midterm review business and society

moninque, a certified dance instructor, owns and manages a dance studio. she charges a reasonable fee to conduct classes and provides individual dance instruction. thus, monique is regarded as a(n)

entrepreneur

___________ are responsilbe for implementing the plans established by middle management and directing workers' daily performance on the job

first-line managers

to avoid the difficulties involved in starting a business from scratch, Rhea decides to obtain the rights to operate an outlet of a popular spa. the business arrangement requires reha to pay an annual fee to the owner of the chain. in this scenario, rhea is a(n)

franchisee

amir buys a baskin robbins franchise. he has made a financial commitment and agrees to conduct business in accordance with baskin robbins' standard of operations. in exchange, he can expect to receive all of the following from baskin robbins EXCEPt

free equipment and training

a company that manufactures toiletries and other grooming products has separate units for for personal care, home care, and health care. thus, the company is following _______ departmentalization to organize jobs.

product

A(n) develops and administers the activities the activities involved in transforming resources into goods, services, and ideas ready for the marketplace

production and operations managers

game on, a video game manufacturer, purchases its direct competitor, star games, by buying most of its stocks. in this scenario, game one is involved in a(n)

acquisition

a manager who does not specialize in one particular function but manages the entire business is referred to as a(n)

administrative manager

in terms of organization structure, a multidivisional structure

allows delegation- making authority

it is important for firms facing ethical issues to have managers with the ability to think about the issue logically, identify critical factors, and weigh different options before taking action. what type of skill set does this represent?

analytical skills

phil and mike decide to start a new concrete repair business. they have both worked in this industry on their own, but now they want to join forces to share in the management of the business. they will both have unlimited liability for the debts of the business. what types business is this?

a general partnership

patty's paper, an online stationary and card retailer, adopts an organizational structure in which job titles are abandoned, traditional managers are eliminated , and authority is distributed to teams . patty, the ceo of the firm, believes that this more fluid structure will allow the company to grow in size and increase its productivity. what is this type of organizational structure called?

a holacracy

when food for less and national foods joined forces, its reduced the number of grocery stores competing in the industry. as a result,federal regulators carefully reviewed the merger before it was allowed to proceed. what type of merger is this?

a horizontal merger

which statement accurately defines a small business?

a small business is any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people

joe needs display racks and cabinets to open his clothing store, but he doesn't have the money to pay for them right away. a supplier agrees to sell joe the necessary equipment, lets him have them immediately, and allows joe to pay for the goods over a six-month period. this is an example of

a trade credit

flynn, a manager at healthy grains cereals, is faced with the problem of declining sales. after a through examination of the situation, he comes up with two courses of action. he contemplates whether to improve the packaging or offer price discounts to boost the sales of the cereals. what step of decision making does this scenario describe?

analyzing options

linda and chet decide to start their own landscaping business. their state requires them to draw up an agreement listing how much money they contributed, their management role or duties, how their profits and losses will be divided, how they may leave the partnership, and any other restrictions that might apply to their agreement. what type of agreement is this?

articles of partnership

jason is very efficient and driven manager who makes all the decisions himself. he comes across as a very assertive person who often directs his employees on what needs to be done. to motivate his employees, he mostly uses monetary bonuses as reward. in this scenario, jason cn be regarded as a(n) _________ leader

autocratic

bennett is a software engineer who starts his own website development firm. his friend, callie, is the owner of a store that sells office supplies. bennett designs a new website for callies's store in exchange for the necessary office supplies and equipment he needs for his business. which source of business funding does this scenario best illustrate?

bartering

what is a similarity between manufacturers and service providers

both forms of businesses must make design and operating decisions.

which business is best categorized as a small business?

cakes and crafts is a home-based business that employs a total number of 15 people.

clayton wants to start a business in the high technology sector, meaning that his business will rely heavily on advanced scientific and engineering knowledge. to start a business of this type, clayton will need

capital to pay the high initial startup costs

five horse breeders in texas decide to work together to become more profitable and save money. together, they can buy oats, saddles, stable materials, and grooming supplies in bulk at a lower price. they also have a deal with a local farrier to chrge them lower prices for shoeing teh horses and routine care of the horses hooves. these horse breeders are forming a

cooperative

a _____ is a form of business ownership that can be subject to double taxation

corporation

movie makers is a legal entity whose assets and liabilities are separate from its owners. it can receive, own, and transfer property, enter into contracts with individuals or other legal entities, and sue and be sued in court. what types of business is movie makers?

