Business 101 Final Exam

_____ proposed a theory of motivation based on universal human needs.

Abraham Maslow

Labor, as a factor of production, refers to:

All workers in a business

_____ is the settling of a labor-management dispute by having a third party make a binding decision.

Arbitration

Which of the following statements about employee compensation is true?

Compensation is closely connected to performance appraisal.

One of the reasons for the growing inflation rate in Argentina is due to increases in production costs of goods and services which occurred as a result of a decline in a suitable labor force. This would be an example of a _____ inflation.

Cost push

How do distribution channels improve product distribution?

Distribution channels reduce the number of transactions needed to get the product from the manufacturer to the consumer

Theories X and Y management styles are the result of studies by:

Douglas McGregor

_____ is a computerized resource planning system that includes information about the firm's suppliers and customers as well as data generated internally.

Enterprise resource planning (ERP)

The _____, created by the 1964 Civil Rights Act, investigates and resolves charges of discrimination.

Equal Employment Opportunity Commission

_____ is the set of moral standards for judging whether something is right or wrong.

Ethics

Motivation and maintenance factors are essential parts of a job-satisfier theory formulated by:

Frederick Herzberg

_____ is the number of times an individual is exposed to an ad.

Frequency

Which of the following statements about forms of variable pay are true?

Gain-sharing is a motivational plan based on group productivity.

_____ theory is based on the premise that an individual's intention to work toward a goal is a primary source of motivation.

Goal-setting

Which of the following is NOT one of the five key types of power?

Influential

_____ is the expansion of the number of tasks and variety of tasks performed by a worker.

Job enlargement

_____ is the redesign of a job to provide workers with more authority, responsibility, challenge, and the opportunity for more personal achievement is called:

Job enrichment

_____ helps employees at Rocky Mountain Surgical Associates PC, Denver, reduce the stress and disruption that employee vacation schedules and new worker training can cause in a small practice. Most of the nine staff members at the three-physician surgical group are trained to handle three job functions. According to the office manager, "The billing clerk can be the receptionist if necessary; so can the surgical scheduler or the medical assistant, which helps keep operations running smoothly when someone is out, or the practice has to train someone new."

Job rotation

_____ are workers who create, distribute, and apply knowledge.

Knowledge workers

_____ uses a master computerized system to ensure that materials, labor, and equipment are available for production.

Materials requirement planning

_____ move resources, goods, services, and skills across national boundaries without regard to the country in which they are headquartered.

Multinational corporations

_____ is the sense of national consciousness that boosts the culture and interests of one country over those of all other countries.

Nationalism

The _____ created the world's largest free-trade zone.

North American Free Trade Agreement

_____ is the management of the production conversion process for both goods and services.

Operations management

_____ is the assignment of various functions, like human resource management, accounting, or legal work, to outside firms.

Outsourcing

Which of the following statements describes an advantage that personal selling has over other forms of promotion?

Personal selling costs can be adjusted by controlling the size of the sales force.

_____ are based on overall company profitability. Using an established formula, management distributes some portion of company profits to all employees.

Profit-sharing plans

_____ is the number of different target consumers who are exposed to a commercial at least once during a specific period, usually four weeks.

Reach

As soon as any nation has experienced two consecutive quarterly declines of its gross domestic product, that nation will be in a(n):

Recession

_____ is the attempt to find and attract qualified job applicants in the external labor market.

Recruitment

_____ theory states that people do things because they know that certain consequences will follow.

Reinforcement

_____ is the practice of limiting investments to securities in companies that behave in accordance with the investor's beliefs about ethical and social responsibility.

Social investing

_____ is a scheduling tool that assigns three time estimates for each activity ( optimistic, most probable, and pessimistic). This technique allows managers to anticipate delays and potential problems and schedule accordingly.

The program and evaluation review technique

Which of the following describes the first step in the union organizing process?

Union makes contact with employees.

Which of the following countries has a high standard of living?

United States

Which of the following statements about utilitarianism is true?

Utilitarianism is designed to create both winners and losers.

