Business Test 1

False

Goals are developed and agreed to by management so that the workers can follow them.

True

The key people in a company's grapevine typically have considerable influence in the organization.

True

Empowerment works only when employees are given the proper training and resources to respond.

Is it legal?

A U.S. government official has indicated that for a generous contribution to his reelection fund, he would ignore your firm's apparent violation of several anti- pollution laws. Which of the following "ethics check questions" would you consider first?

False

A mission statement should provide a detailed explanation of how a company will achieve its objectives.

True

A bureaucratic style of organization is slow when responding to change.

False

A chain of command is a line of authority that moves from the lowest level of the hierarchy to the top.

True

A code of ethics designed to avoid criminal misconduct is an example of a compliance-based ethics code.

accept the risks involved in starting and managing a business.

A common characteristic of most entrepreneurs is that they:

-

A contemporary economic challenge is Large educated populations can contribute to an economy by offering knowledge and entrepreneurship.

business plan.

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:

True

A few years ago, several U.S. clothing manufacturers were sued in Los Angeles courts by watchdog groups who learned of poor working conditions in manufacturing plants on a U.S. territory known as the Marianas Islands. Customers are concerned with human rights abuses and other problems with supplier relationships abroad.

True

A firm desiring to enter a foreign market with a limited investment should consider licensing.

world-class management of both quality and environmental standards.

A firm that is certified as meeting both ISO 9000 and ISO 14000 standards has demonstrated:

False

A flat organizational structure is designed to be more responsive to the needs of management.

Is it balanced?

A friend offers to share with you a term paper previously prepared for her Introduction to Business class last semester. When you tell her that it wouldn't be fair, she reminds you of your habit of reading an entire Harry Potter book at the local bookstore without paying for the book. Which ethics-based question would be most helpful in evaluating these situations?

False

A hierarchy requires many top managers, but only a few middle managers.

True

A joint venture is a partnership in which two or more companies join to undertake a major project. All parties commit financing and risk to the project.

To reduce the inequality in the distribution of wealth.

A major premise of a socialist system is:

True

A matrix team for an aerospace company may consist of a project manager, a finance expert, a marketing specialist, a member of production, and two design engineers.

new and loyal customers.

A payoff for socially conscious behavior is:

social marketing

A successful web-based strategy that helps a business spread the word about its web site and products is called ______________.

False

A vision is a detailed set of specific steps that a firm must take to achieve its short-run objectives.

demand

A(n) _____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

False

According to Adam Smith, the "invisible hand" refers to the government's effort to always keep a check on the wealth creation of individuals, so that no one business would control a market for a particular good or service.

lean manufacturing.

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:

middle management.

Anita is employed as plant manager for Mojo Industries, Incorporated. Though she spends some time performing all management functions, she is particularly concerned with tactical planning and controlling. Anita's position would be classified as part of Mojo's:

bringing together a group of talented and experienced managers to conceive, develop, and market products.

Apple Computer's "smart team" is an example of a firm that succeeded by:

division of labor.

As Bret prepares to open his new business, he has identified the tasks that need to be accomplished and has assigned employees to each task. This illustrates a:

gain a foothold in a new market

As a business strategy, the strategy behind "dumping" is to ____________.

Leading

As a manager, two of Sylvia's strengths are her ability to communicate goals clearly, and her ability to guide, coach, and motivate workers. Based on these strengths, __________ is a management function that Sylvia is likely to be good at performing.

flattening the organization and empowering employees, allowing them to get closer to the customer

As a response to a rapidly changing marketplace, Idea Electronics found it necessary to reorganize, including a significant downsize of its middle management. This action will likely result in ___________.

empower her employees to develop their own ideas.

As a small business owner, Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to retain her employees and create a high level of motivation would be to:

False

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

True

As their firms grow and prosper, busy entrepreneurs take pleasure in delegating authority to others.

False

Aside from personal savings, the only other viable source of financing for an entrepreneur would be funds available from friends and family.

the organization faces an emergency situation.

Autocratic leadership is likely to be effective when:

broadening the knowledge base

Companies benefit today by inter-firm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and learning new processes from other firms that usually fall outside of their respective industries. We call this:

True

Barney extends his lunch break beyond the allotted time. Wilma uses the office telephone for unauthorized personal phone calls. Fred misrepresents his product to a potential customer. All of these are examples of unethical behavior.

