BUS 151 Midterm Study Guide

He has the ability to negotiate, impress the right people, and make the right connections. Huston has ________ skills. a.) Human Relations b.) Conceptual c.) Technical d.) Functional e.) Developmental

A

A(n) ________ is a tax levied by a nation on imported goods. a.) Embargo b.) Tariff c.) Premium d.) Boycott e.) Subsidy

B

What is Dumping?

Charging a lower price in a foreign market than in a firm's home market

A company with a narrow span of control and a long chain of command is a flat organization.

False

Name the 7 Factors of Influence:

Income Taste in Preferences Compliment to the Good Substitutes Number of Buyers Price Expectations Available Consumer Information

The Selection Process:

Initial Screening Employment Testing Selection Interview Background and Reference Checks Physical Examination Decision to Hire

What stimulates the economy the most?

When the government spends more

The _______ of any country is measured by the output of goods and services people can buy with the money they have. a.) Standard of Living b.) Consumer Productivity c.) Input Per Person d.) Quality of Life e.) Total Consumption Rate

a

Motivation is basically a need-satisfying process.

True

What determines Demand? (T.R.I.B.E.S.)

Taste in Preferences Related Goods Incomes (+ Info Available) Buyers Willing to Consume Expectations Substitutes

What determines Supply? (T.I.P.T.E.N.)

Technology Input Cost (+ Production Time) Prices of Other Goods Taxes and Subsidies Expectations Number of Sellers

A business is an organization that strives for a profit by providing goods and services desired by its customers.

True

An entrepreneur is a person who opens and manages his or her own business.

True

At the equilibrium point, quantity demanded equals quantity supplied.

True

Division of labor is process of dividing work into separate jobs and assigning tasks to workers.

True

Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

True

Maslow's Hierarchy of Needs is a Motivational Hierarchy.

True

Micropreneurs are entrepreneurs who start small and plan to stay small.

True

One of the basic functions of management is controlling.

True

Planning is the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done, and determining by whom it should be done.

True

Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job.

True

The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society.

True

The higher the price of a good or service, the greater the amount a producer is willing to supply.

True

The tax that the United States imposes on imported carbon steel products is called a tariff.

True

The World's Bank emphasis has recently shifted from helping to build the infrastructure of developing countries to: a.) Purchasing food for the population b.) Building highways, schools, and hospitals c.) Developing new agricultural techniques d.) Offering loans to help to relieve their debt burden e.) Expansion of local product lines for more exporting

D

________ is a permanent organization structure that combines functional and product departmentalization. a.) A functional organization b.) Subordinated management c.) A cartel d.) A matrix structure e.) A committee structure

D

What are the seven things businesses have no control over? (External Environment)

Economy Politics Demographic Social Competition Global Technology

The original Hawthorne studies were set up to study: a.) Testing Used in the Selection of Employees b.) Lighting c.) Employee Breaks d.) Employee Incentives e.) Employee Personality Conflicts

B

________ involves presenting an accurate and positive image of the firm to those it is recruiting for jobs. a.) Job Imaging b.) Recruitment Branding c.) Selective Perception d.) Employment Affirmation e.) Job Assurance

B

The three basic levels of the managerial hierarchy are: a.) Functional, Process, and Product b.) Strategic, Tactical, and Functional c.) Top, Middle, and Supervisory d.) Planning, Coordinating, and Controlling e.) None of the Above

C

What are the 4 main economies?

Capitalism Communism Socialism Mixed

A farmer's market where sixty farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

False

Demography is the study of how people use their free time, how people integrate their hobbies and their vocations, and how people make their purchase decisions.

False

Dissolving a partnership is easier than dissolving a sole proprietorship.

False

Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.

False

If the sole proprietorship acquires a legal business name, the owner then has limited liability.

False

Not-For-Profit Organizations have the same goal as for profit organizations.

False

The first two stages in the selection process are the initial contact and the preliminary interview.

False

The internal labor market is made up of all employees in an industry.

False

What are the 5 Traditional Ways to Organize Departmentalization?

Functional Product Process Customer Geographic

Mechanistic Delegation

Higher Job Specialization, Narrow Span of Control

Which of the following factors would most likely result in a shift in the supply curve? a.) Countertrading b.) The principle of cause/effect c.) The multiplier effect d.) An increase in the price of raw materials used in the production process e.) A change in what consumers consider to be fashionable

d

Ottens Flavors and MK Flavors & Co. combined to create MK Ottens Flavors. MK Ottens Flavors was created through a(n): a.) Joint Venture b.) Merger c.) Conglomerate d.) Cartel e.) Voluntary Union

B

A team made up of employees from about the same hierarchical level, but different functional areas of an organization is called a: a.) Cross-Functional Team b.) Horizontally-Organized Team c.) Vertically-Organized Team d.) Problem-Resolution Team e.) Project Committee

