SCDC Test Prep

What should a customer service person say to a caller when they don't have the answer?

"That's a good question, and I'll get the answer for you." This is a positive response, saying "if (you hold on)" is too vague and gives too many circumstances for the customer

economic wants

(spent with money) People's desires that can be satisfied by consuming goods and/or services.

currency

(usually cash) a system of money in general use in a particular country.

unclear expectations conflict

. When people don't know what they're supposed to do, or what someone else expects them to do, the conflict is due to unclear expectations.

1. What is created when the U.S. Supreme Court rules that a business activity is unconstitutional? A. Federal agency B. Common law C. State law D. International law

1. B Common law. Common law is law created by court decisions rather than through written legislation. Since there are no courts that can overrule the U.S. Supreme Court, its decisions have the force of law, including when it rules that a business activity is unconstitutional. This example does not depict the creation of a federal agency, state law, or international law. SOURCE: BL:163 SOURCE: LAP-BL-163—Laying Down the Law (Complying With the Spirit and Intent of Laws and Regulations)

10. Which of the following is a formatting characteristic of a full-block business letter: A. Double-spacing within the paragraph B. No paragraph indents C. Indented first paragraph D. Paragraphs use right justification

10. B No paragraph indents. Many businesses use the full-block method to format business letters. All components of the letter (date, address, greeting, body, closing, signature block) use left justification, which means all text is aligned on the left margin. Writers using the full-block format do not indent the first sentence of each paragraph. Other formatting characteristics of full-block letters are the use of single- spacing within the paragraphs and the use of double-spacing between the paragraphs. SOURCE: CO:088 SOURCE: Means, T. (2019). Business communication (3rd ed.) [Lesson 7-4]. Boston, MA: Cengage Learning, Inc.

100. Which of the following is a benefit that individuals receive from following rules of conduct: A. Increased organizational communication B. Protection from consequences C. Less ethical guidance D. Increased financial compensation

100. B Protection from consequences. If you follow the rules laid out by your organization, you will meet expectations and be protected from consequences. Increased organizational communication is a benefit that organizations, rather than individuals, receive from following rules of conduct. Increased financial compensation is not necessarily related to following rules of conduct. Finally, rules of conduct provide more ethical guidance rather than less. SOURCE: PD:251 SOURCE: LAP-PD-251—Know the Code (Following Rules of Conduct)

11. One principle of good business-letter writing is to use A. popular clichés. B. long paragraphs. C. clear language. D. minimum organization.

11. C Clear language. A good business letter should present a message in plain language that is clear and easy to understand. The message should be well organized so that it follows a logical sequence. A combination of long and short paragraphs is more effective than a series of long paragraphs. Popular clichés, catchy phrases, and slang are inappropriate in business letters. SOURCE: CO:133 SOURCE: Means, T. (2019). Business communication (3rd ed.) [Lesson 7-4]. Boston, MA: Cengage Learning, Inc.

12. What is an example of a written business inquiry? A. A form describing an employee's performance review B. A memo outlining an upcoming meeting agenda C. An email requesting vendor pricing and discounts D. A report summarizing annual financial information

12. C An email requesting vendor pricing and discounts. An inquiry is a request for information. Businesses often send emails requesting information from other businesses. Some requests might include product pricing, membership eligibility, or shipping dates. A performance review, meeting agenda, and financial report provide business information. The information is not an inquiry unless someone asks for something. SOURCE: CO:040 SOURCE: Roberts, S.J. (2012). Fundamentals of business communication (pp. 23-29). Tinley Park, IL: Goodheart-Willcox.

13. A person who publicly tweets negative comments about his/her company is most likely to be A. prosecuted. B. laughed at. C. promoted. D. fired.

13. D Fired. An individual's "personal brand" on social media can either positively or negatively influence a company and its ability to achieve its organizational goals. If an individual publicly tweets negative comments about his/her company, s/he is likely to be fired, not promoted. Employees serve as unofficial brand ambassadors for their companies, so it is important that they represent their company well at all times—even online. An individual who publicly tweets negative comments about his/her company may be laughed at, but it is more likely that s/he would be fired. It is unlikely that an employee would be prosecuted for publicly tweeting negative comments about his/her company, since this behavior is protected under free speech laws. SOURCE: CO:205 SOURCE: America's Job Exchange. (2019). Don't tweet your way out of a job—It's easy. Retrieved August 19, 2019, from http://www.americasjobexchange.com/career-advice/the-dangers-of- twitter

13. As Kevin edits a professional report, he is not sure whether to italicize or underscore a book title. To obtain the correct information, Kevin should A. identify the readers' preferences. B. seek a coworker's opinion. C. look up the information in a current dictionary. D. refer to the appropriate publisher's style manual.

13. D Refer to the appropriate publisher's style manual. To provide consistency throughout written documents, certain businesses or industries often follow a specific writing style, such as Associated Press (AP) or Chicago Manual. Each style varies and often uses different styles and standards. For example, one style may italicize book titles and another style may underscore book titles. Most style publishers post style information on their websites, as well as in physical manuals or reference books. The best way to verify a specific style or format is to consult the publisher's manual or website. Coworkers, dictionaries, and readers are not the most reliable sources for publishing styles and standards.

14. Penelope wants to use an interactive channel to communicate with her employees. Which channel of communication should she choose? A. A phone call B. A voice mail C. A letter D. A report

14. A A phone call. Interactive communication goes two ways. There is a back-and-forth conversation involved, like on a phone call. Voice mails, letters, and reports are considered static communication because they do not involve interaction. If Penelope wants to use an interactive channel of communication, she should call her employees. She might also consider talking to them in person. SOURCE: CO:092 SOURCE: Roberts, S.J. (2012). Fundamentals of business communication (pp. 23-29). Tinley Park, IL: Goodheart-Willcox.

14. The opening sentences of an effective business letter should A. be completely impersonal. B. come right to the point. C. always be formal. D. avoid specific details.

14. B Come right to the point. The opening paragraph of a business letter should explain the reason for writing and come right to the point. Effective business letters do not waste the reader's time by providing a lot of unnecessary information, but they immediately come to the point and capture the reader's attention. The letter does not need to be formal, but it should contain specific details and have personal appeal for the reader.

15. When participating in staff meetings, business employees should be prepared to A. remain silent. B. join in the discussion. C. comment on every detail. D. argue.

15. B Join in the discussion. For staff meetings to be effective, all employees should participate in the discussion. The purpose of staff meetings usually is to discuss issues that are of importance to the business, or to solve problems. Therefore, employees should join in the discussion rather than remain silent because their ideas and opinions are valuable. Employees should not comment on every detail. Employees should adequately explain their ideas, but it is not effective to start an argument with those who disagree. SOURCE: CO:063 SOURCE: Means, T. (2019). Business communication (3rd ed.) [Lesson 13-3]. Boston, MA: Cengage Learning, Inc.

16. A disadvantage of problem-solving in groups is that it A. decreases risk-taking. B. decreases conformity. C. takes more time. D. hinders communication.

16. C Takes more time. Group problem-solving takes more time than individual problem-solving because of conflicting schedules, differing opinions, and more discussion. Group problem-solving increases conformity and risk-taking, rather than decreasing them. Finally, group problem-solving increases communication rather than hindering it. SOURCE: CO:067 SOURCE: Burrow, J.L., Kleindl, B., & Becraft, M.B. (2017). Business management (14th ed.) [Lesson 13.2]. Boston, MA: Cengage Learning, Inc.

17. As employees go about their daily activities, their actions should be driven by whether the actions will A. result in additional sales. B. result in customer satisfaction. C. bring them personal fulfillment. D. be witnessed by customers.

17. B Result in customer satisfaction. Making customers feel important is a goal of demonstrating a customer service mindset. Customers should feel welcome and that their satisfaction is important to everyone concerned. By focusing on the customers' needs, employees can increase sales and, in most cases, bring themselves personal fulfillment. The customer service mindset should be practiced by all employees regardless of whether employees have direct contact with customers. SOURCE: CR:004 SOURCE: Means, T. (2019). Business communication (3rd ed.) [Lesson 14.1]. Boston, MA: Cengage Learning, Inc.

17. Why do advertising agency account executives often participate in meetings and problem-solving groups? A. To place ads in local newspapers B. To schedule production facilities C. To develop ad campaigns for clients D. To write copy for promotional brochures

17. C To develop ad campaigns for clients. Account executives often participate in meetings with clients and other advertising agency staff to develop ad campaigns for the clients. The purpose of the meeting is to identify the clients' advertising needs, discuss ways of satisfying those needs, and design a successful campaign. In many cases, there are problems to solve because the client may have a limited advertising budget or specific requirements for the campaign. Account executives usually do not schedule production facilities. Media buyers are responsible for placing ads. Copywriters write copy for promotional brochures. These activities often take place after the meeting phase in order to implement the ad campaign.

18. It is important for employees to demonstrate a customer-service mindset when they are A. handling problems. B. contacting suppliers. C. placing orders. D. preparing schedules.

18. A Handling problems. Problems and complaints should not be avoided but looked at as opportunities to demonstrate a customer-service mindset. Most customers will tell others about problems they have with the business, but they will also tell how quickly and satisfactorily their problems or complaints were resolved. These customers will likely return to the business, in spite of previous problems, because they know employees will resolve whatever problems arise. Employees do not need to demonstrate a customer-service mindset when placing orders, contacting suppliers, and preparing schedules because customers are not involved in these situations.

18. What are businesspeople who fail to adapt their communication styles to appeal to their international clients likely to do? A. Earn the clients' trust B. Offend the clients C. Impress the clients D. Persuade the clients to buy

18. B Offend the clients. Businesspeople should try to learn as much as they can about a client's culture, customs, and social values. By understanding and being aware of cultural differences, businesspeople can adapt their communication styles to make a positive impression on their clients, earn their clients' trust, and persuade their clients to buy. Businesspeople who adapt their communication styles are aware of actions that a particular client might view as hospitable, as well as behaviors that the client might find offensive. Offensive behaviors can hinder the ability to build long-term relationships with international clients. SOURCE: CR:019 SOURCE: Lehman, C., Dufrene, D., & Walker, R. (2020). BCOM (10th ed.) [p. 13]. Boston, MA: Cengage Learning, Inc.

19. What is a factor that affects a business's selection of policies to guide its operations? A. Nature of the business B. Personal preferences of management C. Communication skills of employees D. Space available to display policies

19. A Nature of the business. A business's policies must be appropriate for the type of business. For example, a policy that might be appropriate for an investment business might be inappropriate for a hardware store. Not all business policies are written, and it would not be necessary to display them. The personal preferences of management should not be a consideration. Employees who lack good communication skills can receive training that will improve their skills in communicating policies to customers. SOURCE: CR:007 SOURCE: Gartenstein, D. (2019). How to create effective policies. Retrieved August 19, 2019, from https://smallbusiness.chron.com/create-effective-policies-14989.html

19. Why is it important for employees to effectively communicate information about the business to customers? A. To promote teamwork B. To display integrity C. To build morale D. To provide service

19. D To provide service. Employees need to be able to communicate effectively with customers in order to provide them with the service they require. If customers have questions or concerns about the business, employees should be able to provide the answers or the appropriate information. For example, employees should be able to answer a customer's questions about the business's credit policies or handle a complaint about a product. Effective communication helps to provide service and to create a good impression of the business. Employees do not communicate information about the business to customers in order to promote teamwork, display integrity, or build morale.

2. A good way to determine the most relevant information in a textbook is by A. scanning the glossary that is located in the back of the textbook. B. taking detailed notes on each example provided in the textbook. C. reading the review questions at the end of each chapter or section.

2. C Reading the review questions at the end of each chapter or section. When reading a textbook, it is helpful to review the questions at the end of the chapter because the review questions' answers typically indicate the most relevant information or key points covered in the chapter or section. Taking detailed notes about each example in the text is not feasible and may not be helpful in identifying the most important information. The glossary defines key terms; however, the glossary does not put the terms in the context needed to understand the text as a whole. Titles and subtitles describe the topics that are to be covered in the text but do not provide detailed information that might be relevant. SOURCE: CO:055 SOURCE: Education Corner. (2019). Strategies for reading textbooks. Retrieved August 19, 2019, from https://www.educationcorner.com/textbook-strategies.html

20. Martha has been working with a customer on a printer purchase for the past 45 minutes. The customer has looked at all of the printers several times and still is not sure which one to purchase. With what type of customer is Martha working? A. Disagreeable B. Suspicious C. Dishonest D. Indecisive

20. D Indecisive. Martha is working with an indecisive customer because the customer is having great difficulty making a choice or buying decision. A suspicious customer doubts or questions everything and may want facts and proof before being convinced something is true. Dishonest customers intentionally attempt to avoid paying part or all of the price for a product. A disagreeable customer is a client who is unpleasant and hard to help because they are argumentative, complaining, irritable, moody, insulting, impatient, and/or have a leave-me-alone attitude. SOURCE: CR:009 SOURCE: LAP-CR-009—Making Mad Glad (Handling Difficult Customers)

21. What type of difficult customer may be the most trying on your patience and do the most damage to the image of your business? A. Slow/Methodical B. Domineering/Superior C. Suspicious D. Disagreeable

21. D Disagreeable. These customers are unpleasant and hard to help because they are argumentative, complaining, irritable, moody, insulting, impatient, and/or have a leave-me-alone attitude. If the domineering/superior customers are properly handled, they will usually convince or sell themselves. Although suspicious customers are hard to help and difficult to change, they can become your most loyal customers. The slow/methodical customer is easy to handle but requires a lot of time before making a buying decision.

21. During the sale, touchpoints should be designed to A. get the customer's attention. B. show the customer what benefits the brand offers. C. resolve any problems the customer has with the product. D. reinforce that the customer is making the right buying decision.

21. D Reinforce that the customer is making the right buying decision. During the sale, touchpoints should be designed to reinforce that the customer is making the right buying decision. By this point, presale touchpoints should have gotten the customer's attention and shown the benefits the brand offers. Resolving problems with the product is typically something that occurs after the sale. SOURCE: CR:001 SOURCE: LAP-CR-006—Share the Promise (Identifying Brand Promise)

22. A transportation service makes sure that its trucks are well-maintained and driven with care. This is an example of a way to A. conserve the firm's capital goods. B. retrain human resources. C. renew natural resources. D. increase the number of capital goods.

22. A Conserve the firm's capital goods. Capital goods are manufactured or constructed items that are used to produce goods and services. Trucks that are taken care of will last longer. Adding more trucks would be an example of increasing the number of capital goods. Natural resources are items that are found in nature and used to produce goods and services. Human resources, or workers, are retrained to develop new skills. SOURCE: EC:003 SOURCE: LAP-EC-014—Be Resourceful (Economic Resources)

23. The ultimate goal of all economic activity is A. distribution. B. production. C. exchange. D. consumption.

23. D Consumption. The ultimate goal of all economic activity is consumption, which is the economic process or activity of using goods and services. For consumption to occur, goods and services must be produced, or made. Producers, consumers, and resource owners exchange money payments for the use of their goods, services, and resources. Distribution examines how money payments are divided between producers and resource owners. SOURCE: EC:001 SOURCE: LAP-EC-006—Are You Satisfied? (Economics and Economic Activities)

24. Whether prices go up or down, the relationship between relative prices does not change if the __________ remains the same. A. ratio B. value C. market D. resource

24. A Ratio. A ratio is a fixed relation in number or degree between two similar things. Therefore, if the relative price of two items is cut in half or doubles, the ratio would remain the same. Value is the amount of satisfaction that a good or service will provide a customer. A market is any circumstance in which buyers and sellers exchange goods or services for a price. A resource is any item that is used to produce goods or services. SOURCE: EC:006 SOURCE: LAP-EC-012—When More Is Less (Functions of Price)

25. One way in which many businesses demonstrate their social responsibility toward employees is by providing them with A. a stress-free atmosphere. B. regular entertainment. C. a safe working environment. D. free meals.

