Emotional Intelligence
Which of the following indicates a high level of self-esteem:
A. Seeing an advertisement for a job and feeling that you could handle it
B. Believing that you should always put others ahead of yourself
C. Making a mistake and thinking that you are good at making mistakes
D. Imagining how you would feel if you had already graduated
A- Seeing an advertisement for a job and feeling that you could handle it.
Self-esteem is how you feel about yourself at any given time. Your level of self-esteem can fluctuate from high to low. Feeling that you could do a job you have read about would indicate your level of self-esteem is high. Imagining how you would feel if you had already graduated is an example of visualization that can be used to support self-esteem. The other two alternatives indicate a low level of self-esteem.
All employees can help maintain a safe work environment by
A. cleaning up toxic waste when they see it.
B. performing their daily duties in a timely manner.
C. replenishing supplies when they are needed.
D. reporting noticeable hazards to management.
D- Reporting noticeable hazards to management.
One way to prevent hazardous conditions is to be aware of the things that create these types of situations. For example, if an employee notices that an electrical cord is frayed, s/he should notify the appropriate manager about the problem so the manager can take steps to have the electrical cord repaired or replaced. If the electrical cord is not repaired or replaced, someone could be shocked or a fire could start. All employees should perform their daily duties in a timely manner regardless of hazards that they may encounter. Employees should replenish supplies (e.g., paper in the copy machine) to be courteous of their coworkers. Toxic waste must be handled in specific ways; therefore, employees should report this problem to management so it can be removed safely.
One way to protect yourself against identity theft is to
A. limit the number of credit cards you have.
B. give out your bank account number by phone.
C. open every email you have been sent.
D. carry your passport and birth certificate with you.
A- Limit the number of credit cards you have.
One step you can take to avoid identity theft is to limit the number of credit cards you have. The fewer credit accounts you have in your name, the easier it will be for you to keep track of your activity—and to identify any suspicious purchases. It is unwise to give out your bank account number by phone unless you can absolutely verify that the call is legitimate. Similarly, you should not open emails unless you can verify who the sender is. Carrying personal documents around with you is not a good idea, since someone could easily steal them.
Which of the following should a person do first when facing the need to make a decision:
A. Evaluate information
B. Make a choice
C. Analyze results
D. Define the objective
D- Define the objective.
The first step in the decision-making process is identifying what it is you want to do and defining the objective. The decision-making process begins when a person becomes aware of a situation and sees the need to make a decision. Making a choice, analyzing results, and evaluating information are steps in the decision-making process that occur after the objective is defined.
Matthew received a loan for $20,000 from a financial institution to help him pay for his college education. The loan is helping him cover the cost of his tuition while he is in school, and when he graduates, he will repay the financial institution. This is an example of which form of financial exchange?
A. Credit
B. Cash
C. Debit
D. Bitcoin
A- Credit.
Credit is borrowed money that individuals can use to purchase goods and services when they need them. You get credit from a credit grantor, whom you agree to pay back for the total cost of the amount you spent (plus applicable interest charges) at an agreed-upon time. Matthew received $20,000 in credit from a financial institution to pay for college. He benefits from this credit because without it he may not be able to afford tuition. This example does not demonstrate the use of cash, debit, or bitcoin.
Deciding whether or not to cheat on a test is an example of a(n)
A. unfair decision.
B. ethical principle.
C. negative consequence.
D. ethical situation.
D- Ethical situation
When you're dealing with an ethical situation, you're deciding whether something is right or wrong. Often in an ethical situation, if you pick the wrong choice, someone or something could be harmed. This doesn't necessarily mean that the issue must be life or death, but that the wrong action could cause someone or something to be hurt. Following ethical principles means your ethical beliefs don't change when you're in a new situation. If you do not behave ethically, you could face negative consequences. This is not referred to as an unfair decision.
To maintain positive, ongoing relationships with vendors, a business should
A. embrace a team-oriented mindset.
B. develop complex contracts.
C. adopt an indifferent outlook.
D. focus on its own interests.
A- Embrace a team-oriented mindset.
