ETS Business Exam Study Guide (Contains questions on Law, Management, Marketing, Accounting, Economics, Finance, MIS & Stats topics) Law: What is not
... [Show More] true when it regards a seller's rights to reduce legal liability in the sale on non-consumer goods? The seller can disclaim all implied warranties by simply stating that there are no implied warranties. Law: The establishment clause holds that The government cannot pass laws that promote religion or show preference for one religion over another. Law: If an injured party entered into an activity with knowledge that it may be dangerous and voluntarily assumed that risk, which defense to the tort of negligence might be asserted? Assumption of risk Law: In order to assert a design defect, a plaintiff might be able to show that a reasonable alternative design was available and that the defendant's failure to adopt the alternative design rendered the product unreasonably dangerous. True Law: The Sherman act protect consumers from? Trade and commerce against unlawful restraints and monopolies Law: Violations of OSHA can result in (3) criminal penalties, fines, and termination Law: Fair debt collection practices protect consumers from being harassed Law: Violations of the clean water act can result in (3) Criminal charges, cleaning up the polluted area, and fines Law: What are the requirements of all contracts (4) Consideration, legality, capacity, and agreement Law: What is the type of damage that would be used to recognize wrong doing when no monetary loss is shown? Punitive Law: A partner in an LLC can be held liable for the debts of the LLC? False Law: A plaintiff in a lawsuit is not responsible for minimizing the damages they suffer as a result of the defendant's actions False Law: An example of intangible personal property? Copyrights Law: A stock certificate issued by a corporation that evidences ownership of a specified number of shares in the corporation True Law: A corporation is a legal entity created and recognized by state law. It can consist of only one natural person identified under a common name. False Law: What are the legal defenses of a criminal culpability (3) Mistake of fact, statue of limitations, and duress Law: Civil law deals with the rights and duties exiting between individual persons, and persons and the government, and the relief available when rights are violated. True Law: In an agency relationship, the principal owes a duty to the agent. True Law: Our fundamental rights include (4) Marriage and procreation, interstate travel, all first amendment rights, and privacy and voting Law: If a person who is sufficiently intoxicated to lack mental capacity enters into a contract, voiding the contract is an option to that person. True Law: All contracts must be in writing even those contracts to be performed within one year False Law: What is one of the defenses to product liability? Comparative negligence and liability Law: Punitive damages are awarded to punish the breaching party True Law: Negligence per se if an example of an intentional tort against a person False Management: Surface level diversity (3) Race/ ethnicity, age, and physical disabilities Management: Disadvantages of teams (3) Disadvantages of group decision making, social loafing, and initially high employee turnover Management: Pay variability includes (3) Stock options, commission, and piecework Management: The stages of team development includes (3) forming, performing, and norming Management: Job redesign techniques include (3) Combining tasks, redesigning jobs, and forming natural work units Management: The 4 management functions are planning, organizing, leading, and controlling True Management: Scientific management is thoroughly studying and testing different work methods to identify the best, most efficient way to complete a job True Management: Companies cannot be prosecuted or punished if management did not know about unethical behavior True Management: When a multinational company has offices/plants in different countries and uses the same rules, guidelines, policies, and procedures, this is referred to as Global consistency Management: The vertical and horizontal configuration oaf departments authority, and jobs within a company is Organizational structure Management: Social loafing is behavior in which team members withhold their efforts and fail to perform their share of the work True Management: Bona Fide occupational qualifications is defines as reasonably necessary for the normal operation of that particular business True Maslow's hierarchy of need are self-actualization, safety, belongingness, physiological, and esteem.
True Management: Leader and manager have 2 different goals in mind and are not the same True Management: Self-control or self-management is a system which managers and workers control their own behavior True Management: Quality is a product or service that has deficiencies and satisfies the customer False Management: Type of inventories are (3) Raw materials, component parts, and finished goods Management: Environmental change, environmental complexity, and rescue scarcity are the basic components of external environments True Management: 2 types of feedback are constructive and destructive True Management: Total quality management is an approach that seeks to improve quality and performance which will meet or exceed customer expectations True Management: What are the steps in the strategy planning process (3) Situational analysis, choosing strategic alternative, and assessing need for change Management: Strategic dissonance Discrepancy between a company's intent and managerial actions Management: Strategic reference points are used to measure whether a firm has developed sustainable competitive advantages Management: There are 3 types of res to consider when choosing strategic alternatives; risk avoiding, risk seeking and risk taking False Marketing: Marketing penetration is marketing strategy that tries to increase market share among existing customer True Marketing: The 4 categories of portfolio matrix are stars, problem, child or questions mark, cash cows, and dog
True Marketing: Purchasing power is a comparison of income verses the relative cost of a set standard of goods and services in difference geographic areas True Marketing: Dumping is the sale of an exported product at a price higher than that charged for the same or a like product in the home market of the exporter False Marketing: A straight re-buy is a situation in which the purchaser reorders the same goods or service without looking for new information or investigation other suppliers True Marketing: Inelastic demand is demand without regard to price. An increase or decrease in the product prices ill not significantly affect the demand for the product True Marketing: The business market has were customer than the consumer market: True Marketing: The 4 criteria of market segmentations are substantiality, identifiability, accessibility, and responsiveness True Marketing: The 3 levels of distribution intensity are intensive distribution, selective distribution and distribution exclusive True Marketing: The Robinson-Patman act of 1936 was enacted in response to price discrimination True Marketing: The questionnaire design has 3 basic designs; open ended questions, close ended questions, and scaled response questions True Marketing: Organizations that exists to achieve goals rather than profits called nonprofit organizations Marketing: If Starbucks were to offer free coffee to first time customers it would be practicing which strategic alternative Market development Marketing: A firm that engages in environmental management attempts to change Legal regulations [Show Less]