Intro to buisness final

A texile corporation has two hundred odd stockholders. As it is incovenient for so many stockholders to manage the company, the stockholders elect a group of individuals to oversee the company's operation and to represent their interests. In this scenario, the stockholders elect a__

b.) Board of directors

A texile corporation has two hundred odd stockholders. As it is incovenient for so many stockholders to manage the company, the stockholders elect a group of individuals to oversee the company's operation and to represent thier interests. In this scenario, the stockholders elect a__

b.) Board of directors

Conall is appointed by a nine-member board of directors of a real estates company to manage the company on a daily basis. The board ensures that Conall acts in a manner that is consistant with the interests of stockholders. Given this information, Conall is most likely a

b.) Chief executive officer

Jenna left her job as an analyst in a reputed company to start her own event management company at a time when event management was not in vogue. She was bold enough to take this step despite knowing the amount of risk involved. Which entrepreneurial characteristic is highlighted in the given scenario?

b.) Confidence

In the context of globe trade, the__ is a measurment of the value of one's nation's currency relative to the currency of other nations

b.) Exchange rate

In the context of your career choice, your own business skills cannot influence the level of your personal financial success

b.) False

Richard, an employee in an investment firm, was dissatisfied with the way his superiors handled business dealings. For that reason, he quit his job and started his own business so that he is able to make all management decisions without interference from anyone. Which advantage of entrepreneurship is highlighted in the given scenario

b.) Independence

Identify a true statement about the Federal Reserve

b.) It manages the monetary policy of the United States

To achieve its basic mission of promoting international economic coopertaiton and stable growth, the International Monetary Fund

b.) Lends money to member nations

Which is the part of economics concerned with single factors and the effects of individual decisions

b.) Microeconomics

A__ is a voluntary agreement under which two or more people act as co-workers of a business for profit

b.) Partnership

Which of the following categories of people is most likely to step into entreprenuership?

b.) People who have trouble being subordinates because of their personalities

In a business cycle, the __ is the transition period between contraction and expansion.

b.) Recovery

Universal ethical standars can solve the problem of too many people viewing ethics as__

b.) Relative

With an increasing number of workers facing challenges such as raising kids and caring for elderly parents, responsible companies are stepping in with programs such as on-site day care, company-sponsored day camp, and referral services for elder care. These actions show that these companies are fulfilling their

b.) Social responsibility

CappaStreet is a company that produces gourmet coffee. The company's employees, the coffee bean growers who supply raw materials to the company, the people who purchase its coffee, and the people who live in the community where the company has its production unit are CappaStreet's:

b.) Stakeholders

Gregory was a typist at a corporate firm. When the company adopted a special voice recognition software for the purpose of documantation, Gregory's job became redundant. Therefore, he was laid off. The increased use of technology in most companies has made Gregory's skills inessential, and he remained unemployed for a long time. In the given scenario, Gregory is facing

b.) Structural unemployment

Priscilla is a trader of silver and diamond jewelry. Due to a recessionary trend in the industry, her business has not been making any profits for a few months. As the end of this economic trend cannot be easily ascertained , she decides to get her house mortgaged so that she can add a new line of business of trading in semi-precious stones. This financial risk appetite of Priscilla illustrates her__ as an entreprenuer

b.) Tolerance of uncertainty

When the total value of a nation's exports is higher than the total value of its imports, that country has a__

b.)Trade surplus

Fabotels is a hotel aggregator that buys budget hotels that succumb to financial losses and then refurbishes them under the company's brand name. Fabotels recently purchased Ravine Comforts, a small lodge that was running into huge debts. The business deal between Fabotels and Ravine Comforts exemplifies a(n) _____.

a.) Acquisition

In the context of international trade, which of the following companies is facing the barrier of legal differences?

a.) An Asian company that can only import a limited amount of crude oil from an Arab country because of international trade restrictions.

