BUS-100 Final Exam

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Suppose you are writing a letter applying for a job with a company, and you don't know the name or gender of the vice president of human relations to whom you are writing. The best way to deal with this problem is to address the recipient as

"Dear Vice President of Human Relations."

For research purposes, the Small Business Administration (SBA) defines small business as companies with up to ______ employees

500

Which of the following statements is true of ethics?

Actions that are completely legal can still be unethical

______ refers to a negative preconception or prejudice directed toward a specific group

Bias

The economic measure that provides the most information about what is happening to prices of consumer goods is the

CPI

____is a widely accepted social movement that supports a buyer's right to be informed, to be safe, to choose, and to be heard

Consumerism

Which of the following can be considered a business?

Davent, an online shopping portal that offers discounted prices on clothes

During the production era, managers focused mostly on customer satisfaction and not on production efficiency.

False

The amount of input divided by the amount of output equals productivity.

False

The value of all natural resources tends to rise with low demand, high supply, or both.

False

n the context of federal debt, if spending is lower than revenue, the government incurs a budget deficit.

False

Sal is thinking about starting a small business and is trying to access the potential opportunities and threats associated with a new start-up. She's talked with friends and associates about her plans, and several have offered her opinions and advice. The comments of four friends are summarized below. Which of these statements would probably be the most helpful to Sal?

Find a market segment that you can profitably serve but which is too small to attract larger companies

____________ refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation

Fiscal policy

Which of the following is a duty of a socially responsible organization toward its customers?

Following laws that prevent anticompetitive behavior such as predatory pricing

Which of the following is NOT a significant drawback of getting into business by entering into a franchise arrangement?

Franchising is generally considered to be the riskiest option for starting a business

____ often undermine(s) the author's credibility and distract(s) the reader from the intended written message

Grammatical errors

________ measures the total value of all goods and services produced within a nation's borders over a given period of time.

Gross domestic product

Katy wants to improve her business writing skills and is looking for a way to determine the appropriate tone for her messages. Which of the following suggestions represents the best advice?

Imagine you are speaking to the recipient of the message, and let your writing style flow like a natural conversation

____ means that prices on average are rising

Inflation

In the context of factors of production, which of the following is a natural resource?

Land

When a business brings in less money than it needs to cover expenses, it incurs a___

Loss

______are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them.

Market niches

___ refers to actions that shape the economy by influencing interest rates and the supply of money.

Monetary policy

A key difference between S Corporations and C Corporations is that

S corporations may have no more than 100 shareholders who must all be citizens or permanent residents of the United States, while C corporations do not have these restrictions on ownership

The government of Puritania has begun a program to restructure of the economy, with a goal of moving toward a more market-oriented system. Which of the following is least likely to occur as the result of this restructuring?

Slower rates of economic growth and lower standards of living for the majority of citizens

Sheila loves taking care of animals and has thought about starting her own pet grooming business. However, she doesn't know much about the growth potential for this type of business or the amount of competition she would face. She also wants to find out if there are any government regulations she would need to deal with. She should be able to find answers to many of her questions by contacting the

Small Business Administration

________ are local offices affiliated with the Small Business Administration that provide comprehensive management assistance to current and prospective small business owners.

Small Business Development Centers

Which of the following dimensions of a business environment is specifically highlighted when stock markets lose a major portion of their value and when huge, venerable institutions collapse financially?

The economic environment

Consider the following sentences: 1.The baseball player caught the ball in midair. 2. The ball was caught in midair.

The first sentence is in the active voice; the second sentence is in the passive voice

Which of the following dimensions of a business environment embodies the values, attitudes, customs, and beliefs shared by groups of people?

The social environment

Which of the following is a characteristic of entrepreneurs?

They risk their time, money, and other resources to start and manage their business

Almost everyone has experienced a conversation where someone has pleaded, "That's not what I meant!"

This is an indication that a communication barrier prevented the recipient from understanding the messenger

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.

True

Socialist economies tend to have high taxes, which are designed to distribute wealth more evenly through society.

