Business Management Final
What type of corporation sells millions of shares and must furnish complete information about its earnings, assets, and debts?
"C"
A type of state-chartered corporation that was developed to help small businesses by taxing them as individuals in a partnership is a(n) __________ corporation
"S"
A benefit to producers and consumers of a growing economy is that it provides
A higher standard of living
A low salary is a common
Cause of stress
Which of the following is considered an external cause of business cycles
Climatic changes
Emotional intelligence is especially important today because
Collaboration is becoming a standard method of achieving business goals
Brent likes to use his emotional intelligence to describe his feelings in accurate terms. He is experiencing which of the following benefits of emotional intelligence
Communicating needs effectively
Which of the following factors characterizes the growth phase of business cycles
Consumers and producers are borrowing more money
The ultimate goal of all economic activity is
Consumption
A business manager realizes that the demand for his/her products now exceeds producers' capabilities, and producers have raised their prices to offset the high demand. Under these conditions, what phase of the business cycle should the manager begin to prepare for?
Contraction
The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?
Corporation
The heart of economics is
Decision-Making
What do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?
Exchange
Why should a businessperson understand business cycles?
To make plans that will help to level out cycles
Which of the following is the best reason for studying economics
To prepare for effective decision making and responsible citizenship
As the group leader, Janine needed to address the issue of effective communication, an important part of which of the following
Relationship management
John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a
Partnership
During which phase of the business cycle are industries and businesses producing and selling goods at their maximum?
Peak
During which phase of the business cycle would there most likely be shortages of workers in certain skill areas?
Peak
The top of a business cycle is known as the
Peak
When a leader keeps trying in spite of setbacks, s/he is demonstrating which characteristic of emotional intelligence
Perseverance
What do business owners consider when they select a business ownership structure?
Personal circumstances, financial needs, and type of business
Jane is the owner of a pizza shop associated with a national chain of pizza restaurants. She established her business in a regional supermarket. The pizza shop is referred to as a
Piggyback franchise
Friendship would be considered a(n) __________ want
Non-economic
The American Red Cross is an example of a(n) ___________ corporation
Nonprofit
A manager is willing to accept the production of fewer products as long as her workers produce higher quality products. The manager is making a(n)
Trade-off
Vicki's coworkers aren't cooperative, and they spend most of their time at work gossiping and fighting. Vicki is stressed because she's dealing with a(n)
Unpleasant work environment
How long do most business cycles last?
Varying lengths of time
What are the three basic economic questions?
What products will be produced, how will products be produced, and how will products be allocated
If you are a change catalyst, you are likely to
Work to improve situations
If Hank feels like he has too much on his plate at work, he should consider
talking about the situation with his boss
In emotional intelligence, which of the following demonstrates self-management
A positive attitude
Paul is feeling apprehensive about his sales presentation, but he doesn't want to admit it to himself. His coworker, Amanda, pointed it out to him while he was practicing what he was going to say. What should she recommend that he do?
Accurately assess his emotions
Which of the following parts of self-management reflects the ability to adjust to new and changing situations?
Adaptability
One of the factors that affects business cycles is the total demand for goods and services known as
Aggregate demand
Two factors involved in determining the value of a resource, good, or service are
Availability and demand
Which benefit of emotional intelligence helps you to handle constant change?
Being flexible
In economics, capital goods include
Buildings and equipment
Liam is constantly stressed out at his job. If he isn't careful, he may find himself facing
Burnout
Ups and downs in the level of economic activity over a period of time are called a(n)
Business Cycle
Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. Which type of business would give Jake the help he needs?
Business-format franchise
Which of the following is a true statement about emotional intelligence
Emotional intelligence can be defined in different ways
Which of the following accurately reflects the relationship between traditional intelligence and emotional intelligence
Emotional intelligence is more difficult to measure accurately than traditional intelligence
A particularly high stress level at a company can lead to a high rate of
Employee turnover
Who should be part of a stress management committee?
Employees from all levels
Seeing a movie at a theatre would be considered a(n) __________ want
Economic
Into what two categories can wants be divided?
Economic and non-economic
Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
Economizing
The economy of the country of Swizzleland is undergoing rapid changes. Unemployment is low, consumer spending is high, and factories are increasing their production capabilities. Swizzleland is in the __________ phase of the business cycle.