To develop positive, long-term relationships with vendors, a business should be willing to collaborate with them and view the relationships as partnerships—this requires a team-oriented mindset. Developing overly complex contracts may cause friction with vendors. Being indifferent or focusing only on the business's interests may also cause friction, and neither are ways in which a business builds strong, long-term relationships with vendors.
When making business decisions, which of the following costs is most likely to be evaluated using qualitative information versus numerical data:
A. Opportunity costs
B. Sunk costs
C. Direct costs
D. Indirect costs
50. A- Opportunity costs.
Opportunity costs usually require the analysis of qualitative information such as a supplier's reputation for quality or service that can make an impact on the business versus numerical data. A sunk cost is a cost that has already been incurred and cannot be recovered. Direct costs and indirect costs are typically numerical data such as price of materials, labor, and overhead.
Tania's main job duties include organizing focus groups, product tests, and surveys. Tania likely works in
A. public relations.
B. customer service.
C. sales.
D. marketing research.
D- Marketing research.
Marketing researchers are in charge of figuring out what customers need and want and why customers do what they do. Marketing research jobs focus on marketing activities that involve determining information needs; designing data collection processes; collecting data; analyzing data; presenting data; organizing focus groups, product tests, and surveys; and using data for marketing planning. Customer service, sales, and public relations professionals do not organize focus groups, product tests, and surveys.
Why is it important for individuals to establish investment goals?
A. To borrow capital
B. To buy common stock
C. To reduce overall debt
D. To plan for the future
D- To plan for the future.
Everyone has plans for the future such as buying a home, starting a business, or retiring at a young age. To make these plans a reality, it is important to establish investment goals to accumulate the funds that will be needed. For example, an individual might establish an investment goal of saving $10,000 in two years in order to make a down payment on a house. To achieve a specific investment goal, an individual might buy stock in a company because the stock is increasing in value. Reducing overall debt is one way to save money that can be invested. Individuals do not establish investment goals to borrow capital.
Gianna is attempting to build a strategic relationship with Nico, who is an influential member of the local business community. What is one technique Gianna could use to build the relationship?
A. Establishing dominance and control
B. Finding a shared vision
C. Seeking a deal as quickly as possible
D. Focusing on Nico's shortcomings
B- Finding a shared vision.
Strategic relationships are successfully formed when both sides share a common vision that they can work toward together. Both parties will be equally motivated to succeed. Establishing dominance and control, seeking a deal as quickly as possible, and focusing on Nico's shortcomings will hinder Gianna from building a strategic relationship with Nico.
One of the primary goals of supply chain management is to
A. minimize overall value to the customer.
B. gain a competitive advantage in the marketplace.
C. set prices for products that maximize profits.
D. control customer perceptions of a business.
B -Gain a competitive advantage in the marketplace.
Supply chain management involves supervising the complete process of getting products into the marketplace, from production to purchase by an end consumer. Two of the main goals of supply chain management are maximizing the value that is provided to the customer and gaining a competitive advantage in the marketplace by moving goods effectively and efficiently. Setting prices and controlling customer perceptions are not primary goals of supply chain management.
Mikael has a $20 bill. Although this money is just a piece of paper and not backed up by a reserve, Mikael is still able to buy groceries with it because everyone in his country treats it as currency. This $20 bill is known as __________ currency.
A. commodity
B. electronic
C. fiat
D. specie
C- Fiat.
Fiat currency is money that doesn't have intrinsic value and is not backed by reserves. Fiat currency is only valuable as long as people have faith that it will continue to be used in the future. Electronic currency is money that exists only in electronic format. Commodity money is currency that is has value other than its value as money (for example, gold or silver). Mikael's $20 bill is just made of paper, which is essentially worthless on its own, so it is not commodity money. Specie is a term used for coins, and Mikael is using paper money.
Which of the following employees has a supply chain management career:
A. Saeed interviews potential employees.
B. Rose orients new employees.
C. Ian is in charge of employee benefits.
D. Lena is in charge of demand forecasting.
D- Lena is in charge of demand forecasting.
