BUSN1300 Final Study Guide
Cuvita's job involves keeping track of and reporting her company's expenditures. Cuvita's most likely job title is
Accountant
Which of the following occupations would you recommend to a person just entering the workforce?
Administrative support
Information about which of the following aspect of competitors' operations is considered to be the least important?
Advertising agencies used
Enron CEO Jeffrey Skilling hired Arthur Andersen, a public accounting firm, to assess the adequacy of the organization's accounting controls and to certify that the financial statements were properly prepared. Skilling was indicted for: A. Inside trading B. Fraud C. All the above D. FIling false statements to auditors E. Conspiracy
All of the above
Which form of regional integration is most likely to lead to a political union?
An economic and monetary union
A disadvantage of the corporate form of business organization is
"double taxation" on dividends
A company sold 1 million shares of common stock at $10 book value and the stock price then rose to $25 per share on the New York Stock Exchange. What amount of equity capital did the firm raise from this sale?
$10,000,000
If a company's annual income was $100,000, annual retained earnings was $60,000, and it had 400 shareholders, its quarterly dividend payment to each shareholder would be
$100
A company sold 1 million shares of common stock at $10 book value and the stock price then rose to $25 per share on the New York Stock Exchange. What total capital gains did investors make from the sale?
$15,000,000
Constantin's chain of stereo shops had a balance in retained earnings of $20 million at the end of 2003. In 2004, his company earned net income of $5 million and paid a cash dividend of $500,000. What is the balance in retained earnings at the end of 2004?
$24.5 million
In the U.S., the federal government insures small deposits of
$250,000 or less
Taylor's scientific management approach to motivation was first developed around
1900
What percentage of U.S. employment is made up of marketing and marketing-related jobs?
30 percent
Which age group in the United States is the most populous?
35-54
Hunter is the company's CEO. There are six vice presidents reporting to him. Therefore, Hunter's span of control is
6
Consumers purchase about __________ percent of all goods and services produced in the U.S., as compared to government purchasing of about _____ percent.
70, 20
Vicky is the vice president of sales, overseeing 8 middle managers, including Rodney. Therefore, Vicky's span of control is
8
What percentage of information needed about competitors can be legally acquired?
95 percent
What is the main difference between a C corporation and an S corporation?
A C corporation has double taxation of earnings and an S corporation doesn't.
According to the Foreign Corrupt Practices Act of 1977,
A U.S. company may not bribe a foreign official.
Which of the following best describes the tax situation of a traditional corporation, as compared to a partnership or sole proprietorship?
A corporation must pay corporate income tax.
According to federal law, employers must provide which of the following to all of their workers?
A defined minimum wage
Think of someone who has served as an effective leader in any aspect of your life. How would you describe their leadership? Were they more similar to the transactional leader or the transformational leader? Did they act as a servant leader? Did they have charisma?
A leader in my life is a former youth pastor I had when I was younger, who also has become a mentor for my husband and me. I would describe his leadership in a free-rein type of way. He let us, in the youth group, do things how we wanted within parameters. Same way now, he mentors us by setting a baseline to follow and guard rails on the way up so we stay in check. He is more similar to the transformational leader, he believes in the power of leading by example and does a great job at it. He is a servant leader, he shows us how he does things and helps us a lot along the way. He is full of charisma, and he makes the things he succeeds in look easy and inspires us to follow in the way he did things.
Dale has the responsibility for reviewing his company's performance in terms of efficiency and effectiveness. Dale is conducting what type of audit?
A management audit
Buck says, "I prefer Sears Craftsman tools because of their high quality and unconditional guarantee. I won't buy any other brand." Buck is describing products that are
Differentiated
Franklin and his wife Eugenie own and run a small diner, along with their two young adult sons. What problem is this family business likely to encounter?
Disagreement about management succession
Walmart is headquartered in the United States, but about $1.5 billion of its profits are made from stores located outside the U.S. The $1.5 billion income from foreign Walmart Stores would be included in
GNP only
The City of New Orleans has implemented a __________ program whereby all city employees receive a one-time check at the end of each year if employee suggestions led to more efficient operations and therefore, reduced costs.
Gainsharing
The European Union's three largest economies (in 2017 nominal GDP) include:
Germany, France, and the U.K.
Which of the following would be the best indicator of a country's economic health?
High real GDP growth
Are the recent scandals in the accounting profession the result of some decline in the profession itself? Or are they indicators of some more profound change in American society itself? Explain.