25. C A safe working environment. Most businesses feel this is one of their most important responsibilities toward employees. Few businesses provide free meals or free entertainment on a regular basis. It is impossible to provide a stress-free atmosphere. SOURCE: EC:070 SOURCE: LAP-EC-070—Business Connections (Business and Society)

26. The freedom to compete is a characteristic of businesses that operate in a(n) A. independent society. B. communist economy. C. imperial political environment. D. market economy.

26. D Market economy. A market (free enterprise) economy is an economic system in which individuals and groups, rather than the government, own or control the means of production. A characteristic of a market economy is that individuals and businesses can use their skills and other resources to compete with other individuals and businesses for scarce consumer dollars. A communist command economy is a command economic system in which the government controls the economic system and does not allow private ownership of resources and production. Imperialism occurs when one territory or country takes control, often by force, of the political and economic system of another territory or country. An independent society is a group of people who may or may not be involved in business activities. SOURCE: EC:009 SOURCE: LAP-EC-015—People Power (The Private Enterprise System)

27. The personnel office of a business carefully checks the background and references of its job applicants. This is an example of handling business risks through A. prevention. B. retention. C. avoidance. D. transfer.

27. A Prevention. Careful screening of job applicants is one way that businesses attempt to prevent risk by hiring only competent and trustworthy people. In this example, the risk of having incompetent or dishonest employees is not transferred to another business or person, retained by doing nothing, or avoided by not hiring employees at all. SOURCE: EC:011 SOURCE: LAP-EC-003—Lose, Win, or Draw (Business Risk)

28. A new business opened across the street from Heinrich's. It is virtually identical to Heinrich's. What type of competition is Heinrich's facing? A. Price B. Indirect C. Strict D. Direct

28. D Direct. Direct competition is the rivalry between or among businesses that offer similar types of goods or services. Price competition is a type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars. Indirect competition is a rivalry between or among businesses which offer dissimilar goods or services. Strict competition is a distractor. SOURCE: EC:012 SOURCE: LAP-EC-008—Ready, Set, Compete! (Competition)

29. Achievement-oriented, emotionally intelligent people usually are A. transparent. B. prosperous. C. motivated. D. impatient.

29. C Motivated. Achievement-oriented, emotionally intelligent people are motivated. They have a strong desire to succeed. They often set high standards for themselves so that whatever they do is evaluated in terms of their goals. Achievement-oriented, emotionally intelligent people are not necessarily prosperous or impatient. Transparent people are who they say they are and have nothing to hide. SOURCE: EI:001 SOURCE: LAP-EI-001—EQ and You (Emotional Intelligence)

3. Which of the following statements regarding company policies is true: A. Company policies identify very specific employee actions. B. Company policies and procedures are the same thing. C. Company policies describe emergency measures. D. Company policies identify general company rules.

3. D Company policies identify general company rules. Company policies are rules made in advance by management to assist employees in decision-making. They are typically general rather than specific in nature and relate to the company's overall vision. Company policies also describe to whom the rules apply and why they exist. Company policies and procedures are not the same; company procedures provide more detailed step-by-step plans of how to carry out policies and processes. Company procedures identify very specific employee actions, such as what to do in the event of an emergency. SOURCE: CO:057 SOURCE: Difference Between.info. (2012-2015). Difference between policy and procedure. Retrieved August 19, 2019, from http://www.differencebetween.info/difference-between-policy-and- procedure

30. Mary has been an employee at the Acme Company for nine years and has been having trouble motivating herself to complete tasks on time. Her supervisor feels she needs to develop her self-esteem through affirmations. Why should Mary write and use affirmations? A. To carry 3x5 index cards around with her for a week B. To daydream about being a superstar in life C. To develop a positive aspect of her life D. To know the difference between self-esteem and affirmations

30. C To develop a positive aspect of her life. Affirmations are positive statements about present or desired strengths. These are things that you want to accept, incorporate, or develop. Carrying around 3x5 index cards for a week would be unproductive if Mary does not write positive affirmations relating to her development of motivation on the job. To daydream about being a superstar in life does not advance Mary's self-esteem. The difference between self-esteem and affirmations is that self-esteem is the way people feel about themselves, and an affirmation is a positive statement, or statements, that assist in the development or improvement of a person's self-esteem. SOURCE: EI:016 SOURCE: Sheridan, K. (2019). How to boost your self-esteem & confidence in the work place. Retrieved August 19, 2019, from https://smallbusiness.chron.com/boost-self-esteem- confidence-work-place-23101.html

31. An employee who is able to adjust to changing conditions possesses the desirable trait of A. loyalty. B. adaptability. C. friendliness. D. tact.

31. B Adaptability. This is the ability to be flexible and to change with the times. Friendliness means to display good feelings toward others. Loyalty means giving steady support. Tact is the ability to say the right thing in all circumstances. SOURCE: EI:018 SOURCE: LAP-EI-009—You've Got Personality (Personality Traits in Business)

31. Which of the following is most likely to be a result of competition: A. More monopolies B. Reduction in product quality C. High prices D. Development of new products

31. D Development of new products. Competition encourages businesses to develop new products in order to meet consumers' needs. Businesses feel that the company which best satisfies consumers will be the most successful company. Competition helps to control prices because businesses must keep prices in line with production costs in order to be competitive. Businesses must also maintain or improve product quality to be competitive. A monopoly exists when a market is controlled by one supplier, and there are no substitute goods or services readily available. No competition exists in a true monopoly.

32. Marisa believes that she possesses the skills to make a positive contribution to the work team. Marisa is exhibiting A. empathy. B. ethical standards. C. systematic behavior. D. self-confidence.

32. D Self-confidence. Self-confidence is a positive belief in your own talents, skills, and objectives. Ethical standards are the basic principles or unwritten rules that govern your behavior and help you recognize right from wrong. Systematic behavior involves conducting activities in an organized, logical, and methodical manner. Empathy is the ability to put yourself in another person's place. SOURCE: EI:023 SOURCE: Mind Tools. (n.d.). Building self-confidence. Retrieved August 19, 2019, from http://www.mindtools.com/selfconf.html

33. Which of the following is a reason to avoid lying: A. Lies can help you gain respect. B. Lies are hard to keep track of. C. Lies can get you out of trouble. D. Lies may turn a bad situation around.

33. B Lies are hard to keep track of. Honesty is the best policy. It's hard to keep track of lies, and they tend to sneak up on you after a while. Lies may get you out of trouble or turn a bad situation around for a short time, but, in the end, you will be in more trouble for lying. Liars lose respect, never gain it. SOURCE: EI:021 SOURCE: LAP-EI-021—Make the Honor Role (Acting Responsibly)

33. Why is it sometimes difficult to be honest about strengths? A. Few people have strengths. B. No one likes to recognize strengths. C. Weaknesses are more significant than strengths. D. We don't want to brag.

33. D We don't want to brag. It's sometimes difficult to be honest about strengths. We don't want to seem as if we're bragging or stuck up. However, recognizing our talents, abilities, and the things we do well is a healthy and acceptable thing to do. Everyone has strengths. Weaknesses are not more significant than strengths.

34. Bill punishes each of his staff exactly the same way when they break the rules. Bill is being A. generous. B. empathetic. C. biased. D. consistent.

34. D Consistent. Consistency means treating everyone the same regardless of the situation or circumstances. Since Bill treats all of his staff the same way, he is being consistent. This situation does not show that Bill is empathetic, biased, or generous. SOURCE: EI:127 SOURCE: LAP-EI-127—Fair or Foul? (Demonstrating Fairness)

35. Which of the following is an example of a limited decision: A. Brushing your teeth B. Buying a jacket C. Ordering lunch D. Getting married

35. B Buying a jacket. Buying a jacket is a limited decision that is not made frequently and involves some degree of consideration. Brushing your teeth and ordering lunch are everyday decisions that are considered routine decisions. Getting married is an extensive decision because it carries a lot of risk and a long-term impact. SOURCE: EI:091 SOURCE: LAP-EI-091—Worth the Risk (Assessing Risks of Personal Decisions)

36. You want to get straight A's and impress your teachers, so you consider cheating on tests to make sure you do well. You're facing an ethical dilemma because of your A. desire to prove yourself. B. conflicting values. C. pressure from others. D. bad role models.

36. A Desire to prove yourself. The desire to look good at work or at school can lead to ethical dilemmas. If, for example, you want to prove yourself at school, you may be tempted to cheat on your tests. This is not an example of being influenced by conflicting values, pressure from others, or bad role models. SOURCE: EI:124 SOURCE: LAP-EI-124—What's the Situation? (Reasons for Ethical Dilemmas)

37. Jon is constantly checking and responding to email during the workday. Because of this, it takes him twice as long to finish writing a report. This is an example of how A. perfectionism allows people to better manage commitments. B. organization leads to overcommitment. C. commitment leads to professional success. D. technology hampers one's ability to manage commitments.

37. D Technology hampers one's ability to manage commitments. Technology makes it difficult to manage commitments because it is easier to do more—and to do more at once. Jon finds it difficult to focus on getting one task done because of the constant presence of his email, prompting him to take on other commitments before he finishes the first. This is not an example of how organization leads to overcommitment, how commitment leads to professional success, or how perfectionism allows people to better manage commitments. SOURCE: EI:077 SOURCE: LAP-EI-077—Commit to It! (Managing Commitments in a Timely Manner)

38. Ethical employees are responsible workers who can be counted on to A. do whatever it takes to get ahead. B. complete the tasks they start. C. copy the actions of celebrities. D. discuss personal issues with coworkers.

38. B Complete the tasks they start. Ethical employees are responsible workers who adhere to a standard of appropriate employee behavior. They can be counted on to complete the tasks they start. They do not do whatever it takes to get ahead, or copy the actions of celebrities if those actions are unethical. They do not discuss personal issues with coworkers on company time.

38. Jennifer is a person who exhibits self-control in difficult situations. She always remains calm, is patient, empathetic, and a good listener. Her self-control helps her A. avoid a factual response. B. express a negative reaction. C. have a positive attitude. D. react in a defensive manner.

38. C Have a positive attitude. Self-control helps you have a positive attitude, which is very important to successful living. Self-control helps you replace negative thoughts with positive approaches to problems. In this example, Jennifer's self-control helped remind her that life may be full of difficult situations, but it is also full of opportunities. Self-control helps people in difficult situations avoid reacting negatively or in a defensive manner. People who exhibit self-control often are able to respond factually, even in difficult situations. SOURCE: EI:025 SOURCE: LAP-EI-014—Control Yourself! (Demonstrating Self-Control)

39. You should expect some criticism on your job performance because a certain amount of criticism on the job is A. cruel. B. tolerable. C. necessary. D. senseless.

39. C Necessary. Criticism is used by your employer or supervisor to let you know how you can improve your job performance. It lets you know what you are doing wrong and what is expected of you. Constructive criticism is not cruel or senseless. Fair criticism is not only tolerable but valuable and desirable. SOURCE: EI:003 SOURCE: LAP-EI-015—Grin and Bear It (Using Feedback for Personal Growth)

4. Which of the following is a rule of good listening: A. Be thinking about what you will say next. B. Eliminate background noise. C. Listen with empathy. D. Stand as close as possible to the speaker.

4. C Listen with empathy. Empathy is the ability to put oneself in another person's place. Listening with empathy helps the listener understand the speaker's point of view. You should stand a reasonable distance from the speaker. Standing too close may be interpreted as aggressiveness. If you are thinking about what you will say next, you may not hear everything that the speaker says. Background noise exists in all environments and cannot be eliminated. SOURCE: CO:017 SOURCE: Lehman, C., Dufrene, D., & Walker, D. (2020). BCON (10th ed.) [p. 29]. Boston, MA: Cengage Learning, Inc.

40. Why should a business inform employees that their email will be monitored? A. To reduce its liability B. To communicate policies C. To respect their privacy D. To control operating costs

40. C To respect their privacy. Some businesses consider email to be corporate property and routinely monitor the messages that employees send and receive. If a business monitors email, it should inform its employees in order to respect their privacy. Employees have the right to know if someone in the business will read their email so that they can decide the type of information they will include. They might not want to send or receive personal messages if they know a manager might read their mail. A business that informs employees that their email will be monitored is communicating a policy. Businesses do not inform employees that their email will be monitored to reduce their liability or to control operating costs. SOURCE: EI:029 SOURCE: Lehman, C., Dufrene, D., & Walker, R. (2020). BCOM (10th ed.) [pp. 90-91]. Boston, MA: Cengage Learning, Inc.

41. How does communicating with others help you to maintain a positive attitude? A. By providing you with support for your ideas B. By helping you to feel understood C. By allowing you to justify your opinions D. By informing you about others' achievements

41. B By helping you to feel understood. Sharing the good and bad of life with others helps you to understand them and to feel understood yourself. Feeling understood supports your positive attitude, while feeling misunderstood leads to a negative attitude. Others will not always support your ideas or agree with your opinions even if you can justify them. Learning about others' achievements may tend to make you feel negative if you allow yourself to be overly impressed by them.

41. When the company president finished his speech complimenting the staff on their work and promising raises and bonuses, the staff members rose to their feet and applauded him. The staff members were expressing their approval through A. sign language. B. nonverbal communication. C. animated conversation. D. inappropriate behavior.

41. B Nonverbal communication. Nonverbal communication is forms of communication that do not involve the use of words. It may include facial expression, body posture or movement, eye contact, and appearance. In this situation, the staff members are using body movements to express approval. This is not inappropriate behavior. The group is making an animated response, but it does not involve conversation or sign language, which is a formal kind of communication method using signs to represent letters and words. SOURCE: EI:007 SOURCE: Lehman, C.M., & Dunfrene, D.D. (2011). Business communication (16th ed.) [pp. 47-56]. Mason, OH: South-Western Cengage Learning.

42. Individuals who respect their own personal rights, as well as the rights of others, have developed A. passiveness. B. defensiveness. C. assertiveness. D. aggressiveness.

42. C Assertiveness. Assertiveness is a positive trait that is vital to personal happiness and career success. Passiveness is the failure to exercise personal rights and a lack of respect for personal needs. Defensiveness is an attitude of constantly expecting to be attacked. Aggressiveness is a negative trait, and aggressive behavior is characterized by a willingness to ignore the rights of others and to exploit them to achieve personal goals. SOURCE: EI:008 SOURCE: LAP-EI-018—Assert Yourself (Assertiveness)

42. Should you be able to adjust to change more quickly over time? A. Yes, the more change you cope with, the faster you adjust. B. Yes, practicing adjusting to change makes it go faster. C. No, adjusting to change takes most people very little time. D. No, the length of time it takes depends on the kind of change.

42. D No, the length of time it takes depends on the kind of change. Don't expect your adjustment to change to take place overnight. The length of time it takes to adjust will depend upon the kind of change that has occurred. Practicing adjusting may make it easier but not faster. Different people require varying amounts of time to adjust to change.

43. The goal of quality circles is to A. complete a specific one-time task. B. improve performance in many areas. C. solve a large organizational problem. D. increase social contact among organizations.

