UO BA 101 Midterm 3 Practice Problems

To keep track of daily sales, expenses, profits, inventory control, customer records, and payroll a small business needs a good: -inventory system -CRM system -accounting system

-accounting system

Advantages of starting an online franchise are: (SELECT ALL) -online franchisees have set and exclusive territories where they can do business -franchisees pay only a set monthly fee -online franchisees can compete in world markets -no upfront fee may be required

-franchisees pay only a set monthly fee -online franchisees can compete in world markets -no upfront fee may be required

The attributes of a conventional corporation include that: -it is a legal entity -corporate liability is separate from owners -that it has unlimited liability -it is state chartered

-it is a legal entity -corporate liability is separate from owners -it is state chartered

What's the median age of US companies?

12 years

A patent gives exclusive rights for how many years?

20

The business model canvas offers:

• A different way of thinking • A different way of conceptualizing • A different way of presenting • A different way of communicating

What are some advantages of a company going public?

• Ability to raise large amounts of capital • Improved corporate image • Improved access to future financing • Attracting and retaining key employees • Using stock for acquisitions • Listing on a stock exchange

What are some disadvantages of a company going public?

• Dilution of founder's ownership • Loss of control • Loss of privacy • Regulatory requirements and SEC reporting • Filing expenses • Accountability to shareholders • Pressure for short-term performance • Loss of focus

What's the most popular business type? Why?

a LLC because of limited liability, and avoids double taxation and burden of corporate structure

What action is at the very top of the "Social Responsibility Pyramid"?

be a good corporate citizen

What might motivate managers to behaving unethically? a. Unrealistic performance goals b. Unethical leadership at the top of the organization c. All of the responses presented d. Their own personal code of ethics e. Ignorance about ethical standards and expectations

c. All of the responses presented (read them all)

government subsidies benefit the a. government b. consumer c. producer d. everyone

c. producer

Name an important restriction of S corps.

restriction is the # and types of shareholders

T or F: The management role today is to evaluate employee performance using universal metrics.

False

True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems.

False; Bribery, human rights violations, and child labor exploitation also exist in many countries.

True or false: Bribery is a business practice unanimously held as an ethical violation across the globe.

False; Some countries have a different ethical standard on bribing public officials for business purposes

____________ leadership is a leadership style that involves making managerial decisions without consulting others.

autocratic

A sustainable society encourages those activities that serve to:

conserve what exists, restore what has been damaged, and prevent future harm.

______ want to maintain a balanced life style while doing the kind of work they want to do. a. Entrepreneurs b. Managers c. Intrapreneurs d. Micropreneurs

d. Micropreneurs

What type of law is referred to as a written law? a. Common law b. Business law c. Civil law d. Statutory law

d. Statutory law

______ is a broad explanation of why the organization exists and where it is trying to go. a. Leadership b. Objective c. Mission d. Vision

d. Vision

who do tariffs help?

domestic producers because tariffs increase the price of foreign goods through a tax. They also give the government revenue

Which of the following cannot be trademarked? a. Product b. Names c. Sounds d. Distinctive words e. An idea f. Logos g. Symbols

e. An idea inventions and works of authorship cannot become registered trademarks and should be protected with patents or copyrights respectively.

which business allows profit to belong to the owners? a. sole proprietorship b. partnership c. LLC d. corporation e. all of the above

e. all of the above

How do governments intervene in international trade?

1. tariffs 2. subsidies 3. import quotas 4. voluntary export restraints 5. local content requirements 6. administrative policies 7. antidumping policies

Alternative forms of resolution are attractive because they can often be more affordable and more timely. True or False

True

What are some of the disadvantages of a corporation? -Limited life -Cost of forming a corporation -Limited financing -Double taxation

-Cost of forming a corporation -Double taxation

a feasibility analysis is: -determines that "yes" this business is a "go" -Is an initial way to "test" the viability of the business concept -provides all the detail a bank would ...

