BUS101 exams
_____ is the process of dividing the work and assigning tasks to workers.
Division of Labor
A good manager is never faced with unforeseen problems.
FALSE
A positive aspect of opening a small business is that it takes very little management skill because it is small
FALSE
All businesses approach ethics the same way.
FALSE
Armenia had a favorable balance of trade in 2018 when it exported $800 million in goods and services and imported $1.5 billion.
FALSE
As a factor of production, capital includes money.
FALSE
Dissolving a partnership is easier than dissolving a sole proprietorship.
FALSE
Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.
FALSE
Ethical decision making begins in the marketing department.
FALSE
Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.
FALSE
Facilities layout is all-important in production lines but it is not important in service-oriented businesses.
FALSE
If the company wants employees to take ethical training seriously, the training should not include games.
FALSE
If the sole proprietorship acquires a legal business name, the owner then has limited liability.
FALSE
In a limited partnership, all of the partners have limited liability.
FALSE
Job description refers to the specific location or office where a job is done.
FALSE
Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.
FALSE
Low volume, short production runs, and high-variety production are characteristic of the continuous process.
FALSE
Managerial hierarchy refers to the number of subordinates overseen by each supervisor.
FALSE
Mentoring is a form of off-the-job training.
FALSE
Not-for-profit organizations have the same goals as for-profit organizations.
FALSE
One of the problems with setting up groups is the strong likelihood for the organization to experience decreased productivity.
FALSE
Operations management refers to the role that computers play in the production process.
FALSE
Organization charts show the formal and informal relationships among people, jobs, and departments.
FALSE
Process departmentalization is a grouping of jobs by activity, such as marketing, finance, and production.
FALSE
Process layout is almost always designed as a continuous, assembly-line layout.
FALSE
Since the development of affirmative action programs, companies no longer require physical examinations as part of the selection process.
FALSE
Strategic planning is long-range, formulated by top management, and made as if the company operated in a vacuum
FALSE
The first step in starting your own business is the creation of a unique marketable idea.
FALSE
The first two stages in the selection process are the initial contact and the preliminary interview.
FALSE
The internal labor market is made up of all employees in an industry.
FALSE
The lowest level of management is engaged in strategic planning process.
FALSE
The matrix structure is a combination of a line and a staff organization.
FALSE
The reason that Castle and Cooke processes and packages Dole pineapple products in Hawaii is more than likely because of low energy costs.
FALSE
The short-range, detailed planning that focuses on current operations is called functional planning.
FALSE
The time that an employee spends on a particular job determines his or her specialization of labor.FALSE
FALSE
To be a useful code of ethics, the code should offer broad policies and procedures rather than detailed rules.
FALSE
When workers in a union elect their officers to represent them, it is an example of division of labor.
FALSE
The father of scientific management was:
Frederick Taylor
Which of the following is an advantage of sole proprietor ownership?
Freedom from government regulation
Which of the following statements about HR demand forecasting is true?
HR demand forecasting is an internal labor supply forecast
_____ is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.
Human resource management
_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.
Imports
_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.
Management
_____ is something that prompts an individual to release his or her energy in a certain direction.
Motivation
_____ contribute to and benefit from information that use in performing, acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing, or selling functions.
NOT knowledge shareholders
_____ is the management of the production conversion process for both goods and services.
Operations management
_____ involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals
Organizing
The world's largest bank. Deutsche Bank set as its objective to make its name more recognizable in the United States. The success of its decision to sponsor a PGA golf tournament to accomplish this organizational objective will ultimately depend on which management function?
Planning
_____ is the combining of natural resources, human resources, and capital to produce goods and services.
Production
_____ is the process that converts inputs into outputs that can be sold as goods and services.
Production
The most common form of business organization is the:
Sole proprietorship
Which type of business organization experiences the least governmental regulation?
Sole proprietorship
_____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.
Strategic
A business is an organization that strives for a profit by providing goods and services desired by its customers.
TRUE
A company that uses departmentalization groups jobs under the authority of one manager for the purposes of planning, coordination, and control.
TRUE
A job shop uses an intermittent production process.
TRUE
A study of the tasks required to do a job well is called a job analysis.
TRUE
Arranging a firm's human and material resources to carry out plans is called organizing.
TRUE
Cross-functional teams are made up of employees from about the same hierarchical level but different functional areas within the organization.