I believe that American society is changing. As I went through high school, I thought that everyone always did the right thing since I lived in a small town and knew everyone around me. Now, as I have moved away and learned a lot more about the world, people partake in dirty scandals all the time. I believe that this has happened in the past, but nowadays it feels easier to get away with being sleazy in business deals. The pressure to make the most amount of money and become as famous as possible has people acting out in ways they may have never even thought they would. I have caught myself thinking about ways to scale my business, but when I took a step back, they weren't the most ethical options. We are taught that we need to be successful in any way we can, which will lead to our downfall.
Americans owe a record amount of personal debt. Some experts claim that one reason for the increasing debt is the increasing use of electronic money. Credit cards, they claim, make it too easy to get deeply into debt without realizing it. They believe that electronic money does not feel "real" to consumers, and so they spend more than they should. What is your opinion? Is electronic money somehow easier to spend? What can consumers do to help limit their spending of electronic money, if that is necessary?
I believe that electronic money can be much easier to spend if you do not monitor yourself well. Spending only what you need to or what you can comfortably spend with the amount in your bank account should be the way you approach credit card use. Sometimes, that money really doesn't feel real. It can be hard to limit yourself to only spending $50 on clothes when your credit card has a $5,000 limit. But in this situation, maybe your budget is less than usual so you can't spend more than what you have already. Consumers can help limit electronic spending by closely monitoring both their credit card amount to pay off and their bank balance. This way, if they see their credit card amount is near their bank account amount, they need to pay it off and cease spending until they can pay it off again.
In spite of numerous pieces of legislation designed to protect the rights of various groups of workers including women, minorities, the disabled, and parents, discrimination has been reduced but is still prevalent. For example, the median salary for a woman with a bachelor's degree is still considerably less than that of a man with a bachelor's degree. In your opinion, will workplace discrimination be eliminated through legislation? If so, explain how. If not, describe what would be necessary to eliminate workplace discrimination, and explain how.
I do not think that discrimination will be stopped through legislation. That is the equivalent of saying "be nice to your brother because I said so." Now, all you want to do is be mean to your brother because you are being forced to do something you may have already done, even though you know it's the right thing to do. I believe the best way to eliminate discrimination is to show that men and women complete the same value of work as each other, for example. If you set two presentations side by side, and the employers didn't know who completed what project, most times they would compare them and say they are equally well done and both are very acceptable work, but the payment does not reflect that. I believe taking employee names off submissions within the same job if there is unequal pay would be a great way to demonstrate that gender isn't what produces well-done work, it is intelligence, drive, and commitment which you can find in equal amounts between the genders.
Which of the following states is not one of the 10 most populous? Indiana, New York, Texas, Pennsylvania, or Florida?
Indiana
Which of the following countries is the most populous? Indonesia, Nigeria, Brazil, Russia, or Pakistan?
Indonesia
Conchita's department has a vacant position and she is considering hiring Max, who works in another department of the same company. This is an example of
Internal recruiting
Willie says, "I love volunteering at Big Brothers. It's great to see the happiness on a boy's face when I take him to a ball game or read a book with him." Willie's motivation is
Intrinsic
Which of the following is not true about knowledge workers?
Knowledge workers are primarily employed in manufacturing
A microbusiness employs
Less than 5 workers
At XYZ Widget Company, Jill Jones is supervisor of the plant where the Widgets are made and John Jones is the company's attorney. Jill has __________ authority and John has __________ authority.
Line; staff
All banks run the risk of not having enough funds on hand to meet their obligations to savers and investors. This type of risk is called __________ risk.
Liquidity
According to the article, "A Fresh Look at Accounting Ethics," what is more satisfying than fame and fortune?
Living an honorable life.
All of the money readily available to the public, such as cash and checking accounts, is referred to as
M1
Which of the following is not true about an MIS approach to gathering information compared to marketing research?
MIS stresses the why of gathering information
Consider the interests, talents, and preferences of your immediate family. If your family were to start a business, what would be its primary products/services and markets? What role would each family member play? What would be the benefits and drawbacks of the family business?