43. B Improve performance in many areas. A quality circle is a team of employees with similar roles who meet regularly to discuss issues and solve problems. Quality circles stay intact from project to project and seek to make improvements in a wide range of areas across the organization. Quality circles generally do not seek to solve a large organizational problem, complete a specific one-time task, or increase social contact among organizations. SOURCE: EI:045 SOURCE: LAP-EI-045—Team Up (Participating as a Team Member)

44. Sasha is tempted to look up the answers to her homework problems. She knows she will not get caught, and she doesn't think the homework is helpful. How could you best help Sasha in this situation? A. Show her why ethical behavior is valuable to her and others. B. Report Sasha's behavior to your teacher. C. Follow the rules and hope Sasha notices. D. Tell Sasha that you do not approve of her decision to cheat.

44. A Show her why ethical behavior is valuable to her and others. Many people ignore ethics because they don't realize how important ethics are—and how serious the consequences of unethical behavior can be. Sasha does not see the importance of behaving ethically in regard to her homework. To best help her, you should make sure she understands why it is important to be ethical. She will then be more likely to do so. You should not necessarily report her behavior to your teacher because Sasha has not done anything wrong, yet. While it is a good idea to follow the rules, Sasha's belief that ethics aren't valuable likely won't change just from noticing what you do. Finally, telling Sasha that you do not approve of her decision to cheat wouldn't be as effective as explaining why ethical behavior is valuable. SOURCE: EI:132 SOURCE: LAP-EI-132—Practice What You Preach (Modeling Ethical Behavior)

45. Ben and Tasha are coworkers who are applying for the same supervisory position in the company and now they are NOT speaking to each other. The reason for the conflict is A. exclusion. B. unclear boundaries. C. authority. D. unclear expectations.

45. C Authority. Conflicts occur for many reasons. Power struggles can arise when people want to control, or be in charge of, the same situation. In the example, Ben and Tasha want the same job, so the reason for their disagreement is authority. Disagreements about what constitutes appropriate behavior are conflicts due to unclear boundaries. When people don't know what they're supposed to do, or what someone else expects them to do, the conflict is due to unclear expectations. Exclusion is a reason for a conflict that stems from a feeling of being left out of an activity.

45. One way to develop an achievement orientation is to establish A. personal relationships. B. flexible deadlines. C. reachable goals. D. safe conditions.

45. C Reachable goals. Individuals who have an achievement orientation want to do their best and be successful. One way to develop an achievement orientation is to establish reachable goals. Achieving goals builds confidence and self-esteem and encourages individuals to continue achieving. If the goals are unrealistic, individuals might fail, which often leads to giving up rather than trying to achieve in the future. To achieve the goals, it is often necessary to establish firm deadlines. Establishing personal relationships and safe conditions are not ways of developing an achievement orientation. SOURCE: EI:027 SOURCE: LAP-EI-027—High Hopes (Developing an Achievement Orientation)

46. What should change leaders do after they're done leading a change? A. Celebrate success. B. Address resistance. C. Explain why the change was necessary. D. Create a communication plan.

46. A Celebrate success. Leading change can be a long, hard process. Change leaders should celebrate a successful change with everyone who was involved. They should address resistance before the change is complete. Explaining why the change is necessary and creating a communication plan are tasks that should be done early in the change process. SOURCE: EI:005 SOURCE: LAP-EI-022—Start the Revolution (Leading Change)

47. When management and employees have the same idea of what the business is capable of being in the future, they are sharing a(n) A. vision. B. goal. C. dream. D. idea.

47. A Vision. A vision for a business is what the business wants to become. Management and employees have a shared vision when they have the same idea of what the business is capable of being in the future. When everyone in the business shares the vision, that vision has a better chance of becoming a reality because everyone is working for the same future. A business might realize a vision by setting several goals to achieve. A vision is more than a dream or an idea. SOURCE: EI:060 SOURCE: LAP-EI-060—Vision Quest (Enlisting Others in Vision)

48. Calling in sick only if you are truly sick is an example of what type of behavior that builds positive working relationships? A. Carrying your own weight B. Getting to know others on your work team C. Having a good attitude D. Being cooperative

48. A Carrying your own weight. Calling in sick only if you are truly sick is an example of carrying your own weight in the process of building positive working relationships. When you carry your own weight, you are not making your coworkers pick up unnecessary slack. Although calling in only when you're truly sick does not demonstrate getting to know others on your work team, your honesty does relate to having a good attitude and being cooperative. The example is best, however, for carrying your own weight as you foster positive working relationships. SOURCE: EI:037 SOURCE: LAP-EI-037—Can You Relate? (Fostering Positive Working Relationships)

49. What is the benefit of shared vision to an organization? A. It creates an ethnocentric environment. B. It ensures that the team's goals are achievable. C. It serves as a guide for decision making. D. It supports a groupthink attitude.

49. C It serves as a guide for decision making. When a shared vision exists, all members of the organization understand and support the organization's purpose. Successful organizations set goals and make decisions to fulfill the organization's purpose, which is based on the vision. A shared vision does not ensure that goals are achievable. Groupthink is a form of extreme cohesiveness that occurs when individuality and independent thinking within the group are discouraged. Ethnocentrism is the belief that your own culture is naturally better than other cultures. Unattainable goals, ethnocentrism, and groupthink tend to create circumstances that hinder an organization's ability to achieve its purpose.

49. It is important to learn how to handle conflicting viewpoints because A. it is impossible for people to change their minds. B. other people's opinions are generally wrong. C. you need to know how to convince others that you are right. D. you will face conflicting viewpoints many times in life.

49. D You will face conflicting viewpoints many times in life. There will be plenty of instances in your life when you will be confronted with viewpoints and opinions that conflict with each other, including at home, at school, and at work. It is important, therefore, that you learn how to handle them so that you can be a successful student, employee, and citizen. Other people's opinions are not always wrong, and you don't need to know how to convince others that you are right. It is not impossible for people to change their minds. SOURCE: EI:136 SOURCE: LAP-EI-136—Pick a Side (Considering Conflicting Viewpoints)

5. Matt works in customer service and often has to deal with customer inquiries. Which of the following should he do if he wants to respond in an appropriate way: A. Act disinterested while the customer is asking a question. B. Answer the question immediately, even if he doesn't know the answer for sure. C. Pay close attention to the question and ask for clarification, if needed. D. Spend as much time talking to and answering the customer as possible.

5. C Pay close attention to the question and ask for clarification, if needed. When answering inquiries, it's important to pay close attention to the question. If Matt wants to offer great customer service, he should be sure to ask for clarification, if necessary. He should not answer the question if he doesn't know the answer. He should show the customer that he is interested in his/her question. He shouldn't spend more time than necessary answering customer questions—it's important to be concise when answering inquiries. SOURCE: CO:060 SOURCE: Means, T. (2019). Business communication (3rd ed.) [Lesson 14.1]. Boston, MA: Cengage Learning, Inc.

50. Which of the following is an ethical issue: A. Deciding whether to have french fries or a salad B. Deciding whether to lie to a friend C. Choosing between buying a new shirt or a new book D. Choosing which movie to see this weekend

50. B Deciding whether to lie to a friend. When you're dealing with an ethical situation, you're deciding whether something is right or wrong. Often in an ethical situation, if you pick the wrong choice, someone (or something) could be harmed. This doesn't necessarily mean that the issue must be life or death, but that the wrong action could cause someone or something to be hurt. When you're deciding whether or not to lie to a friend, there is a right and wrong decision. There is no right or wrong decision when you're deciding what to eat for lunch, what to buy, or what movie to see. SOURCE: EI:123 SOURCE: LAP-EI-123—Rules To Live By (Nature of Ethics)

50. Employees who value differences in the workplace are more satisfied and increase the company's A. benefits. B. workforce. C. productivity. D. assets.

50. C Productivity. Workers who feel good about the workplace are more motivated and more productive. This means that both the workers and the business benefit, since greater productivity usually means more income for the workers and more profits for the business. Assets are the property owned by the company, such as real estate, equipment, and inventory. Workforce is the total number of workers employed by a company. Benefits are the extras provided by businesses, such as vacation time, sick leave, retirement, medical insurance, and stock options.

51. The disadvantage to using credit cards to pay for goods and services is that you A. pay interest on purchases. B. establish a credit rating. C. earn quarterly dividends. D. defer cash payments.

51. A Pay interest on purchases. Credit is the arrangement by which individuals or businesses can purchase now and pay later. Many types of businesses (e.g., banks, large retailers) offer credit cards to consumers and businesses to purchase goods and services. Usually, the credit card issuer sends the credit card holder a monthly statement. The information on the statement includes a list of the purchases made during the billing cycle and the amount owed for the purchases, which includes the interest charges. If the credit card holder pays the minimum amount due, the amount of interest owed accumulates on the balance due until the debt is paid off. Because interest rates can be high, this can be a disadvantage to the credit card holder. It is important to establish a good credit rating in order to borrow money in the future from other lenders. Therefore, establishing a credit rating is not necessarily a disadvantage. Credit card holders do not earn quarterly dividends on their credit cards. Temporary deferment of cash payment is an advantage to credit card holders.

51. Coins and paper money are types of A. dividends. B. contracts. C. bonds. D. currency.

51. D Currency. Currency is the money that a country uses to buy and sell goods and services. There are several types of currency. For example, coins and paper money are types of currency because they can be used to buy products. Coins and paper money generally are used by individuals to purchase the products they need. Bonds are interest-bearing certificates issued by the government that promise to pay bond owners a certain sum at a specified time. A dividend is a sum of money paid to an investor or stockholder as earnings on an investment. Dividends are often sent to the investor in the form of a check. A contract is a legal agreement between two or more businesses stating that one party is to do something in return for something provided by another party. SOURCE: FI:059 SOURCE: Frankenfield, J. (2019, July 14). Currency. Retrieved August 19, 2019, from http://www.investopedia.com/terms/c/currency.asp

52. Investing can help build wealth because it A. eliminates the need to save for retirement. B. guarantees that you will not lose any money. C. doesn't require any money to start investing. D. increases your savings over your lifetime.

52. D Increases your savings over your lifetime. Investing can help you build wealth and meet your financial goals because it often increases the value of your money over time. Investing does not guarantee that you will not lose any money; however, if you invest wisely, it is unlikely that you will suffer significant losses overall. Investing does require money to begin, but it does not require a lot of money. You can invest as little or as much as you would like. While investing can be a good way to ensure your future financial health, it does not eliminate the need to save for retirement. SOURCE: FI:062 SOURCE: Caldwell, M. (2019, March 7). How to begin to build wealth. Retrieved August 19, 2019, from https://www.thebalance.com/how-do-i-begin-to-build-wealth-2386145

53. The Fair Credit Reporting Act is important to consumers because it A. provides guidelines that institutions must use in extending credit. B. gives them the right to inspect the files of their credit history. C. ensures that they are not denied credit for any discriminatory reason. D. makes it easy for them to compare the terms of different credit systems.

53. B Gives them the right to inspect the files of their credit history. This lets the consumer make sure that there are no errors in the report or, if errors exist, to have them corrected. The Truth-in-Lending Act makes it easy for consumers to compare the terms of different credit systems and provides guidelines that institutions must use in extending credit. The Equal Credit Opportunity Act protects consumers from being discriminated against when applying for credit. SOURCE: FI:002 SOURCE: LAP-FI-002—Give Credit Where Credit Is Due (Credit and Its Importance)

53. Which of the following is NOT a concept related to the time value of money: A. Opportunity cost B. Scarcity C. Interest rates D. Future value

53. B Scarcity. Scarcity of resources has little to do with the time value of money. It's relevant to a discussion of pricing or economic resources. The time value of money is a measure of its opportunity cost, or what the spender is foregoing by spending now instead of saving. Interest rates are a measure of that opportunity cost. Future value is the value of money at some future point.

54. Under which of the following circumstances is a cosigner held legally responsible for paying the balance owed on a bank loan: A. The borrower defaults on the loan. B. The lender defaults on the loan. C. The borrower's interest rate increases. D. The lender's interest rate increases.

54. A The borrower defaults on the loan. When borrowers agree to a loan, they are making a legal contractual agreement to pay back the loan in a certain manner within a specific period of time. When the borrower does not have the collateral or credit history to obtain the loan, the lender often requests that another person cosign for the loan. A cosigner is responsible for paying the loan if the borrower defaults on it, which means the borrower does not make the scheduled payments to the lender. Changes in interest rates do not affect a cosigner's legal responsibility for paying the balance owed on a loan.

54. What course of action can a lender take if a debtor's account is past due? A. Claim defamation B. File a judicial lien C. Apply for bankruptcy D. Liquidate assets

54. B File a judicial lien. A lien is a legal claim to an item of property that protects the seller if the buyer does not complete his/her payments. If a debtor does not make payments as promised, the lender can take legal action to obtain the debtor's assets or items of collateral, such as a home, car, etc. The debtor, rather than the lender, may need to liquidate assets to fulfill her/his legal obligation to the lender. If the debtor doesn't have any assets, s/he may need to file for bankruptcy. Defamation involves writing or saying something that damages an individual's or an organization's reputation. SOURCE: FI:063 SOURCE: USLegal. (1997-2019). Judicial lien law & legal definition. Retrieved August 19, 2019, from http://definitions.uslegal.com/j/judicial-lien/

55. A government charges a $0.184 tax on each gallon of gasoline, regardless of location or price. This is an example of __________ tax. A. sales B. excise C. estate D. capital gains

55. B Excise. Excise taxes are specific, targeted taxes that are applied to specific goods and use a flat rate. In contrast, sales tax applies to almost every purchase and is a percentage of the sale price. Sales taxes also vary by state and by the type of item bought. Estate tax is imposed on the transfer of property upon the death of the owner. Capital gains tax is charged on profits made from the sale of assets such as stock or real estate. SOURCE: FI:067 SOURCE: Fay, B. (2019). Types of taxes. Retrieved August 19, 2019, from https://www.debt.org/tax/type/

56. When writing a check, what information goes after the phrase "Pay to the order of"? A. Your signature B. The amount paid C. The name of the recipient D. The current date

56. C The name of the recipient. When writing a check, the name of the check's recipient goes on the line after the phrase "Pay to the order of." The amount paid goes on the line below. The signature goes in the bottom right corner. The current date goes in the top right corner. SOURCE: FI:560 SOURCE: Pritchard, J. (2019, May 14). See how to write a check—Step-by-step explanation. Retrieved August 28, 2019, from https://www.thebalance.com/how-to-write-a-check-4019395

57. Why is it important to read and reconcile bank statements? A. To balance an account B. To calculate interest C. To withdraw excess money D. To make a deposit

57. A To balance an account. Reconciling bank statements involves comparing the entries in a checkbook with the entries listed on the bank statement. This procedure is also known as balancing an account. The purpose is to determine the actual amount of money that is in the account. To do this, it may be necessary to add in deposits that have not been posted or subtract checks that have not cleared. If the checking account pays interest, that amount will be listed on the bank statement. It is not necessary to read and reconcile bank statements to withdraw excess money or to make a deposit. SOURCE: FI:070 SOURCE: Ryan, J.S., & Ryan, C. (2017). Personal financial literacy (3rd ed.) [Lesson 5-1d]. Boston, MA: Cengage Learning, Inc.

58. When reconciling bank statements, it is important to consider A. services not available online. B. the number of transactions. C. checks that have not cleared. D. the types of payroll deposits.

58. C Checks that have not cleared. Reconciling bank statements involves comparing the entries in a checkbook with the entries listed on the bank statement. In many cases, the balance will be different because checks have been written that have not cleared the bank. Therefore, these amounts will not appear on the bank statement. To verify the actual amount in the account, it is necessary to subtract the checks that have not cleared from the balance listed on the bank statement. When reconciling bank statements, it is not necessary to consider the number of transactions, services not available online, or the types of payroll deposits.

