Sophia: Introduction To Business – FINAL MILESTONE,100% CORRECT

Which of the following best illustrates a substitute good? • Phillipe bought Brand B of diet soda when the price for Brand A increased. • Phillipe decided not to purchase diet soda when the price for Brand A increased. • Phillipe bought Brand A of diet soda because it was his favorite brand. • Phillipe went to a different store to see if he could find a good price on Brand A. 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? • Automatic teller machine • Point of sale terminal • Automated clearing house • Electronic check conversion 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? • Investors • Employees • Environment • Customers 4 Select the item below that is a characteristic of holistic marketing. • Combining different marketing techniques to sell a product • Considering all business aspects when marketing products • Focusing on marketing individual products to consumers • Implementing targeted marketing programs for green products. 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? • Economic • Sociocultural • Political-legal • Global 6 Which of the following is a disadvantage of a sole proprietorship? • May have a more complicated tax structure • May have difficulty raising money for business operations • May have problems resulting from frozen investments • May have issues with government regulations 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? • 400 trucks at $4 per truck • 200 trucks at $4 per truck • 200 trucks at $8 per truck • 300 trucks at $6 per truck • 400 trucks at $8 per truck 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? • Preston delegated effectively since he trusted his people enough to give them control. • Preston delegated ineffectively since he feared his employees might outperform him. • Preston delegated ineffectively since he feared his employees were unqualified. • Preston delegated effectively since he trusted his people to perform well on tasks. 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? • Management By Objectives • Goal Setting Theory • Participative Management and Empowerment • Expectancy Theory 10 In which of the following ways does Human Resource Management use forecasting? • To develop hiring plans based on company needs • To anticipate problems that can occur with appraisal errors • To analyze trends in compensation changes • To update current performance appraisal processes 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? • Proactive • Accommodating • Defensive • Obstructionist 12 Which of the following correctly describes a discount rate control? • The amount charged to businesses that borrow from banks • The amount charged to consumers that borrow from banks • The amount charged to banks that borrow from the Federal Reserve • The amount charged to businesses that borrow from the 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. Which of the following does this scenario illustrate? • Operational plan • Functional strategy • Intermediate goal • Long term goal 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? • Misusing data • Technology usage • Protecting data • Updating systems 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? • Evaluated trends in the market the company would enter • Evaluated short term financing options for the expansion • Prepared the income statement for external users to review • Evaluated immediate cash flow issues from different departments 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? • Shirts • Fabrics • Threads • Buttons 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? • Introduction • Growth • Maturity • Decline 18 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. • decline • maturity • introduction • growth 19 Which of the following best describes the earnings per share for a stock? • A company's net income is divided by the number of outstanding shares of stock • The portion of a company's net income that is reinvested into the company's current operations • The portion of a company's profits that are paid to investors based on the number of shares each investor owns • A company's current assets are divided by the number of outstanding shares of stock 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. Which social responsibility stance below did the energy company take? • Obstructionist • Proactive • Defensive • Accomodative 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? • Long term loan • Venture capitalist • Stock offering • Corporate bond 22 Which motivational theory below suggests managers view employees as being hard-working and industrious? • Theory Y • Two Factor Theory • Theory X • Hawthorne Effect 23 Which of the following would NOT be considered a type of incentive program? • Providing a profit-sharing program • Offering employees a yearly bonus • Paying employees for performance • Providing continuing education courses 24 Which of the following is true about pricing? • Perfect competition can cause a company to price products lower than its competitors. • Skimming pricing involves setting a low price to introduce a product and to gain consumer interest. • Penetration pricing involves setting a high price for a new product to gain market share. • The need for specialized research and development can increase the price of a product. 25 The US government decided to enforce a trade restriction to no longer trade any goods with Mexico. Which of the following does this scenario describe? • Quota • Foreign-exchange control • Embargo • Tariff