All the accounting personnel at a large construction company work 10 hour days Monday through Thursday and then get a three-day weekend. This construction company permits _____ for its accounting department.

a compressed work week

What is Six Sigma?

a quality control process

_____ is any paid form of nonpersonal presentation by an identified sponsor.

advertising

Employers set up _____ to expand job opportunities for women and minorities.

affirmative action programs

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

For Lladro Comercial, S.A., the manufacturer of handcrafted porcelains, its employees, suppliers of the paints used to decorate its porcelains, retailers of its products, and people who benefit from its philanthropy are all:

agents

Industrial supplies:

are bought routinely are bought in fairly large quantities have little impact on long-run profits are

Members of millennial generation:

are not accurately described by any of the above

PERT charts differ from critical path method (CPM) in one important way. PERT charts _____, and the CPM does not.

assign three time estimates for each activity

Levi Strauss was strongly praised when it announced it was leaving China in 1993 because of the country's poor human rights record. However, China is also an inexpensive place to manufacture clothing, and in spite of its announcement, Levi did not stop making clothing in China. What type of facility location factor was most likely instrumental in Levi deciding to continue operating its facility in China?

availability of production inputs

The term ______ refers to the employees who are eligible to vote and who will be represented by the union.

bargaining unit

price is

based on the expected value you will receive from your purchase

Which of the following is a consumer durable?

bedroom dresser

The 7-member Dover family recently purchased a mini-van because the ads for a Plymouth Horizon showed that it could haul 8 or more people and still have room for books, bags, and sports equipment. Plymouth Horizon was using what form of segmentation with its advertising?

benefit

Which of the following is an example of a capital product that would be found in a brewery?

bottling machine

_____ bring buyers and sellers together, do not title to merchandise, receive commission on sales; and have little say over company sales policies.

brokers

A German law that prohibited the use of hops grown outside of the country in the production of German-made beer was overturned in the late 1980s. This law was an example of a(n):

buy-national regulation

Corporate philanthropy:

can be either a cash or a noncash donation

Business products are classified into two categories. Large, expensive items with long life spans are called _____ products, and; smaller, less expensive items with short life spans are called _____ products.

capital; expense

Understanding the external business environment requires marketers to be aware of:

changes in the law which impact how business is conducted

What is the salesperson doing when, after his presentation is over, he asks, "May I call the company and place your order for 20 cases of Ecco brand golfing shoes?"

closing the sale

jack Welch, former CEO of General Electric, was known by his employees as "Bloody Jack" because of the downsizing and restructuring he insisted the company do if its various departments were unable to achieve organizational goals. Knowing this nickname, you can assume that Welch used _____ power to accomplish his goals for GE.

coercive

Which of the following is NOT a form of variable pay?

commissions

Compressor pumps installed in General Electric refrigerators would be considered:

component parts

The _____ represents the prices of a market basket of goods and services as measured monthly by the Department of Labor.

consumer price index (CPI)

Good routing procedures:

continuously confirm the efficiency of the site location ensures the availability of needed materials in a timely fashion Correct Answer increase productivity set up bottlenecks You Answered

When the Federal Reserve implements a _____, it tightens the money supply by selling government securities or raising interest rates.

contractionary policy

Feedback is an important part of which function of management?

controlling

The Healing Garden is the manufacturer and marketer of organic beauty aids. Its annual $40,000 donation to The Nature Conservancy in support of the nonprofit organization's pledge to preserve the environment is an example of:

corporate philanthropy

A _____ is a form of trading arrangement in which part or all of the payment for purchased goods or services is in the form of other goods and services.

countertrade

The _____ is an important scheduling tool for large projects. It breaks the projects into a sequence of events and smaller tasks.

critical path method

Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetarianism is a centuries-old custom among the Indian population, but the requirement is becoming more obvious as non-vegs are being segregated from vegs. This is important consumer information to a McDonald's franchisee and reflects how _____ shapes consumer behavior.

culture

Synergy Oil and Gas builds oil-well drilling platforms to customer and government specifications. These platforms can cost as much as $1 billion. Synergy works on one platform at a time, and when it is finished, moves its crew to a new project. Synergy engages in:

customization

In 1998 the tourism industry in Egypt had 43 percent unemployment due to an economic downturn that gripped the country as a result of an increase of terrorists' activities. The workers in the tourism industry were experiencing _____ unemployment.