58. Who is responsible for verifying that all the information reported on a consumer's credit report accurately reflects his/her personal transactions? A. Organizations reporting consumer payments B. Credit bureaus C. Organizations that have extended credit D. Consumers

58. D Consumers. Consumers should monitor their credit reports because an error could be made by any organization contributing information to a credit bureau. Monitoring credit reports is also helpful in detecting fraud. Credit bureaus can help resolve errors on a consumer's credit report, but they are not responsible for verifying all the credit information contained within a report. Organizations that have extended credit or reported consumer payments can only verify transactions that involved those organizations. SOURCE: FI:072 SOURCE: Madura, J., Casey, M., & Roberts, S. (2014). Personal financial literacy (2nd ed.) [pp. 156- 165]. Mason, OH: South-Western Cengage Learning.

59. Which of the following is a tool that often helps individuals organize and manage their mortgage, utility, and insurance bills: A. Credit report B. Scatter chart C. Daily work calendar D. Monthly payment schedule

59. D Monthly payment schedule. Developing a monthly payment schedule can help individuals organize, manage, and pay their bills on time. Computer spreadsheets, schedule templates, and calendars are several effective ways to manage the bill-paying process. Regardless of the format used, individuals should note the payee's name, amount due, due date, date paid, and the method of payment. If writing a check, the check number should also be noted on the payment schedule. Individuals do not organize and manage their bills by using a scatter chart, a work calendar, or credit report. SOURCE: FI:565 SOURCE: Haagensen, E. (2019, June 25). Procrastinator's guide to bill payment. Retrieved August 19, 2019, https://www.investopedia.com/articles/pf/08/stop-paying-bills-late.asp

6. What communication style is most appropriate to use when you are providing a friend with personal advice? A. Empathic B. Formal C. Judgmental D. Businesslike

6. A Empathic. Being empathic is acting according to an intellectual identification with the thoughts, feelings, values, attitudes, and/or actions of another person. It is often helpful to imagine yourself in your friend's place, to try to understand how s/he feels. By doing so, you often gain insight and can better help your friend by providing thoughtful advice. If you are too formal, judgmental, or businesslike with a friend, you may come across as uncaring, and you may offend your friend. SOURCE: CO:084 SOURCE: Lehman, C., Dufrene, D., & Walker, R. (2020). BCOM (10th ed.) [p. 29]. Boston, MA: Cengage Learning, Inc.

60. Craig recently opened a new credit card account. Since he's short on cash, he decides to make only the minimum payments toward his debt each month. At the end of the year, however, he notices that his overall balance has gone up quite a bit. This is a result of A. the cost of credit. B. income tax. C. social security. D. Craig's credit score.

60. A The cost of credit. When you take out a line of credit, you agree to terms and conditions that outline how and when you will pay the money back. Most lines of credit have interest rates, which means that the lender can collect additional money from you if you fail to pay back the loan by a certain time. By making only the minimum payment each month, Craig's credit balance would have increased due to accumulated interest. The increased balance would not be a result of income tax, social security, or Craig's credit score. SOURCE: FI:782 SOURCE: Vohwinkle, J. (2019, June 25). The true cost of credit cards. Retrieved August 19, 2019, from https://www.thebalance.com/the-true-cost-of-credit-cards-1289627

61. If Diedra wants to open a savings account to save money for her dream vacation, she should place her money in a deposit-taking institution, such as a(n) A. investment bank or mortgage company. B. savings and loan bank or investment bank. C. commercial bank or credit union. D. mortgage company or credit union.

61. C Commercial bank or credit union. Savings and loan banks, commercial banks, and credit unions are depositing-taking institutions. A credit union is a nonprofit financial cooperative set up to provide savings and credit services to its members, who own the credit union. Commercial banks offer a variety of services for consumers including checking and savings accounts, credit cards, and automobile loans. A savings and loan bank is a financial institution that offers savings accounts and makes loans to borrowers, most of which are for real-estate purchases. An investment bank is a financial intermediary that underwrites securities and facilitates mergers. A mortgage company specializes in real-estate (property) loans. SOURCE: FI:075 SOURCE: State of Connecticut. (2019). ABC's of banking. Retrieved August 19, 2019, from https://portal.ct.gov/DOB/Consumer/Consumer-Education/ABCs-of-Banking—Banks-Thrifts- and-Credit-Unions

62. Which of the following statements is true of good investment brokers: A. They are an investor's personal link to the stock exchange. B. Most of them are research analysts. C. They are responsible for making sure the investor makes money. D. They control an investor's money.

62. A They are an investor's personal link to the stock exchange. Investment brokers are licensed and registered "middlemen"—without them, you can't invest. Brokers are the only people who are authorized to buy and sell securities, so they are an investor's personal link to the stock exchange. Brokers are not research analysts. Research analysis is a separate part of a brokerage house where in-depth investigation of companies and industries takes place. Brokers are salespeople—they get paid to make transactions for investors. Brokers are responsible for providing suitable investment council at all times, but this doesn't necessarily mean they're responsible for making the investor money. It just means that the advice a broker gives has to make sense for the present financial situation. Good brokers realize that the investor is ultimately in control of his or her own money. While a broker can make suggestions for the investor to consider, s/he shouldn't pressure the investor into making any decisions. SOURCE: FI:076 SOURCE: Beers, B. (2019, June 25). How to pick a broker. Retrieved August 19, 2019, from https://www.investopedia.com/articles/younginvestors/06/firstbroker.asp

62. Which of the following is a disadvantage of investing in bonds: A. They are issued by corporations or governments. B. Their returns do not keep up with inflation. C. You must pay a penalty for early withdrawal. D. They may take a long time to provide a return.

62. D They may take a long time to provide a return. Bonds are considered safe, reliable investments. However, the trade-off is that the investor must be willing to leave her/his money with the bond issuer for a long time before receiving the return. The rate of this return will not necessarily be lower than the rate of inflation. There is no penalty for early withdrawal from a bond—you just miss out on the return you would have gotten if you had left your money in it. Bonds are issued by corporations or governments, but this is not necessarily a disadvantage.

63. A manager looks at financial information to see if the company can afford to purchase a popular new item it wants to add to its shelves. This is an example of using financial information to A. manage debt. B. increase sales. C. check up on the competition. D. reduce expenses.

63. B Increase sales. Businesses often want to add new products to their offerings as a way to increase sales. They need to study financial information to make sure they can afford to do so. Adding new products is not managing debt, checking up on the competition, or reducing expenses. SOURCE: FI:579 SOURCE: LAP-FI-009—By the Numbers (The Need for Financial Information)

63. What must Preston Enterprises pay to the insurance company to maintain its business liability insurance? A. Stipend B. Commission C. Fine D. Premiums

63. D Premiums. Insurance premiums are the fees that the insured pays to the insurer to obtain insurance coverage. A commission is a percentage of the total sale amount paid to the individual or business that makes the sale. A fine is a monetary sum paid to a government agency when an individual or business violates a law. A stipend is a fixed sum of money paid as a salary or allowance.

64. What type of accounting would most likely be used by a small-business owner who does not offer credit? A. COD method B. Accrual method C. Cash method D. Check method

64. C Cash method. Many small businesses that do not offer credit use the cash method because it tracks the actual amount of cash that the business has on hand. With the cash accounting method, income and expenditures are recorded at the time the money changes hands. Expenses are not recorded when they are incurred but on the date that the bills for them are paid. The accrual method records the expense at the time it is incurred, even if a check is used to pay the bill. COD and check are methods of payment but not accounting methods. SOURCE: FI:085 SOURCE: LAP-FI-085—Show Me the Money (Nature of Accounting)

65. When return on capital is positive, the company is A. growing in value. B. losing value. C. low on cash. D. paying out dividends.

65. A Growing in value. When return on capital is positive, the company is growing in value. When return on capital is negative, the company is losing value. A high return on capital would not indicate that a company is low on cash. Businesses can have a high return on capital but not pay out dividends. SOURCE: FI:354 SOURCE: LAP-FI-007—Money Matters (Role of Finance)

65. One principle on which the marketing concept is based is that a business should be able to meet its own goals when it A. sells products at fair and reasonable prices. B. focuses on the wants/needs of the business. C. achieves maximum production. D. demonstrates social responsibility.

65. A Sells products at fair and reasonable prices. The marketing concept is a philosophy of conducting business based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals. When a business sets reasonable prices, customers want to buy the products, and the company meets its goal of making a profit. Achieving maximum production and demonstrating social responsibility do not guarantee that the business will meet its goals. Focusing on the business's wants/needs is contrary to the marketing concept.

66. If you want to avoid excessive debt, which of the following actions should you take: A. Create a budget, and stick to it. B. Avoid big purchases unless they're impulse buys. C. Pay the minimum payment due each month on your credit card. D. Use a credit card for purchases you can't afford.

66. A Create a budget, and stick to it. The best way to avoid debt is to not spend more money than you have. This means creating a budget and sticking to it! Sometimes big purchases (such as cars, houses, or a college education) are necessary, but they should never be impulse buys. Big purchases should be planned (and budgeted) for. Making just the minimum payment each month can lead to lots of interest, which you don't want if you're trying to avoid debt. If possible, you should always pay off the full balance on your credit card. Using credit cards for purchases you can't afford is dangerous and can quickly lead to excessive debt if you aren't careful. It's a good idea not to charge purchases to your credit card if you know you won't be able to pay for them when your bill comes. SOURCE: FI:568 SOURCE: Irby, L. (2019, June 25). How to manage debt of any size. Retrieved August 19, 2019, from https://www.thebalance.com/how-to-manage-your-debt-960856

67. When HR management executives participate in a company's long-range planning efforts, they are taking part in A. financial analysis. B. marketing. C. budgeting. D. strategic management.

67. D Strategic management. When HR management executives participate in a company's long-range planning efforts, they are taking part in strategic management. Strategic management may take into account marketing, budgeting, and financial analysis, but HR managers will be present to ensure that the company is planning now to have the human resources it needs tomorrow. SOURCE: HR:410 SOURCE: LAP-HR-035—People Pusher (Nature of Human Resources Management)

68. Which of the following marketing functions focuses on informing all current and potential customers about the business's products: A. Marketing-information management B. Promotion C. Product/Service Management D. Pricing

68. B Promotion. The promotion function focuses on informing customers about new products, improved products, new uses for existing products, and special values on products. Businesses use a variety of communication channels to inform customers about products including advertising and sales promotion. The marketing-information management function focuses on gathering, accessing, synthesizing, evaluating, and disseminating information to aid business decision-making. The product/service management function focuses on obtaining, developing, maintaining, and improving a product mix in response to market opportunities. The pricing function focuses on determining and adjusting prices to maximize return and meet the customers' perceptions of value. SOURCE: MK:002 SOURCE: LAP-MK-001—Work the Big Seven (Marketing Functions)

68. Which of the following situations best demonstrates why businesses should retain their records: A. A business is planning to send press releases to the local newspaper. B. A business is planning to send anniversary cards to employees on the date of their employment. C. A business is planning to sell out to another company. D. A business is planning to use webinars for employee training.

68. C A business is planning to sell out to another company. When businesses merge or sell out to other companies, they need to provide records to prove their value to the other companies. Although businesses might retain documentation of employee anniversaries, press releases, and training plans, these records have less significance than records needed to provide proof of a business's income, expenses, and capital investments.

69. To complete a report about commercial loans, Lola needs to review a specific online article called, "The Truth About Commercial Interest Rate Increases." Which of the following search entries will provide Lola the most accurate results: A. [-the -truth -about -commercial- interest -rate -increases] B. {truth_ commercial interest rate_ increases} C. "the truth about commercial interest rate increases" D. "{-the_truth_about_commercial_interest_rate_increases-}"

69. C "The truth about commercial interest rate increases." When you place quotes around a phrase or title in the search field, the search engine will show results only for those websites containing that exact phrase. Placing a dash in front of the word means that you do not want the word included in the search. Placing an underscore between words and parentheses around the phrase is less likely to retrieve the exact results desired. SOURCE: NF:078 SOURCE: Google. (2019). Refine web searches. Retrieved August 19, 2019, from https://support.google.com/websearch/answer/2466433?hl=en

7. Which of the following is a true statement about listening skills while handling telephone calls: A. If you listen very carefully, you will not have to ask questions. B. It is easy to listen while carrying on other activities. C. Listening is a natural skill that doesn't require practice. D. Being a good listener requires active-listening skills.

7. D Being a good listener requires active-listening skills. To be a good listener while handling telephone calls, you need to learn to shut out distractions, put aside what you are working on, and focus on what the speaker is saying. This is not a natural skill, but it is one that can be learned through practice. There will still be times when, no matter how carefully you listen, you will have to ask questions. SOURCE: CO:114 SOURCE: Lehman, C., Dufrene, D., & Walker, R. (2020). BCOM (10th ed.) [p. 29]. Boston, MA: Cengage Learning, Inc.

70. When evaluating the reliability of a journal article that addresses a complex issue or topic, it is important to consider the author's A. expertise and knowledge. B. age and expertise. C. gender and age. D. knowledge and gender.

70. A Expertise and knowledge. An important consideration when evaluating the reliability of a journal article is the author's expertise and knowledge about the subject matter. Age and gender are not primary factors to consider when evaluating the reliability of a journal article that addresses a complex issue or topic. SOURCE: NF:079 SOURCE: University of Southern Queensland. (n.d.). Using the R.E.V.I.E.W. method. Retrieved August 28, 2019, from https://lor.usq.edu.au/usq/file/f9ec7f38-3676-4197-9e68- c6739cba79b0/1/evaluating-research- resources.zip/content/index.html#/lessons/MOSKsWQL4Xa60zyzBsGN- E188F7svvk4?_k=oxrdq3

71. Reese is writing a paper for his business class. He wants to include an idea he found in one of his sources. He rewrites the main points in his own words, making sure to attribute his ideas to the original source. Reese is A. plagiarizing. B. paraphrasing. C. quoting. D. summarizing.

71. D Summarizing. Quoting, paraphrasing, and summarizing are all ways to incorporate another writer's work into your own. Although they are similar, there are key differences among them. Quoting occurs when you use someone else's text word-for-word. Paraphrasing involves using a section of the source material, but putting it into your own words. What Reese is doing is summarizing—putting the ideas in the source material into his own words but including only the main points. His summary will be much shorter than the original text, since he's only including the most important information. Quoting, paraphrasing, and summarizing are not the same as plagiarizing. Plagiarizing occurs when you use someone else's words or ideas and don't credit him/her. That's not what Reese is doing, since he's being careful to cite the original source. Avoiding plagiarism is very important, since it's dishonest, and it can have negative consequences at school or work. SOURCE: NF:080 SOURCE: The OWL at Purdue. (1995-2019). Quoting, paraphrasing, and summarizing. Retrieved August 19, 2019, from https://owl.purdue.edu/owl/research_and_citation/using_research/quoting_paraphrasing_and _summarizing/index.html

72. A risk involved with information management is leaving customers unprotected from A. high prices. B. bad customer service. C. identity theft. D. faulty products.

72. C Identity theft. A risk involved with information management is leaving customers unprotected from identity theft. An information management program that does not use technology properly may put customers' personal information at risk. Appropriate information management will not necessarily protect customers from bad service, high prices, or faulty products. SOURCE: NF:110 SOURCE: LAP-NF-110—In the Know (Nature of Information Management)

73. What is the importance of the computer hard drive in a computer system? A. It permanently stores the computer program files and data. B. It facilitates the computer's audio transmissions. C. It allows the user to view the computer data. D. It transmits power to other computer devices.

