HRM 550 Final Exam

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HRM 550 Final Exam

1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people?
(Points : 5)



Question 2.2. (TCO 1) The impact downsizing has on small business is which of the following?
(Points : 5)

No labor force to work in small businesses
Opportunity to perform the work large businesses no longer perform
An availability of workers with no skills
Lack of financial backing for small businesses


Question 3.3. (TCO 1) Which of the following are the inherent factors that work in favor of small businesses?
(Points : 5)

Ability to remain flexible and innovative
Management expertise
Emphasis on variety
Emphasis on quantity

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Question 4.4. (TCO 1) Entrepreneurship primarily involves which phase of business?
(Points : 5)

The startup process
Hiring of key employees
Maintaining a positive cash flow
Building and maintaining a sufficient customer base


Question 5.5. (TCO 1) Which of the following is the most common form of business ownership?
(Points : 5)

Sole proprietorships
Joint ventures


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)



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 long-term agreement to rent a building, equipment, or other assets is known as a _____. (Points : 5)

rental contract
legally liable contract
business contract


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) The point at which total cost equals total revenue and the business is neither making or losing money is known as the _______.
(Points : 5)

Profit area
Loss area
Breakeven point
Profit point


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) Many people just starting a new business focus on what?
(Points : 5)

Spare time
The excitement and emotions involved in beginning a new business
Hiring good employees
Making a profit


Question 17.17. (TCO 3) When analyzing financial statements, remember that profits can be increased and expenses can be decreased to make the records look better _____.
(Points : 5)

in the short run
in the long run
for tax purposes
for bank audits


Question 18.18. (TCO 3) Which of the following is not an advantage of new business startups?
(Points : 5)

Freedom to create
Ability to create a distinctive competitive advantage
No negative image due to someone else’s mistake
Well-established clientele


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) The stages that products in the marketplace go through are known as what?
(Points : 5)

The product life cycle
The product growth stages
The product timeline
The product opportunity stages


Question 21.21. (TCO 5) Which one of these is not a tool that is used during the selection process? (Points : 5)

Drug testing
None of the above


Question 22.22. (TCO 5) Job analysis will _____. (Points : 5)

identify the tasks needed to implement your business plan
identify the human capital needed to implement your business plan
identify the skills needed to implement your business plan
None of the above


Question 23.23. (TCO 5) Which percentage of major U.S. employers offer some form of child care assistance?
(Points : 5)



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)

Transformation processes


Question 25.25. (TCO 6) Information that shows the steps required to produce a product is called which of the following?
(Points : 5)



Question 26.26. (TCO 7) The system within a business for converting raw data from source documents (like invoices, sales receipts, bills, and checks) into information that will help a manager make business decisions is known as what? (Points : 5)

Computer system
Accounting system
Record system
Data system


Question 27.27. (TCO 7) Assets that will be converted into cash within 1 year are called _____.
(Points : 5)

short-term assets
long-term assets
capital assets
financial assets


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)



Question 29.29. (TCO 9) Economist Milton Friedman emphasized the fact that business had “one and only one social responsibility,” that being _____.
(Points : 5)

economic responsibility
legal responsibility
ethical responsibility
philanthropic responsibility


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


  1. (TCO 1) Compare and contrast a sole proprietorship, a partnership, and a corporation. Provide examples of where you would use each structure.(Points : 14)
  2. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous?(Points : 14)
  3. (TCO 4) Compare and contrast patents, copyrights, and trademarks. Evaluate how these provisions can improve the financial position of a small business.(Points : 14)

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