Business Final

A includes government actions to increase or decrease the money supply and interest rates to manage B , is formulated by C D includes government actions to influence economic activity through decisions about taxes and spending detailed in E , is formulated by F

A monetary policy B price stability and employment C the Federal Reserve D fiscal policy E federal budget F the U.S. Congress and the President

Which of the following factors will not result in a shift in the supply curve?

Change in the price of substitute goods

Name at least four categories of environmental data that shape most marketing decisions. Demographic Economic Technological Competitive

Demographic Economic Technological Competitive

In two or three sentences, explain Equity Theory

Equity Theory comes into play when an employee believes that they are being unfairly compensated for their efforts. This leads them to change their perspective, become dissatisfied and even lower job performance. (only got one point? not sure)

Organization charts show the formal and informal relationships among people, jobs, and departments. T/F

False

Telecommunications equipment manufacturers in the United States sell their products to people who live in Canada. To Canadians, the telecommunications equipment is an export. T/F

False

The final stage of the selling process is closing the sale. T/F

False

The lowest level of management is engaged in strategic planning process. T/F

False

The sum of all goods and services produced within a nation's boundaries is known as ___________.

Gross Domestic Product

__________ are private corporate networks connected over a public network, like the Internet, that include strong security measures which allow only authorized users to access the network.

VPN

A(n) __________ process uses long production runs that may last days, weeks, or months without equipment shutdown.

continuous

Chewing gun, candy bars, milk, and bread are all examples of __________ products.

convenience

Data warehouses may contain many __________, subsets of a data warehouse that each deal with a single area of data.

data marts

According to Theory Y, workers __________ their work.

like delegation and responsibility in

According to the __________, it is important to first identify customer needs and then produce goods and services to satisfy them.

marketing concept

Match each information technology term to its best definition !LAN-connects computers at one site to share hardware and software !WAN-connects computers at different sites via telecommunications media !VPN-connects private networks over public networks using strong security measures !ASP-subscription based access to applications and infrastructure

match

Match each production planning term with its best definition. !Routing Determines the sequence of machines and operations !Scheduling Specifying and controlling the time required for each step of the production process !Gant Chart Shows the dependency relationships between activities and current schedule status !PERT Diagram Used in conjunction with Critical Path Method in production control

match

Managers can use equity theory to improve worker satisfaction. T/F

true

Selling retirement plans to people over the age of 50 is an example of demographic segmentation. T/F

true

According to Herzberg, hygiene factors are:

potential job dissatisfiers

In one or two sentences, describe the socioeconomic model of social responsibility.

The socioeconomic model of social responsibility involves looking out for the good of society over personal gain. For instance, Toyota switched to green energy in order to power their factories because they feel that it will benefit the earth.

The __________ management style is based on a pessimistic view of human nature and assumes the average person dislikes work and will avoid it if possible.

Theory X

A __________ connects computers at different sites via telecommunications media such as phone lines, satellites, and microwaves.

WAN

Match each leadership style to its best definition. Autocratic Participative Free-Rein

Autocratic-Manager makes most decisions and acts in authoritative manner. Participative-Manager shares decision-making with group members and encourages teamwork. Free-Rein-Manager turns over virtually all authority and control to group.

Which of the following is NOT one of the four functions of management?

Budgeting

Name and describe in one sentence each the two major types of cooperatives.

Buyer cooperatives combine their members' money to buy products at lower costs, and Seller cooperatives involve many sellers band together to compete with larger corporations.

Armenia had a favorable balance of trade in 2018 when it exported $800 million in goods and services and imported $1.5 billion. T/F

False

Distribution strategy considers different factors than place strategy. T/F

False

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

False

Facilities layout is important for production lines but does not play a role in service-oriented businesses. T/F

False

Intranets, VPNs, and extranets are forms of LANs. T/F

False

Macroeconomics is the study of small economic units, such as individual consumers, families and businesses T/F

False

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

False

Identify the five stages of team development.

Forming, Storming, Norming, Performing, and Adjourning.

List any three of the five options for participating in global trade.

Franchising, Licensing, or forming a joint venture.

__________ is a theory of motivation based on the premise that an individual's intention to work toward a goal is a primary source for his or her motivation.

Goal-Setting Theory

Match each factor of production with its best representation Natural Resources-All production inputs that are useful in their natural state Capital-Technology, Tools, Information, Facilities Knowledge-combined talents and skills of the workforce Human Resources-Everyone who works for an organization

I got too lazy to make this flashcard.

__________ is a legal process whereby a domestic firm gives a foreign firm the right to use its patents, trademarks, brands, products, and company name. The foreign firm will pay a royalty or fee agreed on by both parties.