73. A It permanently stores the computer program files and data. The hard drive is the component of the computer's central processing unit (CPU) that stores the computer's program files and inputted data. A sound card is a device that transmits sound waves through the computer so the user can hear audio elements. A computer monitor allows the user to view the computer data. The power supply transmits power to other computer devices (e.g., printer) so they can operate. SOURCE: NF:084 SOURCE: Lacoma, T. (2018, March 19). What is a hard drive? Retrieved August 19, 2019, from https://www.digitaltrends.com/computing/what-is-a-hard-drive-your-guide-to-computer- storage/

74. Businesspeople often use the calendar applications on their mobile devices to A. check their email. B. obtain driving directions. C. send text messages to clients. D. track their appointments.

74. D Track their appointments. Most mobile devices have calendar and scheduling applications that allow users to set and track their tasks and appointments. Mobile devices also include Internet access to check email, text-messaging functions to send text messages to clients, and global positioning systems (GPS), which are navigational tools that help users obtain driving directions. SOURCE: NF:005 SOURCE: Wax, D. (n.d.) Use your mobile phone to stay organized on the go. Retrieved September 4, 2019, from https://www.lifehack.org/articles/featured/use-mobile-phone-to-stay-organized-on- the-go.html

75. Dara is using Google to locate information on the Internet about her research report topic. She is using a search A. machine. B. engine. C. technology. D. group.

75. B Engine. Search engines (such as Google, Yahoo, or Bing) find web pages that correspond to the phrases, key words, or topics you enter. If Dara searches for her research report topic, she will receive results that correspond to that topic. Search engines are not referred to as machines, technologies, or groups. SOURCE: NF:006 SOURCE: Kimmons, J. (2019, February 4). What is a search engine? Retrieved September 4, 2019, from https://www.thebalancesmb.com/search-engine-2867354

75. Computer programs that allow businesses to manage all types of activities, such as inventory control and finance, are known as A. wireless connectivity programs. B. electronic communications programs. C. interactive information display packages. D. integrated software application packages.

75. D Integrated software application packages. Integrated software application packages allow businesses to manage all types of business activities, such as inventory control, finance, tracking, invoicing, etc. For example, businesses can track the placement of an order, when the order is shipped and received, when an invoice is generated, and when payment is received. These types of computer programs are not known as electronic communications programs, interactive information display packages, or wireless connectivity programs.

76. A business wants to purchase computer software that would store, manage, and retrieve customer information in order to better serve customer needs and increase sales. What type of software should the business buy? A. Database B. Spreadsheet C. Word processing D. Computer-aided design

76. A Database. A database program allows the organized collection of information with pieces of information related to one another. This information can be used to maintain, analyze, and combine customer information. Spreadsheets, word-processing software, and computer-aided design do not perform the functions required by the business. SOURCE: NF:009 SOURCE: Chapple, M. (2019, July 10). What is a database? Retrieved August 28, 2019, from https://www.lifewire.com/what-is-a-database-1019737

77. The ability to quickly and accurately calculate mathematical data is one of the characteristics of a __________ software program. A. spreadsheet B. database C. graphics D. word-processing

77. A Spreadsheet. Spreadsheet software programs are designed to organize, calculate, and analyze mathematical or numerical information. Businesses are able to enter mathematical information into rows and columns, and the software provides accurate calculations in a matter of seconds. Database software programs maintain information according to specific criteria. Word-processing software programs are used to create text documents. Graphics software programs are used to combine text and pictures to create visual impact. SOURCE: NF:010 SOURCE: Masters, T. (2019, January 28). Spreadsheets vs. databases. Retrieved August 19, 2019, from https://smallbusiness.chron.com/spreadsheets-vs-databases-53907.html

78. Stella has just finished designing the web page for her new business. Next, she needs to select a ___________ and register the website's ____________. A. hyperlink, modem B. web host, domain name C. media permit, server D. file link, ethernet

78. B Web host, domain name. After creating a web page, the developer needs to post the web page through a web host (web server) or Internet service provider (IPS). The web host may charge a fee to post and store the web page, although some web hosts will provide the service free of charge. The domain name is the business's web address. Internet users enter the web address to view Stella's website. Stella can register her domain name directly with the Internet Corporation for Assigned Names and Numbers (ICANN). Or, Stella can work with her web host to register the domain name for her. Stella does not need to register a hyperlink, media permit, or file link with any organization. A hyperlink (link) is the component of an electronic document (file) that can be clicked on in order to jump to another place within the document or into a different document. A modem is an internal or external computer communications device that is used to transmit information over a particular medium such as telephone lines or television cables. Ethernet is a local area network. SOURCE: NF:042 SOURCE: Tester, A. (2016, December 21). Publishing your website in three steps. Retrieved August 19, 2019, from http://www.webhostingsearch.com/articles/how-to-publish-your-website.php

79. Because operations managers control so much of a business's money, they must focus on A. keeping costs low. B. hiring the best employees. C. creating effective advertising campaigns. D. generating publicity.

79. A Keeping costs low. Because operations managers control so much of a business's money, they must focus on keeping costs low. Operations managers are not responsible for hiring employees, creating advertising campaigns, or generating publicity. SOURCE: OP:189 SOURCE: LAP-OP-189—Smooth Operations (Nature of Operations)

8. When Dale is taking notes during a staff meeting, he should A. avoid abbreviations and symbols. B. write his notes in complete sentences. C. capture every word that is said. D. organize his notes in a logical manner.

8. D Organize his notes in a logical manner. Effective note-taking is essential in school as well as on the job. Regardless of whether you are in a university lecture hall or in a staff meeting, taking notes helps you better remember important information and record facts, figures, and other details that may not be available elsewhere. Notes that are organized in a logical manner are much clearer, more understandable, and easier to read than notes that follow no form at all. When taking notes, it is not necessary to capture every word that is said. Instead, you should focus on the main points and subpoints of the conversation. It is also not necessary to write notes in complete sentences. To save time and space, you should use abbreviations and symbols whenever appropriate. SOURCE: CO:085 SOURCE: Vanderkam, L. (2015, May 14). How to master the art of taking better notes. Retrieved August 19, 2019, from https://www.fastcompany.com/3046058/how-to-master-the-art-of- taking-better-notes

80. An employee notifying a government agency that the business is violating health and safety regulations is an example of A. reporting noncompliance. B. spreading gossip. C. unethical behavior. D. verbal communication.

80. A Reporting noncompliance. Certain government agencies have developed health and safety regulations that businesses are expected to follow in order to provide employees with a safe work environment. If businesses do not comply with these regulations, they should be reported for noncompliance so the necessary action can be taken to solve the problem and make the workplace safe for employees. The goal is to correct dangerous situations and keep the workplace safe. An employee notifying a government agency is not an example of spreading gossip, unethical behavior, or verbal communication. In fact, the employee is exhibiting ethical behavior. Also, the employee may have notified the agency in writing which is nonverbal communication. SOURCE: OP:005 SOURCE: OSHA Education Center. (2019) How to report labor violations. Retrieved August 19, 2019, from https://www.oshaeducationcenter.com/articles/reporting-labor-violations/

80. A common type of injury that can result from improper lifting is a A. fall. B. strain. C. shock. D. wound.

80. B Strain. Back muscles can be strained by improper lifting of heavy or bulky objects. This kind of injury often takes a while to heal and in some cases never heals completely. Shock is caused by a traumatic occurrence or contact with electric current. A wound is an injury of any kind. A fall occurs when someone trips while walking or falls from an elevated location to the ground.

81. One way that businesses maintain the security of data that they send over the Internet to clients is by using a software program that prevents a(n) A. attachment from being included. B. virus from being downloaded. C. document from being forwarded. D. search engine from being used.

81. C Document from being forwarded. Some businesses use software programs that help maintain the security of data they send over the Internet to clients. These programs prevent documents from being forwarded to others so the information does not end up in the hands of competitors. Also, these programs prevent others from copying, editing, or printing the documents which helps maintain the information in its original form. These software programs do not prevent a virus from being downloaded, an attachment from being included, or a search engine from being used. SOURCE: OP:064 SOURCE: Bartlett, M. (2016, February 13). Disable email forwarding in Outlook 2016 & 2013. Retrieved August 19, 2019, from https://www.technipages.com/outlook-disable-email-forwarding

81. When a workplace security issue occurs, an employee should report the problem to the appropriate __________ agency. A. health B. fire prevention C. law enforcement D. welfare

81. C Law enforcement. Theft and robbery are examples of security emergencies. Many companies develop procedures that advise employees how to handle these types of situations. If a theft or a robbery occurs, an employee generally contacts law enforcement officials (e.g., police). The fire department is contacted about fire-related issues. Health and welfare agencies do not handle security issues.

82. What kind of dangerous situation might result if a new employee operates specialized equipment without having received prior training on how to properly use that equipment? A. Personal tension B. Mental stress C. Physical fatigue D. Safety hazard

82. D Safety hazard. A safety hazard is any situation that has the potential to cause bodily harm. Machines and equipment can be hazardous to workers who don't know how to use them. Using specialized equipment without prior training can result in possible injury to the employee or a coworker. Stress is a mental or emotional feeling of pressure or tension. Fatigue is a state of mental or physical tiredness. Tension is stress. SOURCE: OP:007 SOURCE: Mathis, R.L., Jackson, J.H., Valentine, S.R., & Meglich, P.A. (2019). Human resources management (15th ed.) [Lesson 14.3c]. Boston, MA: Cengage Learning, Inc.

83. The most flexible document within a project plan is the A. risk-management plan. B. project schedule. C. project scope. D. quality-management plan.

83. B Project schedule. The most flexible document within a project plan is the project schedule. This is because deadlines within the project may be pushed forward or backward as priorities shift. It's still important to have a tentative schedule in place, however. The risk-management plan, the project scope, and the quality-management plan are not as changeable as the project schedule.

83. One way that employees can help prevent accidents is by practicing A. emergency methods. B. first-aid techniques. C. good health habits. D. security procedures.

83. C Good health habits. Practicing good health habits helps reduce the risk of carelessness, which commonly causes workers to make errors that result in accidents. People who eat a balanced diet, get plenty of sleep, and exercise regularly are more rested, alert, and able to concentrate on their work. Practicing first-aid techniques, emergency methods, and security procedures will not help employees prevent accidents, but they should be trained in those areas in order to properly deal with accidents once they have occurred. SOURCE: OP:009 SOURCE: Clark, B., Basteri, C.G., Gassen, C., & Walker, M. (2014). Marketing dynamics (3rd ed.) [pp. 564-566]. Tinley Park, IL: The Goodheart-Willcox Co.

84. Which of the following is NOT an example of point-of-sale fraud committed by employees: A. Accepting a check from a customer who lacks funds to cover it B. Undercharging friends or family members for purchases C. Overcharging customers and keeping the extra money D. Using employee discount privileges for friends or family members

84. A Accepting a check from a customer who lacks funds to cover it. This is an example of customer fraud. Even though the employee may follow all procedures for handling checks, the check may still be "bad" because the customer does not have enough money in the bank to cover the check. An employee commits fraud when deliberately causing losses to the business by overcharging and keeping the difference, undercharging friends, and misusing the discount privilege. SOURCE: OP:013 SOURCE: Clark, B., Sobel, J., & Basteri, C.G. (2014). Marketing dynamics (3rd ed.) [pp. 682-683]. Tinley Park, IL: Goodheart-Willcox.

85. Why is it important for business employees to follow established security procedures? A. To develop a healthy environment B. To create a pleasant facility C. To avoid the risk of accidents D. To reduce the possibility of loss

85. D To reduce the possibility of loss. Businesses establish security procedures, which are activities that employees should follow to protect the business from loss. These security procedures are intended to reduce the risk of robbery, assault, and other violent crimes, all of which might result in a loss for the business. For example, robbery usually results in financial loss. Employees do not follow established security procedures to create a pleasant facility, avoid the risk of accidents, or develop a healthy environment. SOURCE: OP:152 SOURCE: Hudson, M. (2018, December 31). Shoplifting prevention 101: A guide to stopping retail theft. Retrieved August 19, 2019, from https://www.thebalancesmb.com/shoplifting-prevention- 101-2890256

86. The people who are impacted by a project in any way are called A. workers. B. team members. C. customers. D. stakeholders.

86. D Stakeholders. Stakeholders are people who are impacted by the project in any way. Customers, team members, and workers might be stakeholders, but they are not the only people who are impacted by the project. SOURCE: OP:519 SOURCE: LAP-OP-519—Plan On It! (Planning Projects)

87. A project team decided to meet every week, but after a while, the members realized that monthly meetings would be enough. The project team is monitoring A. budget. B. quality. C. risk. D. communications.

87. D Communications. Project teams usually develop a communications plan that they follow throughout the course of the project. Communications between teams and stakeholders need to be monitored. Monitoring communications includes making sure your planned communications are appropriate for your project, such as the project team determining that biweekly meetings were more appropriate than weekly meetings. This example does not involve monitoring budget, quality, or risk. SOURCE: OP:520 SOURCE: LAP-OP-520—Check Your (Project) Pulse (Monitoring Projects and Taking Corrective Actions)

88. Which of the following is a goal that takes priority over other activities: A. Performance goal B. Effective goal C. Learning goal D. SMART goal

88. B Effective goal. An effective goal is one that takes priority over other activities through wise decisions. A SMART goal is one that is specific, measurable, attainable, results oriented, and time bound. Performance and learning goals are types of goals you can work toward. Learning goals have to do with mastering a skill, whereas performance goals have to do with how well you do something or simply completing a task.

88. Which of the following is an indicator that your project is a success: A. It is temporary. B. The team is challenged by the work. C. It offers financial value. D. It comes in under budget.

88. C It offers financial value. When it comes down to it, money matters. A successful project should bring money in rather than waste it. Whether or not the team is challenged by the project's work does not necessarily indicate project success. Successful project outcomes are sustainable rather than temporary. Finally, projects that come in under budget can be successful, but not in every instance. SOURCE: OP:521 SOURCE: LAP-OP-521—Making the Grade (Evaluating Project Success)

89. Which of the following is an example of paradigm innovation: A. Energy-saving light bulbs B. Windows computer operating system C. The latest model of the Honda Civic D. Rechargeable batteries

89. B Windows computer operating system. Paradigm innovation takes place when the entire perception of a product, company, or industry takes place. The Windows computer operating system revolutionized the way people input, transfer, share, and export information through personal and networked computers. Businesses worldwide use the Windows operating system. Energy-saving light bulbs, the latest model of the Honda Civic, and rechargeable batteries are examples of product innovation. Product innovation takes place when a company creates a new product or redesigns an existing product.

89. Centralized retail buying can become ineffective for a large chain when A. purchasing responsibility is shared by buyers. B. its stores are divided into districts. C. all buying is carried out at one location. D. its stores are located very far apart.

89. D Its stores are located very far apart. Retail chains can grow so large that centralized buying no longer is effective. To correct this, the chains switch to decentralized buying in which the country is divided into districts, and district managers take responsibility to buy for district stores. Having buying carried out in one location and giving purchasing authority to buyers of different lines help make centralized buying effective. SOURCE: OP:015 SOURCE: LAP-OP-002—Buy Right (Purchasing)

9. Which of the following is a guideline for developing effective written communication: A. Be thorough. B. Be repetitious. C. Be wordy. D. Be trite.

