Business Final

the highest level of the corporate social responsibility pyramid is: 1) philanthropic responsibilities 2) economic responsibilities 3) legal responsibilities 4) responsibilities to stakeholders 5) ethical responsibilities

Philanthropic responsibilities

(T/F) a labor union is an organization that represents workers in their disputes with management over wages, hours, and working conditions

True

(T/F) a manager who makes one-directional decisions and seeks no input from her subordinates can be described as having and autocratic leadership style

True

(T/F) at the equilibrium point, quantity demanded equals quantity supplied

True

(T/F) the need for businesses to expand their markets is one of the most fundamental reasons for the growth in world trade

True

(T/F) the opposite of free trade is protectionism

True

in the 21st century, we define justice as: 1) the creation of a situation on which all involved are winners 2)support for the development of legal measures to define ethics 3) a global concept, which is defined the same throughout the world 4) an equitable distribution of the burdens and rewards that society has to offer 5) the avoidance of wrong

an equitable distribution of the burdens and rewards that society has to offer

________ involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals 1) organizing 2) implementing 3) resource planning 4) controlling 5) operational planning

organizing

_____ provides new employees with information about company policies, salary and benefits, and parking. it also includes work rules and performance expectations 1) an employment lecture 2) orientation 3) simulation 4) employee instruction 5) job guidance

orientation

What type of business organization generates the most total sales 1) General Partnership 2) Corporation 3) Sole proprietorship 4) Cooperative 5) Partnership

Corporation

_______ are workers who create, distribute, and apply knowledge 1) data managers 2) knowledge workers 3) information analysts 4)Data Prospectors 5) information conduits

Knowledge workers

______ involves creating a unique marketing mix for every consumer A) Niche Marketing B) One-to-One marketing C) aggregated marketing D) macromarketing E) flexible marketing

One-to-One

_____is the combining of natural resources, human resources, and capital to produce goods and services. a.Production b.Marketing c.Specialization d.Utilization e.Mechanization

Production

(T/F) a target market is a specific group of consumers toward whom a firm directs its marketing effort

True

(T/F) an entrepreneur is a person who opens and manages his or her own business

True

(T/F) managers must act in interpersonal, informational, and decisional roles

True

(T/F) one of the biggest advantages that a small business has over a large business is a greater ability to serve specialized markets

True

(T/F) recruitment is the attempt to find and attract qualified applicants in the external labor market

True

(T/F) since the McDonald's shift manager has eight subordinates reporting to him, his span of control is eight

True

(T/F) when Coca-Cola sends cases of Coke to France and receives sparkling water as payment, a countertrade has taken place

True

A country's ______ is the set of beliefs, values, and social norms shared by members of a society that determines what is socially acceptable 1) regulations 2) traditions 3) laws 4) culture 5) standards

culture

the two forms of a business financing are _______ (borrowed funds) and _______ (ownership funds) 1) credit; leverage 2) equity; debt 3) debt; equity 4) equity; leverage 5) debt; credit

debt; equity (Debt= borrowed) (equity=ownership)

The physical arrangement of a production facility is called its: a. capacity b. layout c. process d. resources

layout

_____ is the process of guiding and motivating others toward the achievement of organizational goals 1) leadership 2) communications 3) power 4) influence 5) management

leadership

which of the following is NOT one of the main activities for a human resource manager 1) recruiting and selecting employees 2) training and developing employees 3) coordinating marketing and production activities 4) performance planning and evaluation 5) organizational career management

organizational career managment

Ease of formation, flexibility, and diversity of management are advantages of the _____ form of business ownership 1) partnership 2) joint venture 3) cooperative 4) conglomerate 5) corporation

partnership

Who owns a corporation: 1) its employees 2) its board of directors 3) its president 4) its board of directors and major stockholders 5) everyone who owns a share of stock in the corporation

everyone who owns a share of stock in the corporation

(T/F) a good manager is never faced with unforeseen problems

false

a country that exports more goods than it imports is said to have a(n) 1) favorable balance of payment 2) negative trade deficit 3) favorable balance of trade 4) unfavorable balance of trade 5) positive trade deficit

favorable balance of trade

______ is the degree to which group members want to stay in the group and tend to resist outside influences 1) team synergy 2) group cohesiveness 3) organizational culture 4) group norming 5) group resistance

group cohesiveness

The standard of living is low in Honduras. This means: 1) it has a positive balance of trade 2) it has higher wages than the U.S 3) its citizens cannot afford to buy much 4) it has a negative balance of trade 5) it attracts risk-aversive entrepreneurs

its citizens cannot afford to buy much

one of the documents that help human resource planners find the right person for a specific job is a list of tasks and responsibilities required of the job. this document is known as 1) job worksheet 2) job specification 3) skill list 4) job description 5) personnel requirement

job description

all of the following are characteristics of an entrepreneurial personality EXCEPT: 1) the willingness to take risks 2) creativity 3) problem solving skills 4) a high energy level 5) the willingness to be a follower rather than a leader

the willingness to be a follower rather than a leader

(T/F) the sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner

False

(T/F) though the informal organization may be a force in an organization, it has no real power; so managers don't need to worry about it much