-

Because college students realize the importance of nursing homes for our aging population, students comprise an attractive market for nursing home insurance policies.

develop contingency plans.

Because economic and competitive environments frequently change, organizations should:

True

Beth has spent the last two hours going over some consumer surveys to see how well her company is achieving its goal of improving customer satisfaction. Beth's efforts are an example of the controlling function of management.

corporate social initiative

Blake Mycoskie started a shoe business known as TOMS. As a social entrepreneur, Mr. Mycoskie takes the concept of ___________________ to a new level. TOMS social causes are directly related to the firm's expertise: selling shoes.

True

Brian is a construction manager who wants to determine how long a new project will take to complete and which tasks in the project have the greatest potential for delaying the project. The PERT Network model will help Brian answer these questions.

True

Bryce is a manager at a car seat manufacturing company. He believes that it is very important and less confusing if each worker has only one boss. Bryce's view is consistent with Fayol's unity of command principle.

True

Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders

True

Businesses and nonprofit organizations often strive to accomplish the same objectives

technical

By completing the courses needed to obtain a college major in accounting, marketing, or some other field, a student can go a long way toward acquiring the _________ skills managers need to rise through the ranks of their area of specialization.

implement the decisions of top management.

Campbell is a middle manager for a bureaucratic organization. According to Max Weber's views on bureaucratic organizations, Campbell's function within the organization is to:

True

Cardinal Foods is a wholesaler serving grocery stores. High tech communications allows Cardinal to work closely with its suppliers and customers in real time. Networking allows these organizations to operate more efficiently.

False

Chase is a manager for World Graphic Design, Inc., a firm that designs and manufactures greeting cards, invitations, announcements, and other event material. Chase spends a lot of time trying to find the right people for various positions at his company. These efforts are part of the controlling function of management.

True

Competition in exporting is very intense.

False

Computers and robots are only useful in continuous production processes where the same type of product is produced many times.

True

Contract manufacturing is a form of outsourcing.

a trade surplus.

Current trade data indicates that the nation of Bogusland exports more to other nations than it imports. Bogusland has:

employs resources to produce goods and services and distribute them among competing groups and individuals.

Economics is the study of how a society _________________.

-

Despite its early promise, computer-aided design has not met with much success in

True

Dewy Cheatum encourages his employees to create and use legal loopholes to gain a competitive advantage. In keeping within the legal limits of the law, the employees are within their compliance-based ethics rights.

nearly unlimited growth potential

Dr. Smiley White just graduated from dental school. He is hoping to acquire the necessary funding to start his own dental practice. One advantage of this type of business is:

operations management

Each day the general manager at the New Life Grocery Store reviews employee work schedules, including the late night stock crew, the checkers, the baggers, the deli, produce, and meat department crews, and the office personnel. He coordinates work schedules with shipments, as well as the information he collects from registers that indicates the busiest hours at the store, and then he communicates any exceptions to his department managers. These daily tasks are part of ______________.

expect the entrepreneur to provide a business plan.

Entrepreneurs applying for a bank loan should realize that bankers will:

accepting the risk of starting and running a business.

Entrepreneurship is:

outsourcing.

Excite Enterprises, a corporation of amusement parks uses an accounting firm to handle the payroll and tax functions for the company. Using the services of another firm in this manner is an example of:

False

Fatma wants to become a manager. However, she is shy and avoids conversation with strangers. She is very comfortable with computers and information technology and has great technical skills in these areas. Fatma's personal traits make her a good candidate for a top management position.

False

Featured Furnishings is a company that specializes in producing custom-made furniture. A continuous production process would be the most efficient way for Featured Furnishings to produce its products.

false

Felicia decided to work for a floral design studio before opening her own shop. This approach to learning the business is okay, but her time would be put to better use starting her own business.

Is big business today and is expected to be more important in the future.

First Engineering, a large U.S. based mechanical engineering firm, is considering entering the global market. Upon careful analysis of the global market, they will find that global trade:

Government spending and taxes.

Fiscal policy involves increases or decreases in:

False

Fiscal policy refers to the federal government's efforts to keep the economy stable by controlling the amount of money in circulation.

True

Flat organizations have fewer managers.

False

For service intensive businesses, facility layout is usually designed to centralize the decision-making process.

incubators

For the past twenty-five years, state and city governments have promoted facilities where 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.

mutually beneficial exchange relationships.

