Q&A Hero

Q: A(n) _____ tax is a tax levied by a state on property used in that state that was not purchased in that state.a. property b. importc. use d. sales

Q: If a company undertakes sufficient activities in a particular country, it establishes _____ with that country and becomes liable for filing tax returns in that country.a. jurisdiction b. noticec. terms of service d. nexus

Q: In a(n) _____ policy approach, a company that collects information does not use the information for any other purpose unless the customer specifically chooses to allow that use.a. opt-out b. lock-inc. fair-use d. opt-in

Q: If a defamatory statement injures the reputation of a product or service instead of a person, it is called _____.a. negligent tort b. trademark dilutionc. product disparagement d. per se defamation

Q: A(n) _____ statement is a statement that is false and that injures the reputation of another person or company.a. defamatory b. warranty disclaimerc. implied d. copyright

Q: A digital _____ is a digital code or stream embedded undetectably in a digital image or audio file.a. validation code b. watermarkc. patent d. cookie

Q: A _____ is an act in which a seller unintentionally provides a harmful product.a. fraud b. misrepresentationc. negligent tort d. defamation

Q: Disputes that arise when one person has registered a domain name that is an existing trademark or company name are settled by _____.a. the World Intellectual Property Organization b. common lawc. statutory law d. the World Trade Organization

Q: A _____ is a statement declaring that the seller will not honor some or all implied warranties.a. defamatory statement b. forum selection clausec. warranty disclaimer d. warranty negation

Q: A(n) _____ refers to any symbol executed or adopted for the purpose of authenticating a writing.a. stamp b. iconc. mark d. signature

Q: A(n) _____ can be formed by two or more parties that act as if a contract exists, even if no contract has been written and signed.a. voidable contract b. implied contractc. subordinate contract d. virtual contract

Q: A(n) _____ is the expression of willingness to take an offer, including all of its stated terms.a. judicial comity b. tortc. acceptance d. consideration

Q: A(n) _____ is a commitment with certain terms made to another party.a. award b. offerc. acceptance d. consideration

Q: The details of _____ vary from state to state, but generally create personal jurisdiction over nonresidents who transact business or commit tortious acts in the state.a. subject-matter jurisdiction b. long-arm statutesc. statewide jurisdiction d. forum selection

Q: A(n) _____ clause is a statement that a contract will be enforced according to the laws of a particular state that then has personal jurisdiction over the parties who signed the contract regarding any enforcement issues.a. forum selection b. choice of lawc. after acquired property d. deadlock provision

Q: In the United States, federal courts have subject-matter jurisdiction over issues related to _____.a. bankruptcy b. state tax mattersc. professional licensing d. personal matters

Q: _____ is a court's authority to decide a particular type of dispute.a. Territorial jurisdiction b. Personal jurisdictionc. Subject-matter jurisdiction d. Long arm jurisdiction

Q: A _____ is an intentional or negligent action taken by a legal entity that causes harm to another legal entity.a. click-wrap acceptance b. tortc. fair use d. anticipatory repudiation

Q: List the supply chain characteristics that support reverse auctions.

Q: How does proxy bidding work on eBay?

Q: What is the main difference between eBay and a live English auction?

Q: What is the difference between an English auction and a Dutch auction?

Q: Describe the operation of a typical auction.

Q: The act of placing a winning bid at the last second is called a(n) _____.

Q: The site JustBeads.com is an example of a(n) _____ auction site that caters to buyers and sellers who are geographically dispersed but share highly focused interests.

Q: In an eBay auction, a(n) _____ automatically increases a bid to the next highest increment needed to exceed any bid, up to a bidder-specified maximum bid.

Q: In a(n) _____ auction, multiple sellers submit price bids to an auctioneer who represents a single buyer.

Q: _____ auctions, either sealed bid or open outcry, work well only for items of known quality, such as securities or graded agricultural products, that are regularly traded in large quantities.

Q: The process of finding a lender who can provide funds for a business idea through social networking sites is referred to as _____.

Q: If multiple items are being auctioned in a(n) _____ sealed-bid auction, successive lower (next highest) bidders are awarded the remaining items at the prices they bid.

Q: Farmers' cooperatives in the Netherlands use the _____ auction to sell perishable goods such as produce and flowers.

Q: Dutch auctions are also called _____ auctions.

Q: A(n) _____ auction is often better for the seller because the bidder with the highest private valuation will not let the bid drop much below that valuation for fear of losing the item to another bidder.

Q: In English auctions, bidders risk becoming caught up in the excitement of competitive bidding and then bidding more than their private valuations. This phenomenon is called the _____.

Q: A(n) _____ is the price at which an auction begins.

Q: _____ are amounts that bidders are willing to pay for an item.

Q: All eBay auctions have a(n) _____, the amount by which one bid must exceed the previous bid.

Q: _____ allows Web pages formatted in HTML to be displayed on devices with small screens.

Q: _____ is the practice of lending very small amounts of money to people who are starting or operating small businesses, especially in developing countries.

Q: _____ refers to the conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services.

Q: An early attempt to monetize social networking by charging visitors a fee for a specific service was the _____ site.