False

_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada 1) Imports 2) Tangibles 3) Tariffs 4) Exports 5) Countertrades

Imports

Rudy spent $135 on supplies and earned $250 before expenses. Ritchie spent $140 on supplies and made $210 before expenses. what is the combined revenue for the two brothers. 1) $75 2) $170 3) $290 4) $415 5) $460

$460

______ has a group think of as many ways possible to generate new-product ideas, vary a product, or solve a problem A) Screening B) Conceptualizing C) Brainstorming D) Idealizing E) Prospecting

Brainstorming

(T/F) 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

(T/F) Dissolving a partnership is easier than dissolving a sole proprietorship

False

(T/F) Double taxation is a distinct advantage that corporations have over other forms of ownership

False

(T/F) If the company wants employees to take ethical training seriously, the training should not include games

False

Expense items that have undergo little or no processing and are used in the manufacture of end products are called: A) installations B) raw materials C) component parts D) specialty products E) accessories

Raw materials

______ is the concern of businesses for the welfare of society as a whole 1) Social Responsibility 2) Business Ethics 3) Consumerism 4) The marketing concept 5) Business morality

Social responsibility

_____ are all the individuals or groups to whom a business has a responsibility 1) Stockholders 2) Consumers 3) Lobbying bodies 4) Stakeholders 5) Investors

Stakeholders

(T/F) A job shop uses an intermittent production process

True

(T/F) Human Rights include an individual's right to life, freedom, and to the pursuit of happiness

True

(T/F) Humans resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals

True

(T/F) Replacing human effort with robots is most effective for tasks requiring consistency, accuracy, and speed

True

(T/F) Site selection is a part of production planning

True

(T/F) The Small Business Administration (SBA) assists small businesses by providing advice in management and financial matters

True

(T/F) a business is an organization that strives for a profit by providing goods and services desired by its customers

True

(T/F) a grievance is a formal complaint by an employee that his or her supervisor has violated some part of the union-management contract

True

Which of the following businesses is most likely to consider proximity to raw materials when locating a new manufacturing plant? a. a company that provides fresh baked goods for restaurants b.a manufacturer of hunting equipment c.a pharmaceutical manufacturer d.a publisher of textbooks e.a whiskey distillery

a company that provides fresh baked goods for restaurants

a well-written business plan should contain: 1) executive summary or company overview 2) a marketing plan 3) a vision and mission statement 4) a management plan 5) all of the above

all the above

which of the following is an example of business? 1) Jack & Jill, clothing store for kids 2)Wal-Mart 3)Ford Motor Company 4)Lawson & Tyler Law Offices 5) all the above

all the above

A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out 1) mission statement 2) vision 3) business plan 4) statement of purpose 5) venture plan

business plan

Individual ownership of property is a key element in: 1) socialism 2) capitalism 3) communism 4) a command economy 5) utopianism

capitalism

The ______ defines the relationship of authority from one level of organization to the next, from top to bottom 1) chain of command 2) chain of accountability 3) functional chain 4) chain of order 5) structural chain

chain of command

The World Trade Organization (WTO): 1) includes all of the same countries that signed the Uruguay Round 2) has emerged as the world's most powerful institution for reducing trade barriers and opening markets 3) does not yet have an effective dispute settlement procedure but will before the year 2005 4)controlled by the United States 5)includes China and Russia among its members

has emerged as the world's most powerful institution for reducing trade barriers and opening markets

Sole proprietorships: 1) are double taxed 2) have unlimited liability 3) are more difficult to dissolve than partnership 4) find it easy to raise needed capital 5) are more closely regulated by the government than other forms of business

have unlimited liability

Production and operations management involves three main types of decisions that are made at three different stages. The final stage of operations management focuses on: a.production planning b.improving production and operations c.the establishing of critical paths d.inventory control e. production control

improving production and operations

an organizations ________ is its general purpose or reason for existence 1) concept 2) mission 3) tactic 4) business technique 5) corporate culture

mission

Hershey's hot cocoa mix combines dry milk, whey, corn syrup, processed cocoa, aspartame, and artificial flavorings and colors. This conversion process is an example of: a.process manufacturing b.consumer product conversion c.the assembly process d.production integration e.product combination

