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BUSN 100 WEEK 2 QUIZ

Question 1 (10 points)

 

1. Models are_____

Question 1 options:

Hired to represent an organization

Representations of things in the real world

Business construction projects

Are things we are not familiar with 


Question 2 (10 points)

 

The value proposition is_____

Question 2 options:

Used to price a product

Not a reliable resource

Consumer perception of something superior to the competition 

Negotiated during the sales process



Question 3 (10 points)

 

Which of the following is not a target audience 

Question 3 options:

Senior citizens

College students

Generation X

Anyone who likes ice cream



Question 4 (10 points)

 

The strategy is the design of a business model

Question 4 options:

True

False



Question 5 (10 points)

 

A model must have the following pre-requisites in order to implement and test it

Question 5 options:

A company owner, sound budget, leader, human resources, customers

A company owner, sound budget, suppliers, human resources, training 

A company owner, sound budget, leader, human resources, training 

A company owner, leader, human resources, training 



Question 6 (10 points)

 

The marketing model is based on the premise that consumers buy products more than solutions

Question 6 options:

True

False



Question 7 (10 points)

 

The Value Chain Model addresses how value is created for the business

Question 7 options:

True

False



Question 8 (10 points)

 

The Marketing Mix is comprise of

Question 8 options:

Customer, cost, communication, convenience

Perception, prediction, perfection, promotion

Product, price, promotion and placement 

Product, perception, price, promotion



Question 9 (10 points)

 

The primary activities in the value chain are

Question 9 options:

outbound logistics, operations, marketing and sales, and service

inbound logistics, outbound logistics, marketing and sales, and service

inbound logistics, operations, outbound logistics, and service.

inbound logistics, operations, outbound logistics, marketing and sales, and service



Question 10 (10 points)

 

Companies can succeed without a business model

Question 10 options:

True

False


BUSN 100 WEEK 6 QUIZ

Question 1 (10 points)

 

Professional accountants look at the accounting records and reports of a business from two perspectives. 

Question 1 options:

budgets and expenses

profit and loss

revenue and income

financial accounting and managerial accounting



Question 2 (10 points)

 

In the United States ________________has been the designated independent entity for established accounting reporting standards since 1973. 

Question 2 options:

International Accounting Standards Board (IASB)

Securities and Exchange Commission (SEC)

Financial Accounting Standards Board (FASB)

Generally Accepted Accounting Principles (GAAP)



Question 3 (10 points)

 

There are six basic types of accounts. Which of the following is not a basic account?

Question 3 options:

equity accounts 

expense accounts

asset accounts 

journal accounts



Question 4 (10 points)

 

Financial Accounting is the process of 
summarizing financial data taken from an organization’s accounting records and publishing in the form of ___________ for the benefit of people _________ the organization. 

Question 4 options:

a press release , inside 

annual reports, outside 

annual reports, inside 

a press release , outside



Question 5 (10 points)

 

The Income Statement is important because it will tell you if your business will be profitable in the future

Question 5 options:

True

False



Question 6 (10 points)

 

The Balance Sheet will show you the financial condition of your business, what you own, what you owe, and the owners’ financial interest.

Question 6 options:

True

False



Question 7 (10 points)

 

Gross margin is simply the difference between Sales and the Cost of goods sold

Question 7 options:

True

False



Question 8 (10 points)

 

The cost of goods sold is the total cost the owner of a business paid for products sold minus expenses

Question 8 options:

True

False



Question 9 (10 points)

 

Gross margin is the difference between Sales and the Cost of goods sold. The greater the gross margin is the less profitable a business is likely to be.

Question 9 options:

True

False



Question 10 (10 points)

 

A ledger is a collection of the accounts of your business where transactions are recorded using the double-entry bookkeeping method

Question 10 options:

True

False


BUSN100 MIDTERM QUIZ

Question 1 (10 points)

 

In your own words explain, are entrepreneurs born or made?

Question 1 options:

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Question 2 (10 points)

 

In your own words, what is a venture capitalist?

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Question 3 (10 points)

 

In your own words, explain three of the nine building blocks for managers to use in developing an innovative and effective business model.

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Question 4 (10 points)

 

What is a competitive advantage? How does marketing contribute to the creation of a competitive advantage

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Question 5 (10 points)

 

What is market segmentation? List the steps in the market segmentation process.

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Question 6 (10 points)

 

Discuss several reasons why marketers continue to have a difficult time understanding, predicting, and explaining consumer behavior.