corporation

a hotel values cleanliness and quality service. company policy dictates that the hotels themselves be spotless with great care taken to present an upscale atmosphere of luxury. additionally, customers are to be treated like royalty and the hotel's staff members should go out of their way to make each customer feel special feel special. these behaviors and policies represent the organization's

culture

coastal bank, a small community bank, has separate departments for commercial banking activities and for consumer or retail banking. this is an example of __________ departmentalization

customer

anton recently started his own business. when he goes to a print shop to order business cards for his new venture, the manufacturing process most likely used is

customization

brian is a lower- level manager at a men's clothing in a store in a mall. brian's boss trusts him to find new ways to attract customers and compete with other clothing stores in the mall. because brian often walks around the store and the mall, he has developed a good understanding of the stores's customers and thus he is able to react quickly to their changing needs. brian's store operates as a(n) _______ organization

decentralized

if you were to develop an organizational structure for your company, you would

define the various positions in the company and show how they relate to one another

a pattern of relationships and accountability between a superior and his or her subordinates is established by the process of

delegation of authority

which product is most likely to be manufactured through the process of customization?

designer jewelry

krista, a manager at pilsen beverage inc., is faced with the problem of a drastic drop in the performance of employees. she needs to come up with a course of action that will boost employee productivity. she conducts employee surveys and hold discussions with other managers to create a list of possible courses of action for improving employee productivity.in this scenario, krista is __________ as a part of the decision- making process.

developing options

megan is a sales clerk at a retail store. he manager, bill, gives her the authority to handle certain complaints from customers as she sees fit without having to ask for his approval. megan's manager believes in

empowering his employees

jasmine, a manager at solar system, is known for her passionate and people-friendly ways. jasmine knows all her employees well and trusts them do the right things for the company. any new projects starts with an initial briefing from her, after which the teams are given complete freedom to determine the tasks and timeline for that project. from time to time, jasmine gives the teams feedback about the progress of their projects. in this scenario, jasmine can be regarded as a(n) __________ leader.

free-rein

a beverage company that manufactures and markets certain premium brands of drinks has two divisions- one in the united states and the other in latin america. both divisions cater to the same type of clientele. however, this method of organizing jobs has helped the company increases its efficiency and responsiveness to local competition. which type of departmentalization is the company using?

geographical

brittany is a flight attendant on a major airline. she presents the safety guidelines to all the passengers and speaks directly to the passengers seated in the exit row to make sure they understand what to do in the case of an emergency landing. she also brings snacks, drinks, blankets, and pillows to the passengers to ensure that they have a comfortable flight. what skills is brittany exhibiting?

human relations skills

who are the people responsible for maintaining and controlling computer networks within an organization?

information technology managers

dave creates custom guitars. dave's labor, the wood and the metal he uses in his guitars, and the electricity he uses to power the equipment that sands and shapes the wood are referred to as

inputs

lance works for large organization. he has taken it upon himself to develop a new innovation for the company's latest product line. lance is a(n)

intrapreneur

only a few services can be saved, stored , resold, or returned. an implication of this is that

it can be extremely difficult for service providers to accurately estimate the demand for their services

many people are drawn to the sole proprietor form of business ownership because

it gives the owner flexibility and control of the business

which is a characteristic of functional departmentalization?

it requires greater coordination when decision making involves more than one department

_________ are especially popular in situations that call for large investments nd can even take place between businesses and government

joint ventures

when a manager is aware of the needs of his or her employees and ahs the ability to influence them to work toward the organization's goals, the manager is exhibiting

leadership

the top management of a company is most likely to be involved in

making decision about moving into foreign markets.

which product is most likely to be manufactured through the process of modular design?

manufactured homes

what is one difference between manufacturers and service providers?

manufacturers typically have more control over the amount of variability of the resources they use than do service providers.

a tall organization typically has

many layers of management

gene is manager at a ski shop. he is responsible for planning, pricing, and promoting the store's ski equipment and clothing, and making them available to customers through distribution. what type of manager is gene?

marketing manager

lawn innovation is a company that designs and manufactures lawn equipment. the company wants to create a new multipurpose tool that can perform three lawn tasks: trim brushes, edge lawns, and cut branches. before making such product, the company should use _______to determine whether customers would buy this product and how much they would pay for it.

marketing research

mariah was born in 1993. when she graduated from college, she got from college, she got a job wokring for a small advertising company . although the salary isn't what she expected, she likes that the company favors advancement, recognition, and improved capabilities. she also likes that her company allows her to work remotely two days per week. what generation does maraih belong to?