product combination

Strategic giving: 1) is less popular today than it was in the 1960s 2) refers to the practice of tying philanthropy closely to the corporation's mission or goals 3) is a subset of social investing 4) reflects the stakeholder's desire to make corporations act with more economic responsibility and less emphasis on social responsibility 5) is accurately described by all the above

refers to the practice of tying philanthropy closely to the corporation's mission or goals

when your boss gives you a raise, he or she is using _____ power 1) legitimate 2) controlling 3) referent 4) reward 5) expert

reward

____ is the process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job 1) evaluation 2) two-way feedback 3) qualifying 4) acquisition 5) selection

selection

a strategy of charging a high introductory price for a new product that invites eventual competition is called price: A) escalation B) kiting C) skimming D) penetration E) enhancement

skimming

(T/F) Just-in-time (JIT) is an inventory system that was developed in California and is starting to catch on in Japan

False

(T/F) Minorities are not interested in becoming entrepreneurs

False

(T/F) Not-for-Profit organizations have the same goals as For-Profit organizations

False

(T/F) There are no significant differences between the consumer market and the business-to-business market

False

(T/F) Verna Knight is doing observation research when he asks people to describe how to fold sheets, towels, and pillowcases

False

(T/F) corporate philanthropy excludes any noncash donations

False

(T/F) crisis, both internal and external, do not affect well-managed organizations

False

(T/F) having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises

False

(T/F) it takes four consecutive quarters of decline in the GDP for economists to consider the economy to be in a recession

False

(T/F) personal selling is an element of the product strategy

False

______ is the process of grouping jobs together so that similar or associated tasks and activities can be coordinated 1) standardization 2) centralization 3) specialization 4) departmentalization 5) functionalism

departmentalization

_______is the process of dividing the work and assigning tasks to workers 1) division of labor 2) grouping of workers 3) task division 4) functional division 5) worker breakdown

division of labor

the purchaser of a franchise is called the: 1) contractor 2) sole proprietorship 3) franchisee 4) franchisor 5) direct buyer

franchisee

A manufacturer that uses the intermittent process to produce special customer orders is called a: a.modular shop b.central shop c.job shop d.localized processor e.centralized processor

job shop

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) 1) cooperative 2) international partnership 3) joint venture 4) cartel 5) limited partnership

joint venture

which of the following statements about unemployment compensation is true 1) unemployment compensation provides former employees with money for a certain period while they are unemployed 2) if an employee is relieved of his or her job after only two days of employment, he or she is eligible for unemployment compensation 3) unemployment compensation pays employees for lost work time caused by work-related injuries 4) the federal government pays unemployment compensation 5)all the above

unemployment compensation provides former employees with money for a certain period while they are unemployed

(T/F) organization charts show the formal and informal relationships among people, jobs, and departments

False

(T/F) since the development of affirmative action programs, companies no longer require physical examinations as part of the selection process

False

(T/F) the only social responsibility that a company has to its investors is an economic responsibility-- it must make a profit

False

In which stage of the product life cycle are you most likely to find the manufacturer using a line extension strategy? A) Introduction B) Development C) Maturity D) Growth E) Decline

Maturity

(T/F) in 2004, Albertson's Inc purchased Southern California's premier fresh, gourmet, and specialty foods retailer, Bristol Farms. This is an example of an acquisition

True

(T/F) limitations on the quantity of certain types of goods that can be imported over a period of time are called import quotas

True

(T/F) marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives:

True

(T/F) more than half of small businesses have between one and four employees

True

(T/F) one of the most difficult challenges when merging two global companies is uniting the two company's organizational culture

True

(T/F) organizations can be evaluated on two basic dimensions with regard to social responsibility--legality and responsibility

True

(T/F) 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

The first step in starting your own business is: 1) to determine where the funding will come from 2) a self-assessment 3) a business plan 4) find an idea for a new product or service 5) choose a form of business organization

a self-assessment

self-managed work teams 1) are highly autonomous teams 2) work without any formal supervision 3) take responsibility for setting their own goals 4) plan and schedule their own work activities 5) all the above

all the above

which of the following statements about corporate culture is true 1) evolves over time 2) intangible 3) based on the accumulated history of the organization 4) strong impact on a company's success 5) all the above

all the above

which of the following statements about limited liability companies (LLCs) is true? 1) LLCs are not corporations 2) LLCs are like S corporations in that they appeal to small businesses 3) LLCs offer their owners the option of being taxed as either a partnership or a corporation 4) LLCs are legal in all states in the U.S. 5) all the above

all the above

_______ is the process of arranging the structures and relationships of human and material resources to carry out an organizations plans 1) leadership 2) organizing 3) communicating 4) planning 5) controlling

organizing