Q: One rough measure of _____a Web site's ability to keep visitors on the site and attract repeat visitorsis how long each user spends at a Web site.

Q: _____ software is developed by a community of programmers who make the software available for download at no cost.

Q: Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

Q: Modifying an Android operating system is called _____ the phone.

Q: Intra-community interaction among members of a virtual community is called _____.

Q: Modifying an Apple iPhone's operating system is called _____ the phone.

Q: Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

Q: Wary bidders in low-price auctions can check the_____ to protect themselves from being cheated.a. seller's records b. liquidation brokersc. escrow services d. sniping software

Q: Smaller businesses often sell their unusable and excess inventory to _____, which are firms that find buyers for these items.a. inventory specialists b. liquidation brokersc. inventory removal services d. secondary marketers

Q: Traditionally, large companies distribute excess inventory through _____.a. liquidation specialists b. liquidation brokersc. own Web auction sites d. third-party Web auction sites

Q: An auction where visitors describe items or services they want to buy, and a group of participating merchants reply with offers to supply the item at a particular price is called a _____.a. second-price sealed bid b. seller-bidc. first-price sealed-bid d. reverse bid

Q: Existing auction sites, such as eBay, are inherently more valuable to customers than new auction sites. This basic economic fact is called a(n) _____.a. deadlock effect b. lock-in effectc. smoke-and-mirrors effect d. anti-pattern effect

Q: A(n) _____ is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be.a. snipe b. liquidation brokerc. escrow service d. auctioneer

Q: One of the first operating systems for Internet-capable phones was made by _____ for their phones and other portable devices.a. Palm b. Linux Foundationc. BlackBerry d. Samsung

Q: The most common format used on eBay is a computerized version of the _____ auction.a. Dutch b. sealed-bidc. English d. double

Q: The New York Stock Exchange conducts _____ auctions of stocks and bonds in which the auctioneer, called a specialist, manages the market for a particular stock or bond issue.a. sealed-bid double b. open-outcry doublec. descending-price d. ascending-price

Q: The most popular and fastest growing third-party mobile operating system is _____.a. BlackBerry 10 b. Apple iOSc. Android d. Symbian

Q: In a(n) _____ auction, buyers and sellers each submit combined price-quantity bids to an auctioneer.a. reverse b. Dutchc. English d. double

Q: Second-price sealed-bid auctions are commonly called _____ auctions.a. open-outcry b. Vickreyc. double d. Dutch

Q: Mobile phones that function as credit cards are called _____.a. mobile wallets b. e-cachesc. universal cards d. bitcoins

Q: In _____ auctions, bidders submit their bids independently and are usually prohibited from sharing information with each other.a. sealed-bid b. descending-pricec. open-outcry d. seller-bid

Q: The _____ auction is a form of open auction in which bidding starts at a high price and drops until a bidder accepts the price.a. English b. Dutchc. reverse d. sealed-bid

Q: An English auction is sometimes called a(n) _____ because the bids are publicly announced.a. reverse auction b. double auctionc. open auction d. sealed-bid auction

Q: People employed by a seller or an auctioneer to make bids on behalf of the seller are called _____.a. auction agents b. faux biddersc. shill bidders d. auction dealers

Q: The whole auction process is managed by a(n) _____.a. shill bidder b. auctioneerc. observer d. seller

Q: _____ are the prices that potential buyers in an auction are willing to pay for an item.a. Bids b. Proposalsc. Offers d. Reserves

Q: Compared to traditional advertising, an effective business use of social media tools is to _____.a. focus on the company's interests b. engage customersc. broadcast information d. promote products

Q: The earliest written records of auctions are from _____.a. Huanbei b. Babylonc. Rome d. Athens

Q: The trend toward having readers help write their own news is called _____ journalism.a. participatory b. communityc. social d. collaborative

Q: A(n) _____ allows individuals to create and publish a profile, create a list of other users with whom they share a connection (or connections), control that list, and monitor similar lists made by other users.a. bulletin board system b. Usenetc. social networking site d. RSS feed

Q: A(n) _____ is a gathering place for people and businesses that does not have a physical existence.a. meetup b. online communityc. lock-in d. public space

Q: _____ were computers that allowed users to connect using dial-up connections through telephone lines to read and post messages in a common discussion forum.a. Microblogs b. Web chat roomsc. Social networks d. Bulletin board systems

Q: The act of placing a winning bid at the last second is called a lock-in. a. True b. False

Q: Because sniping software synchronizes its internal clock to the auction site clock and executes its bid with a computer's precision, the software almost always wins out over a human bidder. a. True b. False

Q: Cricket Jr. was a mobile operating system software written by David Eccles in 1997. a. True b. False

Q: Sniping software observes auction progress until the last second or two of the auction clock. a. True b. False

Q: Phone manufacturers depended on third-party operating system software in the past but are now creating their own operating systems. a. True b. False

Q: In industries where there is a high degree of competition among suppliers, reverse auctions can be an efficient way to conduct and manage the price bidding that would naturally occur in that market. a. True b. False

Q: The types of products that work well for group shopping sites are branded products with well-established reputations. a. True b. False