Business 101 Final Exam Study Guide

False

As a factor of production, capital includes money.

venture capital

As a high net worth individual, Allison searches for growth firms in need of additional funding to achieve their goals. In return for this ________, Allison expects to assume ownership in the business.

Great Depression

As a response to the bank failures of the _______ A system of federal deposit insurance was established to strengthen the banking system

spokesperson

As described by Mintzberg, a marketing manager who was hired y a manufacturer of plumbing fixtures to operate information booths would have the informational role of:

Flex time

As long as the employee is putting a certain amount of hours at the end of the week this plan is called

Another name for statement of financial position

Balance Sheet

Financial Statement that supplies detailed information about a firm's asset, liabilities, and owner's equity

Balance Sheet

Economic value of all products a country exports minus the economic value of all products it imports

Balance of Trade

affirmative action

Barney is an HR manager and would like to see a more diversified workforce at his company. He decides the best way to do this is to follow a plan that requires the company to employ a certain number of minorities and women. This plan is otherwise known as ________.

team mangement

Bill Belichick is the coach of the New England Patriots football team. As a successful coach, he has to schedule structured practices, emphasize careful planning, and assign tasks. He also has to show the players that he genuinely cares about them as people. According to the Black and Mouton grid, Belichick's leadership style would be characterized as ____

True

By lowering the reserve requirement, the Federal Reserve tries to make more money available for loans and stimulate the economy.

Time utility

By selling Christmas trees from late November through December this company is providing what utility

identity theft

Charles Malone recently renewed his card membership at DiscountMania. The card has an annual $40 fee, but Charles believes that it pays for itself because he receives good prices on electronics, contact lenses, and even tires for his car. Shortly after renewing the card, Charles began receiving calls from collection agencies claiming that he owed money. With the help of others, he learned that another Charles Malone also owned a DiscountMania card, and wrote checks with insufficient bank funds when making purchases. DiscountMania had linked Charles's personal information with the other Charles Malone's personal information. Charles experienced ________.

Inflation

Chase is a recent college graduate with a new job as an engineering trainee for a large defense company. Now that he is making good wages, he hopes to start saving for his first house and also contribute toward the company retirement plan. As he looks over his monthly bills, Chase is concerned about ever getting ahead of the game. His food bill, car payment, and mounting payments keep him in the "just making ends meet" category. As his mind wonders back to the good ol' college days, he reflects on a time when gas and food seemed a lot more reasonable. Chase is experiencing the effects of:

bonus

Chelsea is a marketing manager and receives a lump sum payment from her company based on the company's higher-than-normal profits from last year. This compensation is called a ________.

invests his money in new businesses with potential for growth, hoping for a good return on his investment if they go public.

Chris is an angel investor. This means that he:

the soundness of her business plan, and her integrity.

Christine recently applied for a microloan from the SB. Although several criteria are important, the Small Business Administration's decision to grant or deny the loan will largely depend upon:

Forbids discrimination in all areas of the employment relationship

Civil Rights Act of 1964 (Title VII)

Theory stating workers are motivated solely by money

Classical Theory of Motivation

processing

Classifying manufacturing operations in terms of the amount of assembly that occurs after an order is received from customers is the same as classifying those operations in terms of ____

character of the rivalry

Clorox Corporation controls 60 percent of the bleach market. imagine you are an entrepreneur who was considering developing and marketing a new brand of bleach. Which of Michael Porter's industry forces should you be most concerned about?

Allows problem solving participation by team members

Collaborative Learning System it is a work environment that

Databank

Collection of data needed to establish an Mis results in

An economy where production, investment prices, and incomes are determined by the government

Command Economy

interstate commerce

Commerce that involves business transactions in more than one state is called

True

Commercial banks are financial institutions, credit unions, and savings-and-loan institutions that raise funds from businesses and individuals in the form of checking and savings accounts and use those funds to make loans to businesses and individuals.

full-service

Commercial banks are often called _________banks

A measure of the prices of typical products purchased by consumers living in urban areas

Consumer Price Index (CPI)

Convenience Shopping Specialty

Consumer Product Classification

Identifying aspects of a business or its environment that might entail changes in strategy

Contingency Planning

durability

Cupcakes, hamburgers, and cut flowers would not make good mediums of exchange because they lack the key characteristic of:

2.00

Current assets at New Fashion Stores, Inc. are $20 million, and current liabilities are $10 million. The company's current ratio is ________.

Divide Crrent assets by current liabilities

Current ratio

inflexible

Despite their benefits, traditional pyramidal management has been criticized as being ________.

referents

Currently in the US Olympic Committee (USOC) pays Olympic athletes $25,000 for each gold medal, $15,000 for a silver medal, and $10,000 for a bronze medal. Since 1960, the Paralympics for disabled athletes has been a part of the Olympic games, yet the USOC pays disabled athletes only 10 percent of what the Olympic athletes are paid, and Paralympic athletes are not allowed to participate in opening ceremonies. Paralympic athletes are angry at being treated unfairly. These athletes view Olympic athletes as ____

Dividing an organization to offer products and meet needs for identifiable customer groups

Customer Departmentalization

database management systems

Customer records containing names, addresses, phone numbers, and purchase histories would be most likely stored in:

refers to the customer's feeling that a product has met or exceeded expectations

Customer satisfaction:

disparate treatement

Darlene Jespersen worked in a sports bar. She was an outstanding employee, but she didn't wear makeup because she felt it "took away from her credibility" and interfered with her ability to be an effective bartender, which sometimes required her to deal with unruly, intoxicated guests. This changed when the sports bar implemented a "beverage department image transformation" program. Female employees were told they would be fired if they did not wear makeup. Jespersen contended that it was an example of ____ because male employees did not have to wear makeup.

The basic resource from which plans are developed and decisions are made

Data

Internal sources

Data gathered for MIS comes from

A single collection of data stored in one place and it's used by employees throughout the organization

Database

act as a liaison among different groups in the company

Diane Pollock was recently promoted to middle management based on her excellent interpersonal skills. These skills help her because one of the primary roles of a middle manager is to ________.

Unlimited Liability Disagreements Difficulty in withdrawing from agreement Lack of Continuity

Disadvantages of

Expense/complexity of formation and operation Double Taxation Paperwork and Regulation Conflicts of Interest

Disadvantages of Corporations

Limited Financial Resources Unlimited Liability Limited ability to attract and maintain talented employees Lack of Permanence

Disadvantages of Sole Proprietorships

Top manager responsible for overall performance of a corporation

CEO

import; export

Canadian logging companies sell timber in the United States. To the U.S., the timber is a(n)_____, and for Canadians, the timber is a(n) _____.

A tool used by managers to estimate major expenditures for assets, expansion of facilities and mergers and acquisition

Capital budget

Money obtained when loans are called in

Capital debt

online firms can use to recruit employees.

CareerBuilder and monster are examples of:

Differentiated

Cars manufacturers tend to use what approach in teaching their target market

Movement of money into and out of

Cash Flow

Organization in which most decision-making authority is held by upper- level management

Centralized Organization

database

Cerner Corporation has created a(n) _____ containing the medical records of more than 400,000 people who received treatment at more than 200 different emergency rooms. It can be used to help emergency room physicians make decisions about what kind of treatment to give their patients.

packaging discounts

Each of the following is a form of discount EXCEPT ________.

false

Empowerment means that more authority and responsibility is given to top management

true

Enabling is the term used to describe the process by which employees recognize and respect the authority of managers to issue orders.

True

Ensuring that meetings have a clear agenda can help with time management.

government programs that encourage economic growth through entrepreneurship

Enterprise zones and investor visas are examples of

attract business investment by offering lower taxes and government support for development

Enterprise zones are specific geographic areas that

expect the entrepreneur to provide a business plan

Entrepreneurs applying for a bank loan should realize that bankers will

expect the entrepreneur to provide a business plan.

Entrepreneurs applying for a bank loan should realize that bankers will:

True

Entrepreneurs are people with vision, drive, and creativity, who are willing to take the risk of starting and managing a business to make a profit.

create a detailed business plan to help the bankers and investors understand why this business will succeed

Entrepreneurs seeking financial support from bankers and potential investors should

True

Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

False

Entrepreneurs, as a general group, dislike risk taking.

true

Entrepreneurship involves accepting the risk of starting and running a business.

Accepting the risk of starting and running a business.

Entrepreneurship is

false

Entrepreneurship is another name for management.

False

Environmental influences are variables under the direct control of an organization.

Federal agency enforcing several discrimination related laws

Equal Employment Opportunity Commission (EEOC)

Used to start a business regardless of its legal form

Equity Capital

believe the reward they receive fairly compensates them for their efforts when compared to others in similar positions.

Equity theory states that employees will perform well if they

wholly owned affiliate

Ernst & Young, an international accounting and management consulting company, entered Hungary first by establishing a joint venture with a local firm. Ernst & Young later acquired the compnay with which it had the alliance. As a result Ernst Young then had a ____ in Hungary

False

Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.

true

Ethical behavior refers to the standards that are accepted by society as right or wrong.

true

Ethical behavior requires more than following the law.

