BUS1 Final Exam

20. Job enrichment is supported by

Herzberg's motivators.

9. An international bank that makes short-term loans to countries experiencing balance-of-payment deficits is the

International Monetary Fund

APSCO Lighting, Inc., had a gross profit of $234,000 for the last twelve-month period. Operating expenses were $185,000. What was APSCO's net income before taxes?

$49,000

As the accountant for Ideal Manufacturing Company, you determine the following totals in your balance sheet: total assets-$124,000; current liabilities-$41,000; long-term liabilities-$13,000. What is the total owners' equity for this company?

$70,000

During 2013, Just-the-One Jewelry had sales revenues of $1,500,000. This retailer also had expenses that totaled $800,000. What is the firm's profit or loss amount?

$700,000

Chase invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in his backyard for $10,000. At this point assets are ____, liabilities are ____, and owners' equity is ____.

15,000; 10,000; 5,000

6. Which of the following extends and guarantees credit to overseas buyers of American goods and services, guarantees short-term financing for export, and discounts negotiable instruments that arise from export transactions?

Ex-Im Bank

What is usually the primary revenue stream for online auction sites such as eBay?

Fees charged for selling products on the site

Which President stated that consumers have the right to safety, to be informed, to choose, and to be heard?

Kennedy

14. A form of corporation that has no more than 100 stockholders and eliminates the problem of double taxation is a(n)

S-Corp

​Which of the following is one of the primary differences between a social media plan and the traditional advertising campaign?

The social media plan doesn't necessarily have a start and stop date

6. Steel, glass and fiberglass would most likely be material resources for which company?

a car manufacturer

11. The line of authority extending from the top to the bottom of the organization is known as

a chain of command

Green Thumbody wants to start a residential landscaping business. How would this business most likely be classified?

a service business

20. The obligation for a subordinate worker to accomplish an assigned job is called

accountability

16. Two or more people working together in a predetermined way to achieve common goals is known as

an organization

9. A systematic procedure for studying jobs to determine their various elements and requirements is called job

analysis

3. An organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies is

economic community

the study of how wealth is created and distributed.

economics

16. Motivation is the internal process that __________, directs, and sustains behavior.

energizes

A person who risks his or her time, effort, and money to start and operate a business is called a(n)

entrepreneur

5. Which of the following arranges the sale of products to foreign intermediaries for a commission or fee?

export/import agent

1. The selling and shipping of raw materials or products to other nations is called:

exporting

5. Attempting to attract job applicants from outside an organization is called

external recruiting

Taking credit for others' ideas or work or not meeting one's commitments in a mutual agreement are ethical issues concerning

fairness and honesty

A podcast can be considered a social community.

false

Managerial accounting generates financial statements and reports for interested people outside an organization.

false

8. Part of Susan's responsibilities is to create a work schedule for her employees and to motivate them. What type of manager is she?

first line

Because of the Sarbanes-Oxley Act, accountants must maintain financial documents and audit work for

five years

13. Grouping all jobs related to the same organizational activity is departmentalization by

function

3. Well-managed cultural diversity is not likely to

give preferential treatment to certain groups.

19. All of the following are departmentalization bases EXCEPT for product function customer home plate

home plate

6. The activities involved in acquiring, maintaining, and developing an organization's human resources are called

human resource management.

2. Determining a firm's future human resources needs is referred to as

human resources planning

2. A type of trade restriction that limits the amount of a particular good that may be imported into a country during a given period of time is an

import quota

What resource tells the managers of a business how effectively the other resources are being combined and used?

informational

10. Considering present employees as applicants for available positions is called

internal recruiting

4. A manager performing the functions of figurehead, liaison, or leader would be fulfilling a ____ role.

interpersonal

General Motors decides to close one of its manufacturing plants in the Midwest. GM sells the facility to a new foreign automobile manufacturer. The money GM receives from this sale would belong in the ____ section of the statement of cash flows.

investing

19. One major problem with the MBO process is that

it must start at the top of the organization and work its way down in order to work, which can be a long process.

1. The activities involved in the acquisition of human resources are HR planning,

job analysis, recruiting, selection, and orientation.

18. Moving employees every two weeks among three different departments is called

job rotation

10. A partnership with a foreign country that can provide immediate market knowledge and access, reduced risk, and control over product attributes is a(n)

joint venture

In order for The Gift Market, a local specialty store, to purchase Christmas merchandise for selling in its store, it had to borrow money from a local bank. This debt owed to the bank is a(n)

liability

With whom does social responsibility of business have to begin?

management

Best Buy would most likely be classified as

marketing intermediary

1. Tangible, physical resources that a manufacturer uses in carrying out its business are known as what type of resource?

material

Jason has to purchase specialized software that will allow his company to accept credit cards online for purchases from his company's website. This software is a(n) ____ resource for this e-business.

material

The study of an individual's economic decisions would be an example of

microeconomics

8. An argument against trade restriction concerns

misallocation of international resources

As far as business is concerned, six of the most important federal laws passed between 1887 and 1914 supported

more competition

7. The process of providing reasons for people to work in an organization's best interests is called

motivating

4. A firm that operates on a worldwide scale is called

multinational enterprise

​John's business has more expenses than it has revenues this year; therefore, his business has a

net loss

2. Specific statements detailing what the organization intends to accomplish as it goes about its mission are known as

objectives

11. A corporation whose stock is bought and sold on security exchanges and can be purchased by any individual is referred to as a(n) __________ corporation.