Considering this is a real-life situation, this one should be pretty easy. My dad opened a physical therapy practice over 20 years ago. He is a DPT and has hired 2 PTA's to help him. My mom is the receptionist, and when I lived at home I helped by cleaning equipment or answering phones when my mom was busy. My sisters would do the same as me, and sometimes we would help tech in the back by getting heating pads, tape, etc. The benefits of this setup were we didn't have to drive separately to and from work, everyone was home at the same time at night, and if we ever had to work late, we weren't lonely. Some drawbacks were the constant family being there all the time, which can lead to fighting (especially with three girls!). Overall, I loved working with them and I would go back in a heartbeat.
What account shows the cost to a firm of the products sold by the firm to its customers?
Cost of goods sold
Which of the following is the most recent? a. Creation of the Consumer Financial Protection Bureau b. Passage of the Trademark Counterfeiting Act c. Passage of the Consumer Product Safety Act d. Passage of the Fair Packaging and Labeling Act e. Passage of the Pure Food and Drug Act
Creation of the Consumer Financial Protection Bureau
What is the difference between current and long-term assets? What is the difference between current and long-term liabilities? Why do you think that organizations must account for current and long-term items separately?
Current assets are those that will be sold within the year or the normal accounting cycle for the business and turned into cash. Long-term assets will be kept as assets in a non-liquid state for longer than a year. Current liabilities are due within a year or the normal accounting cycle for the business. Long-term liabilities are due outside of a year or normal accounting cycle. These are accounted for differently so the company's liquidity is more accurate at the time that financial statements are completed. They also help reflect the ability of firms to pay off current liabilities as they become due from lenders.
A firm's board of directors would not be consulted on which of the following decisions?
Day-to-day operational decisions
In the marketing research process, "drawing conclusions" immediately follows
Design the research study
Which of the following steps in the marketing research process includes sampling?
Designing the research study
Which of the following represents the way we actually are?
Real self
April 1992 was the last time the Federal Reserve System changed the amount of cash that banks must have on hand to cover deposit obligations to customers. This change was a change to
Reserve requirements
Experience in what three areas is considered to be the best preparation for the CME job?
Sales, product management, logistics
As Judd developed his business to sell remote-controlled airplanes, he knew that his savings of $10,000 would purchase enough inventory to get started and pay for some advertising. However, he would need additional funds to keep operating for a few months until profits began to come in. These start-up funds are called
Seed money
A corporation exists primarily to serve the interests of its
Shareholders
In a publicly traded, for profit business corporation, the owners are the
Shareholders
Which group is most likely to be harmed by the asymmetry of corporate information?
Shareholders
Billy's favorite part of his job is the chance to meet and socialize with others working on the same film crew. Billy is at which level of Maslow's hierarchy?
Social needs
In 2015, Silicon Valley Bank of the U.S. opened two facilities in London and Bangalore, to serve the U.K. and Indian markets. These new facilities are examples of
Subsidiaries
Describe the difference between target groups, market segmentation, and psychographics. Give one specific example of a business that is using each of these techniques.
Target groups tend to live in a specific geographical area. A business that would use target groups would be a new mom-and-pop shop that just opened in one specific area, advertising to a larger group would be unnecessary and wasteful. Market segmentation is a way to divide up groups of consumers based on a few different criteria to best find products they would enjoy buying. These can consist of geographic, psychographic, behavioral, and demographic. An example would be a hair-care line specifically designed for African-American women to best suit their hair type. Psychographics are when companies identify customers by their personalities, hobbies, interests, and beliefs. A business that uses this type of segmentation would be Columbia, geared towards those who have hobbies that relate to the outdoors.
For a supervisor managing a warehouse of products ready to be shipped, the ability to understand inventory control software programs, optimal inventory levels, and trucking schedules would be considered
Technical skills
In 1994, IBM began a program to allow some workers to work from home. This reduced facility costs and increased employee flexibility and morale. This program is an example of
Telecommuting
Which of the following is not one of the reasons why corporate officers may engage in empire building?
To please their shareholders
The U.S. imposes __________ against countries that it considers a military threat by making it illegal to sell all sorts of goods and services including weapons or defense-related equipment to those countries like North Korea and Somalia.
Trade embargoes
Assets = Liabilities + Owners' Equity
True
Capital, one of the factors of production, consists of both money and durable goods.
True
Charismatic leaders are those who are considered to be "heroes" for their vision of the future
True
Expectancy theory supports the use of a piece-rate pay system
True
Government auditing standards, known as the "Yellow Book," contains standards for audits of government organizations.
True
The marketing of services in the United States is becoming more important.
True
The process of grouping jobs into units is called departmentalization
True
When founding a new business, using an existing physical facility is typically less expensive than building a new facility.