TRUE
Dividing up the tasks (division of labor) is an important part of organizing.
TRUE
Leadership is the process of guiding and motivating others toward the achievement of organizational goals.
TRUE
Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.
TRUE
Management is the process of guiding the development, maintenance, and allocation of objectives.
TRUE
Many people consider knowledge to be a fifth factor of production.
TRUE
Micropreneurs are entrepreneurs who start small and plan to stay small.
TRUE
Mines in Colombia produce emeralds and sell them to jewelers in the United States. To Colombia miners, emeralds are an export.
TRUE
One of the basic functions of management is controlling.
TRUE
Planning is the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done, and determining by whom it should be done.
TRUE
Production converts inputs into outputs by changing the inputs in some way.
TRUE
Recruitment is the attempt to find and attract qualified applicants in the external labor market.
TRUE
Service companies generally use a repetitive or intermittent production process rather than the continuous process.
TRUE
Site selection is a part of production planning.
TRUE
Social responsibility is a voluntary obligation.
TRUE
The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society.
TRUE
The most basic responsibility of all businesses is its economic responsibility.
TRUE
The selection interview is designed to test an applicant's communication ability and motivation.
TRUE
The skills, knowledge, and abilities a person must have to fill a job are spelled out in a job specification.
TRUE
The standards used to determine actions acceptable to the group are called norms.
TRUE
_____ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long.
Tactical
Which of the following is the best example of a service?
The please you derive from seeing a good play
Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.
True
Criticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:
Utilitarianism
_____ is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong.
Utilitarianism
Which of the following statements about utilitarianism is true?
Utilitarianism holds that an action that affects the majority adversely is morally wrong.
Which of the following statements about utilitarianism is true?
Utilitarianism is designed to create both winners and losers.
Which of the following statements about computer networks is true?
a computer network is a group of two or more computers linked together by communications channels to share data and information
Which of the following businesses provides its customers with a service?
a law office
Managerial accounting provides information that would probably be most beneficial to:
a middle manager of the company
The difference between small business owners and entrepreneurs is that small business owners:
accept the status quo and take a shortterm view of the future
Which of the following statements about the accounting profession is true?
accountants are typically classified as private or public accountant
A person who works as a sales representative for a manufacturer or wholesaler and gets paid a commission on any sales is classified a(n):
agent
Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as a:
agent
Accounting provides a framework for looking at:
all of the above
Management involves:
all of the above
Money is used as:
all of the above
In the 21st century, we define justice as
an equitable distribution of the burdens and rewards that society has to offer
A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future.
annual report
Operations managers:
are accurately described by all of the above
Financial managers:
are described by none of the above
The difference between the small business owner and the entrepreneur is that the entrepreneur:
assumes the risk of the business
The _____ is defined as the difference in value of a country's exports and imports over a period of time.
balance of trade
Which of the following businesses provides its customers with a good?
bicycle manufacturer
A(n) _____ are go-betweens that bring buyers and sellers together.
broker
Financial managers focus on _____, the inflow and outflow of cash.
cash flows
What is the primary difference between a good and a service?
A good is tangible, and a service is intangible.
_____ is the gap between what is and what is required.
A need
_____ is the gap between what is and what is desired, and _____ is the gap between what is and what is required.
A want; a need
Which of the following is an example of a business?
All of the above
Which of the following is NOT one of the four functions of management?
Budgeting
What type of business organization generates the most total sales?
Corporation
_____ is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.
Distribution
During production planning, the operations manager must make decisions about all of the following EXCEPT:
product design
When a thermometer manufacture combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of:
production
Production and operations management involves three main types of decisions that are made at three different stages. The first type of decision to be made deals with:
production planning
Which of the following is NOT one of the key characteristics required in order for money to be an acceptable medium of exchange?
profitability
A company that has a global vision:
recognizes and reacts to international business opportunities
Customer satisfaction:
refers to the customers feeling that a product has met or exceeded expectations
In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:
relationship marketing
_____ is a strategy that focuses on forging long-term partnerships with customers.
relationship marketing
In finance, the opportunity for profit is called:
return
In finance, _____ is the potential for loss.
risk
In seeking a balance between the opportunity for profit and the potential for loss, a financial manager is dealing with the concept of _____ trade-off.
