502-Final
Louella has been shopping for a new car for several weeks. She narrowed her selection down to a few models, and has been doing extensive research on the Internet to determine which car would be the best match for her in terms of price, gas mileage, features, etc. Which stage of the consumer buying process does this BEST represent?
Evaluation of alternatives
After considerable research, Grant purchases a high-speed laser multi-function copier for his business. What type of product is this copier?
Capital item
The solid lines drawn between jobs on an organization chart reflect which of the following?
Chain of command
Which of the following is deemed as the single MOST effective step an organization can take in order to encourage ethical behavior in the workplace?
Demonstrate top management support of ethical standards
After two assembly line employees have a loud argument in the cafeteria, the foreman calls them into his office to resolve the conflict. Which basic managerial role does this BEST describe?
Disturbance handler
Which of the following is the first step in the control process?
Establish standards
Nondeposit institutions that specialize in making small noncommercial loans to individuals are known as _______.
consumer finance companies
Organized efforts by individuals, groups, and the government to help protect consumers from unfair business practices are referred to as _______.
consumerism
Phyllis's company donates $1 million to the local humane shelter so that it can build a new facility in the area. This is an example of _______.
philanthropic giving
Esther receives an email that appears to be from her bank, advising that it is conducting an account verification process. The email asks Esther to click on a link to update her account information, including her name, address, account number, and Social Security number. This is likely an example of _______.
phishing
Erin, the business administration department chair, observes a trend of increased enrollments in online college courses versus traditional face-to-face courses. She establishes a goal of introducing three new online courses during the fall semester and maps out the steps that the department needs to address to develop these course offerings. Which management function does this BEST describe?
planning
When you're walking through a pharmacy, you see a life-size cardboard cutout of a well-tanned young woman in a bikini, next to a display of sunless tanning products. What type of promotion is this?
point-of-sale display
A group formed for the purpose of soliciting funds and then contributing those funds to the campaigns of politicians is known as a(n) _______.
political action committee (PAC)
A state passes a law requiring major appliances sold in the state to meet energy consumption standards. Which factor in the firm's external environment does this BEST reflect?
political-legal environment
Which of the following facets of the external environment of business reflects the relationship between government and business?
political-legal environment
Given a choice between carrying 100 silver dollars or a $100 bill, most people will choose the $100 bill because it's lighter and easier to carry than coins. Which characteristic of money does this BEST reflect?
portability
Which of the following BEST describes the breakeven point?
the point at which total costs equal total revenue
Due to ideal growing conditions in New Zealand vineyards and an overabundance of grapes, the price of Sauvignon Blanc wine decreases dramatically. Which of the following is likely to occur as a result?
the quantity demanded will increase
Using another person's private but unsecured wireless network without their permission or knowledge is known as _______.
wireless mooching
Nikki and Brad are married dentists who split the hours and responsibilities at a busy dental practice so they can juggle the demands of their growing family. Nikki works on Tuesday and Thursday, and Brad works on Monday, Wednesday, and Friday. They split the pay and benefits of a single full-time dentist position. This BEST describes _______.
work sharing
Employees from a culture that is characterized by power respect _______.
would expect their superiors to make decisions with little input from employees
Which of the following would be considered a high-contact service?
you get a manicure and pedicure before an important event
Which of the following BEST describes the term "economic system"?
A nation's system for allocating resources among is citizens
According to the Total Economy Database, Gross Domestic Product for Canada in 2015 was $1.628 trillion based on 31.4 billion hours worked. Based on this data, for 2015, what was the measure of labor productivity for Canada?
$51.85
As president-elect of the board of directors of a global not-for-profit, you have been tasked with creating a performance appraisal policy so that the board can assess the effectiveness of upper management. Which would be your BEST choice?
360-degree-feedback
What are the three acquired needs identified by McClelland's theory?
Achievement, affiliation, and power
On a PERT chart, an arrow from "Activity D" to "Activity E" indicates that _______.
Activity D must be completed before Activity E can start
According to expectancy theory, an employee is likely to ask which of the following questions before deciding to exert maximum effort toward completing a task?
Am I likely to receive the reward if I perform well?
Which of the following BEST describes a conflict of interest?
An employee engaging in an activity that may benefit that individual to the detriment of his or her employer
Which of the following would be displayed on a firm's balance sheet?
Assets, liabilities, and owners' equity
Business Essentials 12th Edition Ebert/Griffin Chapter 1
Balanced mutual fund
Which of the following indices measures inflation by examining changes in the prices of typical products purchased by consumers living in urban areas?
Consumer Price Index (CPI)
Which of the following BEST describes the difference between data and information?
Data are raw facts or figure; information is the interpretation of that data.
Gabriella has spent the morning reviewing data from the manufacturing department to determine whether finished products are meeting the quality standards established by the organization. Which function of management does this BEST describe?
Controlling
The Dean of a major medical university was removed after 5 years of complaints from various stakeholders after it was discovered that he had a drug and alcohol problem. The University had previously praised the Dean and had reappointed him to his $1 million per year salaried position. When news of the story broke, the public was outraged. At that point, the President of the school MOST LIKELY was involved in __________.
Crisis management
The dean takes a visiting delegation from a foreign university on a tour of the campus. Which managerial role does this BEST describe?
Figurehead
Generally accepted accounting principles (GAAP) that govern the content and form of financial reports are established by the _______.
Financial Accounting Standards Board (FASB)
Which of the following statements BEST explains the difference between fixed costs and variable costs?
Fixed costs must be paid regardless of production output; variable costs change depending on the volume produced or sold
Which of the following organizations is MOST LIKELY to be a for-profit business?
Ford Motor Company
Which of the following is the BEST indicator of the economic well-being of the average citizen?
GDP per capita
Alexa is a project manager at an engineering firm. In her office she posts a bar graph for each of her projects that shows which activities are needed to complete the project and how long each activity is expected to take. She regularly consults this timeline to determine if the project is on schedule. What scheduling tool does Alexa use?
Gantt chart
A manager must decide whether a particular course of action is ethical. What is the FIRST step the manager should take in reaching this decision?
Gather the relevant factual information
Which of the following is considered to be one of the key management skills necessary for managers in the 21st century?
Global management skills
In the accounting equation, which of the following would be characterized as a liability?
Grant Industries has a mortgage on its manufacturing facility in the amount of $750,000
Harlan Sanders was 65 when a new interstate highway bypassed his restaurant in Corbin, Kentucky, driving it out of business. Sanders hit the road with a couple of pressure cookers and his now-famous blend of herbs and spices, and spent almost a decade selling his process to restaurants by offering to cook their chicken for them. Colonel Sanders eventual success was MOST LIKELY due to which basic factor of success?
Hard work, drive, and dedication
Which of the following is an example of a low-contact system?
Having your lawn cut by the neighbor's son
Veronica would like to become the office manager in the law firm where she works, but she has an assertive personality and has had some problems dealing effectively with the other administrative assistants in the firm. If Veronica wants to advance to a managerial position, she should consider working on which skill set?
Human relations skills
Which of the following is a set of international standards for quality management and quality assurance?
ISO 9000
Which fifth factor of production do many economists now include in addition to the four traditional factors of labor, capital, entrepreneurs, and physical resources?
Information resources
You go to a hair salon for a haircut and end up buying a tube of styling gel as you're checking out. The haircut is a(n) _______, whereas the styling gel would be considered a(n) _______.
