Business Final Revision 2018 (1).pdf

Business Final Revision 2019 Business exam will cover

Before Mid-Term is Cancelled Required Chapters :( 5 , 6 , 9 , 11, 13 & Finance part) • • • •

Business exam form (Electronic) Choose True or false Matching Finance problem Revision contents:

• Sufficient summary for each chapter(v.v.v.imp) • All types of questions for each chapter • Finance part • Previous Exams from 2012 to 2018 • All sections Questions & Answers

You can depend on Revision Only

Revision will be on Thursday at 12.00 ‫شرح كامل للمنهج و حل أسئلة‬ )‫نادي المحافظة (قاعة كرنفال‬ For Reservation 01270530566

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Business Final Revision 2019

Chapter ( 5 )  Three Basic forms of business ownership

1-sole proprietorship

1-Sole proprietorship ‫الملكية الفردية‬

2-Partnership

• This is most common form of business ownership. 3-Corporation • A business that is owned & usually managed by one person. Advantages of Sole proprietorship 1-Ease of starting and Ending Business ‫ابدأ‬ ‫المشروع وأنهي وقت ما انا عايز‬ 2-Being your own Boss {Bear your own mistakes} ‫انت صاحب الشركة وانت بتتحمل أخطائك‬ 3-pride of ownership. ‫فخور بملكيتك عندك مشروع بتاعك‬ 4-leaving a legacy {for future Generation} ‫بسيب ميراث لألوالده‬ 5-Retention for company profit ‫المالك بياخد كل الربح لنفسه‬ 6-No special taxes.{taxes from personal income of the owners}

Disadvantages of Sole proprietorship

1-Unlimited liability ‫المالك عليه مسؤلية غير محددة‬ 2-limited financial Resources:‫الموارد المالية محددة علشان هو ماسك المشروع‬

3-Management difficulties:‫انا ال بدير المشروع ففي صعوبات ادارية‬

4-Overwhelming time commitment ‫الللتزام الكامل بكل األعباء و المسؤليات‬

5-Few fringe Benefits )‫مش بيحصل علي اي فوائد زي (األجازات و التأمينات‬

6-limited growth ‫معدل نمو الشركة قليل علشان اصال موارد الشركة قليلة‬ ‫علشان المالك شغال لوحده‬

7-limited life span. ‫لو صاحب الشركة مات او تقاعد الشركة حتقفل‬

2-Partnership

‫رشكات األشخاص‬

• -A legal form of business with two or more owners. 1-General partner )v.v.imp) 2- limited An owners(partner) who has unlimited liability and is active in managing the firm. Unlimited liability:-the responsibility of business owners for all the debts of the business ‫هنا الشريك متضامن مع شريكه في كل المسؤليات و‬ ‫االلتزامات غير محدودة في حالة الخساره‬.. ‫األلتزامات‬ .‫ممكن ان نتازل كمان علي ممتلكات الشركة‬

partner

(v.v.imp)

An owner who invests money in the business, but doesn’t have any management responsibility or liability firm losses beyond the investments Limited liability: the responsibility of a business’s owners for losses only up the amount they invest, limited partners and shareholders have limited liability ‫هو الشريك ال مش بيدير ومش بياخد اي قرار واكتر‬ ‫حاجة بيخسرها هي استثمارته في الشركة‬

Types of partnership Advantages of partnerships 1-More financial Resources. )‫موارد مالية كتيره (معانا فلوس من اكتر من شريك‬ 2-shared management & complementary skills & knowledge. ‫مجموعة من المهارات المتكاملة لكل الشراكة‬ 3- longer survival 4 times more than sole proprietorship. ‫ اضعاف الحال من الملكية الفردية‬4 ‫القدره علي البقاء‬ 4-No special taxes {taxes from personal income of the owners}

Disadvantages of partnerships 1-Unlimited liability: ‫االلتزامات غير محدده‬ 2-Division of profits ‫األرباح بتتوزع علي كل الشركة‬ 3-Disagreement among partners ‫ممكن يحصل خالف بين األطراف‬ 4-Diffficulity of termination ‫صعوبة انهاء الشركة علشان عندي أكتر من طرف‬

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Business Final Revision 2019 3-Corporations ”c conventional

‫رشكة مساهمة‬

-A legal entity with authority to act and have liability separate from its owners. -creating a business that is separate and distinct from the owners. -The owners are not liable for the debts or any other problems of the corporation beyond the money they invest (not their houses, car or other properties) .‫قانون له سلطة الترصف ويكون له مسؤولية منفصلة عن أصحابه‬ ‫كيان‬ ‫ي‬ .‫ إنشاء أعمال منفصلة ومتمية عن أصحابها‬‫ر‬ ‫الت يستثمرونها (وليس منازلهم أو سياراتهم أو‬ ‫ المالكون غي مسؤولي عن الديون أو أي مشاكل أخرى للشكة بخالف األموال ي‬)‫ممتلكاتهم األخرى‬ Advantages of corporation 1-limited liability ‫خساره االموال ال استثمروها فقط‬ 2-More money for investment. ‫يوجد اموال كتير لالستثمار‬ 3-Size ‫حجم الشركة كبير كبير‬ 4-Perpetual life ‫غير مرتبطة بعمر شخص معين‬ 5-Ease of ownership change. ‫الملكية ممكن تنتقل من شخص لشخص اخر‬ 6-Ease of attracting talented employee ‫علشان الشركه كبيره فعندهم فلوس كتير فممكن‬ ‫تجيب موظفين موهوبين و شاطرين‬ 7-separation of ownership from management. ‫الفصل بين األداره و الملكية‬

Dis Advantages of corporation

1-Extensive paperwork: Tax laws demand a corporation prove that all of its expenses & deductions are legitimate. ‫الزم اجراءات كتير علشان تفتح الشركة والزم كل حاجة تكون مثبوتة‬ ‫بالكتابة‬ 2-Double taxation: Corporate income is taxed twice: a)Tax on income {before it can} disturbed any to stockholders b)stockholders pay tax on income they receive from corporation {dividends} :‫يتم فرض ضريبة على دخل الشركات مرتين‬ ‫أ) الضريبة على أارباح الشركة‬ ‫ب) يدفع أصحاب األسهم ضريبة على الدخل الذي يتلقونه من شركة‬ 3-two tax returns 4-Size {too inflexible, red tape} ‫لما الشركة بتكون كبيره في‬ )‫بعض األوقات بيكون في (عدم مرونة و روتين‬ 5-Difficulty of termination. ‫صعوبة انهاء‬ ‫الشركة‬ 6-Possible conflict with stockholders & board of directors. ‫ممكن يحصل صراع بين حملة األسهم و المديرين‬ 7-Intial cost.

Corporate Expansion ‫اشكال توسع الشركات الكبيره‬ ➢ There are 3 forms of Expansion:-

1- Merger(Horizontal Vertical Conglomerate) 2- Acquisition 3- Leverage Buyout(LBO) Merger: the result of two firms forming one company‫شركتين بيشتغلوا مع بعض علشان يطلعوا شركة جديدة‬: ‫األندماج‬ A-vertical Merger. The joining of two companies involved in different stages of related businesses.(Soft drink company buys artificial sweetener Co.) ‫األندماج بين شركتين شغلهم لي عالقة‬ ‫ببعض(شركة بتصنع عصير تندمج مع شركة‬ ‫تانية بتصنع السكر‬

B-Horizontal Merger -The joining of two firms in the same industry & allow them to diversify or expand their products. (Soft drink company buys mineral water company). ‫انضمام اثنين من الشركات في نفس‬ ‫الصناعة والسماح لهم بتنويع أو توسيع‬ ‫ (شركة المشروبات الغازية‬.‫منتجاتها‬ .)‫تشتري شركة المياه المعدنية‬

C-Conglomerate Merger -The joining of firms in completely un related industries to diversify business operations & investments. (Soft drink company buys snack ‫نضمام الشركات في الصناعات غير‬ ‫المرتبطة تماما لتنويع العمليات‬ ‫ (شركة‬.‫التجارية واالستثمارات‬ ‫المشروبات الغازية تشتري شركة‬ ‫الوجبات الخفيفة‬ Page 3 of 75

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Business Final Revision 2019 2-Acquisition: One company's purchase of the property and obligations of another company.

‫شراء شركة واحدة من ممتلكات والتزامات شركة أخرى‬ 3-A leveraged Buyout (LBO):

-Is an attempt by employees, management. Or a group of investors to purchase an organization primarily through borrowing.

-The funds borrowed are used to buy out the stockholders in the company. -The employees, managers, or investors now become the owners of the firm. .‫ أو مجموعة من المستثمرين لشراء منظمة في المقام األول من خالل االقتراض‬.‫هو محاولة من قبل الموظفين واإلدارة‬ .‫ يتم استخدام األموال المقترضة لشراء األسهم في الشركة‬‫ أصبح الموظفون أو المديرون أو المستثمرون اآلن أصحاب الشركة‬Why Mergers Don’t Work! 1. Companies Overpay to Acquire Another Firm

‫ الشركات الدفع الزائد للحصول على شركة أخرى‬. 2. Acquiring Company Overestimates Cost Savings and Synergies ‫ساعات الشركة بتتحمل تكلفة كبيره علشان اخد شركة تانية‬ 3. Managers Disagree About Integrating Operations ‫ممكن يحصل خالفات بين المديرين‬ 4. Obsession with Cost Cutting Hurts Business Costing Top Employees & Customers

-Franchise:-The right to use a specific business name & sell its products or services in a given territory.

-

‫الحق في استخدام اسم تجاري محدد وبيع منتجاته أو خدماته في إقليم معين‬ -

Ex:-McDonald’s, Dominos pizza Franchise agreement: -An arrangement whereby someone with a good idea for a business {franchisor sells the rights to use the business name & sell a product or service {franchise} to others {the franchisee} to a given territory.

‫ ترتيب يقوم بموجبه شخص لديه فكرة جيدة {ببيع حقوق استخدام اسم النشاط التجاري وبيع منتج أو خدمة‬-: ‫عقود التوكيالت‬ ‫لآلخرين إلى إقليم معين‬ Franchisor -A company that develops a product concept and sells others the rights to make & sell the products. ‫الشخص بيبيع حق استخدام‬ ‫اسمه‬ ▪ Assigns Territory ‫هو ال بيحدد المنطقة ال الموكل اليه هيفتح فيها‬ ▪ May Provide Financial Aid/Advice ‫بيقدم نصيحة في األداره او التمويل علشان يحافظ علي اسم الشركة بتعته‬ ▪ Offers Merchandise/ Supplies at Competitive Price ‫ممكن اوفر للموكل اليه البضاعة‬ ▪ Provides Training/Support ‫ممكن اساعده و ادربه‬ ▪ Business Expansion Using O.P.M. (other people's Money)

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Franchisee A person who buys a franchise. ‫الشخص ال بيشتري حق التوكيل من شركة تانية‬ -The right to use a specific business's name and sell its products or services in a given territory. ▪ Pays Up-Front Costs‫بيتحمل تكاليف كتيره‬ ▪ Makes Monthly Payment to Franchisor ‫بيدفع فلوس شهرية للموكل‬Royalty ▪ Runs Business by Franchisor’s Rules/Procedures ‫بيتبع القوانين و األجراءات ال محددها الموكل‬ ▪ Buys Materials from Franchisor/ Approved Supplier ‫بياخد المواد الخام من الموكل او من المورد ال بيحدده الموكل ليه‬ Advantages of franchise

Dis Advantages of franchise

1. High start-up costs ‫ارتفاع تكلفة بدأ التشغيل‬ 2. Shared Profit 3. Management regulation ‫الموكل بيجبرالموكل اليه‬ ‫علي التعامل مع مورد محدد‬ 4. Coattail effects ‫ممكن الموكل يدي للتوكيل الكتر من‬ ‫شخص و بعضهم ممكن ميلتزمش باللوائح فالكل حيضر‬ 5. Restrictions on selling ‫قيود علي‬ ‫البيع‬ 6.Fraudulent franchisors ‫غش الموكل يكون شخص‬ ‫نصاب‬

1.Management & marketing assistance 1. Personal ownership 2. Recognized name ‫بأشتغل باسم الموكل وهو‬ ‫اسم معروف و بيدفعله فلوس شهرية‬ 3. Financial advice & assistance ‫حاخد‬ ‫مساعدات مادية‬ 4. Lower failure rate ‫نسبة الفشل‬ ‫قليلة‬ .

Benefits of a Home-Based Franchise‫فوايد ان الشخص يشتغل من بيته‬ 1. 2. 3. 4. 5. 1. 2. 3. 4.

Flexible work hours ‫مفيش وقت محدد للشغل‬ Quality lifestyle ‫برتب حياتي زي ما احب بحيث اوازن بين الشغل و البيت‬ Doing the work of your choice ‫بختار الشغل ال يريحني ال علي مزاجي‬ Opportunity to expand using technology ‫استخدم التكنولوجيا زي النت في شغلي‬ Self-motivation ‫بشجع نفسي بنفسي‬ How to Avoid a Franchise Lemon! Research officers & their business experience Get summary of any bankruptcy & litigation Estimate all costs to set up franchise Review franchise contract & three most recent financial statements

Cooperative:-A business owned & controlled by the people who use it, produces, consumers or workers with similar needs who pool their resources for mutual gain. - :‫الجمعية التعاونية‬ ‫ والمستهلكين أو العمال الذين لديهم احتياجات‬،‫ وتنتج‬،‫ األعمال المملوكة والتي تسيطر عليها من قبل الناس الذين يستخدمونها‬)‫مماثلة الذين تجمع مواردهم لتحقيق مكاسب متبادلة(زي الجمعية التعاونية للفالحين‬

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Questions on CH.5

QUESTION (1) Matching 1-Conglomerate merger 2- home based 3- Sole proprietorship 4- Partnership 5- Horizontal merger 6- Acquisition 7-General partners 8-Corporation 9-merger 10-Vertical merger 11-Franchise 12-cooperative a) b) c) d) e) f) g) h) i) j)

Business owned and usually managed by one person Legal form of business with two or more owners. All owners share in operating the business and assuming liability for the business debts. Legal entity with authority to act and have liability separate from its owners. The result of two firms forming one company. The joining of the firms in completely unrelated industries. One company purchase of property and obligations of another company. The joining of two firms in the same industry. The joining of two companies involved in different stages of related business. An arrangement by some one with good idea for business sells the rights to use the business name and sell a product or service to others in a given territory franchise. k) Relief from the stress of commuting, extra time for family activities, low costs. l) Business owned and controlled by the people who use it, producers, consumers or workers with similar needs who pool their resources for mutual gain.

QUESTION (2) 1. A––––––––– joins two firms in the same industry. 2. A legal form of business with two or more owners in a ––––––––– 3. A ––––––––– is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and to sell a product or others in a given territory. 4. In a (n) ––––––––– one company purchases the property and obligations of another company. 5. Limited partners and shareholders have ––––––––– because they are only responsible for the losses of a business up to the amount they invest. 6. This unique government creation called a (n) ––––––––– looks like a corporation but is taxed like sole proprietorships and partnerships. 7. A ––––––––– is a company that develops a product concept and sells others the rights to make and sell the products. 8. A business proposition that joins firms in completely unrelated industries is called a (n) ––––––––– 9. An agreement such as a (n) ––––––––– is a partnership with one or more general partners and one or more limited partners. 10. A legal entity with authority to act, a (n) ––––––––– has liability separate from its owners. 11. The results of two firms forming one company is a ––––––––– 12. A ––––––––– is a person who buys a franchise. 13. A partner is called a ––––––––– when she has invested money in a business but does not have any management responsibility or liability for losses beyond the investment. 14. A company that is similar to an S corporation, but without the special eligibility requirement is called a (n) ––––– –––– 15. A partner who has unlimited liability is called a ––––––––– and is active in managing the firm. Page 6 of 75

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Business Final Revision 2019 16. A ––––––––– is a business that is owned and controlled by the people who use it-producers, consumers of workers with similar needs who pool their resources for mutual gain. 17. A partnership is called a (n) ––––––––– when all owners share in operating the business and in assuming liability for the business's debts. 18. An attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing is called a (n) ––––––––– 19. ––––––––– is the right to use a business name and to sell a product or service in a given territory. 20. In the business venture known as a (n) ––––––––– two companies which are involved in different stages of related businesses join together. 21. A business that is owned, and usually managed, by one person is a (n) –––––––––– 22. The concept of ––––––––– means that business owners are responsible for all of the debts of a business. 23. A (n) –––––––––– is one that limits partner's risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision. 24. A state-chartered legal entity with authority to act and have liability separate from its owners is a (n) –––––––––

QUESTION (3) Read each sentence(s) below and choose the right and only one answer for each sentence 1. The –––––––––– is the most common form of business ownership. a) Partnership b) corporation c) joint venture d) sole proprietorship 2. A –––––––––– is a business organization that is owned, and usually managed by one person. a) Closed corporation c) subchapter S corporation b) Sole proprietorship d) limited partnership 3. Too many businesspeople, one of the major attractions of a sole proprietorship is: a) The ability to obtain additional financial resources. b) The protection of limited liability. c) An unlimited lifespan. d) The chance to be their own boss 4. The –––––––––– is usually the easiest form of business to start and end. a) Sole proprietorship b) limited partnership c) corporation d) cooperative 5. One of the major disadvantages of a sole proprietorship is the: a) Unlimited liability the owner has for the debts of the firm. b) Fact that any income earned by this type of business is taxed twice. c) High cost of starting or ending the company. 6. Starting a new business as a sole proprietorship: a) Requires retaining the services of an attorney. b) is simple, but the proprietorship fee is very expensive in some states. c) is usually simpler and less expensive than starting other forms of ownership. d) is very similar- to starting a business as a corporation. 7. A significant disadvantage of owning a sole proprietorship is the: a) Possibility of limited liability. b) Heavy tax liability that must be assumed. c) Overwhelming time commitment often required of the owner. d) Lack of incentives to motivate the owner. 7- Unlimited liability means: a) When you own your own business you are responsible for all the business debts. b) When you own stock in a corporation the corporation will pay your debts. c) As a franchisee your franchisor is responsible for the debts of the franchise. ! 1 d) You are liable for whatever advertising promises your firm makes. Page 7 of 75

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Business Final Revision 2019 8. In a partnership, a (n) –––––––––– partner is an owner who is active in managing the company and has unlimited liability for claims against the firm. a) Unlimited b) limited c) general d) associate 9. A partner who invests money in a business, but does not take an active role in management or assume unlimited liability for the firm's losses is known as a (n): a) Implied partner. b) Limited partner, c) Partial partner d) Corporate partner. 10. The limited liability provided to limited partner's means that they are not responsible for the debts of the business beyond: a) The firm's total assets b) The amount they have invested in the company. c) The percentage of profits they are entitled to earn. d) Their total personal assets. 11. A –––––––––– looks and acts much like a corporation and is traded on stock exchanges, but is taxed like a partnership. a) Limited partnership c) combined general partnership b) Cooperative partnership d) master limited partnership 12. Compared to a sole proprietorship, which of the following is considered an advantage of a general partnership? A) Ability to pool financial resources b) limited liability for all owners c) Equal division of profits among the owners d) ease and flexibility in transferring shares of ownership to others 13. Which of the following is an advantage of a partnership? a) Ease of starting and ending the business b) Longer survival c) retention of company profit d) little time commitment 14. Rhonda has agreed to invest $16,000 in a partnership with her sister and brother-in-law. Rhonda does not plan to work in the partnership, nor does she wish to risk any of her own wealth other than the $16,000 she invests, but she does intend to share in any profits earned by the partnership. Evidently, Rhonda will be a (n): a) Restricted partner. b) Preferred stockholder, c) Secondary partner. d) Limited partner. 15. An owner of a corporation is known as a (n): a) General partner. b) Limited partner. c) Director. d) Stockholder 16. The form of business ownership that is best suited to raising large amounts of money for expansion is the: a) Sole proprietorship. b) Partnership. c) Corporation. d) cooperative. 19. Which of the following is an advantage of the corporate form of business when compared to sole proprietorships and partnerships? a) Ease of formation b) lower taxes c) simplified paperwork d) limited liability of owners 20. Compared to partnerships and sole proprietorships, a major advantage of the C (conventional) corporation as a form of business ownership is that it: a) Has the ability to raise more money. b) is easier and less expensive to form, c) Qualities for simplified tax treatment. d) Creates unlimited liability of owners. 21. Which of the following are normally considered a major disadvantage of the corporate form of business? a) Unlimited liability of owners c) difficult transfer of ownership b) limited life d) double taxation of earnings 22. A separation between ownership and management is most likely to occur in a: a) Sole proprietorship b) General partnership, c) Corporation. d) limited liability partnership. 23. The form of business ownership that usually requires the most detailed record keeping is the: Page 8 of 75

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Business Final Revision 2019 a) Corporation. b) Partnership. c) Sole proprietorship. d) Limited partnership. 24. The result of two firms combining to form one company is called a: a) joint tenancy. b) tenancy in common. c) merger. d) leveraged buyout. 25. A (n) –––––––––– occurs when one company buys the property and obligations of another company. a) cooperative b) hostile takeover c) leveraged buyout d) acquisition 26. The three major types of corporate mergers are known as: a) economic, geographic, and financial. b) flexible, differentiated, and conditional. c) vertical, horizontal, and conglomerate. d) explicit, implicit, and intrinsic. 27. A –––––––––– merger unites firms at different stages of related businesses. a) vertical b) horizontal c) diagonal d) conglomerate 28. When two companies in the same industry combine, the result is called a (n): a) vertical merger. b) joint venture. c) monopoly. d) horizontal merger. 29. When two companies in completely unrelated industries combine; the result (is called a (n): a) vertical merger. b) joint venture. c) conglomerate merger d) horizontal merger. 30. A –––––––––– major reason given for conglomerate mergers are that they: a) diversify business operations and investments. b) allow the firm to have a more dominant position in its market. c) enable the firm to enjoy a higher degree of specialization. d) give the firm a more secure access to needed materials and components and better control over quality. 31. An attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing is called a (n): a) golden parachute. b) arbitrage agreement. c) factor transaction, d) leveraged buyout. 32. Excursion Corporation recently bought out Suburban Engineering for an undisclosed amount of money. It now owns all of Suburban's properties and obligations. This is an example of a (n): a) merger. b) combination. c) expropriation. d) acquisition. 33. A merger involving a trucking firm and a bakery would be an example of a: a) vertical merger. b) horizontal merger. c) linear merger. d) conglomerate merger. 34. A merger involving a commercial bakery and a grocery retailer would be an example of a: a) vertical merger. b) horizontal merger. c) linear merger, d) conglomerate merger. 35.A merger involving a major candy company and a steel producer would be an example of a: a) Vertical merger. b) Horizontal merger. c) Linear merger d) Conglomerate merger.

