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BUSN 115 Final Exam Set 2 Click Here to Buy the Tutorial For more course tutorials visit

1. (TCO 1) A(n) _____ is a framework of how a business intends to generate revenue. (Points : 5) business model strategic management tool profitability analysis competitive advantage entrepreneurial mindset Question 2.2. (TCO 1) People who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address include which of the following? (Points : 5) Bankers Government employees Surrounding/competing businesses Foreign business leaders Domestic business leaders Question 3.3. (TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things, or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small business start-up? (Points : 5) Current local council actions Local school board policies Government control Collecting and remitting sales and use taxes Training for what you don’t know how to do Question 4.4. (TCO 3) A small business is defined as a company that _____. (Points : 5) is newly launched and has fewer than 100 shareholders is dominant in its field and employs fewer than 1,500 employees has a revenue of less than $750,000 is independently owned and operated and not dominant in its field

is funded through personal lines of credit and has fewer than 1,000 employees Question 5.5. (TCO 1) You own Wash This Way Laundromat in a busy part of town. ABC Laundry, a chain store competitor, opened across the street in a busy shopping strip. You decide to improve your business by adding an internet cafÊ offering free Wi-Fi. Why? (Points : 5) To promote private ownership of businesses To improve quality of life To exceed customer expectations To expand your market Question 6.6. (TCO 2) These are government policies aimed at shielding a country's industries from foreign competition. (Points : 5) Tariffs Free-market capitalism Protectionism Import quotas Question 7.7. (TCO 3) One advantage of offshore outsourcing is _____. (Points : 5) less strategic tasks can be sourced so that companies can focus on sales and marketing communication among company members, suppliers, and customers is problematic. outsourced work allows companies to create efficiencies that in fact let them fire more workers consumers benefit from lower prices generated by effective use of global resources and developing nations offshore outsourcing may reduce product quality and can therefore cause damage to a company’s reputation Question 8.8. (TCO 3) The reason(s) a company pursues a strategic alliance is to _____. (Points : 5) enhance the ability to expand internationally gain access to new technologies and know-how increase credibility or brand awareness All of the above Question 9.9. (TCO 2) It can be difficult to balance ethics and other goals, such as pleasing stakeholders or adva ncing your career. According to management writer Ken Blanchard and religious leader Norman Vincent Peale, it helps to ask oneself which one of the following questions when facing an ethical dilemma? (Points : 5) How will this course of action be evaluated by others? Is my proposed action legally defensible? Is this course of action based on principle? Is this course of action based on the truth?

How will this course of action make me feel about myself? Question 10.10. (TCO 3) Starting your own business (Points : 5) is an alternative to unemployment. is not risky. allows others to control your future. is not difficult and does not require sacrifice. Question 11.11. (TCO 4) Which of the following pairs represent an advantage and a disadvantage of marketing to a mobile phone rather than a fixed computer? (Points : 5) Mobile phone users are accustomed to advertising interruptions while fixed computers have limited links to retailer websites. The mobile phone is operating most of the time, but the interactivity is less than a fixed computer. The screen size of fixed computers is larger, but screen enlargement overcomes that limitation in mobile phones. Fixed computers can provide advertising based on where you happen to be while mobile phone advertisements are limited to product categories. Question 12.12. (TCO 4) The rapid spread of brand communities has been one of the major impacts of social media. The Harley Davidson Owners Group is one example of an informal network of people with similar interests who use social media to bond and share information. Why are these brand communities effective? (Points : 5) The cost of consumer-oriented publications is too expensive. Consumers now trust their peers more than any source for product information. Consumers no longer trust salespeople. State and local consumer protection agencies no longer review products. 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) The steps to Mining Group Gold include (Points : 5) defining the behavioral parameters of a unique subset of cultures. establishing a zone of proximal development. setting expectations for reasonableness of the ideas presented. establishing clear and concise expectations of factual information. conducting a series of time-checks throughout the meeting. Question 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) A common reason that companies fail is (Points : 5) underspecialization. an excellent control of cash flow. a lack of adequate sales revenue. an inadequate control of expenses. an inadequate managerial expertise. Question 17.17. (TCO 7) Imagine that you have just earned your business degree and have been hired as a hospital administrator at a small hospital that, like many others, is experiencing financial problems. A suggestion that you would make to help improve the financial position of the hospital and correct the financial problems is to (Points : 5) improve the efficiency of the hospital’s cash management system. use a carefully planned lawn care service. continue the hospital’s large stockpile of drugs. cease using a just-in-time inventory system. use a carelessly planned inventory control system.

CO 1) What type of economic system lies between capitalism and communism? Explain why it is more effective than other economic systems. (Points : 25)

Question 2.2. (TCO 2) Compare and contrast strategic alliances with joint ventures. (Points : 25)

Question 3.3. (TCO 3) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 25)

Question 4.4. (TCO4) Define marketing. Compare and contrast place marketing with cause-related marketing. (Points : 25)

Question 5.5. (TCO 5) Define the five major types of organization structure. (Points : 25)

Question 6.6. (TCO 6) Businesses try to create systems that deliver goods or services to customers as efficiently as possible. This often involves multiple steps and systems that hopefully work together to accomplish that goal. Explain the systems perspective, and identify at least five principles of systems thinking that can improve your skills as a manager. (Points : 25) Question 7. 7. (TCO 7) What is a balance sheet? Why is it called a balance sheet? (Points : 25)

Busn 115 final exam set 2