-Is an initial way to "test" the viability of the business concept

What industry was an industry used as an example of unethical behavior? -The apparel manufacturing industry -The beverage industry -The auto industry -The technology industry

-The apparel manufacturing industry

what are some characteristics of entrepreneurs?

-leadership *some pass it off to others because -energetic -competitive -organized -value achievement over $

A ______ ______ is an outline of the fundamental purpose and basic philosophy of an organization. -purpose statement -goal statement -vision statement -objective goal -mission statement

-mission statement

The definition of ____________ states: skills that involve the ability to perform tasks in a specific discipline or department. -tactical skills -conceptual skills -human relations -technical skills

-technical skills

Why should Mary Ann and Nana create a business plan? -in order to secure a bank loan -to determine the best way to own the business and make efficient production schedules -to deter competition -to provide an overall road map of how to start the business and to notify competitors they will be entering the market -to provide an overall road map of how to start the business and to attract/satisfy investors

-to provide an overall road map of how to start the business and to attract/satisfy investors

Ending a partnership can be difficult because of problems deciding: (SELECT ALL) -when a partner can retire -how to distribute assets -the worth of a retiring partner's share -whether to pay the taxes

-when a partner can retire -how to distribute assets -the worth of a retiring partner's share

only _____ percent of small businesses export but they account for _______ percent of US exports.

1%, 30%

Types of Corporations

1) domestic: does business in state which it is incorporated 2) foreign: Operate in states other than their state of incorporation 3) alien: organized in one country and operate in another

Three major forms of business ownership

1. Sole proprietorships 2. Partnerships 3. Corporations

What are the 3 kinds of acquisitions?

1. horizontal (two in same industry) 2. vertical (distribution channel: suppliers) Ex: soda and a sweetener comp. 3. Conglomerate (unrelated businesses)

What are the 3 standards of ethical standards?

1. it is not about the law 2. organizational policies and procedures 3. The moral stance employees take when faced w/ decisions not governed by formal rules

what percent of franchises are minority owned?

30% as opposed to <19% in non-franchise businesses

For every 3K new product ideas: _____ make it to the development stage _____ are actually launched _____ becomes successful in the market

4 2 1

Gen Z is ______ % of the global market

40

What are the types of leadership styles?

Autocratic: make managerial decisions w/o consulting others Democratic: managers & employees work together to make decisions Free-rein: managers set objectives and employees are freer to do what it takes to achieve

_______________ is a side effect or consequence of an industrial or commercial activity that affects other parties without it being reflected in the cost of the goods or services involved. -Justice Theories -Friedman Doctrine -Externality -Internality

Externality

Why all the regulation?

Greed, bankruptcy, and the demise of the economy (and perhaps the American dream; 2008 crisis)

The process of analyzing an organization's strengths, weaknesses, opportunities, and threats is a(n) _____ analysis.

SWOT

What thing is known as the Entrepreneur's gift?

The Internet • even the smallest companies can market their products and services around the world • The Web can be the entrepreneur's "Great Equalizer"

What's the main difference between a corporation and a LLC.

The main difference between an LLC and a corporation is that an llc is owned by one or more individuals, and a corporation is owned by its shareholders.

T OR F A feasibility analysis can be valuable for a product or service based business concept.

True

T or F: Patents are a form of intellectual property.

True

True or False: Regulation can be defined as a set of laws that controls the way that a government can operate. Group of answer choices

True

What is the Difference Between a Patent and a Copyright?

While a patent, with the exclusion of a design patent, protects inventions of new processes, copyright protects published and unpublished original works, including works in literature, music, art, architecture, software, and choreography.

