Amogus

China is selling face masks in the United States for very low prices, even lower than the prevailing prices in China, and thus making it extremely difficult for American manufacturers to compete. This is an example of _______.

dumping

When the U.S. government bars the importation of beef from Argentina into the United States, it is imposing a(n) _______.

embargo

Jeff Bezos, Elon Musk, and Beyoncé risked their time, effort, and money to establish and operate businesses; in this case, they are best described as _______.

entrepreneurs

The Carlson Spring Coal Mine recently discovered that the mine is contaminating the local drinking water. Cleaning up the mine and the surrounding areas will probably bankrupt the mine, causing the loss of hundreds of local jobs, but doing nothing will endanger the health of the community. The mine faces a serious ---_______ decision.

ethical

Refer to The Dapper Gentleman, Inc. If Quinn wanted to teach his employees about the stages of a product's life cycle, he should talk about all of the following except _______.

expansion

Selling and shipping raw materials or products to other nations is called _______.

exporting

According to economists, natural resources, labor, capital, and entrepreneurship are called _______.

factors of production

A firm attempting to reduce the size of its workforce may use several approaches. The approach most likely to be saved as a last resort is

firing

The producer price index is an accurate predictor of _______.

future changes in the consumer price index

According to Theory Y by McGregor, managers think people

have the ability to help accomplish an organization's goals.

The Hawthorne studies revealed that employees who are happy and satisfied with their work will perform better. Out of this study and others like it, the ____ movement was born.

human relations

Information on evolving technologies, industry staffing practices, projected economic trends, the particular company's future business ventures, new products, and projected expansions or contractions of certain product lines can be helpful in predicting

human resources demand.

The retail card and gift shop chain that Brianna started has since been incorporated. Which of the following best describes the limited liability that Brianna has as the primary stockholder in this corporation?

Brianna's personal assets will be protected in the event that the corporation fails, although she could lose her entire investment in the corporation.

When it built production lines for pickup trucks in the United States, Toyota engaged in what type of international expansion?

Direct investment

How long is the legal life of a corporation?

Forever, unless stipulated otherwise in the charter

Which of the following is not one of the four basic economic questions that determine which type of economic system a nation has?

How will manufacturing be conducted to conserve natural resources?

Refer to Garrett Enterprise. Based on Herzberg's theory, which of these factors was applied to employees?

Hygiene

During which product life-cycle stage is there no real competition for a product?

Introduction

The hierarchy of human needs was developed by

Maslow

Who are the top two export partners of the United States?

Mexico and Canada

Refer to Q&S Inc. If the managers at Q&S were interested in implementing the most widely used type of publicity, they should utilize which of the following?

News release

Innovative ways to do a job with less effort and at lower cost is at the root of the _______.

increases in productivity for the past two hundred years

The consumer price index (CPI) _______.

is a monthly index that tracks the prices paid by consumers

If the Colgate-Palmolive Company were to develop a replacement chart, the chart would show

key personnel along with possible replacements within the firm.

When sales drop each summer at Vail Mountain Resorts, a high-quality destination ski area, the resort owners temporarily have too many employees to service the reduced number of tourists that enjoy the area during the warmer months. In this situation, the resorts most likely would

lay off workers.

Refer to Q&S Inc. Q&S managers know that _______ is the most effective and least expensive means of communicating product information to a large number of individuals and organizations.

advertising

Business ethics _______.

applies moral standards to business settings

Anjali and Penny decide to go into business together. They start by writing an agreement listing and explaining the terms of the business they will both own, along with each of their responsibilities. Anjali and Penny created a(n) _______.

articles of partnership

A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability, willingness, and ____ to purchase such products.

authority

The leadership style advocating that a leader makes all decisions and tells subordinates what to do and how to do it is called

autocratic

A credit card company promotes an annual percentage rate of 3.9 percent in online ads. However, the company fails to mention that this is an introductory rate and that the rate increases to 21.9 percent after six months. When consumers are shocked after receiving their bills seven months after signing up, they feel their right to _______ has been abused.

be informed

You were asked to write a report to management indicating the primary advantage of external recruiting. You chose to focus on external recruiting's ability to ____ as its primary advantage.

bring in new perspectives and varied backgrounds

Fluctuations in a nation's economy are referred to as its _______.

business cycle

Refer to Western Airline Company. WAC's creation of a code of conduct demonstrates the application of moral standards to business situations, which is also known as _______.

business ethics

The equity theory states that people are motivated

by receiving a reward commensurate with their performance.

