BUS 120 Final Review Exam Questions and Answers Well Updated 100% Already A+ Graded_Excel

BUS 120 Final Review Exam Questions and Answers Well Updated 100% Already A+ Graded_Excel Four Management Functions - CORRECT ANSWER-1. Planning 2. Organizing 3. Leading 4. Controlling Goods - CORRECT ANSWER-Items purchased to satisfy needs and wants Software - CORRECT ANSWER-the programs and other operating information used by a computer. Hardware - CORRECT ANSWER-the physical parts of a computer The Fair Labor Standards Act - CORRECT ANSWER-1938 law that set a minimum wage, a maximum workweek of 44 hours, and outlawed child labor Benefits - CORRECT ANSWER-Compensation in forms other than direct payment Compensation - CORRECT ANSWER-something, typically money, awarded to someone as a recompense for loss, injury, or suffering. Services - CORRECT ANSWER-Activities that are consumed at the same time they are produced B2C - CORRECT ANSWER-business to consumer Horizontal Market Software - CORRECT ANSWER-application software that is general enough to be suitable for use in a variety of industries. Internet - CORRECT ANSWER-A global network connecting millions of computers, making it possible to exchange information. Family Medical Leave Act - CORRECT ANSWER-Allows employees of government agencies and companies with more than fifty employees to take up to three months of unpaid leave during or after a pregnancy. Title VII of the Civil Rights Act of 1964 - CORRECT ANSWER-forbids discrimination in all areas of the employment relationship HR - CORRECT ANSWER-human resources Secondary Data - CORRECT ANSWER-information that already exists somewhere, having been collected for another purpose Production - CORRECT ANSWER-The process of creating goods and services The Marketing Concept - CORRECT ANSWER-the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives Place Marketing - CORRECT ANSWER-marketing efforts to attract people and organizations to a particular geographical area Form utility - CORRECT ANSWER-the elements of the composition and appearance of a product that make it desirable Marketing - CORRECT ANSWER-the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return SWOT - CORRECT ANSWER-strengths, weaknesses, opportunities, threats Span of control - CORRECT ANSWER-the optimal number of subordinates a manager supervises or should supervise Organizational chart - CORRECT ANSWER-a drawing that represents every job in the organization and the formal reporting relationships between those jobs Theory X - CORRECT ANSWER-assumes that workers are basically lazy, error-prone, and extrinsically motivated by money and, thus, should be directed from above. Theory Y - CORRECT ANSWER-The assumption that employees like work, are creative, seek responsibility, and can exercise self-direction. Maslow's Hierarchy of Needs - CORRECT ANSWER-physiological, safety, love/belonging, esteem, self-actualization Variable cost - CORRECT ANSWER-a cost that rises or falls depending on how much is produced Wholesaler - CORRECT ANSWER-a marketing intermediary that sells to other organizations Market Segmentation - CORRECT ANSWER-the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups Nonverbal Communication - CORRECT ANSWER-communication using body movements, gestures, and facial expressions rather than speech Liquidity Ratio - CORRECT ANSWER-total liquid assets divided by total current debts; measures the ability to pay current debts Sole Proprietorship - CORRECT ANSWER-A business owned by one person Mutual Funds - CORRECT ANSWER-A pool of money used by a company to purchase a variety of stocks, bonds or money market instruments. Provides diversification and professional management for investors. Franchise - CORRECT ANSWER-A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area Noise - CORRECT ANSWER-any disturbance that interferes with the transmission of a message Liabilities - CORRECT ANSWER-things that are owed; debts Stockholders - CORRECT ANSWER-owners of a corporation Angel investors - CORRECT ANSWER-individuals who invest in start-up companies with high growth potential in exchange for a share of ownership Venture Capital Firms - CORRECT ANSWER-companies that invest in start-up businesses with high growth potential in exchange for a share of ownership