cyclical

Which of the following is NOT an example of a promotional goal?

delivering the product

The two types of inflation are:

demand-pull and cost-push

A basic form of market segmentation that uses such variables as age, education, and income is called:

demographic

The manufacturer Mike and Ike, the fruit-flavored chewy candies, has changed its packaging and developed contests all geared to 12- to 17-year-olds. What type of market segmentation identifies its market?

demographic

Computer-aided manufacturing (CAM) uses computers to:

develop and control production processes

There are numerous office supplies manufacturers. U.S.-based Esselte concentrates on selling filing products and desktop products such as staplers and pen sets. Because the Esselte brand is recognized as an innovative leader in the development of filing products and desktop items, the company can be said to have a(n):

differential competitive advantage

Active ownership of a foreign company, with direct investors having either a controlling or a large minority interest in the firm, is called a(n):

direct foreign investment

Top management usually performs all of the following tasks EXCEPT:

direct workers on the assembly line

All of the following terms are associated with international trade EXCEPT:

discount rate

According to Theory X, workers _____ their work.

dislike every facet of

Manufacturers' representatives usually:

do not take title to goods receive commissions on sales act as independent agents represent noncompeting manufacturers

At the base of the corporate social responsibility pyramid is:

economic responsibilities

All of the following are characteristics unique to the capitalistic or private enterprise system EXCEPT:

economies of scale

The first type of training and development a new employee will be exposed to is:

employee orientation

Social responsibility should extend beyond the shareholders to include:

employees, suppliers, consumers, and community.

In employee selection, the initial screening consists of two stages. They are the:

employment application form and the preliminary interview

A retailer that allowed its employees to handle a customer complaint without having to ask for permission or direction from management would have:

empowered its employees to help customers

Oscar Ramirez's job has been redesigned. He has more authority and responsibility and feels the job now is very challenging to him. The company has used job _____ to challenge Ramirez.

enrichment

The first step in performance planning and appraisal is to:

establish performance standards

A company can only be concerned about its _____ responsibilities once it has met its economic and legal responsibilities.

ethical

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

Which of the following is a step in the new-product development process?

evelop new-product ideas screen ideas create a marketing mix test the new product

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 sales of cheese in the United States began to stagnate, the U.S. dairy industry looked for a quick and easy method to reach global markets. From your understanding of how companies participate in the global marketplace, you should know that the dairy industry selected:

exporting

In which of the following industries would you expect to find the most rapid growth of unionization?

fast food

A country that exports more goods than it imports is said to have a(n):

favorable balance of trade

Companies that want to meet the diverse needs of their employees by offering work-scheduling options can use:

flextime

Currency markets operate under a system called _____. This means that prices of currencies vary based upon demand and supply of that currency.

floating exchange rate

Avery Lutz quit his landscaping job in Florida and has moved to British Colombia, where he is actively seeking employment in the real estate industry. This is an example of _____ unemployment.

frictional

Public relations departments:

furnish company speakers for business and civic clubs write speeches for corporate officers encourage employees to take active roles in community organizations write press releases

A marketer that took the city and the climate into consideration as marketing variables would be concerned about _____ segmentation.

geographic

Selling more rainwear in Seattle than in San Diego due to the annual rainfall is an example of which type of marketing segmentation?

geographic

Which of the following benefits do unions nearly always stress in an organizing campaign?

grievance procedures

Which of the following is NOT a typical task performed by a supply chain manager?

hiring packers and drivers

Which of the following is an example of an individual factor that influences Bil Naggin's decision to buy a Sharps black powder cartridge rifle?

his desire to experience what it was like to be a Civil War soldier

Kent Huston is a middle manager at a management consulting company. He has the ability to negotiate, impress the right people, and make the right connections. Huston has _____ skills.

human relations

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

One criticism of Herzberg's motivator and hygiene theory is that it:

ignores the impact of situational variables

_____ 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

The two types of retailing are:

in-store and nonstore

A key element in capitalism is:

individual ownership of property

The two types of distribution channels are: Correct!

industrial and consumer

A(n) _____ is an independent wholesaler who buys related product lines from many manufacturers and sells them to industrial users.