millennial

lilyann went to the pet store with her to buy a gerbil. after choosing her gerbil, she and her mother went to look at cages and found that one of the brands makes several self-contained cage pieces that can be combined or interchange by snapping them together. lily ann chose a sleep component with a built- in hut , a play component with a built-in wheel, a food component with a build-in food dish and water bottle, and several tubes to connect all the components together. thus type of cage is an example of

modular design

the products of service organizations tend to be ______ than those of their manufacturing counterparts

more customized

building relationships and sharing information with colleagues who can help managers achieve the items on their agendas is the essence of

networking

tyrone is a manager of a bicycle parts factory. he oversees the process of transforming the raw materials into bicycle parts that re ready to be assembled into bikes. he also plans and designs the factory's operations systems and manages the logistics, quality, and productivity. what types of manager is tyrone?

operations manager

tasty treats, an international fast food chain, is facing tough competition in foreign markets. any decision such as introducing a new product or service, dropping n existing product line, or changing promotional strategies needs to be approved by the top managers at the company's headquarters, so it takes a lot of time to implement decisions. as result, the company is unable to effectively respond to changes and problems on a regional scale. what cause can be attributed to the problems faced by tasty treats?

overcentralization

marlene works at a toy factory, where she is in charge of sewing the eyes onto stuffed animals. she has been doing this job for some time now and is becoming bored and dissatisfied with her job. as a result, the quality of her work is suffering and she has several recent hand and wrist injuries. which phenomenon does this scenario describe?

overspecialization

ease of organizing, availability of capital and credit, combined knowledge and skills, and quasi-taxable systems are typical characteristics of a(n)

partnership

renew cosmetics, a large cosmetics corporation, wants to take over organic skin care, a small, specialty store that makes organic face cream. organic skin care does not want to be taken over because it wants to protect its employees and customers from the changes renew cosmetics would make to the company. to head off this hostile takeover attempt, organic skin care allows its stockholders to buy more shares of stock at prices lower than the current market value. what technique is organic skin care using to avoid being taken over?

poison pill

rico owns a burger king franchise. over the years, he has become concerned that there may be too many burger king restaurants in his area. what shortcoming of franchising does this explain?

possible market saturation

individuals who operate by the same principles as other entrepreneurs but view their organizations as vehicles to create social change are referred to as

social entrepreneurs

joyce works on a contract basis helping firms inventory their warehouse stock. she is not an employee of any of the companies for which she works. joyce is a(n)

sole proprietor

_________ occurs when the activities that must be performed within an organization re too numerous for one person to handle

specialization

palmer corp. is a multinational food company that manufactures several products such as baked snacks and confectionary. in order to increase employee productivity, the company decides to ssign each employee a single task. for example, workers in the packaging unit work only for that segment and do not change their roles. which concept is illustrated in this scenario?

specialization

which product is mostly likely to be manufactured through the process of standardization?

television sets

which example is best described as production?

the process involved in manufacturing fire hydrants

diego work for a large sporting goods company. his department is charged with turning n idea to create a new movable basketball net into a workable design that can be economically produced. what department does diego most likely work in?

the research and development

david's office building is bigger than he currently needs, so he decides to rent out the available offices. he does not want a long-term tenant, as he hopes that his business will grow and he will soon need the space for rent on a site that allows people rent by the week or month. this is example

the sharing economy

amber wants start a fashion boutique that will sell tailor-made garments and accessories. she plans to open boutique stores in lifestyle shopping centers and employ about 25 people in total. which agency should amber approach for financial and managerial assistance?

the small business administration

sarah and candice want to start a business together in the women's apparel and accessories industry. while sarah thinks that they should hire designer and establish their own clothing brand from scratch, candice believes that it will be easier to start the business by obtaining the franchise rights from an already made by candice will be valid in convincing sarah to accept the idea of starting a business by obtaining the franchise rights of monarach?

they can effectively leverage the national and local advertising programs sponsored by the franchiser

which statement is true of centralized organizations?

they delegates very little decision-making authority to lower levels.

kelly, felix, and kishan decide to start a web development business together. they have been working separately as independent consultants for several years, but they decide they would greatly from joining forces and starting an S corporation. what must they be aware of before starting this type of business?

they will not incur double taxation

ming is manager for a large food service company. she has the authority to determine whether or not the company should expand into new regions and/or expand the company's product line. what level of management does ming represent?

top management

the ________ is more difficult in service situations since the human element inherent in providing a service tends to be performed differently by different individuals

uniformity of output

abc company, a firm facing the threat of bankruptcy, did not want to be acquired by big corp. because it feared big corp. would make drastic changes to the business, laying off employees and changing the nature of its products and processes. thus, the management of abc company approached fair trade inc., which was willing to acquire abc company and maintain the company as is. in this scenario, fair trade inc. is referred to as a

white knight

trent runs a small business in which he manufacturers hinges to be used in kitchen and storage cabinetry. he stores the hinges in his warehouse and delivers them to various cabinets makers prior to them completing the cabinets' construction. trent is a

wholesaler