BUS 101 TAMU- Seipp

Tangible items manufactured by businesses.

goods

The total market value of all final goods and services produced within a nation's borders each year.

gross domestic product (GDP)

_____ is the set of attitudes, values, and standards that distinguishes one organization from another. 1) The mission statement 2) Strategic policy 3) Corporate policy 4) Corporate Culture 5) Strategic environment

4) Corporate Culture

Many companies keep a continuously updated list of inventory levels, orders, sales, and receipts. This is called a(n) _____ inventory. 1) just-in-time 2) month-to-month 3) coordinating 4) perpetual 5) all-encompassing

4) Perpetual

Things of value owned by a firm are called its: 1) intangibles 2) owners' equity 3) tangibles 4) assets 5) liabilities

4) assets

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals. 1) Functional coordination 2) Strategic planning 3)Tactical planning 4) Motivation 5) Management

5) Management

The oldest and largest organized securities exchange in the United States is the: 1) American Stock Exchange 2) Dow Jones Stock Exchange 3) National Stock Exchange 4) Chicago Board of Exchange 5) New York Stock Exchange

5) New York Stock Exchange

Accounting provides a framework for looking at: 1) past performance 2) current financial health 3) possible future performance 4) financial performances of different firms 5) all of the above

5) all of the above

mission statement

A formal document that states an organization's purpose and reason for existing and describes its basic philosophy.

Global Management Skills

A manager's ability to operate in diverse cultural environments.

Human Relation Skills

A manager's interpersonal skills that are used to accomplish goals through the use of human resources.

mission

an organization's purpose and reason for existing; its long-term goals

Factors, such as technological or legal conditions, that prevent new firms from competing equally with an existing firm.

barriers to entry

An organization that strives for a profit by providing goods and services desired by its customers.

business

Upward and downward changes in the level of economic activity.

business cycles

The use of monetary policy by the Fed to increase, or loosen, the growth of the money supply.

expansionary policy

The resources used to create goods and services.

factors of production

The condition that occurs when the federal government spends more for programs than it collects in taxes.

federal budget deficit

The government's use of taxation and spending to affect the economy.

fiscal policy

Short-term unemployment that is not related to the business cycle.

frictional unemployment

The condition when all people who want to work and can work have jobs.

full employment

The accumulated total of all of the federal government's annual budget deficits.

national debt

_____ are profit-oriented depository financial institutions that accept deposits, make business and consumer loans, invest in government and corporate securities, and provide other financial services. 1) Commercial banks 2) Thrift institutions 3) Finance companies 4) Credit unions 5) Investment banks

1) Commercial banks

Financial institutions act as intermediaries between suppliers and demanders of funds. They accept savers' deposits and invest them in such things as business loans or mortgages. This process is called: 1) financial intermediation 2) financial coordination 3) financial equilibrium 4) depository intermediaries 5) intermediary banking

1) financial intermediation

_____ stock is a security that represents an ownership interest in a corporation and has voting rights. 1) Preferred 2) Common 3) Par value 4) Treasury 5) Equity

2) Common

Which of these is not a main production planning decision for operations managers? 1) Production control 2) Employee compensation 3) Production planning 4) Improving productions and operations

2) Employee Compensation

Target's venture into the Canadian market was successful, in part, because all of its US vendors and its own in-house system already used the metric system when inventorying the physical size of its products. 1) True 2) False

2) False

The physical arrangement of a production facility is called its: 1) capacity 2) layout 3) process 4) resources 5) plat

2) Layout

_____ is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans. 1) Leadership 2) Organizing 3) Communicating 4) Planning 5) Controlling

2) Organizing

Which of the following is included in net income? 1) Cash 2) Revenue 3) Equity 4) Debt 5) Assets

2) Revenue

Signal lights at a typical street intersection would best represent which functional area of a business? 1) Marketing 2) Accounting 3) Management Information Systems 4) Supply Chain Management

3) Management Information Systems

Which of the following is an activity performed by the Federal Reserve System as it carries out its monetary policy? 1) insuring credit card balances 2) providing tax refunds 3) distributing currency 4) loaning money to consumers 5) controlling the stock exchange

3) distributing currency

A(n) _____ is a summary of what a company has earned and spent over a given period. 1) balance sheet 2) trial balance 3) income statement 4) cash flow statement 5) annual stockholders' report

3) income statement

Taco Bell fast-food restaurant does not chop the lettuce and tomatoes and grate the cheese used to make its menu items but hires someone outside the restaurant to perform these tasks. By ______ these tasks, Taco Bell can keep it's overhead low and concentrate its resources on taking customer orders and assembling food. 1) unbundling 2) remarketing 3) outsourcing 4) demarketing 5) insourcing

3) outsourcing

A product can be a... 1) Good 2) Service 3) Idea 4) All of the above

4) All of the above

Which of the following is NOT one of the four functions of management? 1) Planning 2) Controlling 3) Organizing 4) Budgeting 5) Leadership

4) Budgeting

The two types of distribution channels are: 1) industrial and consumer 2) wholesaler and retailer 3) centralized and decentralized 4) manufacturing and marketing 5) functional and networked

1) Industrial and consumer

The central banking system of the United States.