QUESTION (2) Determine if the sentence below are true or false 1. The corporation is the most common form of business ownership. 2. The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations. 3. Once a business is established, it's almost impossible to change from one form of business ownership to another. 4. When two or more people legally agree to become co-owners of a business, the organization is called a partnership. 5. The legal entity with authority to act and have liability separate from its owners is called a partnership. 6. A comparison of the three major forms of business ownership shows that sole proprietorships are usually the most difficult type of business to establish. 7. The profits of a sole proprietorship are taxed as the personal income of the owner. Page 9 of 75

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Business Final Revision 2019 8. A major advantage of sole proprietorships is that an owner has limited liability for the debts of his or her business. 9. One of the strengths of the sole proprietorship is its ability to sustain rapid growth by raising large amounts of financial resources. 10. The debts of a business operated as a sole proprietorship are considered to be the personal debts of the owner of the business. 11. Jim wants to start a business. He is attracted by the idea of being his own boss, and wants to get started with a minimum of expense and hassle. He is very confident in his abilities, so he is not particularly worried about financial risks. All of these factors suggest that Jim would favor starting his business as a sole proprietorship. 12. If a sole proprietorship fails, the owner may lose whatever was invested in the business, but the owner's personal assets are not at risk. 13. A general partner can take an active role in the management of the business 14. All of the partners in a general partnership have limited liability for the debts of their firm. 15. In a general partnership, all owners share in both management of the business and in the assumption of liability for the firm's debts. 16. A limited partner is an owner who takes no management responsibility and has no liability for losses beyond the amount invested. 17. A limited partnership is a partnership with one or more general partners and one or more limited partners. 18. One of the major disadvantages of a partnership is that profits must be divided according to very specific legal guidelines. 19. A general partner has unlimited liability for the debts of the partnership only if he or she personally approved the decisions that resulted in those debts. 20. One advantage of a partnership is that there is a simple process for partners to terminate their business. 21. Compared to sole proprietorships, an advantage of partnerships is their ability to obtain more financial resources. 22. Compared to sole proprietorships, partnerships offer the advantage of shaded management and pooled knowledge. 23. A limited partnership refers to a partnership set up for a temporary purpose, such as a real estate development project. 24. A conventional corporation is a state-chartered legal entity, with authority to act and have liability separate from its owners. 25. A corporation can raise financial capital by selling shares of stock to interested investors. 26. Stockholders in a corporation must accept unlimited liability for the corporation's debts. 27. Corporations are easy to start and easy to terminate. 28. A disadvantage of corporations is that they generally require extensive paperwork. 29. Stockholders in a corporation normally exert a significant degree of control over the company's daily operations. 30. The stockholders in a corporation elect a board of directors to oversee the company's major policy issues. 31. Stockholders in a corporation have limited liability for the debts of the corporation. 32. One advantage of corporations is that the initial cost of setting them up is usually lower than for other forms of ownership. 33. Corporate income is taxed just once. 34. In a merger, two firms combine to form one company. 35. The three major types of mergers are acquisition, joint, and connective. 36. An acquisition is when one company buys the property and obligations of another company. 37. In a conglomerate merger, firms in the same industry merge to expand their share of the market. 38. The purpose of a conglomerate merger is to diversify operations and investments. Page 10 of 75

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Business Final Revision 2019 39. A merger between two businesses in different stages of related businesses is known as a vertical merger. 40. A horizontal merger refers to a merger between two companies that are in entirely different markets. 41. A horizontal merger refers to a merger between two companies in the same industry. 42. A franchise agreement is an arrangement where a franchisor sells the rights to a business name and the right to sell a product or service within a given territory to a franchisee. 43. A franchise may be organized as a sole proprietorship, partnership, or corporation. 44. Franchisors give franchisees the right to use their name and product, but franchisees must obtain all financing and develop all marketing strategies on their own. 45. In a franchise arrangement, ownership of all of the individual stores or outlets remains in the hands of the franchisor. 46. One of the major advantages of a franchise system is the franchisee often gets Instant recognition from consumers. 47. Franchisees must follow more rules, regulations, and procedures than if they operated independently-owned businesses. 48. The "coattail effect" refers to being forced out of business as a profitable franchisee if your fellow franchisees fail. 49. One drawback of franchises is that they have a much higher failure rate than other types of business ventures. 50. It is impossible to run a franchise completely from home. 51. A cooperative is simply another name for a corporation. 52. A cooperative consists of people with similar needs who pool their resources for mutual gain.

Answers Q1: 1 f

2 K

3 a

4 b

5 h

6 g

7 c

8 d

9 e

10 i

11 j

12 I

Q2: 1. Horizontal merger 2. 3. 4. 5. 6. 7. 8. 9.

Partnership Franchise agreement Acquisition Limited liability S Corporation Franchisor Conglomerate merger Limited partnership

10. 11. 12. 13. 14. 15. 16.

Corporation Merger Franchisee Limited partner Limited liability company General partner Cooperative

17. 18. 19. 20. 21. 22. 23. 24.

General partnership Leveraged buyout (LBO) Franchise Vertical merger Sole proprietorship Unlimited liability Limited liability partnership Conventional corporation

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Business Final Revision 2019 Q3: Statement 1. 2. 3. 4. 5. 6. 7. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Answer d b d a a C C A C B B D A B D D

16. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35.

c d a d c a c d c a d c a d d d d a

Q4: Statement 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25.

True or false False True False T False F T F F T T F T F T T T F F F T T F T T

Statement 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

True or false F F T F T T F F T F T F T T F T T T T T T T T F F

Statement 51 52

True or false F T

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Business Final Revision 2019

Chapter ( 6 ) ‫الورقة دي أهم من حياتك‬ Entrepreneurship: Accepting the risk of starting and running a business

‫ قبول مخاطر بدء وإدارة األعمال التجارية‬: ‫ريادة األعمال‬

Entrepreneurial teams: A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make and market a new product. Ex:- Apple computers ‫مجموعة من األشخاص ذوي الخبرة من مختلف مجاالت األعمال الذين يجتمعون معا لتشكيل فريق إداري مع المهارات الالزمة‬ .‫لتطوير وجعل وتسويق منتج جديد‬ Micropreneur Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small lets them do the work they want to do and offers them a balanced lifestyle. {Many micropreneurs are Homebased Businesses.} ‫رجال األعمال على استعداد لقبول خطر بدء وإدارة نوع من األعمال التي ال تزال صغيرة يتيح لهم القيام بالعمل الذي يريدون‬ }.‫ {إن العديد من المشاريع الصغيرة هي مشاريع قائمة على المنزل‬.‫ ويقدم لهم نمط حياة متوازن‬،‫القيام به‬ Intrapreneurs Creative people who work as entrepreneurs within corporations. They use existing company’s resources to launch new products and generate new profits. ‫ وهم يستخدمون موارد الشركة الحالية إلطالق منتجات جديدة وتحقيق‬.‫المبدعين الذين يعملون كرجال أعمال داخل الشركات‬ ‫أرباح جديدة‬ Enterprise Zones Specific geographic areas to which government try to attract private business investment by offering lower taxes and other government support. .‫مناطق جغرافية محددة تحاول الحكومة اجتذاب استثمارات تجارية خاصة من خالل تقديم ضرائب أقل ودعم حكومي آخر‬ Incubators Centers that offer low-cost offices with basic business services { such as accounting, legal advice and secretarial help} -incubators help companies survive because they provide assistance in the Crucial early development stage. ‫المراكز التي تقدم مكاتب منخفضة التكلفة مع خدمات األعمال األساسية {مثل المحاسبة والمشورة القانونية والمساعدة‬ }‫السكرتارية‬ Business plan A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition and the resources and qualifications of the owners. ‫ ومزايا األعمال التجارية سيكون لها فيما يتعلق بالمنافسة والموارد‬،‫ والسوق المستهدف‬،‫بيان مكتوب مفصل يصف طبيعة العمل‬ .‫ومؤهالت أصحابها‬ Angel investors Private individuals who invest their own money in promising new companies before they go public. ‫األفراد الذين يستثمرون أموالهم الخاصة في شركات جديدة‬ Venture capitalists Are individuals or companies that invest in new businesses in exchange for partial ownership of those businesses. ‫هم أفراد أو شركات تستثمر في أعمال جديدة مقابل ملكية جزئية لتلك الشركات‬ A Market consists of people with unsatisfied wants and needs who have both the resources and the willingness to buy ‫مجموعة من االشخاص لديهم احتياجات و رغبات عايزين يشبعوها ولديهم الرغبة في الشراء‬ -A Small Business is Independently owned, Not dominant in its field and Meet certain standards of size Employees, and Annual Receipts.

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Business Final Revision 2019 Q: why take the entrepreneurial challenge{Characteristics of entrepreneurial} ‫خصائص ريادة األعمال‬ ‫عاوز فرصة اثبت فيها‬

1. Opportunity ‫الفرصة لنفسي‬

2. Profit 3. Independence‫األستقاللية‬ 4. Challenge

‫الربح‬ ‫التحدي‬

Entrepreneurial Attributes ‫سمات المبادرين للمشاريع‬ 1-Self-Nurturing. )‫تنشئة النفس(حبدأ مشروعي في سن صغير‬ 2.Self-Directed & Self-Disciplined ‫األنضباط الذاتي‬ 3-Action-oriented. ‫عارف عايز تعمل ايه‬ 4-Highly Energetic ‫عندك حماس للشغل‬

5-Tolerant of uncertainty ‫هو مش متاكد من نجاح البزنس بتاعك‬ Reasons For Growth of Home-based business:

1. Technology ‫التكنولوجيا‬ 2. Downsizing ‫الشركات الكبيرة بتسرح العمال اللي عندها‬ ) ‫(الخصخصة‬ 3. Attitudes ‫تغير التصرفات االجتماعية‬ 4. Tax Advantages ‫مش حيدفع ضرائب‬ Challenges Home-based Business ‫التحديات ال بتواجة الشخص لو عايز يشغل في البيت‬

1. New customers ‫احاول ان العمالء يعرفوا المنتج‬ ‫بتاعي‬ 2. Time management ‫اداره الوقت‬ 3. Work VS family ‫عمل توازن بين العمل و االسرة‬ 4. City ordinances‫قوانين المدينة‬ 5. Risk, home insurance ‫الخطر عدم ضمان نجاح‬ ‫المشروع‬ Focus of Home-based

1. New Ideas ‫أفكار جديدة‬ 2. Long term VS short term ‫عاوز المشروع بتاعي‬ ‫يكون لمدة طويلة والقصير االجل‬ 3. Profit VS paycheck ‫هل التكلفة اللي هددفعها هترجعلي ومعاها مكسب كويس‬ 4. Results VS Routine 5. Find Opportunity ‫ايجاد فرصة للعمالء انهم يالقوا‬ ‫احتياجتهم‬

Reasons of small business Failure 1. Entering without first testing ‫دخول السوق بدون اختباره‬ 2. Under/ over pricing ‫يحطوا سعر قليل او عالي اوي‬ 3. Too little capital ‫رأس المال قليل اوي‬ 4. Little/ no experience ‫الخبره قليلة او مفيش خبره‬ 5. Borrowing money without planning ‫بيستلف فلوس من غير ما يبقي عارف‬ ‫حيسددها ازاي‬ 6. Trying to do too much with too little ‫عايز يحقق مكاسب كتيره وهو اصال امكانياته‬ ‫قليلة‬ 7. Buying too much on credit ‫بيشتري حاجات‬ ‫كتير علي الحساب‬ 8. Incomplete and / or inaccurate records ‫تسجيالت غير دقيقة أو غير متكاملة‬ 9. Not understanding business cycles ‫عدم‬ ‫فهم دورات األعمال‬ 10.Forgetting about taxes, insurances. ‫مش‬ ‫بيفكر في الضرائب و ال في التأمينات‬ 11.Working or not according to whim. The major functions of business as they pertain to small business are:-

1. Planning your business( Business plan) ‫نخطط الشغل‬ 2. Financing your business(lenders/ investors)& Venture capitalists ‫تمويل‬ ‫المشروعات‬ 3. Professional Advice/ Help a) Collaboration b) Lawyers, loan officers, insurance agents c) Local college/ universities 4.Knowing your customers{Marketing} ‫اعرف‬ ‫مين العمالء ال بتعامل معاهم‬ 5. Managing your employees{HRM} ‫اداره‬ ‫الموظفين‬ 6.Keeping records {Accounting ‫كتابة‬ ‫التعامالت المحاسبية‬..‫التسجيالت‬  Small Business strategies 1. Examine Marketing and ID areas for growth ‫ اشوف البزنس بتاعي هقدر اسوقوا والال‬: ‫فحص التسويق‬ Page 14 of 75

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Business Final Revision 2019 Going International: small business ‫مزايا ان البيزنس يطلع دوليا‬  Positives: 1. Larger Market ‫السوق اكبر‬ 2. Absorb Excess inventory ‫التخلص من‬ ‫المخزون الزائد‬ 3. Soften National Downturn‫ االنكماش الوطني‬. 4. Extend product life ‫ازود عمر المنتج‬  Negatives 1. Difficult financing ‫صعوبة التمويل‬ 2. Don’t know how to get started ‫مش عارف ابدأ‬ ‫ازاي‬ 3. Lack of understanding cultural differences ‫نقص فهم األختالفات الثقفاية بين الدول‬ 4. More paperwork Advantages of International Small Business 1. Deals with individuals ) ‫( هتعرف علي ناس كتير من الخارج‬ 2. Being Shipping order Faster ‫سرعة الطلبات‬ 3. Variety of suppliers ‫تعدد الموردين (الني اصبحت بصدر للخارج‬ 4. Professional Services with undivided attention

2. Profile best customers and market to similar prospects ‫حاول تعمل مظهر كويس للمنتج بتاعك يشجع العميل علي‬ ‫انه يشتري‬ 3. Invest in sales training and technology ‫لما تروح تاخد كورس عن المبيعات او التدريب ده يعتبر‬ ‫استثمار لنفسك‬ 4. Refresh business perspective with outside views 5. Streamline business and eliminate waste ‫امشي ف البزنس بتاعك خطوه خطوه‬ Saving a Business in Trouble 1. React/ Not Overreact ‫لو انت واقع في مشكلة اتصرف بس متزودتش في‬ ‫التصرف‬ 2. Understand Financial Situation ‫فهم الوضع المالي للشركة‬ 3. Find Professional Help 4. Develop “ Recovery plan “ ‫خطة الخروج من المشكلة‬ 5. Be a visible, Confident Leader ‫الزم يكون عنده‬ ‫رؤية مستقبلية‬ 6. Remind Employees of stake in business ‫جعل الموظفين متمسكين بالشغل عن طريق اني اديهم‬ ‫كلمات تحفزية‬ 7. Don’t get stung by killer “ Bankruptcy “ ‫" متوصلش نفسك لمرحلة االفالس‬

Questions on CH.6 QUESTION (1) Matching 1-Intrapreneurs 2-Venture capitalists 3-Market 4- Entrepreneurship 5- Entrepreneurial teams 6- Micro preneur 7-Business plan 8-Incubators 9-Enterprise Zones 10-Angel investors 11-small Business a) ____________________A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make and market a new product. b) _________________creative people who work as entrepreneurs within corporations. They use existing company’s resources to launch new products and generate new profits c) __________________specific geographic areas to which government try to attract private business investment by offering lower taxes and other government support. d) ________________A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition and the resources and qualifications of the owners e) _______________Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses. f) ___________________Accepting the risk of starting and running, Page 15 of 75

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Business Final Revision 2019 g) __________________Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small lets them do the work they want to do and offers them a balanced lifestyle. h) ____________________centers that offer low-cost offices with basic business services such as accounting, legal advice and secretarial help i) _____________________private individuals who invest their own money in promising new companies before they go public j) ____________________consists of people with unsatisfied wants and needs who have both the resources and the willingness to buy k) ______________________type of business not dominated in the market and has specific standards

Q2:True or False Question 1-As……………., Maher searches for firms in need of additional funding to achieve their goals. In return for his investment, Maher will get partial ownership of the business. A) Investment analysis b) venture capitalist c) corporate trader d) securities trader 2-Home-based entrepreneurs may lose their homeowners insurance if they run a business from expenses and costs A) True B) False 3- Since all businesses make a profit, starting a business is not risky a) True b) False 4- When seeking a loan from a bank, an entrepreneur hoping to start a new business should realize that bankers will: a) expect to receive a share of ownership in the business in exchange for their loan b) expect the entrepreneur to have a well-prepared business plan c) generally, make loans only to small businesses in computer related industries d) offer only very short-term financing 5- Which of the following is a reason given for the growth of home-based businesses? a) desire of to balance work and family b) new tax laws that allow for fewer deductions for home offices c) improvement in job security for employees of large corporation d) favorable shift in social attitudes toward working for a large corporation 6- Business incubators are government-funded facilities intended to: a) provide health care benefits for small business owners and their families b) offer startup firms low-cost office space and basic business services c) help rebuild the nation’s infrastructure d) assist foreign investors in identifying business opportunities 7-Entrepreneurship is: A. managing businesses for others. B. a controlling interest in the ownership of a corporation. C. managing businesses that operate in multiple countries. D. accepting the risk of starting and running a business. 8-Which of the following explains why individuals accept the risks of business ownership? A. The potential for learning how to be self-disciplined B. The sense of self-satisfaction and independence C. The challenge of seeking power D. The desire to work fewer hours 9-Which of the following is a characteristic of successful entrepreneurs? A. Power-seeking B. Relies heavily on others who believe in the business C. Willingness and desire to follow others D. Action-oriented 10-Which of the following best describes entrepreneurial personality traits? A. Tolerant of uncertainty and highly energetic. B. Risk averse and self-nurturing. C. Appreciate direction from others and risk averse. D. Prefer to work less hours and prefer to give directions and let others do the foot work. Page 16 of 75

