Open Quick Links Quick Links Page Landmarks Content Outline Keyboard Shortcuts Logout Global Menu Latasha WillisExpand Global Nav Top frame table Blackboard Learn Top Frame Tabs Tab List table My Institution Tab 1 of 6 (active tab) Herzing Bookstore Tab 2 of 6 Library Tab 3 of 6 Accreditation Tab 4 of 6 TWC Tab 5 of 6 IRB Tab 6 of 6 Current Location ? Help is On: Click to hide page help. . H (2016 Spring, Term B) BU 106-8B: Introduction to Management Classroom Week 7 (04/18 to 04/24) Take Test: Final Exam .. Hide Course Menu Menu Management Options Refresh Display Course Menu in a Window .. Course Menu: (2016 Spring, Term B) BU 106-8B: Introduction to Management HCourse Entry Page Announcements . Syllabus . eTextbook . Faculty Info . Academic Coach Info . Class Info . Classroom . Glossary . Discussions . . My Grades . Messages . . Student Resources . Library Resources . . Take SurveySurvey End of Course Survey - Students 2015 has been made available to this course. Only one submission will be accepted per respondent. Take Test: Final Exam . Content Assistive Technology Tips [opens in new window] Test Information Instructions Description The Final Exam is worth 150 points This is due no later than Sunday Instructions Multiple Attempts Not allowed. This test can only be taken once. 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True False . 2 points Question 2 The Equal Pay Act specifies that men and women are required to be paid them same wage regardless of circumstance. True False . 2 points Question 3 OSHA protects the health and safety of employees and a firm in violation of this act may be shut down. True False . 2 points Question 4 Employment laws apply to all firms regardless of the number of workers employed. True False . 2 points Question 5 Maslows Hierarchy of needs states that Self Actualization is the most important need humans have. True False . 2 points Question 6 Herzberg's theory deals with Theory X and Theory Y; theories regarding employee empowerment. True False . 2 points Question 7 Theory Y assumes people will not seek out and accept responsibility. True False . 2 points Question 8 Theory Z is based on the study of American and Chinese firms. True False . 2 points Question 9 Type A firms are characterized by short term employment, individual responsibility, and decision-making. True False . 2 points Question 10 Management by objectives is a method by which managers and employees collaborate in setting goals. True False . 2 points Question 11 Job enrichment is a method of motivating employees by providing them with an increase in pay. True False . 2 points Question 12 Employee empowerment allows employees to become more involved in decision making. True False . 2 points Question 13 Employee ownership makes employees owners of the company which has been found to be an effective technique for increasing motivation. True False . 2 points Question 14 One advantage of a self-managed team is that it boosts employee morale. True False . 2 points Question 15 The Customer Lifetime Value refers to the customers worth, measured by sales minus costs, to a business over ones lifetime. True False . 2 points Question 16 A Marketing Strategy enables a firm to optimize the use of their resources to meet their objectives. True False . 2 points Question 17 A Target Market is a group of products, or product mix, that a firm sells to its customers. True False . 2 points Question 18 A Sales Forecast is an estimate of changes in the balance sheet such as debt or equity levels. True False . 2 points Question 19 Consumer buying behavior refers to the purchasing of products by producers, resellers, governmental units, and institutions. True False . 2 points Question 20 Business buyers are generally better informed than consumers and consider a products quality, its price, and the service provided by suppliers. True False . 2 points Question 21 Discretionary income is of interest to marketers because this it the income consumers have left after paying their taxes and for food, housing, and clothing. True False . 2 points Question 22 The Product Life cycle is a series of stages where a products sales increases, peaks, then decreases. True False . 2 points Question 23 A Product line is a group of products that are completely differentiated from each other. True False . 2 points Question 24 A Product Mix consists of all the products a firm sells. True False . 2 points Question 25 Width in product mix refers to the number of different product lines the firm offers. True False . 2 points Question 26 Garments must include the following information: Name of manufacturer City of manufacture Age of workers that manufactured the product Fabric cost . 5 points Question 27 Food labels must show the following: The scientific name for ingredients The most common name for ingredients Calories from carbohydrates Calories from sugar . 5 points Question 28 Which is true regarding Price Competition? A price is set higher than that of the competition to entice consumers to buy the product The seller cannot be flexible in changing prices The price is set lower than that of competitors It does not allow prices to be set based on product demand . 5 points Question 29 Cost based pricing: Is the most difficult method of pricing Utilizes the fixed cost per unit to determine the best price Uses the total cost per unit to determine the best price Uses demand to determine the best price . 5 points Question 30 Markup refers to when the firm does the following: Adds a profit margin to total variable costs Adds a profit margin to total cost Adds a profit margin to fixed costs Adds a profit margin to additional costs . 