Federal Reserve System (the Fed)

An internal corporate-wide area network that uses internet technology to connect computers and link employees in many locations and with different types of computers is known as what?

Intranets

participative leaders

Leaders who share decision-making with group members and encourage discussion of issues and alternatives; includes democratic, consensual, and consultative styles.

middle management

Managers who design and carry out tactical plans in specific areas of the company.

nonprogrammer decisions

Responses to infrequent, unforeseen, or very unusual problems and opportunities where the manager does not have a precedent to follow in decision-making.

organizing

The process of coordinating and allocating a firm's resources in order to carry out its plans.

operational planning

The process of creating specific standards, methods, policies, and procedures that are used in specific functional areas of the organization; helps guide and control the implementation of tactical plans.

Leadership

The process of guiding and motivating others toward the achievement of organizational goals.

Managemnet

The process of guiding the development, maintenance, and allocation of resources to attain organizational goals

leadership style

The relatively consistent way in which individuals in leadership positions attempt to influence the behavior of others.

In the information technology world, VPN is an abbreviation for what?

Virtual Private Network

Informational Roles

a manager's activities an information gatherer, an information disseminator, or a spokesperson for the company

Interpersonal Roles

a manager's activities as a figurehead, company leader, or liaison

The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer.

capital

An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system.

capitalism

The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact.

circular flow

An economic system characterized by government ownership of virtually all resources, government control of all markets, and economic decision-making by central government planning.

communism

An index of the prices of a "market basket" of goods and services purchased by typical urban consumers.

consumer price index (CPI)

The use of monetary policy by the Fed to tighten the money supply by selling government securities or raising interest rates.

contractionary policy

Inflation that occurs when increases in production costs push up the prices of final goods and services.

cost-push inflation

Expenses incurred from creating and selling goods and services.costs

costs

The situation that occurs when government spending replaces spending by the private sector.

crowding out

Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy.

cyclical unemployment

The quantity of a good or service that people are willing to buy at various prices.

demand

A graph showing the quantity of a good or service that people are willing to buy at various prices.

demand curve

Inflation that occurs when the demand for goods and services is greater than the supply.

demand-pull inflation

The study of people's vital statistics, such as their age, gender, race and ethnicity, and location.

demography

An increase in a nation's output of goods and services.

economic growth

The combination of policies, laws, and choices made by a nation's government to establish the systems that determine what goods and services are produced and how they are allocated.

economic system

The study of how a society uses scarce resources to produce and distribute goods and services.

economics

People who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal.

entrepreneurs

The point at which quantity demanded equals quantity supplied.

equilibrium

The situation in which the average of all prices of goods and services is rising.

inflation

The combined talents and skills of the workforce.

knowledge

Workers who create, distribute, and apply knowledge.

knowledge workers

The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products.

macroeconomics

The number of suppliers in a market.

market structure

The subarea of economics that focuses on individual parts of the economy, such as households or firms.

microeconomics

Economies that combine several economic systems; for example, an economy where the government owns certain industries but others are owned by the private sector.

mixed economies

A government's programs for controlling the amount of money circulating in the economy and interest rates.

monetary policy

A market structure in which many firms offer products that are close substitutes and in which entry is relatively easy.

monopolistic competition

A market structure in which a few firms produce most or all of the output and in which large capital requirements or other factors limit the number of firms.

oligopoly

A market structure in which a large number of small firms sell similar products, buyers and sellers have good information, and businesses can be easily opened or closed.

perfect (pure) competition

legitimate power

power that is derived from an individual's position in an organization

An index of the prices paid by producers and wholesalers for various commodities, such as raw materials, partially finished goods, and finished products.

producer price index (PPI)

The amount of goods and services one worker can produce.

productivity

The money left over after all costs are paid.

profit

The value of what money can buy.

purchasing power

A market structure in which a single firm accounts for all industry sales of a particular good or service and in which there are barriers to entry.

pure monopoly

The general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time.

quality of life

A decline in GDP that lasts for at least two consecutive quarters.

recession

The practice of building, maintaining, and enhancing interactions with customers and other parties to develop long-term satisfaction through mutually beneficial partnerships.

relationship management

The money a company receives by providing services or selling goods to customers.

revenue

The potential to lose time and money or otherwise not be able to accomplish an organization's goals.

risk

Government bonds issued in relatively small denominations.

savings bonds

Unemployment that occurs during specific seasons in certain industries.

seasonal unemployment

Intangible offerings of businesses that can't be held, touched, or stored.

services

An economic system in which the basic industries are owned either by the government itself or by the private sector under strong government control.

socialism

A country's output of goods and services that people can buy with the money they have.

standard of living

A cooperative agreement between business firms; sometimes called a strategic partnership.

strategic alliance

Unemployment that is caused by a mismatch between available jobs and the skills of available workers in an industry or region; not related to the business cycle.

structural unemployment

power

the ability to influence others to behave in a particular way

planning

the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done; and determining who should do it