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Business Final Revision 2019 11-A(n) ________________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product. A. entrepreneurial team B. joint venture C. self-directed functional team D. managerial task force 12-An entrepreneurial team consists of: A. managers with similar skills, abilities, and interests. B. experienced professionals from different areas of business. C. a group of wealthy investors who share a vision for a product. D. representatives from management, labor, and the government who work together to solve a company's problems in a creative way. 13-Business owners who prefer to maintain their businesses at a manageable size are called: A. macropreneurs B. intrapreneurs C. micropreneurs D. home workers 14-One of the challenges of running a home-based business is: A. an increase in business risk. B. managing the extra time on your hands. C. keeping work and family tasks separate. D. burdensome tax laws. 15-A creative person working within a corporation to launch new products and generate new profits is known as a(n): A. arbitrator. B. micropreneur. C. macropreneur. D. intrapreneur. 16-The goal of an intrapreneur is: A. to improve quality control in a corporation's production process. B. to develop new products and generate new profits for the corporation. C. to implement cost control policies for existing products. D. to create smaller companies within larger companies. 17-Enterprise zones are specific geographic areas that: A. the government has set aside for major corporations that promise to spend at least $10 million to create new jobs. B. attract business investment by offering lower taxes and government support for development. C. the government has recognized as having the fastest growth rates in the country. D. are characterized by government ownership of small businesses. 18-Business incubators are usually government-funded facilities intended to: A. provide health care benefits for small business owners and their families. B. offer startup firms low-cost office space and basic business services. C. help rebuild the nation's infrastructure. D. assist foreign investors in identifying business opportunities in the U.S. 19-Successful entrepreneurs are self-nurturing. This means they: A. look to others for strength and encouragement. B. self-finance their business with no assistance from others. C. perform all business operations by themselves. D. believe in themselves and their ideas. 20-Which of the following statements is characteristic of entrepreneurs? A. They like certainty B. They have the ability to visualize a clear path C. They look at problems and see opportunities D. They prefer to be inventive rather than worry about whether the invention solves a customer need 21-Although successful entrepreneurs are more tolerant of uncertainty, A. they seldom start another business after a failure. B. they develop mental games to see themselves through the risk game, especially. C. they always protect themselves from failure by taking-out lots of insurance. D. they strive to take calculated risks. 22-Successful entrepreneurial teams: A. quickly organize themselves like large corporations. B. assign only one person to new product innovation. C. bring a variety of talent to the business venture. D. outsource most of the details of innovation. 23-One reason we have seen continued growth in home-based businesses is: A. the location offers a more secure operational environment. B. affordable computer and information technology makes it easier to compete. C. people need something to do while they wait to return to work for a large corporation. D. it is less risky to start a home-based business than other types of entrepreneurial ventures. Page 17 of 75

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Business Final Revision 2019 24-Which of the following statements is not a challenge for home-based businesses? A. Affordable technology such as the Internet B. Staying focused on the business and leaving home chores for after-business hours C. Using your time wisely D. Promoting your services 25-Which of the following best describes the difference between an intrapreneur and an entrepreneur? A. Intrapreneurs start nonprofit organizations while entrepreneurs start profit-seeking businesses B. Intraprenuers are practical while entrepreneurs are creative C. Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business D. Intrapreneurs limit their efforts to financial investments, while entrepreneurs are involved in the management of all areas of a business 26-Intrapreneurs make use of __________ to develop and launch new products and generate new profits. A. their employer's existing human, financial, and physical resources B. their own personal financial resources C. government-supplied physical and financial resources D. old ideas abandoned by entrepreneurs 27-Enterprise zones are: A. government owned properties that are available for entrepreneurial ventures at a reduced cost B. similar to incubator facilities but strictly run by city and state governments C. blighted areas that contained toxic materials making them unsuitable for business operations D. specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas 28-Enterprise zones and investor visas are examples of: A. government policies that favor large corporations rather than small businesses. B. government programs that encourage economic growth through entrepreneurship. C. government policies designed to encourage intrapreneurs. D. examples of private initiatives to reduce the government's role in the economy. 29-New businesses can open-up shop and share common services such as secretarial, accounting, and legal services. Due to their remarkable success rate, _______________ continue to grow in popularity. A. enterprise zones B. incubators C. intrapreneurial development centers D. venture farms 30-Nada recently quit a job with a large corporation to start her own business. While she realizes that her decision comes with risk, she is excited for the chance to be independent and by the challenges of running her own firm. Nada is an example of a(n): A. intrapreneur. B. entrepreneur. C. venture capitalist. D. raconteur. 31-Apple Computer's "smart team" is an example of a firm that succeeded by: A. encouraging each manager to focus on a well defined area of the business and build his own specialized department. B. bringing together a group of talented and experienced managers to conceive, develop, and market products. C. emphasizing a low price and low cost strategy right from the beginning. D. assembling a group of employees whose inexperience was a plus, because they did not come with the baggage and institutional ideas of larger companies. 32-Which of the following is not a reason stated for small business failure? A. Managerial incompetence B. Inadequate financial planning C. Buying too little on credit and not being lenient enough with your credit paying customers D. Borrowing money without a plan of how and when you will repay the debt 33-Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in: A. the manufacturing sector. B. the food service industry. C. a low risk industry. D. the agriculture sector.

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Business Final Revision 2019 34--A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management. A. feasibility product B. marketing plan C. business plan D. statement of intent 35-The business plan will include ______________. A. an analysis of the competition B. names of banks the owner plans to visit C. import/export information D. names of employees 36-A detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a: A. business plan. B. entrepreneurial mission statement. C. profit and loss statement. D. professional action plan. 37-________ are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies. A. Leveraged buyout specialists B. Angel investors C. Venture investors D. Corporate raider investors 38-A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a: A. corporate raider. B. takeover specialist. C. financial capitalist. D. venture capitalist. 39-A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service. A. market B. consumer cooperative C. consumer collective D. buyer's cooperative 40-A good business plan will: A. focus on the big picture and omit the small details of operating the business. B. describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications. C. be purposefully vague, since specifics can restrict creativity and flexibility. D. focus on the nature of the business and the target market, omitting personal information about the owner in order to avoid personality issues

Q3:True or False Question 1. Entrepreneurship involves accepting the risk of starting and running a business. 2. Entrepreneurship is another name for management. 3. Successful entrepreneurs accept the risk of failure. 4. An entrepreneurial team is a group of experienced managers who share the same skills and abilities. 5. Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people. 6. Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses. 7. The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family 8. Many micropreneurs are home-based business owners 9. Corporate downsizing reduces the opportunities for home-based businesses. 10. Successful micropreneurs require self-discipline to separate work from family responsibilities. 11. One advantage enjoyed by home-based businesses is the relative ease in attracting new customers. 12. Creative people working as entrepreneurs within a large organization are called intrapreneurs. 13. Enterprise zones offer lower tax rates and government assistance to attract private business investment. 14. A good business plan describes the nature of the proposed business, the target market, the competitive advantages, and the qualifications of the owners. 15. Angel investors are the government agencies that invest money in new companies before they go public. 16. Venture capitalists provide funds for startup businesses in exchange for part ownership in the new firm. Page 19 of 75

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Business Final Revision 2019 Answers Q1: 1 B

2 e

3 K

4 f

5 a

6 g

7 d

8 h

9 c

10 i

11 K

Q2: 1 b 21 D

2 A 22 C

3 b 23 B

4 a 24 A

5 d 25 C

6 b 26 A

7 d 27 D

8 b 28 B

9 d 29 B

10 a 30 B

11 a 31 B

12 d 32 C

13 c 33 A

14 c 34 C

15 d 35 A

16 b 36 A

17 b 37 B

18 b 38 D

19 d 39 A

20 c 40 B

Q3: 1

2

3

4

5

6

7

8

True

false

true

false

false

False

false

true

9

10

11

12

13

14

15

16

false

true

false

True

true

true

true

true

‫زاكر انت كويس بس وأعمل أل عليك علشان لما‬.. ‫معلش وهللا هانت‬.. ‫حاسة وهللا أنك تعبت جدا‬ ‫تقول يارب يستجيب لك‬

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Business Final Revision 2019

Chapter ( 9) Production: -The creation of finished goods and services using the factors of production: land, labor, capital , entrepreneurship and knowledge. ‫ األرض والعمالة ورأس المال وريادة األعمال والمعرفة‬:‫إنشاء السلع والخدمات الجاهزة باستخدام عوامل اإلنتاج‬

Production Management: The term used to describe all the activities managers do to help their firms create goods ‫يستخدم المصطلح لوصف جميع األنشطة التي يقوم بها المديرون لمساعدة شركاتهم في تصنيع منتجات‬-

Operations Management (OM) Is specialized area in management that coverts or transforms resources (including human resources) into goods and services. ‫هو مجال متخصص في اإلدارة التي تحول الموارد (بما في ذلك الموارد البشرية) إلى السلع والخدمات‬

Form utility: is the value added by the creation of finished goods and services, such as the value added to taking silicon and making computer chips or putting services to gather to create a vacation package. ‫ مثل القيمة المضافة إلى صناعة السيليكون وجعل رقائق الكمبيوتر‬،‫هي القيمة المضافة من خالل إنشاء السلع والخدمات الجاهزة‬ Computer-Aided Design ( CAD) Is the use of computers in the design of products.

.‫هو استخدام أجهزة الكمبيوتر في تصميم المنتجات‬ Computer-Aided Manufacturing – (CAM) Is the use of computers in the manufacturing of products.

‫هو استخدام أجهزة الكمبيوتر في تصنيع المنتجات‬ Computer-Integrated Manufacturing (CIM) -Uniting of computer-aided design with computer aided manufacturing -CAD/CAM, made it possible to custom-design products for small market V. Important Notes for Complete Question:1. Some organizations produce mostly goods (factors and mines), others mostly services (hospitals, schools), some produce both (McDonald). 2. In the service industry, operations management is about creating a good experience for those who use the service. 3. Delighting customers has become the quality standard for luxury hotels and other services business. 4. -The production process-Consists of taking the factors of production (land….) and using those inputs to produce goods , services and ideas.  Andrew Grove chairman of intel, defines Three Requirements For Production 1. Build and deliver products in response to the demands of the customer at a scheduled delivery time 2. Provide an acceptable quality level 3. Provide everything at the lowest possible cost

____________________________________________________________________

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Business Final Revision 2019

• Types Of production Operations

1. Process manufacturing

2. Assembly process 3.Continues process 4.Intermittent process

1-Process manufacturing

‫عملية التصنيع‬

Is that part of the production process that physically or chemically changes materials Ex:- Breakfast: Boiling---change the egg.‫هذا الجزء من عملية اإلنتاج التي تغير المواد ماديا أو كيميائيا‬

2-Assembly process‫هذا الجزء من عملية اإلنتاج التي تجمع مكونات معانا لتكوين المنتج‬ Is that part of the production process that puts together components to make a product Ex:- Breakfast: Eggs, toasts, coffee

3-Continues process

‫العملية المستمره‬

Is one in which long production runs turn out finished goods over time )‫هي عملية اداره اإلنتاج الطويل(طويل األجل‬ Ex: Oil production

4-Intermittent process

‫عملية متقطعة‬

Is a process in which the production run is short and the machines are changed frequently to produce different products ‫هي عملية تشغيل اإلنتاج علب المدي القصير ويتم تغيير اآلالت بشكل متكرر إلنتاج منتجات مختلفة‬ Ex: furniture

Production Techniques -Flexible Manufacturing -Is designing machines to do multiple tasks so that they can produce a variety of products. ‫هو تصميم آالت للقيام بمهام متعددة بحيث يمكن أن تنتج مجموعة متنوعة من المنتجات‬

Lean Manufacturing -Is the production of goods using less of everything compared to mass production; less human effort, less manufacturing space, less investment in tools, less engineering time to develop a new product in half the time . ‫ وأقل‬،‫ أقل مساحة لللتصنيع‬،‫ه و إنتاج السلع باستخدام أقل شيء من كل حاجة بالمقارنة مع اإلنتاج الضخم؛ أقل جهد اإلنسان‬ ‫ وأقل وقت الهندسة لتطوير منتج جديد في نصف الوقت‬، ‫األدوات االستثمار‬ -A company becomes lean by continuously increasing the capacity to produce more, higher quality results with fewer resources.

Mass Customization Means tailoring products to meet the needs of large number of individual customers.-

Manufacturers are learning to Customize their products for individual customers. -Mass customization of services is easier, because there is no tangible good that must be adopted.. ‫اشوف احتياجات عدد كبير من الناس وانتج المنتجات ال تلبي االحتياجات دي‬ Page 22 of 75

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Business Final Revision 2019 -Operation Management planning involves solving problems in the industry and service sector including:

1. 2. 3. 4. 5. 6.

Facility Location ‫موقع الشركة‬ Facility Layout ‫تخطيط الشركة‬ Materials Requirement Planning ‫تخطيط متطلبات الشركة من الموارد‬ Purchasing ‫الشراء‬ J-I-T Inventory Control ‫التحكم في المخزون‬ Quality Control ‫التحكم في الجوده‬

1-Facility location 1. One strategy is to find a site that makes it easy for consumers to use the company's service, such as putting flower shops and banks in supermarkets. 2. The ultimate convenience is shopping through the internet. 3. The most successful service-sector businesses are conveniently located. 1.

Facility location for Manufacturers

Manufacturers choose sites that are close to low cost labor or to the right kind of labor (skilled people) )‫ الشركات المصنعة بتختار المواقع القريبة من العمالة منخفضة التكلفة أو إلى النوع الصحيح من العمالة (الناس المهرة‬. 2. Low cost labor remains the key reason manufacturers move their plants. .‫ال تزال العمالة منخفضة التكلفة السبب الرئيسي في ان مصنعين يقوموا بنقل مصانعهم‬ 3. Another reason for relocation for facilities is access to inexpensive resources such as water, electricity and coal. .‫ سبب آخر لنقل المرافق هي الحصول على موارد غير مكلفة مثل المياه والكهرباء والفحم‬4. Locating facilities close to suppliers cuts the cost of moving supplies. . ‫تحديد مرافق بالقرب من المورددين تخفيض تکلفة نقل اإلمدادات‬ 5. Reducing time to market, such as access to modes of transportation, is critical to successful global competition. .‫ أمرا بالغ األهمية لنجاح المنافسة العالمية‬،‫ مثل الوصول إلى وسائل النقل‬،‫تقليل الوقت الالزم للوصول للسوق‬ 6. Building factories overseas to get closer to international customers. .‫بناء مصانع في الخارج للحصول على أقرب إلى العمالء الدوليين‬ 7. When firms select foreign sites, they also study the quality of life for workers and managers. .‫ تدرس أيضا نوعية حياة العمال والمديرين‬،‫ وعندما تختار الشركات مواقع أجنبية‬8. Today , a big incentive to locate in a particular location is the tax incentives and degree of the government support.

2-Facility location the physical arrangement of resources (including people) in the production process. .‫الترتيب المادي للموارد (بما في ذلك الناس) في عملية اإلنتاج‬ For services, the layout is usually designed to help the consumer find and buy things. .‫ عادة ما يتم تصميم التخطيط لمساعدة المستهلك على العثور على األشياء وشرائها‬،‫بالنسبة للخدمات‬ That means giving customers access via the internet. .‫وهذا يعني منح العمالء إمكانية الدخول عبر اإلنترنت‬ Many stores are adding KIOKS that help customers find things on the internet. .‫العديد من المتاجر إضافة الكتب التي تساعد العمالء على العثور على األشياء على شبكة اإلنترنت‬ For manufacturing plants, efficient facilities layout can lead to cost savings. .‫ يمكن أن يؤدي تخطيط المنشآت الفعال إلى تحقيق وفورا في التكاليف‬،‫بالنسبة لمصانع التصنيع‬

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Business Final Revision 2019 Many companies are moving from an assembly line layout, in which workers do only a few tasks at a time, to a modular layout, in which teams of workers combine to produce more complex units of the final product. ‫ حيث العمال القيام سوى عدد قليل من المهام في وقت‬،‫العديد من الشركات تتحرك من تخطيط خط التجميع‬ ‫ إلى تخطيط وحدات‬،‫واحد‬

2-Material Requirement planning (MRP) -MRP is a computer-based production management system that uses sales forecast to make sure the needed parts and materials are available at the right time and place.

‫وهو نظام إدارة اإلنتاج الم عتمد علي اجهزه الكمبيوتر الذي يستخدم توقعات المبيعات للتأكد من األجزاء والمواد الالزمة متوفرة في‬ .‫الوقت المناسب والمكان المناسب‬

3-Enterprise Resources planning (ERP) a computer application that combines the computerized functions of all the divisions of the firm )such as finance, requirements planning, human resources and order fulfillment) on the basis of a single, integrated set of corporate data.

‫ تخطيط المتطلبات والموارد البشرية تطبيق‬،‫اجهزه الكمبيوتر الذي يجمع بين الوظائف لجميع أقسام الشركة (مثل التمويل‬ .‫وفاء النظام) على أساس مجموعة واحدة متكاملة من بيانات الشركات‬

4-Purchasing -Purchasing function searches for quality material resources, finds the best suppliers and negotiates the best price for quality goods and services. -In the past, manufacturers dealt with many different suppliers. Today, they rely more heavily on more or two vendors and manufactures is much closer. -Internet-Based purchasing services allow companies is find the best supplies at the best price.

‫ يجد أفضل الموردين والتفاوض على أفضل األسعار للسلع والخدمات ذات الجودة‬،‫وظيفة البحث عن الموارد المادية الجودة‬

Just –in-time inventory control (JIT) ▪ JIT systems keep a minimum of inventory on the premises and deliver parts, supplies and other needs just in time to go on the assembly line. ▪ JIT requires close coordination among selected suppliers. ▪ JIT systems make sure the right material are at the right place at the right time at the cheapest cost to meet customer needs.

‫الفكره هو االحتفاظ بحد أدنى من المخزون في المباني وتسليم قطع الغيار واللوازم وغيرها من االحتياجات في الوقت‬.‫المناسب للذهاب إلى خط التجميع‬ .‫تتطلب تنسيق قوي بين الموردين ال الشركة اختارتهم‬ .‫التأكد من أن المواد المناسبة في المكان المناسب في الوقت المناسب وبأقل تكلفة لتلبية احتياجات العمالء‬

5-Quality Control ‫التحكم في الجوده‬

▪ Quality is consistently producing what the customer wants while reducing errors before and after delivery to the customer.

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Business Final Revision 2019 ▪ Historically , quality control was done at the end of the production line by a quality control department. Six sigma quality is quality measure that allows only 3.4 defects per million events. ‫ العيوب في مليون األحداث‬3.4 ‫قياس الجودة التي تسمح فقط‬

Statistical Quality Control (SQC) :-- :)‫مراقبة الجودة اإلحصائية‬ the process managers use to continually monitor all the production process to assure that quality is being built into the product from the beginning .‫يستخدم مديرين العمليات المراقبة لكل عملية اإلنتاج باستمرار للتأكد من أن الجودة يتم بناؤها في المنتج منذ البداية‬ Statistical process control (SPC) ‫مراقبة العمليات اإلحصائية‬ is the process of taking statistical samples of a product components at each stage of the production process and plotting those results on a graph. ‫عملية أخذ العينات اإلحصائية لمكونات المنتج في كل مرحلة من مراحل عملية اإلنتاج وتخطيط تلك النتائج على الرسم البياني‬

ISO 9000 and ISO 14000 standards -The international organization for standardization (ISO) is worldwide federation of national standards bodies that set the global measures for the quality of individual products.

‫المنظمة الدولية للتوحيد القياسي هي اتحاد عالمي لهيئات المعايير الوطنية التي تضع التدابير العالمية لجودة المنتجات‬ .‫الفردية‬ ISO 9000 is the common name given to quality management and assurance standards. .‫وهو االسم الشائع المعطى لمعايير إدارة الجودة والضمان‬

ISO 14000 is a collection of the best practices for managing an organization's impact on the environment.

.‫هو مجموعة من أفضل الممارسات إلدارة تأثير المنظمة على البيئة‬

Control procedures -Program Evaluation &Review Techniques (PERT)

is a method for analyzing the tasks involved in completing a given project. Estimating the time needed to complete each task, and identifying the minimum time needed to complete the total project. ‫ وتحديد الحد األدنى‬،‫ تقدير الوقت الالزم إلكمال كل مهمة‬.‫هو طريقة لتحليل المهام التي ينطوي عليها إنجاز مشروع معين‬ ‫من الوقت الالزم إلكمال المشروع الكلي‬ Gantt Chart.

