BMAN FINAL

the three countries participating in NAFTA are

Canada, Mexico, and the United States

what does double taxation mean

Companies must pay taxes on their earnings, and then stockholders pay taxes on their dividends.

which of the following represents the largest floor based stock exchange in the world

NYSE Euronext

When starting a corporation, people submit articles of incorporation to

a secretary of state

delaware aluminum uses its stock of unsold aluminum products as collateral for a short term loan. this arrangment represents

a secured loan

the balance sheet is composed of the following types of accounts

assets, liabilities, and owners' equity

The top governing body of a corporation is known as the

board of directors

the number of units that must be sold for the total revenue to equal the total cost is called the _________ quantity.

breakeven

a detailed written document that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a

business plan

the line of authority that moves from the top of a hierarchy to the lowest level is called the

chain of command

the most important impact of the Hawthorne studies was that it

changed the direction of research away from Taylor's scientific management toward the study of human-based management

_____ represents the most basic form of company ownership and includes voting rights and dividends, if and when the firm elects to pay dividends

common stock

by definition, every country has a _______ advantage in some product

comparative

_____ is the management function that involves determining whether an organization is progressing towards its goals, rewarding employees for doing a good job, and taking corrective action when they are not

controlling

Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.

convenience goods

Zorn Enterprises, a successful property management firm in Pennsylvania donates all reusable and recyclable goods left by past tenants...

corporate social responsibility

Greenwave Garden Centers is a national chain of discount gardening stores. The top management...

decentralized

the assignment of part of a manager's work and authority to a worker is called

delegation

Lois walked into ABC Company to pick up an application for a secretarial job. When she asked about the duties and working conditions, the busy receptionist handed her a document that gave her a clear picture of the position. The receptionist gave Lois a job

description

often in business the greater the risk, the

greater the potential reward

a merger between two firms that make and sell similar products in similar markets is known as a

horizontal merger

Purchasing products or materials in other nations and bringing them into one's own country is

importing

a firm's ____ reports the profit or loss for the firm over a specified time period

income statement

the executive summary section of the business plan contains

information that will capture the attention of bankers and other investors who receive many business plans everyday

in which order do the stages of the product life cycle occur

introduction, growth, maturity, decline

what is the significance of the name "preferred stock"

its claims on dividends are paid before those of common stock

_________ is the process of establishing and maintaining contacts...

networking

Usually, the human resources department administers a(n) ____ program to introduce new employees to the organization.

orientation

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:

stakeholders

what are the two types of costs associated with inventory

stock-out costs and holding costs

generally speaking, a narrow span of management implies that the height of the organization will be _____; a wide span of management implies that the height of the organization will be_____

tall; flat

a market segment toward which a company directs its marketing effort is called a

target market

Tom stormed into the office, exclaiming, "That's the last straw! I've experienced unethical behavior at this company one time too many. I'll be calling the press immediately." It appears that Tom is about to engage in

whistle-blowing

___________ are the firm's after tax profits that are distributed to stockholders.

dividends

which of the following is not a disadvantage of sole proprietorship

double taxation

Due to a recession in the United States and abroad, ski resorts have suffered from a lack of guests during the peak season. These ski resorts have felt a direct impact from ____ forces.

economic

which of the following statements is the best description of how scientific management viewed employees

employees are like machines that must be programmed to perform in a certain way

_____ means giving employees the authority and responsibility to respond quickly to customer requests

empowerment

the resources that contribute to the creation of wealth are known as

factors of production

planning, organizing, leading/motivating, and controlling make up the

four basic functions in the management process

______ involves creating a vision for others to follow, establishing corportate values and ethics, and transforming the way an organization does business so that it is more effective

leadership

the fundamental accounting equation is: assets=

liabilities+owner's equity

_____ is a contractual agreement where one firm gives another permission to produce and market its product and brand name in exchange for a fee

licensing

_____ refers to how quickly an asset can be converted into cash

liquidity

Borrowed money that will be used for more than one year is called

long-term financing

an economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called a ______ economy

market

the hierarchy of human needs was developed by

maslow

the idea that satisfaction and dissatisfaction are distinct dimensions is referred to as

motivation-hygiene theory

the arizona jean co brand of jeans, owned by jc penny is a _____ brand

private

Borden, Inc. makes pasta, dairy items, and adhesives. These different types of products are referred to as Borden's:

product mix

the elements of the marketing mix are

product, price, distribution, promotion

fern motors is offering a rebate on cars purchased this month. this activity involves the ______ ingredient of the marketing mix

promotion

economists define a _____ as two consecutive three-month periods of decline in a country's gross domestic product

recession

Important provisions of the Sarbanes-Oxley Act:

require the CEO and CFO of corporations to certify the accuracy of financial reports.

the us economy is now characterized as a ________ economy

service

in the control process the first step is to

set clear and appropriate standards

which of the following government agencies is responsible for encouraging the development of small business

small business administration

Unlimited liability means

the owner is responsible for all business debts

if the demand for a product declines, what happens to the price of the product?

the price decreases

when demand exceeds capacity, all of the following are reasonable options for the firm except

turning away some long-time customers

All employers are required by law to provide certain benefits to their employees. An example of such a benefit would be

unemployment insurance

what is the primary disadvantage of both a sole proprietorship and a partnership that a corporation overcomes

unlimited liability

the board of governors of the federal reserve system determines

us monetary policy

all of the following are sources of external recruiting except

using recommendations of present employees