BUSI 1301 final study guide

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The statement "Warning: The Surgeon General Has Determined That Cigarette Smoking Is Dangerous to Your Health" supports the consumers' rights to

safety and to be informed

An organization chart reveals

the company's organizational structure

Business people often face ethical issues every day, and some of these issues can be difficult to assess.

True

Compensation and benefits are related to employee motivation.

True

Consumer advocates, such as Ralph Nader, take it upon themselves to protect the rights of consumers.

True

Data mining refers to searching large amounts of data looking for useful information.

True

Ethics is the study of right and wrong and of the morality of the choices we make.

True

Fairness and honesty in business are two important ethical concerns.

True

Food, shelter, and clothing will probably satisfy a person's physiological needs.

True

Globalization, convergence of technologies, and demographic forces are considered external forces that affect e-business.

True

Inflation is a general rise in the level of prices experienced by people in a nation

True

Job rotation is the systematic shifting of employees from one job to another.

True

Job specialization is the separation of all organizational activities into distinct tasks and the assignment of different tasks to different people.

True

Management is the process of coordinating people and other resources.

True

Most organizations use four types of resources: material, human, financial, and informational.

True

Most organizations use four types of resources: material, human, financial, and informational..

True

Motivation, morale, and satisfaction of employees' needs are interrelated.

True

Moving products from producer to wholesaler to retailer to consumer is called the traditional channel because most consumer goods are sold this way.

True

On a balance sheet, assets are listed in order, from the most liquid to the least liquid.

True

Real gross domestic product is an economic measure that has been adjusted for price increases of goods and services during a given period of time.

True

The AMA defines marketing as "The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

True

The employees at the Ford production facility in Michigan work on an assembly line where each employee performs a specific task. This method of assembly-line production is a good example of job specialization.

True

The first step in benchmarking is to identify the objectives.

True

The four basic management functions are planning, organizing, leading and motivating, and controlling.

True

The major resource or resources that comprise the major input for a conversion process is often referred to as the focus.

True

The need for esteem may be satisfied through personal accomplishments, promotion to more responsible positions, and honors and awards.

True

The statement of financial position is also known as the balance sheet.

True

The three levels of brand loyalty are preference, recognition, and insistence.

True

The weakness of one partner may be offset by another partner's strength.

True

There is added protection for whistle-blowers who report violations of the Sarbanes-Oxley Act.

True

Unlike a person, a corporation exists only on paper.

True

When the United States recently imported $1,933 billion in merchandise and services and exported $1,555 billion, it had a trade deficit

True

When the United States recently imported $1,933 billion in merchandise and services and exported $1,555 billion, it had a trade deficit.

True

​Gross Domestic Product measures the total value of all final goods and services produced within a nation's physical boundaries over a given period of time.

True

You have just opened a new small business. You're really happy to learn that studies show that small-business workers

are more innovative than workers in large businesses

A product layout is often referred to as a

assembly line

Estella was given the responsibility for chairing a campus committee. To complete the delegation process, she should be given the ____ to carry out this responsibility.

authority

The first step for selecting the right social media tool(s) is

determining the company's social media objectives

According to Theory X by McGregor, managers assume that employees

dislike work and need to be controlled

Businesses are generally placed into three broad categories: service industries, production industries, and ____ industries.

distribution

A small business is all of the following except

dominant in its field

Sam invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in his backyard for $10,000. At this point assets are ____, liabilities are ____, and owners' equity is ____.

$15,000; $10,000; $5,000

When compared to partnerships and corporations, sole proprietorship's account for ____ percent of total annual sales.

4

What must a monopoly, such as a public utility, account for when setting its prices?

A monopoly must consider customer demand, and then set prices at the most profitable level.

To determine the proper size for its new restaurant in Nashville, Tennessee, operations managers and marketing managers for Hard Rock Cafe worked together to determine the restaurant's ____.

Capacity

Which of the following most accurately describes a podcast?​

A digital audio or video file

Eleven republics of the former Soviet Union are members of the

Commonwealth of Independent States

An affirmative action program is designed to ensure that minority employees are represented in about the same proportion as their representation within the community.

True

When Tiffany was recognized by the store manager at a store meeting for exceeding all of her past year's objectives and when the announcement of her promotion to assistant store manager was made, which need of hers was filled?

