Business Final Exam Review Dale Fodness

The purchasing function , sometimes called _____ is an important part of any firm's production strategy .

procurement

_____ is the process of guiding the development , maintenance , and allocation of resources needed to attain organizational goals .

Management

The _____ is based on the five P's .

Marketing mix

The _____ is a 1993 law that requires employers to provide unpaid leave for up to twelve weeks .

Family and Medical Leave Act

The headquarters , seller , and supplier of the service or method of operation of a franchise is called the :

Franchisor

_____ charts are bar graphs that are plotted on a time line to show the relationship between scheduled and actual production .

Gantt

A _____ is a formal complaint , by an employee or by the union that management has violated some part of the contract .

Grievance

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

Human resource management

Which of the following is NOT one of the five key types of power ?

Influential

_____ are internal corporate wide area networks that use Internet technology to link employees in many different locations and with many different types of computers .

Intranets

_____ move resources , goods , services , and skills across national boundaries without regard to the country in which they are headquartered .

Multinational corporations

A LAN is a :

Network of computer systems that share the use of software and hardware

____ provides new employees with information about company policies , salary and benefits , and parking . It also includes work rules and performance expectations .

Orientation

.... refers to sending work functions to another country resulting in domestic workers losing their jobs .

Outsourcing

When union members carry signs and march near the entrance of their employer to publicize their view of the dispute and discourage customers , they are engaging in :

Picketing

...... theory states that people do things because they know that certain consequences will follow .

Reinforcement

When your boss gives you a raise , he or she is using ____ power

Reward

Of all forms of business ownership , corporations account for the largest share of both ;

Sales and profits

_____ is the aspect of production control that involves specifying and controlling the time required for each step in the production process .

Scheduling

_____ is the concern of businesses for the welfare of society as a whole .

Social responsibility

Copying of software programs by people who haven't paid for them is called :

Software piracy

The _____ is the entire sequence of securing inputs , producing goods , and delivering goods to a customers .

Supply chain

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 .

Theory X

A relatively small group of managers at the head of an organization that establishes overall strategy and long - range goals is called ____management .

Top

_____ management emphasizes the use of quality principles in all aspects of a company's operations .

Total quality

Which of the following is an example of a data security issue ?

Unauthorized access

____ is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong

Utilitarianism

What is another name for a job fair ?

a corporate open house

What is Six Sigma ?

a quality control process .

The idea behind____is the need that criminal investigators have for examining evidence on computer hard drives such as in e - mails or databases in order to build cases against embezzlers and others .

digital forensics

A system that collects and stores the company's key data and produces the information needed by managers for analysis , control , and decision making is called a ( n ) :

management support system

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

mission statement

A market in which there are a large number of firms that differentiate their products is called:

monopolistic competition

The standards used to determine whether a group member's actions are acceptable are called group :

norms

Demography is the study of :

people's vital statistics

A decline in real GDP that lasts for two consecutive quarters is called a ( n ) :

recession

Human resource _____ is the creation of a strategy for meeting future human resource needs .

planning

According to the text , the three IT trends that are having the greatest impact on the IT environment are :

Odigital forensics , the distributed workforce , and grid computing

According to Theory Y , workers _____ their work .

Olike delegation and responsibility in

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

Organizing

If a manager needs a reporting system that provides the ability to ask what if questions , he or she would probably install a ( n ) __________ system .

decision support

The two types of inflation are :

demand - pull and cost - push

The first step in controlling is to :

Establish performance standards

What are the benefits associated with free trade and globalization ?

An open economy that spurs innovation

Management needs to be prepared to deal with problems and seize opportunities as they arise . A company often identifies alternative courses of action to be taken if events undercut a strategic or tactical plan . These are called ______ plans .

Contingency

____ are organizations formed by individuals or businesses with similar interests to achieve greater economies of scale and economic power through collective ownership .

Cooperations

is the practice of charitable giving by corporations ; includes contributing cash , donating equipment and products , and supporting the volunteers ' efforts of company employees .

Corporate philanthropy

A ( n ) is an organization's management support system that combines many databases to improve management decision making .

Data warehouse

____ is the practice of giving a great deal of authority and decision - making freedom to lower - level managers .

Decentralization

If a manager needs a reporting system that provides the ability to ask what if questions , he or she would probably install a ( n ) system .

