BUS&101 MIDTERM CH. 1-9

Monopolistic

For a time, only Xerox could dry-paper copiers because Xerox his held all the patents of the process. Until that patent expires, Xerox could said to operate in any -------- market structure.

import quota

Japan has a limited number of pounds of citrus fruit that can be imported into the country this limitation is called?

Legal but irresponsible

Many weight-loss programs advertise that they can help individuals lose a great deal of weight without any changes in the individuals lifestyle. Typically when the person who has lost the weight leaves the program, he or she regains all of the lost weight. This yo-yoing is almost as bad as for the body as the excess weight. These weight-loss programs are engaged in --------- behavior.

True

Mines in Colombia produce emeralds and sell them to jewelers in the U.S. to Colombia miners, emeralds are an export.

True

One of the basic functions of management is organizing.

True

One of the disadvantages of a sole proprietorship is that the owner has unlimited liability.

All of the above a. a temp agency to recruit, interview and hire employees b. an advertising company to redesign its ad in the local newspaper c. a certified public accountant to manage its money d. an attorney who is well-versed in small business law.

One way to ease the burden of managing a business is to hire an outside consultant that might be useful to a small interior design company?

Technical

The specialized knowledge and ability that a person brings to a job, such as computer programming is called a(n) -------- skill.

False

Though the formal organization may be a force in an organization, it has no real power, so managers don't really have to worry much about it.

Social responsibility

U.S. steel has established an alcoholic rehabilitation program for the city of Pittsburgh. The company provides the facilities and the personnel to operate the program U.S. steel is practicing:?

True

Utilitarianism is a principle that guides laws that says that people should act so as to generate the greatest good for the greatest # of people.

Centralized decision-making

Which is not a characteristic of a business that is considered to be an Organic Organization?

Names, SS#, and the phone #'s of all employees

Which of the following elements does NOT typically appear in a well-prepared business plan?

Capital, natural resources, labor, enterpreneurship

list 4 traditional factors of production?

organizing, planning, controlling, leading.

list four basic functions of management?

Corporation, sole proprietorship, partnership.

list the three major categories of legal business ownership?

code of ethics

provides employees with the knowledge of what their firm expects in terms of their responsibilities and behaviors toward word their fellow employees customers and suppliers.

to show the invent stirs your plan

what is the most common use for a business plan?

Canada, USA, Mexico

what three countries were the initial signers of the North American Free Trade Agreement NAFTA?

FLSA Fair labor standards Act

which law is responsible for establishing the minimum wage?

False

Strategic planning is long-range, formulated by supervisory-level management, and made if the company operated in a vacuum.

False

Supply is the quantity of a good or a service that people are willing to buy at various prices.

Tariffs

the United States imposes------ a tax on all imported bicycles.

supervisory

the lowest level of management which usually carries out the daily operations is called------ management.

Laisser-faire

what is another name for a free- rein leadership style?

Capitalism is

what is another name for the private enterprise system?

shareholders

who are the owners of a corporation?

False

Retail stores are the most popular category of small businesses.

decentralized

Allison Edge Shears decision-making and Authority with her subordinates edges department is-------- because she believes the people she supervises can make good decisions on their own.

False

An example of a staff position (in a line-and-staff structure) would be a plant manager for a manufacturing facility.

Provide funding for start-up businesses

Angel Investors

Leverage buyouts

Are corporate takeover financed by large amounts of borrowed money.

True

At the equilibrium point, quantity demanded equals quantity supplied.

False

China had a favorable balance of trade in 2017 when it exported $322 million and imported $492 million.

doing all of the above a. hiring b. developing c. motivating/compensating d. evaluating

Human resource management is the process of------ people in order to achieve organizational goals.

Centralization

Is the practice of only giving limited authority and decision making to lower-level managers.

Controlling

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

Supply

Is the quantity of a product or service that businesses will make available at various prices.

True

Telecommuting is an arrangement in which employees work at home and are linked to the office by phone, fax and computer.

Top, middle, and supervisory

The 3 basic levels of the managerial hierarchy are:

Exporting

The Northwest Cherry Growers(headquartered in the state of WA.)sells much of its locally grown produce to Taiwan ------- was least risky and least expensive way f the growers' association to sell to global markets.

Outsourcing

a business uses the process of------- if it hires and overseas business to manufacture one of its products that is currently makes which can be produced Cheaper by that foreign company.

Embargo

a total prohibition against importing certain products is called a(n)?

it's up to you. Whatever one works for you.

out of all the different types of structure a business can use to organize itself which is the best type of organizational structure?

Unlimited

in a sole proprietorship the owner is fully liable for all business debts of the company this term is called----- liability.?

opportunity

in order to minimize the occurrence of fraud within their business management best chance of reducing fraud if you focus on the element of------ from the fraud triangle.

fring benefits

include Insurance, pension plans,. Sick leave, child care, and vacations.

Double taxation

A corporations earnings are taxed as corporate earnings and as dividends to the stockholders. This is known as?

True

A disadvantage of a partnership is that any partner may have to pay all of the debts of the company regardless of who incurred the debts.

False

A person who buys a franchise has the same level of control as an entrepreneur who opens his or her own sole proprietorship.

True

A person who risks time, effort, and money to start-up and operate a business is called an entrepreneur.

Debt

A small business owner that uses---- to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

(OSHA) Occupational Safety and Health Act

Deshaun Hardin works for a lumber company. His employees wear steel-toed shoes and hard hats when on the work site. Hardin's employer is complying with which federal law?

Autocratic

Dewayne Gibbons of Burger King decided to introduce a new sliced chicken sandwich without consulting any of his subordinates or the franchise. Managers who use this style of decision making exhibit the ------- style of leadership.

False

Entrepreneurs, as a general group, dislike risk taking.

Mechanistic

Organization is organized by a relatively high degree of job specialization, rigid departmentalization, many layers of management, narrow spans of control, centralized decision making, and a long chain of command.

True

Performance appraisals are comparison's of actual people performance with expected performance.

True

Recruitment is the attempt to find and attract qualified applicants in the external labor market.

True

Small businesses tend to have greater flexibility than larger businesses.

True

Social responsibility is a voluntary obligation.

True

The ability to work with people and be sensitive to worker's needs are examples of human relations skills.

Communism

The best example of Command Economy.

Merger

The combination of two companies that join to form one new company is called a ?

Socialism

The economic system under which basic industries are owned and operated by the government and where some private ownership of smaller businesses exists is called?

True

The general upward movement of prices in the economy is inflation.

False

The most basic measure of economic growth is the GFP (gross farm production).

True

The nation of the task and location of workers affect the size of a manager's span of control.

True

The need for businesses to expand their markets is one of the most fundamental reasons for the growth in world trade.

Commission

is an example of a type of incentive pay that employers use to compensate motivate and reward their employees.

recession

is defined in GDP that last for 6 months.

reengineering

is the complete redesign of business structures and processes in order to improve operations.

Inflation

is the general upward movement form year to year.

leading

is the process of guiding and motivating people toward word the achievement of organizational goals.

Devaluation

is the reduction of a company's value relative to another currency.

Business

law is the body of law that governs commercial dealings.