Mr. Weiss

1. Mr. Weiss Unit 4 • The assembly line was developed early in the twentieth century by • a. General Motors. c. U.S. Steel. • b. General Electric. d. Ford Motor Company.

2. Mr. Weiss Unit 4 • The assembly line was developed early in the twentieth century by • a. General Motors. c. U.S. Steel. • b. General Electric. d. Ford Motor Company.

3. Mr. Weiss Unit 4 6. “To take an example, . . . One man draws out the wire, another straightens it, a third cuts it, a fourth points it; . . . and [the making of] a pin is, in this manner, divided into about eighteen distinct operations.” Source: Adam Smith, The Wealth of Nations, 1776 In this passage, Adam Smith is describing the production concept of a. mechanization. c. division of labor. b. automation. d. quality control.

4. Mr. Weiss Unit 4 6. “To take an example, . . . One man draws out the wire, another straightens it, a third cuts it, a fourth points it; . . . and [the making of] a pin is, in this manner, divided into about eighteen distinct operations.” Source: Adam Smith, The Wealth of Nations, 1776 In this passage, Adam Smith is describing the production concept of a. mechanization. c. division of labor. b. automation. d. quality control.

5. Mr. Weiss Unit 4 We asked our 2005 young millionaires how they financed their business, and what advice they could offer on getting financing. [Here’s what] Joel Boblit, 29, the founder of BigBadToyStore Inc., an online toy retailer specializing in collectible action figures, [had to say]: “It was financed through credit cards and mortgaging everything we owned for the first two years. We financially went all in. I was actually in debt when I started the business, and my family had no extra assets, so we did it all completely on credit and high-interest loans. . . . We were probably up to $300,000 at the highest point in short-term loan and credit card debt, but we were also growing exponentially the first few years, so I didn’t feel too bad about it. But there is a definite risk involved.” Source: Entrepreneur.com 9. Boblit’s use of credit cards to finance his business is an example of a. short-term financing. c. long-term financing. b. intermediate-term financing. d. low-cost financing.

6. Mr. Weiss Unit 4 We asked our 2005 young millionaires how they financed their business, and what advice they could offer on getting financing. [Here’s what] Joel Boblit, 29, the founder of BigBadToyStore Inc., an online toy retailer specializing in collectible action figures, [had to say]: “It was financed through credit cards and mortgaging everything we owned for the first two years. We financially went all in. I was actually in debt when I started the business, and my family had no extra assets, so we did it all completely on credit and high-interest loans. . . . We were probably up to $300,000 at the highest point in short-term loan and credit card debt, but we were also growing exponentially the first few years, so I didn’t feel too bad about it. But there is a definite risk involved.” Source: Entrepreneur.com 9. Boblit’s use of credit cards to finance his business is an example of a. short-term financing. c. long-term financing. b. intermediate-term financing. d. low-cost financing.

7. Mr. Weiss Unit 4 • Which of the following is a form of short-term financing? • trade credit • leasing • issuing preferred stock • d. issuing bonds

8. Mr. Weiss Unit 4 • Which of the following is a form of short-term financing? • trade credit • leasing • issuing preferred stock • d. issuing bonds

9. Mr. Weiss Unit 4 • The owners of which of the following investments have the right to vote at shareholder meetings? • a. bonds c. common stock • b. preferred stock d. equity

10. Mr. Weiss Unit 4 • The owners of which of the following investments have the right to vote at shareholder meetings? • a. bonds c. common stock • b. preferred stock d. equity

11. Mr. Weiss Unit 4 18. “The focus at Maytag before was never disappoint the consumer, satisfy the consumer, be out there with a reliable, dependable product. Now we think of ‘wowing’ the customer, exceeding their expectations, and providing them with fundamental new benefits they are willing to pay for.” —Lloyd Ward Based on the quote from Lloyd Ward, Maytag now plans to compete for customers by a. giving customers more than they expect. b. satisfying customers. c. never disappointing customers. d. producing a reliable, dependable product.

12. Mr. Weiss Unit 4 18. “The focus at Maytag before was never disappoint the consumer, satisfy the consumer, be out there with a reliable, dependable product. Now we think of ‘wowing’ the customer, exceeding their expectations, and providing them with fundamental new benefits they are willing to pay for.” —Lloyd Ward Based on the quote from Lloyd Ward, Maytag now plans to compete for customers by a. giving customers more than they expect. b. satisfying customers. c. never disappointing customers. d. producing a reliable, dependable product.

13. Mr. Weiss Unit 4 • What are the four Ps of marketing? • a. product, price, promotion, and place • b. principal, promotion, production, and price • c. price, principal, purchasers, and production • d. presentation, production, pricing, and promotion

14. Mr. Weiss Unit 4 • What are the four Ps of marketing? • a. product, price, promotion, and place • b. principal, promotion, production, and price • c. price, principal, purchasers, and production • d. presentation, production, pricing, and promotion

15. Mr. Weiss Unit 4 • The main purpose of marketing is to • a. increase the competition. • b. increase the consumers' market share. • c. convince consumers that a certain product or service will add to their utility. • d. find a market for a product or service.

