Quiz 1 Chapter 1 "Intro to Business", Quiz 2 Chapter 2 "Economics & Business", Quiz 3 Chapter 3 "Business Ethics and Social Responsibility", Quiz 4 Chapter 4 "International Business", Quiz 5 Chapter 6 "Types of Business Ownership", Quiz 6 Chapter 7 "...

How many times should you decline a gift in China?

3 times

The Age Discrimination in Employment Act of 1964 protects employees at what age?

40 years or older

According to the U.S. Small Business Administration, what percentage of businesses fail within the first four years of launching?

56%

Which of the following is NOT an advantage of starting a business?

A lack of involvement in day to day business activities

Which of the following does transparency imply? a) Openness b) Communication c) Accountability

All of these answers

An HR professional is generally expected to perform which of the following functions?

All of these answers *Personnel transfer *Payroll *Training and career development

A promotion can be in the form of:

All of these answers *Increases in salary *Increase in benefits *Increased job responsibility

What is the process managers use to transfer authority and responsibility to positions below them?

Delegation

Which one of the following is an example of a strategic operation decision?

Determining how labor and equipment are organized

In order to be effective, a team leader should NOT:

Disengage from the team

The Civil Rights Act of 1964 was important because:

It ended racial discrimination for voting

Which of the following is NOT a step in the decision making process?

Multiple decisions are made, executed and then evaluated

What are some things that would harm your credit score?

Not paying bills on time, having too many credit cards, asking for loans and not paying on time.

Which of the following is NOT a step in outsourcing?

Opening a new plant in a foreign country

Complete the following sentence. Tariffs, as they relate to global trade, are:

Taxes on imports

The one universal criterion for measuring the rate of success in production is:

The ability to produce surplus value

Analyzing which financial statement will tell you about the financial health of a firm?

The balance sheet

From this week's video, how important is planning in a business?

Very important

In response to economic conditions, employment in small businesses

declines when the economy is doing well and increases when the economy struggles.

Opponents of socialism see private ownership of the means of production and the market exchange as natural entities or moral rights which are central to their conceptions of _____________. wealth and prosperity freedom and liberty spirituality and religion foreign and domestic relations

freedom and liberty

Navigating government regulations is one of the primary advantages of owning a sole proprietorship since

sole proprietorships do not have to pay corporate taxes

Entrepreneurs can increase their odds of success by avoiding which of the following drawbacks when starting a small business?

Failing to set aside cash reserves that can be used during economic downturns

Which one of these management styles rewards only the manager for the completion of a team project?

Traditional Management

Which of the following is a potential improvement to a transport route? Eliminating the route altogether Dividing the route in to two Merging with another route

All of these answers

Which of the following is an element that makes ethical behavior conducive within an organization? a) A written code of ethics and standards b) Availability for advice on ethical situations c) Systems for confidential reporting

All of these answers

Which of the following is NOT true about planning?

It should be set at the beginning of a project and not changed afterward

IT is changing the basis of business from labor and manual skills to _________.

Knowledge management

In terms of supply and demand, what is the quantity of a product that people are willing to buy most dependent upon? its supply its quality Its price its function

Its price

Which of the following is NOT necessarily a result of planning?

Making a decision quickly

According to economist Milton Friedman, the main purpose of a business is to ________.

Maximize profits for its owners

Which of the following is NOT a federal agency the enforces the ADA?

Mine Safety and Health Administration

Which of the following is NOT an example of supply chain sustainability?

Using a more than necessary amount of resources

A statistic that reports the status of the economy a few months in the past is known as what? a lagging indicator a business cycle indicator an index indicator a leading indicator

a lagging indicator

Which of the following occurs when real GDP reaches its maximum, stops rising, and begins to decline? an expansion a trough a contraction a peak

a peak

How is a stakeholder different from a shareholder?

A shareholder is an owner of the company, whereas a stakeholder is any individual or group with an interest in the company's operations and/or output.

Which of the following is NOT a characteristic of accounting?

