BUS 101 connect CHPT 1

EXPENDITURES ON THE MILITARY DURING AN ECONOMIC ____ CREATES MUCH DEBATE IN THE COUNTRY BECAUSE PEOPLE PREFER TO HAVE THE MONEY USED TO STIMULATE THE ECONOMY AT HOME. 1. BOOM 2. RECESSION 3. UPTURN 4. CYCLE

2. RECESSION

BUSINESSES PROVIDE COMMUNITIES WITH: 1. SEWAGE SYSTEMS 2. TAXES 3. GOODS AND SERVICES 4. JOBS

2. TAXES 3. GOODS AND SERVICES 4. JOBS

THE RESOURCES OF LAND, LABOR, CAPITAL, ENTREPRENEURSHIP, AND KNOWLEDGE ARE: 1. NOT IMPORTANT TO THE CREATION OF WEALTH 2. THE FACTORS OF PRODUCTION 3. PRODUCTS OF A COUNTRY 4. NEEDED BY GOVERNMENTS TO SUCCEED

2. THE FACTORS OF PRODUCTION

THE RISKS OF ENTREPRENEURSHIP ARE DECREASED BY:

HAVING LAWS THAT SUPPORT WRITING ENFORCEABLE CONTRACTS.

EXAMPLES OF THE INCREASED ORGANIZATIONAL COSTS TO BUSINESSES CAUSED BY WARS AND TERRORISM ARE:

INCREASED INSURANCE AND INCREASED SECURITY STAFF AND EQUIPMENT

MINIMIZING GOVERNMENT INTERFERENCE WITH THE FREE EXCHANGE OF GOODS AND SERVICES CAN HELP DEVELOPING COUNTRIES. WHY?

IT ENCOURAGES ENTREPRENEURS TO START BUSINESSES THAT CREATE JOBS AND WEALTH.

WHEN APPLE, NIKE, AND OTHER COMPANIES CONTRACT WITH COMPANIES IN OTHER COUNTRIES TO MANUFACTURE THEIR PRODUCTS OR ANSWER THEIR CALL CENTERS, IT IS KNOWN AS 1. CAPITALIZATION 2. OUTSOURCING 3. INSOURCING 4. JOB-SHARING

2. OUTSOURCING

CHECK ALL THAT APPLY: COMPANIES THAT ARE CUSTOMER-DRIVEN: 1. LISTEN TO THEIR CUSTOMERS 2. OFFER THE HIGHEST PRICES 3. ADJUST THEIR OFFERINGS ACCORDINGLY 4. OFFER THE LOWEST PRICES

1 AND 3

CHANGES IN THE TECHNOLOGICAL ENVIRONMENT INCLUDE THE EMERGENCE OF INFORMATION TECHNOLOGY THAT INCLUDES SUCH TOOLS AS: 1. the internet 2. jackhammers 3. cell phones 4. computers

1, 3, 4

COMPANIES TRADE DATABASE INFORMATION SO THEY 1. KNOW WHAT CUSTOMERS BUY AND FROM WHOM 2. CAN SEND YOU DIRECT MAIL ADVERTISING PRODUCTS YOU ARE LIKELY TO WANT 3. ARE ABLE TO SEND PRODUCT INFORMATION TO A WIDER, LESS FOCUSED CUSTOMER BASE

1. KNOW WHAT CUSTOMERS BUY AND FROM WHOM 2. CAN SEND YOU DIRECT MAIL ADVERTISING PRODUCTS YOU ARE LIKELY TO WANT

ONE OF THE PROBLEMS FACING THE US GOVERNMENT IN THE NEAR FUTURE IS PAYING FOR SOCIAL SECURITY BECAUSE:

1. THE GOVERNMENT HAS BEEN USING THE SOCIAL SECURITY ACCOUNT FOR OTHER PURPOSES 2. THE RATIO OF PEOPLE IN THE LABOR FORCE FOR EACH RETIREE WILL BE FAR LOWER HAN WHEN THE PROGRAM STARTED INT HE 1940s

MANAGERS TODAY MUST BE SENSITIVE TO DIFFERING CULTURAL BACKGROUNDS BECAUSE: 1. THE WORKFORCE IS INCREASINGLY DIVERSE, WITH WORKERS AROUND THE WORLD. 2. IT IS ILLEGAL NOT TO BE AWARE OF DIVERSITY.. 3. THERE ARE HEAVY FINES AND PENALTIES FOR INSENSITIVITY

