(TCO 3) One disadvantage of free trade is _____. (Points : 5)domestic companies can lose their comparative advantageuninterrupted flow of capital provides for lower interest ratesworkers will be given across-the-board pay increasesa company’s productivity grows when it has an absolute advantagedomestic workers can be trained for additional jobsQuestion 8.8. (TCO 3) What is not a disadvantage of a corporation? (Points : 5)Initial costExtensive paperworkAbility to raise money for investmentPossible conflict with stakeholders and board of directorsQuestion 9.9. (TCO 2) There have been reports of cell phone service sales representatives who actually lie to get customers to extend their contracts, or even extend their contracts without the customers’ knowledge. Some phone reps intentionally hang up on callers to prevent them from canceling their contracts. Why do these sales reps sometimes resort to overly aggressive tactics? (Points : 5)Excellently designed incentive programs reward them tax free.Salaries can be reduced by half in such instances.Their managers say, “Deceive the customers.”Overly ambitious goals and incentives create an environment in which people can learn and grow.Overly ambitious goals and incentives create an environment in which unethical actions are tolerated.Question 10.10. (TCO 3) Entrepreneurship has become the new way of doing business in our world. With economies in decline and organizations downsizing and the lack of opportunities that satisfy, entrepreneurship has been born. Entrepreneurship involves (Points : 5)bringing in compelling ideas.helping small businesses achieve more.providing the platform for launching companies that grow to be quite large.All of the aboveQuestion 11.11. (TCO 4) Small business owners usually invest little money into new marketing strategies because (Points : 5)marketing is not important.consumers are not interested in marketing ads.marketing is expensive.many small business owners invest money into other areas of the business.Question 12.12. (TCO 4) Why do many small business owners invest little money into new marketing strategies? (Points : 5)Marketing is not important.Marketing is a waste of time.Marketing is expensive.Marketing does not influence consumer spending.Question 13.13. (TCO 4) The marketing mix refers to (Points : 5)product, distribution, coupons, and place.product, demographics, price, and distribution.product, price, place, and promotion.price, product, elasticity, and promotion.Question 14.14. (TCO 5) Managers of employees from different cultural and geographic backgrounds have unique opportunities to reach out to new markets and understand ways to extend their products to new markets. A better understanding of other cultures’ customs and concerns helps managers’ to increase customer satisfaction and customer loyalty. Part of cultural competency is not only understanding different languages, but also understanding: (Points : 5)Similar food selectionsLooking others in the eye when speaking to themHow much money people makeHow tall people are when compared to othersHow people wish to be addressedQuestion 15.15. (TCO 6) Some of the characteristics of lean systems include which of the following? (Points : 5)They take twice the human effort.They have the same defects in the finished product.They require half of the engineering effort.They use half the floor space for the same output.They carry 50% more inventory.Question 16.16. (TCO 7) Financial accounting includes which one of the following? (Points : 5)The preparation and distribution of an a periodic reportA summarization of the costs of productionThe preparation of departmental budgetsCompliance with the Financial Accounting Standards Board (FASB) guidelinesReviewing and evaluating the information used to prepare a company’s financial statementsQuestion 17.17. (TCO 7) What are the three interrelated reports required by law for all publically traded companies that act as vital management tools for all companies, big and small? (Points : 5)Ledger, operating budget, balance sheetJournal, adjusted trial balance, income statementBalance sheet, income statement, statement of cash flowsExpense report, balance sheet, capital budget
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