BUS1 Final Exam
20. Job enrichment is supported by
Herzberg's motivators.
9. An international bank that makes short-term loans to countries experiencing balance-of-payment deficits is the
International Monetary Fund
APSCO Lighting, Inc., had a gross profit of $234,000 for the last twelve-month period. Operating expenses were $185,000. What was APSCO's net income before taxes?
$49,000
As the accountant for Ideal Manufacturing Company, you determine the following totals in your balance sheet: total assets-$124,000; current liabilities-$41,000; long-term liabilities-$13,000. What is the total owners' equity for this company?
$70,000
During 2013, Just-the-One Jewelry had sales revenues of $1,500,000. This retailer also had expenses that totaled $800,000. What is the firm's profit or loss amount?
$700,000
Chase invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in his backyard for $10,000. At this point assets are ____, liabilities are ____, and owners' equity is ____.
15,000; 10,000; 5,000
6. Which of the following extends and guarantees credit to overseas buyers of American goods and services, guarantees short-term financing for export, and discounts negotiable instruments that arise from export transactions?
Ex-Im Bank
What is usually the primary revenue stream for online auction sites such as eBay?
Fees charged for selling products on the site
Which President stated that consumers have the right to safety, to be informed, to choose, and to be heard?
Kennedy
14. A form of corporation that has no more than 100 stockholders and eliminates the problem of double taxation is a(n)
S-Corp
Which of the following is one of the primary differences between a social media plan and the traditional advertising campaign?
The social media plan doesn't necessarily have a start and stop date
6. Steel, glass and fiberglass would most likely be material resources for which company?
a car manufacturer
11. The line of authority extending from the top to the bottom of the organization is known as
a chain of command
Green Thumbody wants to start a residential landscaping business. How would this business most likely be classified?
a service business
20. The obligation for a subordinate worker to accomplish an assigned job is called
accountability
16. Two or more people working together in a predetermined way to achieve common goals is known as
an organization
9. A systematic procedure for studying jobs to determine their various elements and requirements is called job
analysis
3. An organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies is
economic community
the study of how wealth is created and distributed.
economics
16. Motivation is the internal process that __________, directs, and sustains behavior.
energizes
A person who risks his or her time, effort, and money to start and operate a business is called a(n)
entrepreneur
5. Which of the following arranges the sale of products to foreign intermediaries for a commission or fee?
export/import agent
1. The selling and shipping of raw materials or products to other nations is called:
exporting
5. Attempting to attract job applicants from outside an organization is called
external recruiting
Taking credit for others' ideas or work or not meeting one's commitments in a mutual agreement are ethical issues concerning
fairness and honesty
A podcast can be considered a social community.
false
Managerial accounting generates financial statements and reports for interested people outside an organization.
false
8. Part of Susan's responsibilities is to create a work schedule for her employees and to motivate them. What type of manager is she?
first line
Because of the Sarbanes-Oxley Act, accountants must maintain financial documents and audit work for
five years
13. Grouping all jobs related to the same organizational activity is departmentalization by
function
3. Well-managed cultural diversity is not likely to
give preferential treatment to certain groups.
19. All of the following are departmentalization bases EXCEPT for product function customer home plate
home plate
6. The activities involved in acquiring, maintaining, and developing an organization's human resources are called
human resource management.
2. Determining a firm's future human resources needs is referred to as
human resources planning
2. A type of trade restriction that limits the amount of a particular good that may be imported into a country during a given period of time is an
import quota
What resource tells the managers of a business how effectively the other resources are being combined and used?
informational
10. Considering present employees as applicants for available positions is called
internal recruiting
4. A manager performing the functions of figurehead, liaison, or leader would be fulfilling a ____ role.
interpersonal
General Motors decides to close one of its manufacturing plants in the Midwest. GM sells the facility to a new foreign automobile manufacturer. The money GM receives from this sale would belong in the ____ section of the statement of cash flows.
investing
19. One major problem with the MBO process is that
it must start at the top of the organization and work its way down in order to work, which can be a long process.
1. The activities involved in the acquisition of human resources are HR planning,
job analysis, recruiting, selection, and orientation.
18. Moving employees every two weeks among three different departments is called
job rotation
10. A partnership with a foreign country that can provide immediate market knowledge and access, reduced risk, and control over product attributes is a(n)
joint venture
In order for The Gift Market, a local specialty store, to purchase Christmas merchandise for selling in its store, it had to borrow money from a local bank. This debt owed to the bank is a(n)
liability
With whom does social responsibility of business have to begin?
management
Best Buy would most likely be classified as
marketing intermediary
1. Tangible, physical resources that a manufacturer uses in carrying out its business are known as what type of resource?
material
Jason has to purchase specialized software that will allow his company to accept credit cards online for purchases from his company's website. This software is a(n) ____ resource for this e-business.
material
The study of an individual's economic decisions would be an example of
microeconomics
8. An argument against trade restriction concerns
misallocation of international resources
As far as business is concerned, six of the most important federal laws passed between 1887 and 1914 supported
more competition
7. The process of providing reasons for people to work in an organization's best interests is called
motivating
4. A firm that operates on a worldwide scale is called
multinational enterprise
John's business has more expenses than it has revenues this year; therefore, his business has a
net loss
2. Specific statements detailing what the organization intends to accomplish as it goes about its mission are known as
objectives
11. A corporation whose stock is bought and sold on security exchanges and can be purchased by any individual is referred to as a(n) __________ corporation.