True
Although the __________ __________ is the most influential world currency, the most important foreign exchange market is located in __________.
U.S. dollar; London
Which country has the highest level of GNI?
United States
Consider the case of a U.S. firm that records the work of U.S. musicians, manufactures CDs at a plant in the U.S., and sells and distributes the CDs to wholesalers in the U.S. What changes might this company make if it wanted to enter international markets using export-import business? Using licensing? Using a joint venture or strategic alliance? By becoming a multinational enterprise? Consider changes in each of the firm's activities.
Using an export-import model, they would only have to change where they send their products. They would have to find a retailer to carry their product and ship it to them for distribution. With licensing, all they would have to do is sell rights to manufacture their product in another country and sell it there. Joint ventures would mean there would be equal parts of the resources contributed to the goal by 2 or more different companies, so they would need to find someone who would want to contribute to their business model and sell in their store. A strategic alliance is more of an investment opportunity or trade than a partnership because each business keeps its independence. If they became a multinational enterprise, they would have to have business operations of their own in another country, which would require a lot of changes and developments for their company to oblige to all rules and regulations.
In 1989, President George H. W. Bush ended a program that asked steel exporters to agree to sell only a limited amount of steel in the U.S. This type of program is called
Voluntary restraint
The growth of global trade began to sharply increase after
WW2
U.S. Securities Acts of 1933 and 1934 require filing and public disclosure of
audited financial statements to the SEC
Which of the following is not a characteristic of the way organizations purchase goods and services compared to the way consumers purchase goods and services?
c. Organizations are less likely to involve trained specialists
A transition economy occurs when a country moves from a __________ economy to a __________ economy.
central; capitalist
If open market operations do not achieve the desired results, the Federal Reserve System will then try to
change the discount rate it charges banks.
Job rotation increases motivation by
changing a worker's assignment on a regular schedule.
When a group of workers is interested in being represented by a union, the first step is to
collect signatures on authorization cards.
When a government agency or internal auditors evaluate a company's adherence to laws and regulations, they are conducting a(n)
compliance audit.
A capitalistic economy is primarily controlled by
consumers and producers.
The term "limited liability" means that
corporate shareholders' losses are limited to the amount of their investment in the firm.
After blackouts in much of the northeastern U.S. a few years ago many businesses developed a plan for how to handle a power crisis more effectively in the future. This type of plan is called a
crisis plan.
Employee benefits became common among U.S. employers
during World War II, when government wage controls limited workers' incomes
The main difference between equal employment opportunity and affirmative action is that
equal employment opportunity merely prohibits discrimination while affirmative action requires employers to take positive action to reduce the effects of discrimination.
Multinational firms must comply with the accounting regulations put forth by
every country where they do business.
When U.S.-based ExxonMobil ships refined oil in a tanker from Texas to Mexico, that is called __________. When ExxonMobil builds a refinery in Venezuela to process South American crude oil, that is __________.
exporting; foreign direct investment
Citicorp, a banking and investments firm, merged with Traveler's Insurance Company in 1998 to form Citigroup, which is known as a
financial holding company
In an MBO system, employees are asked to
focus on achieving company objectives.
Belarus has an annual inflation rate of 43 percent. If a subsidiary company, based in Belarus, uses the Belarusian ruble as its functional currency, Polish zlotys as its currency of books and records, and French euros as the parent company's reporting currency, then the subsidiary company must first translate its financial statements
from zlotys into euros
Globalization is
good for both developed and developing countries, if implemented properly.
One reason that developing countries are not able to produce all of the food they need is the
government subsidies for American and European farmers
The purpose of a labor union is to
group employees to help them gain some collective power over employers.
Her company's financial records are disrupted when Sharon enters a value of negative $200,000 for an asset. This problem points to a problem of an automated system, called
inability of the computer to exercise logic.
As the federal funds rate increases, banks will tend to
increase the interest rate they charge customers.
The adoption of the Sarbanes-Oxley Act has
increased oversight for both corporate officers and directors.
The Association of South East Asian Nations (ASEAN)
is based on regional security and economic cooperation
Typically, a CEO
is both an officer and a director.
As compared to previous technological revolutions such as the internal combustion engine or electricity, the Internet technological revolution
is occuring much more rapidly
Corporate ownership becomes diluted when the company
issues more shares.