Free trade between nations generally results in:

True

Gantt charts will show the production manager if certain activities in the production process are lagging behind their acceptable time of completion.

True

Harold is a no-nonsense boss who believes that the best way for an organization to achieve its goals is for workers to follow their boss's orders. Thus, he tells workers exactly what to do and how to do it. Harold's approach is an example of directing.

integrity-based

Harry is concerned about the legality of firing union workers in order to hire workers willing to work for less pay. Harry values ______________ ethics, but has little concern for other types.

True

Heather has a strong desire to maintain and preserve order and stability. She is very good at developing tactical plans to achieve her company's goals and objectives. These characteristics suggest that Heather has characteristics of an exceptional leader.

function.

HipHop Music Company assigns workers to departments based on similar skills. Currently, the company has a marketing department, a production department, a finance department, and a human resources department. This suggests that HipHop departmentalizes by:

started many small firms that later became major corporations employing thousands of workers.

Historically entrepreneurs in the U.S.

helps offset the number of jobs being outsourced.

Honda and Toyota have used insourcing for years to produce cars in the United States. Insourcing:

Managers today emphasize teamwork

How are managers today different from managers in the past?

True

If a business's costs and expenses are greater than its revenue, it will suffer a loss

False

Impact Computers wants to set up a planning system that enables it to integrate its production and operations system with those of its suppliers. As its operations management consultant, you explain that it needs a Material Requirement Planning (MRP) system.

True

Improved distribution systems have led to more global trade.

False

In developing nations of the world, population has leveled off and is not expected to increase dramatically in the future.

assembly-line layout

In manufacturing, a __________ is used to produce large quantities of a few types of products.

a good strategy is to minimize interference with the free exchange of goods and services

In order to create more wealth and provide better services, some nations recognize that ________________.

her business plan

In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with _____________.

rising

In recent years, U.S. manufacturing sector has experienced ___________ productivity.

Experienced severe economic depression.

In recent years, countries with communist economic and political systems have:

True

In southern California, there are banana plantations. These plantations cannot produce all the bananas consumed by persons in the U.S. The fact that the U.S. grows and sells bananas gives it a comparative advantage in bananas. It is not an absolute advantage and that is why we choose to import bananas from other countries, as well.

True

In the past, foreign companies have adapted to U.S. culture more easily than U.S firms have adapted to foreign cultures.

True

In traditional organizations, directing includes both giving assignments to workers and providing feedback on their performance.

U.S., Germany, and China.

In volume of exports, the three leading nations are:

True

Jamal, an operations manager for a product manufacturer accepted an operations position with a company that produces a service. Jamal will find that operations management at the new job is significantly different from operations management at the old firm.

True

Japanese auto manufacturers, such as Toyota and Nissan, have invested billions of dollars in the United States by building new factories, warehouses, and offices. These investments increase "favorably" the balance of payments for the United States.

True

Jared is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes. Several years ago, his Uncle Mike made it big and now owns a ski lodge just north of Aspen. He promised Jared a management trainee position and the opportunity to buy into the company by contributing a portion of his paycheck each month back into the business. As he dreams about the opportunity to be his own boss, reality bites as Jared scans his business book and reads, "freedom to succeed also means freedom to fail."

mission statement.

Jenna Raiter, the president and CEO of AutoMotion Auto Service Centers, has asked several managers and employees to help establish a statement to outline the fundamental purposes of their company. The result of this effort is likely to be a document known as a(n):

True

Julie is an attorney that works for Worldwide Food Science, Inc. that provides legal advice and assistance to the firm's managers. Julie's job with WFS, Inc. would be classified as a staff position.

True

Justin feels that his family-run business will be more likely to avoid the problems many growing businesses have with managing employees. His attitude will likely hinder the growth of his company.

entrepreneur.

Kenya 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. Kenya is an example of a(n):

True

Kylie is employed by Street Wheels, a large corporation that produces accessories for scooters, bicycles, and other children's vehicles. She is a creative force within the company and has helped create and launch several new successful products. Kylie is an example of an intrapreneur.

True

Land, labor, capital, and knowledge are inputs into the production process.

True

Lucy is part of the top management team at Cloudy Daze Rain Gear, a company that produces umbrellas, raincoats, hats and all-weather shoes. As a member of top management, Lucy is more likely to be involved in strategic planning than in tactical planning.

participative

Managers who listen to their subordinates and allow them to participate in decision- making are using the ____________ style of leadership.