5 points Question 31 Competition based pricing is when: Cost and revenue are the primary considerations in determining pricing A firm may sell below the competitors prices Can help decrease market share May not be combined with any other cost approach . 5 points Question 32 Price skimming is: is illegal is used during the decline stage of a product charges the lowest possible price helps recover Research and Development Costs . 5 points Question 33 Psychological pricing techniques include: Odd number pricing Low pricing Periodic discounting Price skimming . 5 points Question 34 Transfer pricing is used when: A product is transferred from the producer to the consumer A product is transferred from one unit to another within the same firm A product is transferred from the producer to a business customer A product is transferred from one unit to another unit in another firm . 5 points Question 35 A sequence of marketing organizations that direct a product from the producer to the user is referred to as: A middleman An intermediary A marketing channel A merchant middleman . 5 points Question 36 The traditional distribution channel is the: Producer to Consumer Producers to Retailer to Consumer Producer to Wholesaler to Retailer to Consumer Producer to Organizational Buyer . 5 points Question 37 Leaders may provide direction for the company but its the managers that implement this vision to ensure the success of the firm. Managers require a variety of key skills to successfully coordinate people and resources to accomplish the goals of the organization. Identify and describe the key skills managers need in order to successfully manage their (100 words minimum is required) Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). -- Font family -- -- Font size -- -- Format --HeadingSub Heading 1Sub Heading 2ParagraphFormatted Code -- Font family --Andale MonoArialArial BlackBook AntiquaComic Sans MSCourier NewGeorgiaHelveticaImpactSymbolTahomaTerminalTimes New RomanTrebuchet MSVerdanaWebdingsWingdings -- Font size --1 (8pt)2 (10pt)3 (12pt)4 (14pt)5 (18pt)6 (24pt)7 (36pt) Path: Words:0 . 10 points Question 38 The firm's Balance Sheet, or statement of financial position, contains important financial information that managers need to have an understanding of. The Balance Sheet shows what the firm holds in assets and how these assets are financed, through debt and equity, which make up the Accounting Equation. In your own words, describe the Accounting Equation utilized to show the relationship between a firms assets, liabilities, and owners equity and include a discussion on each of these accounts. (100 words minimum is required) Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). -- Font family -- -- Font size -- -- Format --HeadingSub Heading 1Sub Heading 2ParagraphFormatted Code -- Font family --Andale MonoArialArial BlackBook AntiquaComic Sans MSCourier NewGeorgiaHelveticaImpactSymbolTahomaTerminalTimes New RomanTrebuchet MSVerdanaWebdingsWingdings -- Font size --1 (8pt)2 (10pt)3 (12pt)4 (14pt)5 (18pt)6 (24pt)7 (36pt) Path: Words:0 . 10 points Question 39 In 1987, The Financial Accounting Standards Board and the Securities and Exchange Commission required all publically traded companies to provide a Cash Flow Statement in their annual report. This illustrates the importance of Cash Flow not only to the firm but to investors. The Statement of Cash Flow shows cash inflows and outflows to and from the firm from its various activities. In your own words, describe the three activities generating cash flow that are shown in the cash flow statement. (100 words minimum is required) Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). -- Font family -- -- Font size -- -- Format --HeadingSub Heading 1Sub Heading 2ParagraphFormatted Code -- Font family --Andale MonoArialArial BlackBook AntiquaComic Sans MSCourier NewGeorgiaHelveticaImpactSymbolTahomaTerminalTimes New RomanTrebuchet MSVerdanaWebdingsWingdings -- Font size --1 (8pt)2 (10pt)3 (12pt)4 (14pt)5 (18pt)6 (24pt)7 (36pt) Path: Words:0 . 10 points Question 40 A financial ratio compares two elements of a firms financial statements and are used to measure various aspects of the firms performance. There are many different financial ratios that measure profitability, liquidity, debt and equity levels, and efficiency. Profitability ratios measure the firms ability to make a profit. Liquidity shows how liquid (liquidity is defined as the nearness of an asset to cash) a firm is; or its ability to pay its debts. In your own words, discuss one ratio utilized to measure a firms ability to earn profits (profitability ratio) and one ratio (liquidity ratio) utilized to measure a firms ability to pay off its debts including the equations for each. (100 words minimum is required) Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). -- Font family -- -- Font size -- -- Format --HeadingSub Heading 1Sub Heading 2ParagraphFormatted Code -- Font family --Andale MonoArialArial BlackBook AntiquaComic Sans MSCourier NewGeorgiaHelveticaImpactSymbolTahomaTerminalTimes New RomanTrebuchet MSVerdanaWebdingsWingdings -- Font size --1 (8pt)2 (10pt)3 (12pt)4 (14pt)5 (18pt)6 (24pt)7 (36pt) Path: Words:0 . 10 points Save and Submit Click Save and Submit to save and submit. Click Save All Answers to save all answers. This are all questions for a final exam. the last four questions are essay questions.The Final Exam consists of 41questions broken down as follows; 25 true and false questions x 2 points each = 50 points 11 multiple choice and answer questions x 5 points each = 55 points 4 essay questions x 10 points each = 40 points .