▪ Named for its developer, Henry Gantt ▪ A bar graph that clearly shows what projects are being worked on how much has been completed at any given time. ‫رسم بياني شريطي يوضح ما هي المشاريع التي يجري العمل عليها‬

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Business Final Revision 2019 ‫الورقة دي هتلملك الشابي كويس‬ ‫جدا جدا‬

Questions on CH.9

Q1: Scientific term (Help you in matching Question) 1. _________________Is specialized area in management that coverts or transforms resources (including human resources) into goods and services 2. ____________The term used to describe all the activities managers do to help their firms create goods 3. __________________is the value added by the creation of finished goods and services, such as the value added to taking silicon and making computer chips or putting services to gather to create a vacation package. 4. ________________Is that part of the production process that physically or chemically changes materials. 5. ______________Is that part of the production process that puts together components to make a product 6. ______________Is one in which long production runs turn out finished goods over time 7. ________________Is a process in which the production run is short and the machines are changed frequently to produce different products 8. _____________Is designing machines to do multiple tasks so that they can produce a variety of products. 9. _____________Is the production of goods using less of everything compared to mass production; less human effort, less manufacturing space, less investment in tools, less engineering time to develop a new product in half the time 10. _____________Means tailoring products to meet the needs of large number of individual customers.11. _____________One strategy is to find a site that makes it easy for consumers to use the company's service, such as putting flower shops and banks in supermarkets. 12. _____________One strategy is to find a site that makes it easy for consumers to use the company's service, such as putting flower shops and banks in supermarkets. 13. ____________the physical arrangement of resources (including people) in the production process. 14. _____________computer-based production management system that uses sales forecast to make sure the needed parts and materials are available at the right time and place. 15. ____________.systems keep a minimum of inventory on the premises and deliver parts, supplies and other needs just in time to go on the assembly line. 16. ___________.producing what the customer wants while reducing errors before and after delivery to the customer 17. ____________a collection of the best practices for managing an organization's impact on the environment.

Scientific term Question:

1-The part of the production process that physically or chemically changes the material. 2- The part of the production process in which components are put together to make a product. 3- Is a type of production operation in which long production runs turn out finished goods over time. 4- One type of production operation in which the production run is short and the machines are changed frequently to produce different products. 5- Producing large amounts of the same product with the same features at very low costs, without paying attention to different customer's tastes. 6- Using computers in the designing of a product. 7- The use of computers in the manufacturing of the product. 8- Uniting CAD and CAM in producing a product. 9- Designing machines to perform multiple tasks so that they can produce a variety of products. 10- Producing higher quality products using less resources and developing a new product in half the time needed. 11- A firm characterized by continuously increasing its capacity to produce more, higher quality results with fewer resources. 12- Tailoring the products to meet the different tastes and needs of a large number of individual customers.

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Business Final Revision 2019 Q2:Choose Question

1- Production management is the traditional term used to describe all the activities managers do to help their firms create: A. resources. B. goods. C. services. D. equities. 2Operations management is a specialized area in management that converts resources into: A. services, rather than goods. B. goods, rather than services. C. both goods and services. D. financial data. 3__________ is the specialized area of management that converts or transforms resources into goods and services. A. Logistics management B. Resource engineering C. Intrapreneuring D. Operations management 4__________ is the creation of goods and services using land, labor, capital, entrepreneurship, and knowledge. A. Resource recombination B. Supply chain management C. Production D. Purchasing 5The U.S. economy is now dominated by the _________ sector. A. farm B. manufacturing C. service D. trade 6Operations management in the service sector is focused on creating: A. good experiences for those who use the service. B. jobs for the local community.C. additional customer expectations. D. inexpensive ways to get things done. 7For most service businesses the quality standard has become: A. providing prompt and predictable service. B. providing a competitive level of service at the lowest cost. C. delighting customers by anticipating their needs. D. less important than it is for manufacturing businesses. 8-The Ritz-Carlton hotel offers restaurants with the finest service, elevators that run smoothly, and a front desk that processes people quickly. Many times fresh-cut flowers are in the lobbies and dishes of fruit are in each room. __________ is responsible for implementing these customer benefits. A. Human resources management B. The management staff C. Operations management D. Production management 9-___________ utility is the value added by the creation of finished goods and services using raw materials, components, and other inputs. A. Manufacturing B. Marginal C. Consumption D. Form 10-In ____________, materials are physically or chemically changed to produce a product. A. process manufacturing B. assembly processes C. utilitarian production D. diffusive manufacturing 11-A(n) __________ puts together components to make a product. A. modular process B. compression process C. assembly process D. econometric process 12-A production process characterized by long production runs to turn out finished goods over time is known as a(n): A. assembly process. B. continuous process. C. extended process. D. unrestricted process. 13- A production process characterized by a short production run and frequent adjustments to machines so that different products can be produced is known as a(n): A. just-in-time process. B. lean manufacturing system. C. analytic process. D. intermittent process. 14-Most new manufacturing facilities use: A. continuous processes. B. intermittent processes. C. traditional processes. D. synthetic processes. 15-____________ uses computers to help design products. A. PERT B. QPC C. DPA D. CAD

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Business Final Revision 2019 16-involves computers directly in the production process. A. CAD B. CAM C. AMDA D. AMCAP 17-CAD/CAM makes it possible to custom-design products to meet the needs of __________ with __________. A. small markets; a decrease in cost B. very large markets; no increase in cost C. small markets; very little increase in cost D. international markets; products that are complex 18-CAD has __________ productivity in many firms. A. unfortunately had no effect on B. actually decreased C. increased D. splintered 19-Sophisticated software that enables computer-aided design machines to communicate with computer-aided manufacturing machines is called: A. a flexible system. B. a computer-based feedback control system. C. computer-integrated manufacturing. D. heuristic manufacturing integration. 20-In __________, machines are designed to do multiple tasks so that they can produce a variety of products. A. systems engineering B. microdesign C. modular construction D. flexible manufacturing 21-In manufacturing, one way to compete with cheap labor is to: A. use robots. B. hire experienced people. C. make the production line longer. D. increase inputs to the system. 22-______________ means tailoring products to meet the needs of a large number of individual customers. A. Mass customization B. Mass production C. Competing in time D. Feedback response production. 23-A basic characteristic of flexible manufacturing is that it: A. relies heavily on labor, since humans are more adaptable than machines. B. uses machines designed to perform multiple tasks so they can be used to produce a variety of products. C. achieves its flexibility at the cost of much slower rates of production than mass production techniques. D. is only possible when using mass production processes. 24-A company becomes lean by _________ its capacity to produce high-quality goods, while ___________ its need for resources. A. investigating; planning B. increasing; decreasing C. decreasing; increasing D. planning; investigating 25-Lean manufacturing ___________ productivity. A. increases B. decreases C. has no effect on D. removes the need for added 26-The main objective of lean manufacturing is to: A. keep labor costs as low as possible by expanding the use of other resources. B. produce products that have fewer frills and options in order to simplify the production process and keep costs as low as possible. C. produce goods using less of all types of resources. D. get state and local governments to handle many of the tasks currently performed by the firm. 27-A benefit of CAD (Computer Aided Design) and CAM (Computer Assisted Manufacturing) is: A. it basically eliminates the need for human intervention. B. it saves on materials costs. C. it permits customization without a significant increase in price. D. it produces a higher quality product which allows the manufacturer to charge more. 28-SitRite Furniture Company uses labor and machinery to transform wood, plastic, metal and cloth into comfortable chairs, sofas, and love seats. This process creates: A. form utility. B. place utility. C. use facility. D. intangible productivity. Page 28 of 75

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Business Final Revision 2019 29-Wild Bill's Cap Emporium offers to produce hats and caps according to customers' requests. Wild Bill's utilizes a(n): A. analytic system. B. just-in-time system. C. intermittent process. D. continuous process. 30-Operations managers at Alumax Corporation have found that they can achieve efficient production only by producing very large quantities of aluminum without shutting down the production process. This indicates that Alumax should use a(n) ___________ production process. A. intermittent B. assembly C. continuous D. systematic 31-Megatronics, Inc. obtains computer components from a variety of suppliers and puts them together according to customer specifications to create custom-made computers. This process is an example of: A. an assembly process. B. process manufacturing. C. synthetic production. D. continuous production. 32-Transformation, Inc. builds machinery and robots that can assemble a variety of autos and trucks - including light pick-up trucks, two-seater sports cars, luxury sedans, full-size vans, and SUVs. Transformation sells products to companies that require ___________. A. micro-engineering. B. flexible manufacturing. C. continuous production. D. multiple output processing. 33-Alex is a production manager who believes his firm uses more of all types of resources than is necessary to produce its products. He would like to find a way to cut back on labor, and reduce the firm's investment in tools and space as well. It seems that Edwin would like to adopt: A. mass production. B. marginal cost management. C. lean manufacturing. D. the maximum production method. 34-__________ is the process of selecting a geographic location for a company's operations. A. Facility location B. Facility layout C. FRP D. Geographic requirements planning 35--Contemporary producers and their suppliers, A. locate in areas where they can share the same labor. B. know that it is not necessary to locate close to international customers due to technology such as the Internet. C. locate close together to decrease the cost of distribution. D. have advanced beyond ERP to more sophisticated systems. 36-__________ is the physical arrangement of resources in the production process. A. Facility location B. Facility layout C. ERP D. RRL 37--Modular facilities layouts consist of: A. teams of workers who work together on a complex assembly. B. lines of workers who do a small series of tasks and then pass along the product through the line to the next worker. C. virtual companies and their supplier relationships. D. workers who have a model in front of them that they try to replicate several times. 38-Unlike an assembly line where workers perform only a few tasks, in a _________ layout, teams of workers combine to perform a variety of tasks needed to produce more complex units of a final product. A. modular B. spoke and wheel C. network D. cluster

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Business Final Revision 2019 39-In manufacturing, a __________ is used to produce large quantities of a few types of products. A. assembly-line layout B. process layout C. modular layout D. fixed-position layout 40-In manufacturing, a __________ is frequently used in operations that serve different customers' different needs. A. product layout B. process layout C. modular layout D. fixed-position layout 41-The operations planning practice of inputting sales forecasts into computer software that accurately predicts the amount and timing of materials needed to complete products and projects is ________________. A. Enterprise Resource Planning B. Materials Requirement Planning C. Virtual Accuracy Tool D. Computer Based Materials Model 42-MRP is a technique that helps managers: A. develop a reliable sales forecast. B. schedule the sequence of tasks workers must perform in order to complete a project. C. determine how many workers are needed to staff various departments. D. make sure that the right parts and materials are available at the right time. 43-MRP is the acronym for: A. minimum resource payments. B. maximized revenue potential. C. managed resource priorities. D. materials requirement planning. 44-__________ is the operations management planning function that searches for quality material resources, finds the best suppliers, and negotiates the best price. A. Marketing B. Collective bargaining C. Bartering D. Purchasing 45-__________ has transformed the purchasing function in recent years by helping firms find the best suppliers and the best prices. A. PERT B. The Internet C. CAD/CAM D. QFD 46-Today manufacturers are relying more heavily on: A. one or two suppliers because firms share so much information. B. the bidding process to obtain the lowest price. C. many suppliers to keep its leverage. D. developing an MRP system for purchasing. 47-With the __________ inventory control system, producers hold only the amount of materials and parts that they need for a short period of time - sometimes just a few hours. A. ABC B. first-in, first-out C. just-in-time (JIT) D. maximum 48-To reduce the cost of holding too much inventory, many companies have implemented: A. ABC inventory management. B. first-in, last-out inventory control. C. just-in-time inventory control. D. maximum inventory management. 49-Maintaining ___________ involves producing what the customer wants while reducing errors before and after delivery to the customer. A. manufacturing control B. allocative efficiency C. CAD/CAM D. quality 50-In today's quality control programs, emphasis is placed on: A. producing goods at the lowest possible cost. B. keeping labor costs as low as possible. C. achieving customer satisfaction. D. detecting errors at the end of the production process before the goods are shipped to customers.

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Business Final Revision 2019 51-The six sigma approach to quality control: A. relies on a special team of experts to examine every unit of output at the end of the production process. B. detects potential problems early to prevent their occurrence. C. views quality control as a function of the marketing department. D. allows only 600 defective units per one thousand units produced. 52-___________ is a set of international standards for quality management and quality assurance. A. EPA 2000 B. ISO 14000 C. ISO 9000 D. TQM 2003/2004 53-____________ standards are concerned with the best practices for managing an organization's environmental impacts. A. EPA 2000 B. ISO 14000 C. Eurogreen 700 D. Enviro 2001

Q3:True or False Question 1. Operations management converts resources into goods and services. 2. In the process of operations management, a firm transforms resources such as raw materials, supplies, and even human resources into goods and services. 3. Operations management involves inventory management, quality control, and production scheduling. 4. In recent years, operations management has become more focused on providing services, because that is where the growth and profit potential is greatest. 5. Operations management in service industries is about creating a good experience for the customer. 6. Operations management moves from knowing the needs of consumers to actually satisfying those needs. 7. The quality standard for service industries such as luxury hotels is meeting the customers' requests. 8. Service businesses know that in order to delight customers they must be able to anticipate their needs. 9. Manufacturing companies are concerned with production management, while service companies are concerned with operations management. 10. Operations management transforms resources into goods and services, such as a landscape company that utilizes equipment, labor, and materials to develop a landscape. Managing this operation may also involve maintenance services. 11. When firms successfully produce products, they create form utility. 12. Only firms in the manufacturing sector can create true form utility. 13. The three basic requirements of production are: (1) creating a finished good (2) making sure you created it at the lowest cost possible, and (3) selling it. 14. The value added by the creation of finished goods and services from inputs is called ownership utility. 15. Process manufacturing refers to combining components and raw materials to make a product. 16. Process manufacturing physically or chemically alters materials to create finished goods. 17. An assembly process involves physically or chemically manipulating raw materials to create a product. 18. A continuous production process is characterized by long production runs that turn out finished goods over time. 19. Intermittent production processes are characterized by short production runs and frequent changes of machinery in order to produce different products like customized furniture. 20. Contemporary manufacturers in the U.S. lack the flexibility to use intermittent production processes. 21. One drawback of intermittent production processes is that they tend to be much slower than continuous processes. 22. The production process requires inputs, controls, and outputs. 23. Mass production techniques allowed firms to respond quickly to the individual needs of consumers. Page 31 of 75

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Business Final Revision 2019 24. One of the reasons mass production techniques lost favor is that, despite their ability to keep costs relatively low, mass production lacks flexibility. 25. The ability to integrate computers into the design and manufacture of products has had the greatest impact on production techniques in recent years. 26. CAD/CAM has made it possible to custom-design products to meet the tastes of small markets with very little increase in costs. 27. CAD systems allow designers to work in three dimensions. 28. The purpose of computer-integrated manufacturing (CIM) is to unite computer-aided design with computeraided manufacturing. 29. The advantage of computer integrated manufacturing software is that it allows computer aided design machines to communicate directly with computer aided manufacturing machines. 30. So far, the high cost of CAD/CAM techniques has limited their use to large, expensive manufactured goods such as automobiles. 31. Flexible manufacturing systems use machines that are designed to do a multitude of tasks so that they can produce a variety of goods. 32. A disadvantage of flexible manufacturing systems is that they usually require a great deal of labor because machines are rarely capable of handling a wide variety of tasks. 33. One way to compete with cheap labor is to use robots. 34. Lean manufacturing is a strategy of producing standardized products that have no frills or extra features in order to keep prices low. 35. Companies that achieve lean manufacturing use less of everything (raw materials, labor, etc.) to produce the same amount of products. 36. Mass customization is tailoring products to meet the needs of individual customers. 37. Mass customization is a strategy of convincing customers to choose from a relatively small number of alternatives in order to achieve the efficiencies of mass production. 38. While mass customization works well for producers it is not used in the service sector. 39. Actually, it is much easier to custom-design service programs than it is to custom-make goods. 40. Speeding up the process of responding to consumer wants and needs is a key to global competitiveness. 41. Companies that employ lean manufacturing and flexible manufacturing produce better quality products, but have costlier production lines. 42. When a company has the ability to produce the same amount of goods with only half the floor space and half the labor that it used in the past, the firm is practicing flexible manufacturing. 43. Improvements in technology have significantly increased the quality of products, as well as helped reduce costs. 44. Manufacturers use CAM (computer aided manufacturing) to create three-dimensional designs of products before they are built. 45. Mass customization is not exclusive to product intensive businesses. Service businesses have learned how to use mass customization to serve their customers. 46. Businesses that provide services typically cannot use mass customization because services are not tangible products that can be customized. 47. Process manufacturing involves taking raw materials and physically or chemically changing them into another form, while the assembly process takes the newly changed form and turns it back into the original form. 48. The main difference between process manufacturing and an assembly process is: Process manufacturing uses sophisticated robots and automated machinery to produce a good or service, while an assembly process uses labor and simple tools to make a product. 49. Land, labor, capital, and knowledge are inputs into the production process. Page 32 of 75

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Business Final Revision 2019 50. Although lean manufacturing attempts to reduce the amount of labor used in the manufacturing process, it typically does so by increasing the amount of most of the other resources used in the production process. 51. Facility location is the process of selecting a geographic location for a company's operations. 52. When considering the issue of facility location, it is important to find an isolated location so that work can get done without interruption from customers. 53. The Internet is a very popular place to locate your business today. 54. Some companies will locate their production facilities near their suppliers. 55. Facility layout is the function of operations management that considers the physical arrangement of resources (including people) in the production process. 56. The process layout simplifies production by using the same sequence of processes regardless of the design of the item being produced. 57. In an assembly line manufacturing layout workers do only a few tasks at a time. 58. In a modular manufacturing layout teams of workers combine to produce more complex units. 59. A process manufacturing layout is frequently used in operations that serve different customers' different needs. 60. Facilities layout will depend upon the processes that are to be accomplished in the firm's operation.

Answers Answer of Q1:1- Operations Management (OM) 2-Production Management 3-Form utility 4-Process manufacturing 5-Assembly process 6-Continues process 7-Intermittent process 8-Flexible manufacturing 9-Lean manufacturing 10-Mass customization 11-Facility location 12-Facility location 13-Facility layout 14-Material requirement planning)MRP) 15-Just in time 16-Quality 17-ISO 14000 Answers 1-process Manufacturing 2-Assembly process 3-Contiunous process 4-Intermittent process 5-Mass production 6-CAD 7-CAM 8-CIM 9-Flexible Manufacturing 10-lean manufacturing 11-lean manufacturing 12-Mass Customization

Answer of Q2:1 2 3 4 B C D C 21 22 23 24 A A B B 41 42 43 44 B D D D Answer of Q3:1 2 3 T T t 21 22 23 F T F 41 42 43 F F T

4 t 24 T 44 F

5 C 25 A 45 B

5 t 25 T 45 T

6 A 26 C 46 A

6 t 26 T 46 F

7 C 27 C 47 C

7 f 27 T 47 F

8 C 28 A 48 C

8 t 28 T 48 F

9 D 29 C 49 D

9 f 29 T 49 T

10 A 30 C 50 D

10 t 30 F 50 F

11 C 31 A 51 B

12 B 32 B 52 C

13 D 33 C 53 B

14 B 34 A

15 D 35 C

16 B 36 A

17 C 37 A

18 C 38 A

19 C 39 A

20 D 40 B

11 t 31 T 51 T

12 f 32 F 52 F

13 f 33 T 53 T

14 f 34 F 54 T

15 f 35 T 55 T

16 t 36 T 56 F

17 f 37 F 57 T

18 t 38 F 58 T

19 t 39 T 59 T

20 f 40 T 60 T

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Business Final Revision 2019

Chapter ( 11) Human Resources Management (HRM)‫اداره الموارد البشرية‬ -The process of determining human resource need and then recruiting, selecting, developing, motivating , evaluating, compensating and scheduling employees to achieve organizational goals. ‫عملية تحديد احتياجات الموارد البشرية وبعد كده بنعمل استقطاب واختيار وتطوير وتحفيز وتقييم وتعويض وجدولة الموظفين‬ .‫لتحقيق أهداف المنظمة‬

-The process of determining human resource need and then recruiting, selecting, developing, motivating , evaluating, compensating and scheduling employees to achieve organizational goals. ‫عملية تحديد احتياجات الموارد ر‬ ‫البشية وبعد كده بنعمل استقطاب واختيار وتطوير وتحفي وتقييم وتعويض وجدولة الموظفي‬ .‫لتحقيق أهداف المنظمة‬ Developing the ultimate resource: HRM is receiving increasing attention now due to the major shift from traditional manufacturing industries to service and high technique manufacturing industries that require highly technical job skills. this shift means that many workers must be retrained for new more challenging jobs. Employees may be called the ultimate resource. People develop the ideas that become the products that satisfy and delight customers needs and wants. HRM has taken on an entirely new role in the firm .it may be the most critical function, in that it will be responsible for dealing w with all aspects of the business's most critical resource: Human resource(people). ‫ر‬ ‫البشية دور جديد تماما ف ر‬ ‫وقد اتخذت إدارة الموارد ر‬ ‫ يف أنها سوف تكون مسؤولة عن‬،‫األكي أهمية‬ ‫ قد تكون الوظيفة‬.‫الشكة‬ ‫ي‬ ‫ر‬ ‫األكي أهمية يف األعمال التجارية‬ ‫التعامل مع جميع جوانب المورد‬ HRM is a function of all managers, it is shared function between the professional human resource manager and the other managers. ‫ر‬ ‫ هو وظيفة مشيكة‬،‫ه وظيفة لجميع المديرين‬ ‫إدارة الموارد البشية ي‬

What are HR challenges? 1. 2. 3. 4. 5. 6. 7. 8. 9.