Accounting is an end in itself

The goals of organization include:

All of the following

New technologies are allowing more women and young people to start businesses. This is mainly because

All of these answers.

Suppose you are analyzing financial statements of a client. You should take into account which of the following factors?

All of these answers: *Industry trends *Changes in price levels *Economic conditions

When a company allows workers to leave voluntarily without replacing them, it is called:

Attrition

From this week's video, what must a business be able to do if things don't go according to what was planned?

Be flexible and adjust its strategy.

Which of the following takes place when a company sets its standards by comparing data from other companies and similar industries to its own?

Benchmarking

Which of the following basic business processes has the Internet NOT been increasingly used for?

Bookkeeping

The theory of competitive advantage can best be explained as suggesting that:

Businesses create high-quality goods to sell at high prices in the market

What can you do to improve your credit score?

Cancel some credit cards and keep only one or two such as gas and a visa. Pay bills on time. Payoff debts and request those companies to change the bad credit score.

Which of the following is NOT a legal benefit of incorporation?

Complete decision making power

Which formula represents a current ratio?

Current Assets/Current Liabilities

Customer Experience Management (CEM) , as opposed to Customer Relationship Management (CRM), focuses on which of the following:

Customer needs

The difference between a firm's total revenue and all costs represents __________.

Economic profit

Assuming the US is efficient in growing corn and therefore sells it to other countries. We call this:

Exporting

Economic growth is conventionally measured as the percentage rate of increase in what economic measure? inflation deflation demand GDP

GDP

What qualities do employers want in their employees?

Good Interpersonal and Communication skills. Character traits such as leadership skills, honesty, flexibility, accessible and adaptable to different management styles.

Based on what you learned from this week's video, think of an example of a benefit and cost analysis that pertains to your own life.

I am not sure if this could be a good example, but in my life, migrating here to the US is a benefit in my life because after evaluating and comparing of all the good things I'm achieving, it ends up being positive in comparison to the cost of analysis that could be represented by being away from friends and family.

If a country has a trade deficit, what will occur?

Imports will exceed exports

The main advantage for employers in offering employee benefits is:

Improve worker retention

A limited partnership can be best described as which of the following?

It is a partnership in which only one partner is required to be a general partner.

Which of the following would constitute as a technological barrier to trade?

Product standards

What color is not associated with death in Chinese culture?

Red

Which of the following characteristics is NOT conducive with entrepreneurial drive?

Risk aversity

Assume you are doing a liquidity test of a client before lending the client firm money. You realize that the quick ratio is .45. This indicates that:

The firm may not be able to meet current obligations

What are the advantages of being an entrepreneur?

The first advantage would be to be your own boss and being able to make decisions for your business. Secondly, being independent to manage your business own prices (i.e. for service) and schedule and lastly, filing taxes is easier than for corporations.

An employee would exercise their stock options if:

The market price is higher than the call price

Which of the following is an advantage of business ownership structures that are partnerships?

The profits from the business flow directly through to the partners' personal tax returns.

From this week's video, what information can businesses obtain from market research does Steve Jobs mention?

What your customers think and want

Which demographic has seen a great deal of recent growth in the entrepreneurial area?

Women

Which one of the following is NOT an example of a Total Quality Management (TQM) practice?

Working harder

What is business ethics?

Written and unwritten codes of principles and values that govern decisions and actions within a company

Which of the following would NOT be an associated negative faced by a business that is focused on cheating the customer?

a desirable reputation in the community

Businesses that are partnerships typically include which of the following details in the partnership agreement? a) All of these answers b) Partner responsibilities c) Conditions for settling disputes d) Conditions for dissolving the partnership

a) All of these answers

One of the primary advantages of organic growth is

better control and coordination of the business

What is the process in which a government dictates which goods or services are produced, how they are produced, and who will receive them? taxation public service socialism central planning

central planning

Industries with a high concentration of small businesses generally require

little investment capital up front.