False

Ethical decision making begins in the marketing department

temporal immediacy

Ethical intensity depends in part upon ______

Supervision pay working condition NOT Responsibility

Examples of Hinesburg hygiene factors

Cash, Marketable securities, notes receivable and merchandise

Examples of current assets

True

Examples of time deposits are savings accounts, money market deposit accounts, and certificates of deposit.

one of the credit reporting agencies

Experian

Product made or grown domestically but shipped and sold abroad

Export

Attracting persons outside the organization to apply for jobs

External Recruiting

insures bank deposits, $250,000 per depositor, per insured institution, for each account ownership type

FDIC

includes both social security and medicare

FICA

the Fair Isaac Corporation score between 300-850

FICO

False

Facilities layout is all-important in production lines but it is not important in service-oriented businesses.

A firm that specializes in buying other firms accounts receivable

Factor

Resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources

Factors of Production

True

Factors of production are common to all productive activities, regardless of the economic system.

provides unpaid leave of up to 12 weeks for males or females for the birth or adoption of infants, or in the case where it is necessary to care for an immediate family member who may be ill.

Family and Medical Leave Act

political/legal

Fear of lawsuit prevents many employers from giving totally honest recommendation to former employees. This reflects a change in the ___ component of the general environment

pension plan

Felix is concerned about saving money for retirement. His company offers him a plan that requires him to contribute a specific amount of money each year through payroll deductions. At retirement, Felix will receive the monies he contributed as well as the fund's investment earnings. Felix is contributing to a(n) ________.

All activities concerned with obtaining money and using it effectively

Financial Management

True

Financial management is the art and science of managing a firm's money so the firm can meet its goals.

the opportunity for profit and the potential for loss

Financial managers constantly strive for a balance between:

cash flows

Financial managers focus on _____, the inflow and outflow of cash.

are described by none of the above

Financial managers:

True

Financial statements represent what has happened in the past.

Nonprofit marketing

Firms that have adopted ______ Seek to do more than simply sell a product they seek to learn as much as possible about their customers in order to satisfy them with goods and services overtime

is big business today and is expected to be more important in the future.

First Engineering, a large U.S.-based mechanical engineering firm, is considering entering the global market. Upon careful analysis of the global market, they will find that global trade:

Characterized of decentralized companies with relatively few layers of management span of control is wide

Flat Organization

Planning, organizing, leading, and controlling

Four Functions of Management

-Product -Pricing -Place -Promotion

Four P's of Management

Dividing an organization according to the areas of the country or the world served by a business

Geographic Departmentalization

segmenting markets by region of a country or the world, market size, market density, or climate

Geographic segmentation.

goal

France has 14 million smokers. More importantly, smokers in France are closely associated with the French culture. So when the French government waged a war against smoking, it set as its ____ to reduce smoking by 30 percent by the end of the decade/

Agreement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)

Franchise

Less Risk Training and Support Brand Recognition Access to Funding

Franchising Advantages

Costs Lack of Control Negative Halo Effect Growth Challenges Restriction on Sale Poor Execution

Franchising Disadvantages

Management oriented method

Franchising is a what kind of method

The application of scientific principles to the management of the work and workers

Frederick Taylor research led to the emergence of Scientific Management which is

work efficiency

Frederick Taylor's scientific management emphasized:

True

Frequent-buyer clubs are common tools in relationship marketing.

expectation of a fairly high salary

Greg is 57 years old and is looking for a new job even though he knows many companies prefer not to hire older workers. Which of the following is likely a disadvantage of hiring Greg?

the total output of goods or services within a country

Gross Domestic Product

Total value of all goods and services produced by national economy within a given period regardless of where the factors of production are located

Gross Domestic Product (GDP)

the total output of goods or services of the nation's businesses wherever they may be located

Gross National Product

rose

Hennessy Hardware, a U.S. retailer, buys much of its inventory from Asian countries. Hennessy Hardware would benefit if the value of the dollar ________ relative to the currencies of the countries from which Hennessy imports.

job content

Herzberg found that factors that provided the highest level of motivation were mostly associated with:

Reduce their investment in inventory

Hey Just in time inventory system allows a firm to

Maslow

Hierarchy of needs was developed by

data mining

Hilde's company wants to develop an understanding of the demographics of people purchasing its new product. The company wants to target its marketing at this demographic of people. The marketing department has used a database management system to identify the characteristics of buyers. Which of the following will be MOST useful for identifying the appropriate demographic group at which to target marketing?

True

Human rights include an individual's right to life, to freedom, and to the pursuit of happiness.

consideration

IN terms of leadership behavior, the term ____ refers to the extent to which a leader is friendly, approachable, supportive, and shows concern for employees

the federal agency that collects income tax

IRS

is a series of international standards for managing, monitoring, and minimizing an organization's harmful effect on the environment

ISO 14000 ____

False

IT departments must ensure that companies use the newest technology that is available.

countertrading

Idle Time Gaming, Inc., needed silicon wafers that it knew could be mass-produced efficiently by Silicon City, Inc., a start-up firm in India. The Indian company needed MSG (metallurgical grade silicon) in order to make the wafers, which it knew it could get from a Chinese firm. The Chinese firm agreed to supply the silicon to the Indian company if it could get a certain quantity of gaming hardware from Idle Time. This beneficial exchange is described as:

Open

If the union is present in a firm that has ______ a shop arrangement workers may join the union if they wish but they are not required to join or pay union fees in order to keep their jobs

risk

In finance, _____ is the potential for loss.

True

In finance, the opportunity for a profit is called return.

return

In finance, the opportunity for profit is called:

False

In finance, the potential for loss is called probability.

double entry

In her work as an accountant, Sandra Garcia recognizes that for every transaction that affects an asset, an equal transaction must also affect either a liability or owners' equity. Sandra is using ________ bookkeeping.

Patents design business know-how Geographic exclusivity Trademark and copyright

In line with a franchising agreement the franchisee may use

price

In order for customers to acquire a total product offering, the customer must offer the ________.

regulation FD

In order to avoid insider trading, the SEC (Securities and Exchange Commission) has adopted a new rule called ________ that requires publicly traded companies to release information to everyone in a timely manner, rather than just to a few persons.

Try to eliminate it

In order to best handle a grape vine managers should

the plan enables Demitri to think carefully about all aspects of his business idea.

In order to improve his chances of small business success, Demitri prepared a business plan. Most often, a positive outcome of this exercise is:

Assist management in re-designing work and recruiting and training workers from diverse backgrounds

In recent years Many unions have begun to

risk-return

In seeking a balance between the opportunity for profit and the potential for loss, a financial manager is dealing with the concept of _____ trade-off.

problem

In the 1960's, Coca-Cola executives in Atlanta learned there was a bottler in the Colombian jungle that was bottling pirated Coke in dumped bottles. The company recognized this unauthorized bottler as a _____.

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

In the 21st century, we define justice as:

gossip chain

In the ___ type of grapevine communication network one highly connected individual shares information with many other managers and workers

resell information collected in marketing surveys without permission

In the age of identity theft, customers feel that marketers are violating their privacy when they ________.

Frank and Lilian Gilbreth

In the past, battlefield surgery was crude and often ineffective. Which of the following management theorists would have most likely have used their understanding of how work is is done to help surgeons eliminate unnecessary motions, operate more efficiently, and save more lives by closely studying how surgeries were performed?

True

Information promotion is more common in the early stages of the product life cycle.

Common Stock for the first time

Initial Public offering

Recruit

Is a firm post employee openings along with the required skills that is needed on its website it is using the internet to

physical and environmental constraints

Jake's family business sells and installs tile in bathrooms and kitchens. He is convinced that heater coils under bathroom floor tiles is the best thing since sliced bread. In his effort to avoid domestic competition, he sets his sights on the vast Chinese market. Much to his surprise, most Chinese people do not yet have indoor plumbing and are accustomed to government-run communal baths. Jake realizes that his global marketing effort is hampered by:

asset management

Janet is the human resource manager for a large consumer products company. She has a great many job responsibilities. Which of the following is most likely NOT an aspect of her job?

capital

Jason Prows' job this week is to prepare a spreadsheet that shows his company's long-range plans and outlines the expected financial needs for significant purchases such as real estate, manufacturing equipment, plant expansions, and technology. Jason is preparing a(n) ________ budget.

one to one marketing

Jay Pontiac an auto dealer wanted to develop a service reminder program in the form of brochures that could be sent to individual consumers. on the cover of each individualized brochure was an image of the customers vehicle the customers name and vehicle model name. inside was the estimated current mileage at the time of mailing recommended services for that vehicle based on the estimated mileage were also included. details service information was provided in the service history section of the brochure. on the back of the brochure were four coupons directly related to the service recommendations. Jay Pontiac used:

underestimated the competition

Jayne started a small bakery in a resort town. She was certain she had the ideal location, with plenty of hotels and inns within walking distance of her establishment. She planned to use her grandmother's recipes, using only the finest ingredients for her upscale resort customers. During the first week of business, she was disappointed with lackluster sales. When she drove past the regular breakfast-style restaurants and even the Starbucks, she noticed they were rather bustling. Jayne most likely:

An information—based global revolution that might make her career at a telecommunications company more lucrative in the long run.