9. A Be thorough. Effective written communication must be thorough and contain all the information necessary for the recipient to respond or react. Effective written communication answers the questions of who, what, when, where, why, and how. Recipients of effective written communication will understand exactly what the senders are trying to convey. Effective written communication should not be repetitious, wordy, or trite. SOURCE: CO:016 SOURCE: Mulkeen, D. (2016, April 19). 8 top tips for effective business writing. Retrieved August 19, 2019, from https://www.communicaid.com/communication-skills/blog/communication- skills/top-tips-for-effective-business-writing-2/

90. Which of the following should a person do first when facing the need to make a decision: A. Evaluate information B. Make a choice C. Analyze results D. Define the objective

90. D Define the objective. The first step in the decision-making process is identifying what it is you want to do. The decision-making process begins when a person becomes aware of a situation and sees the need to make a decision. Making a choice, analyzing results, and evaluating information are steps in the decision-making process that occur after the objective is defined.

90. Which of the following actions would most likely be taken by an organized employee: A. Having coworkers prioritize workload B. Thriving on tight deadlines C. Asking for help to complete tasks D. Planning work ahead of time

90. D Planning work ahead of time. Planning work involves scheduling activities and making sure to have the supplies needed to complete tasks. This helps effectively manage time, so work can be done at a relaxed pace. Generally, employees who work at a relaxed pace do not make as many mistakes as those employees who are rushed and work on unnecessarily tight deadlines. Planning work often leads to greater productivity and efficiency, which means an employee is less likely to impose on coworkers for help to complete a task or project on time. SOURCE: PD:009 SOURCE: Downing, S., & Brennan, J. (2018). On course: Strategies for success in college, career, and life (9th ed.) [Lesson 4-5a]. Boston, MA: Cengage Learning, Inc.

91. Before trying to generate possible solutions to problems, it is essential to identify all of the A. consequences. B. rewards. C. outcomes. D. facts.

91. D Facts. This is a critical step in the problem-solving process and should be done immediately after the problem has been defined. Conduct an inventory of the facts by making lists or diagrams. It is not always possible to identify all the outcomes or consequences of a possible solution in advance. Solving problems does not always bring rewards other than the elimination of the problem. SOURCE: PD:077 SOURCE: LAP-PD-077—No Problem (Demonstrating Problem-Solving Skills)

92. Laura has made a list of the things she most enjoys doing and the way she likes to spend her time. This list will help Laura A. increase her level of ability. B. improve her study habits. C. measure her work skills. D. identify an appropriate career.

92. D Identify an appropriate career. In order to find out which career would be most appropriate for you, you first need to know yourself. This involves identifying the things that interest you, as well as assessing your skills, aptitudes, and other traits. Assessing your interests will not help you increase your level of ability. It also will not help in measuring work skills or improving study habits. SOURCE: PD:013 SOURCE: Jordan, A., & Crews, T.B. (2019). Investigating your career (3rd ed.) [p. 12]. Boston, MA: Cengage Learning, Inc.

93. Employees who arrive at work on time and direct their own work-related activities during the course of the day usually possess positive __________ skills. A. inner-qualitative B. self-conceptual C. self-management D. personal-orientation

93. C Self-management. The ability to control one's own activities, behaviors, and attitudes in the workplace is often referred to as self-management. Employees who make a conscious effort to get to work on time each day are engaging in positive self-management skills. Other activities that employees can control in the workplace might include their ability to perform and produce quality work in a given time, willingness to learn new activities, level of flexibility, and degree of workplace socializing. Self-concept refers to how one views him/herself. Inner-qualitative and personal-orientation are not terms frequently used to describe self-control issues as they relate to the workplace. SOURCE: PD:020 SOURCE: Downing, S., & Brennan, J. (2018). On course: Strategies for success in college, career, and life (9th ed.) [Lesson 4-5]. Boston, MA: Cengage Learning, Inc.

94. Tia has many interests and doesn't know which career path is best for her. One method Tia can use to determine the best occupational options for her is to A. develop a general interest questionnaire. B. have friends and family critique her personality type. C. complete an aptitude assessment survey. D. surf the Internet for job descriptions.

94. C Complete an aptitude assessment survey. Many people have a difficult time selecting a career path that is right for them. Some people complete professionally developed aptitude assessment surveys to help them determine their aptitudes and skills. By considering factors such as personality type, abilities, interests, and learning style, a person can use the survey results to determine the career for which s/he is best suited. Although constructive input from friends and family might help Tia in assessing her career options, the information may not provide her with the objectivity and the detail she would receive from a professionally developed assessment survey. Developing a general interest questionnaire and surfing the Internet for job descriptions are not activities that will provide her with guidance in terms of her specific career selection. SOURCE: PD:023 SOURCE: Jordan, A., & Crews, T.B. (2019). Investigating your career (3rd ed.) [Lesson 3-2]. Boston, MA: Cengage Learning, Inc.

95. Taylor works as a public relations manager. His career is in the area of A. marketing research. B. operations management. C. professional selling. D. marketing communications.

95. D Marketing communications. Taylor's career in public relations is in the area of marketing communications. Marketing communications involves marketing activities that inform, remind, and/or persuade the targeted audience of ideas, experiences, goods/services, and/or images. Examples of marketing communications techniques include advertising, direct marketing, digital marketing, publicity/public relations, and sales promotion. Taylor's career is not in the areas of operations management, professional selling, or marketing research. Employees working in operations management focus on planning, organizing, coordinating, and controlling the resources needed to produce/provide a business's goods and/or services. Careers in professional selling involve marketing and management activities that determine customer needs/wants and respond through planned, personalized communication to influence purchase decisions and enhance future business operations. Marketing research jobs focus on marketing activities that involve determining information needs, designing data- collection processes, collecting data, analyzing data, presenting data, and using data for marketing planning. SOURCE: PD:025 SOURCE: LAP-PD-025—Go for It! (Careers in Business)

96. How do entrepreneurs develop their skills? A. By training and continuous practice B. By reducing their flexibility C. By becoming an autocratic leader D. By seeking little or no advice from others

96. A By training and continuous practice. Skill is defined as the ability to perform a task that is developed through knowledge, training, and practice. Entrepreneurs also grow by learning to be flexible and seeking advice from others. Flexibility is the ability to adapt to changes as they occur. When entrepreneurs seek advice, they exhibit open-minded behavior. Being open-minded is the ability to see different viewpoints. Being open-minded and flexible are behaviors that successful entrepreneurs generally exhibit. Autocratic leadership is a dictatorial style of leading in which the leader determines all policies, maintains close control, and lets employees know only what they need to know in order to do the job. Possessing this form of leadership does not necessarily help entrepreneurs develop the skills they need. SOURCE: PD:066 SOURCE: LAP-PD-066—Own Your Own (Career Opportunities in Entrepreneurship)

97. What types of skills are extremely important for an applicant to use effectively during an employment interview? A. Occupational B. Communication C. Management D. Educational

97. B Communication. Good communication skills will enable an applicant to perform well during an employment interview. An applicant who carefully listens to questions, provides brief but concise answers, and speaks clearly will make a positive impression on the interviewer. Proper body language, or nonverbal communication, such as maintaining eye contact and having a pleasant facial expression, also helps applicants interview effectively. Applicants with good communication skills usually are able to favorably explain their occupational, educational, and management skills to interviewers. SOURCE: PD:028 SOURCE: Clark, B., Basteri, C.G., Gassen, C., & Walker, M. (2014). Marketing dynamics (3rd ed.) [pp. 645-648]. Tinley Park, IL: The Goodheart-Willcox Co.

97. Which of the following often makes it necessary for workers to continue their education and obtain training to pursue different careers: A. Changes in geography B. Increases in responsibility C. Advances in technology D. Limits to confidentiality

97. C Advances in technology. Advances in technology have eliminated the need for some jobs while creating a need for new jobs. Therefore, some employees need additional education and training to change careers and pursue different occupations because the jobs for which they were trained no longer exist. Workers usually do not need to continue their education and obtain training to pursue different careers because of increases in responsibility, changes in geography, or limits to confidentiality.

98. A primary purpose of sending a follow-up letter to the interviewer after a job interview is to A. ask for a second interview, if the first interview did not go well. B. provide detailed information about your integrity and skills. C. reinforce your qualifications and interest in the position. D. request more information about the job's salary and benefits.

98. C Reinforce your qualifications and interest in the position. It is a courtesy to send follow-up letters to interviewers to thank them for their time. The applicant can use the letter to reinforce his/her qualifications and express his/her interest in the position. This letter may also help the interviewer remember the applicant. The follow-up letter should be brief—the detailed information should have been provided in the application and résumé and during the interview. If the first interview did not go well, interviewers do not usually ask applicants for a second interview. It would be inappropriate to request more information about the job's salary and benefits in a follow-up letter. This type of information is typically provided when the employer extends a job offer to the applicant. SOURCE: PD:029 SOURCE: Means, T. (2019). Business communication (3rd ed.) [Lesson 15.4]. Boston, MA: Cengage Learning, Inc.

99. Serving as a volunteer in a specific industry or for a business-related organization is one way that individuals might obtain A. guidance counseling. B. monetary compensation. C. technical training. D. work experience.

99. D Work experience. Many young people have limited paid work experience, and many of these jobs may be in areas unrelated to their career goals. One way to obtain valuable work experience is to serve as a volunteer in a specific industry or for a business-related organization. Volunteer work refers to activities or tasks that a person performs without pay. Although responsibilities might be menial in nature, the experience provides the volunteer with insight as to how business operates and what is expected of employees. Volunteers usually do not receive monetary compensation, technical training, or guidance counseling. SOURCE: PD:032 SOURCE: Doyle, A. (2019, July 08). Volunteer to get valuable work experience. Retrieved August 19, 2019, from https://www.thebalancecareers.com/dream-job-timeline-2059455

45. Sooji shows that she is a high achiever by taking __________ risks and avoiding __________ risks. A. moderate; high B. high; realistic C. unrealistic; moderate D. high; moderate

A

A SMART goal

A SMART goal is one that is specific, measurable, attainable, results oriented, and time bound.

storyboard

A blueprint that combines copy and visual material to show the sequence of major scenes in a commercial (graphic organizer, pictures, graphs, simple statements)

Executive Summary

A brief overview of the key points contained in a business plan

franchise

A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area

Limited Liability Company

A business organization in which the business (not the owner) is liable for the company's debts

corporation

A business owned by stockholders who share in its profits but are not personally responsible for its debts

bonds

A certificate issued by a government or private company which promises to pay back with interest the money borrowed from the buyer of the certificate: The city issued bonds to raise money for putting in new sewers.

adaptation

A characteristic that improves an individual's ability to survive and reproduce in a particular environment.

commission

A commission is a percentage of the total sale amount paid to the individual or business that makes the sale.

Quality Management Plan

A component of the project or program management plan that describes how an organization's quality policies will be implemented. The risk-management plan, the project scope, and the quality-management plan are not as changeable as the project schedule.

Risk Management Plan

A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed. The risk-management plan, the project scope, and the quality-management plan are not as changeable as the project schedule.

intuitive method

A cost-based approach to finding an initial solution to a transportation problem

Regular Credit Account

A credit account which allows credit users to buy at any time during a set period, usually 30 days; also called an open account

interview

A face-to-face or telephone questioning of a respondent to obtain desired information.

commercial bank

A financial institution that accepts demand deposits and makes loans and provides other services for the public

fine

A fine is a monetary sum paid to a government agency when an individual or business violates a law.

Budget credit account

A form of short-term credit often set up for 60- or 90-day periods with a payment due every 30 days

General Endorsement

A general endorsement allows the endorser to cash the check or deposit it into the account of his/her choice—there are no restrictions placed on the funds transfer.

broadband

A high-speed Internet connection that is always connected

personal letter

A letter written by an individual rather than a business firm (WD 96). From person to person

return on capital

A measure of how well a business generates cash flow in relation to the capital it has already invested in itself.

Office Memorandum

A memorandum that objectively analyzes the law; the memo is written for your supervisor or for other individual(s) in your office. Would be an effective way to communicate a job-related suggestion to your supervisor

Parliamentary Procedure

A method of conducting meetings in an orderly manner

General Partnership

A partnership in which all owners share in operating the business and in assuming liability for the business's debts.

General Partnership

A partnership in which all owners share in operating the business and in assuming liability for the business's debts. Partnerships offer lower tax rates but do not offer limited liability.

internship

A position in which a person receives training by working with people who are experienced in a particular field.

extranet

A private electronic network that links a company with its suppliers and customers

spreadsheet

A program that allows you to use rows and columns of data to manage, predict, and present information. (can be used to analyze operating expenses and level of sales)

financial planners

A qualified investment professional who helps individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve that client's goals.

restrictive endorsement

A restrictive endorsement limits how the check can be processed. In the example, the check can only be deposited to the endorser's (Maria) specified account. The check cannot be cashed or placed into another account.

appendix

A section at the end of a paper that includes information that is too detailed for the text of the paper itself and would "burden the reader" or be "distracting," or "inappropriate"

credit policy

A set of rules that include the firm's credit period, discounts, credit standards, and collection procedures offered. How much credit they can extend to customers

presentation

A set of slides or handouts that contains information you want to convey to an audience.

job shadowing

A short-term experience that allows the student to follow an experienced worker and see the day-to-day activities of a particular career.

stipend

A stipend is a fixed sum of money paid as a salary or allowance.

Unemployment Compensation

A system of government payments to people who are out of work and looking for a job. (transfer payment)

Tax liability

A tax liability is tax that a person or business must pay the government. Certain events, like annual income, an inheritance, and money from the sale of an asset, are taxable.

sales tax

A tax on a sale of merchandise or services

income tax

A tax on people's earnings

property tax

A tax on the value of a property

wholesaler

A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.

Subchapter S Corporation

A type of corporation that is limited to 100 or fewer shareholders, has limited shareholder liability, and requires little financial reporting; taxed as a partnership; also known as an "S" corporation This form of business ownership limits personal liability and offers a lower rate of taxation. Profits go directly to stockholders who pay taxes as individuals. This avoids the problem of double taxation on corporate profits.

installment credit account

A type of credit account set up to handle one total amount of credit which is to be paid off in regular installments

independent relationship

A zero association between two variables. When one variable changes, the other variable remains unchanged.

globalization

Actions or processes that involve the entire world and result in making something worldwide in scope.

place utility

Adding value to products by having them where people want them. how conveniently can i get this to customer?

Time Utility

Adding value to products by making them available when they're needed. how fast can i get this to customer?

promotion

Advance an employee earns by being productive, cooperation, dependable, and highly skilled.

budget credit

Advertise credit terms such as "90 days same as cash"

multiuser capabilities

Allows multiple users to simultaneously enter and update data

accounts payable

Amounts to be paid in the future for goods or services already acquired (liability, money owned by a company to its creditors)

Accounts Receivable

Amounts to be received in the future due to the sale of goods or services (assets, total amount of money owed to a business)

wages

An amount of money paid to an employee at a specified rate per hour worked

Phishing

An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information

Traditional Economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

Effective goal.

An effective goal is one that takes priority over other activities through wise decisions.

undercover shoppers

An individual who poses as a customer in order to check on the honesty of employees.

memo

An informal correspondence written within an organization. (internal)

profit-and-loss statement

An itemized financial statement of the income and expenses of a company's operations, may not give all info you need about overall financial condition

Project schedule.

An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources. The most flexible document within a project plan is the project schedule. This is because deadlines within the project may be pushed forward or backward as priorities shift. It's still important to have a tentative schedule in place, however.