A corporation is formally formed with: a) articles of incorporation and bylaws b) a partnership agreement c) very little paperwork or cost d) bylaws and union formation

a) articles of incorporation and bylaws

If you start and manage a landscaping business on your own, you have likely started a: a) sole proprietorship b) franchise c) corporation d) partnership

a) sole proprietorship

Because of the poor publicity at a fellow franchise location, you notice that sales at your location have decreased. The impact of the poor publicity on your company is referred to as a) the coattail effect b) reinforcement of the franchise agreement c) unlimited liability d) changes to the franchise agreement

a) the coattail effect

The control function of management (select all that apply): a. takes corrective action when necessary b. gives workers the education and tools they need to make decisions c. rewards people for work well done measures performance relative to the d. planned objectives and standards

a, c, d

Which of the following are good ways to learn how to run your own business? (SELECT ALL) a. Work for a successful entrepreneur b. Start the business immediately to speed up the learning process c. Run a small business during your off hours d. Talk to other business owners

a, c, d

Companies paying bribes to gain access to lucrative business contracts is referred to as: a. Corruption b. Opportunistic exploitation c. Environmental degradation d. Information manipulation

a. Corruption

Problems created by differences between countries' antitrust rules, labor laws, patents, copyrights, taxes, product liability, and child labor laws relate to which forces in the global business environment? a. Legal and regulatory forces b. Economic and financial forces c. Physical and environmental forces d. Sociocultural forces

a. Legal and regulatory forces

This responsibility is at the base of the corporate responsibility pyramid. a. Profit Responsibilities b. Philanthropic Responsibilities c. Ethical Responsibilities d. Legal Responsibilities e. Citizenship Responsibilities

a. Profit Responsibilities

What are some key responsibilities of legislators to maintain the free-market system? a. To pass laws that ensure a competitive atmosphere and promote fair business practices b. To pass laws that eliminate a competitive atmosphere and promote fair business practices c. To pass laws that reduce a competitive atmosphere among businesses d. To pass laws that ensure a competitive atmosphere and prohibit fair business practices

a. To pass laws that ensure a competitive atmosphere and promote fair business practices

What was the purpose of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? a. To reduce the total number of bankruptcy filings and to eliminate the perceived ease of filing. b. To increase the total number of bankruptcy filings and to improve the filing process c. To slow down the economy d. To increase the economy

a. To reduce the total number of bankruptcy filings and to eliminate the perceived ease of filing.

Examples of how ethical standards differ among countries and cultures include a. U.S. executives who complain that their businesses are at a competitive disadvantage when bidding against non-U.S. companies, since foreign companies don't abide by bribery laws b. International companies that have been able to negotiate a global wage agreement so that all their employees are paid the same no matter what country they are working in c. Emerging economies with weak government regulations that allow foreign companies to control labor laws

a. U.S. executives who complain that their businesses are at a competitive disadvantage when bidding against non-U.S. companies, since foreign companies don't abide by bribery laws

The business relationship between Electra Bikes and Trek provides Electra with a competitive advantage. This business arrangement would be classified as a. a joint venture. b. a free trade agreement. c. an export agreement. d. a foreign direct investment. e. countertrading.

a. a joint venture.

The guiding principle of free economic exchange is: a. comparative advantage theory b. communism c. protectionist theory d. socialism

a. comparative advantage theory

Corporate social responsibility is based on a a. concern for the welfare of society b. plan to maximize profits for shareholders to spend in communities c. statement by Milton Friedman that maximizing shareholder profits is businesses' only responsibility d. commitment to maximizing shareholder profits in all decisions

a. concern for the welfare of society

The motives of those involved in unethical behavior that caused the financial crisis in the real estate, banking, and mortgage industries included: (SELECT ALL) a. greed b. the wish to inflate their own earnings c. providing homes only to those who could afford them d. assuring buyers and sellers of financially sound investments

a. greed b. the wish to inflate their own earnings

devaluation ________ the value of a nations currency relative to others. a. lowers b. increases c. it has no impact d. additional info is required

a. lowers

when the US dollar is trading for less than a foreign currency, the cost of foreign goods are ______ a. more expensive b. less expensive c. the same d. additional info required