Jenna Leigh is an information savvy, 20-something person who is trying to select between two marketing job offers. She can either join a company that makes small hammers and screwdrivers for the do-it-yourself hardware store business, or she can join a company developing the fourth generation cell phone service. She is quite impressed that the hardware business is growing quite nicely in China, Mexico, and India where people are starting to expand their living spaces. She is also aware of:

financial accounting

Kay Alden manages a department that prepares annual reports. Kay works in ________.

financial

Keisha Hunter keeps track of day-to-day operational data to make sure her employer has enough cash to run the business and will determine if and when the company she works for should open a second distribution center. Hunter is a(n) _____ manager.

discontinuous cchange

Kodak is a company associated with photography. The company has recognized that digital photography is a threat to the future growth of the company's film business. Therefore, the company has decided to become a market leader in digital imaging. As Kodak tried to compete in this new innovation stream, it entered _____

micropreneur

When Allison Logue found out her children were allergic to corn, she started looking for sweets and starches that were corn-free and was dismayed to find very few such products on the market. As a result, she has started her own small business to produce and market corn-free desserts. It is a small market, and Logue plans to keep her business small. Logue is an example of a(n):

classic

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast. After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay. Baer is an example of a(n) ______ entrepreneur.

network

When Boeing recently produced its latest airplane, the Boeing 787, parts of the plane were manufactured by a firm in Italy, other parts were manufactured by a firm in Wichita, Kansas, and all of the elements of the plane were shipped to Everett, Washington, where the final assembly was completed. This is an example of a ________ organization.

Horizontal takeover

When Comcast and Time Warner Cable decided to become one company this is a example of

False

When Iris was trained for her new job, she was asked to respond to questions on a computerized multiple-choice test. Iris' company used the apprentice training approach.

would be characterized as a leader

When Jack Welch, Former Chairman of General Electric, a Fortune 5 company, assumed the role of CEO, he immediately began to make drastic changes in the company's structure and product lines. He envisioned a bloated, inefficient General Electric becoming an efficient, profitable organization over time. He inspired and motivated his employees to change. Jack Welch ____

found the business to be easy and inexpensive to form

When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As a sole proprietor, McAnem:

investing

When New Fashion Stores, Inc. built 100 new stores, it recorded to outflowing cash in the ________ activities section of its statement of cash flows.

financing

When New Fashion Stores, Inc. paid a dividend to its shareholders, it recorded to outflowing cash in the ________ activities section of its statement of cash flows.

micropreneur

When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew. She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship. Pogell started small and plans to stay small. She would be correctly called a(n):

getting married, starting families, and having the willingness to spend money

When U.S. soldiers returned home from World War II, they influenced the marketing of products by ________.

Engaged in illegal behavior.

When WorldCom used intentional accounting irregularities to make the company look more profitable than it actually was, it:

False

When a bank collects deposits during the day, then deposits them all after banking hours, it is using a reserve processing system.

Tender offer

When a company purchase stock a price that is just high enough to tempt the current stock holder this action is called a

surplus

When a country exports more than it imports, it has a trade__________

Performing statistical analysis

When a customer purchase a product the system immediately reflects that purchase in a central computer and calculates the new inventory level what kind of system is this

unfreezing

When a merger of South Carolina-based Springs Industries with the Brazilian textile producer Coteminas was announced, the CEO of springs was quoted as saying, "It is unclear what effect this move will have on our employees though no immediate layoffs are planned. There may be some in the future." In this state of the organizational change, _____ the CEO should use empathy and communicate specific details of the merger

production

When a thermometer manufacture combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of:

small firms often can offer more personalized customer services than big firms

When comparing small businesses to their larger competitors, it is clear that

undertake aggressive sales tactics to "push" their products

When competition for customers became more intense during the sales era, businesses began to ________.

look at the benefits the product provides then subtract the cost

When consumers calculate the value of a product they

classic

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur.

mechanistic

When higher management in a ____ organization admits there is a need for better communication, the response is to tether subordinates to their jobs and to appoint newly hired employees who specialize in establishing liaison relationships

Preferred

When investors purchase______ stock they receive a priority claim in the payment of dividends as well as assets if the business is liquidated however these investors do not have voting rights.

during tactical planning

When is the annual budget for an organization developed?

TRUE

When managers evaluate a decision and determine that it is not meeting the goals of the organization, the decision-making process may become cyclical.

better problem solving

When people from various countries and educational and work experience background come together to work on a project they often have varying perspective on the given issues. This benefits the company in the form of better problem solving

strikebreakers

When plumbers from a local union stopped working during negotiations, management hired replacement plumbers so the effects on their business would be lessened. These replacement plumbers are called ________.

Layoffs workers

When sales drop each summer, the owners temporarily have too many employees to service the reduced amount of tourists. In this situation what is most likely to happen in this situation?

organizational structure

When susan stated work at Henderson Textile Co. she was amazed at its employees who would take 30 minute restroom breaks, leave for the day at 2pm, and generally belittle the company's management. Such employees' action most likely developed over time as a result of faulty _____

opposite

When talking about trade disputes, protectionism and free trade represent _____points of view.

The organic form of organization design is characterized by broadly defined jobs and responsibility; loosely defined, frequently changing roles; and decentralized authority and horizontal communication based on task knowledge

Which of the following statements about the organic form on organization design is true?

Utilitarianism holds that an action that affects the majority adversely is morally wrong

Which of the following statements about utilitarianism is true?

Utilitarianism is designed to create both winners and losers.

Which of the following statements about utilitarianism is true?

Empowered with the authority to respond quickly to the unmet needs of customers

Which of the following statements best describes how firms must treat their front-line workers in order to remain competitive? Front-line workers must be:

Technology allows companies to access information about employees' behavior on the job

Which of the following statements is TRUE about the impact of technology on employee privacy?

lf people are given the freedom to follow their own interests, theoretically their efforts will lead to economic growth that benefits society as a whole.

Which of the following statements would a follower of Adam Smith be most likely to make?

competition-based pricing

Which of the following strategies establishes a price based on the actions of rival firms?

gain experience by working for a successful businessperson

Which of the following suggestions would an experienced business owner offer to help someone who is thinking about starting a business venture?

PMI

Which of the following techniques would a team of workers be most likely to use if they wanted to evaluate several possible solutions to a specific problem their company needs to solve?

self-designing teams

Which of the following types of teams has the authority to change their composition as well as all of their tasks and work methods?

Which of the following uses of social media would be MOST likely to hurt rather than promote one's business?

Which of the following uses of social media would be MOST likely to hurt rather than promote one's business?

conceptual skills and the motivation to manage

Which skills increase in their importance to success as managers' rise through the managerial ranks?

People mainly want security in their jobs.

Which statement about a Theory Y management style is FALSE?

Businesses can have a positive impact on both standard of living and quality of life.

Which statement is most accurate about the impact of business on society?

Sole proprietorship

Which type of business organization experiences the least governmental regulation?

overreward

Which type of inequity occurs more frequently in theory than in practice

true

While Jing wants to start a small business, she has not yet uncovered an opportunity that would offer her security and the likelihood of high profits. Jing will likely find that one must risk more in order to attain high profits.

false

While entrepreneurs frequently earn significant profits for themselves, their impact on society is quite small.

programmed learning approach

While training for a new job, Vincenzo was given a computerized, multiple-choice test, which provided him immediate feedback regarding his answers. Vincenzo experienced a(n) ________.

moving skilled service jobs such as those in accounting offshore.

The "second wave" of offshore outsourcing refers to:

the different parts of the organization

The BEST way to describe the conceptual skills that a good manager must develop is to state that these skills must include understanding the relationships between ________.

disparate treatement

The International Gay Rodeo Association (IGRA) began in 1976. By the end of the 1980s, gay rodeos were being held in more than a dozen states, and today there are 24 chapters that have raised millions for charity. But even the IGRA is not exempt from concerns about discrimination. To avoid claims of _____, straights are allowed to participate in IGRA events.

True

The Internet is essentially a worldwide wide area network (WAN).

government import standard

The Japanese government has proclaimed that its snow is different from that found in any other region of the world and as a result ensures that all snow skis marketed for sale in Japan must be manufactured in Japan. This is an example of a ____-

customers

Successful businesses are keenly focused on their

bring a variety of talent to the business venture.

Successful entrepreneurial teams

salary

Suki earns $52,000 per year for her work as an associate marketing manager. Suki's compensation is called a ________.

ethics

Summer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:

The willingness and ability of producers to offer a good or service for sale

Supply

True

Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products.

Sarah makes little contribution to the company.

The Q12 identified Sarah as an employee who is not engaged. According to the Q12, which of the following statements is MOST LIKELY TRUE?

True

The Sarbanes-Oxley Act established the Public Company Accounting Oversight Board, which is responsible for overseeing financial audits of public companies.

True

The Sarbanes-Oxley Act redefines the public corporation-auditor relationship and restricts the types of services auditors can provide to clients.

is independently owned but not dominant in its industry

The Small Business Administration defines a small business as a firm that

False

The Theory X approach to management builds on the idea that worker and organizational interests are congruent.

True

The Theory Z approach emphasizes long-term employment.

have already established a specific type of compliance program

The U.S Sentencing Commission Guidelines impose smaller fines on companies that ___

time specific, realistic, and quantifiable

The ideal marketing objective is ________.

