_____________ determines what the organization needs to do and how to get it done. - ️️Planning
A business engages in which activities? - ️️all the above
A change in Mean Time Between Failure (MTBF) has what effect on the age of the product? Be careful - this answer may surprise you! - �...
BA 101|62 Midterm Review Questions
With Answers
_____________ determines what the organization needs to do and how to get it done. - ✔ ✔
Planning
A business engages in which activities? - ✔ ✔ all the above
A change in Mean Time Between Failure (MTBF) has what effect on the age of the product? Be careful -
this answer may surprise you! - ✔ ✔ It has no effect on the age of the product.
A free market system is also known as: - ✔ ✔ a private enterprise or capitalist system
According to Adam Smith: - ✔ ✔ Self-interest is a key driver behind competition and a desire to get
ahead
According to the Team Member guide, $1,500 invested in the promotion budget buys an additional 35%
awareness. If Chester invested $1,500 in promoting Cake, what would Cake's awareness be next year?
(Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An Introduction to
Business.") - ✔ ✔ 72.3%
Adam Smith's invisible hand is: - ✔ ✔ a driving force that causes competition due to self-interest
and, yet, also includes a moral of empathy toward others
Adam Smith's invisible hand is: - ✔ ✔ a driving force that causes competition due to self-interest
and, yet, also includes a moral of empathy toward others
As of the end of December, which product would the Low Tech customers' perceive as having the most
attractive price? (Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An
Introduction to Business.") - ✔ ✔ Cake
As of the end of December, which product would the Low Tech customers' perceive as having the most
attractive price? (Refer to the Round 2 Foundation FastTrack Report available in Appendix 1 of "An
Introduction to Business.") - ✔ ✔ Cake
Before the Industrial Revolution began in the late 18th century, more than ____ percent of the world's
workforce was employed in the agricultural sector - ✔ ✔ 60
Company Chester is going to reposition Cake and the change has a revision date of August 12 of the
coming year (August 12 is 7/10 of a year). What will Cakes perceived age be on August 13? (Refer to the
Round 2 Foundation FastTrack Report available in Appendix 1 of "An Introduction to Business.") - ✔ ✔
2.0 years old
, Distribution is best described as - ✔ ✔ Getting product to a place where customers can purchase it
Economics is the study of: - ✔ ✔ distributing resources for the production of goods and services
within a social system
Efficient means: - ✔ ✔ Doing things right
How many units could be sold in the Low Tech market next year? Assume: Low Tech has a growth rate
of 10% and High Tech has a growth rate of 20%. (Refer to the Round 2 Foundation FastTrack Report-
available both on Canvas and in Appendix 1 of "An Introduction to Business." - ✔ ✔ 6,708
How many units could be sold in the Low Tech market next year? Assume: Low Tech has a growth rate
of 10% and High Tech has a growth rate of 20%. (Refer to the Round 2 Foundation FastTrack Report-
available both on Canvas and in Appendix 1 of "An Introduction to Business.") - ✔ ✔ 6,708
How would you best define demand? - ✔ ✔ The quantity of goods and services consumers are
willing to buy at different prices
How would you describe the concept of scarcity? - ✔ ✔ Our wants are greater than the resources
available to satisfy them
If company Ferris wanted product Fast to be positioned on the "ideal" spot for the high tech market for
next year, what changes would they make? (Refer to the Round 2 Foundation FastTrack Report available
in Appendix 1 of "An Introduction to Business.") - ✔ ✔ Pfmn- 9.5; Size- 10.5
If demand last year was 1,000 and that demand increases by 20% next year, what will the demand be
next year? - ✔ ✔ 1,200
In a capitalist, or private enterprise system, individual citizens own and operate the majority of
businesses and the ______ determines the distribution of resources. - ✔ ✔ market
In a command economy: - ✔ ✔ the government controls what goods/services are produced, their
quantity, and prices
Individual self-interest includes all but one of the following: - ✔ ✔ more costs
Individual self-interest promotes: - ✔ ✔ all of the above
Market research is designed to: - ✔ ✔ Help determine what is important to customers and how they
want product to perform
Market segmentation identifies customer group on the basis of their needs regarding - ✔ ✔ all the
above
Marketing strategy is most successful when it has: - ✔ ✔ a customer orientation
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