T-Mobile and AT&T both frequently advertise that their wireless services beat the competition in price, reliability, and coverage. This type of advertising illustrates _______ advertising.

comparative

Automobile fenders are an example of _______.

component parts

By ensuring that products are safe and reliable, the Food and Drug Administration and the Consumer Product Safety Commission are taking part in a movement known as _______.

consumerism

A shelf dispenser in a supermarket emits pieces of paper that offer $1.00 off any John Frieda hair care product. Customers can redeem their savings at the time of purchase. This sales promotion is a _______.

coupon

Refer to The Dapper Gentleman, Inc. The sewing machines are considered _______ for The Dapper Gentleman.

major equipment

Jon has the chance to get promoted into a higher paid management position if he continues to exceed his goals in his current position. Thus, he has high ____. He loves the company and is excited about the new position opportunity. Thus, he also has high ____.

motivation; morale

The total of all federal deficits in the United States is called the _______.

national debt

As a limited partner in a construction business, Ricardo _______.

only risks his initial investment

Sheldon has been operating his model train business as a sole proprietorship but decides that it is too much work for him to do alone. He does not want to file a lot of government forms but would like to bring in someone to own and manage it with him. Sheldon needs a(n) _______.

partner

Another name for human resources management is ____ management.

personnel

Flynn's company constructs storage sheds for new housing developments as requested by the builders. Flynn's business would best be classified as a ______.

production business

A _______ is a form that enables stockholders to allow someone else to vote for them.

proxy

Due to the COVID-19 pandemic, the United States suffered more than two consecutive three-month periods of decline in its gross domestic product; this is best described as a(n) _______.

recession

The process of attracting qualified job applicants is called

recruiting.

The theory stating that rewarded behavior is likely to be repeated and that punished behavior is less likely to recur is called

reinforcement theory.

Two useful tools for estimating the supply of needed human resources are the

replacement chart and skills inventory.

Fanatics buys team gear from manufacturers and then sells the gear directly to consumers. Fanatics is a(n) _______.

retailer

Suppose Paraguay imposes a tax on agricultural products from the United States to increase government funds. This describes a(n) _______.

revenue tariff

Zelda loves to cook and receives unqualified praise whenever she prepares a meal for someone. Encouraged by these compliments and eager to put her culinary talents to good use, Zelda decides to open a small neighborhood restaurant. Because she wants to maintain complete control of the business, she will most likely organize it as a _______.

sole proprietorship.

Determining how the work environment affects productivity was the original objective of

the Hawthorne studies.

Frederick W. Taylor's research led to the emergence of scientific management, which is defined as

the application of scientific principles to the management of work and workers.

Refer to Q&S Inc. Q&S management could use sales promotions for any of the following objectives except _______.

to steady increasing sales patterns

If the Kingdom of Arendelle had total exports of $150 billion and total imports of $234 billion, it had a _______.

trade deficit

Refer to Q&S Inc. During which step of the personal-selling process should a Q&S salesperson ask the prospect to buy the product?

Closing the sale

Which of the following is an example of a nation's infrastructure?

Communication networks

Which of the following best illustrates a command economy?

Communism

What does double taxation mean?

Companies must pay taxes on their earnings, and then stockholders pay taxes on their dividends.

Refer to The Craft House. When Penny was brought into her boss's office, what was her manager trying to explain?

Customer lifetime value

Which of the following relates to the effort involved with making goods and services?

Labor

Which of the following provides money for a business but has no management duties?

Limited partner

Which of the following is an advantage of the corporate form of organization?

Ownership of stock is easy to transfer.

Refer to Gear Up. To be successful, Gear Up will need to focus on the four elements of the marketing mix. Which of the following is one of those elements?

Price

Which of the following best describes the total value of a nation's products after making adjustments to account for the effects of inflation?

Real gross domestic product

Refer to Q&S Inc. If Q&S management chose to use a sales promotion method that returns a portion of a product's purchase price, it would be referred to as which of the following?

Rebate

Refer to Garrett Enterprise. When Mr. Smith talks about implementing a system of rewarding only the best behavior and punishing bad behavior, which of these theories is he utilizing?

