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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)

SEC 310 DeVry Final Exam Latest

SEC 310 DeVry Final Exam Latest

 

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