Demand forecasting is a typical job duty of an employee working in supply chain management. Interviewing potential employees, orienting new employees, and being in charge of employee benefits are typical job duties for human resources employees.
Which of the following statements is true about inflation:
A. It increases when the money supply decreases.
B. It has little effect on consumers' ability to save.
C. It is usually caused by a supply surplus.
D. It decreases the value of money.
D- It decreases the value of money.
Inflation is a rise in prices. When there is a rapid rise in prices, it takes more money to buy the same item. When this occurs, individuals and businesses buy less with the same amount of money—the value of money decreases. Inflation can occur when there is an increase in the money supply or when the availability of an item drops, but the demand remains the same or increases. When prices increase, individuals and businesses often have less money to save and invest.
Which of the following activities helps employees build positive political relationships within the workplace:
A. Getting to know the organization's key managers
B. Avoiding coworkers who are difficult to work with
C. Expressing personal opinions whenever possible
D. Making others feel that their work is unimportant
A- Getting to know the organization's key managers.
If an employee has the ability to influence other workers' opinions or actions within the company, the employee is fostering political relationships. Building positive political relationships in the workplace begins by showing a sincere interest in the company, employees, and managers and by recognizing their importance to the organization. An honest, dependable employee who is willing to network and work with others—including difficult coworkers—can facilitate a positive working environment, which helps the employee gain a positive reputation. This, in turn, helps the employee use their reputation to influence organizational decision-making. A wise "political player" does not express personal opinions whenever possible. To do so may offend important people within the organization.
Which of the following is a primary factor that helps a business determine when it should place another order for a regularly stocked item:
A. Profit margin
B. Reorder point
C. Buyer's preferences
D. Accounts receivable
B- Reorder point.
The reorder point is the level of inventory at which the business needs to place a reorder with the vendor to replenish the inventory, which prevents stock-out situations. The business considers the normal demand for the product, its safety stock, and the vendor's lead time to determine the reorder point of a particular item. Profit margin, buyer's preferences, and accounts receivable are not primary factors that a business considers when it determines when to place a reorder for a regularly stocked item.
Which of the following statements is true of retirement plans:
A. Employees cannot access their own contributions prior to retirement.
B. A 401(k) is a type of defined contribution retirement plan.
C. Retirement plans are only necessary for older employees.
D. Employers are legally required to offer retirement plans.
B- A 401(k) is a type of defined contribution retirement plan.
If an employee has a defined contribution plan, they and their employer contribute toward the employee's retirement plan. Unlike a defined benefit retirement plan, an employee isn't guaranteed a certain amount at retirement. In some cases, employees can access their own contributions to their retirement plans prior to retiring, although there are some restrictions. Employees do not immediately have access to their employer's contributions. Retirement plans are necessary for younger employees as well as older ones—the sooner a person starts saving, the better off they'll be when it comes time for retirement. Employers are not legally required to offer retirement plans for employees.
Which of the following is a tool that businesses should use to set their overall organizational goals:
A. Marketing plan
B. Financial budget
C. Mission statement
D. Productivity benchmarks
C- Mission statement.
The mission statement is a brief summary of what a business owner wants the business to do—it defines why the business exists. Businesses should use their mission statements to guide their organizational goal setting. Businesses use their organizational goals to develop financial budgets, marketing plans, and productivity benchmarks.
Marco doesn't like to leave much to chance, so when it comes to investing his money, he knows that he wants something relatively low-risk. He decides to invest in a combination of stocks from different corporations in different industries because it is less risky than investing in just one stock. What type of investment does Marco select?
A. Money market account (MMA)
B. Savings account
C. Mutual fund
D. Bond
C- Mutual fund.
