Financial

The _____ is defined as the difference in value of a country's exports and imports over a period of time.

A. balance of trade

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

Abraham Maslow

______ is the legitimate power granted by the organization and acknowledged by the employees.

Authority

The national debt is the:

B. cumulative total of past national deficits

The _____ is a protectionist argument that says the U.S. should use tariffs to keep foreign labor from taking away U.S. jobs.

B. job-protection argument

The _____ is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO).

Uruguay Round

The standards used to determine whether a group member's actions are acceptable are called group:

norms

The fact that a corporation has limited liability means:

owners' liabilities are limited to the amount invested

The highest level of the corporate social responsibility pyramid is:

philanthropic responsibilities

Human resource _____ is the creation of a strategy for meeting future human resource needs.

planning

The _____ GDP takes inflation into account and uses adjusted market prices.

real

In an organization with a unionized labor force, the shop steward:

represents union members in complaints to management

The tool most widely used in making hiring decisions is the:

selection interview

The first step in starting your own business is:

self assessment

Which type of business organization experiences the least governmental regulation?

sole proprietorship

The lowest level of management, which usually has the most people to manage, is called _____ management.

supervisory

Who provides the start-up financing for the majority of new small businesses?

the business owner and his or her family and friends

Which of the following would be stakeholders for a manufacturer of agricultural pesticides?

the farmers who buy the products EPA representatives who inspect the plant people who live in the community in which the plant is located employees of the plant

The _____ style of management is based on a pessimistic view of human nature and assumes that the average person dislikes work, will try to avoid work, prefers to be directed, avoids responsibility, and wants security above all else.

theory x

A term that means that business damages and/or debts can also be attached to the personal assets of the owners is ______ liability.

unlimited

Social responsibility goes beyond obligations provided by law or union contract. Two important aspects of social responsibility are that the obligation is both:

voluntary and broad

_____ is the practice of charitable giving by corporations; includes contributing cash, donating equipment and products, and supporting the volunteers' efforts of company employees.

Corporate philanthropy

_____ inflation is triggered by increases in production costs which increase the costs of final goods and services.

Cost-push

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

D. consumer price index (CPI)

A country's _____ is the set of beliefs, values, and social norms shared by members of a society that determines what is socially acceptable.

D. culture

The two types of inflation are:

D. demand-pull and cost-push

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

D. unfavorable balance of trade

Protectionism:

D. uses artificial barriers to protect domestic industries

Which of the following is NOT a component of the consumer price index?

E. lumber used in the construction industry

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

Empowerment

According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is:

money

Businesses close down for many reasons. Which of the following is NOT a typical reason for a business failure?

Expenses were lower than the owner expected.

A Theory X manager would assume his or her workers are:

Lazy and can't be trusted

Of all forms of business ownership, corporations account for the largest share of both:

Sales and profit

The most common form of business organization is the:

Sole proprietorship

_____ are all the individuals or groups to whom a business has a responsibility.

Stakeholders

_____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.

Strategic

_____ is the practice of tying philanthropy closely to the corporate mission or goals and targeting donations to regions where a company operates.

Strategic giving

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

_____ are entrepreneurs who start a series of companies.

multipreneurs

_____ is a permanent organization structure that combines functional and product departmentalization.

a matrix structure

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

affirmative action programs

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

arbitration

Which of the following is NOT one of the advantages of owning a small business?

avoiding taxes

The _____ is the total amount of money that flows in and out of a country.

balance of payments

All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT: burdensome government regulations fund-raising difficulty being your own boss extreme personal commitment limited management skill

being your own boss

Middle managers usually:

carry out plans and policies of the top managers

The ability to view an organization as a whole, to understand how the various parts fit together, and how it relates to other organizations is a(n) _____ skill.

conceptual

Feedback is an important part of which function of management?

controlling

_____ is the process of ensuring that the organization's objectives are being met and of correcting deviations from the plan.

controlling

Allocation of resources, approval of projects, and authorization of budgets are all activities that a manager performs in his or her _____ management role.

decisional

According to Theory X, workers _____ their work.

dislike every facet of

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 community

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

employment application form and the preliminary interview

The first step in controlling is to:

establish performance standards

Managers typically follow five steps in the decision-making process. The first step is to:

evaluate the strengths and weaknesses of potential decisions

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called:

export trading companies

One of the advantages of owning a small business is:

flexibility

The headquarters, seller, and supplier of the service or method of operation of a franchise is called the:

franchisor

A firm's stockholders have the right to do all of the following EXCEPT:

get discounts on the company's product or service

Which of the following is NOT a reason why small business thrives in the United States?

guaranteed profits

Tools to restrict trade

import quota embargo exchange control custom regulation

_____ are entrepreneurs who apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.

intrapreneurs

Utilitarianism:

is difficult to implement because it is hard to tell how one decision will impact a large number of people

Collective bargaining:

is the process of negotiating labor agreements

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 descriptions

The fifth factor of production identified by many managers and academicians is:

knowledge

_____ are corporate takeovers financed by large amounts of borrowed money.

leveraged buyouts

A _____ organization is a design with direct, clear lines of authority and communication flowing from the top managers downward.

line

The combination of two companies that join to form one company is called a:

merger

_____ managers are the managers concerned with implementing the plans and policies of top managers and supervising lower-level managers.

middle