Esteem

The personal force causing someone to behave in a particular way is called morale.

False

The total dollar amount of all goods and services sold during the accounting period is called net sales.

False

The total value of a nation's exports minus the total value of its imports is known as the balance of payments.

False

When a business incorporates, it receives articles of incorporation from the Internal Revenue Service.

False

An ethical decision or action is one that is right according to some standard of behavior

True

With warehouse showrooms, a customer selects the merchandise either from a catalog or from the showroom display, fills out an order form provided by the store, and hands the form to a clerk.

False

​An economy is one that includes a financial system and excludes a social system.

False

​If spending is lower than revenue, the government incurs a budget deficit and must borrow money to cover the shortfall.

False

​In the context of fiscal strategies, most economists agree that higher taxes can boost the economy by leaving more money with the government to spend during an economic crisis.

False

The financial statement that provides information about a firm's operating, investing, and financing activities during an accounting period is the

Cash flows statement

A plan that outlines alternative courses of action is called a ____ plan.

Contingency

The process of evaluating and regulating ongoing activities to ensure that goals are achieved is known as

Controlling

An organization is a group of two or more people working together to achieve common goals.

True

Microeconomics is the study of

Decisions made by individuals

________refers to a period of falling average prices across the economy.

Deflation

Brandon assigns responsibility to a subordinate for preparing a sales presentation for an important potential client. Brandon realizes that accountability can not be

Delegated

Diane Nguyen is planning to open a boutique stocked with exotic imports from around the world. Most probably, this new business will be managed by

Diane Nguyen

When the U.S. government will not allow meat from another country to be marketed in the United States, it is imposing a

Embargo

The study of the morality of choices made by people is known as

Ethics

Number of fans and number of likes are typical measurements for

Facebook

A copyright of a product exists indefinitely.

False

A general-merchandise wholesaler carries a select group of products within a single line of merchandise.

False

A name, term, symbol, design, or any combination of these that identifies a product and distinguishes it from a competitor's product is called packaging

False

A product may be a good or a service but not an idea.

False

A tax that is levied on a foreign product entering a country is called an export tariff.

False

About 85 percent of all business firms in the United States are sole proprietorships.

False

According to the Sarbanes-Oxley Act, the FTC is required to establish a full-time, five-member federal oversight board that will police the accounting industry.

False

At Mattel, a marketing information system stores data on regional sales activities, promotional costs, and international inventory levels. These data are examples of external sources.

False

Because information rules must be checked out before a decision can be made, they lengthen the time required to analyze choices.

False

Comparative advantage is the ability to produce a specific product more efficiently than any other nation.

False

Corporate officers are elected by the stockholders.

False

Countries that adopted communism in the 1900s-most notably the former Soviet Union, China, Cuba, North Korea, and Vietnam-thrived and prospered more than all the other countries in the world.

False

Direct marketing is the marketing of products to customers through face-to-face sales presentations at home or in the workplace.

False

Each rectangle in an organization chart represents a relationship within the organization.

False

Fixed costs are costs that depend on the number of units produced.

False

How the price of homes affects the number of homes built and sold would be an economic issue studied in a Macroeconomics course.

False

Human resources management is the sole responsibility of line managers

False

In order to compete in the global economy, U.S. firms have focused on increasing prices and improving the bottom-line profit amount.

False

In the decline life-cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses.

False

International business includes all business activities that involve exchanges across state boundaries.

False

Just under 70 percent of online adults use some sort of social media.

False

Maslow believed each level of need must be completely satisfied before an individual can advance to the next level.

False

Maslow's hierarchy of needs includes psychological needs, safety needs, social needs, security needs, and self-importance needs.

False

Nearly all experts and academics in the field of leadership agree that a participative leadership style is the best within an American organization.

False

Online booksellers that seem to be following the same business activities are said to be using a B2B business model.

False

Physiological needs are satisfied by job security, health insurance, pension plans, and good working conditions.

False

President Franklin D. Roosevelt declared that consumers are entitled to safety, to be informed, to choose, and to be heard

False

President Franklin D. Roosevelt declared that consumers are entitled to safety, to be informed, to choose, and to be heard.

False

The branding strategy in which a firm uses the same brand for all or most of its products is called individual branding.