False

Marci Costas is majoring in operations management at Brunau University. Unfortunately, the evolution of the U.S. from a manufacturing-oriented to a service- oriented economy means that Marci will probably find few job openings in her field of study.

False

Mark is a manager for Cable Connection. He spends most of his time scheduling the specific service calls that each employee performs during the day, verifying job completion, and evaluating employee performance on each call. These responsibilities suggest that Mark is a middle manager.

True

Materials requirement planning (MRP) enables a firm to make sure that the right amount of each material or component is available at the right time to satisfy its production needs.

True

Molly, a production line employee at Holiday Industries learned from a friend at her coffee break that one of the managers in accounting is about to be fired. She is eager to learn if other friends at Holiday know any more about the situation. This flow of information is an example of Holiday's grapevine.

True

Monica notices that just a few big companies produce the vast majority of soft drinks. She would be correct in describing the soft drink industry as an oligopoly.

vision

Monica was hired by the Misty Mount Corporation to take over as the new chief executive officer. Her initial impression is that the company is in disarray, primarily because the employees do not have a sense of purpose or a common set of values. Monica's observations suggest that she needs to provide a(n) _________ for Misty Mount.

Nikkei includes 10% overhead costs and an 8 percent profit margin in the price of all the parts they export to the U.S.

Nikkei Auto Parts testified before Congress defending the company against an accusation that it was dumping auto parts on the U.S. market. In her testimony, the president claimed _________________. Using traditional guidelines, Congress determined that Nikkei was not dumping.

employees know they are expected to follow the rules and regulations.

One advantage of a bureaucratic organization is that:

False

One of the drawbacks of free markets is the fact that competition in such markets undermines the ability of price to adjust to its equilibrium value in the long run.

True

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.

True

Out-Tel, a computer chip manufacturer, knowingly sold defective chips and failed to notify customers of the potential problems. When the problem became public knowledge, the firm's stock price fell dramatically. This illustrates the value that investors place on the ethical behavior of businesses.

True

Outsourcing involves assigning various functions to outside organizations.

False

Outsourcing means selling goods and services to people in other countries

Believe that American culture is superior to all others.

People from other nations sometimes comment on the ethnocentric attitudes of U.S. business people. This indicates that American business people:

True

People involved in business may be tempted to do something unethical in order to increase sales and profits, but rarely do because if they are caught, our legal system will deal harshly with them.

a job.

People need to make a living. Under this circumstance, one of the best social programs a firm can offer is:

True

Process manufacturing physically or chemically alters materials to create finished goods.

goods.

Production management is the traditional term used to describe all the activities managers do to help their firms create:

enterprise resource planning.

Production manager Marvin McNealy wants to link all the divisions and subsidiaries of his firm's computerized functions into a single, integrated software program that uses a single database. In order to achieve this goal, Marvin could make use of:

True

Productivity is the amount of output you generate given the amount of input such as hours worked.

Illegal behavior.

Purposefully understating your firm's income to avoid paying higher taxes is an example of:

False

Ramsey is a dreamer rather than a doer. This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

autocratic.

Recently, a senior software engineer complained that his boss was always in the "command and control" mode: "He doesn't trust us to make the right decision!" The boss rarely took the advice of his employees. There were occasions when productivity was hampered because he chose to do things only his way. Referring to leadership styles, this would best be described as:

False

Resource development is concerned with finding the best way to utilize the fixed amount of resources a society has available.

False

Revenue is the amount a business earns above and beyond what it spends for expenses and costs

True

Robin has started her own Internet consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur

True

Rome Corporation is organized into departments such as finance, production, marketing, data processing, and accounting. Rome has chosen to departmentalize by function.

A student in environmental engineering attending a local college.

Several outside groups regularly monitor the activities of Metro Chemical Corporation. These groups are interested in the firm's involvement and enforcement of their ethical and social responsibility policies. Who of the following is the least likely to be among the "watchdog" groups?

True

Several years ago, the garment and soft goods industry agreed to adopt higher ethical standards with respect to contract manufacturers that produce their goods. The leadership agreed that this was a good approach in order to avoid the U.S. government from intervening and creating new laws to force the industry to only work with foreign manufacturers who operated with high ethical standards. This was sensible strategy on the part of the garment and soft goods industry.