risk-return
Of all forms of business ownership, corporations account for the largest share of both:
sales and profits
The marketing concept:
satisfies customer wants and needs legally and responsibly
Items that groups of people use as money must be _____ to be acceptable mediums of exchange.
scarce, divisible, portable and durable
Weeds, sand, and paper clips would not make good mediums of exchange because they lack the key characteristic of:
scarcity
A manufacturing company in which industrial engineers have maximized efficiency by determining the best way to perform every task from tightening a bolt to operating a forklift would be illustrative of:s
scientific management
Jules Sylvester had always loved reptiles. When he was asked by a movie producer if he could locate some anaconda snakes for a movie, a business was born. Sylvester is the proud owner and operator of Reptile Rentals. The California-based business, which he started with no financial help from anyone, is often called on to provide "creepy, crawly" moments in the movies. Jules Sylvester is an example of a:
sole proprietorship
The form of business ownership that has the most difficulty in raising capital is the:
sole proprietorship
The form of business ownership that is easiest to dissolve is the:
sole proprietorship
On an automotive assembly line, Naif Marrot checks to make sure that recently painted car bodies are free of paint bubbles. Other people are assigned the task of seeing that other parts of the car are built to specifications. The task of building an automobile has been subdivided into a series of subtasks. The concepts of _____ have been employed in this situation.
speciailization and division of labor
_____ is the degree to which tasks are subdivided into smaller jobs.
specialization
The _____ of any country is measured by the output of goods and services people can buy with the money they have.
standard of living
Ruth Hu recently inherited $200,000. She has invested the inherited money in real estate and government securities. Hu is using her money as a:
store of value
Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. To achieve this goal, Manila Water's top management will first need to engage in _____ planning to determine what resources are needed to achieve this goal.
strategic
Reader's Digest Association, Inc., has published Reader's Digest magazine for over 80 years, and many believe the publication is dated and can no longer attract many readers. They believe _____ plans are needed to revamp the magazine's content, editorial staff, and readership.
strategic
Accounting involves the _____ of the financial activities for firms.
summarizing
According to _____, workers respond to attention from superiors, and they like their opinions to be valued.
the Hawthorne effect
Which of the following is NOT an example of a good that would be sold in a department store?
the advice of a wedding planner
Elton Mayo, America's first industrial psychologist, was responsible for formulating:
the explanation of the Hawthorne effect
Operations management is:
the management of the production conversation process
Financial managers constantly strive for a balance between:
the opportunity for profit and the potential for loss
Division of labor refers to:
the process to dividing work into seperate jobs
A distribution channel is a series of marketing entities through which goods and services pass on their way from producers to end users.
true
A local area network (LAN) connects computers at one site and enables their users to exchange data and share hardware and software from a variety of computer manufacturers.
true
A retailer is showing concern for a store's atmosphere when he considers the type of store fixtures to have, the size and type of signage to use, the type of background music to play, and the number and type of employees to hire.
true
A target market is a specific group of consumers toward whom a firm directs its marketing effort.
true
Accounting is the process of collecting, recording, classifying, summarizing, reporting, and analyzing the financial condition of an organization.
true
Accounts receivable or inventory usually secures short-term secured loans.
true
Agents are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.
true
An accounting journal is a chronological list of transactions, each assigned to a particular account.
true
An accounting system should generate both internal and external reports.
true
An accounts clerk who is able to record a payment of 50 dollars into the company's main computer system as the payment is made is using an online processing system.
true
An enterprise portal is an internal Web site that provides proprietary corporate information to a defined user group.
true
An example of nonstore retailing is the vending machine from which you purchased a soda.
true
An intermediary that takes possession and title of goods is called a merchant wholesaler.
true
By lowering the reserve requirement, the Federal Reserve tries to make more money available for loans and stimulate the economy.
true
Depository financial institutions include commercial banks, thrift institutions, and credit unions.
true
Distribution strategy is another term for place strategy.
true
Examples of time deposits are savings accounts, money market deposit accounts, and certificates of deposit.
true
Financial management is the art and science of managing a firm's money so the firm can meet its goals.
true
For most corporations, physical-distribution activities are usually the responsibility of the marketing department.
true
Frequent-buyer clubs are common tools in relationship marketing.
true
In finance, the opportunity for a profit is called return.
true
Independent accountants who serve organizations and individuals on a fee basis are called public accountants.
true
Information promotion is more common in the early stages of the product life cycle.
