Business: Ch. 1
What part of the market environment shapes the behavior of customers?
buying influences
Which of the following activities is most likely to be considered unprofessional?
Posting critical comments regarding the employer in a personal blog.
Businesses that need very large amounts of money, equipment, or other material resources in order to get started are ________ businesses.
capital-intensive
A(n) ________ is a framework of how a business intends to generate revenue.
business model
________ refers to some aspect of a product or company that makes it more appealing to target customers.
competitive advantage
If individuals and companies believe they can pursue rewards without facing the risks that should be attached to those pursuits, they are more likely to engage in irresponsible and even unethical behavior. This situation is known as a(n) ________.
moral hazard
An HR specialist is most likely to be responsible for which of the following activities?
motivate and train diverse workforces
________ is the quality of performing at a high level and conducting oneself with purpose and pride.
professionalism
What type of business tends to be labor intensive, relying more on human resources than material resources?
service
A management accountant is likely to be responsible for which of the following activities?
assessing the manufacturing costs of new products
What makes a great team player, and is often an indication of management skills?
being able to make others more effective
Because of the increasing importance of the field, most companies now employ ________ to oversee the development of IT strategies for the organization.
chief information officers
What key aspect of running a business includes the ability to offer valuable goods and services while contributing to society?
corporate social responsibility
The conditions that affect the cost and availability of goods, services and labor, and the behavior of buyers and sellers are BEST described as the ________ environment.
economic
Which of the following activities would be a part of facilities management?
ensuring that the office building adheres to safety standards
The expected norms of behavior in a particular situation are referred to as ________.
etiquette
________ audit the financial reports of public companies as required by law.
external auditors
Which of the following positions would be responsible for establishing the long-term financial goals of the company, investing funds and raising capital?
finance officer
Who are those responsible for investigating financial crimes?
forensic accountants
The ________ function of a business involves the recruiting, hiring and support of its personnel.
human resources
________ systems can be used to promote communication and data usage through the company or to customers.
information technology (IT)
Which of the following verify the efforts of an organization's accounting department?
internal auditors
The policies and practices of government bodies would shape the ________ environment for a business.
legal and regulatory
What should be done to limit your own filters and biases and to truly seek to improve the communication process?
listen actively
The ________ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products.
logistics
________ refers to a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
market environment
Creating branding and advertising strategies to communicate with potential customers would fall under the ________ function of a business.
marketing
An organization that seeks to operate efficiently and effectively to achieve its goals without focusing on profit as a motive is a ________.
nonprofit organization
Which of the following best describes the department where the company's products are made, or its service is performed?
operations
________ is the term used to describe the difference between revenue and expenses.
profit
________ activities are intended to identify new ideas that have the potential to result in new goods and services.
research and developement
________ is money that an organization brings in through the sale of its goods and services.
revenue
All groups affected by a company's activities are referred to as its ________.
stakeholders
Performing at a high level, and continuing to improve is an indication of ________ in one's pursuit of professionalism.
striving to excel
The term ________ refers to forces resulting from the practical application of science to innovations, products, and processes.
technological environment