Expansion
The period of time during the business cycle when production and employment increase is called
Expansion
Which of the following is a common sign of employee stress
Fatigue
Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of
Franchising
If all of the individuals who own a business share unlimited liability for the business's losses, these individuals are part of a(n)
General Partnership
Olivia runs a home-based business that distributes high quality, handmade baskets. She sells the products and earns commissions on the baskets sold by four other basket representatives. This is an example of
Multi-level marketing
Endorphins are released by exercise, and they make you feel
Happier and calmer
Which of the following is characteristic of a business cycle in which there is a short money supply
High Unemployment
Administering employee surveys is one way to
Identify employee stress
If aggregate demand is rising, businesses and industries will tend to
Increase production
When producers are hopeful about the economic business outlook, they
Increase their investment in capital goods
What action expands economic activities
Increasing inventory levels
What will probably result if aggregate demand continues to grow, and production cannot meet the demand?
Inflation
Which of the following correctly describes stress
It can help you face challenges successfully
Which of the following statements is true regarding joint ventures
Joint-venture arrangements are usually short-term relationships
Noah isn't sure how to finish the project he's working on. He can't ask his boss for guidance because his boss is out of the office. Noah is stressed because of a
Lack of direction
Adam tries to concentrate at work, but several of his coworkers were recently laid off and now he constantly worries about being fired. Which common stressor is Adam facing?
Lack of job security
Which of the following is a true statement about emotional intelligence and leadership
Leaders have to get along with a variety of people
A person's cognitive ability is his/her ability to
Learn and understand
ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a
Licensing agreement
Lois and Lora plan to open a florist shop. Lois is unable to devote full time to the daily operations of the shop but wishes to provide financial support. Which form of business partnership is most likely to appeal to Lois?
Limited
Nasim is under a lot of stress, and she's finding it difficult to be enthusiastic about her job.Nasim isn't doing her best at work because she's dealing with
Low morale
When Victor is stressed out, he calms himself down by spending some time in quiet, calm thought. Victor is engaging in
Meditation
The total quantity of money existing in a nation at one time is known as the
Money Supply
Which of the following is a consequence of workplace stress
More absenteeism
Water and air are examples of __________ resources, while people are considered to be __________ resources
Natural; human
Which of the following occurs as a result of discoveries
New jobs are created
John only had $40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
New pair of jeans
What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public?
Private
Which of the following is an example of how leadership and emotional intelligence overlap
Proactive behavior
In order for consumption to occur, goods and services must be
Produced
Distribution examines how income is divided between
Producers and resource owners
Which of the following is a way employers can help employees prevent or alleviate stress
Promote physical activity
One reason a physician's' practice might form a partnership as an LLP is to
Protect innocent partners from the malpractice of another partner
Illegally run organizations that emphasize the collection of high fees from potential product distributors are often referred to as
Pyramid-Schemes
The government can restrict the flow of money by
Raising Taxes
Gross domestic product that has been adjusted for inflation is known as
Real GDP
If the contraction phase of the business cycle lasts for six months, it is called a(n)
Recession
Emotional intelligence can best be described as the ability to
Recognize and manage emotions in ourselves and others
Consumers are typically most willing to pay more for goods and services that bring them greater
Satisfaction
A gap between unlimited wants and limited resources creates
Scarcity
When we face difficult people, emotional intelligence helps us to
See the reasons people behave the way they do
In your new job, you encounter an unhappy customer who yells at you. Immediately, you realize that anger is welling up inside you. This realization demonstrates
Self-awareness
When you are angry about something but control your temper, you are demonstrating
Self-management
When you understand and relate to another person's feelings, thoughts, and experiences, you are demonstrating
Social awareness
"To form my business, I used all of my savings and borrowed from the bank, and I'm personally liable for all of the debts." This is an example of which of the following forms of business ownership
Sole proprietorship
As Penny used her emotional intelligence to separate negative feelings from the positive action she could take in a situation, she experienced the benefit of
Solving problems
Jess is worried about getting a huge project at work done by her deadline. The feeling of pressure or tension she has is known as
Stress
How are healthcare costs related to workplace stress?
Stressed employees have greater healthcare costs
Zane is feeling overwhelmed about his stressful job. Which action should he take to manage his stress?
Talk through the situation with a friend or coworker
Who should be responsible for stress management?
The employee and the employer
Which of the following is a characteristic of a product trade-name franchise
The franchisee can choose the name of the business
One of the characteristics of the form of business ownership known as an LLC is that
The owner's' personal property cannot be taken to pay the business's debts
Why are resources considered limited
There are not enough available for everyone to have as much of them as desired
The bottom of the business cycle is called a(n)
Trough
When there are high levels of unemployment and business failures, the business cycle is in its __________ phase
Trough
Which one of the following groups of words best describes wants
Unlimited, changing, and competing