true
Internet retailing is also called e-retailing.
true
Like local area networks (LANs), intranets are private corporate networks.
true
Margin requirements tell the minimum amount of cash an investor must put up when borrowing from a bank or brokerage firm to purchase stock.
true
Marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives.
true
Maslow's hierarchy of needs is a motivation theory.
true
Money is anything that is acceptable as payment for goods and services.
true
Motivation is basically a need-satisfying process.
true
National banks must belong to the Federal Reserve System and must carry FDIC insurance.
true
Sales promotion, advertising, and public relations are elements of the promotion strategy.
true
Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job.
true
Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products.
true
The Internet is essentially a worldwide wide area network (WAN).
true
The Sarbanes-Oxley Act redefines the public corporation-auditor relationship and restricts the types of services auditors can provide to clients.
true
The Theory Z approach emphasizes long-term employment.
true
The benefits from capital expenditures extend beyond one year's time.
true
The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.
true
The goal of all promotion is to stimulate action.
true
The marketing concept emphasizes a consumer orientation.
true
The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.
true
The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.
true
Theory X managers view their workers as untrustworthy and unmotivated.
true
Virtual private networks can be used to connect two or more LANS.
true
Frederick Taylor's scientific management emphasized:
work efficiency
Which of the following is NOT one of the main activities for a human resource manager?
coordinating marketing and production activities
_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.
customer value
Cerner Corporation has created a(n) _____ containing the medical records of more than 400,000 people who received treatment at more than 200 different emergency rooms. It can be used to help emergency room physicians make decisions about what kind of treatment to give their patients.
database
The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. This _____ will be used for solving crimes.
database
Victorinox is the name of the company that manufacturers Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.
distribution
The _____ is a series of marketing entities through which goods and services pass on their way from producers to end-users
distribution channel
The _____ characteristic of money is revealed by the fact that a dollar can be converted into four quarters or ten times.
divisibility
At your neighborhood Burger King, some employees take and fill orders, others prepare food, a few clean and maintain equipment, and some supervise. This process of dividing work into separate jobs and assigning tasks to workers is called:
division of labor
International accounting standards:
do not exist
Human resource management is the process of _____ people in order to achieve organizational goals.
doing all of the above
Cupcakes, hamburgers, and cut flowers would not make good mediums of exchange because they lack the key characteristic of:
durability
Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):
entrepreneur
_____ is the process in which a firm continuously collects and evaluates information about its external environment.
environmental scanning
ASPs, which are also called area server portals, provide computer users with access to e-commerce opportunities.
false
According to Maslow's hierarchy of need, the most basic needs are the social needs.
false
Administrative accounting is the term given to the internal workings of the company, such as budgets, sales reports, and analyses of how well marketing strategies are working.
false
An alphabetic listing of the names and GPAs of everyone in your class is an example of data.
false
Another term for a checking account is a time deposit.
false
Another term for net worth is working capital.
false
Durability and simplicity are two important characteristics of money.
false
Human resources managers have yet to find any use for Maslow's hierarchy of needs.
false
In finance, the potential for loss is called probability.
false
Intranets, VPNS, and extranets are forms of LANs.
false
Lines of credit are short-term loans that are secured by collateral.
false
Personal selling is an element of the product strategy.
false
Sales made, but for which payment has not yet been collected, are called accounts payable.
false
Scientific management focused primarily on how human behavior and relations affect organizational performance.
false
Selling a firm's accounts receivables to a financial institution at a discount is called countertrading.
false
The Hawthorne effect is used to describe the individual reaction and not that of the group.
false
The Theory X approach to management builds on the idea that worker and organizational interests are congruent.
false
The balance sheet summarizes a firm's financial position over a period of time, for instance 3 months or a year.
false
The five P's are product, promotion, price, people and possession.
false
The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.
false
The prime rate is the interest rate that the Federal Reserve charges member banks for loans.
false
The three tools used by the Federal Reserve to manage monetary policy are reserve requirements, the prime rate, and the discount rate.
false
Trade credit is credit extended to the buyer by the seller. It is entered in the buyer's books as an account receivable.
false
Treasury bills, certificates of deposit, and mortgage loans are the most popular marketable securities.
false
When a bank collects deposits during the day, then deposits them all after banking hours, it is using a reserve processing system.