57. Which of the following is a variable expense that Jake must consider when developing his personal budget: A. Anticipated salary increases B. Unexpected car repairs C. Fixed car-loan payments D. Homeowner insurance premiums

B: -EXPENSE: "a" is not an expense

28. Why are certain monopolies permitted to exist? A. To stabilize the economy B. To be in the public interest C. To require no regulation D. To protect competition

B; if they think its in the public interest, gov will allow it to exist

69. While researching information for a business report, Tara reads the following statement in an online newspaper article: "Although unemployment has dropped slightly over the past few months, many politicians have indicated that they believe the government has done enough to get our country out of this recession." This is an example of information that contains A. historical facts. B. criticism. C. statistics. D. poll data.

B; if you have the opposite point of view; trick question

98. One reason why many individuals include in their résumés information about their involvement in volunteer programs and charitable organizations is because they A. are socially responsible. B. have no paid work experience. C. do not expect a high salary. D. will need a lot of training.

B; trick question. they haven't worked much, so they list volunteer instead; you wouldn't include being socially responsible on a resume, but Mrs. Armstrong disagrees with their answer. think about it like which is the most valuable reason

endorsement

Banks require checks to be endorsed before processing. Endorsement involves signing the back of the check, which allows the funds to be transferred from the check source to the payee. There are different types of endorsements. (congruent, general, open, restrictive)

interdependent relationship

Both things need each other. (Example- trees need soil and the soil needs the tree's roots to hold it in place) Interdependent. The relationship between your traits and your personality can be described as interdependent. All of your traits interact to give you your own unique personality. Each trait influences, either directly or indirectly, your other traits. Therefore, they are interdependent—dependent upon one another.

capital goods

Buildings, machines, technology, and tools needed to produce goods and services. things that you can buy (not natural resources)

promotional policies

Businesses develop promotional policies to govern such activities as contests, coupons, prizes, and special events intended to attract customers and to increase sales. Employee policies explain how employees are to act and how they are to deal with customers.

price supports to farmers

By supporting prices above the market-clearing level, governments encourage farmers to expand production. To produce more, farmers apply more inputs per acre. They also compete against one another for the finite amount of farmland, bidding up its price.

what is nonverbal assertive behavior

C. Maintaining an appropriate distance from other people.If they stand to close, they are considered aggressive. If they stand to far, they are considered passive.

aptitude

Capacity for learning; natural ability (could be nature or nurture)

Competitive Analysis

Comparing the strengths and weaknesses of your competition.

self-understanding

Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior

Computer Operating Systems

Computer operating systems (set of programs that make computer boot properly and what controls overall activity of computer) Examples: Windows NT, 95,98, Linux, Macintosh

controlling (in a business)

Controlling is the management function that monitors the work effort.

regular credit

Credit that allows users to buy at any time during a set period of time.

12. A credit manager must write a letter of rejection to a credit applicant. To maintain the customer's patronage, the letter should A. not mention the credit application. B. state the bad news immediately. C. be a formal letter of apology. D. open with a positive statement.

D Open with a positive statement. An effective way to relay bad news in written form is to present good news, bad news, and then good news. This process would ease the blow of credit rejection and help to create goodwill. No apology is necessary since the business is following routine procedure and is not responsible for the customer's credit rating. The bad news is presented after a positive opening statement. The credit application is the subject of the letter and must be mentioned.

75. Which of the following is the primary computer-system tool used to input data: A. Hardware B. Printer C. Software D. Keyboard

D: - a TOOL to input

96. What question is often asked in the work experience section of an employment application? A. When are you available to begin work? B. Are you eligible to work in this country? C. What course of study have you completed? D. Why did you leave your previous job?

D: - where you worked, what dates you worked, and why you left - C is not about work, its about school

capital investment decisions

Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether or not to pay dividends to shareholders.

Noneconomic want

Desires for things that can be obtained without spending money

unclear boundaries conflict

Disagreements about what constitutes appropriate behavior are conflicts due to unclear boundaries.

Discretionary and inessential demand

Discretionary and inessential are not terms commonly used to describe demand. SOURCE: EC:005

investment dividend

Dividend stocks distribute a portion of the company's earnings to investors on a regular basis. Most American dividend stocks pay investors a set amount each quarter, and the top ones increase their payouts over time, so investors can build an annuity-like cash stream. (Investors can also choose to reinvest dividends.

Laissez-faire management style

Does not provide guidance or direction and is unable/unwilling to make decisions. Does not provides feedback and imitates little change. Tends to communicate using memos or email instead of personal interaction. May work well with professional people.

Possession Utility

Doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service. how can i offer the customer money? (credit, etc)

market economy

Economic decisions are made by individuals or the open market. (US)

elastic demand

Elastic demand changes when prices change.

operations management

Employees who work in operations management focus on planning, organizing, coordinating, and controlling the resources needed to produce or provide a business's goods and/or services.

Product innovation

Energy-saving light bulbs, the latest model of the Honda Civic, and rechargeable batteries are examples of product innovation. Product innovation takes place when a company creates a new product or redesigns an existing product.

Ethnocentrism

Ethnocentrism is the belief that your own culture is naturally better than other cultures. Unattainable goals, ethnocentrism, and groupthink tend to create circumstances that hinder an organization's ability to achieve its purpose.

exclusion reason for conflict

Exclusion is a reason for a conflict that stems from a feeling of being left out of an activity.

Administrative services.

Executive or administrative assistants are part of administrative services. Tony is an executive or administrative assistant, someone who supports the company president, schedules his/her appointments, and answers his/her phone.

employee handbook

Explains major HR and employee policies and procedures and generally describes the employee benefits provided. Includes the company's policy on using company property

brokerage firm

Facilitates the buying and selling of investments from a stock exchange

Financial analysis (area of operations)

Financial analysis refers to obtaining necessary funds and keeping accurate and complete financial records.

weekly paycheck

For weekly pay, you get a paycheck on the same day every week, such as every Friday. You would get 52 smaller paychecks per year.

business format franchise

Franchisee pays for the right to use the name, trademark, and business and production methods of the franchisor John is a recent college graduate with very little experience in operating a business, but he wants to own a business that has a well-known trade name. If he has sufficient capital to invest, what type of business ownership should he consider?

nationalization

Government takeover and ownership of banks, and the redistribution of their wealth

groupthink

Groupthink is a form of extreme cohesiveness that occurs when individuality and independent thinking within the group are discouraged. Unattainable goals, ethnocentrism, and groupthink tend to create circumstances that hinder an organization's ability to achieve its purpose.

Human resource management

Human resource management careers focus on staffing activities, including everything from recruitment to compensation.

Human resources management

Human resources management involves all the tasks and issues related to keeping the business staffed.

employee policies

If you have decided to have employees, you'll have multiple policies to set up. Many are regulated by federal and state laws. Non-pay benefits create a better relationship with employees because they have a harder time valuing all the benefits

unearned income

Income received from sources other than employment; you didn't work for it (stock that goes up)

inelastic demand

Inelastic demand exists if the demand for a good or service is constant, even if the product's price changes. Some products are considered necessities that consumers must purchase regardless of their cost. (gasoline)

Insurance premiums

Insurance premiums are the fees that the insured pays to the insurer to obtain insurance coverage.

What type of services do property taxes typically fund?

Local fire departments and local law-enforcement agencies

working capital management

Management of a firm's current balance of assets and liabilities; involves accounts payable and receivable, inventory and cash. How do we manage the day-to-day finances of the firm?

authoritarian management

Management style in which managers prefer a exercise a high degree or control over their subordinates

48. Which of the following is an organizational vision: A. Margaret's company wants to be the best sporting goods store in the country. B. Penelope's department wants to offer the best customer service in the state. C. Franco wants to get his project done by the end of the week. D. Omar's shoe store plans to increase sales by 15% this quarter.

Margaret's company wants to be the best sporting goods store in the country. all these other things SUPPORT an organization vision, but your organizational vision is your grand overall end goal which SHOULD be to be the best. why you create.

Marketing (area of operations)

Marketing involves everything related to fulfilling customers' product needs.

Marketing communications

Marketing communications involves marketing activities that inform, remind, and/or persuade the targeted audience. This can include people working in advertising, public relations, and sales promotion.

mind-mapping method

Mind Maps not only highlight important facts, but also show the overall structure of a subject and the relative importance of individual parts of it.

earned income

Money earned from working for pay

Mortgages

Mortgages are loans specifically designed for the purchase of real estate—land, residences, and other types of buildings. Individuals may want to purchase a home to live in or an apartment building to lease to others. Apartment buildings allow individuals to generate income by renting apartment space to others.

mind mapping programs

One computer tool that a businessperson can use to organize online information for a research report is __. Mind-mapping computer programs help individuals organize a lot of information in a meaningful way. Some websites, such as Bubbl.us and Mindmeister, provide mind-mapping programs free of charge. After mapping out the information in a logical order, the writer can then prepare the report in a clear, understandable way. Index cards are manual tools for organizing information. Statistical applications record numerical data. Online survey services (e.g., SurveyMonkey.com) allow users to prepare, distribute, and analyze online questionnaires.

Open and congruent endorsements

Open and congruent endorsements are fictitious terms.

Organizing (in a business)

Organizing is setting up the way the business's work will be done.

Paradigm innovation

Paradigm innovation takes place when the entire perception of a product, company, or industry takes place. The Windows computer operating system revolutionized the way people input, transfer, share, and export information through personal and networked computers. Businesses worldwide use the Windows operating system.

Performance and learning goals

Performance and learning goals are types of goals you can work toward. Learning goals have to do with mastering a skill, whereas performance goals have to do with how well you do something or simply completing a task.

product policies

Product policies involve the kinds of products that businesses decide to offer for sale.

touchpoint

Refers to points in time when the customer and the company come together, either personally or virtually

land resource

Resources that come from the earth

Selling (in a business)

Selling is a marketing function which involves determining consumer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

service policies

Service policies involve special features, such as repairs and delivery, that businesses offer to encourage customers to choose the business rather than another.

skills vs traits

Skills are learned through training, and traits are repeated behaviors that become a part of the personality.

closed circuit television

Systems of cameras, monitors and recording equipment that are not used for broadcasting but are connected to a closed network by cables. CCTV is used primarily for video surveillance of premises.

buyer's market

The best time for consumers to buy; characterized by large supply, small demand, and low prices.

seller's market

The best time for producers to sell; characterized by large demand, small supply, and high prices

trade industry

The industry of purchasing products from manufacturers for resale to the others; members include retailers, wholesalers, resellers, and agents.

purchasing (in a business)

The main function of purchasing is to obtain goods and services for use in the business.

data cleansing

The process of detecting incorrect or insufficient data

probate

The process of proving in court that the will of someone who has died is valid, and of administering the estate of a dead person. probate =appraising (determining value of) property what raffetto said: you put things in a trust to protect you from probate if you dont have probate, when you die, your whole will is taxed

buying power

The quantity of goods and services a person can buy with a given amount of money

the cash conversion cycle

The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials period beg with paying cash for inventory and ending with the collection of cash from the sale of products made with that inventory

market position

The relative standing a competitor has in a given market in comparison to its other competitors.

capital resource

The tools, equipment, and buildings that are used to produce goods and services

project scope

The work that must be performed to deliver a product, service, or result with the specified features and functions. The risk-management plan, the project scope, and the quality-management plan are not as changeable as the project schedule.

volunteer experience

Unpaid experiences; students work to get experience, contacts, or help out. The experiences are not necessarily career related and not usually supervised by school personnel.

23. What is a realistic example of a benefit that employees could expect for reinforcing their company's environmentally friendly image? A. Extra day of vacation for riding a bike to work instead of driving B. Bonus of $500 for finishing a project early C. Airline ticket to the employee who recycles the most over one year D. Luncheon for employees who turn in reports on time

a

60. Limiting the number of credit cards that you have will help you A. manage your spending. B. purchase most of the items that you want. C. waive the transaction fees for each card. D. exceed your credit limit.

a

63. A company's current balance of assets and liabilities falls under the focus of A. working capital management. B. return on capital. C. capital investment decisions. D. the cash conversion cycle.

a

88. A traditional ordering system typically begins with A. the business gathering sales data and inventory information. B. customer surveys to assess customer needs. C. the business making sure all inventory is exhausted first. D. buyers going on buying trips.

a

What is one reason why businesses write informational messages? A. To sell products B. To prepare letters C. To develop memos D. To identify customers

a

49. Which of the following is the best way to approach a coworker who has a vision impairment: A. Make a small amount of noise as you come near B. Tap the person with a paper or other object C. Touch the person to make him/her aware of your presence D. Say something in a loud voice when you reach the person

a make a small noise like clearing your throat or shuffling your feet you dont want to scare them you should NEVER touch a person without their consent

corporate bond

a bond issued by a corporation to help raise money for expansion

Sole Proprietorship

a business owned and managed by a single individual

retailer

a channel intermediary that sells mainly to consumers

rapport

a close and harmonious relationship in which the people or groups concerned understand each other's feelings or ideas and communicate well.

database

a collection of organized data that allows access, retrieval, and use of data

internet

a computer network consisting of a worldwide network of computer networks that use the TCP/IP network protocols to facilitate data transmission and exchange

wholesale market

a concentration of vendors within a specific geographic location, perhaps even under one roof or over the internet

equity

a condition in which people receive from a relationship in proportion to what they give to it (fairness)(ownership of a company)

close corporation

a corporation that does not offer its shares of stock for public sale Open corporations and close corporations offer limited liability but do not offer lower tax rates.

open corporation

a corporation whose stock can be bought and sold by any individual Open corporations and close corporations offer limited liability but do not offer lower tax rates.

tax audit

a detailed examination of your tax return by the IRS

brokerage bills

a fee charged by an agent, or agent's company to facilitate transactions between buyers and sellers

cash flow statement

a financial statement that reports net wages and other income along with spending for a period, such as for a month.

contingency

a future event or circumstance that is possible but cannot be predicted with certainty

Letter of transmittal

a letter that delivers the report to the client and summarizes the researcher's overall experience with the project without mentioning the findings

seasonal market

a market that is affected by weather, time of year, or holidays

intranet

a network designed for the exclusive use of computer users within an organization that cannot be accessed by users outside the organization

proposal

a plan or offer that is usually put down in writing

draft

a preliminary version of a piece of writing.

leading question

a question that implies that one answer would be better than another

factual question

a question that seeks information that can be proven

database query

a question you ask the database so that it provides you with the records you wish to view

paradigm

a set, unchanging model or example

unit control

a stock control method that measures the amounts of merchandise a business handles during a stated period of time

excise tax

a tax on the production or sale of a good

installment credit

a type of closed credit where the loan is repaid with interest in equal periodic payments. Example: car loan, mortgage usually everything except a credit card

revolving credit account

a type of credit agreement that offers a choice of paying in full each month or spreading payments over a period of time

revolving credit

a type of open credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card. whenever they talk about a credit card, it is always REVOLVING CREDIT installment is every other credit besides a credit card

general partnership

a type of partnership in which all partners share equally in both responsibility and liability

relationship management

ability to communicate clearly and convincingly, disarm conflicts, and build strong personal bonds

9. Once you know your group's purpose, what should you do next? A. Contribute in a useful way B. Find out what people know about the subject C. Volunteer a new idea D. Agree on ground rules

agree on ground rules. Once you know your group's purpose, you can (as a group) lay some simple ground rules for appropriate behavior during the discussion. Finding out what people know about the subject and contributing in a useful way occur later in the process. Volunteering a new idea is a discussion tool for contributing in an open-minded way.