Intangible service; tangible product
A manager who is examining an action or policy based on the ethical norm of justice would likely ask which of the following questions?
Is the action or policy consistent with what is considered fair or equitable?
Which of the following questions would a manager ask if s/he were examining an action or policy based upon the ethical norm of caring?
Is this action consistent with people's responsibilities to each other?
Which of the following is intended to minimize inventory costs, reduce storage requirements, and create a fast and efficient response to customer orders by bringing together all needed materials to produce a product at the precise time they are needed in the production stage?
JIT
Which of the following activities would be involved in the organizing function of management?
Janet makes a monthly schedule for staffing the restaurant that she manages
Alexandra owns a small landscaping business. She hires a part-time employee to handle the bookkeeping activities. Which factor of production does this employee represent?
Labor
Which of the following is a key element of customer relationship management?
Learn as much as possible about your customers so that you know what they want and willl buy.
According to Herzberg's two-factor theory, which of the following would be MOST likely to result in a higher level of employee motivation?
Monthly employee recognition luncheons
A manager who subscribes to Theory Y management would believe which of the following?
Many employees are eager to seek out challenges and responsibility
Which of the following scenarios BEST describes perfect competition?
Many small sellers offer identical products.
Which of the following is true of master limited partnerships?
Master limited partnerships sell partnership interests to investors on public markets like the New York Stock Exchange.
Which of the following terms identifies the model explaining why countries engage in international trade?
National competitive advantage
"First lie, then deny" would be consistent with which approach to social responsibility?
Obstructionist stance
Which of the following is the BEST description of industrial goods?
Physical items used by companies to produce other goods or services
Natural resources and raw materials, offices, production facilities, parts and supplies, and manufacturing equipment would be considered which factor of production?
Physical resources
Which of the following equations would be used to calculate a firm's gross profit?
Revenue- cost of revenues
Like many countries, the United States collects revenue, mostly in the form of taxes, and spends money on national defense, social programs, education, and a number of other public services. Historically, the government spends more than it collects, resulting in a budget deficit. ______________ is the most common way for the government to make up for the shortfall.
Selling government bonds
Which element of organizational structure would determine who does what within the organization?
Specialization
In a corporation, who elects the board of directors?
Stockholders
What are the elements of a SWOT analysis?
Strengths, weaknesses, opportunities, threats
Which managerial skill set is particularly important for first-line managers?
Technical skills
For which of the following purposes would a company use data mining?
Th identify trends, patterns, and relationships among the data it has amassed
Which of the following BEST describes conceptual skills?
The ability to think creatively, understand complicated or abstract ideas, and see the "big picture"
Which of the following is the BEST description of cost of goods sold?
The direct costs attributable to the production of the goods sold by a company
Which of the following factors determines whether a product is characterized as a consumer good or an industrial good?
The end user of the product
Which of the following positions would likely be characterized as a staff position?
The general legal counsel for a manufacturing firm
Which of the following is the BEST description of leadership?
The processes and behaviors used to motivate, inspire, and influence others' behavior toward achievement of organizational goals
Which of the following is the BEST description of the law of demand?
The quantity demanded increases as the price decreases
According to the laws of demand and supply, if the price of beef increases, which of the following likely will occur?
The quantity demanded will decrease
Which of the following functions would be part of the leading function of management?
The sales manager of an automotive dealership holds a rally to familiarize the sales staff with the features of the new model year cars and get them enthused about selling them
Which of the following statements about contingent workers is true?
The use of contingent workers is growing as employers seek to lower labor and benefits costs and increase workforce flexibility
As the price of textbooks has increased, more and more students are renting, buying used textbooks online, or using the electronic version of the required course materials. The law of demand and supply suggests that the book sellers will raise prices to the point where supply and demand come into balance. What happens if the price of textbooks goes above this equilibrium point?
There will be a surplus of textbooks
Which is the MOST LIKELY reason that some countries, such as Norway and Switzerland, choose not to be members of the European Union (EU)?
They do not want to be bound by the terms of the treaty.
The ratio for determining value is BEST described as _______.
Value= Benefits/ Costs
Pete has started an electronics firm with the potential for high growth. He obtains funding for the business from a group of investors who demand partial ownership of the business and representation on the board of directors. What type of financing has Pete procured?
Venture capital
Which of the following BEST describes the difference between wages and salaries?
Wages pay for time worked; salaries pay for performing a job
_______ involves public disclosure, often by an employee, of corruption, a wrongdoing, or illegal or unethical conduct on the part of others within an organization.
Whistle-blowing
If you buy a single ticket to one performance of the Philharmonic Pops Series, you'll pay $69. However, if you buy tickets to the entire series, tickets only cost $52. This is an example of _______.
a bundling strategy
In the early 1970s, an investigation into the Japanese television industry revealed the presence of associations between the major producers. The groups actively shared data and increased prices in the Japanese. This is an example of _______.
a cartel
John, a purchasing agent, is offered an all-expense paid trip to Hawaii by a supplier if he agrees to award a substantial amount of business to the supplier. Accepting this trip would constitute _______.
a conflict of interest
An office supply store maintains a supply of paper, toner, pencils and pens, and other items available for sale to customers. On the firm's balance sheet, the inventory would be classified as _______.
a current asset
A payment to shareholders from a company's earnings is known as _______.
a dividend
Your company has designed a new automobile engine. All the parts are produced offshore but assembled at a plant in the United States. In looking to label the product as, "Made in the USA," the BEST place to get information on the specific local content laws would be _______.
a governmental agency such as the Federal Trade Commission (FTC)
In order to enter the market in Eastern Europe, DNC Enterprises enters into a contract with a firm in the Ukraine that allows that firm to use its brand name, operating procedures, and proprietary technology in making its products. This BEST describes _______.
a licensing agreement
Wired Beverages, a producer of energy drinks, enters into a contract with a firm in South America in which the South American firm can produce and market its energy drinks in South America. Wired Beverages will receive a percentage of the South American firm's sales of the energy drinks. This is an example of _______.
a licensing agreement
When LaShandra graduates from medical school next year, she will have accumulated over $200,000 in student loans. If an accountant prepared a personal balance sheet for LaShandra, these student loans would be listed as _______ on the balance sheet.
a long-term liiability
In Guadalajara, Mexico, Mercado Libertad-San Juan de Dios is a vast, crowded, bustling array of booths and vendors selling everything from shoes and fruit to saddles and motorbikes. In a larger sense, the entire economy of Mexico is much like Mercado Libertad-San Juan de Dios, with people buying and selling constantly. Both of these are examples of ____________.
a market
A formal assessment of how well -or how poorly -an employee is performing his or her job is referred to as _______.
a performance appraisal
A decision that has a "ready-made" solution because it has been evaluated and resolved in the past is known as _______.
a programmed decision
When Brad has to order paper for the office copier, she checks the website of the office supply vendor the company uses to see if either of the brands they typically buy are on sale and places the order based on which brand is priced the lowest. This is an example of ______.
a programmed decision
One of the primary advantages of purchasing a franchise rather than starting a business from scratch is that a franchise offers _______.
a ready-made business model
The decision-making condition in which the decision-maker doesn't know all of the alternatives, the risks associated with each, or even the consequences each alternative is likely to have is known as _______.