industrial distributor

The situation in which the average of all prices of products is rising is called:

inflation

When manager Mariah Pitner delivered the company's financial report to local bankers and analysts, she was acting in a(n) _____ role.

informational

The _____ of Algeria includes 3,973 km of railroads, 104,000 km of roads, and 54 paved airports. It also has only five telephones for every 100 citizens and only two Internet service providers.

infrastructure

Business process management (BPM):

involves breaking a complex product, service, or process into smaller pieces that can be created independently and then combined quickly to make a whole

An apprenticeship:

is accurately described by all of the above

When compared to the consumer market, the business-to-business market, the consumer market is:

is more geographically dispersed

Collective bargaining:

is the process of negotiating labor agreements

Imagine you are trying to gather the information needed to calculate the balance of payments for an Eastern European country. To do your calculations, you would need to have information on all of the following EXCEPT:

its corporate tax rates

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 an organization of employees formed to represent workers in their disputes with management over wages, hours, and working conditions.

job bank

n many companies, workers are trained by assigning them to several different jobs over a period of time. This regular shifting of assignments is called:

job rotation

A company that reupholsters furniture in fabric and style selected by the owner of the piece of furniture is more than likely an example of a:

job shop

A manufacturer that uses the intermittent process to produce special customer orders is called a:

job shop

Crown Holdings Inc. manufactures a high-resolution, full color digital inkjet printed cans that allows smaller beverage producers to label the cans as they are needed to be filled rather than keeping a stock of preprinted cans. This is an example of how a beverage company could use:

just-in-time

which of the following is NOT an example of a convenience product?

lawn furniture

The relatively consistent pattern of behavior that characterizes a leader is called his or her _____ style.

leadership

_____ is the process of guiding and motivating others toward the achievement of organizational goals.

leadership

According to Theory Y, workers _____ their work.

like delegation and responsibility in

The maker of Centrum multivitamins introduced Centrum Silver, a vitamin designed specifically for older people. Centrum Silver is an example of a _____, a product that uses an existing brand name in an existing category but with a new formula.

line extension

A continuous production process has all of the following characteristics EXCEPT:

low volume

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

management

Which of the following is NOT a type of retailer?

manufacturers' representative

Within the distribution channel, retailers and wholesalers are called:

marketing intermediaries

Spalding produces large numbers of golf balls all at once. Spalding puts the golf balls in inventory and distributes them around the world. Spalding uses:

mass production

ndependent wholesalers that buy goods from manufacturers on their own account and then resell them to other businesses are:

merchant wholesalers

An organization's _____ is its general purpose or reason for existence.

mission

Which of the following benefits do unions almost never stress in an organizing campaign?

more job satisfaction

A(n) _____ is a retail store that sells at prices 25 percent or more below traditional department store prices in spartan environments.

off-price retaile

If a unionized company has a(n) ______ shop, the workers do not have to join the union, and they do not pay dues or fees to the union.

open

In a typical set-up, American companies will employ Chinese firms to enter handwritten cards into electronic databases, but the English skills of the Chinese can only take them so far with sloppy American handwriting. Then the Chinese (or sometimes the American companies) hire Lakota Express, a company that uses Native Americans who live on a reservation in South Dakota to pick up the slack and to vet the often imperfect work. What kind of work does Lakota Express do?

outsourcing

With a _____ policy, a company offers new products at a low price in the hope of achieving a large sales volume.

penetration pricing

Many companies keep a continuously updated list of inventory levels, orders, sales, and receipts. This is called a(n) _____ inventory.

perpetual

Which of the following is an example of an individual factor that influences the consumer decision-making process?

personality

The dispensing of controlled substances has divided patients, doctors, pharmacists and law enforcement agencies as they strive to create a balance between treating legitimate chronic pain and keeping powerful pain meds out of the hands of abusers. A recent convention discussed the development of a viable ______ strategy for pain medications.

place

According to Herzberg, hygiene factors are:

potential job dissatisfiers

Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The supermarket chain's emphasis on maintaining its cost competitive advantage means the company's top management is often concentrating on its _____ strategy.

pricing

The purchasing function, sometimes called _____, is an important part of any firm's production strategy.

procurement

Channels of distribution make distribution easier by performing all of the following functions EXCEPT:

production

When a thermometer manufacture combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of:

production

The first step in the selling process is to:

prospect and qualifying

Which of the following statements describes an advantage that personal selling has over other forms of promotion?

prospect. Personal selling can be directed only to qualified prospects. Personal selling costs can be adjusted by controlling the size of the sales force. Personal selling is considerably more effective at creating a satisfied customer than other forms of promotion.