True

The consumer market basket of goods and services, in which the consumer price index (CPI) measures the change in weighted-average price over time, is created by the U.S. Bureau of Labor Statistics

True

_____ are companies that invest in start-up businesses with high growth potential in exchange for an ownership stake

Venture capital firms

Cal is thinking about starting a small business and is trying to access the potential opportunities and threats associated with a new start-up. He's talked with friends and associates about his plans, and several have offered him opinions and advice. The comments of four friends are summarized below. Which of these statements would probably be the most helpful to Cal?

You are likely to face some lean months at first, so manage your money carefully. Avoid the temptation to make splashy purchases

High taxation, excess regulation, and limited choices in a business environment are likely to result in:

a decrease in entrepreneurial activities

In a business plan, a commercial lender would expect to find

a description of the business, competitive analysis, operating procedures, and financial data

All of the following factors are reasons why people choose to pursue entrepreneurship EXCEPT

a stable income

Jordon, a senior executive at a marketing firm, used to regularly meet international clients to discuss future projects. After one of his recent meetings went wrong, Jordan, in a fit of rage, threw a paper weight at his junior associate. The firm's management immediately terminated Jordan for this act. In the context of business ethics, Jordon was guilty of _____ in this scenario

an ethical lapse

Stockholders in a corporation elect the ________ to oversee the operation of the company and ensure that their interests are protected

board of directors

According to studies reported in the Wall Street Journal's Career Journal, during face-to-face communication, the majority of meaning comes from

body language, including facial expressions and posture

A(n) ____________ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives

business plan

In the context of factors of production, the synthetic resources that a business needs to produce goods or services are referred to as___

capital

A college has contracted a construction company to build a bookstore for its new campus. The heavy machinery and equipment used by the contractor in the construction process are __

capital resources

The economic system of the United States is called _

capitalism

The Consumer Price Index (CPI) measures the

change in weighted average price over time in a "market basket" of goods and services bought by the typical consumer.

Companies use a variety ways—such as letters, memos, e-mails, voice mails, and videoconferences—to send information to employees, stakeholders, and stockholders. These choices represent communication

channels

Natasha is very unhappy with conditions in her country. She has very little economic or political freedom. Virtually all productive enterprises are owned by the government, and they seem to be run very inefficiently. The result is frequent shortages and surpluses of goods and services. These conditions suggest that Natasha's country relies on a _________________ economic system.

communist

Active listening means the listener

completely focuses on the speaker during the delivery of the message.

In 1988, Philip Morris, the leading cigarette manufacturer in the United States, merged with Kraft, Inc., the maker of several leading food brands, such as Miracle Whip, Velveeta, and Maxwell House. This combination would be classified as a _________ merger

conglomerate

Trexlex, a sports retailer, employs Olympic hopefuls in its stores through the Olympic Job Opportunities Program. It offers athletes full-time pay and benefits for a flexible 20-hour workweek to accommodate their training schedules. In the context of a business's responsibility toward the community, this act by Trexlex exemplifies ____

corporate responsibility

As an artificial person, a(n) ______________ can legally engage in almost any business activity a natural person can, including own property, enter into binding contracts, and initiate legal actions.

corporation

Dave Malloy is a marketing director for the Redding Company. His recent trip to a developing Asian country got off to an awkward start when his attempt to greet his host with a hearty handshake was not well-received. Dave's experience is an example of a _______________ that can undermine effective communications

cultural barrier

Which of the following communication channels has the lowest degree of channel richness?

e-mail

Sole proprietorships offer all of the following advantages EXCEPT

ease of raising financial resources needed for growth

The management of a steel manufacturing company decides to set up a new plant in a rural area. However, this would create waste management issues for the company. On the other hand, the company would incur higher costs if it sets up the plant in another area. The management thus finds itself in a situation where both the actions will have a negative consequence. This scenario exemplifies a(n) __

ethical dilemma

Justin Rolando decided to operate his own Web design firm and is leaning toward organizing it as a sole proprietorship. One factor Justin should realize is that by choosing this form of business he would be

exposing himself to unlimited personal liability for the company's debts

The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the

franchisee

In a _________, all partners have the right to actively participate in the management of the firm and to share in any profits or losses incurred by the business

general partnership

Limited partners

have limited liability for the debts of their company as long as they do not actively participate in management

Microeconomic analysis would be best suited for:

helping a firm determine the best pricing strategy for its products.