False

Since patent and copyright laws are the same in all nations, they are not of much impact to firms that compete globally.

True

Since the approval of the North American Free Trade Agreement (NAFTA), the value of U.S. exports to Mexico and Canada has increased.

social audit

Sirly recommends a marketing strategy aimed at increasing sales through the development of a positive corporate image. He suggests the first step towards this goal is to identify and evaluate the firm's programs for community involvement. Sirly is calling for a ________ to be completed.

form utility.

SitRite Furniture Company uses labor and machinery to transform wood, plastic, metal and cloth into comfortable chairs, sofas, and love seats. This process creates:

individualized customer service as opposed to impersonal corporate bureaucracies.

Small businesses often have advantages in international markets. One advantage is:

True

Sociocultural differences that affect global businesses include customs, language, and religion.

computer-integrated manufacturing.

Sophisticated software that enables computer-aided design machines to communicate with computer-aided manufacturing machines is called:

tactical

Strategic planning looks at the organization as a whole, while ________ planning focuses on daily tasks and decisions.

valuable sources for information since you can learn from their experiences.

Successful small business owners are:

Export Assistance Centers

The Dabble Corporation wants to begin exporting its products. The company needs advice about how to get started, as well as trade-finance support. The federal government has established _____________ to help companies like Dabble Corporation.

True

The Deming Cycle is designed to catch errors before they happen.

False

The Federal Reserve Board is responsible for controlling the money supply.

fairness and honesty.

The Hum-dinger Corporation recently instituted a corporate ethics code. The president of the company realizes that ethical relationships are based on:

False

The North American Free Trade Agreement (NAFTA) requires member nations to negotiate uniform trade agreements with nonmember nations.

True

The Spotlight on Small Business box is testimonial to the fact that entrepreneurs are problem solvers.

Key economic indicators such as GDP, to measure economic progress.

The U.S. economic system relies on

autocratic

The __________ style of leadership is characterized by making managerial decisions without consulting others.

False

The ability to plan, coordinate, and delegate are among a manager's most basic technical skills.

True

The autocratic style of leadership can be very effective in emergency situations.

False

The best way to learn about small business is to "bite the bullet" and start your own.

False

The brewers of Budweiser beer encourage their customers to drink responsibly and "know when to say when." This reflects a compliance-based approach to ethics.

recession.

The broadcast cited forecasts that national output might continue to fall in the future. If total output shows decline for two consecutive quarters, economists would classify this as a _____________.

cyclical.

The four basic types of unemployment are frictional, structural, seasonal, and:

Freedom of choice.

The freedom of people to decide where they want to work and live, and what they want to buy or sell are basic capitalist rights under:

to increase the positive economic consequences of one's trade position.

The impetus behind trade protectionism is:

Increase the amount of resources and create conditions that will make better use of those resources.

The main goal of resource development is to find ways to:

False

The main job of managers today is to watch over people to be sure they do what the manager asks of them.

True

The most fundamental of all rights in capitalism is the right to private property.

True

The only real barrier preventing small businesses from exporting is insufficient knowledge of the opportunities available.

-

The only way a firm can increase its profits is to increase its sales revenue

line organization.

The organizational structure of the U.S. Army's 1st Infantry Division provides for direct two-way lines of responsibility, authority, and communication running from the top to the bottom. Additionally, each person in the division reports to only one superior. The 1st Infantry Division is clearly an example of a(n):

benchmarking.

The process of rating an organization's practices, processes, and products against the best of the world is known as:

capitalism

The social and economic goals of __________ include private ownership of land and business.

True

To avoid losing that small company feel, fast growing companies try to maintain a flat organization structure.

Mixed economies.

Today, the economic systems of most nations could most accurately be classified as:

entrepreneurship and knowledge.

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

planning and financing

Two key management functions that need particular attention when starting a business are:

corporate philanthropy

We describe charitable donations by corporations to nonprofit organizations as __________.

False

We use indicators such as (1) the gross domestic product (GDP), (2) the interest rate, and (3) the price indexes to measure the health of our economy.

autocratic

Well-known retired basketball coach, Bob Knight, was known for his emotional antics at Indiana University and Texas Tech. If you talk with Bob, he believes in total dedication from his team and total compliance to his style of coaching. It's "his way or the highway." Bob typifies the _____________ style of leader.

corporate responsibility.