a. more expensive

Ethical problems such as influence peddling and bribery: a. occur in many countries b. occur in only a few countries c. are limited to the United States d. are just part of doing business

a. occur in many countries

In order to keep its manufacturing costs down, Electra manufactures its bikes in Taiwan because it is cheaper for the company than producing the bikes in the United States. The process of contracting the production of goods to an overseas company is called a. outsourcing b. exporting c. insourcing d. importing e. licensing

a. outsourcing

When Electra decided to produce its "pedal-assist" motor bike it had to adhere to speed regulations. The company found out, however, that safety regulations differ greatly among various countries and it opted to use the U.S. standard which calls for a lower speed motor. This is an example of how _______ forces can affect global trade. a. regulatory b. technological c. sociocultural d. environmental e. physical

a. regulatory

U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. He also believed anything other than that would be considered: a. socialism b. capitalism c. fascism d. communism

a. socialism

The "P" symbol is used for: a. sound recording copyright b. written material c. dramatic copyright d. sound trademark

a. sound recording copyright

There is no global international system of laws and therefore these laws may be inconsistent: a. true b. false c. it all depends d. additional info is required

a. true

US businesses must follow US laws when conducting foreign business: a. true b. false c. it all depends d. additional info is required

a. true

exporting produces jobs for the exporting country: a. true b. false c. it all depends d. additional info is required

a. true (positive balance of trade)

A(n) _____________ can benefit both the trainee and the business owner by hiring the trainee to learn small-business management while assisting the owner in getting daily work done.

apprenticeship

what percent of the population is actively pursuing a new business venture? a. 1% b. 10% c. 50% d. 72% e. almost all

b. 10% 72% dream about it

What is a warranty? a. A promise made by a buyer to make payments on time b. A promise made by a seller about the quality or performance of goods for sale c. A promise made by a buyer to use the product as designed d. A promise made by a seller that the price of goods is at a good price

b. A promise made by a seller about the quality or performance of goods for sale

In order for the Private Enterprise system to work, it has to have: a. Private Property b. All answers are correct c. Freedom of Choice d. Fair Competition e. Right to Keep Profits

b. All answers are correct

Alternative Dispute Resolution (ADR) methods are attractive because they: a. More private b. All answers are correct c. Faster and more efficient d. Less expensive e. Confidential

b. All answers are correct look at options

Jim claims that Tom breached a contract. What can a judge do? a. Cancel a contract only b. Award damages, cancel a contract, or direct a party to do or not to do an act c. Award damages only d. Direct a party to do or not to do a particular act only

b. Award damages, cancel a contract, or direct a party to do or not to do an act

________________ is the part of the contract that defines what will be given for accomplishing what was described in the agreement, often in the form of money. a. Voluntary Agreement b. Consideration c. Legal Purpose d. Secondary contracts

b. Consideration legal purpose is the agreement and voluntary agreement is the signatures

Which of the following are true regarding ethical behavior? a. Ethical behavior does not matter to investors. b. It does not subtract from the bottom line; it adds to it. c. Ethical behavior can have negative consequences to the bottom line in the long run. d. Ethical behavior has significant upfront costs which may never be recovered

b. It does not subtract from the bottom line; it adds to it.

When it comes to getting involved in international business what are the three strategies that require the least amount of commitment and effort? a. Contract manufacturing, international joint ventures and strategic alliances, foreign direct investment b. Licensing, exporting, franchising c. Foreign direct investment, licensing, franchising d. Licensing, Joint ventures, Strategic alliances

b. Licensing, exporting, franchising

A widely debated issue of the early 1990s was the ratification of the ______ ______ ______ ______ Agreement, which created a free-trade area among the United States, Mexico, and Canada. a. Trade Free Zone of North America b. North American Free Trade c. Free Ports d. Free Trade Block for North and Central America

b. North American Free Trade

What are the three legal protections individuals can use to protect their ideas? a. Patents, copyrights, and logos b. Patents, copyrights, and trademarks c. Copyrights, badges, and trademarks d. Tags, trademarks, and patents

b. Patents, copyrights, and trademarks

In order to be a legal contract, the parties must have a legal ability to enter into the contract and not be any of the following EXCEPT for: a. Mentally unstable or insane b. Under the age of 21 c. Under duress or coercion d. Intoxicated

b. Under the age of 21 (under age 18)