False

The evolution of customer orientation started with businesses having a strong sales orientation, followed by a production orientation, and finally a customer orientation.

False

Aspirin, yo-yo, and escalator were all brand names at one time.

True

The primary functions a manager performs include planning, solving problems, leading and motivating, and controlling

Flase

____ resources are the individuals who provide labor for an organization in exchange for wages

Human

Which of the following scenarios would best exemplify Adam Smith's view of best serving the interests of society?

Individuals in the country may pursue their own economic gain and self-interest by doing whatever is best for them

An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called a ____ economy.

Market

The organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders is

Marketing

The hierarchy of human needs was developed b

Maslow

The value of goods on hand for sale to customers is called

Merchandise inventory

The ultimate objective of every firm, such as Apple and Starbucks, must be to

Satisfy the needs of its customers

To close a sole proprietorship, the owner must

Pay creditors

Sleep relates most directly to which level of need?

Physiological

Creating a website so that customers can search for information instead of calling the company's offices and speaking to a customer-service representative is an e-business strategy designed to increase profit by

Reducing expenses

The acronym SCORE stands for

Service Corps of Retired Executives

Your friend, Linda, started a graphic design firm about a year ago. The business has done well, but it needs a lot more equipment, computers, and employees to continue expanding. Linda does not see any problem because she thinks she can easily get all the money she will need from her local bank. What advice might you give her?

She should consider alternative sources of financing because banks provide only about one-fourth of the total capital to small businesses

SBA stands for

Small Business Administration

In the United States, approximately 72 percent of all businesses are

Sole proprietorship

The simplest form of business owned and operated by one person is called a

Sole proprietorship

Accurate and timely information is the foundation of effective marketing, especially of the marketing concept.

True

Erica buys a new pillow and rips off the manufacturer's tag. She then reads the tag and is amused at its warning that, under penalty of law, the tag should not be removed and the pillow could cause suffocation. What consumer right is the manufacturer guarding against?

The right to be informed

All the activities managers engage in to produce goods and services are called operations management

True

​Identify a true statement about subprime mortgage loans.

They are lent to borrowers with high debt-to-income ratios

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

They over expand without proper planning

The $700 billion economic bailout plan following the subprime mortgage crisis of 2008 was called the _____.

Troubled Assets Relief Program

"Digital natives" have typically grown up with technology and are comfortable sharing information about themselves.

True

A business provides goods and services in exchange for sales revenues.

True

A company's product mix usually must be changed to stay competitive.

True

A depression is a severe recession that lasts longer than a recession

True

A marketing plan specifies an organization's resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group

True

A price of $5.95 for a product would fall into the category of odd-number pricing.

True

A public accountant works on a fee basis for clients.

True

Absolute advantage is the ability to produce a specific product more efficiently than any other nation.

True

According to the hierarchy of needs concept, people satisfy their needs in order of importance.

True

Who are the members of NAFTA?

United States, Canada, and Mexico

The World Trade Organization was created by the

Uruguay Round

A locally owned and operated bakery with just one location is likely to have

a short chain of command

Technology that is characterized by high initial costs and low operating costs is termed

capital-intensive

Victor Green has been working at The Bicycle Superstore for about two weeks. This morning he noticed that the store's inventory on bicycle tire repair kits is out, but he is unsure of whom he should report to for approval to place an order for more kits. Victor is unclear about the

chain of command

Upon beginning her career at Davidson Inc., a small consulting firm, Stephanie Benjamin receives a copy of the firm's organization chart, which will

clarify positions and report relationships within the firm

General Motors Corporation and Ford Motor Company frequently advertise that their cars beat the competition in price, durability, and warranties. This type of advertising is called ____ advertising.

comparative

The policies and strategies pertaining to employee compensation comprise a

compensation system

​Total quality management (TQM) has several components, but ___ is not one of them.

continuous supervision of employees

Consumers would most likely treat candy bars as ____ products.

convenience

The first step in the managerial decision-making process is to

create a problem opportunity

Joy, a sales representative, is placed in a group with an engineer from operations, a human resource specialist, and a financial manager to develop new uses for one of the company's existing products in order to increase sales. This group is a

cross-functional team

Using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationships is known as

customer relationship management

The United States joined with Mexico and Canada to promote the movement of resources and products; it formed

economic community

The United States joined with Mexico and Canada to promote the movement of resources and products; it formed a

economic community

Teaching employees new jobs, skills, and more effective ways of doing their present jobs is called

employee training

Employee ownership is a situation in which

employees own shares of stock in the company.

