Questions and Answers of Business Essentials

Go to an online comparison shopping website such as mySimon, PriceGrabber, or DealTime and research the prices for at least three products. Describe the different prices for each product, noting the
Which of the following is a step involved in a promotional campaign?a. Identify the target marketb. Determine the budgetc. Implement an integrated marketing communications pland. All of the above
McDonald’s advertises that any size coffee is $0.99 all day. This is an example of __________ advertising.a. productb. retailc. comparatived. corporate
Your college professors take on what kind of sales role when they select books for their class?a. Order takerb. Order influencerc. Support personneld. None of the above
Bosch tools are sold in stores such as Home Depot and Lowe’s. What kind of distribution strategy is being used?a. Exclusiveb. Intensivec. Selectived. Franchise
Your grocery store most likely purchases Oreos and other Nabisco products from aa. wholesaler.b. retailer.c. agents/broker.d. distributor.
Which type of logistics is involved in bringing raw materials, supplies, and information from suppliers to the producer?a. Inboundb. Outboundc. Reversed. Third-party
Which is not an example of a nonstore retail outlet?a. A kioskb. A vending machinec. A factory outletd. A telemarketer
American Idol judges often have on their desks tall glasses embossed with Coca-Cola’s logo.This advertising strategy is known asa. product placement.b. viral marketing.c. an infomercial.d. a direct
Which of the following is a consumer sales promotion tool?a. A 10-percent-off online promo codeb. A $10.00 mail-in rebatec. A frequent buyer cardd. All of the above
QR codes, text messages, and apps are part of what kind of promotional strategy?a. Viral promotionsb. E-commercec. Mobile marketingd. Social promoting
The product itself can be considered part of the promotional mix because samples of it can be given away to demonstrate its features.True or False
Finding the best way to communicate the benefits of a product and persuade customers to buy it is a critical job of marketers.True or False
Personal selling is the least expensive part of the promotional mix, and therefore should always be used.True or False
Using marketing intermediaries often adds efficiency to the supply chain.True or False
The last step in the selling process is closing the sale.True or False
Describe mobile marketing. Why is it such a growing promotional trend? Describe a mobile marketing technique that has made you notice a product. Why did it work (or not work)?
Discuss when it would be appropriate to use the following sales promotional techniques:coupons, rebates, frequent-user incentives, free samples, and cents-off deals.
If you were a legislator voting on a bill that proposed a ban on DTC advertising of pharmaceuticals in the United States, would you vote for it or against it? Why?
Is DTC advertising more appropriate for certain drugs? For example, do the ethics of advertising cholesterol-lowering drugs differ from the ethics of advertising antidepressants? Why?
Consider the tactics pharmaceutical companies use in print and television ads. When or where are the side effects mentioned? Do the ads help raise the awareness of certain illnesses and treatments,
Many companies spend a significant part of their marketing budget on search engine optimization (SEO). Research what SEO is. Why is it so important for companies to do? Discuss why you think
Find an example of a viral marketing campaign on YouTube. Discuss the features of this campaign that made it go viral. Research to see if the company reported any benefit from this campaign. Discuss
There are many different careers in sales. To determine whether sales is a good career path for you, use the Internet to research careers in sales. You might want to start by looking at the
Suppose you want to earn a few dollars but don’t want a full-time job. Research the benefits and requirements of working for a multilevel marketing company doing in-home product demonstrations.Some
The text discussed the distribution channels for several products. Complete a similar diagram to Figure 14.7 using examples of other products with a one-step distribution channel (producer to
Which formula is the fundamental accounting equation?a. Owners’ equity = assets + liabilitiesb. Assets = liabilities + owners’ equityc. Owners’ equity = assets ÷ liabilitiesd. Liabilities -
The role of a financial manager can best be described asa. outlining a company’s short- and long-term needs.b. identifying the sources and uses of funds for company operations.c. monitoring cash
Ted White owns Soup & Salad Café. The terms of his last order for produce were 3/15 net 60. The total amount of the order is $1,500. How much will Ted pay if he pays within two weeks?a. $1,500.b.
