility of financial management below did Colin demonstrate? Prepared the income statement for external users to review • Evaluated trends in the market the company would enter • Evaluated immediate cash flow issues from different departments CONCEPT Financial Accounting as Compared to Managerial Accounting 11 A group of employees met with the management of a company. The two groups negotiated to determine the terms and conditions of employment at the company. Which of the following is the process described in the scenario? CONCEPT Labor Unions 12 Which of the following must a company do to effectively use technology in its marketing efforts? • Avoid using online reviews since customers could post negative information about the company's products. CONCEPT Technology and Marketing 13 Anita was trying to build her investment portfolio. She was willing to assume more risk if it meant she would earn more money. Which type of investment below will Anita likely be interested in making? CONCEPT Investors and Private Placement 14 A business owner decides to only use products that do not test on animals. Which social responsibility stance below did the business owner demonstrate? CONCEPT Stances to Social Responsibility Issues 15 Martin started a custom frame shop after retiring as an engineer. He was a skilled craftsman and knew there was a market in his small town for this business. He focused on serving his customers and maintaining the daily operations of his business. Which of the following would Martin be considered? CONCEPT Small Business and the Entrepreneur 16 Which of the following best illustrates a substitute good? CONCEPT Basics of Branding 17 An appliance maker determined many of their competitors were leading the market for one of their products. The company had experienced a continuous loss in sales over the past year. Which of the following phases of the product lifecycle does this illustrate? • Introduction • Growth • Decline • Maturity CONCEPT Product Life Cycle 18 Which of the following does a low current ratio indicate about a business? CONCEPT Budgeting 19 Which of the following would NOT be considered a part of the M1 money supply? • Demand deposits • Debit card transactions • Certificates of deposit • Personal checks CONCEPT How Money has Developed over Time 20 In which economy below are private owners most concerned with developing wealth? CONCEPT Economic Systems 21 In addition to providing products and services, which of the following can a business often create? CONCEPT What Is Business? 22 Which of the following is true about a flat organizational structure? CONCEPT Organizational Considerations: Structures and Hierarchies 23 Which of the following provides little insight into the character or personal skills of a potential candidate for a job? CONCEPT Acquiring the Employees 24 Which motivational theory below suggests managers view employees as being hard-working and industrious? • Theory X • Hawthorne Effect CONCEPT Motivation, Morale and the Early to Mid-20th Century 25 Selena wrote a popular blog for a well-known cooking magazine. She used the success of her blog to write her own series of books and create a companion line of food products. Which factor of production below does Selena illustrate? CONCEPT Economic Systems