The sales process begins with the salesperson locating companies or people who are most likely to buy the seller's offerings. This activity is called:

prospecting

Japan bans importation of rice to protect its domestic rice industry. This ban is an example of:

protectionism

Which of the following is NOT a need identified in Maslow's hierarchy of needs?

psychological needs

In 2006, consumers held on to a 2007 Chevrolet Monte Carlo at the State Fair of Texas in an endurance competition that tested consumers to see who can hold on to the car the longest to win it. An article in USA Today about the winner of the competition is an example of which promotional activity?

public relations

Which of the following is NOT a current trend in production and operations management?

quality management control

The unprocessed corn used as the primary ingredient in many brands of dog food is an example of:

raw material

Hassan Nasrallah, the leader of Hizbullah: grew up very poor but very smart, and although he wears the robes of a minor Shiite cleric, he is a world-class politician. He has been called the most charismatic figure in the Muslim world. Nasrallah exerts _____ power over his followers.

referent

The two key aspects of production control are:

routing and scheduling

An employee who was more worried about having a safe work environment and a financially sound pension plan than anything else would be most concerned with which of the needs in Maslow's hierarchy of needs?

safety needs

Many rock and roll fans believe that Jimi Hendrix was the best guitarist ever and that he stretched his ability to the utmost. According to Maslow's theory of need, Hendrix more than likely satisfied his _____ need.

self actualization

Allyson Cooke is a union member and an employee of a company that manufactures surgical equipment. She believes she has a grievance because her supervisor made her work an hour longer than usual for several days and has refused to pay her any overtime. Cooke should contact her _____, who represents union members to management when workers have complaints.

shop steward

In Maslow's theory, the need to belong to informal social groups both on and off the job is an example of _____ needs.

social

A group of investors in a retirement fund removed their money from the fund when they learned the fund manager had invested in a gambling casino. The investors' religious beliefs lead them to believe in the fundamental evil of all forms of gambling. These investors were engaging in:

social investing

U.S. Steel has established an alcoholic rehabilitation program for the city of Pittsburgh. The company provides the facilities and the personnel to operate the program. U.S. Steel is practicing:

social responsibility

Roger Wu has decided to buy a new Porsche. Since there are no Porsche dealers in his community, he must travel almost 200 miles to a find a Porsche dealer to purchase the car of his dreams. For Wu, a Porsche is a _____ product.

specialty

According to the goal-setting theory,:

specific goals lead to higher levels of performance than do more generalized goals more difficult goals lead to better performance than do easy goals You Answered an individual's intention to work toward a goal is a primary source of motivation feedback on progress toward goal enhances performance

Which of the following is NOT a characteristic of an intermittent process?

standardized products

Seeds of Change manufactures and markets certified organic entrees. Its mission reads, "At Seeds of Change, we're committed to making delicious foods that are healthy for you as well as the planet." In support of this mission, the company donates money to support environmental protection activities. In other words, Seeds of Change engages in:

strategic giving

The Home Depot supplies all the materials and the labor expertise for Habitat Homes in various regions of the country where the retail giant has a store. Its top management believes that this type of philanthropy better reflects the company's commitment to the community than simple donations to the American Cancer Society and similar national charities. The Home Depot is using the practice of:

strategic giving

All of the following are elements of controlling EXCEPT:

subordinating

china imposes a 45 percent tax on the market value of all chickens that are imported from the U.S. into China. Another name for this type of tax is a(n):

tariff

Hudson Kling mows yards during the summer. Which of the following is an example of revenue for Kling?

the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard

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

Hershey's hot cocoa mix combines dry milk, whey, corn syrup, processed cocoa, aspartame, and artificial flavorings and colors. This conversion process is an example of:

the assembly process

The most fundamental reason for the growth in world trade is probably due to:

the need for businesses to expand their markets

Which one characteristic most clearly defines a market structure?