False

Sydney recently saw a notice in her company newsletter about a new job opening within her company. Since it would be a promotion for her, she applied later that day. In this example, Sydney's company recruited externally.

permanent part-time schedules

The local library system offers some employees the opportunity to work five days per week for four hours each day. These employees also receive the same health insurance and paid time off plans that the employees working 40 hours per week receive. From this example, we know the library system is offering ________.

False

The longest period covered in financial accounting reports is three months.

False

The lowest level of management is engaged in strategic planning process.

false

The main job of managers today is to watch over people to be sure they do what the manager asks of them.

False

The major difference between a good and a service is how the producer uses the factors of production to create each.

determines, groups, and assigns work activities

The management activity of organizing.

all of these

The manual capture of information is ___

mix width

The many product lines at Procter & Gamble are an example of product ________.

scarce resources are channeled into products most desired by society

The market mechanism benefits society by ensuring that ________.

There is a shortage in the market for apples.

The market price of apples is currently rising. In a free—market economy, the most likely explanation of this price change is that:

True

The marketing concept emphasizes a consumer orientation.

does all of the above

The marketing concept:

satisfies customer wants and needs legally and responsibly

The marketing concept:

false

The best way to get people to do what a manager wants is for the manager to reprimand those who don't do things correctly.

false

The best way to learn about small business is to "bite the bullet" and start your own.

to promote the product

The blue Tiffany & Co. box is an example of which purpose of packaging?

complying with the ethical standards of the people they employ, in the countries in which they are operating.

The boxed material entitled Reaching Beyond Our Borders that told the story about Joe, the telecommunication employee, suggests that U.S. firms operating overseas are:

liaison

The marketing manager of Interstate Bakeries was asked to meet with the organization's research and development department to explain why the company needed to change its 25-year-old package design for Twinkies. The marketing manager took on an interpersonal role as:

False

The marketing process is different for B2B markets than it is for consumer markets.

internal motivation

The central concern of the job characteristics model (JCM) is ____

True

The chief information officer is responsible for the technology of a business, including the management and evaluation of the budget allotted for such technology.

False

The matrix structure is a combination of a line and a staff organization.

wholesalers

The middlemen in a distribution channel are sometimes called ________.

current

The clothing and accessories at New Fashion Stores, Inc. are an example of ________ assets.

Product mix

The combination of product lines offered by a manufacturer is called the firm's

develop new products and generate new profits for the corporation.

The goal of an intrapreneurs is to:

Uncover new knowledge without regard for its potential use

The goal of basic research is to

network

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A computer _____ would allow investigating officers from other states to access the New York profiles and to provide information about their state's criminals to New York's law officers.

database management system

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A(n) _____ will be used to store, maintain, and acquire data from these records.

concerned with depletion of natural resources and leaving a large carbon footprint.

The green movement is:

norms

The group of medical specialists that work in the neonatal unit of a large teaching hospital has assumed that one of the ____ they should follow is to explain to students the "whys" of specific procedures as they are performed. There is not hospital rule mandating that they students be told an explanation

competitive inertia

The highly fragmented chemical industry in Europe has experienced decreasing profits in an industry reluctance to change the way it conducts business, especially in how it completes against lower-priced US imports. This is an example of ____.

The less risk when making a decision

The more information a manager has....

False

The more loyal a traveler is to a certain hotel chain, the more sensitive he or she is to the room rate at hotels in that chain.

True

The most basic responsibility of all businesses is its economic responsibility.

sole proprietorship

The most common form of business organization is the

True

The most important aspect of Stephen Covey's Seven Habits model is thinking in terms of win-win because most achievements are based on cooperative efforts.

The franchisor

The most important element for prospective franchisees is to investigate

easy access to growing markets

The most important factor used by a globalizing company for determining if a country or a region has an attractive business climate is ____

cash

The most liquid asset is

Interview

The most used technique of selecting a applicant

promotion

The most visible part of the marketing mix, which can be very expensive, is ________.

money inflows from tourism, foreign aid, foreign investment and other sources more than offset Redland's trade deficit.

The nation of Redland reported that its imports for the previous year were $4 billion greater than its exports. During the same period, Redland reported a favorable balance of payments. This information suggests:

belonging

The need for affiliation in McClelland's "three-needs" theory most closely resembles which need in Maslow's hierarchy?

Financial accounting

The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of

dumping

The president of Auto Parts of America testified before Congress, urging them to limit the flow of imported automobile parts into the United States. He contended that these imports were priced lower than foreign producers were charging for them in their own countries. He believes foreign producers are:

Make the currency more difficult to counterfeit

The redesign of and new colors added to US paper money are intended to

By receiving Rewards or punishments based on their behavior

The reinforcement Theory says that people are motivated by

measured by the output of goods and services people can buy with the money they have

The standard of living in any country is:

True

The standards used to determine actions acceptable to the group are called norms.

True

The statement of cash flows tells how efficiently management generates and uses cash.

Standardization

What is the Cornerstone of franchising

They over-expanding without proper planning

What is the common mistake that small business owners make when they're business starts growing

Performance management is an ongoing process while a typical performance appraisal happens once per year.

What is the difference between performance management and performance appraisals?

A good is tangible, and a service is intangible.

What is the primary difference between a good and a service?

whenever the employee stops participating full-time in his/her career

What is the retirement age in the United States?

True

Money is anything that is acceptable as payment for goods and services.

All of the above.

Money is used as:

Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors

Monopolistic Competition

Only one producer that can therefore set the prices of its products

Monopoly

True

More than half of small businesses have between one and four employees.

Total assets subtract liability

Net Worth

inventory

New Fashion Stores, Inc. received 1,000 t-shirts on the first of the month. By the end of the month, the company had sold 743 shirts. The difference is ________.

Largest stock exchange today

New York Stock Exchange (NYSE)

Orientation process

New employees at Disney World in Orlando spend their first several days learning what it means to be a cast member by studying the traditions up Disney. This is called

golden parachute

Nicholas works for a marketing firm, which is looking to cut staff due to financial hardships. Since Nicholas is nearing 70 years old, the company decides to encourage him to retire by offering him various financial incentives. This worker buyout is also known as a(n) ________.

Added benefits such as health insurance provided to employees of large corporations.

Nick is a recent finance graduate who has two passions: music and finance. Upon graduation, he was offered an opportunity to join a struggling rock band with a lot of potential, or a job at a large well-established financial services company. By joining the band, he will forgo which of the following?

demonstrated his need to better understand the market.

Nigel came to the U.S. on a swimming scholarship. After a few months of frustration with trying to find swim goggles like he used in his native country, he started a website that offered specialty goggles for swimming, skiing, and snowboarding. Before launching the website and filling orders, Nigel spent a few months going to swim meets and gathering preferences about goggles from other swimmers. Nigel's actions:

profit-seeking and nonprofit organizations

No matter the size of the business finance is a critical activity for

False

Only for-profit companies use mission statements.

Plan Setting short-term targets for daily, weekly, or monthly performance

Operational Plan

the management of the production conversion process

Operations management is:

False

Operations management refers to the role that computers play in the production process.

are accurately described by all of the above

Operations managers:

False

Organization charts show the formal and informal relationships among people, jobs, and departments.

Federal Reserve System

Organization responsible for conducting monetary policy in the United States is the:

innovation

Organizational ____ is the successful implementation of creative ideas in organizations

reduce taxes and cut back on some social programs.

Over the years, the government of Montivia has focused on implementing programs that promote equality. In the short term, though, Montivia legislators are concerned about the very slow rate of growth that has plagued its national economy. In order to address this problem, the government is likely to:

total liabilities subtracted from total assets

Owners equity

False

Packaging milk in a sealed bag that does not require refrigeration is an example of creating new markets.

20

Pamela Katian makes cloth dolls, which shes sells to friends and relatives. Her total inventory includes over 200 yards of fabric, 100 yards of ribbon, a box of eyes, stuffing 20 dolls in various stages of completing and 15 competed dolls. How many items are in Katian's work in process inventory?

Establish a business environment that promotes and rewards entrepreneurship.

Noliva is a small and poor nation, but its current president has a genuine desire to create more wealth for Noliva citizens. The president has recieved many recommendations from his advisors, which is most likely to create the most wealth for N?

Competition that is based on such as product quality, emotion, customer service and packing

Non-price competition

standard of living

Parks, libraries, museums, and swimming pools provided by the government are examples of facilities that improve people's ... ... ...

for 20 years

Patents offer protection

The right to own private property.

Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to:

he is fully liable for all business debts

Paul Hyatt owns and operates DeepClean, a Florida-based company that cleans up mold and mildew in homes and businesses. As the sole proprietor of the business, he has unlimited liability, which means:

Job description

Paul wanted to know about the skills and experience needed to qualify for a management position at JCPenney. He called and asked the Personnel specialist to send him a

the largest determining factors for your credit score

Payment history and how much you owe

Commission

Payment representing some percentage of sale revenue

Compensation

Payments that employees receive in return of their labor

Setting initially low price to establish a new product in the market

Penetration Pricing

true

One reason given for the decline in the number of U.S. workers employed in manufacturing is that manufacturing firms in the U.S. have become more efficient.

Emphasizing customer focus Try to build a long-term relationship with the customers try to understand how the customer being online

Online Farms take a business-to-customer model approach by

True

Online analysis packages (OLAPs) enable very quick analysis of multiple sources of business information in order to present a clearer picture of the state of the business.

True

People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.