a state of uncertainty
You go to the store to buy cereal for your breakfast, but you can't find your favorite brand, so you buy English muffins instead. This is an example of _______.
a substitute product
A virus that replicates itself and spreads from computer to computer within a networked computer system without any action on the part of the computer user, such as opening a file or clicking on a link, is known as _______.
a worm
A rare gem known as Tanzanite is found only in the country of Tanzania. Because no mines have been discovered in other countries, Tanzania would be said to have a(n) _______ advantage in the production of this gem.
absolute
Absco Enterprises meticulously follows all laws and regulations and attempts to satisfy ethical requirements, but it does not go out of its way to address social or environmental issues unless it is persuaded to do so. This would suggest that the company has adopted a(n) _______ stance to social responsibility.
accomodative
In terms of the delegation process, _______ is the obligation that an employee has to his or her manager for the successful completion of an assigned task.
accountability
Charlotte, a young lawyer, has started investing for her retirement. She is ready to take some risks to enjoy the opportunity for high capital appreciation. Which of the following investments would be a likely choice for her?
aggressive growth mutual fund
_______ enables managers to transform data into information and collect, process, and transmit that information for use in decision making.
an information system
Raul recently started a real estate company with a unique way of presenting a menu of services, each with a fixed price, rather than using the traditional commission on sales price. His firm has grown to 21 brokers, and he has plans to expand his model nationally. In applying for a loan, how should Raul BEST present his firm?
as a small business
Which of the following is the accounting equation?
assets= liabilities + owners' equity
A country's _______ is the flow of money into or out of a country, including the value of its imports and exports, money spent on tourism, foreign aid programs, and currency trading.
balance of payments
The three basic financial statements prepared by accountants are the _______.
balance sheet, income statement, and statement of cash flows
At the end of the semester, you agree to give your accounting textbook to a classmate in exchange for her economics textbook. This is an example of _______.
barter
Functional departmentalization is used to divide an organization _______.
based on a group's activities
Marketing research conducted by a consumer products producer reveals that some consumers buy toothpaste to whiten their teeth, while others buy it because it freshens their breath, makes their teeth less sensitive to heat and/or cold, or even because it has a certain flavor. If the company decided to segment the market based upon this data, it would be using _______ segmentation.
behavioral
A stock's _______ value is calculated as owners' equity divided by the number of shares of common stock it has outstanding.
book
The term operations (or production) refers to all of the activities involved in producing _______.
both goods and services
A manager who discriminates against a member of a protected class in an employment decision such as hiring, firing, training, or promotion demonstrates _______ behavior.
both unethical and illegal
Johanna is considering opening a pet boarding business. She wants to know how many pets she needs to board each month so that all of her costs are covered. What is Johanna trying to determine?
breakeven analysis
Ethical or unethical behaviors by employees and managers in the context of their jobs are referred to as _______.
business ethics
How does a firewall prevent unauthorized access to a computer system?
by filtering incoming data by applying a security policy and using a router to control where data goes
Carolyn gets a bank loan in order to purchase new tanning beds for her salon. In terms of the factors of production, how would this bank loan be characterized?
capital
Which of the following is NOT one of the elements of a private enterprise system?
capital
Brandy's Burritos is a nationwide fast food chain, and it is critical for the company's image and brand that a burrito tastes the same in Springfield, Ohio as it does in Springfield, Oregon. This would tend to suggest that the organization should have _______.
centralized decision making
Tyler, Dusty, and Matt own all shares of stock in Abels Enterprises, and shares of stock are not offered to the general public. Abels Enterprises is likely a _______.
closely held corporation
James places the purchase contract in front of Mary, hands her a pen, and says, "So, Mary, are you ready to place the order?" Which step of the personal selling process does this BEST represent?
closing
Gretchen was late returning from lunch for the second time in a week. Her boss sent her home without pay for the remainder of the day. This is an example of _______ power.
coercive
The ability to punish a subordinate is associated with _______ power.
coercive
Which of the following investments gives the investor the right to vote on major issues concerning the company?
common stock
The two basic forms of planned economies are _______ and _______.
communism; socialism
The climate, altitude, and terrain in India are particularly suitable for growing bananas. Although bananas are grown in other countries, India's production far exceeds the production of other countries. This would suggest that India has a(n) _______ advantage in the production of bananas.
comparative
Many electronics sold in the United States are imported from Taiwan because Taiwan can produce such products more efficiently than companies in the U.S. This is an example of a(n) _______.
comparative advantage
Which of the following groups or individuals would NOT be considered an organizational stakeholder?
competitiors
Which of the following is used to create precision drawings, technical illustrations, and two- or three-dimensional models of products in the design stage?
computer-aided design (CAD)
A nation is extremely efficient in the production of electronics. However, its climate and terrain make it difficult to grow grain. Economists suggest that the country should _______.
concentrate on production of electronics and import grain from another nation
A key concept in reinforcement/behavior modification is that _______.
consequences follow behavior
As a supervisor for a food processing company cleanup crew, you contact a reporter for a major news network and disclose unsafe food-handling practices that are condoned by your company. The company is a major advertiser on the station that hosts the news and was warned that there was a potentially damaging story in the works. The story is never aired and upper management is aware that you are the source and has warned you to stay quiet. Your BEST course of action would be to _________.
contact the company's ethics committee or a U.S. Government regulatory agency such as the USDA
Michael's snow removal business only needs workers from November through March. He is most likely to hire _______ workers to meet his staffing needs.
contigent
As part of the strategic planning team of a clinic in a small town, you notice that the plan is based on a certain number of patient visits per day. When the clinic financial manager asks for your input, you should ask about __________.
contingency plans
As part of his job as a property manager for a large office park, Luis develops a detailed operating budget that lists anticipated expenses and then tracks them on a monthly basis to make sure that spending is within expected limits. Which management function does this BEST describe?
controlling
When a sales manager determines that her staff is not making sufficient progress toward meeting monthly sales quotas and develops a plan of corrective action, she is performing the management function of _______.
controlling
On the way home from campus after classes, you stop at the supermarket to buy a 12-pack of Diet Coke. What type of product is this?
convenience good
A(n) _______is an organization comprised of sole proprietorships and/or partnerships who work together for common benefits, such as enhanced financial power, greater production power, and/or superior marketing power.
cooperative
Numerous farmers in the Midwest pool their resources to buy seed, sell grain, store grain, and even help with marketing efforts. This is an example of which type of business entity?
cooperative
A _______has state-chartered legal status as a separate entity, along with property rights and obligations and an indefinite life span.
corporation
A Subchapter S corporation (S corporation) is a hybrid between a _______ and a _______, in that owners enjoy the benefits of limited liability but profits are not subject to double taxation.
corporation; partnership
One disadvantage of ________ is double taxation.
corporations
In choosing to move manufacturing of a product from the United States to another country such as China or Mexico, a company would MOST LIKELY consider ____________ as a primary factor.
cost of labor
In a PERT chart, the _______ path is the most time-consuming set of tasks in a project.
critical
As you establish your new business, you decide that you want it to have a unique identity and an ingrained internal sense of direction. In addition to a well-crafted mission statement, what aspect of your organization should you pay attention to carefully?
culture
Grahanna Publishing produces learning materials for middle school, high school, college, and professional certification courses. Because these customers' needs are so diverse, the company established separate divisions for each group. Based on this information, Grahanna Publishing uses _______ departmentalization.