Emily uses an online system to place a sell order that must be executed when IBM stock reaches $100 per share. This type of transaction is called a(n)
limit order
As Judd developed the idea for his business to sell remote-controlled airplanes, he surveyed his friends and neighbors to figure out their level of interest in purchasing the planes. This is an example of
market research.
The distinctions between M1, M2, M3, and L depend on the
money's accessibility to consumers.
IKEA, the Swedish home products retailer, has expanded internationally and today owns and operates stores in several Asian Pacific countries, the European Union, many Middle Eastern nations, the U.S. and Canada. Therefore, IKEA is a
multinational enterprise.
After an organization accounts for everything it owns (its assets) and subtracts everything it owes (its liabilities) what remains is called
owners' equity.
The difference between preventive and feedback controls is that
preventive controls are used before possible misconduct and feedback controls report misconduct that has occurred.
If a company is using a societal responsibility model of business governance (as compared to a stakeholder model), it will focus more attention on actions related to
protecting the natural environment.
In participative management, workers __________. Employee empowerment calls for workers to __________.
provide input to decision makers; make decisions
In a state enterprise system, the government attempts to help its citizens by
providing employment for everyone
The mass production assembly line was designed to
reduce production costs.
Succession planning is a special type of planning in which a company prepares for
replacing a top executive.
The origins of the European Union can be traced to the creation of the European Coal and Steel Community in 1951. The regional integration and enlargement of the E.U. is based on principles of democracy, __________ and __________.
rule of law; economic cooperation
In a corporation, __________ are the principals and __________ are their agents.
shareholders; managers and directors
In some mergers, __________ stand to gain the most while __________ stand to lose the most.
shareholders; officers
The main use for capital market instruments is
taking risks in exchange for potentially high returns.
The primary responsibility for the design of an effective accounting information system belongs to
the company's management.
What was the new technology that played a key role in the reshaping of the political structure of some of Europe's most powerful countries?
the movable type printing press.
The U.S. dollar is the currency that serves as the benchmark for all other world currencies, making it
the numeraire currency
Accounting is
the recording, summarizing, and reporting of the economic activities and events of an organization.
In order to encourage management to act in the best interests of shareholders, a company should
tie stock option awards to long-term performance
Judd's new business selling remote-controlled airplanes needed more funds to keep up with the initial growth. Judd approached an investment firm, also called __________, about funding in exchange for partial ownership of his company.
venture capitalists
Before the U.S. Army trusts soldiers to maneuver and fire weapons from a $1.5 million Stryker tank, it requires them to become skilled on a tank simulation video training program. This type of training is known as
vestibule training.
Looking at Palash's business plan, you read, "To sell high-quality, organic food products in a luxurious environment." This part of the business plan is called the
vision statement.
Elton Mayo, after his re-evaluation of the Hawthorne studies and other work, concluded that
worker autonomy to control their work environment led to higher motivation.
According to the employment-at-will doctrine
workers may quit at any time for any reason.
A code of ethics provides an answer to virtually every ethical problem that arises.
False
An example of a strategy would be a 10 percent market share.
False
Brad says, "After listening to the complaints of several customers, I can now understand what we need to do in order to improve customer service." Brad is demonstrating his crisis management skills.
False
Employment interviews are the most widely used selection technique and are known for their fairness and lack of bias.
False
In a D. U. M. B. strategy for marketing in international markets, "U" refers to "usual."
False
Large businesses with more than 500 workers employ most of the workers in America
False
The population growth rate in the United States from 2000-2018 was 4.2%.
False
Which of the following is considered to be the most important reference group?
Family
In a small retail store, which type of manager will usually directly supervise the store's sales personnel?
First-line managers
During the decade-long war in Iraq, the U.S. government spent two trillion dollars for military operations and reconstruction in that country. These costs are part of the U.S. government's
Fiscal policy
Fairly recently, a Ford F150 truck got just 11.9 miles per gallon in city driving, the worst fuel economy performance of any truck sold in the U.S. This lack of concern for the environment shows that
Ford is not following a societal responsibility model of business governance.
Subway allows businesspeople in various countries to build a Subway store and provides the owners with help and supplies, in return for a fee. Which international business method is Subway using?