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Question 7 (10 points)

 

In your own words, what are the characteristics of the four types of business legal entities?

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Question 8 (10 points)

 

How does the cultural environment affect international marketing activities?

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Question 9 (10 points)

 

Describe the advantages and disadvantages of a flat versus tall organizational structure.

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Question 10 (10 points)

 

Explain the concept of employees as stakeholders in your own words

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BUSN100 FINAL QUIZ

Question 1 (10 points)

 

In your own words, explain operations management.

Question 1 options:

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Question 2 (10 points)

 

In your own words, what is Total Quality Management?

Question 2 options:

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Question 3 (10 points)

 

In your own words, explain three quality costs.

Question 3 options:

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Question 4 (10 points)

 

What is a bullwhip effect? What are the causes?

Question 4 options:

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Question 5 (10 points)

 

What is a strategic partnership? Give an example.

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Question 6 (10 points)

 

Explain a the challenges of outsourcing.

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Question 7 (10 points)

 

What is a balance sheet? How does it support business?

Question 7 options:

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Question 8 (10 points)

 

Identify a source of business financing.

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Question 9 (10 points)

 

Should a start-up organization invest in an IS immediately? Why or why not?

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Question 10 (10 points)

 

What is database management?

Question 10 options:

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ECON101


Question 1 (10 points)

 

A shift of a demand curve to the right, all other things unchanged, will: 

Question 1 options:

increase equilibrium price and quantity. 

decrease equilibrium price and quantity. 

decrease quantity and increase price. 

increase quantity and decrease price. 


Question 2 (10 points)

 

If the current price is above the equilibrium price, we would expect: 

Question 2 options:

quantity demanded to exceed quantity supplied. 

upward pressure on price. 

quantity supplied to exceed quantity demanded. 

no change in the market price. 



Question 3 (10 points)

 

Demand is defined as: 

Question 3 options:

an amount that is purchased at a specific price, given supply. 

a schedule that establishes the price of a good. 

a schedule that shows how much will be purchased at various prices during a particular period, all other things unchanged. 

the amount that will be bought at a specific price. 



Question 4 (10 points)

 

The primary difference between a change in demand and a change in the quantity demanded is: 

Question 4 options:

a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve. 

a change in quantity demanded is a movement along the demand curve, and a change in demand is a shift in the demand curve. 

both a change in quantity demanded and a change in demand are shifts in the demand curve, only in different directions. 

both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions. 



Question 5 (10 points)

 

A negative relationship between the quantity demanded and price is called the law of ______. 

Question 5 options:

demand 

diminishing marginal returns 

market clearing 

supply 



Question 6 (10 points)

 

The relationship between the quantity of a good or service sellers are willing and able to offer for sale and the independent variables that determine quantity is: 

Question 6 options:

supply. 

demand. 

equilibrium. 

disequilibrium. 



Question 7 (10 points)

 

A price below the equilibrium price will: 

Question 7 options:

result in pressure for price to rise. 

result in a surplus. 

never be the case. 

result in pressure for price to fall. 



Question 8 (10 points)

 

It is true that the equilibrium quantity will always go up if supply: 

Question 8 options:

and demand both increase. 

increases and demand decreases. 

and demand both decrease. 

decreases and demand remains unchanged. 



Question 9 (10 points)

 

The intersection of the supply and demand curves indicates: 

Question 9 options:

the equilibrium solution in the market. 

a surplus that will cause the price to fall. 

a shortage that will cause the price to rise. 

the quantity demanded exceeds the quantity supplied. 



Question 10 (10 points)

 

A decrease in supply means: 

Question 10 options:

a shift to the left of the entire supply curve. 

moving downward (to the left) along the supply curve with lower prices. 

less will be demanded at every price. 

more will be supplied at every price. 


Question 1 (10 points)

 

Demand is price inelastic if: 

Question 1 options:

the price of the good responds slightly to a quantity change. 

the demand curve shifts very little when a demand shifter changes. 

the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. 

all of the above are true. 



Question 2 (10 points)

 

If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is: 

Question 2 options:

price elastic. 

price inelastic. 

unit price elastic. 

upward sloping. 



Question 3 (10 points)

 

Which of the following will lead to a decrease in total revenue? 