Licensing

Pepsi Cola entered into a long—term contract with a South African beverage company. The contract calls for the South African firm to produce and market Pepsi Cola in South Africa. Pepsi will receive royalties on each case of beverage sold. This is an example of:

Market or industry characterized by numerous small firms producing identical proucts

Perfect Competition

Job analysis

Periodically employees at Southwest Airlines complete satisfaction surveys that management uses to improve employee job satisfaction. What is this example of

The most expensive but most adaptable method of the promotional mix

Personal selling

False

Personal selling is an element of the product strategy.

True

Phishing is commonly used to steal credit card numbers.

Makes products available where they are convenient for customers

Place Utility

True

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.

Relationship between businesses and the government

Political-Legal Environment

Transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents

Possession Utility

Stock that entitles holder to a fixed dividend. Priority over a common stock

Preferred Stock

Two types of stock a company can sell

Preferred and common

tariffs

Protectionism is the practice of the government putting _______on foreign trade to protect businesses at home.

False

Prudent firms follow domestic markets exclusively in order to keep their focus on immediate sales and to avoid the additional expenses incurred in the global marketplace.

segmenting markets on the basis of personality, motives, lifestyles

Psychographic segmentation.

Information about the company its employees and its product that is published or broadcasted in a mass media free of charge

Publicity

Restriction on number of products of a certain type that can be imported into a country

Quota

True

Ramona's company has taken a new approach to the appraisal system. They combine goal setting, performance appraisals, training, and feedback into an ongoing process. This approach is called performance management.

strategic

Reader's Digest Association, Inc., has published Reader's Digest magazine for over 80 years, and many believe the publication is dated and can no longer attract many readers. They believe _____ plans are needed to revamp the magazine's content, editorial staff, and readership.

lockout

Recently, negotiations between a local housepainters union and their employer came to an impasse. The employer felt he had a legitimate position in the negotiations and refused to allow union member painters from entering the premises. This is called a ________.

A period during which aggregate output, as measured by GDP declines

Recession

True

Recruitment is the attempt to find and attract qualified applicants in the external labor market.

network organization

Reebok only designs and markets its products. The company does not actually produce any products. This is an example of a ________.

False

Registration procedures for incorporation are uniform from state to state across the U.S.

protective tariff.

Responding to pressure from political lobbyists representing the U.S. steel industry, the U.S. government levies a tax on steel products imported from Europe. This is an example of a(n):

Listen to customers and adapt products to their needs

Restaurants like other businesses often find that the best way to succeed in the market is to

divide net income after taxes by net sales

Return on Sales ratio

false

Revenue is the amount a business earns above and beyond what it spends for expenses and costs

extrinsic

Rewards that come from someone else in recognition of good work are _________ rewards.

False

Ricardo supervises a group of computer programmers. One of his employees, Natalia, frequently tells him about another employee's tardiness and penchant for two-hour lunches. After a few months, Ricardo fires this employee based on Natalia's information. Because Ricardo can back up his accusations with Natalia's statements, he is guaranteed to be protected in a wrongful discharge lawsuit.

Principle that safer investments tend to offer lower returns whereas riskier investments tend to offer higher returns

Risk - Return Relationship

Leading

Robert Rothschild Farm boosted morale and showed it gratitude to its 75 employees at its retail store by hosting its first employee appreciation week. It used the management function of ___ to boost morale.

False

Since the development of affirmative action programs, companies no longer require physical examinations as part of the selection process.

True

Site selection is a part of production planning.

Short-term plan concerned with implementing specific aspects of a company's strategic plans

Tactical Plan

False

Tactical plans are made with a six-month to one-year horizon in mind.

Allowed individual states to pass the right to work laws prohibiting compulsory union membership

Taft-Hartley Act

The type of stock investor is binding

Stock certificates represent evidence of ownership in an organization. a stock certificate contains which of the following

Owner of shares of a stock in a corporation

Stockholder

Also called a joint venture in which a company finds a foreign partner to contribute approximately half the resources needed to establish and operate a new business in the partner's country

Strategic Alliance

Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals

Strategic Plans

False

Strategic planning is long-range, formulated by top management, and made as if the company operated in a vacuum.

True

The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.

false

The study of how society chooses to employ resources to produce goods and services and to distribute them for consumption among various competing groups and individuals is known as sociology.

True

The tax that the United States imposes on imported carbon steel products is called a tariff.

compensation

The term ____ refers to both the financial and non-financial rewards organizations give employees in exchange for their work

Skills needed to perform specialized tasks

Technical Skills

All the ways firms create value for their constituents

Technological Environment

making it possible for people to report a business's ethical violations anonymously

Technology BEST supports whistle-blowers by ________.

False

Technology's ability to process and document large amounts of data has better enabled people to understand interpersonal communication.

False

Telecommunications equipment manufacturers in the United States sell their products to people who live in Canada. To Canadians, the telecommunications equipment is an export.

True

Teresa just received a quarterly statement from the Vanguard Group, which shows earnings from investments using her pretax dollars. Teresa contributes a percentage of her salary to the plan and her company matches it. Teresa has a 401(k) plan.

electronic monitoring

Terrell urgently needs to take care of some personal business using the Internet, but he is afraid that he might jeopardize his job if he is found using the company network for personal use. Which corporate practice is causing Terrell to most likely feel this concern?

Limited partner

This person invest in the business but has no management responsibility

generally accepted accounting principles

To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:

use autonomous hiring programs

To make sure that people of all racial and ethnic backgrounds have the same opportunities, companies should ____

do all of these

To make sure that people will disabilities have the same opportunities as everyone else, organizations can ____

before firing employees, managers should give them a change to improve

To minimize the problem inherent in firing employees, managers should do which of the following?

False

Trade credit is credit extended to the buyer by the seller. It is entered in the buyer's books as an account receivable.

A symbol or a word that is registered with the US patent and trademark office and is legally protected from the use by anyone but its owner

Trademark

primary market

Trading in newly issued securities takes place in the:

a move towards capitalism

Several years ago, the nation of Florentina had a government-owned telecommunication system that lagged far behind other nations. In several of its rural areas, there was only one phone for an entire village of people. Government taxes collected for the purpose of maintaining the telephone system were very meager, so the notion of expanding service was almost impossible. The government of Florentina decided to sell the phone company to a private firm. The private firm expanded rapidly. It reported that even poor consumers were willing to pay for a private phone line. This government decision and subsequent sale was:

On the job training

Shadowing is another term used to refer to

Closed Corporation

Shares of stock cannot be purchased on any stock Exchange or just by any individual. What kind of Corporation is this

false

Legal behavior and ethical behavior are basically the same

distribution

Leon Georges works in the warehouse for a manufacturer of air-purification systems. He is responsible for the transportation of metal components, preformed plastic, etc. used to manufacture the systems as well as the efficient movement of the finished systems from the manufacturing facility to the warehouse to distribution trucks. Georges is involved in:

Ability to finance an investment through borrowed funds

Leverage

True

Leverage is the amount of debt used to finance a firm's assets.

insurance that provides protection from claims arising from injuries or damage to other people or property

Liability insurance

Firms choose foreign individuals or organizations to manufacture or market their products in another country

Licensing Arrangement

True

Like local area networks (LANs), intranets are private corporate networks.

Don't reinforce the wrong behaviors

Linda Stein is the manager of an ad agency. Recently her employees have shown an unwillingness to work as a team. Linda has decided to use reinforcement to encourage more team cohesiveness. What advice can you give her on how to motivate with reinforcement theory?

Loan approved before the money is actually needed

Line of Credit

False

Lines of credit are short-term loans that are secured by collateral.

Ease of which assets can be converted into cash

Liquidity

Ease with which an asset can be converted into cash

Liquidity

cash

Liquidity is the speed at which assets can be turned into ________.

Debts to be repaid in 2 years or less

Long Term Liabilities

equity

Long-term financing generated by the owners of a company is called ________ financing.

true

Traditional businesses have a managerial focus rather than a customer focus.

On-the-job training

Training method in which the training learned by working with a experienced employee

False

Low volume, short production runs, and high-variety production are characteristic of the continuous process.

NOT production reports or payroll summaries

Managerial accounting provides all of the following financial information except:

a middle manager of the company

Managerial accounting provides information that would probably be most beneficial to:

False

Managerial hierarchy refers to the number of subordinates overseen by each supervisor.

Comparative advantage.

Many of the toy products sold in the United States are imported from Taiwan because the Taiwanese can produce these products more efficiently than U.S. companies. This is an example of:

Team members began to work together, and different personalities and work styles clashed

Many orthopedic parts are almost identical in size and shape. Stryker Howmedica Osteonics in New jersey used a semi-autonomous work group to develop Product Recognition Technology that makes sure parts are identified correctly and orders are filled correctly. What happened when the team reached the storming stage of team development?