What type of companies do individuals tend to want to work for?

ones in which ethical dilemmas are minimized

In a mixed economy, what remains as the fundamental driving force behind economic activity? universal education profit-seeking proletarianism social welfare

profit-seeking

Issues such as dangerous products/services; transparency about environmental risks, product ingredients, or possible health risks; respect for consumer privacy and autonomy; and fairness in pricing and distribution arise in which field?

sales and marketing

In a sole proprietorship, there is no legal distinction between:

the owner and the business

From this week's video, what is opportunity cost? whatever you give up to do something what you gain from an investment the cost of an opportunity such as education how much it costs a business to produce a widget

whatever you give up to do something

Which of the following is NOT an acceptable use of surplus revenues generated by a non-profit?

Distribution to shareholders

To be eligible for S corporation status, a corporation must have no more than

100 shareholders

From this week's video, what are the limitations of market research that Steve Jobs mentions?

A company can't predict something that a customer doesn't quite know they want yet

Some policies of affirmative action have been criticized because they are seen to be:

A form of reverse discrimination

Which of the following is the best explanation of radical transparency?

A management method where nearly all decision making is carried out publicly

The two departments that are usually involved in the purchasing process are:

Accounts payable and purchasing department

Suppose you, as an American company, started a phone business in India. Which of the following cultural barriers might you face?

All of these answers

Tariffs are often viewed by economists to be bad for overall welfare because:

All of these answers

The World bank incorporates which of these studies in fighting poverty of developing countries?

All of these answers

What is theoretical ethics? a) A way of discovering and delineating right from wrong b) The consideration of how we develop the rules and principles by which to judge and guide meaningful decision-making c) The rational reflection on what is right, what is wrong, what is just, what is unjust, what is good, and what is bad in terms of human behavior

All of these answers

What 4 categories of people will you interact with at work?

In leadership we can find different styles: Authoritarian Democratic Laizzez Faire Transactional Narcissistic With co-workers, we might need to use the push-pull & pull influencing style. Logic & The Carrot Stick fall under the pushing influencing style Consultative & The Big Picture approach falls under the pull influencing style.

From this week's video, what is not a company's strategic goal that Human Resources supports?

Increase revenue

Which one of the following is a characteristic of the service sector?

Intangible products

Fill in the blank. Cory is the Director of Business Development for a drug company. Part of his responsibilities requires him to develop five-year plans and present them to the executive team. Cory has been with the organization for a while and knows that the executives like detail. They want to see the necessary steps Cory is going to take to achieve the five-year goal, so Cory explains his five-year plan in one-year intervals. According to what you have learned, Cory is providing the executives with a (an) _____________.

Operational plan

Suppose a company is having problems with a high turnover rate of their highly skilled employees. One remedy for this would be to:

Pay above-market wages

Successful small business owners often need a high level of _______, due to the high likelihood of drawbacks and failure.

Perseverance

What are some ways to make an unsatisfied customer feel better?

Remain calm and provide good communication skills Be objective and do not take things into a personal stage/place. Address what they are thinking and feeling in regards to the product or service of consumption. Put their needs in first place before offering a solution, but make a suggestion that will/could satisfy their needs at the same time. Provide customers with the pros and cons when finding a solution. Apologize in a professional and grateful way.

Assuming you were the CEO of a company with 72 shareholders, offering only common stock. This company would likely fall under which of the four categories of corporations?

S corporation

Which of the following best explains why the equitable pay of workers may potentially lead to emotional unrest between them? Their diversity may lead to difficulty in maintaining a common goal. Their needs as consumers may not be taken into consideration. They lack freedom of speech. They may wish to be specifically recognized for their work.

They may wish to be specifically recognized for their work.

The main purpose of managerial accounting is:

To be used within an organization

Which of the following is NOT a purpose of financial accounting?

To organize information for management

From this week's video, the 3 basic financial statements are balance sheet, statement of cash flows, and income statement.

True

Logistics management encompasses all of the following EXCEPT:

Manufacturing