BS200 Exam

Which of the following job titles is an example of a staff position?

Director of Engineering

Stefan wants to start a new business, but his bank will not lend him the money he needs. Stefan saw an advertisement sponsored by a business organization that provides financing for early-stage, high-potential growth companies. The organization sponsoring the advertisement would be considered a _____.

Venture capitalist

The ability to perceive future marketplace needs sand what an organization cane o to satisfy them is referred to as

Vision

A less-developed country wants to build new port facilities, which will allow it to increase agricultural exports. Financing for this project could come from the _____.

World Bank

An absolute advantage occurs when a country can maintain _____.

a monopoly by being the lowest-cost producer of a good or service

Timber Trails, a northwest lumber company, utilizes ___ as its primary production factor

natural resources

Which of the following statements is true of leadership styles?

no single leadership style is best for every firm in every situation

The Gyvenopolis County Library provides a wide variety of library services to its neighborhood. It also provides free online support to its members, and any fee collected from its members goes directly to charity. The library is an example of a(n) _____.

not-for-profit organization

The franchisor provides all of the following services except

on-site management

Namesh recently sold his Ford Taurus to a personal friend. Namesh's sale of his automobile illustrates the right to _____.

private property

the conversion of government-owned and operated postal service into a privately held business would be an example of _____.

privatization

Which of the following layouts would be appropriate for a manufacturer who needs to produce large numbers of a single product?

product layout

When a cabinet maker combines wood, tools, and skill to create finished kitchen cabinets for a new home, the cabinet maker is engaging in _____.

production

Businesses exercise social responsibility for all of the following reasons EXCEPT _____.

profits are guaranteed

Bay Corp. has established a discount schedule for large-volume clients. This _____ will allow managers to devote more time to complex issues

programmed decision

_____ strategy effectively blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions.

promotional

All of the following organizations are regularly and directly involved in sponsoring business incubators EXCEPT _____

the federal government

A balance of payments deficit occurs when _____.

the net outflow of money from a country exceeds the net inflow of money from abroad

The largest lenders to small businesses are _____.

commercial banks

An example of a job factor that is important to job satisfaction though it does not contribute directly to motivation is _____.

company policy

ASR Railway has plans in place to reroute trains in the event that floods or other natural disasters close some of the railroad's tracks. This is an example of _____ planning.

contingency

Which production process describes a manufacturing operation in which long production runs generate finished products over a period of time?

continuous

Based on employee performance appraisals, managers make objective decisions about all of the following EXCEPT _____.

corporate outsourcing

Jose is a stockholder in a software consulting firm. He gets a share of the earnings of the firm, on which he has to pay taxes. Moreover, the firm pays taxes on its earnings. As an individual, Jose is not legally liable to pay off the debts that might be incurred by the firm. In this scenario, the software consulting firm can be regarded as a

corporation

Implementing a production plan involves all of the following steps EXCEPT _____.

creating a feasible budget

All of the following are social and cultural barriers EXCEPT _____.

currency shifts

During an economic recession, consumer spending _____ and unemployment _____.

decreases; increases

All of the following are important characteristics of entrepreneurs EXCEPT

dependence on others

Which of the following is not a primary task of production managers?

determining what products to produce

Once a manager has determined the problem or opportunity, the next step in the decision-making process is to _____.

develop a possible course of action

Daichi takes responsibility for an error made by his assistant on a project. Daichi has shown _____.

integrity

Democratic leaders

involve their subordinates in the decision-making process

an entrepreneur

is a risk taker in the private enterprise system

Which of the following best defines a mission statement?

it is a written explanation of an organization's business intentions and aims

The goal of _____ is to increase employees' interest in their jobs and allow them to learn more about different jobs in the company.

job rotation

_____ attempts to isolate the traits that distinguish a certain group of customers from the overall market.

market segmentation

Which level of management includes job titles such as general manager, division manager, or plant manager?

middle management

The maximum number of shareholders is limited to _____ for a firm to qualify as a subchapter S corporation.

100

The majority of all U.S firms employ:

500 or fewer employees

Studies indicate that most entrepreneurs spend _____ on their new business.

70 hours a week

Mariana wants to start an event management firm with two of her friends. She decides to create a business plan that will help her in securing financing for her firm. Which of the following should she include in the business plan?

An introduction that includes the objectives of her business

involves blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm's chances of success.

Blending

A(n) _____ is a name, term, sign, symbol, design, or combination that identifies the products of one firm

Brand

____ refers to the standards of conduct and moral values involving decisions made in the work environment.

Business ethics

Refers to technology, tools, information, and physical facilities

Capital

the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.

Competitive Differentiation

Which of the following fields is concerned with understanding the choices people make in using scarce resources?

Economics

Which of the following statements is true regarding employee-owned corporations?

Employees buy shares of stock in the company that employs them

A person who seeks a profitable opportunity and then devises a plan to achieve that profit

Entrepreneur

To operate effectively, certain inputs called _____ are required for all economic systems.

Factors of product

Which of the following statements regarding franchising is FALSE

Franchises are riskier than other forms of business ownership

Which of the following is a public sector, not for profit organization

Labor union

_____ is the study of the economic choices of individual consumers, families, or businesses.

Microeconomics

Dizzel Inc. is a small-scale mining company that started its business in 2001. By the year 2008, the firm had to close its operations. The company had been continuously laying off its employees since 2006, which led to the further downsizing of the firm. The decline in the availability of minerals in its operating region since 2004 has contributed vastly to its downfall and also reduced the need to inject new capital since then. Which of the following factors of production has primarily caused the firm to end its operations

Natural resources

____ are businesslike establishments that have primary objectives other than returning profits to their owners.

Not-for-profit organizations

Which of the following statements regarding family-owned businesses is true?