Gormley Paper Products, Inc., is a privately held company with no intentions of going public or being managed by an outside group. It is looking to build a new manufacturing facility in another
Cash flow management is important for which business?a. Spring Mountain Ski Shop, which operates between November and Marchb. Lederach Tea Room, which serves breakfast and lunch all yearc. Tailwinds
Financial accounting is the process ofa. producing budgets and financial documents for managers.b. producing financial documents for outside investors.c. auditing corporate financial statements.d.
Which is not measured in a statement of cash flows?a. Cash Flow from Salesb. Cash Flow from Investingc. Cash Flow from Financingd. Cash Flow from Operations
Hunter Wentworth is reviewing last quarter’s financial statements and realizes that there has been an increase in working capital. The most likely cause for an increase in working capital is a(n)a.
Which of the following reflects a company’s financial leverage?a. Gross profit marginb. Operating profit marginc. Debt-to-equity ratiod. Earnings per share
Maureen found an old barn that would be a perfect location for her restaurant and catering business. She opened a Kickstarter account to begin to raise funds for the business. Maureen is taking
Factoring can be a good source of cash by selling accounts receivable.True or False
A risk of using credit cards to finance business activities for a sole proprietor is that a default could ruin the owner’s personal credit.True or False
A project budget includes all the costs necessary to operate an organization, including inventory, sales, manufacturing, marketing, and operating expenses.True or False
A ratio analysis can be used to better compare companies of different sizes.True or False
The statement of cash flows is analogous to a checkbook register because it records the cash generated by a business.True or False
Jason owns a sandwich deli that offers delivery service. Because of the quality of the service and the sandwiches, Jason is experiencing increased demand for his products, especially in his town’s
The text lists only a few ratios that are used to analyze financial statements. Research three more ratios, explain how they are calculated, and explain why they are important to financial analysis.
What changes did the act bring to companies’ auditing practices?
Discuss whether the act has been successful.
Companies are not the only entities that must create budgets. Cities, states, and other governmental agencies must also prepare budgets, but unlike corporations, they can raise or lower taxes to help
Suppose you want to start a business and have decided to finance it with funds raised on a crowdfunding website. Research two or three different crowdfunding sites. What are the similarities and
Visit job search sites, such as Monster.com, and find postings for financial managers and accountants.What are the job specifications and requirements?What companies are advertising the openings? Are
Go to the website of a local bank and research its options for short-term business financing. What are the terms of its small business loans and lines of credit?Does it offer other commercial
Mason recently bought a $10,000 government bond with a 3.5 percent interest rate. For the first two years, his semiannual interest payments were $175, $175, $200, and $200. What kind of government
Which of the following could cause a stock price to change for Sunny Orange Growers, Inc.?a. More investors dislike the stock and sell it than those who like the stock and buy it.b. An unexpected
What document must companies prepare and make available to investors when issuing stocks for the first time?a. A prospectusb. An initial public offeringc. Proprietary underwritingd. Investor
Tracy Quinn feels she has a great investment portfolio. She has investments in technology stocks, banking stocks, and consumer goods stocks. Which type of investment should she use if she is striving
Jose Fernandez is saving toward retirement and has an investment portfolio that reflects his risk tolerance. It was carefully put together by a trusted investment adviser. Unfortunately, the returns
Jeremy wants to invest in companies that have a long history of consistent growth and stability.He should invest in which of the following?a. Blue-chip stocksb. Growth stocksc. Value stocksd.
