Unit 3

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers. Jain used _____ financing.

equity

Minorities are not interested in becoming entrepreneurs.

False

______ are preferred means of behavior used to obtain one's goals.

Instrumental values

Which of these occur when two or more companies from different countries enter into an agreement to conduct joint business activities?

International strategic Alliances

According to Hofstede, the degree to which a society emphasizes traditional qualities such as advancement and earnings refers to which of these?

Masculinity

Which of the following country cluster is low on charismatic leadership style, according to the GLOBE project?

Middle East

Which dimension of cultural intelligence reflects the ability and desire to continuously learn new aspects of cultures and adapt to them?

Motivational dimension

An entrepreneur is a person who _____ a business.

Owns and operates

BL relates to which of the 3-Ps?

Profit, people, and planet

Which of the following leadership profile describe degree to which the leader is self-centered and uses a face-saving approach?

Self-protective

An entrepreneur is a person who opens and manages his or her own business.

True

Examples of low-rigor training include classroom language training, case studies, and sensitivity training.

False

Ethical relativism is defined as the ability to influence followers to achieve common goals through shared purposes.

False

The first step in starting your own business is the creation of a unique marketable idea.

False The first step is self-assessment

A meta-analysis of 52 studies with a sample size of over 33 thousand observations suggested that corporate virtue in the form of social responsibility and, to a lesser extent, environmental responsibility, is likely to pay off.

True

Ethical relativism holds that people set their own moral standards for judging their actions.

True

The ethical dimension of stakeholder theory is based on the view that profit maximization is constrained by justice, that regard for individual rights should be extended to all constituencies who have a stake in a business, and that organizations are not only "economic" in nature but can also act in socially responsible ways.

True

Identifying and separating terminal from instrumental values in any given situation can assist individuals, groups, and work units in distinguishing between the "ends (goals) from the means (methods to reach the goals)" and vice versa in making decisions, thereby helping us choose more ethical options—or at least less unethical ones—in situations.

True

More than half of small businesses have between one and four employees.

True

People who live in societies with low individualism are seen as being part of a wider group, known as the in-group.

True

Which of these describe the area of applied ethics that focuses on real-world situations and the context and environment in which transactions occur?

Business ethics

FDI is a contractual agreement whereby, in exchange for a royalty or fee, a company gives the right to another company to use a trademark, know-how, or other proprietary technology.

False

In low uncertainty avoidance countries managers are advised to provide structure and order to reduce uncertainty and ambiguity for subordinates.

False

_____ involves selflessly working with followers to achieve shared goals that improve collective, rather than individual, welfare

Servant leadership

The _____ is an agency of the federal government that offers both managerial and financial assistance to small businesses.

Small Business Administration

Which of the following describe the degree to which social benefits are unequally distributed and those patterns are perpetuated for life?

Social stratification

Which of the following is NOT a dimension of cultural intelligence?

Societal dimension

Which of the following occurs when a company invests in another country by constructing facilities and buildings in that country?

FDI

_____ financing is a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period.

Debt

When leaders believe they can do no wrong because of who they are, it refers to which of these symptoms of the failure of ethical leadership?

Ethical complacency

Which of the following is based on the assumption that the world is extremely interconnected, and that patterns of consumption and production are fairly homogeneous worldwide?

A global strategy

____ occurs when one assumes that all people within a culture act, think, and behave the same way.

Cultural stereotyping

Which term defines the collective programming of the mind which distinguishes the member of one group or category of people from another?

Culture

James is the owner of a small toy manufacturing company. James primarily focuses on buying and selling of products using the Internet. Which of the following best describes James' business practice?

E-commerce

The Small Business Administration (SBA) offers a broad range of aids to small businesses. They include:

guarantees on loans made by private lenders

When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew. She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship. Pogell started small and plans to stay small. She would be correctly called a(n):

micropreneur

Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n):

multipreneur

Which of the following represents a moral and legal entitlement-based approach?

rights

A(n) _____ is any group or individual who can affect or is affected by an organization's strategies, major transactions, and activities.

stakeholder

According to Chester Barnard, ______ is one that inspires "cooperative personal decisions by creating faith in common understanding, faith in the probability of success, faith in the ultimate satisfaction of personal motives, and faith in the integrity of common purpose.

values-based leadership

A well-written business plan should contain:

executive summary or company overview a marketing plan a vision and mission statement a management plan Correct! all of the above ***

Which of these principles is related to universalism?

Ethical relativism

James believes in the principle that an action is morally right if it produces the greatest good for the greatest number of people. This represents which of these ethical principles?

Utilitarianism

According to Hofstede, which of the following is an implication of high-power distance?

Very centralized organizational structure

Which is the only truly global organization that deals with the rules of trade around the world?

WTO

Which of the following describe mission of an organization?

What is our strategic purpose for operating?

Which of the following describe vision of an organization?

Who are we? Who will we become?

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast. After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay. Baer is an example of a(n) ______ entrepreneur.

Classic

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur.

Classic