Licensing

Match each trade term to its best description. Countertrade-international transactions that do not involve currency payments but use bartering Franchising-a contractual agreement in which a local entity gains rights to sell the franchisor's product in the foreign market Foreign Licensing Agreement-allows a firm to produce or sell its product, use its trademark, patent or manufacturing process Subcontracting-involves hiring local firms to distribute, produce, or sell goods and services

Match

Match each type of planning to the best matching example. Strategic Tactical Operational Contingency

Organizational Quarterly Daily Ongoing

__________ is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans.

Organizing

__________ is the setting of goals and then the design of the strategies, policies, and methods for achieving the goals.

Planning

In two to three sentences, describe the targets and methods of pushing and pulling promotion strategies.

Push promotion strategies create demand by giving deals, putting products in retail stores and actively seeking customers. Pull promotional strategies involve making ads for the customers to find you and seek your product.

Identify the four stages of the business cycle.

Recovery, Prosperity, Depression, and Recession

An __________ is a hybrid entity that is organized like a corporation, with stockholders, board of directors, and officer, but taxed like a partnership with income and losses flowing through to the stockholders and taxed as their personal income.

S-Corp

Collective Bargaining

__________ is the process of negotiating labor agreements between union members and management.

The difference between a country's total payments to other countries and its total receipts from other countries is called its:

balance of payments

__________ bring buyers and sellers together, do not take title to merchandise, receive commission on sales, and have little say over company sales policies.

brokers

Which of the following is NOT a commonly used method for departmentalization?

by managerial level

Because the United States produces hospital surgical equipment more efficiently than any other country, the U.S. has a(n) __________ advantage in its production.

comparative

Customer records containing names, addresses, phone numbers, and purchase histories would be most likely stored in:

database management systems

A small business owner that uses __________ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

debt

__________ is the grouping of jobs under the authority of one manager for the purposes of planning, coordination, and control.

departmentalization

The __________ is a series of marketing entities through which goods and services pass on their way from producers to end-users

distribution channel

__________ is using the least possible amount of resources to get work done.

efficiency

In employee selection, the initial screening consists of these two stages.

employment application form and the preliminary interview

__________ is the set of moral standards for judging whether something is right or wrong.

ethics

The __________ is the value of one currency in terms of another.

exchange rate

The two sources for debt financing are angel investors and venture capitalists. T/F

false

A product layout that stays in one place and in which the workers and machinery move to it as needed is called a(n) __________ layout.

fixed-position

One of the keys to ethical business behavior is:

how the company's top management conducts themselves

__________ devalues money and is caused by a combination of excessive demand and/or increases in the costs of raw materials

inflation

In __________, goods are produced using mass production techniques up to a point. Then production is custom tailored to the needs or desires of individual customers.

mass customization

Human resource management is the process of __________ people in order to achieve organizational goals.

motivating hiring and developing (all are correct)

__________ is the assignment of various functions, such as human resources, accounting, or legal work, to outside organizations.

outsourcing

The highest level on the pyramid of social responsibility has to do with a business's __________ responsibilities.

philanthropic

Choosing the brand name, package size and color, and the length of warranty are components of the __________ strategy.

product

During production planning, the operations manager must make decisions about all of the following EXCEPT:

product design

Salespeople engage in __________ by searching for and identifying people who are most likely to buy the seller's offering.

prospective

Distribution channels improve product distribution by

reducing the number of transactions necessary

A disadvantage of a partnership is that any partner may have to pay all of the debts of the company regardless of who incurred the debts. T/F

True

Control is the mechanism for making sure the other three managerial functions — planning, organizing, and leadership — are operating smoothly. T/F

True

In deciding how to pay workers, the firm must be concerned with the salaries paid by competitors. T/F

True

The demand curve is a graph of the amount of a product buyers will purchase at different prices T/F

True

The most basic responsibility of all businesses is its economic responsibility. T/F

True

Match each compensation concept with its best definition. !Wages-compensation based on an hourly rate or amount of output !Salary compensation-calculated on a periodic basis, such as weekly or monthly Spot awards-recognize special contributions as they occur incentive plan-tied to expected results identified at the beginning of the performance cycle retention bonus-offered as an incentive to keep a key person on the job

match

Match each ethical challenge to its best description. Conflict of Interest-Situation in which a business decision may be influenced for personal gain Honesty and Integrity-Telling the truth and adhering to deeply felt ethical principles in business decisions Loyalty vs. Truth-Telling the truth about a defect could be considered disloyal Whistle Blowing-Employee's disclosure of illegal, immoral or unethical practices in the organization

match

Match each flexible work concept to its best definition !Flextime-employees set their own work hours within constraints specified by the firm !Compressed Workweek-employees work the regular number of weekly hours in fewer than the typical five days !Job Sharing-two or more employees to divide the tasks of one job. !Home-based Work-employees perform their jobs from a location other than the workplace.