open

At Victoria's Secret, managerial approval is required whenever an employee makes a purchase at the store using an employee discount. Which factor affecting ethical behavior is Victoria's Secret seeking to control?

opportunity

18. The equity theory is most relevant to which form of outcome in an organization?

pay

3. Which of the following is NOT considered an area of specialization in management?

policy-making

Before the 1930s, most government involvement in day-to-day business was aimed at

protection of the free-market system

20. A technique used to gather enough stockholder votes to control a targeted company is referred to as a

proxy fight

The socioeconomic model of social responsibility places primary emphasis on

quality of life

Capital or capital goods as recognized by economists would include all of the following except machinery money raw materials facilities

raw materials

The Dress Barn offered its customers a reduction in price on some clothing items that were slightly faded from being in the window at the front of the store. This reduction is called a

sales allowance

The relationship between sales and profits can be written as

sales revenue - expenses = profit

The ultimate objective of every firm, such as IBM, Hewlett-Packard, JC Penney, and Cengage Learning, must be to...

satisfy the needs of its customers

17. The application of scientific principles to the management of work and workers is called

scientific management

7. You have been asked to assist Foxhole Company in its human resources planning. You will suggest it take all the following steps except

scouting and checking holes for qualified foxes.

The economic model of social responsibility was developed in a period when the primary concern of firms was

short-run profits and survival

12. A sense of involvement and __________ were two of the human factors at work in the Hawthorne Studies.

social acceptance

The recognition that business activities affect society and the consideration of that impact when making business decisions is referred to as

social responsibility

16. The type of business that is the easiest to form is the

sole proprietorship

4. The requirements needed to fill a vacancy are listed in the job

specification

The Wall Street Journal's online edition is not provided free to Internet users. Therefore, the primary revenue stream for this online version is probably

subscription fees.

11. Which of the following is uncharacteristic of low morale?

teamwork

What led most directly to increased government involvement with regulating business and its dealings with society?

the Great Depression

Leadership is

the ability to influence others.

business ethics

the application of moral standards to business situations

At the end of the year, an individual, small business owner has made $65,000 in profit. Who does that profit belong to?

the business owner

Cultural diversity represents

the differences among people in the workforce

14. The theory stating that motivation depends on how much people want something and on how likely they believe they are to get it is called

the expectancy theory.

The American Apparel Manufacturers Association exerts pressure on its members to comply with the ethical standards of the industry and provides information and benefits for textile companies. This company is an example of a(n)

trade association

Engaging customers in product development is a recognized use of social media. True or false?

true

Under an autocratic leader, communication

usually makes people feel badly.

When an individual chooses his or her ideal career, it is most likely a reflection of one's

values

17. The state of ______ historically offers the lowest organizational costs for a corporation.

Delaware

15. Which of the following is not a tactic that management can use to fend off a hostile takeover?

Department of Commerce injunction

Ridgley, Cooper, and Ross (RCR) Katie is the CEO of Ridgley, Cooper, and Ross (RCR), a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained. Refer to Ridgley, Cooper, and Ross. Which of the following represents a key component of the Sarbanes-Oxley Act relating to consulting services?

Accounting firms are prohibited from providing many types of consulting services to the companies they audit.

12. In his book, The Wealth of Nations, who emphasized the power of specialization?

Adam Smith

Gap.com, the clothier's online site, focuses on conducting business with individual customers. This represents a ____ model.

B2C

19. The type of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership is a(n)

LLC

18. Which of the following is an advantage of a corporation?

Limited liability

8. Diversity training programs may include all of the following except training managers to view diversity programs positively. appointing a cultural diversity task force. training minorities to be managers. recruiting minorities.

appointing a cultural diversity task force.

Customers expect a firm's products to...

be safe, reliable and reasonably priced

15. The systematic program of reinforcement to encourage desirable behavior is called

behavior modification.

Which of the following is a website that allows a company to share information about products or services?​

blog

17. Which of the following is NOT a reason for job specialization?

boredom from repetitive tasks is eliminated.

You are the decision maker for purchasing office equipment in your organization. One sales representative privately offers you season tickets to the Chicago Bears if you help him out. This tactic is

bribe

12. Corporate stock that has voting rights is referred to as __________ stock.

common

The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____, deemed an important managerial trait.

conceptual skills

Which of the following may leave users completely unaware that their movements and clicks on the Internet are being monitored?

cookies

13. Ease of raising capital is a characteristic of which type of ownership?

corporations

7. A reduction of the value of a nation's currency relative to the currencies of other countries is called

currency devaluation

15. When activity is spread to lower-level management, a business is said to be

decentralized

For health-related companies such as Weight Watchers, one of the most frequent ethical issues related to communications that they face is

deception

14. The act of distributing part of a manager's work and power to workers is called

delegating

13. Frederick Taylor observed a workplace practice that he termed "soldiering," which means that the employees

worked slowly because they didn't want to run out of work, thus appearing unneeded and risking losing their jobs.

Of the following, which is not considered a basic management function necessary to be an effective manager? yelling at people controlling leading and motivating organizing

yelling at people

Which of the following is the last step in building a social media plan?​

​Implement and integrate the plan