HOSPITALITY + TOURISM
Dallas and Edisyn are in business together and each of them has unlimited liability. Dallas and Edisyn's business is an example of a..
A. Limited Partnership B. General Partnership C. Corporation 4. Sole propreitorship
What is a General partnership?
A general partnership is a type of partnership agreement in which all partners are liable for a business's losses
Successful brands use brand promises to connect with their customers on a(n) __________ level.
A. Financial B. Ethical. C Emotional. D. Operational
What is an emotional level?
Price indicates how much value is placed on a good, service, or resource by the...
A. Seller. B. Merchant. C. Consumer D. Government
What is Consumer?
How much the consumer values the good, service, or resource directly influences the price set for the particular item
A restaurant has guidelines outlining how frequently employees should wash their hands and how often they should wipe down tables. These guidelines are examples of..
A. Goals B. Procedures C. Regulations D. Policies
What are policies?
Smith's Candy Company specializes in small-batch chocolates. Which of the following is an example of a brand touchpoint for Smith's Candy Company:
A. The brand's slogan: “Candy for the people, by the people” B. A coupon for a competing brand's chocolate bars C. The organizational culture of Smith's Candy Company D. An online ad for the brand's chocolate
What is an online ad for the brand's chocolate.
A touchpoint is any interaction between a business and a customer or potential customer.
Which of the following is a result of a leader abusing their power:
A. Decreased Productivity
B. Less Employee Turnover
C. Increased Team Morale
D. High Employee Motivation
What is A. Decreased Productivity
Wesley is thinking about getting a new phone, so he logged on to a well-known website to read others' opinions and experiences with different types of phones that are currently on the market. Wesley is reading online product reviews to
A. Increase brand loyalty B. Make an informed buying decision C. Make an impulse purchase D. Eliminate competition
What is make an informed buying decision?
Which of the following is a consequence of noncompliance in the financial industry:
A. Audits and damaged reputation B. Protection from lawsuits C. Improved communication D. Rule violation prevention
What is audits and damage reputation?
A company that is guilty of noncompliance is susceptible to audits, which will draw closer inspection of a business's processes and financials. In addition, noncompliance can hurt customer and investor confidence and can make lenders wary of providing financing to the business, all of which can hurt the business's reputation.
The human resources manager sends an email to all employees stating that they will need to park on the street on Tuesday because the maintenance department will be repairing the company's parking lot. This is an example of a(n)
A. Persuasive message. B. Goodwill message C. Negative message D. Informational mesage
What is an Informational Message?
When Trish learned that her company was switching to a new computer software program, she accepted the change and worked overtime to become familiar with the new program. Trish exhibited __________ behavior.
A. Positive. B. Trustworthy. C. Adaptable D. Experimental
What is adaptable?
The federal government stimulates the flow of money by...
A. Increasing income taxes B. Reducing government spending C. Increasing Services. 4. Raising Interest Rates
What is increasing services?
When Arlo travels out of the country, he picks up some souvenirs. When he tries to bring them back home with him, he discovers that he has to pay a tax on them. Arlo must pay the..
A. Luxury Tax. B. Customs Duty. C. Income tax D. Property Tax
What is Customs duty.
Goods that are brought across international borders are often subject to a tax called a customs duty.
A collection letter that a business writes to customers to encourage them to pay is an example of a(n) __________ message.
A. persuasive B. informational C. aggressive D. threatening
What is Persuasive?
A collection letter is a type of persuasive message that many businesses write to customers who are delinquent in making payments on their accounts.
A business that produces products for which there is a steady, predictable demand for large quantities is most likely to use which of the following production processes:
A. Batch B. Unit C. Intermittent D. Continuous
What is Continuous?
A continuous production process is one that turns out products without stopping.
Deciding how to transport goods is part of which operations activity?
A. Logistics B. Inventory Management C. Quality control D. Production scheduling
What is Logistics?
Logistics refers to managing the flow of goods and services from production to consumption. This includes all the people, information, and processes involved in storing and transporting goods.
Mr.Brown has inherited a small sum of money, and he wants to become a business owner. However, he has a full time job that he plans to keep and very little time to operate his own business. What type of ownership should he consider?
A. Sole Proprietorship B. Corporation C. General Partnership D. Corporation
What is Corporation?
When Rhett retrieved a client's information and called the phone number listed, he discovered the information was incorrect. This is an example of the importance of __________ records.
A. Confidential B. Organized. C. Quality. D. Detailed
What is quality records?
Rhett would have benefited from quality records—records that are accurate and reliable.
Income from sales, cost of goods sold, gross profit on sales, operating expenses, and net profit or loss are all part of a(n)
A. Income Statement B. Balance sheet C. Cash Flow Statement D. Statement of retained earnings
What is Income Statement?
An income statement is a financial summary that shows how much money the business has made or lost (also called profit or loss statement)
Annie recently started a new business. When selecting employees, she chose the applicants she knew personally rather than the individuals she had never met before. This is an example of...
A. Nepotism. B. Fairness. C. Discrimination. D. Equal opportunity employment
What is Nepotism?
For a business to generate a profit, its operating costs must be __________ the gross margin.
A. Equal to B. Less than C. More than D. Unrelated to
What is less than?
Operating costs are expenditures necessary to keep the business running. Gross margin is the monetary difference between net sales and cost of goods sold. Operating costs are subtracted from gross margin to determine net profit. Consequently, operating costs must be less than the gross margin in order for the business to realize a profit.
According to the law of diminishing returns, what usually decreases at some point with the addition of more employees if all other factors stay the same?
A. Productivity B. Total production C. Fixed costs D. Number of customers
What is Productivity?
The law of diminishing returns states that if all the factors of production remain the same except one, additions to the one variable factor will eventually decrease the level of productivity
You have a large amount of customer data at your office, and you want to sort through the information and find patterns. You should use data...
A. Mining. B. Encryption C. Storage D. Entry
What is Data Mining?
Data mining involves processing information and finding patterns.
What type of information in a company's CRM system can help a company determine a customer's product preferences?
A. Customers name B. Costumers background C. Costumers address D. Costumers prior purchases
What is a customers prior purchase(s)?
Luke is writing a complex report that will be submitted to the company's board of directors. He has collected relevant information that he would like to provide to the audience—information that is not necessary to include in the body of the report. In what section of the report should Luke include this supplemental information?
A. Appendix B. Table of contents C. Executive summary D. Bibliography
What is Appendix?
Supplemental information for long or complex reports is presented in an appendix, which is a separate section placed at the end of a report
The Spikeland Corporation produced a product that was unsafe for children but failed to include a warning label on the product's packaging. Several children were harmed because of the company's inaction. This is an example of which of the following torts?
A. Defamation B. Conversion C. Negligence D. Assault
What is Negligence?