Question 3 options:

price goes up and demand is perfectly inelastic 

price goes up and demand is price inelastic 

price declines and demand is price elastic 

price increases and demand is price elastic 



Question 4 (10 points)

 

If total revenue goes up when price falls, the price elasticity of demand is said to be: 

Question 4 options:

price inelastic. 

unit price elastic. 

price elastic. 

positive. 



Question 5 (10 points)

 

Price elasticity of demand measures the responsiveness of the change in: 

Question 5 options:

quantity demanded to a change in price. 

price to a change in quantity demanded. 

slope of the demand curve to a change in price. 

slope of the demand curve to a change in quantity demanded. 



Question 6 (10 points)

 

The price elasticity of demand is: 

Question 6 options:

always positive. 

always greater than 1. 

usually equal to 1. 

always negative. 



Question 7 (10 points)

 

A men’s tie store sold an average of 30 ties per day when the price was $5 per tie but sold 50 of the same ties per day when the price was $3 per tie. Hence, the absolute value of the price elasticity of demand is: 

Question 7 options:

greater than zero but less than 1. 

equal to 1. 

greater than 1 but less than 3. 

greater than 3. 



Question 8 (10 points)

 

If the total revenue received by a firm does not change when it raises its price, this indicates that the demand for the firm’s product is: 

Question 8 options:

unstable. 

price inelastic. 

price elastic. 

unit price elastic. 



Question 9 (10 points)

 

The ratio of the percentage change in a dependent variable to the percentage change in an independent variable, all other things unchanged, is: 

Question 9 options:

total revenue. 

production possibilities. 

elasticity. 

slope. 



Question 10 (10 points)

 

The price elasticity of a good will tend to be greater: 

Question 10 options:

the longer the relevant time period. 

the fewer number of substitute goods available. 

if it is a staple or necessity with few substitutes. 

All of the above are true. 


Question 1 (10 points)

 

Average variable cost is: 

Question 1 options:

the firm’s variable cost per unit multiplied by the quantity. 

total variable cost divided by quantity. 

the difference between average total cost and total variable cost. 

the difference between total cost and total variable cost. 



Question 2 (10 points)

 

Which of the following is (are) correct? 

Question 2 options:

Firms are organizations that produce goods and services. 

Firms seek to maximize profits. 

Firms seek to utilize factors of production in the most efficient way in order to maximize profits. 

All of the above are correct. 



Question 3 (10 points)

 

For a restaurant: 

Question 3 options:

labor and food would be variable factors of production. 

a building would be a fixed factor of production in the short run. 

fire insurance on a building would be a fixed factor of production. 

A and B are correct. 



Question 4 (10 points)

 

Diminishing marginal returns means that: 

Question 4 options:

each additional unit of an input used will decrease output. 

each additional unit of an input used will increase output, but by smaller and smaller amounts. 

each additional unit of an input used will increase output by larger and larger amounts. 

the firm is maximizing profit. 



Question 5 (10 points)

 

When marginal cost is below average variable cost, average variable cost must be: 

Question 5 options:

at its minimum. 

at its maximum. 

falling. 

rising. 



Question 6 (10 points)

 

If a firm produces 10 units of output and incurs $30 in average variable cost and $5 in average fixed cost, average total cost is: 

Question 6 options:

$30. 

$35. 

$50. 

$300. 



Question 7 (10 points)

 

In the long run: 

Question 7 options:

all inputs are fixed. 

inputs are neither variable nor fixed. 

at least one input is variable and one input is fixed. 

all inputs are variable. 



Question 8 (10 points)

 

A factor of production whose quantity can be changed during a particular period is a: 

Question 8 options:

marginal factor of production. 

fixed factor of production. 

incremental factor of production. 

variable factor of production. 



Question 9 (10 points)

 

Given constant quantities of all other factors of production, when additional units of a variable factor of production add less and less to total output, then the firm is experiencing: 

Question 9 options:

constant marginal returns. 

increasing marginal returns. 

diminishing marginal returns. 

negative marginal returns. 



Question 10 (10 points)

 

The sum of fixed and variable costs is: 

Question 10 options:

total cost. 

marginal cost. 

variable cost. 

average cost. 


Question 1 (10 points)

 

Perfect competition is characterized by: 

Question 1 options:

rivalry in advertising. 

fierce quality competition. 

the inability of any one firm to influence price. 

widely recognized brands. 



Question 2 (10 points)

 

An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: 

Question 2 options:

a duopoly. 

a monopoly. 

an oligopoly. 

perfect competition. 



Question 3 (10 points)

 

Which of the following is true in a perfectly competitive market? 