Communist Command Economy

all important economic decisions are made by the government leaders.

accounting information helps to

allocate funds

Multithreading capabilities

allow different components of one computer program to run at the same time

deductive order approach

also called the direct approach: main ideas, recommendations, most important ideas first

income statement

also known as profit and loss statement; how much they have made and loss over a year

petty cash

an amount of cash kept on hand and used for making small payments; a small reimbursement

open-ended question

an interview question that encourages an answer phrased in the respondent's own words

Appreciative Inquiry

an organizational change strategy that directs the group's attention away from its own problems and focuses participants on the group's potential and positive elements

outline

an organized tool that helps to organize and clarify your thoughts

indirect relationship

as one variable increases, the other decreases

what should you do if you can't find your department's policy regarding __ in the employee handbook?

ask the department manager about the policy. departmental policies are not usually on the website

the easiest way to learn your company's brand promise is to

ask your manager or supervisor: always ask manager/supervisor when you need help

20. Which of the following is the best way to handle customers who come into the business with a string of complaints: A. Give personal advice B. Determine the cause of the problem C. Avoid waiting on them D. Refer them to another business

b

49. Which of the following activities is considered an essential part of thoroughly examining a viewpoint: A. Doing objective research B. Arguing with others C. Reflecting on your beliefs D. Showing respect

b

55. The first step in setting up a budget is to A. cut fixed expenses. B. add up your income. C. maintain a spending log. D. invest in retirement.

b

75. The two best ways to send a document by email are by A. rekeying the document as an email and by sending a file attachment. B. including it as a file attachment and by pasting it into the body of the email. C. rekeying the document in the email and by creating a hyperlink to the document. D. creating a hyperlink to the document and by pasting it into the body of an email.

b

84. When a customer or an employee is involved in a minor accident on the business's premises, an employee of the business should immediately A. offer to take the person home. B. report the accident to a supervisor or manager. C. help the injured person move to a quiet area. D. call the local medical emergency number.

b

97. When writing a letter of application, it is important for individuals to state that A. they have many references. B. a résumé is attached. C. a friend works for the business. D. they are in need of a job.

b

99. Many businesspeople are required to take continuing education classes to A. improve their standard of living. B. maintain their professional certifications. C. demonstrate their emotional intelligence. D. supplement their existing income.

b

The supervisor said, "Amber, I know that this is a busy time for you right now, but I really need for you to give me the weekly expense report on Tuesday morning. Because you submitted last week's report on Wednesday, reimbursement checks were delayed, and several employees did not receive payment when they expected it." The supervisor is providing Amber with A. an unsolicited opinion. C. internal feedback. B. constructive criticism. D. a defensive response.

b

84. Major Company decided to use a loss-prevention technique that would monitor employee activity in the business to detect theft as it takes place. What type of security device should Major Company implement? A. Electronic sensors C. Undercover shoppers B. Closed-circuit television D. Convex, one-way, and two-way mirrors

b Systems of cameras, monitors and recording equipment that are not used for broadcasting but are connected to a closed network by cables. CCTV is used primarily for video surveillance of premises.

benchmark

baseline values the system seeks to attain

brand promise

business agreement that it will consistently meet expectations

consignment

business arrangement in which a business, also referred to as a consignee, agrees to pay a seller, or consignor, for merchandise after the item sells (retail store)

Sole Proprietorship

business owned and operated by one person

Workers' Compensation Insurance

by law, all employers have to pay. if someone gets injured at work and can't work--offsets the expenses of medical care bc they cant work

10. Jolie is working in a group in her business class. If she wants to contribute to her group's discussion in a meaningful way, what should she do? A. Wait for other people to lead the conversation when it gets silent B. Let someone know right away if his/her idea is bad or unrealistic C. Summarize what's been discussed in the conversation D. Ask questions as a way of judging someone else's suggestion

c

27. Which of the following statements about wholesale trade businesses is true: A. They operate only from distribution centers. B. They operate only from mail-order warehouses. C. They operate from a variety of business premises. D. They operate in areas convenient to ultimate consumers.

c

59. Preparing wills and setting up guardianships are types of financial services that often are provided by A. courts. B. executors. C. attorneys. D. beneficiaries.

c

75. Ingrid is able to access information from her desktop publishing software, word-processing software, and spreadsheet software at the same time on her personal computer. This is an example of an operating system with __________ capabilities. A. multiprocessing C. multitasking B. multiuser D. multithreading

c

78. What procedure should always be performed before posting a web page on a web server? A. Review the page to make sure the content meets international trade requirements B. Consult an attorney to verify the accuracy of the web page legal content C. Test the page to identify broken links, missing images, or unclear instructions D. Apply for a patent to protect the web page contents from plagiarism

c

86. You want to do something fun this weekend, so you call up your friends to see if they want to go to an amusement park. This is an example of A. organizing. B. scope. C. planning. D. transparency.

c

9. An individual calls your company and asks to speak with your coworker, Rhonda Hoffman. What should you do if Rhonda is not available to take the call? A. Tell the caller that you would be glad to take his/her order. B. Advise the caller to call again in a few minutes. C. Ask the caller if s/he would like to leave a message. D. Put the caller on hold while you track down Rhonda.

c

63. Why is it important to start early when planning for retirement? A. To benefit from the time value of money B. To beat inflation rates C. To take advantage of compounded interest D. To ensure that protections are in place for retirement plans

c; time value of money indicates that today's dollar is worth more now because of inflation rates, so it's not time value of money

persuasive message

central message that intrigues, informs, convinces, or calls to action

self-fulfillment

commitment to the full development of one's personality, talents, and potential

counseling

communicating with someone about non-job-related issues that may be affecting or interfering with the person's performance

coaching

communicating with someone for the direct purpose of improving the person's on-the-job performance or behavior, helps put knowledge into action on the job

CPA Firm

company that performs accounting services, like accounting advising free lance company -also hired to perform independent audits so that financial statements are reliable

production

converting inputs into outputs

Encryption technology

converts information into code; used to protect privacy and confidentiality of individuals in computer software

19. Which type of customer can best be described as being shy, insecure, and sensitive? A. Suspicious B. Domineering/Superior C. Dishonest D. Slow/Methodical

d

22. One factor that might limit the human resources available for certain jobs is a(n) A. organized training program. B. appealing company image. C. good safety record. D. inadequate pay level.

d

56. One reason why some businesses make investments and hold them for less than one year is to A. control inflation rates. B. monitor long-term wealth. C. reduce tax obligations. D. obtain short-term capital.

d

72. An advantage to a business that uses intranet capabilities is that it allows employees to share the business's information with A. former employees. B. competitors. C. customers. D. each other.

d

75. To streamline its information systems, the Mason Company wants to purchase a computer program that performs a variety of related functions, such as accounts payable, accounts receivable, and general ledger applications. The Mason Company should purchase a(n) __________ computer package. A. customer identification B. marketing intelligence C. engineering design D. integrated software

d

91. What can an employee do on a regular basis to maintain an organized workspace? A. Shred documents that are over one year old B. Make copies of all computer documents C. Place all paperwork in storage boxes D. Discard outdated files and papers

d

Which of the following is a relevant question for a job applicant to ask during an employment interview: A. What is your annual salary? B. Are there any good restaurants nearby? C. Why didn't the sales department meet its goals last month? D. What type of training do you provide for this position?

d

64. Which of the following is a factor that determines how much investment risk a person can handle: A. Banking institution C. Social status B. Income D. Goals

d if youre trying to be a billionaire, you need to take big risks income doesn't dictate your quality of life investment risk is based on what your trying to do, not how much money you have

tax incentives for saving

decrease the equilibrium interest rate and increase the equilibrium quantity of loanable funds

product policy

defining the type, volume and timing of products a company offers for sale: how products are produced and marketed

gap analysis

difference from where you are and where you thought you were going to be

trust departments

division or an associated company of a commercial bank. Trusts and similar arrangements managed for eventual transfer are managed for profit, which it may take out of the assets annually or upon transfer to the beneficial third party

tangible items

easy to put a price on (Value of timber in a forest)

provocative question

encourage a stakeholder to think creatively and laterally. They help to uncover any perceived constraints, and can help to evaluate whether those perceived constraints are real or imaginary

return policy

establishes the conditions under which items that have been ordered, shipped, or delivered may be returned

tax loophole

exceptions or oversights in the tax law that allow some people and businesses to avoid paying taxes

letter

external: written from one company to another

natural risk that businesses should consider when establishing their information-management procedures:

fire

Marketing Information Management

focuses on gathering, assessing info to a business decision making

limited partnership

form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business

short-term committee

formed for a specific purpose and duration of time

project team

from different parts of company assigned to work together on a project

Sales techniques

fundamental procedures salespeople can follow to make sales

when giving verbal instructions, you should always

give concrete examples

An executive summary

gives a fully developed "mini" version of the report

product testing requirments

government requires you to test products before selling them?

gross profit

gross profit = income from sales - cost of merchandise ONLY if you look at the cost of EVERYTHING, and ALL expenses, then THAT is net profit/loss

work team

group of employees, responsible for entire process: all steps

capital intensive conversion process

high priced items

what is often a benefit of good customer service?

higher profits

integrity

honesty, decency

environmental analysis

how is it going to effect the surrounding environment by doing this?

Capital Structuring

how will this investment be financed?

The benefit that a brand promises to its target customers must be

important to the customer. They have to see promises behind the brand as important. They expect a high quality product from a promising.

how should you tell people they are getting laid off

in person. emotionally charged news needed to be delivered in person

professional insurance

incase worker wants to sue company

property insurance

incase your business has a fire or flood

letters of inquiry

is a letter written to request information and/or ascertain its authenticity from a business associate or customer

electronic sensors

is an electronic device used to measure a physical quantity such as temperature, pressure or loudness and convert it into an electronic signal thermal camera

minimum wage laws

laws that set a floor for wage rates - that is, a minimum hourly rate for any kind of labor

contracts

legal agreements between buyers and sellers

corporate bonds

long-term debt issued by private corporations typically paying semiannual coupons and returning the face value of the bond at maturity

customization

making products to meet a particular customer's needs or wants

natural resource

materials found in nature that are used by living things (necessary for production of goods and services)

socialist management style

means of making, moving, and trading wealth should be owned or controlled by the workers

paper money

money in the form of banknotes, issued by the federal government

commission

money thats usually a percentage or a set fee from something that was purchased where you were involved with the sale (car seller, real estate agent)

brand point

not a real term

company promise

not a real term

Honesty includes

not leaving out any facts. honesty= point blank

monopolizing the discussion

one person talking for a long time

self-esteem

one's feelings of high or low self-worth

delivery policy

outlines important information around shipping and delivery when an order is placed online. It often includes details on shipping costs and methods, delivery times, and more

balance sheet

overall financial condition of business at that moment in time

active listening

paying attention, displaying proof of listening, and providing feedback

when a business extends credit to customers, it allows them to obtain goods and services immediately with

payment to be made at a future date

dividends

payments of cash from a corporation to its stockholders

labor resource

physical and mental talents used in production

industrial goods

physical products purchased by companies to produce other products

research facilities

place, laboratory, institution, medical care facility, government facility, or public or private educational institution in which a scientific test, experiment, or investigation involving the use of animals or other living organisms is lawfully carried out, conducted, or attempted

sales strategy

plans for a company's sales activities

authority conflicts

power struggles can arise when people want to control, or be in charge of, the same situation. In the example, Ben and Tasha want the same job, so the reason for their disagreement is authority.

quality circle

problem solving group who are given stuff to work on

purchasing plans

process of establishing objectives and tactics to obtain the best value in a specific purchase

consensus building

process of working toward achieving general agreement within a group

Socialist/Command Economy

production resources are owned by the state and production decisions are centrally coordinated

consumer goods

products and services that satisfy human wants directly (right now)

shopping goods

products that consumers purchase less frequently that have a higher price and require some buying thought

certified public accountants

professionally licensed accountants who meet certain requirements for education and experience and who pass a comprehensive examination (help individuals select the type of life insurance to buy and the most appropriate investments)

selling

providing customers with goods and services they want

production goods

raw materials and components

whistleblowing

reporting others' ethics violations to management or legal authorities

policy

rules you can follow; ways of identifying (you can't date employees)

Multitasking capabilities

running more than one thing at one time

multi-processing capabilities

several central control processing units (computers) to access a single program

Corporate memorandums

short document used to transmit information within an organization. Memos are characterized by being brief, direct, and easy to navigate. They are less formal than letters but should maintain a professional, succinct style.

the difference between a dilemma and an ethical dilemma is that

someone could be harmed in an ethical dilemma. ethical decisions are between what is right and wrong and if you choose wrong, someone could be harmed. a regular dilemma is just where you are required to make an action

Democratic Management Style

staff input is desired and responsibility is often given to staff members to accomplish tasks without direct interaction from the manager

private enterprise

system where the means of production (resources and businesses) are owned and operated by private individuals or groups of private individuals

manufacturer

takes raw materials and makes products useful for customers

which of the following is considered a verbal exchange

teleconfrences

spam filters

that automatically archive email into a spam folder.

absolute advantage

the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources

social awareness

the ability to empathize and understand the emotions of others

emotional intelligence

the ability to perceive, understand, manage, and use emotions

operations

the activities and processes used in making both tangible and intangible products managing the inner workings of your business so it runs as efficiently as possible

data mining

the application of statistical techniques to find patterns and relationships among data for classification and prediction

supply chain

the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function

unlimited wants

the insatiable desire of consumers for goods and services that will give them satisfaction or utility

Cash Conversion Cycle (CCC)

the length of time funds are tied up in working capital, or the length of time between paying for working capital and collecting cash from the sale of the working capital

Product/Service Management

the marketing function focuses on maintaining and improving a service in response to market opportunities

capital structure

the mix of equity and debt financing a firm uses to meet its permanent financing needs

Purchasing (area of operations)

the part of operations that ensures the business will have the goods and services needed to keep production going and business running smoothly.

time value of money

the principle that a dollar received today is worth more than a dollar received in the future The time value of money is a measure of its opportunity cost, or what the spender is foregoing by spending now instead of saving.

data mining

the process of analyzing data to extract information not offered by the raw data alone

Feasibility Analysis

the process of determining if a business idea is viable. is this even possible?

capital budgeting

the process of planning and managing a firm's long-term investments

brainstorming method

the process of suggesting many alternatives, without evaluation, to solve a problem; most effective for discovering numerous possible solutions to a problem

self-preservation

the protection of oneself from harm or death, especially regarded as a basic instinct in human beings and animals

computer-aided design (CAD)

the use of computers in the design of products

Form Utility

the value producers add to materials in the creation of finished goods and services what can we do to make the PRODUCT better?

Tangible wants

things you can touch

procedure

this is how we're doing things

businesses obtain trademarks for intellectual property because ( T )

to protect the integrity of the business's written work

investment bank

trades in financial assets and is not covered by deposit insurance

cross training

training team members to do all or most of the jobs performed by the other team members

sales letters

typeset and printed or computer generated advertisements mailed to consumers

computer automation

use of technology to accomplish a task with as little human interaction as possible.

Internet telephony

using the internet rather than the telephone network to exchange spoken conversations

34. Jasmine doesn't think it's a big deal to steal a few things from work. Which ethical principle would help her realize that the long-term repercussions of her actions could create an ethical dilemma?

viability; over time (LONG term)--insuring that your actions are helpful in the long term, not just the short term: short term, not a long term benefit

before two people can determine an appropriate resolution, they need to

weigh the pros and cons of all the options

when writing an email to your coworkers, you should always

write "please" and "thank you" when necessary. you start AND end with your main point

organizational vision

your grand overall end goal which SHOULD be to be the best. why you create.