BUS 151 Chapters 1-9 Practice Exam

Maslow's Hierarchy of Needs

(level 1) Physiological Needs (level 2) Safety and Security (level 3) Relationships, Love and Affection (level 4) Self Esteem (level 5) Self Actualization

Fair Labor Standards Act

1938 act which provided for a minimum wage and restricted shipments of goods produced with child labor

Tariff

A tax on imported goods

Protectionism

Economic policy of shielding an economy from imports.

T/F: A farmer's market where 60 farmers come weekly to sell the produce they grow in their garden is an example of monopolistic competition

False

T/F: Demography is the study of how people use their free time, how people integrate their hobbies and vocations, and how people make their purchase decisions

False

T/F: Dissolving a partnership is easier than dissolving a sole proprietorship

False

T/F: Ethical decision making begins in the marketing department

False

T/F: Ethical training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior

False

T/F: Having a global vision simply means having a willingness to sell outside one's national borders if and when opportunity arises

False

T/F: If the sole proprietorship acquires a legal business name, the owner then has limited liability

False

T/F: The first two stages in the selection process are the initial contact and the preliminary interview

False

T/F: The internal labor market is made up of all employees in an industry

False

T/F: The major difference between a good and service is how the producer uses the factors of production to create each

False

Flat v. Tall organizational structures

Flat- wide span of control and short chain pf command Tall- narrow span of control and long chain of command

Example of: Social responsibility pyramid - Legal

Laws have curtailed smoking and as a result, the sale of cigarettes is down. Rather than fighting the law, the cigarette industry is looking for ways to take their business beyond cigarettes, like with the sale of smokeless tobacco.

Places to look for ideas to start a new business

Problems observed in a previous job, personal interests, family suggestions, other businesses

Organizing

The establishment of a new company and assigning the employees in the division the task of making an idea a reality

T/F: A business is an organization that strives for a profit by providing goods and services desired by its customers

True

T/F: An entrepreneur is a person who opens and manages his or her own business

True

T/F: An increase in the price of crude oil could trigger cost-push inflation

True

T/F: At the equilibrium point, quantity demanded equals quantity supplied

True

T/F: Division of labor is the process of dividing work into separate jobs and assigning tasks to workers

True

T/F: Human Resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals

True

T/F: Human rights include an individual's rights to life, liberty, and the pursuit of happiness

True

T/F: Micropreneurs are entrepreneurs who start small and plan to stay small

True

T/F: One of the basic functions of management is controlling

True

T/F: Planning is the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done, and determining by whom it should be done

True

T/F: Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job

True

T/F: The distribution process by which the burdens and rewards that society has to offer are shared varies from society to society

True

T/F: The higher the price of a good or service, the greater the amount a producer is willing to supply

True

T/F: The tax the U.S. imposes on imported carbon steel products is called a tariff

True

Cross-Functional team

a team composed of employees from different functional areas of the organization but the same hierarchy level

Aspects of 'human relations' skills

ability to negotiate, impress the right people, and make the connections

What causes a shift in the supply curve?

an increase in the price of raw materials used in the production process

Theory X

assumes that workers are basically lazy, error-prone, and extrinsically motivated by money and, thus, should be directed from above.

Walmart, Ford, Lawson & Tyler Services are...

examples of businesses

When Linda McAnem began Stirya, a computer company, she ran it as a sole proprietorship. As a sole proprietor, she...

found the business to be easy and inexpensive to form

Primary difference between a good and service

good: tangible service: intangible

Three basic roles of management

interpersonal, decisional, informational

Recruitment branding

involves presenting an accurate and positive image of the firm to those it is recruiting for

Standard of living

measured by output of goods and services people can buy with the money that they have

The World Bank's emphasis has recently shifted from helping to build the infrastructure of developing countries to....

offering loans to help relieve their debt burden

Matrix Structure

permanent organizations structure that combines functional and product departmentalization

Herzberg Hygiene Factors

potential job dissatisfiers

Decentralization

practice of giving deal of authority and decision making freedom to lower level managers

Controlling

process of ensuring that the organization's objectives are being met and of correct deviations from the plan

Original Hawthorne studies

set up to study lighting

Example of: Trend in ethics and social responsibility

strategic giving

Three basic levels of managerial hierarchy

top, middle, supervisory

Cost-Push inflation

triggered by increases in production costs which increases the cost of final goods

T/F: Motivation is basically a need-satisfying process

true

Merger

when two or more companies join to form a single firm