customer
In addition to a wide variety of soda, Pepsico produces and distributes corn and potato chips, breakfast cereals, and a variety of juices and teas. As part of its Corporate Social Responsibility campaign, the company has stated goals to reduce added sugars, fats, and sodium by the year 2025. The stakeholders MOST likely to benefit from these changes are___________.
customers
Raw, unanalyzed facts and figures are known as _______.
data
Cashiers at a department store are authorized to make price adjustments for customers of up to $25 without getting approval from their supervisors. This would suggest that the department store is a(n) _______.
decentralized organization
The company you work for is planning to expand operations by both offshoring and establishing sales outlets in several European Union member nations. Currently, the CEO makes most of the day-to-day decisions. As a member of the strategic planning team, you should suggest adopting a more _________ organizational structure.
decentralized; international
A company that produces and distributes alcoholic beverages places all legally required warning labels on its products. However, in countries where such warning labels are not required, it does not do so. What approach to social responsibility does this BEST demonstrate?
defensive stance
Checking accounts are referred to as _______ deposits, whereas certificates of deposit are known as _______ deposits.
demand; time
Lindar Property Development specializes in developing luxury condominium communities for "empty nesters" who are 55+ years old and have an annual income in excess of $100,000 per year. Which type of variable does this reflect in segmenting the market?
demographic
The process of grouping jobs into logical units within the organization is known as _______.
departmentalization
As a newly hired human resource manager, you've been asked to implement a training program. Which of the following would be the first step?
determine what training needs exsist
Each month, H.R. manager Jessica sends out a newsletter to employees in the organization, highlighting specific employee benefits and advising employees of ways in which they can capitalize on those benefits. Which basic managerial role would this BEST describe?
disseminator
Your friend has decided to buy and sell high-end jewelry online with the goal of eventually quitting her day job as an accountant. She's heard that you know something about business and the importance of the marketing mix, so she's asked you for the BEST way to differentiate her business without competing on price. Which of the following would you suggest?
distribution
In order to allow the company to focus on more lucrative products, Johnson & Johnson sold its Ortho Clinical Diagnostics Division. This is an example of a(n) _______.
divestiture
Market segmentation is BEST described as _______.
dividing a broader market into subsets of customer types having similar needs, interests, and priorities
You go to the office supply store to buy a new ink cartridge for your printer. You hand the cashier a $20 bill, and she returns your change in the form of smaller bills and coins. Which characteristic of money does this BEST represent?
divisibility
Which of the following terms BEST describes an organization structure with separate product lines that operate as relatively autonomous business units under a larger corporate umbrella?
divisional
As the newly hired network administrator for a small business, you notice that the company is running a very old version of Microsoft Windows. Which is your BEST course of immediate action?
download and install the most recent software update
A manufacturer of microwave ovens exports its products to another country at a price lower than the cost of production in the home country in order to quickly gain market share. This practice is known as _______.
dumping
A few years ago, Canada introduced new polymer (plastic) bank notes instead of paper money, explaining that the new bills will last 2-3 times longer than paper bills. Which characteristic of money is BEST being addressed by making this change?
durability
Which of the following is an advantage of a sole proprietorship?
ease of formation
The Federal Reserve System suddenly raises the federal discount rate, resulting in significantly higher interest rates for consumers and businesses that want to purchase property, vehicles, machinery, or other items on credit. Which factor in the firm's external environment does this BEST reflect?
economic environment
Which of the following facilitates the movement of money from one bank account directly to another without any paper money changing hands?
electronic funds transfer (EFT)
A complete ban on the importing or exporting of products from a specific country is a(n) _______.
embargo
Which of the following represents one of the existing trends for small business start-ups?
emergence of e-commerce
People who are collectivist in their values _______.
emphasize the needs of the group over the needs of the individual
Nicole was reasonably satisfied with her job and salary until she learned that a coworker who has less education and experience is paid more. Nicole is now miserable in her job and is thinking about quitting. Which theory of motivation would BEST describe Nicole's reaction?
equity theory
Which theory of motivation is characterized by an individual's perception of the ratio of their inputs to outputs?
equity theory
The phrase, "in for a penny, in for a pound," meaning that once you've undertaken an action, you intend to complete it no matter how much time, effort or money it entails, BEST describes _______.
escalation of commitment
Your company has entered into a five-year lease for a building for your business, but it now looks as if it will cost up to half a million dollars to bring the facility up to code and to your operating standards. Rather than attempting to break the lease and find a better location, the facilities committee is focusing on trying to salvage this deal, even though it looks like a bad decision. Which is the MOST LIKELY behavioral aspect you are facing?
escalation of commitment
EpiPens contain a pre-set dose of epinephrine, a life-saving drug used by people at risk of experiencing anaphylactic shock from an allergic reaction. In 2007, Mylan obtained the rights to sell EpiPen and increased the list price from $94 to $609. Because it is a prescribed medication, sales of EpiPen did not drop and company revenues have steadily increased. This is BEST described as an example of a(n) ____________ issue.
ethical
You have established a small investment account that you want to add to periodically during each month in order to save up for a down payment on a house that you want to buy within the next ten years. Which of the following would be your BEST choice of investments?
exchange-traded fund (ETF)
Scott would like to be promoted to shift supervisor, but he knows that, without a college degree, he won't even be considered as a candidate. As a result, he sometimes slacks in his performance, knowing that a promotion isn't a possibility. Scott's lack of motivation could BEST be described by which theory of motivation?
expectancy theory
Marissa consults with an attorney about incorporating her business and decides to follow his advice. This is likely because Marissa perceives the attorney to have _______ power in the field of law.
expert
In 1999, the World Trade Organization (WTO) met in Seattle, Washington to discuss international trade issues, but the conference was quickly overshadowed by the presence of more than 40,000 protestors. These protestors were MOST LIKELY concerned about ____________.
exploitation of workers, environmental issues, and consumer rights
Last year, a Pacific Island nation imported over $3.2 billion of goods and reported a trade surplus. This would suggest that the nation had _______.
exported more than $3.2 billion worth of goods
_______ are manufacturer-owned stores that sell merchandise directly to the consumer without the use of one or more intermediaries.
factory outlets
Which of the following would a company use in order to prevent hackers or other unauthorized outsiders from accessing information on its computer network?
firewall
After working for Stafford Automotive Group as an automotive technician for the last 4 years, Stan was promoted to the position of Service Manager. He now oversees the work of the other automotive technicians and shop attendants, is responsible for training them, and manages the parts inventory. Stan would be considered a(n) _______ manager.
first-line
Gavin is the supervisor of the payroll department at a manufacturing firm. His job entails supervising the work of several payroll clerks, training them in proper procedures, and ensuring that they are withholding taxes and other payroll deductions in accordance with the law and company policy. Gavin would BEST be described as a(n) _______ manager.
first-line
Melissa is the supervisor of customer service and she directly oversees the work of four customer service specialists. Melissa would be categorized as a(n) _______ manager.
first-line
In 2008, in order to encourage people to spend more money and stimulate the economy, Congress passed the American Reinvestment and Recovery Act, authorizing the government to spend $831 billion on education, infrastructure (such as roads and bridges), healthcare, and a host of other initiatives and projects, hoping to put people back to work. This is an example of the government exercising _______ policies.
