2. Ida works on creating ways to ensure that customers receive goods at the right time and correct location.
Ida is involved in her firm's ________ strategy.
A. pricing
B. transportation
C. product
D. promotion
3. Mario is part of a strategic planning team. He has identified that his company is the low-cost producer in
its industry. This should be listed on a SWOT analysis as a/an
A. opportunity.
B. weaknesses.
C. strength.
D. threat.
4. According to the doctrine of supply, the amount _______ will increase as the _______ increases.
A. supplied; price
B. sold; demand
C. bought; cost
D. demanded; cheapness
5. What prompted Congress to enact the Sarbanes-Oxley Act in 2002?
A. Congress wanted to make accounting practices more efficient.
B. Major companies requested government regulation following negative publicity.
C. A series of improper financial disclosures were found during investigations.
D. Stockholders petitioned for increased access to financial records.
6. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and
supplies into position, as specified in the company's ________ plan.
A. contingency
B. operational
C. strategic
D. tactical
7. Camden Products buys a $500,000 machine by taking out a bank loan. The company's assets will
________ by $500,000 while its liabilities will ________ by $500,000.
A. fall; fall
B. rise; fall
C. fall; rise
D. rise; rise
8. What is the name for a complex form of bartering in which several countries may be involved, each
trading goods for goods or services for services?
A. Countertopping
B. Countertrading
C. Currency fluctuations
D. Exchange activity
9. If you want to turn self-directed gain into social and economic benefits for all, you should use a/an
_______ strategy.
A. charitable aid society
B. government
C. invisible hand
D. visible hand
10. The Social Club is conducting a breakeven analysis to determine how many tickets it must sell at $15
each to break even on the Holiday Dance. Fixed costs are $2,000, and the variable cost per person is $10.
To break even, the Social Club must sell ________ tickets.
A. 500
B. 400
C. 800
D. 80
11. The curve that shows the relationship between different prices and the quantity requested at each price
is the ________ curve.
A. equilibrium
B. supply
C. demand
D. buying
12. Student A says that if you're going to prepare alternative course of action, you need to do strategic
planning. Student B says that if you're going to prepare alternative courses of action, you need to do
contingency planning. Which student is correct?
A. Both
B. Student A only
C. Student B only
D. Neither
13. In which stage of the product life cycle do sales reach a saturation level, making further sales expansion
difficult?
A. Introductory stage
B. Maturity stage
C. Decline stage
D. Growth stage
14. Suppose you want to price goods and services at price points that make the product appear less
expensive than it is. Which strategy should you use?
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Competitive
To find the answer to question 2, you need to understand the role of Ida in her firm. Ida is working on creating ways to ensure that customers receive goods at the right time and correct location. This indicates that Ida is involved in the logistics or supply chain management of the company. Therefore, the correct answer is B. transportation.
To answer question 3, you need to understand the concept of SWOT analysis. SWOT analysis stands for strengths, weaknesses, opportunities, and threats. In this case, Mario has identified that his company is the low-cost producer in its industry. Being a low-cost producer is generally considered a strength because it can give the company a competitive advantage. Therefore, the correct answer is C. strength.
To answer question 4, you need to understand the concept of supply and demand. According to the doctrine of supply, the amount supplied will increase as the price increases. This means that as the price of a good or service goes up, suppliers are willing to supply more of it to the market. Therefore, the correct answer is A. supplied; price.
To answer question 5, you need to be aware of the events surrounding the enactment of the Sarbanes-Oxley Act in 2002. The Sarbanes-Oxley Act was passed in response to a series of improper financial disclosures that were uncovered during investigations. These disclosures created a crisis of confidence in financial markets and led to the need for increased regulation to restore trust. Therefore, the correct answer is C. A series of improper financial disclosures were found during investigations.
To answer question 6, you need to be familiar with different types of plans that organizations use. In this case, Wal-Mart began moving trucks and supplies into position before Hurricane Katrina as part of its preparation plan. This indicates that Wal-Mart was implementing its contingency plan, which is designed to address unexpected events or emergencies. Therefore, the correct answer is A. contingency.
To answer question 7, you need to understand the impact of taking out a bank loan to purchase an asset on a company's balance sheet. When Camden Products buys a $500,000 machine by taking out a bank loan, its assets will rise by $500,000 (the value of the machine) while its liabilities will also rise by $500,000 (the amount owed to the bank). Therefore, the correct answer is D. rise; rise.
To answer question 8, you need to know the name for a complex form of bartering involving several countries. This is called countertrading. In countertrading, countries trade goods for goods or services for services, bypassing the need for a common currency. Therefore, the correct answer is B. Countertrading.
To answer question 9, you need to understand the concept of self-directed gain and its relationship to different economic strategies. Self-directed gain refers to individuals or firms acting in their own self-interest to maximize their own benefits. If you want to turn self-directed gain into social and economic benefits for all, you should use a strategy that involves the intervention of a governing body, such as a government. Therefore, the correct answer is B. government.
To answer question 10, you need to understand how to calculate the breakeven point for a business. The breakeven point is calculated by dividing the fixed costs by the contribution margin per unit, where the contribution margin is the difference between the selling price per unit and the variable cost per unit. In this case, the fixed costs are $2,000 and the variable cost per person is $10. The contribution margin per ticket is $15 - $10 = $5. To break even, the Social Club must sell $2,000 / $5 = 400 tickets. Therefore, the correct answer is B. 400.
To answer question 11, you need to understand the different curves used in economics. The curve that shows the relationship between different prices and the quantity requested at each price is called the demand curve. This curve represents the demand for a product or service, showing how the quantity demanded changes as the price changes. Therefore, the correct answer is C. demand.
To answer question 12, you need to differentiate between strategic planning and contingency planning. Strategic planning involves preparing alternative courses of action to achieve long-term goals and objectives, considering internal and external factors. Contingency planning, on the other hand, involves preparing for unexpected events or emergencies by identifying potential risks and developing response plans. Based on this distinction, Student B is correct. Therefore, the correct answer is C. Student B only.
To answer question 13, you need to understand the different stages of the product life cycle. The stage in which sales reach a saturation level, making further sales expansion difficult, is the maturity stage. In the maturity stage, the market is already saturated with competitors and potential customers, and growth opportunities become limited. Therefore, the correct answer is B. Maturity stage.
To answer question 14, you need to understand pricing strategies. To make a product appear less expensive than it is, you can use a strategy called price point pricing. Price point pricing involves setting prices at specific price points that make the product seem like a good value for the price. Therefore, the correct answer is price point pricing.