Mutual funds are a good investment for people who are concerned about risk. Stock mutual funds are combinations of stocks from different corporations or agencies, usually from different industries. The idea behind mutual funds is that they aren't as risky as buying individual stocks, but they offer a good chance of receiving a return. The return Marco gets will depend on how much risk he's willing to take. A savings account is a lending investment in which you lend money to a bank for the benefit of being able to access your money at any time. Savings accounts are very low-risk, but they don't make much money. With money market accounts, you're able to access some of your money each month, but not all of it. There's a slightly higher interest rate than with a savings account. A bond is a lending opportunity offered by a government, municipality, or corporation. Bonds are low-risk, but you have to be willing to leave your money with the borrower for a long time (sometimes as much as 30 years!).
Mia makes a conscious effort to dress professionally, arrive at work on time, work late when necessary, take on extra assignments, and be respectful of and helpful to influential employees. As a result of Mia's professional dedication, the company has implemented many of her ideas. This is an example of an employee using __________ to achieve organizational goals.
A. reciprocity
B. impression management
C. excessive flattery
D. codependency
B- Impression management.
If an employee has the ability to influence other workers' opinions or actions within the company, the employee is fostering political relationships. Building positive political relationships in the workplace begins by identifying and carrying out actions that will foster positive relationships, which is impression management. Reciprocity involves doing something for another person and expecting that person to return the favor at another time. Codependency is putting others' needs above your own and can lead to dysfunctional relationships. Excessive flattery often comes across as an insincere way of trying to get something from another person.
Which of the following computer applications helps manufacturers track and manage the inventory that they use to produce goods:
A. Critical path
B. Job sequencing
C. Reverse Logistics Systems (RLS)
D. Material requirements planning (MRP)
D- Material requirements planning (MRP).
MRP software helps manufacturers streamline production efforts and operate efficiently. The software has forecasting applications that help manufacturers determine the quantities of and delivery systems for the raw materials that they need for production. Job sequencing involves determining the order in which tasks must be carried out to complete a process or activity. Reverse logistics occur when unwanted or undesirable goods are returned to a business for reuse, recycling, or disposal. Critical path involves evaluating the sequence of steps to complete complex project tasks and identifying alternative systems to use project resources in the most efficient manner.
Which of the following financial analysis methods involves comparing the same items on a company's financial statements for two or more periods:
A. Fundamental analysis
B. Vertical analysis
C. Technical analysis
D. Horizontal analysis
D- Horizontal analysis.
Horizontal analysis is a comparison of the same items on a company's financial statements for two or more periods. It involves comparing the value of a certain account at the end of year one with the value of that same account at the end of year two, for instance, and calculating the difference between the values. Vertical analysis involves stating each dollar amount on a financial statement as a percentage of another amount on the statement or a base amount. After calculating these percentages, you can compare them with each other, with previous years' figures, or with percentages of other companies in the same industry. Technical analysis involves using historical information from market activity, prices, and volume to evaluate securities and predict future price activity. Fundamental analysis involves studying all aspects of a company in an effort to understand its intrinsic value.
The rise of user-friendly travel booking websites such as Expedia has contributed to the declining popularity of
A. rental car programs and services.
B. cheap and discount cruise vacations.
C. all-inclusive travel packages.
D. brick-and-mortar travel agencies.
D- Brick-and-mortar travel agencies.
Travel agents plan and book vacations for customers, handling everything from finding the best deals on hotels to arranging for transportation. User-friendly booking websites such as Expedia have made it easy for consumers to plan and book their own travel, reducing the need for brick-and-mortar travel agencies. The rise of internet booking sites has not decreased the popularity of cheap and discount cruise vacations, all-inclusive travel packages, or rental car programs and services.
Too much diversification in a financial portfolio can
A. cause other investors to avoid a particular stock.
B. dilute the value of big gains on an individual stock.
C. keep fund managers from doing their jobs.
D. prevent a stock from growing in value.
B- Dilute the value of big gains on an individual stock.
Too much diversification in a financial portfolio can offset big gains from one particular stock. In fact, too much diversification can lead to average performance, instead of the above-average performance investors desire. Having an over-diversified portfolio does not affect what other investors or fund managers do, nor does it prevent any stock from growing in value.