True

Many people consider knowledge to be a fifth factor of production

True

Margin requirements tell the minimum amount of cash an investor must put up when borrowing from a bank or brokerage firm to purchase stock.

satisficing

Marie-Helene de Taillac is a well-known European designer of understated, very delicate jewelry. Once she determined that further growth was impossible without changing how she distributed her product, she decided to open her own retail outlet to sell her products rather than letting department stores sell it. Since she made the decision without really examining how much the costs involved in implementing her decision, she has engaged in ____ behavior

True

Mario works as an accountant for a large firm. He frequently sends email messages to coworkers that contain jokes about disgruntled employees and their difficult bosses. He interrupts meetings with random complaints about the company and often tries to coax fellow accountants to join him for long lunches. According to the Q12, Mario is an "actively disengaged" employee.

auditing

Mark Lewis manages a corporate department that reviews and evaluates the accuracy of financial reports. Mark works in ________.

overconfident. Global competition means that continuous learning will be needed in the future to adapt to rapid changes.

Mark recently graduated with honors from his college. He has bragged to his friends that his academic performance has prepared him so well for a successful career that he can forget school or training in his future. In evaluating the future of the workplace, Mark is:

raw and processed materials

Sheets of copper shipped to a factory for plumbing pipes are an example of ________.

Buyers willing to expend considerable effort planning/making purchase

Shopping

Moderately expensive, infrequently purchased physical goods

Shopping Goods

Economy in which individuals control production and allocation decisions through supply and demand

Market Economy

Product

Marketers define a ______ as any physical good service or idea that satisfies a want and need

TruE

Marketers need to be aware of cultural and social differences before launching their products and campaigns.

Study of what customers want and need and how to best meet those needs powerful tool for gaining decision-making information

Marketing Research

Make the customers happy to make more profits

Marketing concept

production, sales, marketing, societal marketing, customer relationship

Marketing has evolved over which general eras?

True

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.

Combination of product, pricing, promotion, and place strategies used to market products

Marketing mix

What are you going to achieve the marketing concept

Marketing plan

Consumer-to-business business-to-business

Markets on eBay classified as either

install antivirus software, firewalls, and anti-spyware software on her computer.

Marla Staples is concerned with identity theft. One of the ways that she can protect her information from leaking out to the wrong hands is to:

normative

Marriott's top managers decided that there was need for a serious effort to "put democracy back in the company" and make employees feel "involved in the success of the company". Employees asked special corporate guests to comment on the good and bad issues of their stay and also tot tell what the competition is doing that is better that Marriott. Then employees acted accordingly. Marriott adopted ___ control.

promotion

Marvin has worked for his company for five years and feels it is time to increase his level of responsibility and stature in the company. Marvin is seeking a ________.

human motivation was related to a hierarchy of needs

Maslow was mainly concerned with explaining how:

esteem

Maslow would classify the need for recognition from others and for self respect as _________ needs.

Theory of motivation describing 5 levels of human needs and arguing that basic needs must be fulfilled before people work to satisfy higher level needs 1. Self- actualization needs 2. Esteem needs 3. Social needs 4. Security Needs 5. Physiological needs

Maslow's Hierarchy of Human Needs Model

True

Maslow's hierarchy of needs is a motivation theory.

Principle in which companies produce in large volumes, but each item features the unique options the customer prefers

Mass Customization

Date on the face of a bond telling when the bond is to be repaid

Maturity Date

underestimated the competition

Maya opened a bakery in a seaside resort town. She had the perfect location as plenty of hotels and inns were within walking distance of her storefront. She planned to use her grandmother's recipes and only the finest ingredients for her upscale resort customers. During her first week of business, when was disappointed with lackluster sales. When she drove past the regular breakfast style restaurants and even the nearby Starbucks, she noticed they were rather bustling. Maya most likely

power, achievement, and affiliation

McClellend's Learned Needs Theory identifies three needs. They are the needs for ____

Coaching

Means acting as a resource to a Subordinate by teaching, guiding, and making recommendations, without actively doing any of the subordinate's work

pays for medical costs for you and passengers injured in any collision, regardless of fault.

Medical payments insurance

outsource all but the core business activities that they can perform best

Modular organizations ____

e-commerce

Molave Furniture Company plans to launch a new website. Lila, the company's CIO, thinks that the company can better reach its customers through an interactive site that allows customers to view pictures of all furniture items, schedule an appointment with a sales consultant, or order items online. Which of the following areas of responsibility is Lila most specifically addressing?

individualized consideration

Transformational leaders that pay special attention to followers' individual needs by creating learning opportunities, accepting and tolerating individual difference, and encouraging two-way communication, and practice being a good listener describes the component of transformational leadership known as ____

transfer payments

Unemployment, social security, and veteran's benefits are forms of ___________

to seek protection against unfair treatment

Unions were originally formed ________________.

initiating structure

United Fruit Company is the owner of the Chiquita brand of bananas. United Fruit emphasized how the fruit was to be picked and packed for transportation and shows no concern for the workers. United Fruit can be considered using ___ type of managing

The owner is responsible for all the business debt

Unlimited liability means

Invest in small firms that have potential to be very successful

Venture Capital Firms

Women receive pay equal to their male counterparts.

Veronica is reentering the workforce after years away caring for her elderly parents. She is making many assumptions about today's workplace. Which of Veronica's assumptions is FALSE?

between firms that operate at different levels in the production and marketing of a product

Vertical Merger

distribution

Victorinox is the name of the company that manufacturers Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.

False

Viral marketing is most effective when it targets people who spend little or no time on the Internet.

True

Virtual private networks can be used to connect two or more LANS.

provides information your employer needs to determine the proper amount to withhold from you paycheck

W-4

Satisfied employees yield satisfied customers

Wainscott Finch, a Fortune 500 management consulting firm, conducts Project Management Preparatory Academies for its clients in which participants spend 70 hours learning how to create differential competitive advantage through their employees. Why?

consumer and economic hardship due to increased military spending

War and terrorism in many parts of the world should lead to ________.

Refers to the set of activities involved with receiving and storing goods and preparing them for reshipment

Warehousing

consideration

Water Reed Army Institute of Research has made a study of how important it is for military leaders to be friendly with and to show concern for their troops. It shows that a leadership behavior that is high in ___ positively influences soldiers and their ability to adapt to stressful environments

strategic planning

What represents the highest level of planning in an organization?

Corporation

What type of business organization generates the most total sales?

certified public accountant

an accountant who has a bachelors degree passes a test prepared by the professional organization AICPA and has a certain number of years of on-the-job training becomes a

true

an intermediary that takes possession and title of goods is called a merchant wholesaler

convenience

as a promotional tool podcasting offers the advantage to listeners of ___

the difference in value between a country's imports and exports over a period of time

balance of trade

background checks

___ are procedures used to verify the truthfulness and accuracy of information that applicants provide about themselves and to uncover negative, job related background information not provided by applicants

feedforward

___ control is a method of gathering information about performance deficiencies before they occur

regulation

___ costs are the costs associated with implementing or monitoring control

money

___ if anything (regardless of form) that is acceptable as payment for goods and services

Operations management

___ involved managing the daily production of good and services

resource scarcity

___ is the degree to which an organization's external environment has an abundance or scarcity of critical organizational resources

underwriting

___ is the process of buying securities form corporations and governments and reselling them to the public

knowledge

___ management focuses on gathering and sharing an organizations collective knowledge to improve productivity and foster innovation

Mary Parker Follett

___ was the management theorist who said "as conflict is here in this world, as we cannot avoid it, we should, I think, use it to to work for us. Instead of condemning it, we should set it to work for us."

single-use plans

____ are a type of operational plan

norms

____ are informally agreed-on standards that regulate team behavior

Gainsharing

____ is a compensation system in which companies share the financial value of performance gains such as productivity, cost savings, or quality with their workers.

diversity

____ is a term that describes a situation in organizations when there is a variety of demographic, cultural, and personal differences among the people who work there and the customers who do business there.

counseling

____ is communication with someone about non-job-related issues that may be affecting or interfering with the person's performance

organizational process

____ is the collection of activities that transform inputs into outputs that customer's value

task significance

____ is the degree to which a job is perceived to have a substantial impact on others inside or outside the organization

leadership

____ is the process of influencing others to achieve group or organizational goals

marketing

____ is the process of planning and executing the conception pricing promotion and distribution of ideas good and services to create exchanges that satisfy individual and organizational objectives.

Operational

____ plans direct the behavior, efforts, and priorities of operative employees for periods ranging from one to six months.

Exports

_____ are goods and services that are made in one country and sold to other countries.

Imports

_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.

Knowledge workers

_____ contribute to and benefit from information that use in performing, acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing, or selling functions.

Financial accounting; Managerial accounting

_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.

Organizing

_____ involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals.

direct foreign investment

_____ is a method of investment in which a company builds a new business or buys an existing business in a foreign country

Utilitarianism

_____ is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong.

Relationship marketing

_____ is a strategy that focuses on forging long-term partnerships with customers.

Motivation

_____ is something that prompts an individual to release his or her energy in a certain direction.

Production

_____ is the combining of natural resources, human resources, and capital to produce goods and services.

Specialization

_____ is the degree to which tasks are subdivided into smaller jobs.

Distribution

_____ is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

A want; a need

_____ is the gap between what is and what is desired, and _____ is the gap between what is and what is required.

A need

_____ is the gap between what is and what is required.

Operations management

_____ is the management of the production conversion process for both goods and services.

Division of labor

_____ is the process of dividing the work and assigning tasks to workers.

Management

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Human resource management

_____ is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

Marketing

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Production

_____ is the process that converts inputs into outputs that can be sold as goods and services.

Customer value

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

Ethics

_____ is the set of moral standards for judging whether something is right or wrong.

Financial

_____ management is the art and science used to determine the most effective ways to acquire and use funds to achieve the firm's goals.