Franchising
Sue, a manager, heads a group of engineers working to design earthquake-proof skyscrapers. Each member of her team is an expert in their specialty, so Sue just tells them the work goals and lets them decide when and how to work. Sue's management style is called the
Free-rein style
Barnes & Noble, a national chain of bookstores, has been organized into Finances, Human Resources, Information, Logistics, Public Affairs, and Stores, among other departments. Barnes & Noble has used
Functional departmentalization
Small, new organizations typically organize workers according to the activities they perform—all of the marketing staff in one department, all of the accounting staff in another, and so on. Therefore, these organizations organize according to
Functions
Japan limits the amount of foreign-grown rice that can be sold in that country by imposing a very high import tax. This protects high-cost domestic rice producers because it forces rice importers to raise prices, making imported rice less competitive against rice grown in Japan. This type of trade barrier is called
a tariff
It's very common for a small business to be organized as a sole proprietorship or partnership at first. Then, the business will switch to a corporate structure as it grows. Using the advantages and disadvantages of each structure, explain why this is so.
A sole proprietorship is great for businesses that are just getting on their feet because they require minimal paperwork filing. This can mean that the business can be up, running, and legal in a very timely manner. A partnership can be as much or as little paperwork as you can make it. You will have the basic paperwork similar to a solar proprietorship, but any documents that explain what may happen if the partners split are recommended but not always required. A corporation is great because it will take all the personal aspects out of the business that comes with a sole prop or partnership. In a corporation, the legal happenings if anything goes south fall onto the business as its own entity, and within the former two businesses, it will fall right onto the person running the business.
What is the difference between an inside director and an outside director?
An inside director is an employee of the firm while an outside director is not.
A computer contingency plan does not include
An optimizing plan
In your opinion, which is more important in guiding one's actions in one's personal life—legal requirements or moral requirements? Which is more important in guiding one's actions on behalf of one's employer? If your answers differ, explain why. If they do not differ, explain why not.
Answer: I believe in someone's personal life, morals should guide you as long as they are within the legal limits of the government. Morals are so important for people to follow, as long as they are set well. Morals can really show who a person is on the inside. I believe the same is true within the workplace because some things may be legal but not feel like the right thing to do. When this is the case, morals outweigh the law in this sense. The law may be a guiding line for the formation of morals, but morals should never cross over into illegal activity.
At an investments firm, Brian is in charge of creating a second copy of every critical computer file, to be stored on a computer in a remote location. These files can be used to restore the information system if the main computers are damaged in an emergency. Which phase of a computer contingency plan does Brian's job address?
Backup
Which of the following is not usually one of the advantages of part-time work?
Benefits
A U.S. Federal Reserve Bank is a(n) __________ bank.
Central
By law, a publicly traded company's financial statements must be audited by
Certified Public Accountants (CPAs)
Which of the following outlaws tying agreements?
Clayton Act
Which of the following is considered to be the least important type of customer that competitor intelligence programs would identify and concentrate on?
Companies that are privately owned
A statement found on the American IronHorse Motorcycle Company website says, "We are different. We ride on two wheels. We succeed where others have failed. We do whatever it takes. We love what we do. We evoke passion. We demand quality. We imagine, we build, we ride. We produce people's dreams." This statement is a
Company credo
In product life cycle theory, what requires firms to become more efficient?
Competitors
A high-school student computer hacker uses his home personal computer to access confidential corporate records. He is the type of security threat known as a(n)
External person
Gordon, a salesperson, says, "My work requires long hours and lots of travel that I don't like, but the pay is great." Gordon's motivation is
Extrinsic
Who or what benefits most from barriers to trade, also called protection?
Domestic firms, because of lower competition
Elsa, Steve, and Adrienne formed a partnership to own and operate a wine shop. Elsa manages the shop and Steve travels the world buying wine. Adrienne contributed some start-up capital but does not help to run the business. Therefore, it is likely that
Elsa and Steve are general partners and Adrienne is a limited partner.
The U.S. Department of Homeland Security holds an annual meeting to inform and train companies about what to do immediately following a crisis. Which phase of a computer contingency plan does this training address?
Emergency
An autocratic leadership style would be likely to result in
Employees who act as followers
Wangkyo opened a small garage to repair automobiles and hired two workers. Wangkyo is a(n)
Entrepreneur
The third step in the purchasing process is
Evaluation of alternatives
The path-goal theory of leadership is most closely related to which motivation theory?
Expectancy theory
Which of the following is not considered to be part of the marketing environment?
Market
A company has a million shares of stock with a price of $10 a share. Multiplying these two numbers results in $10 million which indicates its
Market value
Benjamin is a top manager responsible for advertising, supervising the sales force, and managing customer relationships. Benjamin is a(n)
Marketing manager
Carlos says, "I want to start a new convenience store, but I don't know if there is enough demand in my neighborhood." Carlos needs a(n)
Marketing plan
With which of the following is a CME least likely to be involved?