When Bagel Works employs in-store recycling, composting, and uses nontoxic cleaners, Bagel Works is participating in:

True

When Eric Schmidt joined GoogleTM, one of the most successful companies of this decade, he tackled the organization function head-on. In speaking at a large conference with Google founders, Sergey Brinn and Larry Page, he commented that Google was running pretty well, "it just needed a little structure." Schmidt was referring to basic organization principles such as division of labor, specialization, and getting the departments up and running.

False

When Nestlé, a Swiss company, purchased Ralston Purina, a U.S. company, Ralston Purina became a foreign licensee.

Engaged in illegal behavior.

When WorldCom used intentional accounting irregularities to make the company look more profitable than it actually was, it:

B2B transactions.

When businesses sell to other businesses over the Internet, these transactions are known as:

small firms often can offer more personalized customer services than big firms.

When comparing small businesses to their larger competitors, it is clear that:

True

When it comes to ethics, successful American businesspeople are encouraged to follow the policy of "when in Rome, do as the Romans."

planning.

When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of:

the dollar has gained strength against the euro.

When studying abroad last year, Blake found that his U.S. dollars did not stretch as far as he had hoped. Each time he exchanged U.S. dollars for euros, he gave up more U.S. dollars in exchange for less euros. The exchange rate indicates:

False

When the U.S. provides foreign aid to Israel and Egypt, a balance of payments outflow occurs.

A surplus will exist in the market.

When the market price of a good is above its equilibrium value, and all other determinants are unchanged:

True

When writing a business plan, prospective entrepreneurs should remember to omit details regarding their experience and education since investors are only interested in the proposed business.

provide the sense of stability and orderliness the organization needs to withstand the challenges posed by a changing environment.

Which of the following best summarizes the type of leader future organizations are likely to need? In the future, organizations will need leaders who:

Starting a business

Which of the following entails the greatest amount of risk?

Form of business ownership

Which of the following factors help determine a manager's span of control?

Small Business Administration

Which of the following government agencies is responsible for encouraging the development of small business?

Establishment of strict regulations specifying exactly how products should be made to ensure safety and affordability.

Which of the following government policies would be least likely to encourage entrepreneurship?

It provides for efficient use of organizational resources

Which of the following is an advantage of a matrix organization structure?

Productivity increases.

Which of the following is an advantage of utilizing technology?

Choosing the best location for a firm's facilities

Which of the following is an important part of operations management?

Liz wants to live in a country where the government makes almost all of the economic decisions

Which of the following people would tend to favor a communist economy?

Chief executive officer

Which of the following persons is most likely to be involved in strategic planning?

should focus on providing customers with a good experience.

Which of the following statements about operations management in the service sector is most accurate? Operations management in the service sector:

compliance-based

While speaking with his sales force, the director of sales explains, "Anyone caught violating a sales law will be fired." After studying business ethics, you recognize this remark as a reference to the firm's __________ ethics.

True

While the U.S. is a large exporter, Germany exports a higher percentage of their GDP .

False

While the first job for many people is working for a small business, most of the permanent new jobs are created by larger corporations.

True

With all its perception of opportunity, the expansion of global trade is still plagued by terrorism, nuclear proliferation, rogue states, and other issues.

True

Workers in socialist countries often get longer vacations and more social benefits than workers in free market economies.

all of their stakeholders.

World-class businesses attempt to meet the needs of:

True

You are in a business meeting at work that requires your group to make an ethical decision. Your willingness to post the final decision on the bulletin board in the break room for all to see passes the test: "How will it make me feel about myself?"

Risk

__________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.

Purchasing

__________ is the operations management planning function that searches for quality material resources, finds the best suppliers, and negotiates the best price.

Strategic

__________ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.

Core competencies

__________ refer to those functions that an organization does as well as, or better than, any other organization in the world.

Monopolistic competition

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different.

Staffing

___________ involves recruiting, hiring, motivating, and retaining the best people available to accomplish the company's objectives.

Trade protectionism

___________ is the use of government regulations to limit the import of goods and services.

Efficiency

___________ means producing items using the least amount of resources.

Inflation

_____________ refers to a general rise in the price level of goods and services over time.

Decentralized authority

_______________ means that decision-making authority is delegated to lower-level managers and employees.