Intro To Business Final
The wholesalers who serve mostly small retailers by offering a limited assortment of products are:
Cash-and-carry wholesalers
Globalization has improved living standards in developing countries such as
China and India
A rack jobber retains title to the goods and shares profits with the retailer after they are sold is selling on
Consignment
In order to be a quality organization, a form must
Consistently produce what the customer wants
What process requires long production runs that turn out finished goods all the time?
Continuous process
The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and help reserve the steep decline in the overall environmental health of our planet" is an example of
Corporate policy
The dimension of social responsibility, which includes certain aspects such as seeking employees that are racially diverse or producing low emission vehicles, is called
Corporate responsibility
The concern businesses have for the welfare of society, not just for their owners is:
Corporate social responsibility and based on a commitment to integrity and respect
A firm raising funds through various forms of borrowing with the intent to pay it back is using _________ financing
Debt
Companies must monitor all the factors in the global business ______________ so they can adapt to change as needed
Environment
The term __________ ____________ means selecting geographic location for a firm's locations
Facility location
Many of the high-paying jobs in the service sector include those in
Finance and health care
To meet a firm's goals and objectives, __________ managers must focus on the management of a firm's resources
Financial
When a firm periodically compares its actual revenues, costs, and expenses with its budget, it is engaging in _________ control
Financial
An organization that puts many small shipments together for different companies to create a large, cost effective shipment is a(n):
Freight forwarder
Developing countries are providing new markets for companies that can provide them with needed:
Goods, technology, services
Entrepreneurs, unlike those who are employed by others
Have to provide their own vacation and sick days
The risks of entrepreneurship are decreased by
Having laws that support writing enforceable contracts
A comprehensive set of environmental standards that encourages companies to conduct business in a cleaner, safer, and less wasteful way
ISO 14001
Using stories in business presentations can increase a speaker's
Influence
Which of the following behaviors are illegal in the US, but potentially put our companies at a disadvantage in overseas markets?
Influence peddling and bribery
The use of private company information by an employee for personal financial gain
Insider trading
The distribution strategy that places the product in many retail outlet stores as possible is
Intensive
The Uniform Commercial Code is important to businesses in the United States because:
It makes business agreements such as contracts enforceable by law
Government policies that favor businesses are
Keeping interference to a minimum Writing laws that support writing enforceable contracts
Challenges for new leaders since the global information-based revolution include:
Learning about world quality standards and that the service era is coming to a close
raising needed funds through borrowing to increase a firm's rate of return
Leverage
Unsecured, short-term funds a bank will lend to a business, provided the funds are readily available, is called ....
Line of credit
The birth of information technology such as texting and email is giving firms and employees increased flexibility to choose ________ while staying competitive
Locations
The activity that controls the planning, implementing, and controlling of the physical flow of materials and information from points of origin to points of consumption to meet customer requirements at a profit is
Logistics
Equity financing includes money raised from
Operations and within the firm
As the economy evolves the use of new technologies means the need for jobs in some industries disappears and there are new _______ in others
Opportunities
A term-loan agreement is a promissory note that requires the borrower to:
Pay interest on a loan and pay a specified amount of installments
Which of the following represent examples of how corporations set positive standards of ethical behavior?
Periodically asking every employee to evaluate the company's ethics performance and Reevaluating its ethics code based on input from its customers
A supermarket that assembles a variety of goods in a location near your home is providing
Place utility
Adding value to products by having them where products want them is
Place utility
________________ is the process of borrowing against accounts receivable and when the accounts receivable is paid, the money is forwarded to the lender
Pledging
Businesses improve the quality of life in their communities by
Providing jobs for workers and paying taxes
Finding the highest quality material resources, the best suppliers, and then negotiating the best prices are all responsibilities of someone in a ______________ role
Purchasing
Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it
Reaches broad and diverse groups; allows them to connect directly with customers; allows them to reach specific groups more directly
Which SEC regulation regarding insider trading stipulates "If companies tell anyone, they must tell everyone"
Regulation FD
an entrepreneur ______________ both time and money trying to make a profit
Risks
MRP is a computer-based information system that uses ________ to make sure that needed parts and materials are available at the right time and place
Sales forecasts
Which of the following are quality of life issues that must be considered by companies when choosing a facility location?
Schools, crime and climate
The retail distribution strategy that sends products to only a few preferred retailers in an area is
Selective distribution
Making Decisions that we know are different from what is right erodes our
Self-Esteem
Our understanding of diversity has expanded beyond minority groups and women to include
Seniors
Claire is giving a presentation to a group of busy executives. Which of the following should she be sure to do to ensure a successful presentation?