Marketing research
Within a city, one cable television company is the only supplier licensed to serve that area. Which market condition does this situation describe?
Monopoly
Theodore Roosevelt, speaking about the importance of ethics education, said, "To educate the person in mind and not in __________ is to educate a menace to society."
Morals
As the use of automated information technology grows, the task of understanding and evaluating the accounting system has grown
More complex
In a free market system, prices will tend to
Move toward equilibrium price
Describe the history of business development in the United States. Explain how each phase of economic development was a response to, or built upon, contributions from earlier stages.
NEEDS BETTER ANSWER
Toymaker Mattel buys many of its toy concepts and designs from independent inventors. Mattel then hires a production facility to manufacture the toys and pays a transportation company to distribute them. Mattel's contributions are strongest in marketing and administration. Therefore, Mattel is somewhat using a
Network structure
Which group is most likely to have access to important inside information about a company's actions and performance?
Officers
Which of the following is the psychological factor that involves the awareness of cues or stimuli?
Perception
Jackson says, "This year I spent money buying a new car and new furniture." This year, Jackson's spending in this area contributed to which of the following uses of GNP?
Private Consumption
The Foreign Corrupt Practices Act of 1977 focuses on
Prohibiting bribery
When there is a conflict between the interests of shareholders and corporate officers, who is responsible for protecting the shareholders?
The board of directors
Describe the chain of command in an organization with which you are familiar, such as an employer, volunteer organization, or fraternity or sorority. How many levels exist, from top to bottom? How many workers does each manager supervise?
The chain of command within the NFL teams is a bit more complicated than they look. It starts at the top, with the owner/CEO of the team. Next is the general manager of the team, who is overseen by the CEO and answers directly to him. The general manager is in charge of the front office staff, which varies from team to team but they all help the GM carry out responsibilities. Next is the director of player personnel, who makes deals for players in the NFL to come to their team. They also have a team that varies in numbers but they answer to the DOPP, and he answers to the GM. Next is the head coach of the team, who oversees the entire team and coaching staff. Then there are the players, who are at the bottom of the organization.
Describe the four major goals of effective economic management and show the relationships between the goals. How do capitalism and free markets affect the implementation of these goals in the U.S.?
The four major goals of economic management are high output and good GDP growth, low inflation, high employment and low unemployment, and steady exchange rates and free trade. The goals are related through growth in the economy, stable jobs, and easy trade within countries. Capitalism affects these goals through the actions of individuals running the business. Since capitalism promotes private sector businesses, it can be largely up to the business owners to promote these healthy goals and reach for them within their companies, which will translate into beneficial numbers for the country as a whole. Supply and demand, or a free market, can change at any moment. This can affect the implementation of these goals if there is an imbalance in the supply and demand on either end, tipping the table to need more or need less. We saw this a lot through COVID and it damaged the flow of our economy greatly.
Indicate what the four major markets are. What information about each would marketers need?
The four major markets are the consumer, business-to-business, international, and government markets. Within the consumer market, marketers need to know the number of houses and population within a certain area. The more people, the more products will sell. Within the business-to-business market, they need to know the code they want to market to (NAICS code). That way their target audience is already grouped together, all they have to do is reach out. Within the international market, they need to know their population as a whole and what countries align with the values of their company and want them to expand there. If you try and expand with no research, a small population country will not know who your company is, to begin with, and there are fewer people to buy your product there. Within the government market, you need to know what the government needs and at what price they need it. They generally accept the lowest priced items, so beating the competition out will get you the sell.
When considering the impact of individual consumption levels on a country's economic health, which segment of the population is the most important contributor?
The middle class, because they consume the most
Intel, a U.S. firm that makes semiconductor chips, has an enormous production capacity, providing more than half of the world's chips. In order to optimize production capacity, Intel sells 27 percent of its output within the U.S. and 73 percent to foreign buyers. Which reason caused Intel to go abroad?
The need to expand market share
Which of the following is not relevant for formulating objectives? a. They are all relevant b. They must recognize company resources c. They need to be specific d. They need to be expressed numerically e. They must be realistic (have a reasonable chance to be achieved)
They are all relevant
Consider your college or university. Who are its primary stakeholders? What are some of the needs of these different stakeholder groups? Give examples of actions that the college or university can take that will please multiple stakeholder groups at the same time.
