BUSN 102 Multiple Choice Connect Problems

The _____________ is the total value of a nation's exports compared to its imports measured over a specific period of time. balance of payments balance of trade surplus balance of trade deficit balance of trade

balance of trade

An entity that seeks to earn a profit by providing a good or service is known as a(n) industry. corporation. business. service.

business

Which of the following goals best describes today's view of the organizing function? Organizing today focuses on achieving unified opinions from a diversified workforce. designing the organization around the customer. simplifying the process of measuring outcomes related to performance standards. developing the most efficient strategic plans for the firm.

designing the organization around the customer.

Fayol's ____________ principle says that tasks should be divided into areas of specialization. departmentalization comparative advantage division of labor centralization

division of labor

The management function concerned with anticipating future trends and determining the best strategies to achieve an organization's goals and objectives is known as directing. leadership. planning. forecasting.

planning.

When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of controlling. planning. leading. organizing.

planning.

__________ is the amount a business earns after deducting what it spends for salaries and other expenses. Profit Revenue Interest Dividends

profit

___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment. Multiple Choice Standard of living Quality of life Gross national income Social satisfaction index

quality of life

The total amount of money that businesses take in by selling goods and services is called ______. Multiple Choice profit revenue loss retained earnings

revenue

__________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable. Depreciation Risk Correct Fallibility Redundancy

risk

tarting a business always involves ______. Multiple Choice profit loss revenue risk

risk

A meaningful mission statement should address topics such as the organization's form of ownership and methods of financing. self-concept and company philosophy. advertising strategy and distribution plan. tactical plans and contingency plans.

self-concept and company philosophy.

Max Weber favored which of the following? inverted organizations worker participation in decision making staffing and promotions based on qualifications flat organizations

staffing and promotions based on qualifications

The amount of goods and services people can buy with the money they have is called their: nominal income. consumer price index. profit margin. standard of living.

standard of living

A business incurs a ___________ if its costs and expenses exceed its revenues. loss liability debit dividend

loss

Melissa's company is a bureaucratic organization. Melissa is likely to encounter which of the following conditions? real time decisions cross-functional teams empowerment of first-line employees to better serve customers many layers of management

many layers of management

Employees often work with managers to develop a(n) __________ that outlines the fundamental purposes of their organization. organization chart value statement mission statement PERT diagram

mission statement

The nation of Mainland recently reported that its imports for the previous year were $7 billion greater than its exports. During the same period, the country reported a favorable balance of payments. This information suggests Multiple Choice Mainland has misstated information in its report. The nation must have had a balance of payments deficit since more money flowed out of Redland for imports than flowed into the country for its exports. Mainland's gold and other precious metal reserves increased in value. money inflows from tourism, foreign aid, foreign investment, and other sources more than offset Mainland's trade deficit. Mainland devalued their currency to obtain a more favorable exchange rate.

money inflows from tourism, foreign aid, foreign investment, and other sources more than offset Mainland's trade deficit.

When Barrett opened his auto body shop, his business plan included a(n) _______________ that showed the relationships among employees in his organization and the lines of authority and responsibility. business view map department categorization organization chart operating matrix grid

organization chart

Henri Fayol and Max Weber are best known for their contributions to production theory. marketing theory. organization theory. finance theory.

organization theory.

________ refers to the process of dividing organizational functions (sales, production, accounting/bookkeeping) into separate units. Coordination A chain of command Empowerment Departmentalization

Departmentalization

__________ involves setting the organization's vision, goals, and objectives. Organizing Planning Controlling Directing

Planning

hich of the following is considered to be an advantage of functional departmentalization? Employees begin to identify with their department and its goals rather than with the goals of the entire organization. People in the same department tend to think very differently. Departments are isolated from one another. Employee skills can be developed in depth.

Employee skills can be developed in depth.

Which of the following is included when calculating a country's balance of payments? Foreign aid Domestic unemployment Domestic inflation rates Foreign inflation rates

Foreign aid

Which of the following activities is part of the organizing function of management? Going over a spreadsheet to analyze some financial data Teaching a new employee how to use a piece of office equipment Giving front-line workers additional resources needed to provide faster and better service to customers Developing a broad general strategy to help the organization meet its long-term growth objectives

Giving front-line workers additional resources needed to provide faster and better service to customers

__________ are broad, long-term accomplishments an organization wants to achieve. Goals Objectives Directives Agendas

Goals

Mason Mills management works hard to ensure that nobody in its organization has more than one boss and all workers are treated with fairness and respect. Additionally, work is divided into areas of specialization so that everyone knows to whom they should report. The management of Mason Mills reflects the ideas and principles of John M. Keynes. Peter Drucker. Karl Marx. Henri Fayol.

Henri Fayol

Which of the following activities is part of the planning function of management? Assigning a particular worker to do a specific task Looking at market forecasts to identify future business opportunities and challenges Praising a sales representative who has far exceeded her monthly sales objectives Conducting a job interview with a potential new employee

Looking at market forecasts to identify future business opportunities and challenges

As a manager of a small clothing store, Archer favors detailed job descriptions, formal rules and regulations, thorough records, and standardized procedures. He also believes that staffing and promotion decisions should be based strictly on the qualifications of the people under consideration. Archer's attitudes suggest that he is strongly influenced by the ideas of Thomas Piketty. Max Weber. Karl Marx. Adam Smith.