Decision support

The ____ is defined as the difference in value of a country's exports and imports over a period of time .

balance of trade

Which of the following businesses provides its customers with a good ?

bicycle manufacturer

An economic system based on complete freedom of trade and little , if any , government control is known as :

capitalism

Middle managers usually :

carry out plans and policies of top management

In a _____ organization , lower - level personnel are not given a chance to develop their decision - making and leadership skills .

centralized

In a ____ the factors of production are owned collectively rather than individually , and no incentives to work harder or to produce quality products are provided .

communist economic system

If a country specializes in goods that it can produce most readily and cheaply and trades those goods for the goods that another country can produce most readily and cheaply , then both countries are exercising the principle of :

comparative advantage

A computer program that copies itself into other software and can spread to other computer systems is called :

computer virus

The ____ represents the prices of a market basket of goods and services as measured monthly by the Department of Labor .

consumer price index ( CPI )

A system that utilizes long production runs resulting in high - volume , standardized products is called a ( n ) process .

continuous

The ____ is an important scheduling tool for large projects . It breaks the projects into a sequence of events and smaller tasks

critical path method

A ( n ) is an organization's management support system that combines many databases to improve management decision making .

data warehouse

Social responsibility should extend beyond the shareholders to include :

employees, suppliers, consumers , and community

The idea that employees are motivated by their expectations , or estimates of chances for reward , is called the _____ theory .

expectancy

Inputs , such as natural resources , labor , capital , and entrepreneurship , are known as :

factors of production

A country that exports more goods than it imports is said to have a ( n ) :

favorable balance of trade

When the government raises taxes on consumers and businesses , it is dealing with ____ policy .

fiscal

The most basic measure of economic growth is the :

gross domestic product

The _____ role of a manager consists of relationships with other people as figurehead , leader , and liaison .

interpersonal

A corporation :

is a taxable entity, is subject to the laws of the state in which it was formed, can own property, and can sue and be sued

Utilitarianism :

is difficult to implement because it is hard to tell how one decision will impact a large number of people.

An enterprise in which two or more firms or investors ( including governments ) share ownership of a business and its property rights is called a ( n ) :

joint venture

One of the disadvantages of the matrix structure is :

lack of cohesiveness

Which of the following is an example of a data security issue ?

software piracy, unauthorized access and use, deliberate damage, and introduction of a computer virus .

Electronic data interchange ( EDI ) is an important communications tool for :

supply chain management

Fiscal policy is concerned with :

taxation and spending

Which of the following is an example of a data security issue ?

unauthorized access

Which of the following is an example of a disadvantage associated with a partnership ?

unlimited liability

Which of the following statements about incorporation is true ?

Articles of incorporation may vary slightly from state to state ..

______ segmentation is based on what the product will do rather than on consumer characteristics .

Benefit

are government regulations that give special priority and privileges to domestic manufacturers .

Buy - national regulations

____ is the reduction of a currency's value relative to another currency .

Devaluation

Computer - aided manufacturing ( CAM ) uses computers to

Develop and control production processes

According to Theory X , workers _____ their work .

Dislike every facet of

A corporation :

Does not have a size limitation

_____ combine the inputs in the production of goods and services for what are intended to be profitable ventures

Entrepreneurs

The ____ is an international bank that normally provides short - term loans to countries that are unable to meet their budgetary expenses .

International Monetary Fund .

A ____ is a study of the tasks required to do a particular job well .

Job analysis

The skills , knowledge , and abilities a person must have to fill a job are spelled out in a ( n) :

Job specification

_______ management focuses on gathering and sharing an organization's collective knowledge to improve productivity and foster innovation .

Knowledge

_____ are corporate takeovers financed by large amounts of borrowed money .

Leveraged buyouts

A ____ offers the same liability protection as a corporation but may be taxed as either a partnership or a corporation .

Limited liability company ( LLC )

A _____ organization is a design with direct , clear lines of authority and communication flowing from the top managers downward .

Line

Management's refusal to let workers enter a plant or building to work is a :

Lockout

Today companies are focusing on ____ which involves building , maintaining , and enhancing interactions with customers and other parties so as to develop long - term satisfaction through mutually beneficial partnerships .

relationship management

A ( n ) is the collective term that describes the methods and the equipment used to provide information about all aspects of a firm's operation .

Management information system

A system that collects and stores the company's key data and produces the information needed by managers for analysis , control , and decision making is called a ( n ) :

Management support system

The combination of two companies that join to form one company is called a :

Merger

As one of the factors of production , capital includes all of the following EXCEPT :

Money