Question 3 options:

One unit of a good or service cannot be differentiated from any other on any basis. 

Brand preferences exist but are very slight. 

Barriers to entry are relatively strong. 

Information is costly. 



Question 4 (10 points)

 

The assumptions of perfect competition imply that: 

Question 4 options:

individuals in the market accept the market price as given. 

individuals can influence the market price. 

the price will be a fair price. 

the price will be low. 



Question 5 (10 points)

 

Which of the following is true? 

Question 5 options:

Price and average revenue are never equal. 

Price and marginal revenue are seldom equal under conditions of perfect competition. 

When a firm is operating under perfectly competitive market conditions, price and marginal cost will always be equal if the firm is maximizing profits. 

Average revenue equals price times quantity. 



Question 6 (10 points)

 

If a firm possesses monopoly power, it means that: 

Question 6 options:

the firm can set its own price based on its output decision. 

the firm’s demand curve is always elastic. 

the firm is necessarily a monopoly. 

A and C are true. 



Question 7 (10 points)

 

Marginal revenue: 

Question 7 options:

is the slope of the average revenue curve. 

equals the market price in perfect competition. 

is the change in quantity divided by the change in total revenue. 

is the price divided by the changes in quantity. 



Question 8 (10 points)

 

A natural monopoly exists whenever a single firm: 

Question 8 options:

is owned and operated by the federal or local government. 

is investor owned but granted the exclusive right by the government to operate in a market. 

confronts economies of scale over the entire range of production that is relevant to its market. 

has gained control over a strategic input of an important production process. 



Question 9 (10 points)

 

Which of the following is (are) true? 

Question 9 options:

A monopoly firm is a price taker. 

MR > P if the demand curve is downward sloping. 

MR = MC is a profit-maximizing rule for any firm. 

All of the above are true. 



Question 10 (10 points)

 

Perfect competition is important to study because it: 

Question 10 options:

is a theoretical extreme used for analysis. 

is a realistic model of a few key markets. 

is a realistic model of many different markets. 

avoids all real-world problems and complexities. 


Question 1 (10 points)

 

Monopolistic competition is an industry characterized by a: 

Question 1 options:

small number of firms producing identical products, with barriers to entry for firms. 

small number of firms producing similar products, with relatively easy entry for firms. 

large number of firms producing similar products, with relatively easy entry for firms. 

large number of firms producing identical products, with relatively easy entry for firms. 



Question 2 (10 points)

 

Imperfect competition is: 

Question 2 options:

a market structure with no more than one firm in the industry. 

an industry in which all firms are price takers. 

a market structure where firms have a degree of monopoly power. 

described by all of the above. 



Question 3 (10 points)

 

Imperfect competition includes: 

Question 3 options:

monopolistic competition and oligopoly. 

monopolistic competition and monopoly. 

perfect competition and monopoly. 

monopoly and oligopoly. 



Question 4 (10 points)

 

A firm in monopolistic competition maximizes its profit by producing at the level at which: 

Question 4 options:

MC = ATC. 

MC = AR. 

MC = P.

MC = MR.



Question 5 (10 points)

 

An industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called: 

Question 5 options:

perfect competition. 

monopoly. 

monopolistic competition. 

oligopoly. 



Question 6 (10 points)

 

An oligopoly knows that its _______ affect(s) its _______ and that the _______ of its rivals will affect it. 

Question 6 options:

actions; rivals; reactions 

price changes ; total revenue in a positive way; reactions 

actions rarely; rivals; actions 

price increases; total revenue in the long run only; large but not small price changes 



Question 7 (10 points)

 

A concentration ratio is used to measure: 

Question 7 options:

efficiency. 

diseconomies of scale. 

marginal cost. 

market dominance. 



Question 8 (10 points)

 

An industry dominated by a few firms, where each of those firms recognizes that its own choices will affect the choices of its rivals and that its rivals’ choices will affect it, is a(n): 

Question 8 options:

monopoly. 

oligopoly. 

monopolistic competition. 

perfect competition. 



Question 9 (10 points)

 

Price for a firm under monopolistic competition is: 

Question 9 options:

equal to marginal revenue. 

greater than marginal revenue. 

less than marginal revenue. 

greater than total revenue. 



Question 10 (10 points)

 

Unwritten or unspoken understandings through which firms collude to restrict competition are called: 

Question 10 options:

cartelization. 

oligopolization. 

overt collusion. 

tacit collusion.