Max Weber.

Which of the following is considered when calculating a country's balance of payments? Military expenditures State unemployment Domestic inflation rates Foreign inflation rates

Military expenditures

Which of the following activities would be a part of the leading function of management? Devising a new strategic plan to enter a new foreign market currently dominated by a competing firm Recruiting qualified workers to join the organization and assigning them to their proper position Examining a financial report to see whether the firm's profits are improving and taking corrective action if they are not Training and coaching workers to help them understand their job and perform it effectively

Training and coaching workers to help them understand their job and perform it effectively

A vision for a company is an explanation of why the company exists and where it wants to go. the same thing as an objective. a detailed plan that outlines the major organizational structure of the firm. very relevant for the short term, but less useful for the long term.

an explanation of why the company exists and where it wants to go.

Economies of scale are available to small firms but not to large firms due to management inefficiencies. are achieved when a firm reduces its average cost of production as it produces more. can be avoided by purchasing supplies and raw materials in large quantities. help explain the success of small businesses.

are achieved when a firm reduces its average cost of production as it produces more.

The __________ is the difference between money flowing into a country from exports, and money leaving the country for imports, plus money flows coming from other factors such as tourism, foreign aid, military expenditures, and foreign investment. balance of payments balance of trade surplus balance of cash flows balance of trade

balance of payments

Mountain Top Community College is a multi-district college in the Denver area with four campuses. Each campus has one president, two vice presidents, five deans, 12 department chairs, over 100 faculty members, and several persons in support roles. The presidents from each campus report to four vice chancellors and the vice chancellors report to the chancellor. It is clear that Mountain Top has a well-defined _____________. channel of academic culture chain of command responsibility environment bureaucratic reallocation

chain of command

In Weber's view of a bureaucratic organization, the organization demands a spirit of pride and loyalty among the workers. cross-functional teams. clearly established rules and guidelines that are to be precisely followed. self-managed teams.

clearly established rules and guidelines that are to be precisely followed.

Autumn, a manager for Shine Cosmetics, has just been given a report showing sales in her region are lower than anticipated for the third quarter. Her next task is to determine the reason for the disappointing results and find a way to get sales up to their desired level. Autumn's efforts are part of the ____________ function of management. controlling directing organizing planning

controlling

One of the four primary functions of management is controlling. marketing. financing. designing.

controlling

When managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and they develop corrective measures, they are involved in controlling. planning. directing. accounting.

controlling

A(n) ____________ is a person who assumes the risk of starting a business. manager entrepreneur Correct employee stakeholder

entrepreneur

Last year, the nation Hasalot reported that it had a favorable balance of trade even though it imported $9 billion worth of goods. This indicates that Hasalot exported $9 billion worth of goods. exported more than $9 billion worth of goods. overpriced the value of its exports. exported less than $9 billion worth of goods.

exported more than $9 billion worth of goods.

Fred Bergsten of the Institute for International Economics estimates that every $1 billion of U.S. exports replaces 250 service sector jobs with 25 manufacturing jobs in the U.S. causes lost revenues for the U.S. federal government. results in reduced profits for U.S. businesses. generates over 7,000 jobs in the U.S.

generates over 7,000 jobs in the U.S.

Often in business the greater the risk, the __________. greater the potential reward lower the expected revenues lower the value provided to society greater the number of stakeholders

greater the potential reward

A(n) __________ consists of one person at the top of the organization and many levels of managers who are responsible to that person. hierarchy oligarchy inverted organization informal organization

hierarchy

shortly after graduating college, Roberto took his place in his family's company in Miami. Roberto's father and uncle started a company that buys bauxite, copper, and other minerals from Chile, and brings them into the U.S. Roberto brokers trades with mines in Chile. Roberto is a(n) exporter. quota manager. importer. domestic trader.

importer

An unfavorable balance of trade occurs when the value of imports equals the value of exports. imports exceeds the value of exports. cash inflows is equal to the value of cash outflows. exports exceeds the value of imports.

imports exceeds the value of exports.

A favorable balance of trade occurs when the value of imports equals the value of exports. the cash inflows equals the value of the cash outflows. imports is less than the value of exports. the dollar is greater than the value of the euro.

imports is less than the value of exports.

Organization theorists emerged during the era of mass production, meaning the development of ways to produce a large quantity of product the development of ways to purchase raw materials in bulk. the decline in the cost of production due to an increase in the cottage industry. the era when most companies adopted very similar methods of producing goods and services, which led to standardization of organizational design.

the development of ways to produce a large quantity of product

Fayol's _____________ principle states that each worker should report to one, and only one, boss. division of labor unity of command esprit de corps comparative advantage

unity of command

A __________ is an overall explanation of why an organization exists and where it is trying to head. tactical plan prime directive corporate charter vision

vision