A

An employee who was more worried about having a safe work environment and a financially sound pension plan than anything else would be most concerned with which of the needs in Maslow's hierarchy of needs? a.) Safety Needs b.) Physiological Needs c.) Social Needs d.) Self-Actualization Needs e.) Esteem Needs

A

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. a.) Theory X b.) Theory Y c.) Theory Z d.) Self-Actualized e.) Scientific

A

The establishment of a new company and assigning the employees in the division the task of making an idea a reality requires which management function? a.) Planning b.) Controlling c.) Communicating d.) Planning e.) Leadership

A

The EU bans the importation of hormone-fed U.S. beef and bioengineered corn and soybeans on saftey grounds although Americans eat this food every day. This ban is an example of: a.) Free Trade b.) Ethnocentricity c.) Dumping d.) Countertrading e.) Protectionism

E

Where can Li look for ideas for her new business? a.) Problems she noticed in her old job b.) Her interest in the history of Asian art c.) Suggestions from her family d.) Other Businesses in other regions of the country e.) All of the Above

E

Organic Delegation

Lower Job Specialization, Wide Span of Control

Standard of Living

Measured by the output of goods and services people can buy with the money they have

Factors of Production

Natural Resources, Labor, Capital, Entrepreneurship, and Knowledge

Maslow's Hierarchy of Needs:

Physiological Needs Safety Needs Social Needs Esteem Needs Self-Actualization Needs

Name the 7 Factors for Suppliers:

Production Costs Prices of Goods Using Same Resources Changes in Technology Taxes and Subsidies Price Expectations Number of Sellers in the Market Time Needed for Production

Quality of Life

Refers to the general level of human happiness based on such things as life expectancy, education, sanitation, and leisure time

Which of the following is an example of a trend in ethics and social responsibility? a.) Strategic giving b.) The addition of a fifth level to the social responsibility pyramid c.) Limits placed on employee empowerment d.) Decreased concern about international ethics e.) All of the Above

A

According to Herzberg, hygiene factors are: a.) Job Satisfiers b.) Potential Job Dissatisfiers c.) Morale Factors d.) Motivating Factors e.) Self-Actualizing Factors

B

Mandy Ewing has been working as a veterinarian's assistant for almost a year. Her friend recently told her that her employer was in violation of the ________ because she was not being paid the minimum wage. a.) Fair Wage and Salary Bill b.) Fair Labor Standards Act c.) Compensation-Wage Law d.) Minimum Compensation Act e.) Equal Opportunity Act

B

________ is the practice of giving a great deal of authority and decision-making freedom to lower level managers. a.) Centralization b.) Decentralization c.) Autonomy d.) Functionalization e.) Subordination

B

The three basic roles of management are: a.) Informational, Educational, and Operational b.) Educational, Operational, and Intrapersonal c.) Interpersonal, Decisional, and Informational d.) Decisional, Operational, and Interpersonal e.) Interpersonal, Intrapersonal, and Informational

C

When Linda McAnem began Stirya, a New York based computer services company, she ran it as a sole proprietorship. As a sole proprietor, McAnem: a.) Found it easy to raise capital b.) Had no trouble finding qualified employees c.) Found the business to be easy and inexpensive to form d.) Had limited liability e.) Was able to take advantage of various tax deductions

C

________ is the process of ensuring that the organization's objectives are being met and of correcting deviations from the plan. a.) Planning b.) Leadership c.) Controlling d.) Staffing e.) Communicating

C

A company with a wide span of control and short chain of command is a ________ organization. A company with a narrow span of control and long chain of command is a ________ organization. a.) Networked; Flat b.) Matrix; Narrow c.) Networked; Tall d.) Flat; Tall e.) Matrix; Tall

D

Ethical decision making begins in the marketing department.

False

The major difference between a good and a service is how the producer uses the factors of production to create each.

False

What is the primary difference between a good and a service? a.) A good costs more to produce than a service b.) A service is tangible, and a good is intangible c.) A good is tangible, and a service is intangible d.) A good costs more to market than a service e.) The development costs for a service is higher than that for a product

c

________ inflation is triggered by increases in production costs which increase the costs of final goods. a.) Supply-side b.) Demand-push c.) Demand-side d.) Cost-push e.) Demand-pull

d

Which of the following is an example of a business? a.) Jack & Jill, a specialty clothing store for young children b.) Wal-Mart c.) Ford Motor Company d.) Lawson & Tyler law offices e.) All of the Above

e

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises.

False

What are the 3 types of Entrepreneurship?

Intrapreneurship Classic Multipreneurs

An increase in the price of crude oil could trigger cost-push inflation.

True

Human rights include an individual's right to life, to freedom, and to the pursuit of happiness.

True