Tactical

_____ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long.

Strategic

_____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.

Information technology

_____ refers to all of the equipment and techniques needed to manage and process information.

Money

______ is anything (regardless of form) that is acceptable as payment for goods and services.

venture capital firms

______ provide financing to new or emerging companies with high profit potential. in return these organizations expect a share of ownership in the company

Money

_______ includes anything that people generally accepted as payment for goods and services

marketing

_______ is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers, clients, partners, and society at large

collective bargaining

_______ is the process by which representatives of a union meet with representatives of management to negotiate a contract for workers

Credit unions

_______ ore nonprofit member owned financial cooperatives that offer a full variety of banking services such as accepting deposits and making loans

Networking

________ Is the process of establishing and maintaining contacts with key managers in one's own organization and in other organizations and using those contacts to establish strong relationships that serve as informal development systems

Goals; objectives

________ are broad, long-term accomplishments an organization wants to achieve and ________ are short-term targets designed to help achieve them.

Promotion

________ consists of all the techniques sellers use to persuade customers to buy their goods and services

Phishing

________ involves tricking a person into entering sensitive personal or financial information into a form on a website or in an email, typically by convincing the person that she is dealing with a site she normally interacts with, such as her bank.

packaging

________ is an important part of the total product offer for a product

management

________ is the art of utilizing organizational resources to accomplish goals at work.

capitalism

________ is the name of a free-market economic system in which most of the factors of production and distribution-such as land, factories, railroads, and stores-are owned by individuals.

Environmental scanning

________ is the process of surveying the market environment to assess external threats and opportunities.

barter

________ occurs when goods are traded directly for other goods

Enterprise social networking

________ refers to the application of products like Facebook in a corporate setting.

Mission statements

________ reflect the personality of a company.

M-2

________ represents the most commonly used category of the money supply

Theory Z

_________ blends Japanese and American management practices into a hybrid approach which calls for long-term employment, collective decision making, and individual responsibility for the outcome of decisions.

Human resource management

__________ Is the process of evaluating human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals

scientific management

______________ was the dominant strategy for improving worker productivity during the early 1900s.

international

________________trade involves the exchange of goods and services between nations.

free trade

________occurs when there are a few or no limits on trade between countries.

network of computer systems that share the use of software and hardware

a LAN is a

income statement

a ___ is a summary of what a company has earned and spent over a given period

statement of cash flow

a ___ is the financial statement that is used to assess the sources and uses of cash flow during the year

true

a distribution channel is a series of marketing entities through which goods and services pass on their way from producers to end users

is a written order directing a bank or other financial institution to pay money on demand to the person or company named on it.

check

use it to keep track of all your checking account transactions, including all payments (checks) and deposits

check register

a good debt

business loans

false

buying cannon brand cameras because quarterback Archie Manning promotes that brand is an example of the use of benefit segmentation

true

by lowering the reserve requirements the federal reserve tries to make more money available for loans and stimulate the economy

the ability of a country or company to produce a particular good more efficiently than another country or company

comparative advantage

foreign banks are subject to fewer regulations than U.S. banks

competing against foreign banks can be difficult foe U.S. banks because

a bad debt

computer loans

Financial statement that provides information about a firm's operating, investing and financing activities in a specific period of time

cash flow statement

treu

consumer finance companies make loans to individuals commercial finance companies make loans to businesses

false

a good marketing strategy should carry a product through all stages of the product life cycle

network

a group of two or more computer systems linked together by communications channels to share data and information is called a computer

improves risk assessment with lenders, insurance, employers, and housing managers

a high credit score

true

a mortgage loan is a long term loan that uses real estate as collateral

a good debt

a reasonable auto loan

a good debt

a reasonable mortgage loan

true

a target market is a specific group of consumers toward whom a firm directs its marketing effort

false

a term loan is a loan with a maturity of less than a year

a business organization focused on its members

cooperative

a measure of a person's ability and willingness to make credit payments on time

credit rating

as one goes up, the other goes down

credit score and cost of credit

members only--not for profit

credit union

business that provides financial services

depository institution

is a synonym for intermediary

distributor

social

drew patron bough anAZPX brand skateboard because all of the other guys were buying them. pastern was influenced by a ___ factor

C2C

eBay is an example of which type of e-commerce transaction?

a ban on the import or export of a product

embargo

involves maintaining and checking records

accounting

all of the above

accounting provides a framework for looking at

identifying goals that are important to you so you can figure out how to make them happen

achievable or attainable

net profit

after all expenses have been subtracted form revenues on income statement the final figure or bottom Line is called the ___ when it is a positive number

heated competitors

how would you describe the relationship between NYSE and NASDAQ

false

importing is the selling of products to another country

goods and services that one country buys from another country

imports

true

in finance the opportunity for a profit is called return

false

in finance the potential for loss is called probability

Install antivirus software, firewalls, and anti-spyware software on her computer.

information from leaking—out to the wrong hands is:

the price paid for using someone elses money

interest

is an account that earns interest on the balance for the depositor

interest bearing account

percentage rate used to calculate interest, usually an annual rate

interest rate

involves the exchange of goods and services between nations

international trade

true

internet retailing is also called e retailing

Number of times a firm sells and replaces its merchandise in 1 year

inventory turnover

false

investments banker is another term for stockbroker

creating goals that build upon one another. Building a short term goal to complete a medium term goal...building a medium term goal to achieve a long term goal...using long term goals to fulfill life dreams

nesting

the amount you receive after deductions are subtracted from your gross pay

net income

line extension

ocean spray first introduces cranberry juice drinks. then it introduced crabapple (a cranberry and apple juice mix) also sold under the ocean spray brand. this is an example of

false

one to one marketing os synonymous with database marketing

the cost incurred by losing out on one thing to get another.

opportunity cost

means that the account owner has written checks for more money than the balance in the account

overdrawn

a bad debt

payday loans

the main disadvantage with a corporation

paying double taxes

fees charged, type of institution, location, insurance, products and services offered, interest rates on loans and deposits, other features

factors to consider when choosing a depository institution

the business of money management

finance

depository and nondepository

financial institutions ca be divided into tow broad categories these are ___ institutions

financial institutions act as intermediaries between the suppliers and demanders of funds

financial intermediation is the process in which

are described by none of the above

financial manager

Single-parent families.

flextime. One group of workers who would probably benefit from flextime is:

a contractual agreement to use the name and sell the goods of another company

franchise

the practice of the government putting few or no limits on foreign trade

free trade

true

frequent buyer clubs are common tools in relationship marketing

a bad debt

furniture loans

A trend toward unequal distribution of wealth.

legislation designed to shift his country away from socialism toward a more capitalistic system. The Prime Minister acknowledges that such a radical change will entail some hardships, and that some citizens will be unhappy with the changes. The most likely source of dissatisfaction with a move toward capitalism is:

interconnected economies of the nations of the world

global economy

the time that credit card companies do not charge finance charges

grace period

means being responsible for a portion of debts and obligations

limited liability

might take 5 or more years to complete

long term goals

management

making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash

the process of achieving company goals by planning, organizing, leading, controlling and evaluating the effective use of resources

management

makes finished goods

manufacturer

involves everything about getting consumers to buy the product

marketing

the element of SMART that establishes a concrete quantity or amount to determine progress towards your goal

measurable

is one for which you can easily determine when the goal has been met

measurable goal

might take 1-4 years to complete

medium term goals

a fee charged when an account falls below a set amount

minimum balance fees

true

money is authoring that is acceptable as a payment for goods and services

is a company that does business in many countries and has facilities around the world

multinational corporation

true

national banks must belong to the federal reserve system and must carry FDIC insurance

changes raw goods into more finished products

processor

the buying and reselling of goods that have been produced

procurement

collects or gathers raw goods

producer

is the process of creating, expanding, manufacturing or improving goods

production

is one that considers the consequences, trade-offs and opportunity costs

realistic goal

a goal must represent something towards which you are both willing and able to work

realistic or relevant

Is "For Deposit Only" to company XYZ or an account number.....

restrictive endorsement

a bad debt

retail score card debt

is the terminal end of the business line that sells to consumers

retailer

false

sales made but for which payment has not yet been collects are called accounts

true

securities are investment certificates issued by corporation or governments

false

selling a firms accounts receivables to a financial institution at a discount is called counter trading

Stock

shares of ownership of a corporation is known as

the main disadvantage with forming a partnership

sharing business risk

might take 6-12 months to complete

short term goals

false

software piracy relates to transferring programs and information form hard disks to floppy disks

a business owned by one person

sole proprietor

Requires a signature then "pay to the order of"....