Shortages of skilled workers ‫مش كل الناس المتقدمة للشغل عندهم مهارات عالية‬ Undereducated workers ‫معندهمش معرفة كاملة بطبيعة العمل‬ Shift in workforce composition : old age workers Laws & regulations ‫القوانين و التشريعات‬ Attitudes toward work ‫اهتمام العمال باالجازات اكتر من اهتمامهم بالشغل‬ Continued downsizing ‫الشركات في اتجاه دائم و مستمر في تسريح العمالة‬ Overseas labor pools ‫في البالد األجنبية العمالة ارخص و القوانين أسهل‬ Demands for customized benefits ‫كل واحد عايز الفايدة ال في مصلحته‬ Deceased loyalty ‫مفيش انتماء للشركة ال بيشتغلوا فيها‬ Page 34 of 75

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Business Final Revision 2019

Determining HR needs(5 HR planning Steps) 1. 2. 3. 4. 5.

v.v.imp

Prepare HR inventory Prepare job analysis(job Description, job specifications) Assess HR demand Assess HR supply Establish strategic plan

1-prepare HR inventory of the organizations employees: It includes names, ages, education, capabilities training. Skills. ‫بعمل قاعده بيانات للموظفين ال جوه المنظمة بجمع (األسم و السن و المستوي التعليمي و القدرات و‬ )‫المهارات‬ 2-prepare Job Analysis : which is a study of what is done by employees who hold various job titles. The results of the job analysis are two written statements: .Job description

. Job specifications

a summary of the objectives of job, the a written summary of the minimum type of work, responsibilities and duties, qualifications required of workers to do a working conditions, relationships to other particular job functions ‫وضع الحد األدني من المؤهالت المطلوبة في‬ ‫عملية وصف للوظيفة (الواجبات و‬ ‫الشخص ال حيشتغل في الوظيفة‬ ‫المسئوليات)الخاصة بكل وظيفة‬ 3-Assess HR demand: anticipate the organization's HR requirements to make sure that trained employees are available when needed 4-Assess HR supply 5- Establish strategic plan: the plan will include recruiting, selecting, training and developing , appraising, compensating and scheduling the human resources. .‫تشمل خطة توظيف واختيار وتدريب وتطوير الموارد البشرية‬

Hiring process 1-Recruitment: the set of activities used to obtain a sufficient number of the right people at the right time. .‫مجموعة األنشطة المستخدمة للحصول على عدد كاف من األشخاص المناسبين في الوقت المناسب‬ A. External sources of recruitment: ‫المصادر الخارجية لالستقطاب‬ ( V.V.IMP) Employment agencies, personal applications, job hairs, newspaper ads.. B. Internal sources of recruitment: ‫المصادر الداخلية لالستقطاب‬ ( V.V.IMP) transfers, promotions, employee recommendations, retrained employees.

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Business Final Revision 2019 2-Selection: -The process of gathering information and deciding who should be hired, under legal guidelines, for the best interests of the individual and the organization. ‫عملية جمع المعلومات عن المرشحين للوظيفة وتحديد من ينبغي تعيينهم‬ ❖ Steps in the selection process (state without explanation) ‫الزم حفظ بالترتيب علشان سؤال االختيارات‬ 1. Complete application form 2. Conduct interview 3. Give employment tests 4. Conduct background investigation 5. Conduct medical examinations 6. Give trial or probation period.(training)

3-Training & development

There are three steps of training programs: 1. Assess the training needs ‫ تقييم احتياجات التدريب‬. 2. Design the training to meet the identified needs ‫ تصميم التدريب لتلبية االحتياجات المحددة‬. 3. Evaluate the Effectiveness of the training ‫ تقييم فعالية التدريب‬.

Training Methods Employee orientation is the activity that introduces new employees to the organization; to fellow employees to their immediate supervisors and to the policies, practices and objectives of the firm ‫النظام ال بيعرفك كل حاجة عن المنظمة و عن الموظفين والمديرين وبيعرفك سياسات الشركة واهدافها‬ On –the – Job is training in which the employee immediately begins his or her tasks and learns by doing or watches others for awhile, then imitates them, all right at the workplace. ‫بتتدرب علي الوظيفة ال حتشتغل فيها و تقعد تتفرج علي حد وهو بيشتغل علشان تتعلم‬ Apprenticeship: training programs involving a period during which a learner works along side an experienced employee to master the skills and procedures of craft ‫بشتغل مع شخص عنده خبره في الشغل‬ Off-the job training: occurs away from the workplace and consists of internal or external programs to develop any of a variety of skills or to foster personal development ‫مراكز تدريب بعيده عن مكان الشغل بتتعلم فيها وبتطور مهاراتك فيها‬ Online training Training programs in which employees attend classes via the internet. ‫تدريب الموظفين عن طريق استخدام االنترنت‬ Vestibule training: (near –the-job training) Is training done in schools where employees are taught on equipment similar to that used on the job. .‫يتم التدريب في المدارس حيث يتم تدريب الموظفين على معدات مماثلة لتلك المستخدمة في العمل‬ Job simulation is the use of equipment that duplicates the job conditions and tasks so that trainees can learn skills before attempting them on the job. ‫اخلي المتدرب يجرب االالت كأنه فعليا في شغله‬

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Business Final Revision 2019 (V.V.V.IMP)

Management Development

1-On-the –job coaching by a senior manager ‫ التدريب على الوظيفة من مدير كبير‬.1 2-Understudy positions: work as assistants to higher-level managers and participate in planning and other managerial functions‫العمل كمساعدين للمديرين والمشاركة في التخطيط وغير ذلك من المهام اإلدارية‬ 3-Job rotation: exposing managers to different functions of the organization ‫ تعريض المديرين لمختلف وظائف المنظمة‬:‫ التناوب الوظيفي‬.3 4-Of –the – lob courses & training: exposing managers to the latest concepts by attending courses in universities.

‫أخلي المديرين يخدوا كورسات ادارية علشان معرفتهم تزيد‬

 Steps of Performance Appraisal ‫(خطوات تقيم أداء الموظف‬state without explanation) 1. 2. 3. 4. 5. 6.

Establish Standards ‫ وضع المعايير‬. Communicate Standards ‫اوصل للموظف ال الحاجة ال عايزاوصلهاله‬ Evaluate Performance ‫تقيم األداء‬ Discuss Results ‫مناقشة النتائج‬ Take Corrective Action ‫لو غلطتنا نركز في اتخاذ األفعال الصحيحة‬ Use Results to Make Decisions ‫استخدام النتائج في اتخاذ القرارت‬

Employee Retention ▪ ▪

Compensation (individual/ team)

Fringe benefits benefits such as sick-leave pay, vacation pay, pension plans, and health plans that represent additional compensation to employees beyond base wages. ‫المميزات ال بياخدها الموظف غير مرتبه األساسي لو اجازات مدفوعة األجر و المعاشات و الخدمات الصحية‬

▪

Job-sharing: an arrangement where by two part –time employees share on full-time job ‫في اتنين موظفين بيتقاسموا الشغل‬

▪

Flextime :-work schedule that gives employees some freedom to choose when to work, as long as they work the number of required hours. ‫احدد للموظف عدد ساعات عمل معينة وهو بيختار الوقت اللي بيشنغل فيه‬

▪

Core time : are period when all employees are expected to be at their job stations. ‫فترة يتوقع فيها أن يكون جميع الموظفين في مراكز عملهم‬ Compresses workweek: A work schedule that allows an employee to work a full number of hours per week but in fewer days. .‫جدول عمل يسمح للموظف بالعمل بعدد ساعات كاملة في األسبوع ولكن في أيام أقل‬

Compensation & Benefits Program Objectives 1. Attract the right people 2. Employee incentives 3. Retain valued employees 4. Maintain competitiveness 5. Financial security for employees

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Business Final Revision 2019  Pay Systems 1. Salary 2.Hourly wage and daywork 3.Piecework system 4-Commission plans 5-Bonus plan 6-Profit-sharing plans 7-Gain-sharing plans 8-Stock options  Benefits of Job-Sharing

1. Opportunities for wanting to work only part-time 2. High level of enthusiasm and productivity 3. Reduced absenteeism and tardiness 4. Ability to schedule in peak demand period 5. Retention of experienced workers

 1. 2. 3. 4.

‫فرصة للناس ال عايزه نشتغل في اوقات معينة‬ ‫مستوي الحماس بيزيد و االنتاجية بتبقي اكتر‬ ‫بيقلل الغياب و التأخير‬

‫بالقيهم موجودين في األيام ال ببقي محتاج فيها عمالة اكتر‬ ‫الحفاظ علي العمال ال عندهم خبره‬

Employee Movement ‫حركة التوظيف‬ Promotion/Reassignment ‫الترقية‬ Termination ‫افصله من الشغل‬ Retirement ‫يطلع علي المعاش‬ Resignation ‫يستقيل‬

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Business Final Revision 2019

Questions on CH.11 Q1: Complete Question)Help you to solve any Question) 1------------- is the process of determining human resource needs and then, recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to meet the organizational goals. 2- Some of the challenges that are faced by human resource department include: ------------------, -------------, and -------------. 3- ------------------ is the study of what is done by employees who hold various job titles. 4- Job analysis yields two important statements: -------------------, and --------- -------. 5- ----------------------- one result of job analysis that focuses on providing a summary of the objectives of a job , the type of work, responsibilities and duties, working conditions, relationships to other functions. 6- ----------------------- One result of job analysis that includes a written summary of the minimum qualifications required of workers to do a particular job. 7- ---------------------- is a statement about the jobs, while ------------ is a statement about the person who does the job. 8- ----------------------- represents the set of activities used to obtain a sufficient number of the right people at the right time. 9- ------------------------- And ------------------------- are examples of internal sources of recruitment. 10- --------------------- refers to the process of gathering information and deciding who should be hired, under legal conditions, and for the interest of the organization. 11- The first two steps of the selection process are -------------------, and ------- ----------------. 12------------------- includes all the attempts to improve productivity by increasing an employee’s ability to perform. 13- --------------- is the activity that introduces new employees to the organization, and to fellow employees. 14- The training program that involves a period during which a learner works alongside an experienced employee to master the skills of a craft is---------- --------. 8- ----------------------- is a training program that offers an example of how technology is improving the efficiency of many off the job training programs. 16-------------------------- also known as near-the-job training, and focuses on training done in schools where employees are taught on equipment similar to that used on the job. 17- ----------------------- is the use of equipment that duplicates the job conditions and tasks so that trainees can learn skills before attempting them on the job. 18- ------------------------- is the process of training and educating employees to become good managers. 19- Most management training programs include: --------------------, ------------ ----------, and------------------. 20- --------------------- is one method of management training in which a senior manager will assist a lower-level manager through teaching the needed skills, and providing advice, and helpful feedback. 21---------------------- is one method of management training that involves exposing managers to different functions of the organization. 22--------------------- refers to an evaluation in which the performance level of employees is measured against established standards to make decisions about promotions and compensations. 23-Ways to meet the employee needs, and achieve employee retention include: --------------------, and ------------------. 24- An arrangement whereby two part-time employees share one full-time job is----------------------. 25- Employees can moved up and move out the corporate ladder through------ ------------ and ------------------

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Business Final Revision 2019 Choose Question:1-_____________ is the process of evaluating human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals. A. Staffing B. Performance evaluation and response C. Human resource management D. Job analysis 2-The ultimate resource of a firm is its: A. business plan. B. marketing mix. C. capital budget. D. employees. 3-One of the key functions of human resource management is: A. departmentalizing. B. recruiting. C. budgeting. D. auditing. 4-The first step in the human resources planning process is to: A. prepare a forecast of human resource needs. B. assess future labor demand. C. prepare job specifications for each position within the organization. D. prepare a human resource inventory. 5-A(n) __________ is prepared as part of the human resource planning process, and indicates the characteristics and qualifications of the organization's labor force, thus helping the firm determine whether its employees are technically up-to-date and adequately trained. A. job analysis B. performance appraisal C. human resource inventory D. organization chart 6-A __________ is a two-part process. One part explains what an employee would actually do at various jobs. A. job analysis B. performance appraisal C. job assessment D. job title review 7-A job analysis results in two written statements. They are: A. the human resource inventories and the affirmative action statement. B. the labor supply assessment and the labor demand assessment. C. the job description and the job specification. D. the job title review and the performance appraisal. 8-A ____________ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job. A. job description B. performance criteria review C. human resource inventory D. job specification 9-A job ___________ is a statement that identifies the objectives of a job, the type of work to be done, the responsibilities and duties that are associated with the job, the working conditions, and the relationship of the job to other functions. A. specification B. description C. evaluation D. analysis 10-After preparing a job analysis, the next step in the human resource planning process is to: A. develop a human resource inventory. B. assess future human resource demand. C. develop a human resources budget. D. establish a strategic plan. 11-The __________, which is developed from the previous four steps of the human resource planning process, addresses how the firm will accomplish a wide array of human resource functions such as recruiting, selecting, training and developing, appraising, compensating, and scheduling its employees. A. strategic plan B. tactical plan C. job specification D. Gantt chart 12-Which of the following is an essential element of a job description? A. the minimum educational qualifications workers must have to fill the position B. working conditions and responsibilities C. the skills required to hold the position D. the age of the person that should hold the job

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Business Final Revision 2019 13-The overall purpose of the five step human resource planning process is to: A. protect the company from lawsuits from employees who claim discrimination. B. develop a workforce that is better educated than the workforce of competitor firms. C. eliminate needless job specifications. D. determine the number and types of employees needed by the firm. 14-Steve is gathering information about the names, ages, education, specialized skills, and capabilities of all of his firm's employees. The information Steve is acquiring suggests he is working on a: A. performance evaluation. B. human resource inventory. C. job description. D. Gantt chart. 15- _________ is the set of activities for obtaining the right number of people at the right time in order to select those who best meet the needs of the organization. A. Pre-selection B. Recruitment C. Networking D. Preemptive hiring 16-Promotions and transfers are __________ sources available to human resource managers in their recruiting efforts. A. internal B. external C. passive D. redundant 17-Help wanted ads, public and private employment agencies, and college placement bureaus are all ________ sources that human resource managers can use in the recruiting efforts. A. secondary B. passive C. back-up D. external 18- _____________ is the process of deciding who should be hired, under legal guidelines, to serve the best interests of the individual and the organization. A. interviewing B. applicant analysis C. performance appraisal D. selection 19-The first step in the selection process is: A. obtaining complete application forms. B. placing a help wanted ad. C. the initial interview. D. aptitude testing. 20-Part-time workers, temporary workers, and seasonal workers are defined by the HR department as ____________________. A. Contingent B. Intermediate C. Deliberate D. Incompatible 21-The _____________ is an evaluation of the performance level of employees against established standards to make decisions about promotions, compensation, additional training, or firing. A. job analysis B. performance appraisal C. MBO assessment D. objective analysis 22-The first step in the performance appraisal process is to: A. perform a human resource inventory. B. establish performance standards. C. analyze the jobs to see what tasks must be performed. D. meet with employees and discuss the overall objectives of the firm. 23-The last step in performance appraisal is to: A. talk to the employee being appraised. B. evaluate the employee's performance. C. take any corrective action that the appraisal indicates is necessary. D. use the results to make decisions about compensation, promotions, and additional training. 24-Computer and robotics training is sometimes performed in a nearby classroom type setting. We refer to near-the-job-training as ______________. A. vestibule training B. orienteering C. apprenticeship training D. mentoring 25-__________ is a type of training that duplicates the exact combination of conditions that occur on the job. A. Modular training B. Job simulation C. "Dress rehearsal" training D. Performance feedback 26-Off-the-job training: A. is further development that occurs at the workplace, but after scheduled work hours. B. focuses only on the skills needed to perform the job. C. may include higher education. D. is training that all employees should take-on, on their own, in order to stay competitive in their career field. Page 41 of 75

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Business Final Revision 2019 27-___________ is the process of training and educating employees to become good managers and then developing their managerial skills over time. A. Management development B. Vestibule training C. Pre-mentoring D. Self-actualization training 28-Corporate managers who supervise, coach, and guide lower-level employees and serve as their organizational sponsors are called: A. networkers. B. role models. C. mentors. D. corporate guides. 29-__________ is the process of establishing and maintaining contacts with key managers in one's own organization and in other organizations, and using those contacts to establish strong relationships that serve as informal development systems. A. Training and development B. Social integration C. Orienteering D. Networking 30-A management training program that gives managers assignments in a variety of departments in order to expose them to different functions within the organization is called: A. job enlargement. B. vestibule training. C. job rotation. D. an apprenticeship program. 31_ Which of the following statements best describes the current view of the role, resource management within a firm? a) Human resource management is largely a systematic function that involves keeping processing payroll, and making sure that federal regulations are met b) Human resources management has become so complex that only highly trained human specialists should make human resource decisions c) Human resources management functions have become so important that in many firma managers now perform them d) Changes in technology have largely done away with the need for a separate human department

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Business Final Revision 2019 True or false Question 1. The first step in the human resource planning process is to prepare a job analysis for each available position within the firm. 2. One purpose of a human resource inventory is to determine whether the labor force is technically up-todate and well trained. 3. The result of a job analysis is a written document called a human resource inventory. 4. When you collect information about a particular job title, including how the job is performed and what it takes to perform the job, you are conducting a job analysis. 5. A job analysis consists of creating two documents called a job inventory and a performance appraisal. 6. A job specification is a statement of the job itself, while a job description is a statement about the person who does the job. 7. A job specification identifies the minimum qualifications a person must have to fill a particular job. 8. A job description identifies and describes the type of person who should perform the job, including important qualifications such as deduction, skills, and experience. 9. Human resource planning involves the assessment of both the future demand and the future supply of the various types of labor needed by the organization. 10. The first four steps in human resource planning all lead to the final step, which is the development of a strategic human resource plan. 11. The second step in human resource planning consists of conducting job analyses. Through observation and research, the manager will collect information on the kinds of things that each job title performs and how they are performed, as well as the skill and knowledge requirements for doing the job. 12. Job analysis helps a manager answer the question: "How many workers in my organization have this particular skill"? 13. External recruitment sources are usually cheaper to use than internal sources. 14. Transfers and promotions are internal sources used by human resource managers to fill recruiting needs. 15. Public and private employment agencies and college placement offices are internal sources used by human resource managers when they are recruiting employees. 16. Temporary help services, job fairs and the Internet are external sources for recruitment. 17. On-the-job training is best suited for jobs that are easily learned or require the employee to perform repetitive physical tasks. 18. Online training gives employers the ability to provide consistent content that is tailored to specific employee training needs. 19. Vestibule training attempts to precisely duplicate both the methods and conditions of a real world job. 20. The shift from traditional manufacturing to services and high-tech manufacturing forced companies to give more attention to human resource management. 21. Overseas labor pools is one of the easiest issues that human resource department can handle. 22. Good communication skills and two years’ sales experience should be involved in job description. 23. Using internal sources of recruitment is less expensive than recruiting outside the company. 24. Advertisement and employment agencies are examples of internal sources of recruitment. 25. Off-The-Job Training occurs when employees immediately begin his tasks and learns by doing, and then imitates them at the workplace. 26. On-the-Job Training is the easiest kind of training to implement when the job is simple and repetitive. 27. Job rotation involves exposing managers to different functions of the organization. 28. Flextime is a period through which all employees are expected to be at their job stations. Page 43 of 75

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Business Final Revision 2019 Answers Answers of Q1:1-HRM.

2- Shortage of skilled workers, overseas of labor pools, laws and regulations.

3- Job analysis. 4- Job description and job specification. 5- Job description. 6- Job specification. 7- Job description, job specification.

8- Recruitment. 9- Transfers, promotion. 10- Selection.