The primary stakeholders of most colleges are the students and parents of students who attend college there, as well as teachers and administration. Some of the needs of these groups are safe campuses, educated teachers, places to buy meals or a place to eat, and possibly transportation around campus. Some actions that can knock out two birds with one stone are checking teacher knowledge and skill in teaching by observing and doing student surveys. Putting a vending machine in the halls will give students and teachers alike a place to get a snack throughout the day. Transportation around campus could mean a bus for students or a taxi system that stays in the area and is mainly for student use.
What is the major difference between the societal responsibility model of business governance and the stakeholder model?
The stakeholder model focuses on meeting stakeholder needs while making a profit, while the societal responsibility model emphasizes corporation's responsibility to society as a whole.
Describe the process buyers go through to make a purchasing decision. Discuss the outcomes that can result in the post purchase evaluation stage.
There are five steps that consumers go through when making a purchase. They start by having a problem they want to be solved. Once they recognize the problem, they start doing research on what would fix it. There will be likely many results that come with that search, so they have to start evaluating their choices and decide what would work best to solve the problem most effectively. After they make their decision, they buy the item. After using the product, they will likely reflect and evaluate how effective it was at solving their problem.
What are some of the consequences of the use of unethical accounting practices? Consider the consequences to investors, lenders, customers, employees, and suppliers.
When a business uses unethical accounting practices, it can really affect the people and businesses around them. They can harm investors by not being able to pay them back or losing business so they lose income from the business. They can affect lenders by not being able to pay them back, which results in collections coming to them and it looks terrible on their financial reports. Customers can be affected due to delays in business functions if they are audited since everything must be put on hold. They can also decide to not do business with them anymore because of their history. Employees can be audited as well and can be accused of helping, which makes it extremely hard to find a different job in the future. They will also not be paid during the time of the audit which hurts them a lot. Suppliers are also affected. They can be seen as untrustworthy to do business with a firm that would do this, or they could lose business by cutting ties with them to avoid scandals in the future.
If a professor wanted to use expectancy theory to motivate students to higher classroom performance, what types of actions would they demonstrate? What actions would demonstrate a professor's use of equity theory? What actions would demonstrate a professor's use of reinforcement theory?
With expectancy theory, the professor would demonstrate actions such as giving out grades based on how much quality work was turned in and rewarding a set amount of points for the baseline of work turned in. There will be assignments that go above the average amount of points, and if those are turned in and completed well, they will receive a higher number of points based on the same amount of work. Within the equity theory, the students would need to be separated by knowledge, skill, or drive for the subject at hand and rewarded points according to that chart, not necessarily based on the work they are putting forward first and foremost. There would be a base amount of points given to each group that would be different. The reinforcement theory could be used by the professor by holding a rewards ceremony for the students, and rewarding the ones with the best work after each unit. That way, students would want to work harder to be recognized next time. If certain work was not turned in, the students would be punished by receiving homework for that specific unit.
Which of the following is a true statement regarding entrepreneurship among women?
Women bring new perspectives and skills to the small business sector.
Judd's new business selling remote-controlled airplanes needed more funds to keep up with the initial growth. Judd used the largest source of working capital,
a bank
Suzuki Motors has produced a document titled "Suzuki Corporate Ethics Rules" that describes a set of guidelines to enable workers to "act in conformity to the laws, the norms of the society, and company regulation." This document is
a business code of ethics.
Economies of scale occur when
a high volume of production drives costs down.
At General Electric Corporation, CEO Jeffrey Immelt has run the company for a number of years and it is often said that no one else in the firm can take his place. From a human resources management perspective, GE therefore needs
a replacement chart.
India increased its global exports of IT services by 13 percent in 2014, because of
abundant supply of English-speaking information systems graduates
As compared to employees of large corporations, small business workers
advance into higher positions more slowly.
The Fair Labor Standards Act requires that
all minimum-wage workers be paid overtime at the time-and-a-half rate
A laissez-faire system of government
allows businesses to do what they please
Honda Motors, based in Japan, once entered into a manufacturing agreement with Indian motorcycle manufacturer Hero to manufacture Hero-Honda motorcycles for the Indian market. This type of international business is known as
an international joint venture
In considering which countries offer the most favorable future opportunities for business, the most important factor for a company to consider is the country's
annual nominal GNI per capita