Reinforcement theory

Job security, health insurance, and safe working conditions are all characteristics of which needs level?

Safety

Refer to The Dapper Gentleman, Inc. What types of products are sold at The Dapper Gentleman?

Shopping products

Refer to Gear Up. If Zoey were to engage a research firm that provides information about local household demographics, purchases, television-viewing and online behavior, and responses to promotions such as coupons and free samples, it would most likely provide which of the following?

Single-source data

Who or what defines whether a business is small?

Small Business Administration

Refer to Garrett Enterprise. When employees interact with each other, what needs are they meeting?

Social

Garrison owns and operates a large hardware store in Colorado that employs about 50 people. He delegates some of the decision making to two managers, but he remains the only owner. Garrison's business is organized as a _______.

Sole proprietorship

Refer to Luna's Dilemma. Based on the information provided, what type of business does Luna's aunt operate?

Sole proprietorship

Oregon would be a good choice because its damp environment leads to muffler rust which necessitates muffler replacement more often than in California or Nevada. Mato observes that there are other considerations for selecting a state in which to incorporate a business. Which of the following is not a consideration for selecting a state for incorporating a business?

The corporate tax that their muffler business will pay to the federal government

What is a disadvantage associated with the participative style of leadership?

The decision-making process is time-consuming.

Kim wanted to expand, but Shu and Celia wanted to remain focused on children's parties. By the end of the first year, the women were so divided that Shu and Celia decided to quit working with Kim and open their own business. They demanded that the business be sold and their contributions returned to them. Which of the following statements is true about the division of profits and losses?

The division of profits and losses should always be spelled out in the articles of partnership.

In a command economy, who or what decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production?

The government

Which of the following explains the significance of unlimited liability with regard to sole proprietorships?

There is no legal difference between the debts of the business and the debts of the proprietor.

What is the main weakness of Maslow's hierarchy of needs and Herzberg's motivation-hygiene theory?

They do not explain why or how motivation is developed and sustained.

Refer to The Craft House. The Craft House purchased its Thanksgiving products in June. However, in October, when the store finally displays the Thanksgiving products, which form of utility is being provided?

Time

Which of the following is one of Herzberg's hygiene factors?

Working conditions

A computer-based system for continually gathering internal and external information is called

a marketing information system.

If Berkeley Shirtmakers ties compensation directly to output by paying an employee a certain amount for each unit of output produced, it is using

a piece-rate system.

A computerized data bank containing information on the skills and experience of all employees is called

a skills inventory.

Under Herzberg's theory, when ____ factors are present in the work environment, they act as satisfiers; when ____ factors are absent, they act as dissatisfiers.

motivation; hygiene

A group of persons for whom a firm develops and maintains a marketing mix suitable for the group's specific needs and preferences is commonly referred to as a target

market.

Analysis of an individual's economic choices would be part of _______.

microeconomics

An employee's attitude toward his or her job, supervisors, and the firm itself is termed

morale

Refer to Garrett Enterprise. When the employees felt a sense of ownership, they must have been feeling more

motivation

If Dow Chemical were to emphasize achievement, recognition, responsibility, and advancement for its employees, it would be emphasizing

motivation factors.

Things were terrific at X Bank on Elm Street until an unfortunate incident occurred. Before the incident, the bank had installed hidden cameras, a fancy alarm system, and bars on entrance and exit doors. Nevertheless, the bank was burglarized last week. Although no employees were hurt, one of the bank's most loyal and respected tellers said, "For the first time in five years, I feel a bit uneasy, fearful on the job." The bank may find that for this employee and others, the ____ need must now be met.

safety

The need for esteem concerns an employee's desire for

self-worth.

Henry decides to start his own business designing websites for other businesses. Henry's business would be classified as a _______.

service business

Sylvia owns and operates a catering business. This is an example of a _______.

service business

Oliver and Christian Reed decided to buy new furniture for their bedroom. They spent considerable time shopping around, comparing prices and styles. In this case, bedroom furniture is a(n) _______ product.

shopping

The HRM specialists at A&C Company took the opportunity to increase productivity and decrease manual data analysis by using their microcomputer along with a commercial database management system (DBMS) to develop a ____. Now the company can readily identify specific organizational skills, eliminating the need to comb personnel files manually.

skills inventory