false
Keisha Hunter keeps track of day-to-day operational data to make sure her employer has enough cash to run the business and will determine if and when the company she works for should open a second distribution center. Hunter is a(n) _____ manager.
financial
_____ management is the art and science used to determine the most effective ways to acquire and use funds to achieve the firm's goals.
financial
_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.
financial accounting, mangerial accounting
To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:
generally accepting accounting principles
Paul Hyatt owns and operates DeepClean, a Florida-based company that cleans up mold and mildew in homes and businesses. As the sole proprietor of the business, he has unlimited liability, which means:`
he is fully liable for all business debts
Dottie Beauchamp recently was hired by PetSmart to help recruit, select, and train new employees to work in its stores. Beauchamp has a job in:
human resource management
The United States buys copper from Chile's Escondido copper mine. The copper is used to make wiring for the U.S. telecommunications industry and for many other purposes. For the U.S., the copper is an example of a(n):
import
Canadian logging companies sell timber in the United States. To the U.S., the timber is a(n)_____, and for Canadians, the timber is a(n) _____.
import;export
The Blue Bird Bus Company in Georgia sells buses to the South African government. To South Africa, these buses are an example of:
imports
Production and operations management involves three main types of decisions that are made at three different stages. The final stage of operations management focuses on:
improving production and operations
Managerial accounting provides all of the following financial information EXCEPT:
income statements
When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As the business grew, she realized that she did not want to be personally liable for the business's debts and wanted her business accounts to be separate from her personal accounts. Therefore, she should have:
incorporated Stirya
A(n) _____ is an independent wholesaler who buys related product lines from many manufacturers and sells them to industrial users.
industrial distributor
_____ refers to all of the equipment and techniques needed to manage and process information.
information technology
Wolfgang Reithofer, a human resource manager at an Austrian brick making company, gathers information about various jobs within the company and specifies the skills and knowledge needed to do each job well. Reithofer is responsible for:
job analyses
A _____ is a study of the tasks required to do a particular job well.
job analysis
One of the documents that help human resource planners find the right person for a specific job is a list of tasks and responsibilities required of the job. This document is known as a:
job description
The skills, knowledge, and abilities a person must have to fill a job are spelled out in a(n):
job specificiation
Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society.
justice
The standard of living in any country is:
measured by the output of goods and services people can buy with the money they have
When Allison Logue found out her children were allergic to corn, she started looking for sweets and starches that were corn-free and was dismayed to find very few such products on the market. As a result, she has started her own small business to produce and market corn-free desserts. It is a small market, and Logue plans to keep her business small. Logue is an example of a(n):
micropreneur
An organization's _____ is its general purpose or reason for existence.
mission
According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is:
money
Any object or objects that a group of people use to buy and sell goods and services is called:
money
______ is anything (regardless of form) that is acceptable as payment for goods and services.
money
A group of two or more computer systems linked together by communications channels to share data and information is called a computer:
network
One of the primary goals of Burberry, a British retailer, is to expand its market. When the company allocated resources so that it could open two stores in Japan, it was engaged in which management function?
organizing
An entrepreneur is a person who _____ a busines
owns and operates
Human resource _____ is the creation of a strategy for meeting future human resource needs.
planning
Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require:
planning
Boulders, building trusses, and lead ingots would not make good mediums of exchange because they lack the key characteristic of:
portability
The Financial Accounting Standards Board (FASB) is a:
private organization that is responsbile establishing financial accounting standard in the United States
The primary goal of the financial manager is to:
maximize the value of the firm to its owners
The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A(n) _____ will be used to store, maintain, and acquire data from these records.
database management system
Customer records containing names, addresses, phone numbers, and purchase histories would be most likely stored in:
database management systems
Specialization refers to the:
degree to which tasks are subdivided into smaller groups
The management activity of organizing.
determines, groups and assigns work activities
Leon Georges works in the warehouse for a manufacturer of air-purification systems. He is responsible for the transportation of metal components, preformed plastic, etc. used to manufacture the systems as well as the efficient movement of the finished systems from the manufacturing facility to the warehouse to distribution trucks. Georges is involved in:d
distribution
The chain of manufacturer, agent, wholesaler, and retailer through which items like x-ray machines, dental equipment, and safety goggles flow is called a(n) ______ channel.