fiscal
Graham is considering opening a pet grooming business. The monthly rent on the building and his insurance will remain constant, no matter how many - or how few - pets he grooms. These expenses are part of Graham's _______.
fixed costs
A company that builds homes is likely to use which layout in its building process?
fixed position layout
The salary of a supervisor in the shipping department would be a(n) _______ cost for a bicycle manufacturer, whereas shipping costs would be a(n) ______ cost.
fixed; variable
A _______ organization typically has a _______ span of control.
flat; wide
Several years ago, Burger King's jingle was, "Hold the pickles, hold the lettuce, special orders won't upset us, all we ask is that you let us serve it your way." This would suggest that Burger King sought to gain competitive advantage based upon which of the following?
flexibility
In a law firm, administrative staff can alter the times they come in for work and leave at the end of the day as long as they work 8 hours and are in the office between 10:00 a.m. and 3:00 p.m. This is an example of _______.
flextime
Veronica is the new sales manager of a large car dealership. In order to increase sales, she decided to offer a customer rebate on new vehicles. At the end of the quarter, she reviews sales data to determine how successful her decision was. Which step in the rational decision-making process does this represent?
following up and evaluating the results
Samsung Electronics Co., headquartered in Seoul, Korea, has announced plans to build a new smartphone factory in Vietnam. Samsung is engaged in _______.
foreign direct investment
Brittni uses semi-precious gemstones, beads, clasps, and cord to make one-of-a-kind Southwestern-inspired jewelry. What type of utility does Brittni create?
form
Courtney's Gourmet Cupcakes creates _______ utility by combining flour, eggs, sugar, cocoa, nuts, and numerous other ingredients into delectable cupcakes.
form
Production creates _______ utility.
form
A seamstress combines lace, satin, tulle, and pearl trim to create a one-of-a-kind bridal gown for a customer. Which form of utility is the seamstress providing to the customer?
form utility
Deanna wants to open a sandwich shop near campus. Rather than start the business from scratch, she considers purchasing a franchise from Subway. If she decides to purchase the franchise, Deanna would be the _______, and Subway would be the _______.
franchisee; franchiser
Organizational plans established by managers in specific areas such as human resources, marketing, manufacturing, and sales to aid them in achieving the overarching goals of the organization are referred to as _______ strategy.
functional
In a partnership, a(n) _______ partner actively manages the business and has unlimited liability for the debts of the business.
general
Which of the following is an advantage of a partnership over a sole proprietorship?
growth is possible through the additio of new talent and money
Alexis is shopping for a new car, and the salesperson says, "I know you like the car, but it seems like you're hesitating about the price. If I could offer you another $2,000 on your trade-in, would that seal the deal?" Which step of the personal selling process does this BEST illustrate?
handling objections
As a manager in a health care organization, you would MOST LIKELY give more consideration to the ____________ element of operations.
human
Janelle is the manager of Employee Assistance Programs for a large state university. In this role, she provides short-term counseling services to faculty and staff and their families with respect to personal, career/work-related, and behavioral health problems or makes referrals for longer-term counseling to a network of partner firms. Which managerial skills would likely be the MOST crucial to the performance of Janelle's job?
human relations skills
Bolt Industries offers its call center employees a full range of employee benefits including health and dental insurance, and its pay is well above industry standards. Its offices are nicely decorated, and the headsets used by the employees are top of the line. However, turnover rates and absenteeism are high, and employees don't seem enthusiastic about their jobs. According to Herzberg, this lack of job satisfaction may be occurring because the company focuses on _______ factors.
hygiene
Your friend wants to start a small business so she can eventually quit her day job as an accountant. She doesn't care what it is, as long as she's in charge. She's heard that you know something about business, so she's asked you for the BEST component to evaluate when starting her marketing plan.
identification of a product need or a want
Kennita applies for a mortgage loan and is turned down. She obtains a copy of her credit report and learns that someone using her name, address, and Social Security number has opened numerous credit card accounts and obtained a car loan. Kennita has been the victim of _______.
identity theft
Your business partner routinely posts his personal reviews of your products online in order to boost sales. This might be __________ as well as ___________.
illegal; unethical
Regina's Rug Emporium offers the widest variety of Persian and Oriental rugs in the area. Regina regularly travels worldwide to find and buy the most exquisite and unusual rugs that foreign producers have to offer. Regina is a(n) _______.
importer
When a firm wants to enter the international market, which of the following represents the lowest level of international involvement, and hence the LEAST risk?
importing/exporting
Angelina has a small business in the U.S. in which she produces one-of-a-kind jewelry using semi-precious gemstone beads. She purchases a supply of gemstone beads from a company in Belgium, and sells several necklaces to a buyer in Canada. The beads are _______; the necklaces are _______.
imports; exports
Which of the following financial statements would report whether the firm earned a profit or incurred a loss during a specific period of time?
income statement
The company you work for crafts specialty fishing rods for sale across the country in high-end sporting goods stores. During economic downturns, when people have less disposable income, sales drop dramatically. Management has asked your advice on how to better handle the cyclical effects of the economy. Which of the following would be the BEST recommendation?
increase product mix
Which of the following is the primary or ultimate objective of promotion?
increase sales
On a firm's balance sheet, which of the following would be characterized as a fixed asset?
manufacturing equipment
Selling goods and services to other businesses, either for use in their own manufacturing or production processes or for resale to other customers is _______ selling.
industrial
The general price level of goods and services in the United States has been steadily increasing for the past 100 years. This is known as _______.
inflation
A senior level manager in a corporation learns that the Chief Financial Officer is going to be indicted the following day on charges of accounting fraud. He quickly sells his shares of stock in the corporation, fearing that the stock will fall after news of the indictment. This is an example of _______.
insider trading
Creations of the mind that have commercial value, such as ideas, literary works, names, symbols, or processes, are known as _______.
intellectual property
Albertson Corp. is headquartered in the United States and has manufacturing facilities in South Carolina and Arkansas, as well as numerous sales offices in the U.S. The company recently opened a manufacturing facility in Ireland to capitalize on the European market. The company would be considered a(n) _______.
international firm
Every year, Shutterstock hosts an annual hackathon in which employees are given the opportunity to imagine, design, and implement an idea they think can provide value to the company, and Shutterstock awards prizes to the best ideas in different categories. This is an example of _______.
intrapreneuring
That "inner feeling" or "gut instinct" that we sometimes experience when making a decision is known as _______.
intuition
A manufacturing company has multiple small plants in a region. Each plant is headed up by a plant manager, but major decisions regarding what and how much is produced at each plant is made by the executive staff at the company's headquarters. This suggests that the company _______.
is a centralized organization
Josh has decided to open a restaurant. He has determined that he will need to hire separate people to seat and serve customers, plan and prepare food and beverages, and clear tables and wash dishes. This process is known as _______.
job specialization
Traditionally, raw materials and component parts were delivered to producers well in advance of the manufacturing process and stored until needed. With _______, these raw materials and component parts are now delivered to the producer exactly when they are needed.
just-in-time (JIT) production
The arrangement of machinery, equipment, and supplies to effectively produce goods and services is the focus of which aspect of operations planning?
layout planning
When a manager works to motivate, inspire, and encourage employees to meet the organization's stated objectives, which function of management is s/he performing?