One reason a firm would consider a ____________ merger would be to increase size and market power in its industry

horizontal

A coal mining company has employed around 250 miners who work 8-hour shifts every day. In the context of factors of production, the miners can be classified as _____.

human resources

Jonna is planning a presentation and has decided to organize it around six key ideas. This approach

includes too many ideas, since most people can't absorb more than two to four main points in a single presentation

The U.S. government uses the consumer price index (CPI) and the producer price index (PPI) to evaluate:

inflation.

People with a(n) __________ have a strong sense of personal responsibility for what happens in their lives

internal locus of control

In business communications, conciseness

is desirable, as long as it isn't at the expense of completeness.

A key advantage of a sole proprietorship is that

it is easy and inexpensive to form this type of business

During a presentation, it is usually a good idea to summarize the key points

just before launching into the body of the presentation and then once again during the closing segment of the presentation

Gander, an apparel company, is known to be a profit-hungry company. It lands in a controversy when it comes to light that the company pays almost nonliving wages to the workers in its manufacturing subsidiaries based in developing countries. In the context of business behavior, Gander's business conduct is:

legal and unethical

Promoting high-calorie/low-nutrient foods with inadequate information about the risks is a(n) _____ practice

legal but unethical

For the franchisee, the advantages of a franchise arrangement often include

less risk and easier access to funding

The _________is a relatively new and increasingly popular form of business ownership that is like a corporation in some ways and like a partnership in others

limited liability company

All of the following are strategies to improve your listening skills EXCEPT

making sure that you are as comfortable as possible before you begin listening.

Today the economies of virtually all nations would be classified as

mixed economies

The Federal Reserve is primarily responsible for conducting:

monetary policy.

In ______________ many firms compete by selling differentiated products

monopolistic competition

In communication, the term______________ refers to any interference that causes the message received by the audience to be different from the sender's intended message

noise

For individuals starting a small business, writing a business plan is

not always necessary, but it is essential if the company needs to obtain external financing

In the broadest sense, economics studies the choices that

people, governments, and companies make in allocating resources.

Ginny is almost 30 years old but looks quite a bit younger. When she participates in discussions with business people who don't know her well, she often finds they don't pay much attention to her ideas because they assume she is immature and inexperienced. This suggests that Ginny faces a(n) _______________ barrier that undermines her message when she speaks

perceptual

Peter, the CEO of a multinational company, has a deep understanding of other people's needs and behaviors. He easily relates to another's situation, feelings, and motives—all qualities that strongly predict a high level of ethical leadership. Given this information, Peter most likely possesses ____

personal empathy

The majority of new small business owners rely heavily on ____________ to finance their start-ups

personal sources, including family, friends, and credit cards

Spacein, a hard drive manufacturer, is accused of deliberately creating flaws in its product design. News reports hint that the company has been doing this for years to reduce the time between consumer repurchases. In the context of social responsibility, Spacein has been accused of ____

planned obsolescence

The proper choice of a communication channel depends mainly on

preferences of the audience

Janet reasons, "It is wrong to lie. However, it is okay to overstate my expense account on my recent business trip because I need the money, and my company has not given me a raise in the past year." In this scenario, Janet is an employee who views ethics as __

relative

The majority of businesses today are formed as

sole proprietorships

In the context of social responsibility,__________include employees and investors who have a personal interest in the performance and actions of an organization

stakeholders

The trade union members of a wool manufacturing company are the company's __

stakeholders

Manufacturing jobs have migrated overseas due to increased productivity and low wages of workers in other countries. This contributes to ______________ unemployment for American workers in the manufacturing sector

structural

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the __

technological environment

The richness of a communication channel refers to

the amount of verbal and nonverbal information it can convey to recipients.

An advantage of the C corporation as a form of ownership is/are

the limited liability of the owners

A look at survival rates for small businesses over their first 10 years shows that

they tend to drop more rapidly during the first five years, but then they fall more slowly

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

true

Sole proprietors have _________________ for the debts of the of their companies

unlimited liability

A key to dynamic delivery is to

vary your voice, expressions, and body language

Firms that want to improve the integration of production activities or increase their control over the supply of inputs would be likely to consider a __________ merger

vertical


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