BIZ 200 Final

_____ typically cover specific issues that a business faces but also less-tangible—yet equally important—topics, such as communication, planning, business-analysis, change-management, coaching, and team-building skills.

Management development programs

The _____ is a project-management tool that illustrates the relationships among all the activities involved in completing a project and identifies the sequence of activities likely to take the longest to complete.

critical path method

A(n) _____ is an Internet-based company that specializes in the secure electronic transfer of funds.

cybermediary

Financial managers use__________to assess the financial strengths and weaknesses of their firm.

financial ratio analysis

Financial capital refers to the:

funds a firm uses to acquire its assets and finance its operations

Dividing the market into smaller groups based on where consumers live is known as _____.

geographic segmentation

_____are stocks of goods or other items held by an organization.

Inventories

Which of the following statements is true of sexual harassment?

It involves discrimination against a person based on his or her gender.

Which of the following statements is true of international trade?

It offers companies an invaluable source of new ideas

Which of the following statements is true of ransomware?

It takes the data on a computer hostage by encrypting it

The finance and the marketing department of a company are required to collaborate on a project. However, the two teams face significant challenges while trying to communicate with each other because of the use of jargon specific to each department. In the given scenario, which of the following communication barriers do the teams face?

Language barriers

Which of the following statements is true of offshoring?

A firm often offshores processes by directly investing in its own foreign facilities.

_____ is an agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses.

A strategic alliance

_____ is a system for identifying, measuring, and communicating reporting economic information about the financial transactions that affect an organization.

Accounting

_____ are structured training programs that mandate that each beginner serve as an assistant to a fully trained worker before gaining full credentials to work in the field.

Apprenticeship programs

Which of the following is the accounting equation?

Assets = Liabilities + Owners' Equity

_____ refer to noncash compensation, including programs such as health insurance, vacation, and childcare.

Benefits

_____ is a management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over a specific time period.

Budgeting

Which of the following statements is true of customer relationship management (CRM)?

CRM works best when marketers combine marketing communication with one-on-one personalization.

Which of the following refers to programs that install themselves on computers without the users' knowledge or permission and spread by attaching themselves to other files that are transferred from computer to computer?

Computer viruses

_____ is the process of funding ventures by raising money from a large number of investors via the Internet.

Crowdfunding

_____ are files of related data organized according to a logical system and stored on hard drives or some other computer-accessible storage media.

Databases

Samuel has an innovative idea for better disposal of garbage. Hence, he starts a business to implement this idea that he believes will succeed. He is also aware of the risks involved in starting the business. However, Samuel puts in only six hours a day into building his business. Some days, he finds it difficult to put in any time at all. Which of the following entrepreneurial characteristics does Samuel lack?

Energy

In the context of global trade, the _____ is a measurement of the value of one nation's currency relative to the currency of other nations.

Exchange rate

_____ is the selling of a product that has been produced or grown domestically in a foreign nation.

Exporting

A study cited in The Wall Street Journal has suggested that while nonverbal communication is important, it is verbal communication that conveys the most meaning to the listener.

False

All facts that are illegal are unethical.

False

Angel investors are companies that invest in start-up business with a high growth potential in exchange for a share of ownership.

False

Financial managers should focus solely on meeting the financial needs of their firms in the short run, leaving the long-term financial issues to the top management.

False

In the context of competitive advantage, the value of the first-best choice represents the opportunity cost of producing a second product.

False

Starting your own business is a guaranteed way to achieve financial success.

False

The time value of money is the principle that a dollar received today is worth less than a dollar received in the future.

False

_____ is the authority granted by a domestic firm to an overseas firm for the rights to produce and market its product or to use its trademark/patent rights in a defined geographical area.

Foreign licensing

Nelson, the CEO of a company, holds a meeting with the board of directors that includes both male and female members. While addressing them, Nelson is careful to uses phrases such as "Welcome board members" and "Dear Stockholders" instead of using "he" or "she." In this scenario, which of the following biases is Nelson avoiding?

Gender bias

Which of the following is a threat that a small business is most likely to face?

High risk of failure

Which of the following communication channels should ideally be used when you must communicate lengthy or detailed uncontroversial information?

Memos

_____ is a form of communication that does not involve the use words.

Nonverbal communication

Which of the following statements is true of funding options for small businesses?

Only a tiny fraction of new businesses receive any venture capital money.

__________is the first step in the training and development process, designed to introduce employees to the company culture and provide key administrative information.

Orientation

_____ is a scam in which official-looking emails are sent to individuals in an attempt to get them to divulge private information such as passwords, usernames, and account numbers.

Phishing

Which of the following is an internal recruitment method?

Promotions

______________ is a federal agency that provides aid, counsel, assistance and works to protect the interests of small businesses/

Small Business Administration

_____ is software that installs itself on a computer without permission and then tracks its behavior in some way.

Spyware

Which of the following is a characteristic of a well-chosen target market?

The market must be reachable through channels that a business can afford

Which of the following is NOT one of the four key consumer rights of consumerism.

The right to fair prices

Which of the following statements is true of business messages?

The use of active voice in a message creates deeper trust between the sender and the receiver.

Which of the following statements is true about cash budgets?

They are used by financial managers to get a better understanding of the timing of cash flows within the planning period

Which of the following statements is true of communication barriers?

They can arise in a number of different forms.

Which of the following statements is true of public accounting firms?

They must be independent of the companies they are auditing

In the context of a company's responsibility to the environment, which of the following is the idea behind sustainable development?

To meet the needs of the current generation without harming the ability of future generations to meet their needs

Trumen House, a confectionary manufacturing company, orders its raw materials in bulk from Nesinbon. Nesinbon allows Trumen House to make the payment at a later date, as opposed to immediate payment. Which of the following short-term financing options is being offered by Nesinbon?