She should reemphasize her takeaway messages throughout the presentation She should summarize her key takeaway messages at the beginning of the presentation
_____ _________ quality detects potential problems to prevent their occurrence in order to control quality through the use of benchmarking standards
Six Sigma
A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called
Social audit
Testing samples of the product at all phases of the process to ensure that quality is built in from the beginning is called
Statistical quality control
An establishment that sells mostly food and other nonfood products such as cleaning supplies and paper products without requiring a membership is called a
Supermarket
Business owners will work hard if government minimizes taxes and regulations because:
They can keep more of the profits they earn
Which of these are characteristics of lean company?
They use half the floor space and they carry less inventory
An important effect of changed communication technology is that:
Those with fewer resources are able to compete with large companies through the internet
When products are available when they are needed they are said to have _________ utility
Time
When a supermarket has frozen peas in the Northeast in January, it is an example of what type of utility?
Time and place
Rank the following jobs according to their importance in influencing the implementation of ethical standards list the most influential at top
Top management, supervisor, full-time workers, part time workers
An employee ordering personal goods from a website during work hours without permission from his employer is
Unethical
Small start-up companies that have little chance of borrowing can use ________ capital
Venture
An employee who reports her boss to the SEC for insider trading would be considered a (n) ________ protected by law
Whistleblower
During a business presentation, audience members should be able to understand the information on slides
Within a few seconds
Materials handling is the movement of goods is
Within a warehouse to factory floor to workstations in the factory
Short term forecasts generally cover up to a
Year
A cash flow forecast is concerned with
all cash inflows and outflows
A ____________ is a financial plan that sets forth management's expectations's and, on the basis of those expectations, allocates the use of specific resources through the system
budget
Many companies today have facilities and customers around the world, which requires greater sensitivity to different
cultues
The buying and selling of goods over the internet is known as
e-commerce
ISO 14001 is a system that manages a form's impact on the
environment
An organization's managers instill corporate values and _______ in employees by example they set
ethics
Societies set the standards for moral behavior, known as
ethics
The standards of right versus wrong in a society are also called
ethics
Since the 1800s the United States has
experienced strong economic growth
Economics of scale, being close to customers to reduce distribution costs, or being nearer to resources, are reasons why companies may spend millions to move their
facilities
An example of __________ utility is when a butcher produces a specific cut of beef
form
Finance is the function of acquiring and management of:
funds
A person responsible for bringing raw materials, packaging, and other goods and services, and information from suppliers to producers is working in the field of ___________ logistics
inbound
The factors of production include:
land, labor, capital
The increase in farm ____________ as a result of the invention of the harvester and other farm equipment has increased the world's food supplies
productivity
The risk/return trade-off principle means that
the greater the risk a lender makes in making a loan, the higher the interest rate
The longest part of the presentation is the
view
Unless there are changes in the system, paying for social security in the future will draw huge amounts of money from the _________ population
working
The primary functions of agents and brokers are to:
- Bring buyers and sellers together - Assist in negotiating an exchange
Which of the following is true of trade credit?
- It is used by large and small businesses - It is usually more convenient than bank loans - It is most widely used source of short-term funds
Which of the following functions are included in supply chain management?
- Movement of raw materials - Management of information throughout the supply chain - Control of parts, work in progress, and finished goods
Those in the supply chain who provide goods to consumers include
- Part suppliers - Farmers - Manufacturers
The marketing function known as place provides distribution from the producer to the consumer and includes which of the following activities?
- Shipping - Inventory Management - Warehousing
Which of the following are true about factoring accounts?
- The firm buys the accounts receivable collects the amount due - Small businesses often use it for financing in the short term - It is the accounts receivable of a firm sold for a discount
Intermediaries who provide information utility do so through:
- The internet - Salespeople - Newspaper ads
Entrepreneurs take the risks involved in starting a business because they gain
- The possibility of accumulating wealth - Freedom to make their own decisions - Opportunities to succeed
The following about commercial finance companies is true:
- They make short-term loans - They charge higher interest rates than banks - They want borrowers to offer tangible assets as collateral
Which of the following can help improve the overall design of electronic slides used in business presentations?
- Using a design expert - Developing charts and diagrams - Focusing on key information
What does the production process add to materials?
- Value - Form utility
The structure of a presentation includes which three of the following elements?
- View - Preview - Review
Elements of an integrity-based ethics code include:
-Trust and shared accountability -Clear guiding values
Which demographic group is currently the richest in the US?
65-74 year old seniors
Globalization has occurred because of
Advances in communication and effecient distribution systems
Which of the following are benefits of enterprise resources planning (ERP)?
Any department can see the status of an order at any time Shorter time between orders and payment Less staff is required to process orders
Choose the answer that refers to a production process that puts components together
Assembly
The length of time covered in a long-term forecast is usually:
At least a year
Understanding the needs of your ___________ is the first step in the AIM planning process
Audience
Which of the following is an example of a service
Auto insurance and college course