the number of suppliers in a market

The union and management agreement that allows non-union people to be hired but requires that they join the union after a probationary period creates the ______ shop.

union

One of the problems unions are experiencing today is the reluctance of autoworkers in southeastern United States to join unions. In a few instances, when the Auto Workers Union (AUW) gathered enough employee signatures to call for a(n) _____ election, the employees have voted against unionization.

union certification

When a union gets a sufficient number of authorization cards, it can ask the National Labor Relations Board for a:

union certification election

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

The categories of heavy, moderate, and light users have to do with which type of segmentation?

volume

Which of the following factors affects an employee's compensation?

wage and salary surveys, the level of labor competitiveness in the area, the firm's financial condition, the organization's pay structure

A relatively small group of managers at the head of an organization that establishes overall strategy and long-range goals is called _____ management.

top

Why do many people fear trade and globalization?

Many fear trade and globalization will lead to massive job losses.

Martha Maguire recently was laid off from her telemarketing job for a large catalog retailer. Each January, Maguire is laid off as soon as the Christmas season is over. She will be hired back sometime during the summer. In terms of unemployment, Maguire is a good example of _____ unemployment.

frictional

Rudy and Ritchie Ling ran a camp this summer for children in their neighborhood. Rudy spent $135 on supplies and earned $250 before expenses. Ritchie spent $140 on supplies and made $210 before expenses. What is the combined revenue for the two brothers?

$460

____ contributes to an employee's self-worth, which, in turn increases productivity and reduces absenteeism. Correct!

Empowerment

How has terrorism affected global trade?

Terrorism has curtailed the liberal inflows of skilled and blue-collar workers.

Which of the following is an example of an ethical business activity?

The employee reported to his supervisors that a co-worker had misappropriated company funds.

Which of the following statements about social responsibility is true?

The obligation that a business has to act socially responsible extends beyond the investors in the company to include workers, suppliers, consumers, and communities.

Andy Pearson ran PepsiCo Inc. for nearly 15 years, driving revenues from $1 billion to $8 billion. In 1980, Fortune named him one of the 10 toughest bosses in the United States. Pearson was singled out for the relentless demands that he put on his people. As one employee put it, Pearson's talents were often "brutally abrasive." Every year, without hesitation, he fired the least productive 10% to 20% of his workforce. Pearson used a(n) _____ leadership style.

autocratic

The _____ for the Music Teacher's National Associations establishes a standard of conduct and recommends a set of responsibilities teachers should have toward students, colleagues and the public. These guidelines assist the professional music teacher in gaining the respect of peers and avoiding conflicts and complaints with students and others. It points out to members what are and what are not considered fair, honest and reasonable practice when dealing with students, colleagues and the public, it provides guidance for such aspects as advertising practices, appropriate relationships, and personal and professional integrity.

code of ethics

If a customer at a Target store brings a purchase to checkout, and the item is not priced, the clerk at the register can ask the customer what the price is. If the price is $25 or less, the clerk does not have to do a price check. The clerk has been given the authority to trust the customer to have quoted the correct price. This sort of discretionary power is called:

empowerment

Singapore has granted a(n) _____ on the importation of beer and stout made in the Philippines. This means that beer and stout made in the Philippines can sell for less in Singapore than beer and stout made by New Zealand or the United States.

preferential tariff

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

Airline stewards in China will remove someone from the plane if they attempt to bring their own food with them. Instead, passengers must buy the food sold on the plane. The stewardesses have been given _____ power to deal with passengers who won't obey the rules.

coercive

The European Union (EU) bans the importation of hormone-fed U.S. beef and bioengineered corn and soybeans on safety grounds although Americans eat this food every day. This ban is so consumers in the EU will buy domestic beef and products made from domestically produced corn and soybeans. This ban is an example of:

protectionism

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. Its primary challenge will be to convince the 2,000 employees it inherited from the government-owned facility to work more efficiently. Manila Water sought to boost employee morale by linking pay to performance. In other words, management has used its _____ power to improve employee productivity.