Which of the following describes a security issued by a local government agency?a. Acme, Inc. debenture bondb. Souderton County Water Authority bondc. 10-year Treasury bondd. Fidelity bond fund
If you own a $5,000 bond that has a coupon of 4 percent and pays interest semiannually, how much interest would you receive?a. $200 every six monthsb. $200 once a yearc. $200 every two yearsd. $100
Which is not an advantage of investing in mutual funds?a. Mutual funds have less price variability than stocks or bonds.b. Mutual funds provide diversification.c. Mutual fund investments are managed
An ETF isa. a contract that gives a buyer the right to buy or sell a security at a specified price on or before a certain date.b. an agreement between a buyer and seller to buy an asset at a later
A person’s risk tolerance might change with more investment knowledge or greater wealth.True or False
Five years ago, Jerome bought 100 shares of Kodak at $60 per share. Last month, he sold the 100 shares at $55 per share. Jerome has a capital gain from the sale.True or False
Treasury notes are bonds that mature in 2, 3, 5, 7, and 10 years.True or False
Common stockholders get paid before preferred stockholders if a firm goes out of business.True or False
Asset allocation is an investment strategy that suggests you structure your portfolio with stocks from different sectors.True or False
List three short- to medium-term financial goals you want to achieve in the next one to five years and an approximate value for each. List three long-term financial goals that you want to achieve in
The term blue chip applies to stocks issued by a company in excellent financial standing with a record of producing earnings and paying dividends. Stocks in companies such as GE and Chrysler were
The List (p. 000) includes 10 blogs that offer good financial information for young adults. Visit three of these blogs and find one article or piece of content on each that seems relevant to your
At this stage in your life, putting your money in a savings account may be the most you can do.Savings rates are at historically low levels, so it is even more important that you find the most
Several investment strategies help investors select stocks. Dogs of the Dow is one of the most publicized strategies. Research this strategy and discuss whether it be a good investment strategy for
It is difficult to perfectly time your investments so that you purchase when a stock is at its lowest point or sell when a stock is at its highest point. Research the investment strategy of dollar
Municipal bonds are issued by local and state governments and other municipal organizations, such as school districts and toll road authorities. Conduct online research to determine the municipal
In 2017, the U.S. government was $20 trillion in debt. Should the government print money to pay off the debt? What effect would such a strategy have on consumers and business?
The Fed is supposedly non-political body. Do you agree with this observation? Do you think it should be, or shouldn’t be? Why?
Why are online retailers taking so much market share from the traditional brick-and-mortar stores?
Do you think that legacy stores such as Macy’s and even WalMart will be able to compete with online stores in the future? How would they have to change in order to be more competitive?
How have changes in physical distribution changed the marketplace? How has the marketplace changed the distribution networks?
What kinds of products do you think you would find in Anderson’s “long tail”? Give examples.
Why should companies be concerned about hackers?
Were you able to identify the e-mails and messages to be “scams” before opening them, or did you discover their real contents after you opened them? What might have alerted you to the risks?
Identify the three types of services performed by CPAs.
What is the difference between value and utility?
What are the benefits of businesses? Can a business negatively affect society? Give one example of a business that is benefiting society and one example of a negative effect.
What is a demand curve? A supply curve? How are they related?
Why is inflation both good and bad? How does the government try to control demand and supply curves?
Identify and describe at least three factors in the external environment that affect college enrollment. Explain how each trend affects colleges and universities. Explain how each factor may affect
How are the overall economic goals of stability and growth related? Can they be reconciled to each other? If so, how?
What would you do if you were actually faced with this situation?
In 2006, Nintendo broke new ground in the video industry with the introduction of the Wii. Sony recently unveiled a virtual reality version of the PS4. If you were a member of the Microsoft marketing
Which game console do you think is superior? Why?
Why might a closely held corporation choose to remain private? Why might it choose to be publicly traded?
Do you think that you would be interested in owning a Cold Stone Creamery franchise? Why or why not?
What are the elements of national competitive advantage? Give a current, real-world example of each condition.
Would you describe Starbucks’ model as multinational or global? Why? How would you differentiate the two different approaches to marketing?
What is corporate culture? How is it formed? How is it sustained? How does it relate to the corporate mission and vision?
Some business people claim that ‘culture trumps mission.’ What do you think that statement means and how would that affect the corporate strategy?
If you were a programmer, what organizational factors would make a difference to you? Why?
What are the major differences between high-contact and low-contact service systems? Give an example of each, comparing and contrasting them.
Identify the three forms of utility and describe each one briefly.
Apply the five major categories of operations planning to your college or to a local business.
What type of business strategy does Disney use to attract customers to its theme parks? What does the company do to implement its strategy? What are the key operational characteristics?

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