Only a small percentage of family-owned businesses survive into the second or third generation

A company that contracts with another business to perform functions previously handled by internal staff is participating in _____

Outsourcing

Which of the following can improve ethical reasoning in a company?

Practical training sessions

Hemi is a reckless driver and always jumps the red light in the absence of any patrol officers, but he refrains from speeding on highways as he is fearful of paying up hefty fines to patrol officers. Hemi is most likely to be in the _____ stage of ethical development.

Preconventional

_____ is the use of people and machinery to convert materials into finished goods or services.

Production

In the U.S. economy, _____ are considered the reward for the risk of entering a business.

Profits

_____ are essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services.

Profits

the collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

Relationship management

Kanai learns that her company is secretly dumping untreated waste into the city sewer systems, and she informs the local EPA office. Which of the following does NOT describe Kanai's ethical situation?

She is showing loyalty

Which government agency establishes standards for small businesses?

Small Business Administration

A partnership formed to create a competitive advantage for the businesses involved is

Strategic Alliance

Diya owns FoodMart, the franchisee of a local retail shop. Which of the following will be one of Diya's chief concerns regarding owning the franchise?

The franchising agreement is too restrictive.

All of the following are contributions of small businesses EXCEPT:

They provide more job security than large corporations

_____ of small businesses are considered home-based businesses.

about 50 percent

One effect of the North American Free Trade Agreement (NAFTA) is:

an increase in trade among the NAFTA member nations

Juanita is trying to start a new business. A women's business network puts her in touch with a wealthy investor who is willing to invest in her company in exchange for an equity stake. This investor is most likely to be a(n) _____.

angel investor

Yasir is working on a labor dispute. He meets with both sides, listens to their proposals, and makes a decision on a new contract which is legally binding. Yasir is acting as a(n) _____.

arbitrator

In the context of location factors, computer chip manufacturers, such as Intel, must be primarily concerned with _____.

available water supply

The arbitrator must be acceptable to

both the management and the union

Maria is campaigning for the city council's initiative related to general public safety. She talks to the public about their concerns. Maria is engaged in _____ marketing.

cause

The marketing of a social concern or issue such as preventing child abuse is known as _____ marketing.

cause

Philomina invests in her new venture along with the fund supplied by Deccan Corp., the co-owner of her start-up. This type of funding is known as _____.

equity financing

A company removes a profitable product from the market because it may be dangerous. This company is demonstrating _____

ethical behavior

Joshua decided to switch to another job. Before he left the company, he talked to someone in the human resources department about the reasons why he was leaving. Joshua went through a(n) _____ interview.

exit

Which of the following layouts would be appropriate for manufacturers of bulky, heavy, or fragile products?

fixed-position layout

A company's vision should be _____ and _____.

focused and flexible

The two principal parties in a franchising agreement are the _____.

franchisor and franchisee

Claudia announces to her staff that she intends to lower costs in their department by 5 percent. Which component of goal setting is indicated in this case?

goal specificity

information technology can help entrepreneurs in all of the following ways EXCEPT:

guarantee financial success

Although people in developing nations have lower per capita incomes than more highly developed nations, their ______represents a lucrative market for global trade.

huge populations

Which of the following is the first step in the employee recruitment process?

identifying job requirements

A finance company utilizes its extensive database to customize its credit card operation. The company is in the _____ phase of planning.

implementation

Alternatives to private ownership include _____.

public ownership and collective ownership

Owen is a factory manager for Gateway Computers and is conducting a visual inspection of component hardware and comparing against established quality standards. Owen is measuring _____.

quality control

In _____, a local, state, or federal government grants exclusive rights in a certain market to a single firm.

regulated monopolies

The supplier for Omega Corporation has offered the company a 5 percent discount if it will order more units less frequently. If Omega accepts the supplier's offer, the cost of carrying inventory will _____ and the cost of running out of inventory will _____.

rise; decrease

Nina is the captain of her college basketball team. Her long-term goal is to be selected for the All American Women's basketball team. Nina is motivated by _____.

self-actualiztion needs

Carlos routinely bids on contracts even though most of the other bidders are extremely large firms. Carlos believes his company offers better service at lower prices. Which of the following personality traits, common in entrepreneurs, does Carlos exhibit?

self-confidence

A(n) _____ is another form of intrapreneurship initiated by an employee who conceives an idea, convinces top management of its potential, and then recruits human and other resources from within the company to turn that idea into a commercial project.

skunkworks

_____ focus on solving society's challenges through their businesses.

social entrepreneurs

If you are a highly independent individual used to having your own way, the best business format for you is a _____.

sole proprietorship

Although _____ are the most common type of business ownership, the greatest revenues come from _____.

sole proprietorships; corporations

The production manager in a manufacturing company divides employee work into simple components so each employee can concentrate on performing one task. This manager is involved in _____.

specialization

Which production system is Smith-Kline Beecham using when it combines calcium carbonate, simethicone, corn syrup, and other ingredients to make Tums Plus?

synthetic

In accounting terms, profits are

the difference between revenues and expenses

Zara's job duties include such tasks as deciding whether or not to introduce a new product or enter a new foreign market. Zara is most likely a member of _____ management

top

Sole proprietorships have all of the following advantages EXCEPT _____

unlimited life

_____ are business organizations or groups of private individuals who invest in early-stage, high-potential growth companies.

venture capitalist

A business begins with a _____, which serves as the target for a firm's actions, helping direct the company toward opportunities and differentiating it from its competitors.

vision