The most socially responsible companies establish__ for their vendors, setting clear polices for human rights, wages, safety, and environmental impact

a.) Codes of conduct

A group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations

a.) Common market

Companies typically engage in__ to meet the needs of customers that don't have access to hard currency or credit

a.) Countertrade

In September 2008, during teh fiscal crisis in the United States, the stock market lost more than a third of its value, and 11.1 million Americans were out of work. Neither businessess nor individuals could borrow funds to meet their needs. Which of the following dimensiosn of the business environment does this illustrate?

a.) Economic environment

Similar to a corporation, all owners of a limited liability company

a.) Have resticted debts

James employs an apprentice in his guitar store who gets firsthand knowledge of craftsmanship and the process involved in becoming a professional luthier. This allows James to have a reliable hand who can assist him in his work without requiring him to hire a professional luthier. It also enables him to use his financial resource on procuring high-quality materials to make the guitars. The oppritunity of___ is highlighted in the given scenario

a.) Having lower overhead costs

Tornio, a steel company, imports iron ore from Marquette iron range in Michigan. In this scenario, the iron ore obtained by Tornio can be classified as _____.

a.) Natural resources

In the context of small business oppritunities, because of their size, many small firms can:

a.) Offer perosonal customer service

Which of the following is an example of a natural monopoly?

a.) Public utilities

Andrew, an employee in a corporate company, is asked to conduct a systematic evaluation of how well the company is meeting its ethics and corporate responsibilty goals. In the given scenario, Andrew is most likely asked to do a

a.) Social audit

Felix lost his job at an investment firm because of downsizing during a period of recession. To keep himself financially stable, he opened a food truck that became a huge success. Which of the following advantages of entreprenuer initially motivated Felix to start the food truck?

a.) Survival

Buba Joe's Pizzeria, a fast food chain, wants to expand its customer base. It introduced a new range of vegan pizzas to cater especially to Hispanic Americans. In this context, which dimension of the business environment is affected most.

a.) The social environment

Which of the following is a characteristic of succesful entreprenuer?

a.) Tolerance of uncertainty

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.

a.) True

Value is the relationship between the price of a good or a service and the benefits that it offers its customers

a.) True

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

a.) True

When Rotomate, a technology solutions company, started producing portable GPS tracking deivices in the early 1980's, it faced severe losses because of the lack of market for its product. Given this information, it can be concluded that Rotomate

a.) Was a cutting-edge firm

Grettzee, a musical instruments manufacturing company, imports high-quality maple wood from Resumbro, a South Asian country where maple is found in abundance. Which of the following is most likely to have influenced Grettzee's decision to import raw materials from Resumbro?

d.) Access to factors of production

A__ refers to the overage that occurs when more money flows into a nation than out of that nation

d.) Balance of payments surplus

In the context of the various strategies that can help a small business owner succeed, a__ provides an invaluable way to keep an entrepreneur and his or her team focused on success; it is also absolutely crucial for obtaining outside to hard currency or credit

d.) Business plan

In the context of the legal and ethical dimentions of business conduct, it is illegal but ethical to:

d.) Collaborate with other medical clinics to guarentee low prices in low income conutries

People with an external locus of control

d.) Feel controlled by forces such as random luck

Sam quits his nine to five job at a mutinational company and starts his own event managemnet company. In his new company, he does not [ractice a 9-5 regimine. Insted, he organizes meetings with clients by making appointmnets that favor his schedual. Which of the following advanatges of entruprenuership is highlighted in the given scenario?

d.) Flexibility

Which of the following is a difference between inflation and defaltion?

d.) Inflation is a period of rising average prices across an economy, whereas deflation is a period of falling average prices across the economy.

Prost was the first automobile company in the world to introduce child safety locks in its vehicles. This feature soon became a major selling point for consumers all over the world. As a result, other automobile companies began providing a similar feature in their vehicles. In this scenario, which of the following is most likely to have influenced other companies to install child safety locks?

d.) Inflow of innovation

Mark is very passionate about music and opens a recording studio of his own. However, he does not know much about running a business and within a short period, starts running into losses. Therefore, he shuts down the business. Which of the following threats is highlighted in the given scenario?

d.) Lack of knowledge

Prior to formulating its annual budget, the government of the Asian country of Florenesia employs a number of individuals to look into the overall productivity of the country. These individuals are also responsible for studying and revising some of the taxation policies and gauging the employment rate. Given this information, these individuals are studying _____.

d.) Macroeconomics

Ethics refers to

d.) Sets of beliefs about right and wrong

The obligation of a business to contribute to society is referred to as

d.) Social responsibilty

In Fidaro, a North American country, punctuality is considered a sign of integrity. On the other hand, in Gwary, and African country, puntuaility is considered a sign of anxiety and is given less importance. This exemplifies

d.) Socialcultural differences

In the context of barriers to international trade,__ include differences among countries in language, attitude, and values

d.) Sociocultural differences

Leading-edge companies have focused on customer satisfaction, with a goal to develop long-term, mutually beneficial relationships with customers. Which of the following dimenstions of a business environment does this illustrate?

d.) The competative environmet

In the context of the U.S. economy, which of the following statements is true if small businessess

d.) They often display a refreshing lack of bureaucracy

A-- is a form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners.

d.)Corporation

Which of the following is an advantage of a C corporation

d.)Shareholders have limited liability in the firm.

