Intro Business

Since the development of affirmative action program, companies no longer require physical examinations as part of the selection process

False

The only social responsibility that a company has to its investors is an economic responsibility--it must make a profit

False

Sole Proprietorship

Has unlimited liability

One of the documents that helps HR planners find the right person for a specific job is a list of tasks and responsibilities required for the job.

Job description

The process of guiding and motivating others toward the achievement of organizational goals

Leadership

An organization's general purpose or reason for existing

Mission

Involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve goals

Organizing

The process of arranging the structures and relationships of human and material resources to carry out an organization's plan

Organizing

Provides new employees with information about company policies, salary and benefits, and parking. It also includes work rules and performance expectations

Orientation

A need

The gap between what is and what is required

Philanthropic responsibilities

The highest level of the corporate social responsibility pyramid

A business is an organization that strives for profit by providing goods and services desired by its customers

True

A grievance is a formal complaint by an employee that his/her supervisor has violated some part of the union -management contract

True

Managers can use equity theory to improve worker satisfaction

True

Organizations can be evaluated on 2 basic dimensions with regard to social responsibility-- legality and responsibility

True

Planning is the process of deciding what needs to be done to achieve organizational objectives, identifying when & how something will be done, and determining by whom it should be done

True

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

True

Since the McDonald's shift manager has 8 subordinates reporting to him, his span of control is 8

True

The opposite of free trade is protectionism

True

When coca-cola sends cases of coke to France and receives sparkling water as payment, a countertrade has taken place

True

an entrepreneur is a person who opens and manages their own business

True

Favorable balance of trade

a country that exports more goods than it imports has this

The first step to starting your own business is

a self-assessment

Stakeholders

all the individuals or groups to whom a business has a responsibility

self-managed work teams

are accurately described by all of the above

Collecting data over a period of time and then processing that data all at the same time is called _____ processing

batch

A formal written statement that describes in detail the idea for a new business and how it will be carried out

business plan

Strategic giving

refers to the practice of tying philanthropy closely to the corporation's mission or goals

Copying of software programs by people who haven't paid for them is called:

software piracy

Social responsibility

the concern of businesses for the welfare of a society as a whole

At the equilibrium point, quantity demanded equals quantity supplied

true

Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals

True

Human rights include an individual's right to life, freedom, and the pursuit of happiness

True

In 2004, Albertson's Inc. purchased Southern California's premier fresh, gourmet and specialty food retailer, Bristol Farms. This was an example of an acquisition

True

Limitations on the quantity of certain types of goods that can be imported over a period of time are called import quotas

True

Marketing is the process of combining the conception, pricing, promotion and distribution of goods or services to create exchanges that satisfy individual and organizational objectives (T/F)

True

More than half of small businesses have between one and four employees

True

Motivation is basically a need satisfying process

True

One of the greatest advantages a small business has over a large business is the greater ability to serve specialized markets

True

One of the most challenging things when merging 2 global companies is uniting the 2 companies organizational culture

True

The Small Business Administration (SBA) assists small businesses by providing advice in management and financial matters

True

The internet is essentially a worldwide wide area network (WAN) (T/F)

True

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

True

All of the following are characteristics of an entrepreneurial personality except

Willingness to be a follower rather than a leader

Ease of formation, flexibility, and diversity of management are advantages of the ___ form of business ownership

partnership

Imports

products that are bought from one country for use in another just as the U.S buys wood pulp and timber from Canada

When your boss gives you a raise, they are using ___ power

reward

Rudy spent $135 on supplies and earned $250 before expenses. Ritchie spent $140 on supplies and made $210 before expenses. What is the combined revenue for the 2?

$460

culture

A country's set of beliefs, values and social norms shared by members of a society that determines what is socially acceptable.

A good technology plan provides employees with the tools they need to perform their jobs at the highest level of efficiency. The first step to developing a good technology plan is:

A general needs assessment

A well-written business plan should include

All of the above

Which of the following statements about corporate culture is true?

All of the above

Which of the following statements about limited liability companies (LLC) is true?

All of the above

Which of the following statements about unemployment compensation is true?

All of the above

joint venture

An enterprise in which two or more firms or investors (including governments) share ownership of a business and its property rights

In the 21st century we define justice as...

An equitable distribution of the burdens and rewards that society has to offer

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

False

Dissolving a partnership is easier than dissolving a sole proprietorship

False

Defines the relationships of authority from one level of organization to the next, from top to bottom

Chain of command

According to the equity theory, if employees perceive that an inequity exists, they may...

Change their work habits

Virtual Private Networks (VPNS)

Connect two or more private networks using a public network

Which of the following is NOT one of the main activities for a human resource manager?

Coordinating marketing and production activities

What type of business organization generates the most total sales?

Corporation

The two forms of business financing (borrowing and ownership)

Debt and equity

The process of grouping jobs together so that similar or associated tasks and activities can be coordinated

Departmentalization

The process of dividing the work and assigning tasks to workers

Division of labor

Based on the expectancy theory, managers who want to motivate their employees should..

Do all the above

An alphabetic listing of names and GPAs of everyone in your class is an example of data (T/F)

False

Corporate philanthropy excludes any noncash donations

False

Crisis--external and internal--don't affect well-managed organizations

False

Individual ownership of property is a key element in...

capitalism

A good manager is never faced with unforeseen problems

false

The purchaser of a franchise is a

franchisee

The idea behind ___ is to take the massive amounts of idle capacity sitting on desktops and in small server farms ad put it to use performing complex calculations that would otherwise have to be done on very large parallel supercomputers that would cost millions of dollars

grid computing

The degree to which group members want to stay in the group and tend to resist outside influences

group cohesiveness

The World Trade Organization (WTO)

has emerged as the world's most powerful institution for reducing trade barriers and opening markets

Who owns a corporation?

its board of directors and major stockholders

The standard of living is low in Honduras. This means..

its citizens cannot afford to buy much

The original Hawthorne studies were set up to study..

light

Knowledge workers

workers who create, distribute, and apply knowledge

Double taxation is a distinct advantage that corporations have over other forms of ownership

False

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises

False

Human resource managers have yet to find any use for Maslow's hierarchy of needs

False

If the company wants employees to take ethical training seriously, the training should not include games

False

It takes four consecutive quarters of decline in the GDP for economists to consider the economy to be in a recession

False

Minorities are not interested in becoming entrepreneurs

False

Organizations today are taking a greatly reduced role in helping employees balance their work responsibilities and their person obligations than they did in the past

False

The primary use for an expert system is to answer "what if" questions (T/F)

False

The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner

False

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

False

When a bank collects deposits during the day, then deposits them all after banking hours, it is using a reserve processing system (T/F)

False

not-for-profit organizations have the same goals as for-profit organizations

False

organizational charts show the formal & informal relationships among people, jobs and departments

False

Companies that want to meet the diverse needs of their employees by offering work-scheduling options can use:

Flextime

A(n) ____ is the collective term that describes the methods and equipment used to provide information about all aspects of a firm's operation

Management information system

According to Maslow, people need to feel secure, to be protected from physical harm, and to avoid the unexpected. What kind of need

Safety

The process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job

Selection

A labor union is an organization that represents workers in their disputes with management over wages, hours, and working conditions

True

A manager who makes one-directional decisions and seeks no input from their subordinates can be described as having an autocratic leadership style

True

A target market is a specific group of consumers toward whom a firm directs its marketing effort

True