16. Mr. Weiss Unit 4 • The main purpose of marketing is to • a. increase the competition. • b. increase the consumers' market share. • c. convince consumers that a certain product or service will add to their utility. • d. find a market for a product or service.

17. Mr. Weiss Unit 4 27. On any given weekend day, 15,000 people come to Guam’s hottest spot—Kmart. Reported to be the world’s biggest and perhaps busiest Kmart store, its opening drove down prices of everything from shampoo to Cheerios to stereo sets with its famous discounts. Little shops on this small island always were able to charge high amounts, jacking up prices to cover high shipping costs into the middle of the Pacific Ocean. Shoppers are now grateful for 89-cent cans of Campbell’s soup. They must, however, plan their day around getting in and out of the store. It is so big that customers take cell phones so they don’t lose their companions in the aisles. According to the passage, before Kmart arrived the shops on Guam charged high prices because a. they offered superior products. c. customers had plenty of money to spend. b. shipping costs were high. d. they offered unique products.

18. Mr. Weiss Unit 4 27. On any given weekend day, 15,000 people come to Guam’s hottest spot—Kmart. Reported to be the world’s biggest and perhaps busiest Kmart store, its opening drove down prices of everything from shampoo to Cheerios to stereo sets with its famous discounts. Little shops on this small island always were able to charge high amounts, jacking up prices to cover high shipping costs into the middle of the Pacific Ocean. Shoppers are now grateful for 89-cent cans of Campbell’s soup. They must, however, plan their day around getting in and out of the store. It is so big that customers take cell phones so they don’t lose their companions in the aisles. According to the passage, before Kmart arrived the shops on Guam charged high prices because a. they offered superior products. c. customers had plenty of money to spend. b. shipping costs were high. d. they offered unique products.

19. Mr. Weiss Unit 4 • An example of a product that the producer usually sells directly to the retailer (skipping the step of selling to a wholesaler) is • a. automobiles. c. fruits and vegetables. • b. clothing. d. canned goods.

20. Mr. Weiss Unit 4 • An example of a product that the producer usually sells directly to the retailer (skipping the step of selling to a wholesaler) is • a. automobiles. c. fruits and vegetables. • b. clothing. d. canned goods.

21. Mr. Weiss Unit 4 33. When people buy a given product, they are often buying the story of the product, which includes why and how it is going to make their life better. Unfortunately, most salespeople work off of a pricelist or a technical specification sheet, which forces them to sell features rather than the more compelling customer benefits. Source: BusinessWeek, February 6, 2008. This passage advises companies to focus more on a. penetration pricing. c. utility. b. direct marketing. d. awareness advertising.

22. Mr. Weiss Unit 4 33. When people buy a given product, they are often buying the story of the product, which includes why and how it is going to make their life better. Unfortunately, most salespeople work off of a pricelist or a technical specification sheet, which forces them to sell features rather than the more compelling customer benefits. Source: BusinessWeek, February 6, 2008. This passage advises companies to focus more on a. penetration pricing. c. utility. b. direct marketing. d. awareness advertising.

23. Mr. Weiss Unit 4 • The Taft-Hartley Act of 1947 • a. strengthened the labor union movement in the United States. • b. outlawed closed shops. • c. gave local unions the power to negotiate on behalf of their members. • d. made it illegal to form a monopoly.

24. Mr. Weiss Unit 4 • The Taft-Hartley Act of 1947 • a. strengthened the labor union movement in the United States. • b. outlawed closed shops. • c. gave local unions the power to negotiate on behalf of their members. • d. made it illegal to form a monopoly.

25. Mr. Weiss Unit 4 39. Based on the illustration, workers in Texas a. must join their company’s union. b. are not required to join their company’s union. c. may not be locked out of their jobs by management. d. may not be forced to participate in their union’s strikes.

26. Mr. Weiss Unit 4 39. Based on the illustration, workers in Texas a. must join their company’s union. b. are not required to join their company’s union. c. may not be locked out of their jobs by management. d. may not be forced to participate in their union’s strikes.

27. Mr. Weiss Unit 4 42. According to the graph, if men in general were earning approximately $20,000 in 1965, women would have been earning approximately a. $10,000. c. $14.000. b. $12,000. d. $8,000.

28. Mr. Weiss Unit 4 42. According to the graph, if men in general were earning approximately $20,000 in 1965, women would have been earning approximately a. $10,000. c. $14.000. b. $12,000. d. $8,000.

29. Mr. Weiss Unit 4 • Which of the following would be classified as a skilled worker? • a. electrician c. factory worker • b. lawyer d. custodian

30. Mr. Weiss Unit 4 • Which of the following would be classified as a skilled worker? • a. electrician c. factory worker • b. lawyer d. custodian

31. Mr. Weiss Unit 4 • A deliberate work stoppage by employees is called • a. an illegal stoppage. c. a strike. • b. a closed shop. d. a lockout.

32. Mr. Weiss Unit 4 • A deliberate work stoppage by employees is called • a. an illegal stoppage. c. a strike. • b. a closed shop. d. a lockout.

33. Mr. Weiss Unit 4