open
At Victoria's Secret, managerial approval is required whenever an employee makes a purchase at the store using an employee discount. Which factor affecting ethical behavior is Victoria's Secret seeking to control?
opportunity
18. The equity theory is most relevant to which form of outcome in an organization?
pay
3. Which of the following is NOT considered an area of specialization in management?
policy-making
Before the 1930s, most government involvement in day-to-day business was aimed at
protection of the free-market system
20. A technique used to gather enough stockholder votes to control a targeted company is referred to as a
proxy fight
The socioeconomic model of social responsibility places primary emphasis on
quality of life
Capital or capital goods as recognized by economists would include all of the following except machinery money raw materials facilities
raw materials
The Dress Barn offered its customers a reduction in price on some clothing items that were slightly faded from being in the window at the front of the store. This reduction is called a
sales allowance
The relationship between sales and profits can be written as
sales revenue - expenses = profit
The ultimate objective of every firm, such as IBM, Hewlett-Packard, JC Penney, and Cengage Learning, must be to...
satisfy the needs of its customers
17. The application of scientific principles to the management of work and workers is called
scientific management
7. You have been asked to assist Foxhole Company in its human resources planning. You will suggest it take all the following steps except
scouting and checking holes for qualified foxes.
The economic model of social responsibility was developed in a period when the primary concern of firms was
short-run profits and survival
12. A sense of involvement and __________ were two of the human factors at work in the Hawthorne Studies.
social acceptance
The recognition that business activities affect society and the consideration of that impact when making business decisions is referred to as
social responsibility
16. The type of business that is the easiest to form is the
sole proprietorship
4. The requirements needed to fill a vacancy are listed in the job
specification
The Wall Street Journal's online edition is not provided free to Internet users. Therefore, the primary revenue stream for this online version is probably
subscription fees.
11. Which of the following is uncharacteristic of low morale?
teamwork
What led most directly to increased government involvement with regulating business and its dealings with society?
the Great Depression
Leadership is
the ability to influence others.
business ethics
the application of moral standards to business situations
At the end of the year, an individual, small business owner has made $65,000 in profit. Who does that profit belong to?
the business owner
Cultural diversity represents
the differences among people in the workforce
14. The theory stating that motivation depends on how much people want something and on how likely they believe they are to get it is called
the expectancy theory.
The American Apparel Manufacturers Association exerts pressure on its members to comply with the ethical standards of the industry and provides information and benefits for textile companies. This company is an example of a(n)
trade association
Engaging customers in product development is a recognized use of social media. True or false?
true
Under an autocratic leader, communication
usually makes people feel badly.
When an individual chooses his or her ideal career, it is most likely a reflection of one's
values
17. The state of ______ historically offers the lowest organizational costs for a corporation.
Delaware
15. Which of the following is not a tactic that management can use to fend off a hostile takeover?
Department of Commerce injunction
Ridgley, Cooper, and Ross (RCR) Katie is the CEO of Ridgley, Cooper, and Ross (RCR), a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained. Refer to Ridgley, Cooper, and Ross. Which of the following represents a key component of the Sarbanes-Oxley Act relating to consulting services?
Accounting firms are prohibited from providing many types of consulting services to the companies they audit.
12. In his book, The Wealth of Nations, who emphasized the power of specialization?
Adam Smith
Gap.com, the clothier's online site, focuses on conducting business with individual customers. This represents a ____ model.
B2C
19. The type of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership is a(n)
LLC
18. Which of the following is an advantage of a corporation?
Limited liability
8. Diversity training programs may include all of the following except training managers to view diversity programs positively. appointing a cultural diversity task force. training minorities to be managers. recruiting minorities.
appointing a cultural diversity task force.
Customers expect a firm's products to...
be safe, reliable and reasonably priced
15. The systematic program of reinforcement to encourage desirable behavior is called
behavior modification.
Which of the following is a website that allows a company to share information about products or services?
blog
17. Which of the following is NOT a reason for job specialization?
boredom from repetitive tasks is eliminated.
You are the decision maker for purchasing office equipment in your organization. One sales representative privately offers you season tickets to the Chicago Bears if you help him out. This tactic is
bribe
12. Corporate stock that has voting rights is referred to as __________ stock.
common
The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____, deemed an important managerial trait.
conceptual skills
Which of the following may leave users completely unaware that their movements and clicks on the Internet are being monitored?
cookies
13. Ease of raising capital is a characteristic of which type of ownership?
corporations
7. A reduction of the value of a nation's currency relative to the currencies of other countries is called
currency devaluation
15. When activity is spread to lower-level management, a business is said to be
decentralized
For health-related companies such as Weight Watchers, one of the most frequent ethical issues related to communications that they face is
deception
14. The act of distributing part of a manager's work and power to workers is called
delegating
13. Frederick Taylor observed a workplace practice that he termed "soldiering," which means that the employees
worked slowly because they didn't want to run out of work, thus appearing unneeded and risking losing their jobs.
Of the following, which is not considered a basic management function necessary to be an effective manager? yelling at people controlling leading and motivating organizing
yelling at people
Which of the following is the last step in building a social media plan?
Implement and integrate the plan