Understanding where to locate your business, who your target market is, and how to reach them, can be accomplished through a. a comprehensive financial plan b. an inexpensive market research study c. an experienced management team d. a comprehensive production schedule

b. an inexpensive market research study

The four functions of management are generally considered to be: a. outdated by current management trends. b. are not a step-by-step process, but rather these functions occur simultaneously in order to operate an organization. c. are a step-by-step process that needs to be followed. d. provide a framework for designing innovative products.provide a decision-making e. framework in order to select new strategies.

b. are not a step-by-step process, but rather these functions occur simultaneously in order to operate an organization.

Written ethics codes can be categorized as (SELECT ALL) a. cultural and accountable b. compliance-based c. integrity-based d. formal and informal

b. compliance-based c. integrity-based

A foreign country's production of private-label goods to which a domestic company then attaches its brand name or trade mark is called: a. foreign direct investment b. contract manufacturing c. exporting d. licensing

b. contract manufacturing

What are the three main factors addressed in a business plan? a. marketing plan, management plan, and financial plan b. goals, plan, metrics for success c. executive summary, plans, financials d. the business, the plan, and the angel investors e. mission, vision, and metrics for success

b. goals, plan, metrics for success

Employees who get things done using an organization's financial resources, information, equipment, and workers are: a. competitors b. managers c. customers d. suppliers

b. managers

Which business entity involves the concept of mutual agency? a. sole proprietorship b. partnership c. LLC d. corporation e. all of the above

b. partnership

Technical skills are the ability to a. visualize the organization as a whole and how departments interrelate b. perform tasks such as filing tax forms or assembling a keyboard c. communicate and motivate other people d. train, develop, and support workers

b. perform tasks such as filing tax forms or assembling a keyboard

The four functions of management typically fall under the categories of: a. plan, lead, delegate, and control. b. plan, organize, lead, and control. c. plan, research, delegate, and take action. d. The functions are not actually defined within the realm of four distinct areas. research, strategy, financial planning, and e. corrective action.

b. plan, organize, lead, and control.

a disadvantage of an IPO is: a. an influx of capital b. potential loss of control c. improving the firms image d. jeopardizing the firms image e. all of the above

b. potential loss of control

studies have shown that what most influences a company's effectiveness and financial performance is: a. social initiatives b. responsible management of human resources c. information technology d. human resource support staff

b. responsible management of human resources

if the statement "ethics is caught more than it is taught" is true, then management facilitates this by: a. punishing unethical behavior and rewarding ethical behavior privately b. setting a good example c. ignoring both ethical and unethical behavior d. leaving unethical behavior unpunished

b. setting a good example

In 2019, online retail sales reached over $365 ________, or approximately ________ percent of all retail sales.

billion, 12

In addition to the articles of incorporation, a corporation has _________ which describe how the firm is to be operated from both legal and managerial points of view.