leading
The Japanese concept of Kaizen implies continuous process improvement and innovation. If you want to start a dynamic business with an underlying philosophy of Kaizen that supports professional development and lifelong learning for all employees, which organizational form would be BEST to study and implement?
learning organization
Amanda owns a small floral shop and operates the business as a sole proprietorship. If Amanda passes away, her business _______.
legally dissolves
The type of power that a person in an organization has when s/he has control over employees in lower positions or levels within the organization is known as _______ power.
legitimate
Lucinda owns a wine boutique specializing in unique, globally-sourced, artisanal wines. She wants to import several cases of wine from a Portuguese distributor. To facilitate this transaction, Lucinda's bank issues a _______ in which it promises to pay the distributor as soon as the distributor presents proof of shipping.
letter of credit
One of the biggest advantages of corporations is that investors cannot be held personally responsible for the debts of the business. This is the concept of _______.
limited liability
Which of the following is an advantage of corporations over sole proprietorships or general partnerships?
limited liability if owners
Ellen Fuge is a famous guitar player. Samantha Ashe is a small business owner that wants to market guitars using Ellen's name as a brand. Ellen wants to invest heavily in the business but not be involved in management and she doesn't want to be liable for business debts above and beyond her investment. They want to keep things simple and private. What business structure should they consider under these circumstances?
limited partnership
The type of authority that flows up and down the chain of command is known as _______ authority.
line
The ease with which an asset can be converted to cash is known as _______.
liquidity
The National Association of Realtors hires a consulting group to meet with members of Congress and the Senate and develop, advance, and influence legislation concerning the ownership and operation of real estate. This is an example of _______.
lobbying
A company donates a share of its profits to charitable programs and is a corporate sponsor of the philharmonic orchestra. The company is demonstrating social responsibility toward which of the following organizational stakeholders?
local community
When deciding where to build a new factory, senior managers of Absco Products considered factors such as transportation, the availability of a trained labor force, tax incentives, and the government regulations in the area. This process BEST describes which aspect of operations planning?
location planning
If a company's business strategy is to gain competitive advantage through price, which of the following operational capabilities should they choose?
low cost
Hamilton Construction is contracted by the county to build a bridge over a set of railroad tracks. Which of the following would BEST describe this operations process?
make-to-order operations
_______ accounting serves internal users, whereas _______ accounting serves external users.
managerial; financial
You are concerned with a steady decline in profits in your company, despite the fact that costs are not rising at an unreasonable rate. Which person should you visit with first?
marketing manager
A well-established automobile dealership just hired you as an intern in the back office. Since you started, you have discovered that the company is losing market share. In a management meeting, the talk is focused on what has worked in the past. During a lull in the conversation, the owner of the company asks for your opinion. Your BEST input would be a suggestion to create a(n) _______.
marketing plan
Which type of partnership acts much like a corporation in that it sells shares (partnership interests) to investors on public markets?
master limited partnership
Kelli is a software engineer for an electronics firm. She reports to the Manager of Software Engineering but also works on a new product development team and reports to the team leader in that capacity. Based on this information, it would appear that Kelli's firm has a _______ structure.
matrix
Which of the following terms refers to two companies combining to form a new company?
merger
Dwayne is the Central Region Sales Manager for a large electronics distributor. Reporting to him are district sales managers in Chicago, Milwaukee, Indianapolis, Cincinnati, and Detroit, a regional customer service manager, and an administrative assistant. Dwayne would likely be characterized as a(n) _______ manager.
middle
Data _______ attempts to identify trends and patterns among the pools of data that have been collected by a company.
mining
When patrons enter a restaurant, they see a framed statement posted prominently in the waiting area that reads, "We are committed to using the finest ingredients in our recipes. No food leaves our kitchen that we ourselves would not eat." This is an example of the restaurant's _______.
mission statement
Stephanie knows that students buy textbooks, but professors decide which textbooks students will use. She visits college professors in her region a few times each semester, promoting the textbooks that her company sells, offering sample copies of the books, and making them aware of new features that might influence their adoption of the textbook. This BEST represents ______.
missionary selling
Which of the following BEST defines the U.S. economic system?
mixed market economy
Coach handbags have lost some of their "cool" factor, so Coach has been losing U.S. market share to Michael Kors, Kate Spade, and other luxury handbag manufacturers. Based on this information, which degree of competition would BEST describe the luxury handbag market in the United States?
monopolistic competition
You have been asked to create a sales brochure for a circular saw that is fairly expensive because it uses a worm drive gear system instead of the traditional spur gear. The marketing department has given you a list of things they consider to be the value package. Which of the following would you list as a benefit rather than a feature?
more ergonomic
According to Maslow's Hierarchy of Human Needs Model, higher-level needs _______.
motivate behavior only if lower-level needs are met
Insurance companies, finance companies, and securities investment dealers are referred to as _______ institutions because they use inflowing funds for purposes other than earning interest for depositors.
nondeposit
In 2012, Israeli inventor Izhar Gafni completed his first prototype of a bicycle made completely from recycled materials, mainly cardboard. His plan was to sell the bikes for $20 and to gain corporate sponsors that would allow his company to provide bikes at no cost to those who could not afford them, but as of 2017 his company had yet to put the bikes into production. What are the two MOST LIKELY attributes that make Izhar Gafni an entrepreneur?
not afraid to take a risk and passion
An automobile manufacturer learns about an ignition switch defect that may cause serious safety issues but rather than enact an expensive recall of hundreds of thousands of vehicles, management covers it up. Which approach to social responsibility would this BEST demonstrate?
obstructionist stance
Which of the following approaches to social responsibility reflects the lowest degree of socially responsible practices?
obstructionist stance
Which of the following pricing strategies uses price points to help create the impression in consumers' minds that the product is less expensive than it really is?
odd-even pricing
Atlantis Electronics used to produce its products in a manufacturing facility in North Carolina, but has moved manufacturing to a contract manufacturing plant in Pakistan, where labor is significantly cheaper. This is an example of _______.
offshoring
Sony's Playstation, Nintendo's Wii, and Microsoft's XBox dominate the game console market. What is the BEST description of the degree of competition in this industry?
oligopoly
Sarah has a robust following on several social networking sites where she shares scrapbooking project ideas and digital photo advice. She would like to start making money by selling digital scrapbooking software and supplies. Sarah's best marketing approach would be to take advantage of _______.
online retailing
For an entrepreneur, which would be the MOST USEFUL personality trait?
open-mindedness
As the operations manager for a large guitar maker, you recently received an offer from an overseas parts manufacturer that wants to supply the electric pickups for your signature series electric guitars at $4 each. You currently manufacture this component but labor costs and overhead are high in your production facility, and you estimate that each pickup costs $8 to produce. For this item, you should consider_______.
outsourcing
On a firm's balance sheet, which of the following would be characterized as an intangible asset?
patents
BellStar Communications is a new provider of 3D satellite TV service. It offers an extremely low introductory price for the first 12 months because it wants to attract new customers and quickly garner market share. Which pricing strategy is it using?
penetration pricing
In which of the following does the seller of a product or service have the LEAST amount of control over the price?
perfect competition
Your friend has decided to buy and sell high-end jewelry online with the goal of eventually quitting her day job as an accountant. She's heard that you know something about business, so she's asked you for the BEST mode of promotion to identify in her business plan that she plans to submit to the bank for financing. Which of the following would you suggest?