1. THE WORKFORCE IS INCREASINGLY DIVERSE, WITH WORKERS AROUND THE WORLD.

CHECK ALL THAT APPLY: CHALLENGES FOR NEW LEADERS SINCE THE GLOBAL INFORMATION-BASED REVOLUTION INCLUDE: 1. TRAINING EMPLOYEES TAKES TOO MUCH TIME 2. MANUFACTURING JOBS ARE THE ONLY ONES THAT PAY WELL 3. LEARNING ABOUT WORLD QUALITY STANDARDS 4. THAT THE SERVICE ERA IS COMING TO A CLOSE

3 AND 4

BUSINESSES ARE PART OF A COUNTRY'S: 1. SOCIAL SYSTEM 2. REGIONAL SYSTEM 3. ECONOMIC SYSTEM 4. POLITICAL SYSTEM

3. ECONOMIC SYSTEM

ONE OF THE CHALLENGES FOR FUTURE LEADERS IS THAT THE INFORMATION-BASED GLOBAL REVOLUTION IS MOVING THE ECONOMY IN NEW DIRECTIONS THAT: 1.MAKE LOW-TECH BUSINESSES VERY ATTRACTIVE 2. COMPLETELY EXCLUDE THE MANUFACTURING SECTOR 3. REQUIRE INNOVATION TO SUCCEED IN GLOBAL MARKETS 4. MAKE IT HARDER TO SUCCEED INTERNATIONALLY BECAUSE WE ARE NOT AN INNOVATIVE COUNTRY

3. REQUIRE INNOVATION TO SUCCEED IN GLOBAL MARKETS

THE INTERESTS OF SUCH STAKEHOLDERS AS EMPLOYEES, COMMUNITIES, SUPPLIERS, AND GOVERNMENTS MAY BE HURT BY A COMPANY'S DECISIONS TO OUTSOURCE FUNCTIONS TO OTHER COUNTRIES. THE STAKEHOLDERS WHO ARE MOST LIKELY TO BENEFIT ARE: 1. ENVIRONMENTALISTS AND SUPPLIERS 2. THE MEDIA AND GOVERNMENT LEADERS 3. STOCKHOLDERS AND CUSTOMERS 4. THE SURROUNDING COMMUNITY

3. STOCKHOLDERS AND CUSTOMERS

AS THE ECONOMY EVOLVES, THE USE OF NEW TECHNOLOGIES MEANS THE NEED FOR JOBS IN SOME INDUSTRIES DISAPPEARS AND: 1. WORKERS CAN STAY IN THEIR OLD JOBS IF THEY RE-TRAIN 2. PRODUCTIVITY OVERALL DECREASES AS COUNTRIES CHANGE OVER 3. WORKERS MAY LOSE THEIR JOBS IN ONE INDUSTRY, BUT THEN HAVE DIFFERENT OPPORTUNITIES 4. WORKERS ARE ABLE TO REMAIN WITH THE SAME JOB FOR A LIFETIME.

3. WORKERS MAY LOSE THEIR JOBS IN ONE INDUSTRY, BUT THEN HAVE DIFFERENT OPPORTUNITIES

WHEN A BUSINESS'S EXPENSES ARE GREATER THAN ITS REVENUES: 1. IT IS LIKELY TO SUCCEED 2. MANAGEMENT HAS EXCEEDED EXPECTATIONS 3. A PROFIT IS MADE 4. A LOSS OCCURS

4. A LOSS OCCURS

THE BUSINESSES THAT WILL SUCCEED IN TODAY'S ECONOMY WILL BE THOSE THAT ARE: 1. USING TRADITIONAL METHODS 2. FOCUSED ON PRODUCING MOST EFFICIENTLY 3. ABLE TO USE DATABASES 4. MOST RESPONSIVE TO CUSTOMER WANTS AND NEEDS

4. MOST RESPONSIVE TO CUSTOMER WANTS AND NEEDS

MUNICIPALITIES HAVE ADAPTED TO INCREASED DIVERSITY IN THEIR POPULATION BY:

ADDING LANGUAGES OTHER THAN ENGLISH TO THEIR SIGNS AND WEBSITES

IMPROVED TECHNOLOGY SINCE THE 1800s IMPROVED FARM PRODUCTIVITY

AND LED TO LARGE-SCALE FARMING.