bylaws

LLC's are considered to have operational flexibility because while they must submit articles of organization, they are not required to: a) pay taxes or hold annual meetings b) distribute profits or keep meeting minutes c) keep minutes or hold annual meetings d) provide employee benefits or pay taxes

c) keep minutes or hold annual meetings

Criminal and Civil Law are derived from which source? a. Precedent b. Statutory Law c. All answers are correct d. Administrative Law

c. All answers are correct

Seeking out cheap labor costs can motivate companies to outsource their production of goods to other countries, such as clothing. Due to a structural failure, one of the most horrific factory accidents in history occurred in: a. Great Britain b. Pakistan c. Bangladesh d. India

c. Bangladesh

Frank discovers that workers on the evening shift are consistently late, so he devises a new policy in which employees are only allowed three late clock-ins before they are terminated. These actions are part of the __________ function. a. organizing b. bossy c. controlling d. planning e. leading

c. controlling

Which business entity has longest possible life a. sole proprietorship b. partnership c. corporation d. all of the above

c. corporation

When the government withdraws certain laws and regulations that seem to hinder competition, it is called: a. bankruptcy b. taxation c. deregulation d. regulation

c. deregulation

U.S. workers will see increased competition from other countries in the future due to: a. population growth and diversity in U.S. cities b. global warming c. outsourcing to foreign countries d. trade protectionism

c. outsourcing to foreign countries

A SWOT Analysis is a(n) ______ tool used to analyze an organization's strengths, weaknesses, opportunities, and threats. a. controlling b. leadership c. planning d. organizing

c. planning

If Frank is researching the number of customers who have gluten or wheat allergies, and then he begins to devise a strategy to cater to these individuals, Frank would be involved in: a. researching b. organizing c. planning d. leading e. controlling

c. planning

who do subsidies help? a. the gov b. consumer c. producer d. consumer and producer e. none of the above

c. producer

Which section of the business plan details and outlines the authority structure that exists inside the company? a. the organizational chart b. the executive summary c. the management plan d. the introduction e. the marketing plan

c. the management plan

The use of government regulations to limit the import of goods and services is called: a. balance of trade b. free trade c. trade protectionism d. trade regulation

c. trade protectionism

U.S. business will experience increased _________ in the future due to the effects of globalization.

competition

A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers is called ________________ .

consumerism

How much money did McDonald's eventually get fined for burning people with their coffee? a. 1 million b. 1.8 million c. 2.3 million d. 2.7 million

d. 2.7 million

The primary purpose of this law is to give an honest debtor a "fresh start" in life by relieving the debtor of most debts. This is referred to as: a. Clean Slate Initiative b. Federal Repayment Agreement c. Fresh Start Agreement d. Bankruptcy

d. Bankruptcy

What is product liability? a. The defendant is not liable for the harm or injury because the complainant was not injured. b. The defendants are not liable for the harm or injury because they did not know of the defects. c. The defendant is liable to the complainant regardless of fault. d. Holds businesses liable for harm that results from the production, design, or inadequate warnings of products they market

d. Holds businesses liable for harm that results from the production, design, or inadequate warnings of products they market

Three skills that are applicable to all levels of management include: a. Technical, electronic, and computer skills b. Creative, human relation, and technical skills c. Human relation, technical, and diagnostic skills d. Technical, human relation, and conceptual skills

d. Technical, human relation, and conceptual skills

Job seekers should recognize that small businesses in the U.S. . a. export less due to lack of government support b. do not export enough to be a source of jobs c. are unable to compete with large companies d. account for about 1/3 of the total U.S. exports

d. account for about 1/3 of the total U.S. exports

Which business entity has most gov. regulation? a. sole proprietorship b. partnership c. LLC d. corporation e. all of the above

d. corporation

_______ is the specific tool of entrepreneurs where they exploit change as an opportunity for a different business or a different service. a. creativity b. tech c. a really good idea d. innovation e. adaption

d. innovation

The reason for creating the Sherman Antitrust Act was that a. European countries were writing similar legislation b. large corporations were failing c. large corporations pressured Congress to pass it d. large companies in oil, railroads, and steel dominated the economy

d. large companies in oil, railroads, and steel dominated the economy

A company that has socially responsible human resources management is a. likely to perform worse financially b. going to save money by not hiring those who are disabled c. going to lose money by providing pay raises d. likely to perform better financially

d. likely to perform better financially

If Frank makes Justin a night-shift supervisor, he would be engaging in which function of management? a. controlling b. authority c. planning d. organizing e. leading