11- Complete application form, conduct interview. 12- Training and development. 13- Employee orientation. 14- Apprenticeship. 15- Online training. 16- Vestibule training. 17- Job simulation. 18- Management development. 19- On-the jobs coaching, understudy position, and job rotation. 20- On the job coaching. 24- Job sharing plan.

21- Job rotation. 22- Performance appraisal. 23- Flextime and job sharing plan. 25- Promotion, termination, retirement.

Answers of Q2:1

2

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9

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16 a

c

d

b

d

c

a

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b

a

b

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b

b

17

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31

d

d

a

a

b

b

d

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b

d

a

c

a

c

c

Answers of Q3:1 2 3

4

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8

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14

false

true

false

true

false

false

true

false

true

true

true

false

false

true

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false

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false

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Business Final Revision 2019

Chapter ( ch.13) Marketing: Is the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives. Selling and advertising are only part of marketing.

‫ه عملية تخطيط وتنفيذ المفهوم وتسعي وتروي ج وتوزي ع السلع والخدمات لتسهيل التبادالت ال بيض العميل و بتوصل ر‬ ‫الشكة‬ ‫ي‬ ‫ي‬ ‫الهدافها المطلوبة‬ .‫البيع واإلعالن هو جزء فقط من التسويق‬

Evolution of Marketing Production Era - Up to early 1900s ▪ Given the limited production capacity and the vast demand for products in those days, the business philosophy was to produce as much as you can there is a limitless market. ‫ وكانت فلسفة العمل إلنتاج اكبر كمية ممكنة من‬،‫نظرا لقدرة اإلنتاج المحدودة والطلب الهائل على المنتجات في تلك األيام‬ ‫المنتجات‬ ▪ The business focused on production ▪ The greatest marketing need was for distribution and storage ‫الشركات كانت بتهتم بتخزين المنتجات و توزعها‬ Selling Era- 1920-1950 ▪ With the development of mass production techniques, and the increase of the production capacity to exceed the immediate demand, the business philosophy focused on selling and advertising to sell existing products. ‫في المرحلة دي بدأت الشركة تتننج بكميات كبيره اكتر من طلبات العمالء فكان الزم يركزوا علي بيع و االعالنات اكتر‬ Marketing Concept Era - 1950s - 1980s • After the second world war, consumers spending increased and competition among business became very stronger. Businesses developed a philosophy called marketing concept. ‫ نقط‬3 ‫هنا الشركة لقيت ان االعالنات مش كفاية علشان تزود المبيعات فبدأت تعتمد علي الفكر التسويقي وهو بيتكون من‬ .‫فقط‬

• Which had 3 parts: a) Customer orientation: find out what customers want and provide it. ‫االهتمام بالعميل اشوف العميل عايز ايه و اعمله‬ b) Service orientation:- make sure every one in the organization has the same objective of customer satisfaction. ‫الزم اتأكد ان كل واحد جوه المنظمة بيشتغل علشان يرضي العميل‬ c) Profit orientation: focus on those products and services that will earn the most profits. ‫الزم اشوف المنتجات و الخدمات ال بتحقق ارباح اكتر للمنظمة‬ Customer Relationship Era - 1990s+ • managers extended the marketing concept by adopting the concept of customer relationship management CRM

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Business Final Revision 2019 • CRM is the process of learning as much as possible about customers and doing every thing you can to satisfy them or even exceed their expectations-with goods and services over time. The goal is to enhance customer satisfaction and stimulate long –term customer loyalty. ‫ مع السلع‬- ‫هو عملية التعلم قدر اإلمكان عن العمالء والقيام بكل شيء يمكنك لتلبية لهم أو حتى تتجاوز توقعاتهم‬ ‫ والهدف من ذلك هو تعزيز رضا العمالء وتحفيز والء العمالء على المدى الطويل‬.‫والخدمات مع مرور الوقت‬

The Marketing MIX The ingredients that go into marketing program. Much of what marketing people do have been divided into four factors. they are known as the marketing mix because they are blended together in a marketing program. ▪ ▪ ▪ ▪

Designing a want-satisfying product (product) Setting a price for the product( price) Placing the product in a place where people will buy it.(place) Promoting the product. (promotion)

What are the steps of Marketing Process? ‫حفظ بالترتيب‬ 1. 2. 3. 4. 5. 6. 7. 8. 9.

Find Opportunity ‫اشوف فرصة افتح فيها المشروع‬ Conduct Research ‫اعمل بحث علشان اقدر احدد احتياجات العمالء اية‬ Identify Target Market ‫احدد مين هما العمال ال هدف من التسويق بتاعي‬ Design Product ‫اصمم منتج‬ Product Testing ‫ابدأ اجرب المنتج‬ Brand Name, Design & Price ‫اسم السلعة هو ال بيعملها اعالن‬ Develop Distribution System ‫ازاي اوصل المنتج للعميل‬ Design Promotional Program ‫اعمل اعالنات وترويج للسلعة‬ Build Relationship With Customer ‫ابني عالقات قوية و جيده مع العميل‬

Product Design -Product should be designed to meet needs.-‫ يجب تصميم المنتج لتلبية االحتياجات الخاصة بالعميل‬Product is any physical goods, service or idea that satisfies a want or need plus any thing that would enhance the product in the eyes of consumers, such as the brand. It's good idea at this point to do concept testing. The process of testing products among potential users is called test marketing

‫ابدأ اجرب المنتج قبل منزله للعمال في السوق‬ V.V.IMP a Brand name is a word, letter, or group of words or letters that differentiate one sellers goods and services from those of competitors. Package design is one form of product design.

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Pricing strategies ‫استراجيات التسعير‬ 1. 2. 3. 4. 5. 6.

Cost-plus ‫بحدد سعر المنتج علي اساس التكاليف‬ Value- based ‫بحدد سعر المنتج علي اساس الجوده المقدمة‬ Competitive ‫سعر تنافسي‬ Skimming ‫(بنزل منتج بسعر غالي‬high initial price) Discount ‫بنزل منتج واعمله خصم‬ Psychological )‫انزل منتج مناسب للعميل (نحترم دماغ العميل‬



Place Decisions)‫حبيع المنتج بتاعي فين (الزم اختار المكان صح‬

1. Direct Sales ‫البيع المباشر عن طريق مندوبين المبيعات‬ 2. Reseller Sales: intermediaries (middlemen ) are in the middle of a series of organizations that distribute goods from producers to customers ‫البيع عن طريق‬ ‫الوسطاء‬ 3. Market Coverage ‫تغطية السوق‬ a. Intensive (product available on huge number of outlets) b. Selective(product available on one or two outlet) c. Exclusive(product available on one outlet) 4. Inventory Size ‫حجم البضاعة في المخازن‬ 5. Logistics ‫النقل و التوزيع‬

Promotion: consists of all the techniques sellers use to inform people and motivate them to buy their products or services. .‫االساليب الترويجية ال بيتبعها البائعين علشان يقنعوا الناس بشراء المنتجات و الخدمات الخاصة بهم‬ It includes(promotion Techniques) 1. Advertising 2. Personal selling 3. Public relations 4. Publicity 5. Word of mouth 6. Various sales promotions efforts (coupon, samples, rebates) ➢ Marketing Research: -The analysis of markets to determine opportunities and challenges and to the find the information needed to make good decisions ‫تحليل األسواق لتحديد الفرص والتحديات وإيجاد المعلومات الالزمة التخاذ قرارات جيدة‬

Market Research Process(steps)‫حفظ بالترتيب‬ 1. 2. 3. 4.

Define the Question ‫تعريف المشكلة‬ Collect Data ‫ تجميع المعلومة‬primary data & secondary data Analyze the data ‫تحليل البيانات‬ Choose the best solution and implement ‫اختياره أفضل وتنفيذه‬

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Consumer Market -The total potential consumer market consists over 6 billion people in global markets. Because consumer groups differ in age, education level, income and taste. ‫ ألن جماعات المستهلكين تختلف‬.‫ مليارات شخص في األسواق العالمية‬6 ‫يبلغ إجمالي السوق االستهالكية المحتملة أكثر من‬ .‫ ومستوى التعليم والدخل والذوق‬،‫في العمر‬ -- Business usually cannot fill the needs of every group . therefore , it must first decide which groups to serve and then developed product and services specially tailored to their needs. v.v.imp part Market segmentation:- Dividing the total market into smaller market into groups whose members have similar characteristics.‫تقسيم السوق الكلي إلى سوق أصغر إلى مجموعات لها خصائص مماثلة‬ Target marketing: marketing directed toward those group (market segments) an organization decides it can serve profitability.‫تحديد القطاع المستهدف‬

Market segmentation Dimensions 1-Geographic segmentation: Divides the market into different geographical units such as nations, regions, provinces , cities.

‫ أحياء‬،‫ مدن‬،‫ محافظات‬،‫ مناطق‬، )‫ اقليم (مجموعة دول‬،‫تقسم السوق بناء عل بيانات جغرافية (دول‬ 2-Demographic segmentation: Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.

‫ الجنسية‬،‫ العرق‬،‫ الدين‬،‫ التعليم‬،‫تقسم السوق بناء عل منغيات وتشمل العمر والجنس وحجم العائلة و السن‬ ‫وهكذا‬ 3-Psychographic Segmentation: Divides buyers into different groups based on social class, lifestyle, or personality characteristics

‫عل أساس الطبقة االجتماعية‬ ‫يقسم المشيين ي‬ ‫إل مجموعات مختلفة ي‬

4-volume segmentation(Behavioral)..Usage and loyalty

‫عل أساس مدي استخدامهم ووالئهم للمنتج‬ ‫يقسم المشيين ي‬ _____________________________________________________________________________

Economic Technology

Competitive Customer

Social

Global

The Marketing Environment Page 48 of 75

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Business Final Revision 2019

Questions on ch.13 Complete Question 1- ______________ is the process of planning & executing the Conception, Pricing, Promotion and Distribution of goods & services to Facilitate exchanges that Satisfy individual organizational Objectives. 2- Two important activities in marketing are ------------------, and --------------. 3- Marketing Business Philosophy has passed through four Eras, namely: ---- ---------, ------------,--------------, and-------------------. 4- During the 1900s ------------- era of marketing philosophy focues on production; and the greatest marketing need was for ---------- & -----------. 5- The marketing philosophy in the production era was -----------------. 6- Two factors that led to the change in marketing philosophy from production to selling are: ------- &-----------. 7- The increase in consumers’ spending and the increase in competition among businesses have led to a new era in marketing namely: ----------8- The business philosophy of Marketing Concept id based on three main orientations, namely: ------, ---------------, and ---------------. 9- ----------------------- is a marketing concept orientation which means making sure that everyone in the organization has the same objective of customer satisfaction. 10-------------------------- s the process of learning as much as possible about customers and exceeding customer satisfaction leading to customer loyalty. 11- The four elements of the marketing mix are: ----------, ----------, --------, and -------------------. 12- The 9 activities in a marketing process are ---------, ---------,---------,-------- ,-----------,-------------,------------,-----------, and------------. 13------------------- is the process of testing products among potential users. 14- --------------- is a word, letter or group of words or letters given by the producer or service provider that differentiates a good/ or service from those of competitors. 15- Cost plus strategy, skimming strategy & psychological strategy are three examples of -----------------strategies. 16- In deciding about products’ place, a marketer chooses among three market coverage strategies, namely: -----------, -------------- or ------------. 17-------------------------- consists of all the techniques used by sellers to inform and motivate people to buy their products or services. 18- Promotion techniques include: --------------, ---------------, -----------, ------- and --------------. 19- ------------------------- is the analysis of markets to determine the opportunities and challenges & to find the information needed to make good business decisions. 20- The four steps of marketing research process are: ---------------, ------------, ----------, and----------------- 21--------------------- is in the center of the marketing environment. 22- --------------------- is the process of dividing the total market into groups whose members have similar characteristics. 23--------------------- refers to marketing directed toward the market segments that an organization decides it can serve. 24- --------, ----------, -----------, -----------, ----------- are five dimensions of market segmentation process. 25- Forces influencing Consumer Behavior include: -------------------------------

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Business Final Revision 2019 True or False Question 1. 2. 3. 4. 5. 6.

The main concern of the marketing mix is to please firm's stockholders. Placing a product in a location where people will buy it is part of the marketing mix. Designing a want-satisfying product is part of the marketing mix. Setting a price for the product or service is one element of the marketing mix. The primary factors involved in the marketing mix are sometimes called the 5 intangibles of marketing. The marketing manager's job is to design a program that effectively combines the ingredients of the marketing mix. 7. The four elements of the marketing mix are product, production, price, and predictability. 8. Providing people with a description of a potential new good or service and asking if the idea appeals to them are key parts of the marketing process. 9. Concept testing involves placing a product in a place where consumers will buy it. 10. A test market refers to the people in a market that will be least likely to use the product or service the marketer is offering. 11. A brand name is generally thought of as part of the product. 12. Test marketing involves developing an accurate description of the product and asking people if the proposed product appeals to them. 13. The marketing process includes decisions about the best way to get the product to the consumer. 14. Setting prices higher than the competition can help create an image of quality. 15. Promotion includes personal selling, publicity, and word-of-mouth efforts to persuade people to buy a firm's goods or services. 16. Unlike advertising, which is part of the promotional component of the marketing mix, personal selling is considered to be part of the distribution function. 17. The last step in the marketing process often includes building a continuing relationship with customers. 18. Marketers are concerned with selling goods and services, and therefore are not involved in designing the products their firm will sell. 19. Marketing involves developing and promoting a firm's products and allowing the firm's purchasing department to make all distribution and transportation decisions. 20. The most important component of the marketing mix is the actual design and production of the product. 21. Getting the product from the producer to the consumer is a production-related process and not related to the marketing mix. 22. Marketing focuses on the pricing and distribution of want-satisfying products, as well as determining the best way to promote the products to consumers. 23. For safety sake, an organization should produce as many products as possible since customers are not a good source of informing the organization what they want to buy. 24. Marketing is a one-time activity, performed when a business is first established and introducing product in the market. Once a firm has fine-tuned its marketing activities, it can turn its attention elsewhere. 25. The marketing mix provides a detailed market analysis to determine opportunities and challenges as well as information needed to make good decisions. 26. Marketing research helps determine what customers have purchased in the past, what situational changes have occurred to change consumer preferences, and what consumers are likely to want in the future. Page 50 of 75

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Business Final Revision 2019 27. 28.

Effective marketing research involves listening to customers, employees, shareholders, and other stakeholders. The first step in the marketing research process is to collect relevant data.

Multiple choose Question:1-________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. A. Selling B. Advertising C. Marketing D. Mixing markets 2-Which of the following marketing eras refers to the time period from our country's first settlers through the early 1900s? A. production era B. selling era C. marketing era D. customer relationship era 3-The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras? A. production era B. selling era C. marketing era D. customer relationship era 4-The greatest marketing need firms sought during the production era was for: A. Mass production and personal selling. B. Less expensive distribution and storage. C. Blanket advertising and financing. D. Specialized production and storage. 5-Which of the following describes the marketing era immediately after the development of mass production assembly lines? A. production era B. selling era C. marketing era D. customer relationship era 6-During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling. A. prefabrication B. selling C. mass communication D. customer relationship 7-The significant increase in consumer demand following World War II marked the beginning of the: A. production era. B. selling era. C. marketing concept era. D. customer relationship era. 8-The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. A. mercantile philosophy B. hierarchy of needs C. relationship approach to marketing D. marketing concept 9-According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit. A. stakeholder relationship B. consumerism C. marketing D. demand-side 10-Firms that have adopted _________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time. A. nonprofit marketing B. customer relationship management C. management by objectives D. the marketing mix 11-A ___________ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations. A. market B. profit C. customer D. production 12-Which of the following is a part of the marketing concept? A. a consumer orientation B. avoidance of risk C. financial return orientation D. emphasis on efficient production

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Business Final Revision 2019 13-Which of the following statements is most consistent with today's views on effective marketing? A. "There's a sucker born every minute." B. "Find out what your competition does and do it better." C. "A good promotional campaign can sell anything." D. "Learn about your customers and exceed their expectations." 14-Comparing the business practices of the 1950s to those of today indicate that today's marketing managers: A. have a more ambitious goal of not just satisfying customers, but of exceeding their expectations. B. are much more focused on production and mass marketing. C. put less emphasis on earning a profit, since doing so makes it harder to satisfy the needs of the firm's stakeholders. D. operate essentially the same as their predecessors. 15-Which of the following statements about marketing is the most accurate? A. Because nonprofit organizations are not motivated by profit, marketing activities are not consistent with their goals. B. To be successful, marketers must be able to persuade consumers to purchase goods they don't really need. C. Once a product is sold, focus on the next customer. D. Marketers recognize the need to learn as much as possible about customers and do everything possible to satisfy them. 16-A key element of customer relationship management is to: A. keep the price of goods as low as possible. B. develop a strategy to achieve the largest possible market share. C. allow customers to participate in the management decisions of the firm. D. learn as much as possible about customers. 17-A firm's marketing mix refers to the combination of: A. goods the firm offers to different market segments. B. advertising media the firm utilizes to promote its products. C. strategies regarding product, price, place, and promotion. D. people directly involved in making marketing decisions. 18-Marketers define a ________ as any physical good, service, or idea that satisfies a want or need. A. product B. copyright C. prototype D. concept 19-Which of the following describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing? A. prototype testing B. concept testing C. test marketing D. competitive benchmarking 20-___________ is a process used to test consumer reactions about a product among potential users. A. Pro forma branding B. Virtual design C. Prototype D. Test marketing 21-Which of the following describes a word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors? A. brand name B. product designation C. prototype name D. generic name 22-The last step in the marketing process often includes: A. collecting the cash from sales to consumers. B. developing a written report to summarize the results of the period's marketing activities. C. deciding the best way to distribute the product. D. building relationships with customers. 23-__________ consists of all the techniques sellers use to persuade consumers to buy their goods and services. A. Advertising B. Promotion C. Pre-selling D. Closing Page 52 of 75

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Business Final Revision 2019 24-Which of the following would be considered part of a firm's marketing mix? A. identifying the best source of funds to finance a firm's marketing activities B. determining the best pricing strategy for a product C. establishing a production schedule that enables the firm to meet forecasted sales D. designing the most efficient production plan 25-Which of the following tasks would be included in the marketing mix? A. evaluating various distribution alternatives to determine the best way to get the product to the consumer B. examining various sources of funds to determine the best way to finance an expansion of the organization's production facilities C. assigning tasks to specific workers on specialty product assembly lines D. developing financial statements based on the sales transactions of the firm during a specific time period 26-Which of the following is part of the marketing process? A. developing an understanding of company finances available for new products B. determining an appropriate brand name for a new product C. designing the most efficient method of production of a new product D. contacting suppliers after a purchase to ensure producer satisfaction 27-The first step in the marketing research process is to: A. define the problem and determine the present situation. B. collect relevant data from primary and secondary sources. C. analyze the research data. D. decide upon the best ethical solution. 28-Which of the following refers to the process of dividing the total market into several groups with similar characteristics? A. Market segmentation B. Market differentiation C. Market determinants D. Market partitioning 29. __________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably. A. Objective B. Departmentalized C. Target D. Subjective 30. A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests. A. demographic B. benefit C. psychographic D. normative 31. A firm that uses ___________ segmentation divides a market into groups based on age, income, or level of education. A. demographic B. psychographic C. perceived value D. econometric

Answers Answer of Q1:1- Marketing. 2- Selling & advertising. 3- Production era, selling era, marketing concept era & customer relationship era. 4- Production. 5- Produce as much as you can because there is limitless market. 6- Development of mass production techniques & increase in production capacity exceeding immediate demand. 7- Marketing concept era. 8- Customer orientation, Service orientation, & Profit orientation. 9- Service orientation. 10- CRM. 11- Product, price, place & promotion. 12- Find an opportunity, conduct research, identify target market, design product, test the product, brand name selection & price, develop distribution system, design promotion program, & build relationship with customer. 13- Test marketing. 14- Brand name. 15- Pricing strategies. 16- Intensive, selective, exclusive. 17- Promotion. 18- Advertising, personal selling, public relations, publicity, & word of mouth (WOM). 19- Marketing research. 20- Defining the question, collecting data, analyzing data, choosing the best solution & implementing it. 21- Customer. 22- Market segmentation. 23- Target Marketing. 24- Geographic, Demographic, Psychographic, Benefit, & Volume. 25- Reference group, Culture, Learning, Subculture & Cognitive dissonance. Page 53 of 75