FOR A BUSINESS TO BE SUCCESSFUL, IT MUST CONTINUE TO MAKE A PROFIT AND IT MUST ALSO:

BALANCE THE SOMETIMES CONFLICTING NEEDS OF ITS STAKEHOLDERS.

ENTREPRENEURS HAVE TO PROVIDE THEMSELVES AND THEIR EMPLOYEES ANY ____ THEY RECEIVE SUCH AS SICK DAYS OR INSURANCE.

BENEFITS

THE RESULT OF ADVANCES IN _____ AND EFFICIENT DISTRIBUTION SYSTEMS USING NEW TECHNOLOGIES HAS BEEN THE GLOBALIZATION OF TRADE.

COMMUNICATION

GOVERNMENTS REDUCE THE RISKS OF ENTREPRENEURSHIP BY PASSING LAWS THAT ENABLE BUSINESSPEOPLE TO WRITE ENFORCEABLE ____.

CONTRACTS

THE RISKS OF ENTREPRENEURSHIP ARE REDUCED BY HAVING LAWS THAT SUPPORT ENFORCEABLE

CONTRACTS

A BENEFIT OF BUSINESS EXPANSION TO GLOBAL MARKETS IS THAT IT CREATES NEW JOBS IN MANUFACTURING AND SERVICE BUSINESSES. IT ALSO:

CREATES GLOBAL COMPETITION BETWEEN BUSINESSES AND FOR JOBS.

THE DIFFERENCE BETWEEN EFFICIENCY AND EFFECTIVENESS IS THAT:

EFFICIENCY MEANS PRODUCING WITH THE LEAST AMOUNT OF RESOURCES POSSIBLE AND EFFECTIVENESS MEANS PRODUCING THE DESIRED RESULTS

IT MAY TAKE MANY YEARS FOR A COMPANY TO CHANGE ITS CULTURE AND STRUCTURE TO ONE OF EMPOWERMENT BECAUSE

EMPLOYEES WILL HAVE TO TAKE ON MORE RESPONSIBILITY AND MANAGERS OFTEN RESIST GIVING UP SOME OF THEIR AUTHORITY

GIVING FRONT-LINE EMPLOYEES THE TRAINING, AUTHORITY, RESPONSIBILITY, AND EQUIPMENT THEY NEED TO RESPOND QUICKLY TO CUSTOMER NEEDS IS KNOWN AS ____.

EMPOWERMENT

Both rich and poor countries may have many of the needed factors of production. The factor that seems to make the difference is that rich countries have:

ENTREPRENEURS WHO USE THEIR KNOWLEDGE TO GROW A BUSINESS.

FOR BUSINESSES TO SUCCEED AND PROVIDE SOCIAL BENEFITS SUCH AS GOOD SCHOOLS AND LOW CRIME RATES, THE

ENVIRONMENT MUST BE HEALTHY ENOUGH TO SUPPORT JOB CREATION AND ACCUMULATION OF WEALTH

THE PEOPLE WHO RESPOND MOST DIRECTLY TO CUSTOMER NEEDS ARE _____ WORKERS.

FRONTLINE

FOR BUSINESSES TO SUCCEED IN TODAY'S ENVIRONMENT, THEY NEED SUPPORT FROM:

GOVERNMENT AND SOCIAL LEADERS

NEW TECHNOLOGIES THAT CONNECT PEOPLE ALL OVER THE WORLD AND THE INCREASED AMOUNT OF INFORMATION AVAILABLE TO INSTITUTIONAL, WHOLESALE AND RETAIL CONSUMERS HAVE CREATED:

GREATER LEVELS OF COMPETITION AMONG BUSINESSES THAN EVER BEFORE

NEW TECHNOLOGIES THAT CONNECT PEOPLE ALL OVER THE WORLD AND THE INCREASED AMOUNT OF INFORMATION AVAILABLE TO INSTITUTIONS, AND RETAIL CONSUMERS HAVE CREATED

GREATER LEVELS OF COMPETITION AMONG BUSINESSES THAN EVER BEFORE

WHAT ARE THE FIVE FACTORS OF PRODUCTION?

LAND LABOR CAPITAL ENTREPRENEURSHIP KNOWLEDGE

GOVERNMENTS CAN ENCOURAGE ENTREPRENEURSHIP BY ALLOWING PRIVATE OWNERSHIP OF BUSINESSES AND BY WRITING ____ THAT SUPPORT WRITING ENFORCEABLE CONTRACTS.

