Intro to Business

The ability to write and speak effectively within an organization is an example of interpersonal skills. True or False

False

Top managers rely a great deal on technical skills. True or False

False

Which of the following is likely to lead a firm to centralize?

Lower-level managers have solid decision-making skills.

One of the first pro-environment laws that established the Environmental Protection Agency was the ______.

National Environmental Policy Act of 1970

Workers at the pharmaceutical company Moderna are LESS likely to become bored or dissatisfied with their jobs because Moderna practices job _____.

Rotation

Which of the following industries would most likely have the characteristics of an oligopoly?

Smartphones

Which of the following is not a step in the decision-making process?

Solving the identified problem

The Butler family owns...

Specialization

Which of the following is the most likely example of a production industry?

Subassembly plant

Which of the following is the largest and oldest regional multilateral development bank?

The Inter-American Development Bank

Product labels on detergent that indicate ingredients and laundering methods are examples of which provision of Kennedy's Consumer Bill of Rights?

The right to be informed

What happens after a problem-solving team has addressed the problem it was assigned?

The team ends and is dispersed.

What is a common mistake that small-business owners make when their businesses begin growing?

They over-expand without proper planning.

A license to operate an individually owned business as though it were part of a chain is a franchise. True or False

True

A limit on the amount of a particular good that may be imported into a country during a given period of time is called an import quota. True or False

True

As with a sole proprietorship, one disadvantage of a partnership is a lack of continuity. True or False

True

Countertrade is essentially an international barter transaction in which goods and services are exchanged for different goods and services. True or False

True

The amount of products or services an organization can produce in a given time is known as its capacity. True or False

True

Which of the following would least likely be stated in the articles of partnership?

What products the company will not sell

R&D activities aimed at discovering new knowledge that has some potential use are known as ______.

applied research

Operations control includes all of the following except ______.

basic research

A carefully constructed guide for the person starting a business is a(n) _____.

business plan

A laptop manufacturer is organized into the following groups: Personal/Home Office, Small Business, Corporate, and Educational Institutions.

customer; function

A price at which the demanded quantity is equal to the quantity supplied of that product is called the_____ price.

market

In the process of incorporating, a business ______.

may incorporate in any state it chooses

If the market for household cleaning supplies includes many similar but not identical products, this would suggest that the competitive environment for household cleaning products is _____.

monopolistic

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

only risks his initial investment

If Target states that it is going to spend $100 million in advertising in the upcoming year to help increase its market share, it is explaining part of its _______ plan.

operational

César is the owner of a small firm that manufactures customized oil-drilling equipment.

process

The ultimate objective of every company from giant Starbucks with thousands of stores to Jo's Coffee with just two stores must be to______.

satisfy the needs of its customers

Priti's new necklace breaks the day after she purchases it.

service

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

service business

The legal affairs attorney working at AMD would most likely occupy a(n) _______.

staff position

Alex purchases ownership stakes in Goldman Sachs. These stakes are referred to as _____.

stock

The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers of ______.

technical innovation

To encourage ethical conduct within their organizations, managers should do all the following except ______.

enforce the company's code of ethics haphazardly

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

exporting

Valero and other refiners emphasize material resources in the conversion process. This implies that the material resources are the ______ of the conversion process.

focus

When the Arthur I. Platt Company satisfies consumers' needs for fasteners that will help keep stacks of papers together by converting stainless steel and other resources into binder clips, it is creating _______.

form utility

All the following options are available to a firm when its capacity exceeds demand except to ______.

give away some of the products to selected customers

Which of the following types of managers must be familiar with regulations concerning employment practices, such as affirmative action and the Occupational Safety and Health Act?

human resources

A partnership formed to operate for a specific time period or to accomplish a specific purpose is known as a _____.

joint venture

Which of the following is not a characteristic of an oligopoly?

Any duplication of facilities is wasteful.

Which of the following is an argument for increased social responsibilities?

Because business is part of our society, it cannot ignore social issues.

What does the government encourage in order to protect the consumer's right to choose?

Competition

Which of the following involves the capacity to deal successfully with people internal and external to the organization?

Interpersonal

Evan left his position as a manager for Dillard's after two years.

delegation

________ is the exportation of large quantities of a product at a price lower than that of the same product in the home market.

dumping