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Business Final Revision 2019 Answer of Q2:

1 false

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true

true

true

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Answer of Q3:

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a

Mini Cases Question(from previous Exams) Help You to answer Choose Questions 1. Shehab’s company is planning to improve its products by the uniting of its computer aided design with its computer aided manufacturing .the intended production operations? 2. Nada owns a factory that transforms milk into dairy products such as yogurt and blue cheese. This factory is using which of the following production operations? 3. Haguar’s company has met the standards of the best practices for the protection and non pollution environment. Thus the company can receive which certificate from the international organization standardization? 4. Sherif’s company has decided to launch a new product into the market. The company will test the product among potential users before launching it. This process is called…………… system does amgad need? 5. After determining its HR needs. tasneems company realized that they need to hire a new employees? What is the HRM activity that is used to obtain a sufficient number of the right people right time?............... 6. Amgad wants to have minimum inventory levels such that parts, supplies and other component delivered directed to the assembly line without going first to warehouses. Such system requirement coordination among selected supplies. What inventory control 7. Mohamed got hired by dental care clinic where graduate dentists work with experienced dentist master the skills and experience of the craft. What is the training method used in this clinic? 8. Galaxy is an internet-based company that provides online support services for business that need setting up and maintain their websites .Galaxy is an example of accompany that is engaged in which types of e-commerce? 9. Creamy dairy products company has recently looked into merger with Reda farms that produce soft drinks what is the type of merger proposed in this case? 10. Amany works as a web Designer from home. Amany is late in the delivery of customers orders as she is very busy with her children during their term exams. Which home based challenge amany facing? 11. Trans Globe Airlines has recently looked into a merger with its main competitor, Royal Blue Airlines firms belive the merger will create a stronger company that can offer travelers more flights to variety of destinations. This proposed merger is an example of………merger. Page 54 of 75

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Business Final Revision 2019 12. Elfateh supermarket chain has announced plans to purchase all of the property and assume the obligations of metro super market chain, a firm that has been one of its major competitors. Which type of expansion is selected by El fateh chain?................ 13. Gehad recently purchase 100 shares of stock in the Amer development corporation. Gehad has become a (n)……..of Amer development? 14. H&M company decides to produce clothes for youth from age 15 to 30 which types of marketing & which type of segmentation that company uses? 15. Delta company want to obtain a sufficient number of the right people by putting advertising on news paper or by making promotions to its employees. . Explain. .process that delata company use..and it's types? ???.. 16. Mohamed is accepting the risk of staring and managing the type of business that remain small lets. Mohamed is an example of a (n)? 17. Omar recently quit a job with a large corporation to start her own business .while he realizes that his decision comes with risk. Omar is an example of a (n)? 18. Apple computers :Smart team” is an example of affirm that succeeded by? 19. zeyad decided to prepare his breakfast so he assemble ( toaste, coffee,& cheese) This factory is using which of the following production operations? 20. Ahmed is a sales person at Lamar Company. Ahmed always appreciate the amount of freedom and authority Lamar company gives him in order to meet the needs of the customer and respond to them quickly, this means that Lamar company practices ______ With its employees 21. Sara and Samar have considered starting their own business but are concerned about possibility of losing their personal assets if the business fails. One way for both Sara and Samar avoid this risk would be to organize their firm as a(n) ______ 22. Shehab decides to start his own factory in a specific geographic area assigned by the government to benefit from lower taxes and other government support. In this condition, Shehab will build a factory in a(n) _______ 23. The HR manger in Uniliver Company is deciding to establish a system to set standards to evaluating employees performance, this system is called ______ 24. Operations managers at Alex Corporation have found that they can achieve efficient production only by producing very large quantities of Aluminum Sheets in long runs without shutting down production process. This indicates that Alex should use a(n) ______ process 25. Mohamed El-Sallamy is a production manager who believes his firm uses more of virtually all types of resources than is necessary to produce its products. He would like to find a way to cut back on labor, and reduce the firm’s investment in tools and space as well. It seems that Mohamed would like to use ______ 26. Orange Company wants to investigate what are advantages and disadvantages of services to find the information needed to make good decision. This process can be called ______ 27. When Coca Cola Asked FATHALLAH MARKET to distribute its products to consumers, in this case FATHALLAH MARKET can be called ________

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Business Final Revision 2019 Answers 1-computer integrated manufacturing 2-process manufacturing 3-ISO 14000 4-test marketing 5.recruitment process 6-just-in-time inventory control(JIT) 7.apprenticeship 8-Business to Business (B2B) 9-vertical merger 10-Time management 11-Horizontal merger 12-Acquisition 13-partner 14-Demographic Segmentation 15-External Recruitment

16-Micropeneur 17- Entrepreneur 18-Entrepreneurial teams

19.Assemble Process 20-Empowerment 23-Performance Appraisal

21-limited partners 22-Enterperise zone

24-Contiouns process 25-lean manufacturing 26- Marketing Research

27-Distrubtor

Sections Questions

MCQs: CH.5

1.When an automobile company joining with a parts supplier. This is an example of ______ a) Vertical merger b) Horizontal merger c) Acquisition d) Franchising 2. When McDonald's kFC, Pizza Hut operate in different countries internationally through granting the right to another to use its name in exchanges for royalty. This is an example of ________ a) Vertical merger b) Horizontal merger c) Acquisition d) Franchising 3. In India, when Lipton joins with Brook Bond tea company and formed Brook Bond Lipton India lid to reduce competition and benefit from economies of scale. This is an example of _________ a) Acquisition b) Vertical merger c) Horizontal merger d) Cooperative 4. In 2007, Blackstone group purchased Hilton hotel by taking a loan of $26 billion. This is an example of _______ a) Merger b) Leverage buyout c) Franchising d) acquistion 5. The amount of money paid for the franchisor on monthly basis in order to have the right to use its name is called ________ a) Loyalty b) Royalty c) Rent d) Initial fess 6. The Boeing Company bought McDonnell Douglas. Subsequently, the Boeing company become responsible for all of McDonnell Douglas's obligations. This is an example of _______ a) Acquisition b) Vertical merger c) Horizontal merger d) Cooperative

T/F 1-The franchisee is a company that develops a product concept sell others the right to make and sell the products 2- The merger of a soft drink company and snack food company is an example of horizontal merger 3- In franchise operation, the franchisee still enjoys much of the incentives and profit of a sole proprietorship 4- Franchising can be home-based 5- When two drug companies, Glaxo and Smithkline began talks to merge their companies. This is considered as a vertical merger 6- Moutaz Corporation, which owns International shoe Company and International Dairy Queen, bought Damas Diamonds, a jewelry store chain in the Midwest. This is a conglomerate merger

Answers 1 a

2 d

3 c

4 b

5 b

6 a

1 f

2 f

3 f

4 t

5 f

6 F Page 56 of 75

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Business Final Revision 2019 MCQs: CH.6 1.Ola has talent in making deserts, So she decided to start a new business from home called "O's cake" specialized in making desert by order for orders. Ola is _____________ a) Entrepreneur b) Micropreneur c) Business women d) Incubator 2. Google gives employees "double time" or 10% of their work day to develop new ideas and work on personal projects. Google is supporting the idea of _________ a) Web-based businesses b) Enterprise zones c) Entrepreneurship d) Home-based business 3. "Mashaweer" is an idea converted into a small business developed by a group of experienced people from different areas of business. This is an example of ________ a) Enterprise zones b) Incubator c) Entrepreneur d) Entrepreneurial teams 4. Entrepreneurs take the risk of starting a business for all of the following reasons except _________ a) They want independence b) They like the challenge and the risk c) They want to make money for themselves d) They want to work less 5. Ahmed is a business owner who works from home as a freelance video producer. He really enjoys his work but isn't looking to "set the world on fire" with his company. He just wants to make a good living and spend time with his family when he can. Federico would be classified as a(n) _________ a) Entrepreneur b) Intrapreneur c) Micropreneur d) Venture capitalist 6. Which of the following is among the challenges faced by those with home based businesses? a) Computer technology b) Managing time c) Changes in social attitudes d) New tax laws

T/F: 1-One benefit of encouraging entrepreneurship is job creation 2- One of the easier elements of working at home is that it is easier to find customers because you can start in your own neighborhood 3- A Web-based business will be more successful if it offers the same products available in local stores 4- An entrepreneur needs to be self-disciplined, action oriented and highly energetic to be successful 5- Social attitudes toward home-based businesses have changed as people now asks micropreneurs when they will get a "real job" 6- It is easy separate between work and family tasks when you are running a home-based business 7- Web-based business is always a fast road to success

Answers 1 b 1 t

2 c 2 f

3 d 3 t

4 d 4 t

5 c 5 t

6 b 6 f

7 t

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Business Final Revision 2019 MCQs: CH.6 1.When the Alexandria governor decided to assign a geographic area for a group of people to sell food on carts to the public with Lowe taxes. This is an example 0f ______ a) Entrepreneurial teams b) Enterprise zones c) Incubators d) Home-based business 2. T-Hub is a partnership between the Indian governorate and three Indian academic institutes that offers basic services to startups at low cost. T-Hub is an example of _______ a) Micropreneur b) Enterprise zone c) Incubator d) Intrapneur 3. _______ is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to the competition and the resources and the qualifications of he owner(s) a) Feasibility study b) Business plan c) Marketing plan d) Executive summary 4. _________ are private individuals who invest their money in potentially new companies before they got public a) Angel Investors b) Venture capitalists c) Banks d) Lenders 5. Miriam wants to start a small business importing some products from her native Kenya. Before she starts. Some good advice to Miriam would be: a) Talk to others who have been or are in the import business b) Get a loan right away c) Find a business to buy as soon as possible d) Incorporate immediately 6. The primary concerns when first starting your business are: a) Marketing and accounting b) Planning and human resources c) Financing and planning d) Financing and marketing 7. Small business have an advantage over large business in international trade in all these ways except: a) They can begin shipping faster b) Their prices are usually low c) Overseas buyers like dealing with individuals rather than large bureaucracies d) They can provide a wide variety of services 8.There are many reasons why small business owners don’t go international. Which of the following is not one of those reasons ? a) They don’t known how to get started b) Financing is often difficult to find c) Paperwork is often overwhelming d) The Market doesn’t have great potential T\F : 1.A business is considered small only in relation to other businesses in its industry 2. There is no better way to learn small business management than working for a successful entrepreneur 3. The most important part in a business plan is the executive summary 4. Suppose that most of the resources necessary to satisfy this need. We can consider these employees a potential business market 5. Small business owners report that their greatest advantages over big companies are their more personalized customer service and the ability to respond quickly to opportunities 6. It is not necessary to obtain legal advice when operating a small business, as it is unlikely that your business will be involved in legal matters 7. The growth potential for small businesses internationally is minimal

Answers

1 b 1 f

2 c 2 t

3 b 3 t

4 a 4 f

5 a 5 t

6 c 6 f

7 a 7 f

8 d

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Business Final Revision 2019 MCQs: CH.9 1.Restaurants are providing _______ to customers a) Goods b) Services c) Both goods and services d) None of the above 2. In a car plant, in order to produce a finished car, labors combines different parts together like the frame, engine, windows and other parts. This is an example of ______ a) Process manufacturing b) Assembly process c) Flexible manufacturing d) Lean manufacturing 3. Gas and Oil companies needs to be operating 24 hours in which long production runs turns out gas and oil overtime. This is an example of ______ a) Continuous process b) Intermittent process c) CAD d) CAM 4. When Dell for computers quickly supply products that are tailored to customers’ needs and on a large scald. This is an example of ________ a) Lean manufacturing b) Mass production c) Mass customization d) Intermittent process 5. The work of a fashion designer is based on the number of orders he receives form customers, the clothiers are stitched for every customer independently. This is an example of: a) Intermittent system b) Job shop c) Continuous systems d) Concurrent engineering 6. A local, florist can take order from customers for every from weddings and baby showers to corporate events. Once an order is place, instead of reaching into inventory that’s been sitting ( and starting to look unattractive), the florist can visit a nearby flower mart to pick up the flowers needed to make the arrangements. This is an example ________ a) Continuous process b) Just in time inventory control c) Materials requirement planning d) Lean manufacturing 7. Carrefour is using a system that uses the sales forecast to make sure that the shelves are never empty, so that customers can always find what they want. Carrefour is using ________ a) Continuous process b) Just in time inventory control c) Materials requirement planning d) Lean manufacturing T/F : 1.CAD is a software program that unite both CAM and CIM 2. McDonald’s opening in San Stefano mall is a example of facility layout 3. Facility layout for services is usually designed to help the customers find and buy things 4. Internet-Based purchasing Services allow companies to find the best supplies at the best price 5. JIT requires close coordination among selected suppliers

Answers 1 c

2 b

3 a

4 c

5 a

6 b

1 f

2 f

3 f

4 t

5 t

7 C

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Business Final Revision 2019 MCQs: CH.11 1.All of the following are part of HR challenges EXCEPT: a) Shortages of skilled workers b) Increased loyalty c) Undereducated workers d) Overseas labor pool 2. ______ is the set of activities used to obtain a sufficient number of the right people at the right time a) Recruiting b) Selecting c) Training d) Appraisal 3. All of the following are part of the internal sources of recruitment EXCEPT ______ a) Transfers b) Promotion c) Newspapers d) Employee recommendations 4. _____ means having a person learn a job by actually doing it a) off the job b) On-the-job training c) Lectures d) Vestibule 5. Carpenters usually are subject to ______ training a) Lectures b) Programmed learning c) Apprenticeships d) Computer based training 6. Google provide training courses to its employees through a learning portal on its website this is an example of ______ a) On the job training b) Vestibule training c) Job simulation d) Online training 7. A firm’s ultimate resource is ______ a) the amount of start-up capital b) it’s employees c) stock price d) relationship with its customers 8.What is the first step in the selection process? a) Obtaining a completed application form b) Contacting an employment agency c) Background investigation d) Interviews 9. Armin a manger in a major tool company. He is currently being given a number of assignments in various areas of the company so that he can see how various operations work within his company. This is example of ______ will help him to succeed in the company a) Understudy positions b) On-the-job coaching c) Job enlargement d) Job relation 10. Maria Hernandez is a single parent with a child in elementary school . Maria loves her schedule because she can go in any time that is convenient for her, as long as she is there during the core hours of 10 a.m. to noon. Maria apparently enjoys a schedule known as _______ a) Job sharing b) Flextime c) Compressed workweek d) Home based work T/F: 1.HRM is receiving attention due to the shift from service industries to manufacturing industries 2. HRM is the responsibility of only the human resource manager 3. Job description focuses on the individual’s skills while job specification focuses on the job duties and responsibilities 4. Pension plans, health plans, sick leave and vacation pay are example of the fringe benefits 5. Job sharing reduce absenteeism and tardiness 6. Off-the-job training consist of training in classrooms with equipment similar to that used on the job so employees learn proper methods and safety procedures 7. Learning why an employee leaves a company is not especially valuable information for a company to determine

Answers 1 b

2 a

3 c

1 f

4 b

2 f

5 c

3 f

6 d

4 t

7 b

5 t

8 a

6 f

9 d

10 b

7 f Page 60 of 75

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Business Final Revision 2019 MCQs: CH.13 1-_________ make sure everyone in the organization has the same objective of customer satisfaction a) Customer orientation b) Service orientation c) Marketing orientation d) Profit orientation 2- Black Friday is a part _______ pricing strategy a)Cost-plus b) Loss-leader c) Discount d) Skimming 3- When Oppo offers smart phones at lower price and in return, mobile accessories like headphones, power adapter, …….. etc. are set for higher prices. This is an example of ______ pricing strategy a)Cost-plus b) Loss-leader c) Discount d) Skimming 4- Smart furniture sells its products only in Kabani furniture stores all over Egypt. This is an example of _________ a)Intensive marketing coverage b) Selective marketing coverage c) Exclusive marketing coverage d) Sensitive marketing coverage 5- Pharma companies for medical products depends on salesmen to promote its products to doctors. This is an example of _______ a)Advertising b) personal selling c) Publicity d) Public relations 6- Population shifts are example of _______ marketing environment a)Technological b) Cultural c) Economic d) Social 7- When Johnson & Johnson target children and women. This is an example of _____ market segmentation a)Demographic b) Geographic c) Psychographic d) Volume 8- When McDonald's considered adding pizza to their menu, the company made pizza available in some of their typical markets, to determine customer reactions. That process is called: a)Promotion b) Test marketing c) Outsourcing d) Concept testing 9- Intermediaries are _______ a)Consumers who are in the middle of the consumer decision making process b) Advertising agencies responsible for developing the advertising campaign for a new product c) Companies responsible for adeveloping products to sell to businesses d) Organization that are in the middle of a series of organization that distribute goods from producers to consumers 10- Marketing research helps determine all but which of the following? a)How distribution needs will change b) What customers have purchased in the past c) What changes have occurred to change what customers want d) What customers are likely to want in the future 11- What is the first step in the marketing research process? a)Analyze data b) Collect data c) Define the problem d) Develop potential solution 12- When Sun-2-Shade needed some information about the potential market for their product the marketing team looked to the Internet to find industry trends, and to looks at the market for eyewear products, which uses the same technology that is used in their self-darkening windshields. The type of information the marketing team was is: a)Secondary data b) Surveys c) Primary data d) Focus groups T/F: 1-Marketing means selling and advertising products 2- During the selling era, the greatest marketing needs was for distribution and storage 3- CRM focuses on just meeting the customer's needs 4- The 4 Ps of the marketing mix are product, price, place and publicity 5- Coupons rebates and cents-off deals are part of the promotion variable of the marketing mix Page 61 of 75

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Business Final Revision 2019 6- Setting an appropriate price includes considering the cost involved in producing promoting, and distributing the product 7- Socio-cultural factors such as population growth and changing demographics may affect some marketers but are not important for most organization 8- The process of dividing the total market into several group is called target marketing 9- An example of psychographic segmentation is dividing the market by whether or not your customers live in cities or in suburban areas Matching: 1_Marketing 2- Production, selling, advertising, CRM 3- CRM 4- Service orientation 5- Promotion 6- Selling and advertising 7- Intensive, selective, exclusive 8- Customer 9- Target market 10- Customer orientation, service orientation, profit orientation 11- Market segmentation 12- Test marketing 13- Production, selling 14- Employee 15- Marketing orientation a)_____ is the process of planning & executing the Conception, Pricing, Promotion and Distribution of goods & services to Facilitate exchanges that Satisfy individual organizational Objectives B) Two important activities in making are ________ and _______ C) Marketing Business Philosophy has passed through four Eras, namely: ________, ____ ,_______ and ______ D) The increase in consumers' spending and the increase in competition among businesses have led to a new era in marketing namely __________ E) The business philosophy of Marketing Concept id based on the three main orientation namely _____,________,and _______ F) _________ is a marketing concept orientation which means making sure that everyone in the organization has the same objective of customer satisfaction G) _________ s the process of learning as much as possible about customers and exceeding customer satisfaction leading to customer loyalty H) _________ is the process of tasting products among potential users I) In deciding about products' place, a marketer chooses among three market coverage strategies, namely: ______, ________, or _______ j) __________ consists of all the techniques used by sellers to inform and motivate people to buy their products or services k) _________ is in the center of the marketing environment L) ________ is the process of dividing the total market into groups whose members have similar characteristic m) ________ refers to marketing directed toward the market segments that an organization decides it can serve

1 B 1 F

2 c

3 d 2 F

4 c 3 F

5 b 4 F

6 d

7 a 5 T

8 d 6 F

9 d 7 F

10 c

11 c 8 F

12 a 9 F

a-1 b-6 c-2 d-15 e-10 f-4 g-3 h-12 i-7 j-5 k-8 l-11 m-9 Page 62 of 75

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Business Final Revision 2019 Questions from previous Exams (2012-2017) Complete the following sentence: 1-……………………One company's purchase of the property and obligations of another company. 2-…………………….A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition and the resources and qualifications of the owners. 3-…………………..that part of the production process that puts together components to make a product 4-………………….Is the production of goods using less of everything compared to mass production 5-The four factors known as the Marketing Mix are : a)Product b) Price c)………………..d)………………………. 6-When Radwan corporation plans to purchase all of the property and obligations of Ayady corporation. Radwan’s plans are an example of…………..as a form of business expansion. 7-…………………..is An owner who has unlimited liability and is active in managing the firm while…………… An owner who invests money in the business, but doesn’t have any management responsibility or liability firm losses beyond the investments 8-…………………………The joining of firms in completely un related industries to diversify business operations & investments. 9-…………………………… The right to use a specific business name & sell its products or services in a given territory 10-………………………Creative people who work as entrepreneurs within corporations. 11-……………………..Specific geographic areas to which government try to attract private business investment offering lower taxes and other government support. 12-……………………Is a process in which the production run is short and the machines are changed frequently to produce different products 13-………………………..a computer application that combines the computerized functions of all the divisions of the firm on the basis of a single, integrated set of corporate data. While……………………… is the process of taking statistical samples of a product components at each stage of the production process and plotting those results on a graph. 14-…………………is a study of what is done by employees who hold various job titles…………………. the plan will include recruiting, selecting, training and developing , appraising, compensating and scheduling the human resources. 15-……………………the use of equipment that duplicates the job conditions and tasks so that trainees can learn skills before attempting them on the job. 16-…………………….work schedule that gives employees some freedom to choose when to work, as long as they work the number of required hours. 17-………………………the process of learning as much as possible about customers and doing every thing you can to satisfy them or even exceed their expectations-with goods and services over time 18-……………………The ingredients that go into marketing program. 19-………………………..Intermediaries (middlemen ) are in the middle of a series of organizations that distribute goods from producers to customers 20-……………………..consists of all the techniques sellers use to inform people and motivate them to buy their products or services. 21-………………………..the process of Dividing the total market into smaller market into groups whose members have similar characteristics, while……………….. the marketing directed toward those group (market segments) an organization decides it can serve profitability. 22-………………………….the process of management development exposing managers to different functions of the Organization 23-A………………….is Independently owned, Not dominant in its field and Meet certain standards of size Employees, and Annual Receipts.