LAWS

THE RISK THAT ENTREPRENEURS TAKE IS THAT THEY HOPE TO MAKE A PROFIT, BUT MAY INSTEAD HAVE A

LOSS

DESPITE LAWS TO PREVENT IT, MANY COMPANIES HAVE ACTED ILLEGALLY BY USING CORRUPT PRACTICES TO:

OPERATE WITHOUT A PERMIT AND BRIBE OFFICIALS IN OTHER COUNTRIES AND REDUCE COMPETITION

ONE WAY FOR GOVERNMENT TO ACTIVELY PROMOTE ENTREPRENEURSHIP IS TO ALLOW PRIVATE ____ OF BUSINESSES.

OWNERSHIP

CONSUMERS TODAY ARE ABLE TO FIND HUGE QUANTITIES OF INFORMATION ABOUT STORES AND PRODUCTS THROUGH THE INTERNET. THIS IS A SHIFT FROM TRADITIONAL SHOPPING IN A STOREFRONT BECAUSE IT:

SHIFTS POWER IN THE MARKETPLACE TO CONSUMERS FROM SELLERS

A COMPANY MUST BALANCE THE NEEDS OF ITS STAKEHOLDERS. FOR INSTANCE, ALTHOUGH THE GOVERNMENT AND ENVIRONMENTALISTS WANT POLLUTANTS DISPOSED OF SAFELY,

STOCKHOLDERS MAY NOT WANT TO PAY THE INCREASED COSTS.

THE ELEMENTS OF THE EXTERNAL BUSINESS ENVIRONMENT INCLUDE THE:

TECHNOLOGICAL ENVIRONMENT AND COMPETITIVE ENVIRONMENT AND ECONOMIC AND LEGAL ENVIRONMENTS

THE ELEMENTS OF THE EXTERNAL BUSINESS ENVIRONMENT INCLUDE THE:

TECHNOLOGICAL ENVIRONMENT AND ECONOMIC AND LEGAL ENVIRONMENTS AND COMPETITIVE ENVIRONMENT

THE GLOBAL ENVIRONMENT AFFECTS ALL OF THE OTHER ENVIRONMENTAL INFLUENCES SUCH AS THE ECONOMIC, LEGAL, AND SOCIAL ENVIRONMENTS BECAUSE

THE INCREASE IN FREE TRADE AMONG NATIONS AND TECHNOLOGICAL CHANGES HAVE CREATED GLOBALIZATION AND INCREASED COMPETITION.

COCA-COLA IS ABLE TO DO BUSINESS IN CHINA BECAUSE:

THE US AND CHINA HAVE CURRENCIES THAT ARE EASILY EXCHANGED.

AN IMPORTANT EFFECT OF CHANGED COMMUNICATION TECHNOLOGY IS THAT

THOSE WITH FEWER RESOURCES ARE ABLE TO COMPETE WITH LARGE COMPANIES THROUGH THE INTERNET

AN IMPORTANT EFFECT OF CHANGED COMMUNICATION TECHNOLOGY IS THAT

THOSE WITH FEWER RESOURCES ARE ABLE TO COMPETE WITH LARGE COMPANIES THROUGH THE INTERNET.

TRUE OR FALSE: MANY SKILLS NEEDED TO MANAGE PROFIT-MAKING ORGANIZATIONS ARE THE SAME AS THOSE NEEDED IN MANAGING NONPROFITS.

TRUE

TRUE OR FALSE: THE BUSINESS ENVIRONMENT EITHER ENCOURAGES OR DISCOURAGES ENTREPRENEURSHIP, WHICH EXPLAINS WHY SOME STATES AND COUNTRIES ARE RICHER THAN OTHERS.

TRUE

BUSINESS AGREEMENTS SUCH AS CONTRACTS AND WARRANTIES ARE REGULATED AND ENFORCEABLE IN THE US BECAUSE OF THE ___ ___ ___.

UNIFORM COMMERCIAL CODE

THE INTERNET HAS AFFECTED BUSINESS BECAUSE THE EXPLOSION OF B2B AND B2C TRANSACTIONS MEANS THAT:

WEBSITES HAVE BECOME AS IMPORTANT AS STORES IN OUR ECONOMY

GOVERNMENT POLICIES THAT FAVOR BUSINESS ARE:

WRITING LAWS THAT SUPPORT WRITING ENFORCEABLE CONTRACTS AND KEEPING INTERFERENCE TO A MINIMUM