distribution
It is paramount for a dentist to provide the best patient care possible. The dental assistant, even though he or she may perform unskilled work such as fitting a patient with a bib, must also know the proper use of surgical and sterilization techniques to ensure patient safety. Formally educated dental assistants have the knowledge to understand the difference between sterilization and disinfection, and the relative importance of both. Since such are nearly always performed by dental assistants, a dental assistant can be correctly identified as a:
knowledge workers
The original Hawthorne studies were set up to study:
lighting
Making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash:
management
_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
marketing
According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.
marketing concept
The _____ is the belief that the firm should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.
marketing concept
Within the distribution channel, retailers and wholesalers are called:
marketing intermediaries
The ability to manufacture many goods at once is called _____ production.
mass
The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A computer _____ would allow investigating officers from other states to access the New York profiles and to provide information about their state's criminals to New York's law officers.
network
In 2005, BridgePort Brewing Company expanded sales of its BridgePort India Pale Ale, and BridgePort Black Strap Stout into Alabama, Georgia, Kansas, Minnesota, Missouri, North Carolina, Oklahoma, Tennessee and Texas. These states will join BridgePort's current distribution markets of Alaska, Arizona, California, Colorado, Idaho, Montana, New Mexico, Oregon, and Washington. When the brewery allocated resources to increase its production and distribution, it would have relied on which of the following management functions?
organizing
Utilitarianism:
is difficult to implement because it is hard to tell how one decision will impact a large number of people
A disadvantage of a partnership is that any partner may have to pay all of the debts of the company regardless of who incurred the debts.
TRUE
An entrepreneur is a person who opens and manages his or her own business.
TRUE
Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.
TRUE
Entrepreneurs are people with vision, drive, and creativity, who are willing to take the risk of starting and managing a business to make a profit.
TRUE
Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.
TRUE
Factors of production are common to all productive activities, regardless of the economic system.
TRUE
Human rights include an individual's right to life, to freedom, and to the pursuit of happiness.
TRUE
International trade-dependent jobs have grown at a rate three times the growth of U.S.-dependent jobs.
TRUE
More than half of small businesses have between one and four employees.
TRUE
One of the disadvantages of the sole proprietorship is that the owner has unlimited liability.
TRUE
People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.
TRUE
The corporation's board of directors elects the corporate officers.
TRUE
The difference in value between a country's imports and exports is called its balance of trade.
TRUE
The opposite of free trade is protectionism.
TRUE
The tax that the United States imposes on imported carbon steel products is called a tariff.
TRUE
How has terrorism affected global trade?
Terrorism has curtailed the liberal inflows of skilled and blue-collar workers.
Which of the following countries has a high standard of living?
The United States
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
The U.S. has one of the very few areas in the world where kaolin can be mined. Kaolin is a necessary ingredient in many products ranging from stomach medication to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for the countries that purchase it.
import
Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner's inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:
utilitarianism
Summer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:
Ethics
_____ is the set of moral standards for judging whether something is right or wrong.
Ethics
_____ are goods and services that are made in one country and sold to other countries.
Exports
According to the principle of absolute advantage, each country should specialize in the products that it can produce most readily and cheaply and trade those products for products that foreign countries can produce most readily and cheaply.
FALSE
Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.
FALSE
Entrepreneurs, as a general group, dislike risk taking.
FALSE
For partnerships to be legal, they must be established in writing.
FALSE
Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises.
FALSE
Multipreneurs are businesspeople who have tried a succession of entrepreneurial start-ups without finding an area in which they could be successful.
FALSE
Registration procedures for incorporation are uniform from state to state across the U.S.
FALSE
Some global corporations are large enough to create major changes in the external environment.
FALSE
Telecommunications equipment manufacturers in the United States sell their products to people who live in Canada. To Canadians, the telecommunications equipment is an export.
FALSE
The exchange rate is the interest rate that foreign banks receive when borrowing money from the United States.
FALSE
The major difference between a good and a service is how the producer uses the factors of production to create each.
FALSE
The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible.
FALSE
The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner.
FALSE
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
Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually.
entrepreneur
The person who takes the risk of starting and managing a business to make a profit is called a(n):
entrepreneur
Botswana produces diamonds, copper, nickel, soda ash, meat, and textiles, which it sells to the members of the European Union. To Botswana, the diamonds, copper, nickel, soda ash, meat, and textiles it produces are examples of:
export
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
Which of the following is the best example of a good?
the birthday candles you purchased to go on your sister's birthday cake