reward

In 1993, Purdue Pharmaceuticals of Stamford, Conn. applied for the first in a series of patents on Oxycontin, a painkiller. The U.S. Patent and Trademark Office (PTO) granted those patents based on the manufacturer's contention that the drug contained a novel innovation: It had been engineered so that only a very small dose was required for the drug to be effective for 90 percent of patients. As a result of the patent Purdue was the only company that could sell Oxycontin. Thus, Purdue became an example of which of the following market structures?

a pure monopoly

Victorinox is the name of the company that manufactures Swiss army knives. As a result of new regulations governing what passengers could carry with them on airplane trips, the company has lost 30 percent of its business. In other companies, this might have led to business failure, but because Victorinox had _____ plans, it was able to continue to operate profitably.

contingency

The Japanese automobile manufacturer Mazda produces the Premacy SUV in Haikou, China at a plant it built in the Chinese province. Mazda is using _____ to engage in global trading.

direct foreign investment

A homebuilder who disposes of asbestos shingles by burying them on his own property may please the home owner because it is a less expensive means of disposal but will be punished by various legal agencies if any become aware of his crime. At which stage of the social responsibility pyramid is the builder most likely operating?

economic

It has been alleged that a Coca-Cola water bottling plant in India has caused illegal water shortages in fifty villages that surround the bottler. If this accusation is true, than Coke was operating at which stage of the social responsibility pyramid?

economic

The _____ role of a manager consists of relationships with other people as figurehead, leader, and liaison.

interpersonal

Laws have curtailed smoking, and as a result, the sale of cigarettes is down. Rather than fighting the law, the cigarette industry is looking for ways to take their business beyond cigarettes. Many experts believe that the cigarette producers have found a way around the law with the promotion and distribution of smokeless tobacco, which has shown consistent sales gains over the last decade. In terms of the social responsibility pyramid, at which level is the cigarette industry operating?

legal

The Federal Reserve System can do all of the following EXCEPT:

lower taxes

The purchase of savings bonds by individuals allows the U.S. government to:

make sure that the burden of the national debt is spread more equitably

_____ is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans.

organizing

Wal-Mart ran a series of ads in trade journals with the following headline: "We're Looking for Quality Products That Are Guaranteed Not to Last." What Wal-Mart was in fact doing was asking its suppliers to develop more environmentally friendly products and to use material that could be recycled. This concern about the environment is one way that Wal-Mart practices:

social responsibility

The government does not consider full employment to mean 100 percent of its citizens are employed because:

some people are preparing for later employment by attending school, some people choose to stay home to raise children rather than have a job outside the home, some people are temporarily unemployed while they wait to start new jobs, some people are not working because jobs are limited, and competition for jobs is intense.

Besides tariffs, a government can use a number of other tools to restrict trade. Which of the following is NOT a tool aimed at restricting trade?

subsidy

Many weight-loss programs advertise that they can help individuals lose a great deal of weight without any changes in the individual's lifestyle. Typically when the person who has lost the weight leaves the program, he or she regains all the lost weight. This yo-yoing is almost as bad for the body as the excess weight. These weight-loss programs are engaged in _____ behavior.

legal but irresponsible

Spring Airlines is a start-up business in China. It uses the management function of ____ to arrange that the three airplanes it operates are where they are supposed to be when they are supposed to be and have the appropriate number of operating personnel.

organizing

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

A strategic alliance is sometimes called a(n):

strategic partnership

Pele Arnaz is a plant foreman for a generator manufacturer. He spends his day carrying out operational plans for the ongoing daily activities of the plant. Arnaz is a _____ manager.

supervisory

According to the Sports Business Journal, Levy Restaurants is the leading purveyor of premium food at major sports venues. It has chefs that specialize in the preparation of various foods working at different sports venues. For the Super Bowl, Levy flew in more than two dozen of its chefs from venues to prepare food to feed the Super Bowl crowd. The chefs had the necessary _____ skills.

technical

In 2018, Country A exported $1.237 billion and imported products valued at $5.552 billion. The difference between the dollar value of its exports and imports represents a:

trade deficit

In 2018, Country A exported $84.9 billion and imported products valued at $74.69 billion. The difference between the dollar value of its exports and imports represents a:

trade surplus