Trade credit

A firm that contracts with foreign producers has an obligation to ensure that those factories adhere to ethical standards.

True

A job description is an explanation of the responsibilities for a specific position in an organization.

True

A money market mutual fund is a mutual fund that pools funds from many investors and uses the funds to purchase highly liquid, short-term securities.

True

Data become information when they are processed, organized, and presented in a way that makes them useful to a decision maker.

True

Eduardo's boutique specializes in biodegradable umbrellas and bamboo clothing. Eduardo actively promotes the ecological benefits of his products to attract the consumer market that makes purchase decisions based on their convictions. Eduardo's marketing approach is referred to as green marketing.

True

Goods are considered tangible, while services are considered intangible.

True

In the context of business ethics, in an ethical dilemma, every potential course of action has some significant negative consequences

True

Stakeholders are any groups that have a stake—or a personal interest—in the performance and actions of an organization.

True

The fundamental form of system software is the operating system, which controls the way a computer functions at its most basic level.

True

When conflicts arise between the long-term interests of owners and those of other stakeholders, the fiduciary duty required of financial managers generally leads them to make decisions that are most consistent with the interests of ownership.

True

_____ is created when your customers believe that your product has a better relationship between the cost and the benefits than any competitor.

Value

An employee who reports illegal accounting procedures is an example of a (n):

Whistle-blower

Jake begins his presentation on malnutrition by giving an estimate of the amount of food that is wasted every day in the country. This makes the audience more attentive and responsive throughout Jake's presentation. In this scenario, Jake uses _______ to open his presentation?

a startling statistic

A benefit that cloud computing provides to individual users is that it:

allows them to store large files without taking up valuable space on their computers' hard drive

In the context of market segmentation, a well-chosen target market should have _____.

an appropriate size

The _____ reports the financial position of a firm by identifying and reporting the value of the firm's assets, liabilities, and owners' equity.

balance sheet

There are three kinds of basic financial statements that are prepared in financial accounting are:

balance sheet, income statement, and statement of cash flows

A(n) ____________ is a document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives.

business plan

The employees of a multinational company follow a standardized and formal set of written guidelines that help them make right decisions in various situations. These guidelines have been translated into 20 languages and are followed by employees across all branches of the company. One of the guidelines is to include all supervisors in discussions regarding instances of violation of rules. In this scenario, the multinational company has:

created a code of ethics for its members

Arranging for other organizations to perform supply chain functions that were previously performed internally is known as _____.

outsourcing

Homebound, a home decor company, annually donates blankets to various nonprofit organizations. These nonprofit organizations distribute the blankets among the poor. Given this information, Homebound's gesture is an example of:

corporate philanthropy

Effectiveness means producing products that:

create value

Louis works for the Oakland County Police Department. He is assigned with the task of sorting through massive amounts of data with statistical and mathematical programs in an effort to detect fraud and crime. Louis should use _____ to complete his task most efficiently.

data mining

As a marketing executive, Angelina is responsible for environmental scanning, the goal of which is to:

deliver products to the right people, in the right quantities, at the right time, in the right place

The primary reason people choose to become entrepreneurs is to:

earn more money.

In operations management, producing output or achieving a goal at the lowest cost is known as _____.

efficiency

Loren LLC is a small bicycle store that competes effectively with much larger companies as its focus lies exclusively on selling bicycles for senior citizens and patients with orthopedic ailments. The company has been successful as it has:

exploited a small but profitable market niche.

In operations management, quality is defined in terms of:

how well a product satisfies customer preferences.

A(n) _____ should be used to deliver an important message to many people at the same time and experience the immediate response of the receivers of the message.

in-person presentation

The _____ is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm's operations over an accounting period.

income statement

In the context of the barriers to international trade, the term _____ refers to a country's physical facilities that support economic activity.

infrastructure

Mass production strategy:

keeps costs low by making efficient use of capital

The _____ measures the extent to which a firm relies on debt to meet its financing needs.

leverage ratio

The percentage of a market controlled by a given marketer is known as _____.

market share

The blend of marketing strategies for product, price, distribution, and promotion is known as the _____.

marketing mix

In the context of employee evaluation, most companies require that managers give formal feedback through periodic _____, usually every six months or once a year.

performance appraisals

Generally accepted accounting principles (GAAP) is a set of accounting standards that is used in the:

preparation of financial statements

Human resource (HR) managers can nurture human investment so that it yields the highest possible return by _____.

promoting career development

Managerial accounting:

provides reports and analysis to managers to help them make informed business decisions.

In an effort to expand its business, music retailer Musow offers DVD rentals online. In order to understand the trends in consumer interest, Musow has decided to evaluate data of the hyperlinks that customers click when they visit its website. This is an example of how a company can obtain _____.

secondary data

Ethics refer to:

sets of beliefs about right and wrong.

In western countries, eye contact is considered a sign of honesty. On the other hand, in some countries in Africa and Asia, eye contact is considered rude. This is an example of:

sociocultural differences

To help ensure that interviews better predict performance, experts most likely recommend a(n) _____ process, which involves developing a list of questions beforehand and asking the same questions to each candidate.

structured interview

One way to improve listening skills is by:

taking notes to help concentration.

In the context of international trade restrictions, _____ are taxes levied against imports.

tariffs

In financial management, risk is referred to as:

the degree of uncertainty about the actual outcome of a decision

In the business world, social responsibility refers to:

the obligation of an organization to contribute to society

Assets refer exclusively to:

the resources owned by a firm

A _____ is the network of relationships that channels the flow of inputs, information, and financial resources through all of the processes directly or indirectly involved in producing goods and services and distributing them to customers.

value chain