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Business Final Revision 2019 Answers 1-Acquistion 2-Businness Plan 3-Assembly process

4-Lean Manufacturing 5-place, promotion 6-Acquistion

7-General partner, limited partner. 8-Conglomerate merger 12-Intermitment process 15-job simulation 19- Reseller Sales Business

9-Franchise 10-Intraprenuer 11-Enterprise Zone

13-Enterprise Resources planning(ERP) 14-Job Analysis , HR strategic plan

16-Flexible work

17-Customer relationship management (CRM) 18-Marketing Mix

20-Promotion 21-Market Segmentation , target Marketing 22-job rotation 23-Small

MCQ 1-Tamer is the sole proprietor of a gift shop in a small shopping center .Because he is a sole proprietor , any profit tamer’s business earns is: a-Totally tax free. B-Taxed only as tamer’s personal income. c-Taxed twice, once as business income, then again as tamer’s personal income d-Taxed only if and when it is distributed to investors. 2-A difference between partnership and sole proprietorship is that partnerships: a-Are easier to form b- are managed by an elected board of directors c-Have the advantage of limited liability d-have a greater chance of long term survival 3-A merger involving a major candy company and steel producer would be an example of: a-Vertical merger b-horizontal merger c-linear merger d-conglomerate merger e-None of the above 4-…………………………..is the production of goods using less of human efforts and engineering time to develop a new product in less time: a-Mass production b-flexible Manufacturing c-Lean manufacturing d-Assembly process 5-Recently, Companies are using Quality Control to reduce errors of production at the end of production line. a-True b-False 6-PERT is the process used to monitor all phases of the production process to assure that quality into the product from the beginning. a-True b- false 1 2 3 4 5 6 b d A c b b 1-Which of the following is a reason given for the growth of home-based businesses? a)desire of to balance work and family b) new tax laws that allow for fewer deductions for home offices c) improvement in job security for employees of large corporations d) favorable shift in social attitudes towered working for a large corporation 2- Business incubators are government-funded facilities intended to: a)Provide health care benefits for small business owners and their families b) offer startup firms low-cost office space and basic business services c) help rebuild the nation's infrastructure d) assist foreign investors in identifying business opportunities 3- Which of the following statements about human resource management opportunities and challenges is most accurate? a)Shifts in the economy have led to a huge pool of skilled workers b) Workers now desire similar benefits that are satisfactory to all of the them Page 64 of 75

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Business Final Revision 2019 c) So many workers are over educated d) Workers give their employers less loyalty 4- Which of the following statements best describes the current view of the role of human resource management within a firm? a)Human resource management is largely a system function that involves keeping processing payroll, and making sure that federal regulations are met b) Human resource management has become so complex that only highly trained human resource specialists should make human resource decisions c) Human resource management functions have become so important that in many firms all managers now perform them d) Changes in technology have largely done away with the need for a separate human resource department 5- In human resource management, _______ is the process of defining who …. Be hired, under legal guidelines, for the best Interests of the individual and the organization a)interviewing b) applicant analysis c) performance appraisal d)selection 6- Both PERT diagrams and Gantt charts are useful to managers concerned with: a)calculating the rate of profit eased in a particular market b) making sure that projects are completed on time c) estimating the cost of completing a project d) establishing formal lines of authority and responsibility within an organization 7- A firm that has been certified as meeting both ISO 9000 and ISO 14000 standards has demonstrated a)World-class management of both quality and environmental standards b) Sound financial and marketing practices c) ethical treatment of both customers and employees d) that its recruitment and training programs for employees protect and promote basic human 8- To cut storage costs, many companies have implemented: a)ABC inventory management b) first-in, last out inventory control c) just-in-time inventory control d) maxim in inventory management 9- _______ is a computer application that enables firms to manage all of their operations on the basis of a single, integrated set of corporate data a)Materials requirement planning (MRP) b) PRET analysis c) Manufacturing resource planning ( MRP II ) d) Enterprise resource planning 10- ________ is a word, letter, or group of words or letters that differentials and seller's goods and services from those of competitors a)Equity name b) Brand name c) Franchisor d) Franchisee 11- Package Design is one form of product design a)True b) False 12- ______ is the process of learning as much as possible about customers, and try to expectations a)Marketing b) Customer Relationship Management c) Promotion d) Distich 13- The selling Era was concentrating mainly on the distribution and storage for marketing of the organizations a)True b) False 14- The marketing manger's job is to design a program that effectively combines the incredible marketing mix a)True b) False Page 65 of 75

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Business Final Revision 2019 15- Intermediaries are firms in the middle of a series of organizations that distribute producers consumers a)True b) False 16- HRM is only the function of the HR Manager a)True b) False 17- The activity that introduces new employees to the organization is called: a)Employee Orientation b) Job simulation c) On-the-Job coaching 18- The first step of performance Appraisal is: a)Communicate Standards b) Establish Standards c) Evaluate performance d) None of the above 19- Compressed workweek is: a)A period when all employees are existed at their job places b) Additional compensation to the employees beyond base wages c) Working full number of hours per week but in fewer days d) All of the above 20- Employee movement process consists of: a)Transfer b) Promotion c) Termination d) All of the above 21- To changes ownership in a corporation you simply need to sell your stock to someone alse a)True b) False 1 a 12 b

2 B 13 B

3 d 14 a

4 c 15 A

5 d 16 B

6 b 17 a

7 a 18 b

8 c 19 c

9 d 20 d

10 b 21

11 a

a

Final 2018 1.Which of the following products use process Manufacturing? a) Hair brush b) Computer c) Motor Oil d) Desk 2. Which of the following is an essential element of a job description? a) The minimum qualification workers must have to fill the position b) Working conditions c) What is done by employees who hold various job titles d) The age of the person that should hold the job 3. Which of the following is an advantage of the corporate form of business when compared to sole proprietorships and partnerships? a) Ease of formation b) Simplified paperwork c) Lower taxes d) Limited liability of owners 4. When production department are uniting computer-aided programs in designing and manufacturing their products this means that they are using a) CAD b) CIM Page 66 of 75

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Business Final Revision 2019 c) CAM d) CID 5. The third step in the determining human resources needs is to: a) Establish strategic plan b) Assess future labor demand c) Prepare job specifications for each position within the organization d) Prepare a human resource inventory 6. The second step in the marketing process is a) Find Opportunity b) Build customer relationship c) Brand name, design and price d) Identify target market 7. The board of directors for a corporation is elected by its: a) Creditors b) Stockholders c) Managers d) Employees 8. Sherif and Shehab have decided to open a floral design shop, which they intend to run as owners, Both intend to take an active role in the management of their new business and will accept unlimited liability, Sherif and Shehab are planning to operate a: a) Joint venture b) General partnership c) Limited partnership d) Cooperative 9. Setting high price at the beginning to gain penetration to the market, this is known as a) Cost-plus pricing b) Skimming pricing c) Competitive pricing d) Discount pricing 10. Purchasing function searches for ____ a) Quality material resources b) Best suppliers c) Best price for quality goods and services d) All of the above 11. One of the key functions of human resource management is: a) Departmentalizing b) Recruiting c) Budgeting d) Auditing 12. Nike, Adidas, Channel and Gucci are all examples of brand name products that a) Need marketing testing b) Attract people right away c) Need massive marketing promotions to let customers known it d) Have poor reputation 13. Managing Inventory Size and Logistic are involved in which marketing decision a) Product b) Price c) Place d) Promotion Page 67 of 75

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Business Final Revision 2019 14. Compared to partnerships and sole proprietorship a major disadvantage of the C (conventional) corporation as a form of business ownership is that it: a) Has the ability to raise more money b) Is easier and less expensive to form c) Qualifies for double taxation treatment d) Creates unlimited liability of owners 15. Coupons, rebates, discounts, samples, and cents-off deals reflect a) Publicity b) Direct sale c) Sales promotion d) All of the above 16. For business plan to be accepted from the bank it should: a) Focus on the big picture and omit the small details of operating the business b) Describe all aspects of the business, including product, the target market, the nature of the competition, and the owners' resources and qualifications c) Be purposefully vague, since specifics can restrict creativity and flexibility d) Focus on the nature of the business and the target market, omitting personal information about the owner in order to avoid personality issues 17. Bather Elsayed is a human resource manager at Claymont Communications who is currently involved in human resource planning. Which of the following tasks would bather performs as a part of assessing HR needs a) Prepare a human resource inventory b) Appraise the performance of individual workers c) Establish the budget for the human resource department d) Interview potential workers 18. A merger involving a commercial bakery and a grocery retailer would be an example of a) Vertical merger b) Horizontal merger c) Linear merger d) Conglomerate merger 19. All of the following relate to the demographic dimension except: a) Gender b) Age c) Income d) Life style 20. A(n) ________ occurs when one company buys the property and obligations of another company a) Cooperative b) Hostile takeover c) Leveraged buyout d) Acquisition

Question Two 1-A comparison of the three major forms of business ownership shows that sole proprietorships is the most difficult type of business to establish 2- Getting the product to the right place by intermediaries is called Direct sales 3- It is advisable that manufacturers deal with many different suppliers 4- Marketing is all about selling and advertising 5- Mass customization of services is easier than of manufacturing Page 68 of 75

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Business Final Revision 2019 6- Shady and Nashwa have been partners in a dry-cleaning business for the past three years They would like their brother Mohab to join them. Unfortunate, partnership law states that only two partners can participate in a partnership 7- The first step in the human resource planning process is to prepare a job analysis for each available position within the firm 8- The legal entity with authority to act and have liability separate from its owners is called a partnership 9- The process of training and educating employees to become good mangers, and then monitoring the progress of their managerial skills over time is called management

Answers 1 d 11 b

2 b 12 b

3 d 13 c

4 b 14 c

5 b 15 c

6 d 16 b

7 b 17 a

8 b 18 d

9 b 19 d

10 d 20 d

1

2

3

4

5

6

7

8

9

F

F

F

F

T

F

F

F

F

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Business Final Revision 2019 Brief introduction: -Companies finance Asset by using three financial tools. Which are‫أدوات األستثمار‬ 1- Bonds

stocks 2- Common Stock

3- preferred stock

Face value ‫القيمة األسمية‬ 1-Bonds”Long term debt”

‫السندات‬

Maturity

‫عمر السند‬

Interest Rate

(Coupon Rate) ‫عل السند‬ ‫معدل الفائده ي‬

2-Prefred Stock: “Equity” ‫أسهم ممتازة‬ ✓ is a share of ownership in a public company. ✓ Has no voting rights ‫ملهومش حق التصويت يف الجمعية العمومية‬ ✓ Preferred stock dividends are often higher than common stock dividends& we guarantee for them profits. ‫بنضمن ليهم جزء ثابت من األرباح‬ 3-Common Stock: “Equity” ‫أسهم عادية‬ ✓ Has voting rights .‫ليهم حق التصويت يف الجمعة العمومية‬ ✓ They take the residual from dividends after Bonds and preferred Stock.

‫عل السندات و نوزع نسبة األرباح‬ ‫اخر ناس بتتوزع عليهم األرباح(بيخدوا األرباح المتقبية بعد ما بنطلع معدل الفائده ي‬ )‫عل اصحاب األسهم العادية‬ ‫عل اصحاب األسهم الممتازه األرباح المتبقية بتتوزع ي‬ ‫الثابتة ي‬ Note: ✓ when the company invest in financial Assets (Securities) that means that it invests in three financial tools which are (Bonds, preferred stock and Common stock).

Exercise -Assume you have two machines, we need to accept one of them, using the following information: The accepted machine will be financed with the following weights: • 20 % from the common Stocks. • 20% from the preferred Stocks. • 60% from the Bonds. -The preferred stock dividends is 15, The market price is 100 , The cost of bond before tax is 12% , The tax rate is 20 %. -If you know that the Risk free rate ”Rf” is 7% and The Market Return “Rm” is 15 % The Company Beta is 2, the old machine has a Book value is 50000, selling price is 60000. Page 70 of 75

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Business Final Revision 2019 By replacing the old machine by the machine number one, the cash flow will be as follow: Year 1 500000 Year 2 450000 Year 3 420000 Year 4 400000 For Machine one, the purchased price is 900000, shipping and construction 100000, Net working Capital 50000, Salvage Value after 4 years is 140000. For the Second Machine, the cash flow will be as follow: Year 1 450000 Year 2 450000 Year 3 450000 Year 4 365000 For the Second Machine, the purchased price is 750000, shipping and construction 120000, Net working Capital 45000, Salvage Value after 4 years is 40000. Required: -Which machine we have to accept to replace the old machine using the Net present Value” NPV” Criteria.

Solution Sequence for Solution” we will Calculate: 1- Discount rate (Required rate of return OR Cost of capital OR WACC ) 2- Initial Investment (II) 3- Cash flow 4- Net present Value 1-Discount rate (Required rate of return OR Cost of capital OR WACC ) First: Before calculating WAAC we must calculate the cost of borrowing for bonds , the cost of borrowing for common stock and the cost of borrowing for preferred stock. 1 The Cost of Bonds= RD = Before Tax x ( 1 – tax rate) = 12% x ( 1- 20 % ) 12% x 80% = 9.6 % Weight Average Cost of Capital (WACC)= (RRR) OR (Discount Rate) WACC (Common Stock)

=

Weight

60% x

x Cost

9.6 % =

5.7 %

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Business Final Revision 2019 2-Calculating the cost of Preferred stocks= RP

=

P0

Weight Average Cost of Capital (WACC)= (RRR) OR (Discount Rate) WACC (preferred Stock)

Weight

=

Re =

= 15%

x Cost

20% x

3-Calculating the cost of common stocks= Re

15 100

D

Dividends of preferred stock Preferred Stock” Market Price “

15 % =

3%

Rf + Beta (Rm -Rf)

= Cost of c/s (Required return on equity)

Rf = Risk free investment (Zero Risk) ‫إستثمار خالي من المخاطر‬ B = Systematic Risk ( Industry Risk) )‫مخاطر الصناعة (بتختلف من صناعة الخري‬ Rm = Market Return ‫متوسط العائد علي األستثمار في السوق‬ Rm -Rf

=

Market premium

‫عالوة السوق نتيجة تحمل مخاطره أعلي‬

the cost of common stocks= Re = Rf + Beta (Rm -Rf) = Re= 7% +

2 ( 15% - 7% ) =

Weight Average Cost of Capital (WACC)= (RRR) OR (Discount Rate) WACC (Common Stock)

=

Weight 20% x

23 %

x Cost 23 % =

4.6 %

Now, We can calculate Total WAAC for (Bonds + Preferred stock + Common Stock) WAAC= 5.7 %

+ 3 % + 4.6 % =

13.3 %

Summary for all previous Calculations Common stock Preferred Stock Bond

Weight (2) Cost (3) 20 % 23% 20 % 15% 60 % 9.6% 100% Total must equal 100%

Weighted Average (WACC) ( 2X 3) 4.6 % 3% 5.7 % 13.3 %

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c

Business Final Revision 2019 2-Calculating the initial investment (II ) II (for machine one) = purchasing price + shipping and construction+ NWC – Proceeds from old machine. 900,000 + 100,000 +50000 - ?? Calculating the Proceeds from old machine. Selling price= 60000 ‫ سعر البيع‬Given Book value = 50000 ‫ القيمة الدفترية الحالية‬Given Capital gain = Selling price – Book Value Capital gain= 60000-50000 = 10000 % taxes=Capital Gain x Interest Rate % taxes= 10000x 0.20= 2000 In case of capital gain the proceed= selling price- tax =60000 – 2000 = 58000 OR Capital gain = Selling price – Book Value Capital gain= 60000-50000 = 10000 % taxes= 10000 x 0.20= 2000 Capital Gain After Taxes = capital gain before Taxes - Taxes Capital Gain After Taxes = 10000 - 2000 = 8000 In case of capital gain the proceed= Capital Gain After Taxes + Book value In case of capital gain the proceed= 8000 + 50000 = 58000 So, II (for machine one)= purchasing price + shipping and construction+ NWC – Proceeds from old machine. 900,000 + 100,000 +50000 - 58000 = 992,000 ------------------------------------------------------------------------------------------------II (for the second machine) = purchasing price + shipping and construction+ NWC – Proceeds from old machine. 750.000 + 120,000 +45000 - 58000 = 857.000 3- cash flow ( Given)

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Business Final Revision 2019 4-Calculating the NPV NPV =

∑ F. V (1 + r )

t

- Initial Investment

Note: In The last year Salvage Value and Net Working Capital (NWC) should be added to cash flows. (for machine 1)

400000+50000+14000

NWC & Salvage ‫السنة األخيره فقط ال بجمع عليها‬ NPV1 =

500 (1+0.133)1

NPV (1) =

+

450 (1+0.133)2

1036670 -992.000=

+

420 (1+0.133)3

+

590 (1+0.133)4

446.670

(for machine 2)

365000+45000+40000

NWC & Salvage ‫السنة األخيره فقط ال بجمع عليها‬ NPV2 =

450 (1+0.133)1

+ NPV

450 (1+0.133)2

+

450 (1+0.133)3

+ (2) =

450 (1+0.133)4

904.321 - 857000 = 473.21 So, We will accept machine number (1) to replace old machine because it has lower NPV. In case that both machines have negative NPV we will refuse both and keep working with our current machine. MCQ If you know Rf = 8 % , The Market premium = 7% , and the Company B= 1.5 So the cost of common stock will be a) 18.5 % b) 23% c) 15% d) None of the above Solution: Calculating the cost of common stocks= Re= Rf + ( Beta (Rm -Rf) ) = Re= 8% + ( 1.5 x 7% ) ) = 18.5 %

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Business Final Revision 2019 Important Notes 1-

when the company invest in financial Assets (Securities) that means that it invests in three financial tools which are (Bonds, preferred stock and Common stock).

Q1: There is no difference between financial Tools ( False) To calculate the Market Capitalization ( Market Value) ‫الرأسمالية‬ ‫القيمة‬ Q2:there is no difference between Common stock and ‫للشركة‬ preferred Stock(False) =Market price x # of Stocks . _______________________________________________________________________________ 2-Suppose , that the company Tal3at mostfa has 1000.000 stocks and the market price for its stock in the market is $ 9 ..Calculate the market capitalization? Solution: Market Capitalization= Market price x # of Stocks . Market Capitalization= 9 x 1000.000 = 9000.000

______________________________________________________________________________ 3 When you invest you have two options whether to invest in single stock or in portfolio management that means you invest in different Stocks “which is better”. Q:The aim of portfolio Management is to maximize return and not to minimize risk (false) Correction: The aim of portfolio Management isn’t to maximize return and to minimize risk ______________________________________________________________________________ 4-Correlation between Stocks

 When you select stocks that you will invest in it select stocks who have positive Correlation and avoid stocks who have negative Correlation. ______________________________________________________________________________ _Price of the Stock  Any Stock has three prices: open price, Close price and Average price (Occur during the session) , but note that the market price of the stock will be determined according to the close price. End of Business Final Revision ‫تم بحمد هللا و فضله‬

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