Reference no: EM13926331

BUS 475 Final Exam Study Guide
1. The reason economists and accountants have problems using cost analysis in the real world is that
although implicit costs do not show up in accounting profits, they nevertheless affect managerial decisions
although explicit costs do not show up in accounting profits, they nevertheless affect managerial decisions
economists do not believe in the existence of explicit costs
expilcit costs cannot be measured
Explanation: Implicit costs occur when an asset is used internally, rather than for direct cash flow. These costs affect decisions, but cannot be quantitatively measured.

2. The ____ as the number of levels in the organizational hierarchy increases.
span of control expands
span of control narrows
scope of influence narrows
scope of influence expands
Explanation: A Narrow Span of control leaves a single manager or supervisor with very few subordinates, which will lead to additional levels in the organizational hierarchy.

3. From the point of view of consumer surpluses and producer surpluses, what problem was created when Thailand subsidized the cost of energy to consumers to help alleviate the burden of higher energy costs?
It hurt the poor and benefitted the rich.
It led to less fuel being used than the amount that maximizes consumer surplus
It has no effect; consumers gained a consumer surplus, but taxpayers lost the same amount because they had to finance the subsidy
It encouraged the consumption of too much fuel at the expense of other goods.
Explanation: Anytime a good is subsidized, its consumption increases.

4. An argument consists of two parts•

the fact and the rebuttal
the premise and the conclusion
the point and the conclusion
the subject and the outcome

5. Why do some stores offer senior citizen discounts on Tuesdays?
Most stores are perfect competitors in their geographic region.
Senior citizens have perfectly inelastic demand curves, whereas other shoppers do not.
Senior citizens have more elastic demand schedules than do other shoppers
Senior citizens have less elastic demand schedules than do other shoppers

6. Personality within an individual typically evolves ___ .
over approximately 25 years
at no point during a lifetime
when an individual changes jobs
relatively quickly
Explanation: Personality development occurs over in the most significant form over the first 25 years of a person's lifetime.

7. Communication is the process of
transferring information and meaning
listening actively
talking constantly
Sending messages

8. What is a subjective statement?
A statement made true by someone thinking it is true
A statement that pertains to a chapter in a book
A statement that is fact
A statement involving a subject

9. According to Keynes, why might deflation create problems for an economy?
Consumers might expect prices to fall further and cut back consumption now.
People would invest less into the economy.
The cost of repricing goods would increase costs and therefore reduce profits for businesses and they would cut production.
In expectation of increased spending too many entrepreneurs would begin businesses and most would fail

10. What way can you build credibility with an audience when planning a persuasive message?
Use difficult language.
Use simple language
Use hostile language.
Use descriptive language.

11. The Administrative Procedures Act
applies to the Judiciary Branch
provides for uniform procedural structures in regulatory agencies
establishes regular order in congressional committees
provides due process standards for the Judiciary Branch

12. How do you keep an audience's attention?
Relate your subject to your audience's needs
Offer a reward.
Talk about yourself.
Use confusing language

13. Business communication is often more demanding than social communication because communication on the job is affected by
desire to always advance and move up in an organization
the growing reliance on teamwork in business
personalities
politics

14. A nations comparative advantage in the production of an item is determined by
the opportunity cost of producing the item relative to a trading partner' s opportunity cost
wage rates and other input costs.
which country has already specialized in the production of the item.
the total and marginal costs of producing the item.

15. Remedies for contract breach may include the following
punitive damages
imprisonment and fines
consequential damages
no consideration of cost to the breaching party or parties

16. A socially responsible company
primary seeks to enhance executive compensation
is concerned with its economic and social value and environmental impact
is only concerned with shareholder value
constantly strives to reduce labor and material costs wherever possible

17. Laura has dreamed of playing in a symphony. She practices her instrument every day and yet, year after year, she cannot successfully play the difficult musical piece necessary to try out. This is an example of
extrinsic motivation outweighing intrinsic motivation
motivation not equaling performance
motivation being the main factor in performance
vicarious learning being of upmost importance

18. One of the principal roles of the Judiciary is
to issue injunctions and related orders
to issue common law writs
to resolve disputes
to provide the other branches of government with legal counsel

19. Which of the following groups would be most likely to benefit from a tariff on Japanese-manufactured. light trucks (i.e., pickup trucks)?
U.S. consumers of pickup trucks
Japanese auto workers
U.S. domestic pickup truck manufacturers
U.S. firms that export products to Japan