You were hired as a television anchorwoman this year. After a few months your supervisor demoted you because you were said to be too old, unattractive, and not deferential enough to men. You believe this supervisor has violated your right to

equal treatment in the workplace

In a SWOT analysis, opportunities are considered external to the organization.

false

Job analysis is the systematic procedure for studying jobs to determine expected levels of productivity.

false

Large firms generally buy parts and assemblies from smaller firms because

it is less expensive than making their own

First Tennessee Bank introduced a new program that allowed employees to determine their own work schedules. This type of program is called as

flextime

If the Colgate-Palmolive Company were to develop a replacement chart, the chart would show

key personnel along with possible replacements within the firm

The process of influencing people to work toward a common goal is

leading

According to Theory Y by McGregor, managers think people

have the ability to help accomplish an organization's goals

Martin owns his own motorcycle and ATV store. He notices that many of his customers talk about golf while in his store. He quickly adds golf carts and golf clubs to his merchandise selection. Rapidly adjusting to the needs of his customers is possible because small businesses

have the ability to quickly adapt to change.

New ways to do a job with less effort and at lower cost is the basic principle characterizing the

increases in productivity for the past two hundred years

​Microeconomics focuses on:

individual business

Advertising geared toward attracting not only customers but also potential investors and employees is classified as ____ advertising.

institutional

The Home Depot runs a television campaign that demonstrates its support of Olympic athletes in order to enhance the firm's image. This is ____ advertising

institutional

CAFTA, NAFTA, OECD, and OPEC are all examples of

international economic communities

A manager with ____ skills has the ability to deal effectively with people inside and outside the organization

interpersonal

A manager with ____ skills has the ability to deal effectively with people inside and outside the organization.

interpersonal

Small businesses have traditionally added ____ new jobs to the economy

more than their proportional share of

Small businesses have traditionally added ____ new jobs to the economy.

more than their proportional share of

Mattel wants to announce some new educational benefits associated with one of its new product lines. The company writes a report of about 300 words and sends it to the media. This is called a _____.

news release

The marketing activities associated with time, place, and possession utility account for about ____ of every consumer dollar spent.

one-half

A positive problem may be viewed as

opportunity

Taking credit for others' ideas or work or not meeting one's commitments in a mutual agreement are ethical issues concerning

organizational relationships

When Sears first decided to sell its merchandise online, the manager in charge of the process had to hire a technical staff to create the website, gather other resources necessary for the project, and ensure the site would be introduced in an effective and efficient manner. This is a description of the manager's ____ function.

organizing

The process of shipping fresh flowers from California to Texas gives ____ utility to the flowers.

place

When the campaign with the slogan "The Other White Meat" encouraged Americans to increase pork consumption, this was an example of ____ advertising.

primary-demand

An industrial company contacts John Deere to design a specific type of equipment for use in its manufacturing facility. If John Deere accepts this offer, the two companies will have to create a set of specifications from which the product can be made. This process is called

product design

When Taco Bell determines what different food items it will offer on its menu and how many it will offer, it is deciding its

product line

All of the following are sources of external recruiting except

promotion of a current employee

Gaby loves her work and feels that she is well recognized by her peers and superiors for the work that she does. These motivation factors are ____ for Gaby.

satisfiers

Advertising may be broadly classified into three groups:

selective demand, institutional, primary demand

The separation of all organizational activities into distinct tasks and the assignment of different tasks to different people is called job

specialization

Human resources is a ____ type of job, so it does not fit directly into the chain of command

staff

When Black & Decker manufactures its wide array of tools, it is using a ____ process.

synthetic

Several European countries have banded together to reduce the trade barriers between them and encourage trading among themselves. This is known as

the European Union

The debt ceiling is:

the maximum amount Congress lets the government borrow.

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

they over expand without proper planning

A wiki is an online collaborative working space.

true

Job evaluation is almost always the basis for developing a

wage structure

A manager with many subordinates is said to have a

wide span of control


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