Final studyguide free essay sample

Final Exam is three pages long. It is a timed exam worth 250 points that you may enter only once. You have 3 hours, 30 minutes to complete the exam. It consists of 30 multiple answer questions worth 5 points each. There is one essay question worth 10 points and six essay questions worth 15 points each. Be sure to save and save often while you are working on the exam, and submit the exam when you are finished. The multiple answer questions have answer choices a, b, c, d, and e as multiple options. Read and study the course materials before you attempt this exam. Then access the exam and read the scenario, question, or statement. Then, choose the correct answer or answers. With multiple answer questions, one answer may be correct, all answers may be correct, or some combination of the a–e answer options may be correct. Partial credit is not allowed. With regards to the essay questions, to earn full credit, your response to each essay question should answer the question completely and average two- to three-paragraphs in length. The exam reflects the following course objectives and possible topics. Given a description of a typical business, demonstrate how that business acts within our economic system to achieve its goals as well as those of society, along with an understanding of how the future may impact these goals. Understand entrepreneurship and wealth building. Explain free market capitalism. Describe and explain how to start a new business. Describe and explain home-based entrepreneurial endeavors. Explain how intermediaries perform the six marketing utilities. Explain the advantages and disadvantages of trade protectionism. Compare the business-to-business market and the consumer market. Identify the new and traditional tools that make up the promotion mix. Define and apply common economic indicators. TCO 2; Chapter 4 and Bonus Chapter A; Week 3 Given the importance of ethics in business, be able to understand and address ethical dilemmas that may occur in workplace activities and offer suggestions to prevent their recurrence. Define and discuss the ethical and social responsibilities of business. Describe management’s role in setting ethical standards. Describe and apply a business code of ethics. Explain compliance-based business ethics and integrity-based ethics codes. Compare corporations’ responsibilities to various stakeholders. Describe and explain the role of U. S. businesses in influencing ethical behavior and social responsibility in global markets. Describe and explain sales law under the Uniform Commercial Code. Define the elements of a contract. Summarize several laws that regulate competition and protect consumers in the US Describe and explain the role of deregulation in the economy Given the need to increase profits through cost reductions, describe the use of globalization strategies to accomplish this initiative, along with a discussion of the pros and cons of this approach. Illustrate the strategies used in reaching global markets, and explain the role of multinational corporations. Discuss the changing landscape of the global market and the issue of offshore outsourcing. Explain why nations trade. Explain the importance of the global market and the roles of comparative advantage and absolute advantage in global trade. Illustrate the strategies used in reaching global markets, and explain the role of multinational corporations. Describe and explain the forces that affect trading in global markets. Explain the advantages and disadvantages of trade protectionism. Discuss the changing landscape of the global market and the issue of offshore outsourcing. TCO 4; Chapters 1, 2, 5, and 6; Weeks 1 and 4 Given understanding of entrepreneurship, be able to describe the major elements necessary for success, along with an understanding of the potential risks associated with starting a business venture. Describe the basic forms of business ownership. Compare the advantages and disadvantages of sole proprietorships. Describe the differences between general and limited partners, and compare the advantages and disadvantages of partnerships. Compare the advantages and disadvantages of corporations, and summarize the differences between C corporations, S corporations, and limited liability companies. Describe the role entrepreneurs play in the creation of jobs. Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses. Analyze what it takes to start and run a small business. TCO 5; Chapters 13, 15, and 16; Week 5 Given a need to identify additional sources of revenue, be able to discuss the importance of the Internet to achieve this goal and the overall value of e-Commerce. Show how marketers use environmental scanning to learn about the changing marketing environment. Explain how marketers apply the tools of market segmentation, relationship marketing, and the study of consumer behavior. Discuss the four Ps of marketing. Define marketing and apply the marketing concept to both for-profit and nonprofit organizations. Show how word of mouth, e-mail marketing, viral marketing, blogging, podcasting, and mobile marketing work. Contrast the advantages and disadvantages of various advertising media, including the Internet and social media. Understand channel systems, and explain the various ways to build cooperation in them. TCO 6; Chapters 7, 9, and 10; Week 6 Given the need to improve human resource performance, describe a managerial approach to teamwork, empowerment, and effective communication to accomplish this objective. Describe and explain the four functions of management. Relate the planning process and decision making to the accomplishment of company goals. Describe the current state of U. S. manufacturing and what manufacturers have done to become more competitive. Describe and explain planning issues as they relate to a firm’s operations, including its employees. Show how managers put motivation theories into action through such strategies as job enrichment, open communication, and job recognition. Show how managers personalize motivation strategies to appeal to employees across the globe and across generations. Describe and explain the Mining Group Gold process. Given a need to understand how products are produced, describe the work performed by various departments in the production of a good to a final customer. Describe and explain operations management planning issues. Describe the various production processes, and describe techniques that improve productivity. Describe and explain how to use a PERT chart and a Gantt chart. Describe CAD, CAM, and CIM. Explain how flexible manufacturing is used. Describe and explain when to use lean manufacturing. Explain how mass customization can be used. What are ERP and MRP? How does vision apply to business? Explain and apply facility location and layout to business. TCO 8; Chapters 13, 15, and 16; Week 5 Given a need to understand the power of consumers, describe the role that Marketing can play to identify customer needs and desires that can be translated into better products. Describe the four eras in the evolution of marketing. Describe and explain the role of marketing managers and the marketing mix. Describe the marketing research process. Describe logistics and outline how intermediaries manage the transportation and storage of goods. Explain the concept of marketing channels and the value they add. Describe and explain supply chains. Describe business-to-business marketing (B2B) and the business-to-consumer sales process. Describe and explain how social media complements other promotions, including promotional strategies. Describe and apply market segmentation and target markets. TCO 9; Chapters 13, 15, 16, 17, 18, and Bonus Chapter B; Weeks 5 and 7 Given a need for timely and accurate data for decision-making, discuss the use of technology and ways in which the management of information can facilitate this goal. Describe and explain social media and Web 2. 0. Describe and explain privacy issues and stability issues as they apply to information networks. Describe some of the common types of information used by business. Describe and explain how information is managed. Explain knowledge management and how it can be applied in a business setting. Describe the types of computer software most frequently used in business. TCO 10; Chapters 17, 18 and Bonus Chapter B; Week 7 Given a need to understand a firm’s financial performance, be able to identify and explain the major elements contained within financial and accounting statements. Describe and explain business intelligence and how it is changing business. Describe and explain virtualization and cloud computing. Explain the different accounting disciplines. List, describe, and apply business financial statements (income statement, balance sheet, statement of cash flows). Describe the roles and responsibilities of financial managers. How does auditing apply to business finance? What are the finance concerns for small businesses? List the types of financial budgets. A few general suggestions for taking the exam are as follows. Please save and save often as you complete your exam. Make sure your answer remains selected after you save as sometimes those dots do not fill in and stay selected. Do not submit your exam until you are satisfied with your results. Make sure you have a clock close by to judge your time. The exam should indicate your remaining time left, and every 15 minutes, you will be prompted to save. Have your textbook, course assignments, quizzes, and notes readily in front of you before you enter the exam. The exam is comprehensive, so all the chapters we covered from the course are included. The multiple answer questions are similar to those you experienced in the quiz in Week 6. As for the essay questions, you can expect to see the major topics covered in the course. Good Luck!