personal selling
Some opponents of the national minimum wage laws believe that eliminating the minimum wage would virtually wipe out unemployment. Proponents of the minimum wage point to historical studies that show that raising the minimum wage has little or no effect on unemployment. As a corporate CEO, the BEST way for you to try to change the minimum wage law would be to __________.
personally contact your state and local representatives in congress
A car dealership offers a "sign it and drive it" promotional event in which eligible buyers can purchase a vehicle with $0 down, $0 due at signing, and $0 first month's payment; all they have to do is sign the papers and drive away. This BEST reflects which form of utility?
possession
The National Weather Service is predicting that a major hurricane will impact the area within the next 48 hours. A local hardware store quickly doubles its prices on portable generators, plywood, and batteries in response to this weather forecast. This is an example of _______.
price gouging
599fashion.com is an online clothing outlet store that offers all of its clothing, apparel, jewelry, and accessories for the same price - $5.99, although some items may be on sale for even less. This BEST exemplifies the strategy of _______.
price lining
When VCRs were introduced in the mid-1970s, they were priced at $900 and above. As more competitors and new technology entered the market, the price dropped dramatically. The new lower price is an example of _______.
price skimming
The _______ rate is the interest rate offered by commercial banks to their most creditworthy commercial customers.
prime
A Midwestern city negotiates a deal with a company to operate its parking meter system. The city will receive a lump sum payment of several million dollars, and the company will have the rights to operate, maintain, and collect the revenue from the parking meters. This is an example of _______.
privatization
Alysia's cosmetic company was at the forefront of the move to ban testing on animals. Her firm has adopted an aggressive energy conservation approach to manufacturing, and it actively participates in programs to reduce poverty and illiteracy in the community. Which of the following would BEST describe the company's approach to social responsibility?
proactive stance
At Johnson Brothers, a manufacturer of outdoor furniture, one department is responsible for cutting the wood according to pattern. Another department is responsible for staining and finishing the wood. Another department is responsible for assembling the stained wood pieces. Based on this information, what type of departmentalization does Johnson Brothers use?
process
At a garment manufacturer, all cutting machines are grouped together in one area, whereas sewing machines are grouped together in another area, and pressing machines are arranged in still another area. What type of layout does this suggest?
process layout
At a bakery, baked goods boxes travel past individual work stations on a conveyor, and workers at each station perform a small task, such as placing baked goods in the box, placing the cover on the box, affixing stickers to the box, or shrink-wrapping the box in plastic. This BEST describes a_______ layout.
product
In an intrapreneurial organization, a manager who uses his/her influence to help overcome organizational resistance and convinces others to take the innovation seriously is known as the _______.
product champion
Which type of layout is MOST appropriate for a company that wants to mass-produce high volume, make-to-stock products?
product layout
Letitia buys honey, peanut butter, steel-cut oats, whole-wheat flour, chicken bouillon, and wheat germ to make the gourmet dog biscuits that she sells in her kiosk at the mall. How would these ingredients be classified?
production items
The measure of economic performance that compares how much a system produces versus the resources required to produce it, is known as _______.
productivity
Your growing company can't afford to offer much in the way of benefits right now, but if the company hits its sales and production goals, it expects to take off and be able to provide great benefits later. The CEO wants you to provide some options to induce highly qualified new employees to join the organization right now. Which of the following options would be the BEST suggestion?
profit-sharing
You recently received your real estate sales license, and you now represent a seller in a popular new subdivision where buyers have many choices. As an agent, your job is to get the highest competitive market price for the seller. In creating your marketing plan for this house, which element of the marketing mix, other than pricing, would be the BEST focus?
promotion
Marketing Manager Kimberly is responsible for deciding what combination of advertising, personal selling, sales promotions, direct or interactive marketing, publicity, and public relations will best reach the customers for her company's product line. Kimberly is determining the company's _______.
promotional mix
In 2017, Japan maintained a high import tariff on tuna from Viêt Nam, but Thailand and the Philippines enjoyed a zero percent tariff in the Japanese market. This is an example of _______.
protectionism
A producer of camping gear such as tents, sleeping bags, and camp stoves has identified its target market as outdoor adventurers or enthusiasts. Which type of variable does this reflect in segmenting the market?
psychographic
Shares of stock in a _______ corporation are available for sale to the public and are widely held.
publicly held
A company that adopts a _______ marketing strategy targets its promotional efforts toward consumers.
pull
Which of the following describes the approach in which a firm markets a product to wholesalers and retailers who are then responsible for stimulating demand among customers?
push strategy
Before Andrew, a real estate broker, spends a lot of time showing houses to a young couple who respond to a newspaper ad, he attempts to make sure that they are serious about purchasing a home and that they have the financial resources to do so. This step in the personal selling process is known as _______.
qualifying
In 2005, when Volkswagen executives decided to promote their diesel engines in the United States, engineers at the company realized they could not meet emissions standards, so they installed "cheat devices" that kicked in emissions controls only when the car was being tested. The fallout from this illegal activity cost the company billions of dollars. From the standpoint of Total Quality Management (TQM), this scandal was MOST LIKELY the result of failing to ensure ___________.
quality ownership
Which of the following tends to be an advantage of decentralization?
quicker responsiveness
Louella's evaluation of the cost of a new car, how many miles per gallon it gets, and whether there is enough room for her growing family represents her _______ motives; how the car makes her feel when she's driving it and whether she thinks her friends will be impressed when they see her behind the wheel reflect her _______ motives.
rational; emotional
Several years ago, Gatorade had a commercial showing highlights of basketball star Michael Jordan and people trying to replicate his skills, accompanied by the jingle "I wanna be like Mike." This would BEST describe which form of power?
referent
Direct influence to shape social responsibility practices by the government is most often accomplished through _______.
regulation
The delegation process involves which three elements?
responsibility, authority, and accountability
In the past, the only benefit you have offered your employees has been a cafeteria benefits plan. In establishing a new employee compensation system, which would be the MOST LIKELY incentive that you could offer to improve retention?
retirement benefits
Selling price × units sold = _______.
revenue
Funds that flow into a business from the sale of its goods or services are known as _______.
revenues
A business reports profits when _______ are greater than _______.
revenues; expenses
When Thom has a decision to make, he has a tendency to "roll the dice and take his chances." This refers to Thom's _______.
risk prosperity
To coincide with the release of the movie Minions, McDonald's offered a Minions Happy Meal featuring a dozen different minion toys, along with a new flavor of yogurt in its Happy Meals that also featured minions on the packaging. This is an example of _______.
sales promotions
Which of the following involves one-time direct inducements to buyers to purchase a company's products, such as coupons and package inserts?
sales promotions
Which of the following would NOT be included in the M-1 money supply?
savings accounts
The majority of private sector employment in the U.S. economy is in the _______ sector.
services
Which type of business might be best for a person with expertise but little or no capital investment?
services
Upper management has decided that the current bonus system has caused employees to engage in questionable sales practices that go against the company's mission. As a mid-level manager, you are in charge of changing the corporate culture. Your BEST strategy would be to _______.
set up new systems for appraising and compensating employees who reflect the firm's stated values
You need to buy a new laptop for your classes, so you spend some time shopping online to compare features and price and go the local office supply store to see a few brands first-hand. What type of product is the laptop?
