BADM 101 FINAL EXAM Questions and answers.
Profitability Ratios correct answers measures how much net income organization is able to
generate relative to its assets, owners equity and sales
Revenue correct answers Sales
What is the most flexible element of the marketing mix? correct answers Price
Raw Materials correct answers It is the basic material from which a product is made and is used
in the primary production of a good
Just in Time Management correct answers inventory strategy companies employ to increase
efficiency and decrease waste by receiving goods only as they are needed in the production
process which reduces inventory costs
Task Force correct answers a group of people formed to carry out a specific mission or project,
or to solve a problem that requires a multi-disaplinary approach
Improper Delegation of Authority correct answers is when someone gives authority to someone
below them
Why is it hard to sell your interest in a partnership? correct answers because you don't know how
much each share is worth and who gets what
What is the least used business organization in the US? correct answers partnerships
What are the functions of management? correct answers
planning,organizing,staffing,directing,controlling
Planning correct answers activities to achieve the organizations objectives
Organizing correct answers resources and activities to achieve the organizations objectives
Staffing correct answers the organization with qualified people
Directing correct answers employees activities toward achievement of objectives
Controlling correct answers the organizations activities to keep it on course
What do top managers(CEO) spend most of their time doing? correct answers Planning
Stakeholders correct answers invested interest in benefitting a company; employees, community,
investors, customers
, What is the first major step of a marketing strategy? correct answers to gather information and
conduct research to determine what customers want
Inflation correct answers Rise in prices
When does an economic expansion occur? correct answers when an economy is growing and
people are spending more money
Conflict of Interest correct answers is when someone puts their own needs before the companies
to benefit themselves
Budget Deficit correct answers when the nation spends more than it takes from people in taxes
Why does the US have a trade deficit? correct answers because the import more products than
they export
A Strategic Alliance correct answers a partnership formed to create competitive advantage on a
worldwide basis
Corporation correct answers a legal entity, created by the state , whose assets and liabilities are
separate from it's owner
Advantages of a Corporation correct answers Limited liability, easy transfer of ownership,
perpetual life, external sources of funds and expansion potential
International Bank of Reconstruction and Development correct answers World Bank
Advantages of a Small Business correct answers independence, cost, flexibility, focus,
reputation, and low start up costs
What do managers do if they find a grapevine? correct answers they use it to their advantage by
feeding it facts to stop rumors and false info
Multidivisional Structure correct answers organizes departments into larger groups called
divisions. Within each of these divisions departments may be organized by product, geographic
region, function, and a combination of all 3
Standardization correct answers Making everything the same(Car)
Balance of Payments correct answers The difference between the flow of money into a company
and out of a company
Organizational Structure correct answers how managers structure their authority relationships
Line Structure correct answers direct lines of authority from top manager to low employees
Profitability Ratios correct answers measures how much net income organization is able to
generate relative to its assets, owners equity and sales
Revenue correct answers Sales
What is the most flexible element of the marketing mix? correct answers Price
Raw Materials correct answers It is the basic material from which a product is made and is used
in the primary production of a good
Just in Time Management correct answers inventory strategy companies employ to increase
efficiency and decrease waste by receiving goods only as they are needed in the production
process which reduces inventory costs
Task Force correct answers a group of people formed to carry out a specific mission or project,
or to solve a problem that requires a multi-disaplinary approach
Improper Delegation of Authority correct answers is when someone gives authority to someone
below them
Why is it hard to sell your interest in a partnership? correct answers because you don't know how
much each share is worth and who gets what
What is the least used business organization in the US? correct answers partnerships
What are the functions of management? correct answers
planning,organizing,staffing,directing,controlling
Planning correct answers activities to achieve the organizations objectives
Organizing correct answers resources and activities to achieve the organizations objectives
Staffing correct answers the organization with qualified people
Directing correct answers employees activities toward achievement of objectives
Controlling correct answers the organizations activities to keep it on course
What do top managers(CEO) spend most of their time doing? correct answers Planning
Stakeholders correct answers invested interest in benefitting a company; employees, community,
investors, customers
, What is the first major step of a marketing strategy? correct answers to gather information and
conduct research to determine what customers want
Inflation correct answers Rise in prices
When does an economic expansion occur? correct answers when an economy is growing and
people are spending more money
Conflict of Interest correct answers is when someone puts their own needs before the companies
to benefit themselves
Budget Deficit correct answers when the nation spends more than it takes from people in taxes
Why does the US have a trade deficit? correct answers because the import more products than
they export
A Strategic Alliance correct answers a partnership formed to create competitive advantage on a
worldwide basis
Corporation correct answers a legal entity, created by the state , whose assets and liabilities are
separate from it's owner
Advantages of a Corporation correct answers Limited liability, easy transfer of ownership,
perpetual life, external sources of funds and expansion potential
International Bank of Reconstruction and Development correct answers World Bank
Advantages of a Small Business correct answers independence, cost, flexibility, focus,
reputation, and low start up costs
What do managers do if they find a grapevine? correct answers they use it to their advantage by
feeding it facts to stop rumors and false info
Multidivisional Structure correct answers organizes departments into larger groups called
divisions. Within each of these divisions departments may be organized by product, geographic
region, function, and a combination of all 3
Standardization correct answers Making everything the same(Car)
Balance of Payments correct answers The difference between the flow of money into a company
and out of a company
Organizational Structure correct answers how managers structure their authority relationships
Line Structure correct answers direct lines of authority from top manager to low employees