d. organizing

The part of tort law that holds businesses liable for harm that results from the production, design, or use of products they market is called: a. an unintentional tort b. an intentional tort c. negligence d. product liability

d. product liability

a potential negative impact of outsourcing may include: a. increased cost of goods b. higher tariffs c. loss of cultural awareness d. reduction of domestic jobs e. loss of integrity

d. reduction of domestic jobs

The type of planning done mostly by top management is ______ planning. a. tactical b. day to day c. operational d. strategic

d. strategic

Operational planning sets work standards and schedules necessary to implement the company's ____________ objectives. a. strategic b. managerial c. operational d. tactical

d. tactical

Insiders, such as employees, who report concerns about a company's accounting or auditing practices are called: a. ethical officers b. stockholders c. analysts d. whistleblowers

d. whistleblowers

Giving workers explicit instructions to meet the goals and objectives of the organization is _________ .

directing

The section of the business plan that is designed to initially captivate and energize a potential financial investor would be the a. profit plan. b. marketing plan. c. financial plan. d. dynamic introduction. e. executive summary

e. executive summary

What is an express warranty? What is an implied warranty?

express: an agreement by a seller to provide repairs or a replacement for a faulty product implied: legal term for the assurance that a product is fit for the purpose intended

Franchisors often use technology to meet the needs of both their customers and their ____________ because technology makes communication faster and more widespread.

franchisees

Mark, Cal and Aidan have decided to form a business where all owners will share in operating the business and in assuming liability for the business debts. They are most likely forming a _________ partnership.

general

______ are long-term accomplishments an organization wishes to attain. ________ are short-term statements detailing how to achieve the organization's goals.

goals, objectives

What is globalization?

integration and free movement of people, goods & services, and capital across national borders -influence supply/demand -

The U.S. is the __________ importing and the _____________ exporting nation in the world.

largest, 2nd largest

Rank the strategies for reaching global markets according to the level of risk and commitment from lowest to highest risk. contact manufacturing, franchising, joint ventures, licensing, exporting, Foreign Direct Investment

licensing, exporting, franchising, contact manufacturing, joint ventures, and Foreign Direct Investment

sustainability: Business strategies and practices that promote the ________ of the environment, society and the bottom line

long-term well being

What are two common reasons for small business failure?

managerial incompetence and inadequate financial planning

employees who get things done using an organization's financial resources, equipment, and information are ______________.

managers

In organizations, ________ strive to produce order and stability, whereas _______ embrace and manage change.

managers, leaders

An LLC submits a written operating agreement, similar to a(n) _________ agreement, describing how the company is to be operated.

partnership

what are the pros and cons of offshore outsourcing?

pros: less-strategic tasks can be outsourced globally. allows companies to create efficiencies cons: jobs may be lost and wages fall due to low-cost competitive offshore -communication

The ______ ________ is a systemic evaluation of an organization's progress toward implementing socially responsible and responsive programs.

social audit

Companies raise awareness and show CSR efforts through...

social media it is low-cost , efficient, and reaches a broad/diverse group of people

When it comes to ethics, _________ sets the standards for moral behavior, that is behavior defined as right or wrong.

society

The hurdles to success are higher and more complex in global markets than in domestic markets. Such hurdles _________ forces, economic and financial forces, (political) legal and regulatory forces, and physical and environmental forces.

sociocultural

What is Proforma Statement based on?

statements based on the financial statements

If your company debts or damages are solely your responsibility you could be experiencing the disadvantage associated with owning a sole proprietorship called

unlimited liability

As a manager, you shape the organization and the world your employees inhabit through:

• Employment agreement • Structure of the job (task) • Interpersonal interaction (common decency and respect)

What are some sources of equity financing?

• Personal savings (The first place an entrepreneur should look for money) • Friends and family members • Angels • Partners • Corporations • Public stock sale