shopping good
Ted was just promoted to a managerial position and feels that he needs to buy a new luxury car and join the country club in order to "fit in" with his new colleagues at the company. This is an example of _______ influences.
social
When Lana is suspended for swearing at an abusive customer, the other customer service representatives are more careful to watch how they behave toward customers. This is an example of _______.
social learning
Under _______, the government owns and operates selected major industries such as transportation, communications, and banking, but smaller businesses are privately owned.
socialism
Misty wants to earn extra money and decides to open a cleaning service for dormitory rooms at her college campus. She posts fliers on the bulletin boards in each dormitory and buys some cleaning supplies. She plans to operate this business alone and keep all of the profits. Based on this information, it would appear that Misty's business is a _______.
sole proprietorship
Electronic "junk mail," irrelevant or inappropriate messages sent indiscriminately to a large number of recipients, is known as ______.
spam
The number of employees reporting to a manager is referred to as the manager's _______.
span of control
Because you offer lavish perks such as flextime, working from home, profit-sharing, and generous health and retirement benefits, your tech company has recruited some of the best and brightest software engineers in the world, but your company is falling behind the competitors. Which is the MOST LIKELY element missing in your working environment?
specialized training
Which of the following retailers would focus on selling a full product line in a relatively narrow product range, such as men's or women's clothing, office supplies, or carpet?
specialty store
Kay Jewelers, Victoria's Secret, and Payless Shoes are examples of _______.
specialty stores
A top-level manager who approves of and supports an intrapreneurial project within an organization is known as a(n) _______.
sponsor
Software that surreptitiously gathers information about an Internet user's browsing habits, intercepts the user's personal data, and relays that information to others is known as _______.
spyware
Gavin is the human resources manager for a manufacturing firm. In this role, he advises and assists managers in the recruitment and retention of employees but does not do the actual hiring. This would suggest that Gavin has _______ authority.
staff
Reggie is the sales manager of a large car dealership. He wants to increase sales significantly over the next quarter, and after talking with his staff and giving the matter some thought, he decides that offering a customer rebate on new vehicles is the best strategy to achieve this. What decision-making condition does this BEST describe?
state of uncertainty
If you sell a textbook to a classmate for $25, you can keep the cash in your wallet or deposit it in your bank account and know that it will be worth $25 next week, next month, or even next year. Which function of money does this example BEST illustrate?
store of value
A(n) _______ is the collaborative effort of two or more independent organizations on a project for mutual gain.
strategic alliance
Farmers receive payments from the government if prices for wheat, corn, soybeans, and certain other crops fall below a certain level in order to protect farmers from cheaper prices charged by foreign competitors. This is an example of a(n) _______.
subsidy
Meijer is a large retailer that carries a wide variety of groceries, health and beauty items, baby and pet care, sporting goods, and home goods. Some stores even have a full-service pharmacy and an optical store. Meijer would like be characterized as a _______.
supermarket
Which materials management function likely would be responsible for identifying, evaluating, and choosing potential vendors of materials and services and negotiating terms of service?
supplier selection
Your consulting client owns several local grocery stores within a 100-mile radius of one another that specialize in regional products such as locally roasted coffees, wines from around the area, and grass-fed beef. Each store places its own orders with various suppliers but no one coordinates efforts among the group. As an advisor to the owner, which would you suggest as the BEST overall improvement to consider?
supply chain management
Within its human resource department, Hoosier Enterprises has a vice president of human resources, a director of human resources, a labor relations manager, assistant managers of human resources, a manager of compensation, an employee benefits manager, human relations supervisors, and team leaders for training and employee development. This hierarchy would suggest that Hoosier Enterprises is a(n) _______ organization.
tall
You have assembled some of the brightest minds in video game design to work for your new company developing new software. Outside of executive management, you want no bosses. Instead, you want to allow employees to move among projects at will, encouraging them to work on whatever interests them. Which organizational form would be BEST to emulate?
team organization
Recent news articles indicate that traditional retail outlets such as malls and big box stores are becoming less and less profitable as online marketing becomes more and more prominent. In fact, as malls are being abandoned, they are being replaced by huge warehouses and transfer stations that allow companies such as Amazon to get products to customers faster and cheaper by using data trends, algorithms, and other highly sophisticated predictive models. Which dimension of the external environment BEST encompasses the factors affecting malls and box stores?
technological environment
Corporate culture would BEST be described as _______.
the "feel" of the organization
A nation's economy experiences periodic increases in economic activity, often followed by periods of economic slowdown or decline. This is known as _______.
the business cycle
Heritage Mechanical's balance sheet at the end of the year shows assets of $675,000 and owners' equity of $366,000. Which of the following can be assumed on the basis of this information?
the company has liabilities of $309,000
Just as the company culture can support or undermine the published mission, vision, and value statements of a company, _______ can be more powerful than the company's formal organizational structure.
the informal organization
As you envision an organizational structure for a new venture, your chief consideration should be _______.
the organization's mission and strategy
If you have $10,000 and invest it at 8% for three years, it will be worth $11,411.66 at the end of that time. This BEST describes _______.
the time value of money
When a local Walmart is open 7 days a week, 24 hours a day, which form of utility is it providing to customers?
time utility
The country of Belize exported $395 million of goods in 2009 and imported goods worth $616 million during the same year. This would suggest that Belize has a(n) _______.
trade deficit
The value of goods imported into Mexico exceeds the value of goods exported by that country. This suggests that Mexico has a _______.
trade deficit
The cultural dimension that describes the degree to which people in a culture tolerate or feel threatened by ambiguity is known as _______ orientation. A. goal
uncertainty
Employees in the United States are comfortable with commission- and incentive-based pay plans, whereas employees in Italy and Mexico prefer pay plans that are more predictable, like seniority pay. Which of Hofstede's cultural dimensions would explain this difference?
uncertainty orientation
Your boss has asked you to create an e-mail marketing campaign that will blanket purchased user lists with messages that appear to be from friends and acquaintances recommending the company's products. Your BEST response would be that this could be both ______ and _______.
unethical; illegal
Although the most popular time for getting kids' hair cut is after school or on the weekend, a hair stylist cannot produce haircuts ahead of time and keep them for those high-demand time periods. This is an example of the service's _______.
unstorability
The human resources manager has come to you asking if there is a way to stop all employees from using the company Wi-Fi to access Facebook, Instagram, and Twitter. Which of the following would be your BEST approach?
update the company's firewall security and router settings
Depending on the style of the wedding gown - and the size of the bride - a wedding dress custom-designed and sewn in Jazmine's bridal shop may use up to 8 yards of satin or silk, plus tulle, trim, buttons, and lace. The cost of these elements is part of Jazmine's ______.
variable costs
Jenna owns a film production company that produces television commercials and short documentaries. She has only a few permanent employees but hires temporary crew members such as lighting specialists, camera operators, and set designers as needed to produce films. What type of organizational structure does this describe?
virtual organization
Data _______ refers to the collection, storage, retrieval, and management of data in an organization's electronic files.
warehousing
Jack discovers that his employer is dumping dangerous chemicals into the river rather than disposing of them correctly. When management refuses to listen to his concerns, he contacts the Environmental Protection Agency to report the firm's conduct. This is an example of _______.
whistle- blowing