match

Match each group of corporate management to its best description Stockholders-acquire stocks in exchange for ownership Board of Directors-elected by stockholders to oversee corporation Corporate Officers & Management-make major corporate decisions and handle ongoing operations

match

Match each level in Maslow's Hierarchy of Needs to its type. First Level-physiological !Second Level-Safety !Third Level-Social !Fourth Level-Esteem !Fifth Level-Self-actualization

match

Match each management support system to its best definition !Decision Support Systems-interactive computer models that describe real-world processes !Data Warehouse-combines data from across the whole company into one repository to supports management decision-making !Transaction Processing Systems-system for collecting data regarding individual, indivisible operations !Expert Systems-artificial intelligence used to reason and solve problems

match

Match each marketing research concept to its best definition. !Primary Data observation, surveys, and other forms of observational study !Secondary Data data from trade associations, advertising agencies, marketing research firms, and other sources Data Mining-detecting patterns and relationships within customer data Business Intelligence-gathering, storing, and analyzing data to make better competitive decisions

match

Match each organization structure to its best definition Line-direct flow of authority from CEO to subordinates Line and Staff-departments focused on core operations combined with those that lend specialized support Matrix-linking employees from different disciplines to work on specific projects Committee-authority and responsibility usually in the hands of a group of individuals

match

Match each pricing strategy to its best definition !Prestige Pricing-relatively high prices intended to develop and maintain an image of quality and exclusiveness !Everyday Low Pricing-continuous low prices instead of short-term price-cutting tactics !Competitive Pricing-matching other firms' prices while emphasizing product, distribution, and promotional elements !Penetration Pricing-intentionally low price in effort to enter competitive markets

match

Match each production term to its best definition !Mass Production Identical goods are manufactured in large quantities utiliizing mechanization and standardization !Analytic Production Marketable products extracted by reducing a raw material to its component parts !Customization Goods or services are produced one at a time according to the specific needs or wants of individual customers. !Synthetic Production Combines a number of raw materials or parts or transforms raw materials to produce finished products

match

Match each sorting concept to its best definition !Sorting out-Breaking many different items into separate stocks that are similar !Accumulating-Bringing similar stocks together into a larger quantity !Allocating-Breaking similar products into smaller and smaller lots

match

Match each stage of Kohlberg's model of personal ethics to its description. Pre-Conventional-Individual is mainly looking out for his or her own interests. Rules are followed out of fear of punishment or hope of reward. Conventional-Individual considers the interests and expectations of others in making decisions. Rules are followed because it is part of belonging to the group Post-Conventional-Individual follows personal principles for resolving ethical dilemmas. He or she considers personal, group and societal interests.

match

Match each stage of the product life cycle to the type of advertising best suited to it informative advertising-informative advertising !Growth Stage-persuasive advertising Maturity Stage-persuasive advertising !Deline Stage-reminder-oriented advertising

match

Match each team concept with its best definition !Cohesiveness-the extent to which team members feel attracted to the team and motivated to remain part of it !Norms-the informal standards of conduct shared by team members that guide their behavior !Cognitive conflict-problem-related differences of opinion !Affective conflict-emotional reactions that can occur when disagreements become personal rather than professional !Diversity-variances or differences in ability, experience, personality, or any other factor on a team !Level-average ability, experience, personality, or any other factor

match

Match each type of listening to its best definition. !Cynical listening-Receiver of a message feels that the sender is trying to gain some advantage from the communication !Offensive listening-Receiver tries to catch the speaker in a mistake or contradiction. !Polite listening-Receiver listens mechanically to be courteous rather than to communicate. !Active listening-Requires involvement with the information and empathy with the speaker's situation.

match

Match each type of merger to its best description Vertical-a company buys a firm in its same industry, often involved in an earlier or later stage of the production or sales process Horizontal-companies at the same stage in the same industry merge to reduce costs, expand product offerings, or reduce competition Conglomerate-brings together companies in unrelated businesses to reduce risk

match

If the number of suppliers increase, the supply curve will shift to the ________ and the price will ________.

right;fall

The most common form of business organization is the:

sole proprietorship

A manager's __________ is the number of subordinates that a manager can effectively supervise.

span of control

__________ is the degree to which tasks are subdivided into smaller jobs.

specialization

A distribution channel is a series of marketing intermediaries through which goods and services pass on their way from producers to end users. T/F

true

A job shop uses an intermittent production process. T/F

true

A local area network (LAN) connects computers at one site and enables their users to exchange data and share hardware and software from a variety of computer manufacturers. T/F

true

Cross-functional teams are made up of employees from about the same hierarchical level but different functional areas within the organization. T/F

true

Feedback is very important to the successful application of the goal-setting theory. T/F

true

When compared to a B2C market, a B2B market

uses more direct channels of distribution

The philosophy of __________ can be used to explain the idea that "people should act so as to greatest good for the greatest number of people."

utilitarianism