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Management Innovation Entrepreneurship
MIE 201
Deb Brown

Chapter 1 Quiz Thomas,Morgan Submitted: 1/30/2013 6:18:Grade: 100.0% Attempt Number:1/2 Questions Attempted: 15/15 38 PM 1. Which of the following activities is most likely to be considered unprofessional? a. Being conservative with commitments. b. Posting critical comments regarding the employer in a personal blog. c. Helping others in the team to improve their performance. d. Providing practical information, when required. e. Viewing constant change as a positive thing, as a way to avoid stagnation and boredom. Grade: 1 User Responses: b.Posting critical comments regarding the employer in a personal blog. Feedback: a.Professionals don't trash their employers in front of customers or in their personal blogs. When they have a problem, they solve it; they don't share it. 2. Chicago Cinema Museum houses a unique collection of artifacts, memorabilia, and equipment that preserves the history and grandeur of cinema. It is funded by the government of the United States. The museum administrators apply many of the business-management principles to operate efficiently and effectively. The museum is most likely to be a ________. a. government-owned corporation b. service business c. goods-producing business d. business intermediary e. nonprofit organization Grade: 1 User Responses: e.nonprofit organization Feedback: a.Not-for-profit organizations (also known as nonprofit organizations) such as museums, most universities, and charities do not have a profit motive. 3. The manager of a firm was accused of diverting company funds for personal use. Andrew was the person responsible for reviewing his financial activities to see if any of the finances were diverted for personal use, and to determine if he had performed any financial crime. Andrew is most likely to be a(n) ________. a. treasurer b. chief information officer c. operations manager d. forensic accountant e. external auditor Grade: 1 User Responses: d.forensic accountant Feedback: a.Forensic accountants investigate financial crimes. 1 Chapter 1 Quiz Thomas,Morgan Submitted: 1/30/2013 6:18:Grade: 100.0% Attempt Number:1/2 Questions Attempted: 15/15 38 PM 4. Just Bakes, a bakery outlet in Cincinnati, is famous for the uniqueness of its bakery items, such as the baguette supreme, made from mixed-flour dough. The outlet also has an online ordering system that offers original gift baskets. Most of its target customers find it to be more appealing. In this example, Just Bakes has a(n) ________. a. horizontal integration b. vertical integration c. competitive advantage d. barrier to entry advantage e. economies of scale benefit Grade: 1 User Responses: c.competitive advantage Feedback: a.A competitive advantage makes a company's products or the company as a whole more appealing to its chosen customers. 5. Profit refers to the money the company brings in through the sale of goods and services. a. true b. false Grade: 1 User Responses: b.false Feedback: a.Correct. Profit is the amount of money left over after expenses–all the costs involved in doing business–have been deducted from revenue. 6. A firm finds it difficult to get started and establish itself in the car manufacturing industry because of high capital requirements, such as large amounts of money, manufacturing equipment, land, and a major marketing campaign. This exemplifies ________. a. vertical integration b. barriers to entry c. business mindset d. market power e. competitive advantage Grade: 1 User Responses: b.barriers to entry Feedback: a.Barrier to entry is a resource or capability a company must have before it can start competing in a given market. 7. A/an ________ is a framework of how a business intends to generate revenue. a. entrepreneurial mindset b. business model c. profitability analysis d. strategic management tool e. competitive advantage Grade: 1 User Responses: model Feedback: a.A company's business model is a clear, simple outline of how the business intends to generate revenue. 2 Chapter 1 Quiz Thomas,Morgan Submitted: 1/30/2013 6:18:Grade: 100.0% Attempt Number:1/2 Questions Attempted: 15/15 38 PM 8. Which of the following statements is true about etiquette? a. Etiquette means meeting your commitments, such as staying on schedule and within budgets. b. Etiquette blunders can have serious financial costs through lower productivity and lost business opportunities. c. The rules of etiquette are easily understood and memorized.
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