20. A valid contract must
use the title Contract at the top of the document
exist where all necessary legal elements for contract formation are present
be entirely in writing
be signed by all parties

21. What are the benefits of using IM in business communication?
Low cost
22. What are some rhetorical devices used in persuasive messages?
Syllogisms

23. Suppose that at the current price consumers would like to purchase 10 million large-screen televisions and 15 million are available. When the market coordinates the demand and supply for large-screen televisions, the price of large-screen televisions will
fall

24. The following is an example of a moral value judgment
I don't deserve to be flunked for an honest mistake.
The senator dresses well
Keith Lewis must be a total flake.
As an actress. Paris Hilton has a nice clothes rack
Explanation: A moral judgment in the worth of a person or object.

25. Business environment pressures can come from which of the following?
Political changes
Quality Control
Management restructuring
Cost reduction

26. In a relational database, the customer record contains information regarding the customer's last name. The last name is a (an)
entity
attribute
primary key
relation

27. A standardized language used to manipulate data is
a data manipulation language
28. Research on the five-stage model of group development shows that
groups always pass through the stages in order
all groups pass through the adjourning stage
all groups pass through the norming stage

not all groups go through each of the stages

29. Utilitarianism is
an act that will produce more happiness than will alternatives, it is the right thing to do, and if it will produce less happiness, it would be wrong to do

30. What type of data visual would you use illustrate trends over time?
Gnatt Chart
Line chart
Bargraph
Scatter diagrams

31. Transactional leaders motivate followers by
provoking mistakes or substandard performance
exchanging rewards for good performance
inducing followers to support their vision

32. The reliability of our observations is not better than the reliability of our
family
friends
senses
memories

33. In the managerial function of ____ , managers encourage and motivate workers to work toward organizational goals.
leading
controlling
planning
organizing

34. What are the three major steps in the writing process?
Prepare, Write, and Complete
Prepare, Construct, and Stop
Plan, Construct, and Complete
Plan, Write, and Complete

35. eBay.com is a vast auction site that is similar to a competitive market in some ways but differs from it in others. Which of the following describes how eBay resembles a competitive market?
Sellers sometimes do not describe the products accurately on eBay
On eBay the large sellers dominate the market.
It is easy to enter and easy to leave eBay.
There is a great variety of different products sold on eBay

36. Administrative law primarily stems from
the Legislative Branch
common law decisions of courts
the Judicial Branch
the Executive Branch

37. Refer to the graph shown. With efficient production, this firm can maximize production at what point?
Point C
38. "Fair use" is a defense to copyright infringement that
is absolute
is non-statutory
is available in all countries
requires findings by a court

39. What does quality of hire mean?
On a scale of 1- 10, the quality of the hire is a 10.
How good an employee is at getting hired
A measure of how a new employee is hired.
A measure of how closely new employees meet the company's needs

40. ____ are part of the elements of creativity?
Domain Skills
Athletic Skills
Thinking Skills
Listening skills

41. Which of the following is an ethical issue?
Business Process Reengineering
42. One of the advantages of a server farm is that
if one server fails, an application can be automatically moved to another one
servers last longer in a server farm
more people are required to maintain servers in a server farm
servers can be stacked on top of one another, so less space is needed

43. Our most reliable source of information about the world is
cablenews
the Internet
our own observations
Facebook

44. Which of the following is a wireless technology?
Communication between a modem and a router
4G applications
Typical cable modem to router communication link
Fiber-optic connections

45. Critical to the systems development life cycle is
the identification of the price charged to other customers
knowing the customer' s goals and objectives
the identification of the time of year it is developed
seeing what competitors provide

47. Business ethics may be defined as
minimizing decisions having potentially adverse consequences for business stakeholders
a consciousness of what is right or wrong in the workplace
doing what is most advantageous for the business
taking an expedient approach to any business situation

48. A(n) --------allows unauthorized entry into a wireless network
cloud server
rogue access point
disgruntled employee
lack of encryption

49. Brenda Butler, editor of the Republican, is trying to decide whether to take a job at a much larger newspaper or to become the CEO and publisher of the Republican. Brenda has to make this decision because of ___ .
a threat
bounded rationality
an opportunity
a problem

50. Aggregate demand management policies are designed most directly to
control the aggregate level of spending in the economy
minimize inflation
minimize unemployment
Prevent budget deficits or surpluses