SEC 310 DeVry Final Exam Latest

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SEC 310 DeVry Final Exam Latest

SEC 310 DeVry Final Exam Latest

SEC310

 

SEC 310 DeVry Final Exam Latest

Page 1

Question 1. 1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people? (Points : 5)

• 10%
• 25%
• 75%
• 99%

Question 2. 2. (TCO 1) You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tristate area that offers such a service. You currently have which of the following? (Points : 5)

• Creative destruction
• A competitive advantage
• A qualitative advantage
• A capital advantage

Question 3. 3. (TCO 1) Your employees are your most valued assets due to their _____. (Points : 5)

• skills, knowledge, and information
• earnings
• knowledge of finance and accounting
• college degrees and high IQs

Question 4. 4. (TCO 1) In the growth stage of the startup process model, what is the primary goal of the small business? (Points : 5)

• Regulations
• Employees
• Vendors
• Reaching critical mass (survival)

Question 5. 5. (TCO 1) The single biggest disadvantage of sole proprietorships is which of the following? (Points : 5)

• Limited resources
• Limited skills
• Unlimited liability
• Double taxation

Question 6. 6. (TCO 4) What are the four Ps of the marketing mix? (Points : 5)

• Price, presence, place, and promotion
• Price, presence, place, and product
• Price, promotion, place, and product
• Promotion, price, place, and production

Question 7. 7. (TCO 4) Which one below is NOT a pricing strategy discussed in our course? (Points : 5)

• Price skimming
• Promotional pricing
• Penetration price
• Prestige pricing

Question 8. 8. (TCO 4) Peter Drucker stated that businesses have _____ basic functions. (Points : 5)

• two
• three
• four
• five

Question 9. 9. (TCO 4) The basic economic order quantity model assumes all but which of the following? (Points : 5)

• Volume discounts cannot be taken.
• Annual demand can be accurately predicted.
• Average inventory level is equal to maximum inventory level minus minimum inventory level divided by two.
• Average inventory level is equal to minimum inventory level minus maximum inventory level divided by two.

Question 10. 10. (TCO 4) _____ cause the product to go directly from producers to consumers. (Points : 5)

• Direct channels
• Indirect channels
• Distribution channels
• Streamline channels

Question 11. 11. (TCO 4) A type of retail layout with a prominent aisle running through the store that quickly leads customers to their desired departments is known as what? (Points : 5)

• Free-flow layout
• Grid layout
• Loop layout
• Process layout

Question 12. 12. (TCO 4) Consumers typically do not want the cheapest product available; they want the _____. (Points : 5)

• best product for the highest price
• most reasonable product at the highest price
• most reasonable product at the lowest price
• best product for the most reasonable price

Question 13. 13. (TCO 4) People often equate quality with price. This belief has lead to which of the following pricing strategies? (Points : 5)

• Prestige pricing
• Odd pricing
• Reference pricing
• Price lining

Question 14. 14. (TCO 2) Royalty fees are calculated as a percentage of what? (Points : 5)

• Gross sales
• Gross profit
• Net profit
• Pretax revenue

Question 15. 15. (TCO 2) Adequate cash flow can be especially critical if the business is a _____. (Points : 5)

• manufacturing business
• service business
• seasonal or cyclical business
• healthcare business

Question 16. 16. (TCO 2) Which of the following is not included in the marketing plan section of the business plan? (Points : 5)

• How sales forecasts will be reached
• Marketing objectives
• Identification of potential markets
• Cash flow statements

Question 17. 17. (TCO 3) The capitalization rate when figuring goodwill should be a figure assigned to show what? (Points : 5)

• Risk and expected growth rate of future earnings
• Risk and profit minus taxes
• Expected growth rate and profit
• Expected growth rate and the value of tangible assets

Question 18. 18. (TCO 3) No matter what type of business a person is starting, one of the most important resources is _____. (Points : 5)

• inventory
• low rental rates
• high wages
• time

Question 19. 19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from _____. (Points : 5)

• their local areas
• their regional areas
• outside their home regions and internationally
• within 100 miles of their businesses

Question 20. 20. (TCO 3) A company that strives to offer good products at the lowest price possible is operating with which competitive advantage? (Points : 5)

• Operational excellence
• Product leadership
• Customer intimacy
• Best service method

Question 21. 21. (TCO 5) Which one of these is not a tool that is used during the selection process? (Points : 5)

• Applications
• Resumes
• Drug testing
• None of the above

Question 22. 22. (TCO 5) Dan Pink, the author of Drive: The Surprising Truth About What Motivates Us, states that people will be motivated if they have _____, _____, and _____. (Points : 5)

• autonomy; mastery; purpose
• talent; effort; luck
• autonomy; mastery; intelligence
• incentives; mastery; intelligence

Question 23. 23. (TCO 5) Which percentage of major U.S. employers offer some form of child care assistance? (Points : 5)

• 40%
• 55%
• 68%
• 80%

Question 24. 24. (TCO 6) What a business does to add value to inputs when converting them to outputs is known as which of the following? (Points : 5)

• Inputs
• Transformation processes
• Outputs
• Feedback

Question 25. 25. (TCO 6) Scheduling is necessary to maximize levels of _____. (Points : 5)

• efficiency and customer service
• customer service and expense
• sales and expense
• efficiency and effectiveness

Question 26. 26. (TCO 7) In double-entry accounting systems, debits must always equal what? (Points : 5)

• Assets
• Liabilities
• Credits
• Owner’s equity

Question 27. 27. (TCO 7) Equity funds never need to be _____. (Points : 5)

• repaid
• accounted for
• stated on the income statement
• stated on the balance sheet

Question 28. 28. (TCO 8) Which of these responsibilities is NOT one of the four social responsibilities that a small business owner must manage in today’s business? (Points : 5)

• Ethical
• Economical
• Sensible
• Philanthropic

Question 29. 29. (TCO 9) Philanthropic goodwill would be concerned with which of the following? (Points : 5)

• Reasonable profit
• Meeting the legal requirements of all laws dealing with discrimination
• Meeting obligations to society
• Improving quality of life and promoting goodwill

Question 30. 30. (TCO 9) Threats and opportunities to a business can be found in which of the following environments? (Points : 5)

• Economic and legal only
• Legal and sociocultural only
• Technological and competitive only
• Economic, legal, sociocultural, competitive, and technological

Page 2

Question 1. 1. (TCO 1) Compare and contrast a small business manager and an entrepreneur. Provide examples of where each of these talents would be important. (Points : 14)

Question 2. 2. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous? (Points : 14)

Question 3. 3. (TCO 4) Compare and contrast economic order quantity and just in time as inventory control methods. Evaluate how these control methods can improve the financial position of a small business. (Points : 14)

Question 4. 4. (TCO 6) Compare and contrast the process layout and the product layout. Evaluate the effectiveness of each. (Points : 14)

Question 5. 5. (TCO 9) Analyze the relationships among social responsibility, ethics, and strategic planning. (Points : 14)

 

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