Who among the following people is most likely to become a neccessity entreprenuer?

c.) A person who expieriences discrimination in the standard workplace

Which of the following countries most likely has a comparative advantage?

c.) An Asian country that produces quality automobiles with little oppritunity cost compared to other countries

Which of the following countries is involved in countertrade?

c.) An Asian country that provides sugarcane to an African country in exchange for jute

In the context of business ethics,___ refers to a decision that involves a conflict of values

c.) An ethical dilemma

One of the was by which companies can show their responsibility toward the environment is by reducing their

c.) Carbon footprint

In a sole proprietorship, any debts the company incurs are

c.) Considered to be the owner's personal liabilities

In the context of international trade restrictions, a __ is a total ban on the international trade of a certain item

c.) Embargo

Consumerism is a widely accepted social movement. Which of the following can be considered a consumer's rights

c.) Expressing legitimite complaints easily

Rubicon Inc., an American guitar manufacturing company, signed a contract with a supplier in Umreia, an Asian country, to manufacture guitars. Rubicon then imported these products and sold them in its markets under its own brand name. Rubicon did this because of the avaialibilty iof cheap labor in Umreia that substatially cut down Rubicon's cost of production. In this scenario, Rubicon is most likley involved in

c.) Foreign outsourcing

In the context of codes of ethics, the purpose of a written code is to:

c.) Give employess the information they need to make ethical decisions across a range of situations

"I am in charge of what happens to me and the things I accomplish." This statement would be said by someone with

c.) Internal locus of Control

In the context of mixed economics, which of the following statements is true of the U.S. federal government?

c.) It is part owner in a number of financial institutions

In the context of the history of American business, during the__ business began to develop distinctive identities and strategies to help customers understand the differences among various products

c.) Marketing era

In the context of monetary policy, the__ is a rule set by the Fed, which specifies the minimum amount of funds a bank must hold, expressed as a percentage of the bank's desposits

c.) Reserve requirienment

Economics is

c.) Study of choices made by people, companies, and governments to allocate society's resources

An advantage of franchising is the

c.) Training and support provided by the franchisor

Lily, a salesperson at a clothing store, observes the department head misbehaving with a customer. She brings the issue to the notice of the store manager, and the offender is immediately dismissed from his job. In this scenario, Lily is a _____.

c.) Whistle-blower

Happta is a corporation with tax-exempt status. It has members but cannot have stockholders. Given this information, Happta is most likely a(n):

c.) not for profit corporation

___ Refers to the unrestricted movement of goods and services across international borders

c.)Free Trade

In the context of factors of production, the things that a business needs to produce goods or services are referred to as

c.)Synthetic resources

Unlike a sole proprietorship, a corporation:

c.)is considered to be a legal entity that is separate and distinct from its owners.

Which of the following statements is true of ethics?

d. ) Actions that are completely legal can still be unethical

Herbert gained most of the capital for his new start-up project by posting a small demonstration of his product on a website that he created especially for the project. Many people showed genuine interest in his products and donated money to help him launch it. In the given scenario Herbert:

a,) Received money for his venture through crowdfunding

In the context of key economic consideratiosn when entering a foreign market, which of the following is an example of the transportation infrastructure in a country.

a.) Airports

A sole propriteorship is a form of business ownership in which

b.) A single owner actively manages the company

In the context of monotering ethics and social responsibility, when firms moniter themselves, the process is refered to as__

b.) A social audit

__ Is the process of funding ventures by raising money from a large number of investors via the internet

b.) Crowdfunding

The central banking system in the country of Darmos issues a notice to all its commercial banks stating that the must hold funds that are equal to 48% of the deposits held by their customers. In the given scenario, the central banking system's notice exemplifies

c.) The reserve requirement

Which of the following statements is true of sole proprietors

c.) They often must perform tasks in areas where they lack expertise

In the context of small business oppritunities, which of the following statements is true of market niches

c.) They tend to be quite attractive to small firms