special endorsement

the element of SMART that requires precise, clear directions

specific

has a clearly defined end result

specific goal

a good debt

student loans

true

supply chain management play a dual role. its first role is as a communicator of customer demand that extended from the point of sale all the way back to the supplier. the second role is a physical flow process that engineers timely and effective movement of products

a tax placed on imports to increase their price in the domestic market

tariff

a bad debt

tax anticipation loans

taxes are not paid until the individual withdraws the money from the investment

tax deferred account

taxes are paid on money before it is invested

taxed account

product placement

the brand name cover girl appeared in a young adult novel called Cathys book if found call (650) 2668233 one sentence in the book reads a killer coat of lipstick a line of cover girl lip gloss Procter and gamble promoted the novel at being girl.com web sit in exchange for the mention this is an example of

to be your own boss

the main reason to be a sole proprietor

monetary

the most important function of the federal reserve system is carrying out ___ policy

true

the nations insurance companies are major supplies of finds to the U.S. financial system

create awareness

the owner of mercy appraisal company hall a ribbon cutting event when he opened his new business. he invited city dignitaries representatives form all the news media and anyone who might have need of his services to the event the goals of his promotion was most likely to

investment bankers

the primary activity of ___ is underwriting

maximize the value of the firm to its owners

the primary goal of the financial manager is to

current

the ratio of total current assets to current liabilities is called the ___ ratio

true

the strategy that is based on there demand for the product an the cost of producing it is called the pricing strategy

trade credit, bank Loans and commercial paper

the three main types of unsecured short term loans are

reserve requirements discount rate and open market operations

the three principal tools of the federal reserve system are

false

the three tools used by the federal reserve to manage monetary policy are reserve requirement the prime rate and the discount rate

Marketing managers

the type of manager that would be most concerned with products offered by its competitors

liabilities

thing of value owned by a firm are called its

penetration pricing

with a ___ policy a company offers new products at a low price in the hope of achieving a large sales volume

money withheld from your paycheck by your employer

withholding

capital, character, capacity

three C's of credit

is one that will be achieved in a certain timeframe

time bound goal

without this element of SMART, there is no sense of urgency

timebound

the activity of buying and selling goods and services in domestic or international markets

trade

false

trade credit is credit extended to the buyer by the seller. it is entered in the buyers books an an account receivable

sacrificing one thing to get another

trade off

true

transmissions purchased by the snapper Inc. to build riding lawn mowers are called component parts

true

types of promotional goals include creating awareness increasing the user of products and identifying potential customers

means being totally responsible for all debts and obligations

unlimited liability

are fundamental beliefs about what is worthwhile and important

values

all of the above

when a firm goes public it must reveal such information as

trade-off

when a goal has been set to save $100 a month for an emergency fund of $2000, giving up food from the vending machine would be this

publicity

when nike donated $25000 to a low income area to provide job training it received free and positive ____ in the new media

profitability

which of the following I snot one of the key characteristics required in order for money to be an acceptable medium of exchange

breakfast cereal

which of the following is a consumer nondurable

all of the above

which of the following is an example of an advertising medium

all of the above

which of the following is an example of data security issue

manufactures representation

which of the following is not a type of retailer

hiring packers and drivers

which of the following is not a typical task preformed by a supply chain manager

credit card charges by book buyers

which of the following is the best example of a current asset for a university bookstore

manual typewriters

which of the following products would be correctly described as being in the decline stage of their product life cycle

all of the above statements about international banking are true

which of the following statements about. international banking is true

al of the above statement describe how personal selling is superior to other forms of promotion

which of the following statements describes an advantage that personal selling has over other forms of promotion

financial risk os always a possibility with debt financing

which statement describes the major drawback to the use of debt financing

consumers

who benefits from free trade

industries that cannot compete without restrictions

who does not benefit from free trade

it is better for a country to produce what it is good at producing and trade with others to get what they produce

why do countries specialize in producing goods and services?

False

ASPs, which are also called area server portals, provide computer users with access to e-commerce opportunities.

Cash flow

A______ forecast predicts the future cash inflows and outflows in future periods

Short term

A_______ forecast predicts the revenues, cost, and expenses a firm will incur for a period of one year or less

Long-term

A_______ forecast predicts the revenues, costs, and expenses a firm will incur for a period longer than one year

Commercial bank

A_________ Is a profit seeking organization that receives deposits from individuals and corporations and uses some of these deposits to make loans

Unity of command

According to Henri Fayol's fourteen principles of management, ____ requires that each employee should report to and recieve orders from just one boss.

Important motivators

According to Herzberg, a sense of achievement, earned recognization, and interest in the work itself were all

preconventional level

According to Kohlberg's model of moral development, people at the ____ make decision that are based on selfish reason

all of these are true

According to Mary Parker Follett _____.

compromise

According to Mary Parker Follett, if managers use ___ to settle of reduce conflict, each of the parties involved give up some of what they want.

False

According to Maslow's hierarchy of need, the most basic needs are the social needs.

becomes a source of motivation after lower order needs are satisfied

According to Maslow, a higher-order need:

self-actualization

According to Maslow, which need are people striving to satisfy when they seek to maximize their own potential?

may be classified as a small business depending upon the size of others in the same industry

According to SBA guidelines, a manufacturing firm with 1,000 employees:

the Hawthorne effect

According to _____, workers respond to attention from superiors, and they like their opinions to be valued.

high valence

According to a survey done on teaching evaluations, engineering students consider the improvement of teaching to be the most important outcome of the evaluation process. For engineering students who believe their efforts will lead to better teaching, the motivation to fill out a teaching evaluation would have a ____

Corporate ethics can clash with cultural ethics

According to the Reaching Beyond Our Borders box, which of the following is true?

punctuated equilibrium theory

According to the ____ theory, companies go through long, simply periods of environmental stability, followed by short, complex periods of dynamic, fundamental environmental change, finishing with a return to environmental stability

marketing concept

According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.

allow entrepreneurs personal freedom to follow their own self-interest.

According to the invisible hand concept, the best way for a society to encourage the creation of jobs and the production of the products most wanted by consumers would be to:

False

According to the principle of absolute advantage, each country should specialize in the products that it can produce most readily and cheaply and trade those products for products that foreign countries can produce most readily and cheaply.

all primary stakeholders are of equal importance

According to the stakeholder model, which primary stakeholder group is theoretically more important to the company?

C

According to the standard & poor's investor services ratings which of these ratings indicates a highly speculative bond

Assets = Liabilities + Owner's Equity

Accounting Equation

both an art and a science

Accounting involves a great deal of precision and some degrees of interpretation; therefore, accounting is ________.

summarizing

Accounting involves the _____ of the financial activities for firms.

organizations of all sizes and types

Accounting is important for ________.

True

Accounting is the process of collecting, recording, classifying, summarizing, reporting, and analyzing the financial condition of an organization.

All of the above.

Accounting provides a framework for looking at:

Assets most commonly used as collateral for short term financing

Accounts receivable and inventory

False

Accounts receivable is an example of a fixed asset.

True

Accounts receivable or inventory usually secures short-term secured loans.

debt financing

Acquiring funds through borrowing represents:

Maintaining Human Resources

Activities that increase employee satisfaction such a as satisfaction surveys, employee communication programs, exit interviews, and fair treatment is all apart of which phase of the human resource management process

bank examiner

Adam Hassib works foe the FDIC he arrives unannounced at member banks where he conducts audits of managerial and financial practices. Hassib is a

laws that support enforceable contracts between firms.

Adam Ripley sells custom bicycles. Adam buys several bike parts including wheels and tires from the Good Treads Company. Although several government-supported regulations help Adam in his business, regulations that make it easy for Adam's business to enjoy good vendor relationships are:

Laws that support enforceable contracts between firms.

Adam Ripley sells custom bicycles. Adam buys several bike parts including wheels and tires from the Good Treads Company. Although several government—supported regulations help Adam in his business, regulations that make it easy for Adam's business to enjoy good vendor relationships are:

Is not a multinational corporation.

Adam's Apple Corporation ships all of the apples from its orchards in Washington to a single buyer in Japan. The firms' entire profits are derived from this international transaction. Adam's Apple Corporation:

False

Administrative accounting is the term given to the internal workings of the company, such as budgets, sales reports, and analyses of how well marketing strategies are working.

Pooled Financial Resources Shared Responsibilities Ease of Formation Tax Advantages

Advantages of

Limited Liability Permanence Easy to Transfer Ownership Ability to Raise Capital Specialized Management

Advantages of Corporations

Ease of Formation Retention of Control Pride of Ownership Retention of Profits Possible Tax Advantages

Advantages of Sole Proprietorships

Any non-personal promotional message that is paid for by a identified sponsor and it's directed towards a selected audience

Advertising

As is often the case today, some leaders will look at each situation individually when making value judgments.

After a few years of being in business, employees who worked for a startup software company noticed that the owner overlooked certain questionable actions of high billing associates, versus other employees who worked hard but only brought in an average number of new clients each month. With respect to what you learned in this chapter about the ethical behavior of many Americans, which of the following statements applies here?

belonging

After accepting a new job and moving to a new city, Tania felt isolated and unhappy. After a few months, she became friends with some of her coworkers and joined a book club. According to Maslow, Tania fulfilled her need for ________.

importer

After finishing college, Nathan joined his uncle's company in Miami, FL, a(n) ________ of bauxite, copper, and other minerals from the Chile. Every day, he brokers trades with mines in Chile to buy and transport these minerals into the U.S.

identify the constituents

After identifying the problem in the basic model of ethical decision making, the next step is to _____

preparing her business plan

After several years of volunteering to play the piano and sing at a local nursing home, Callie decided the time was right to tap into the growing elder care market. She started Music and Memories, Inc., a nonprofit corporation that would hire local talent to perform her own music productions directed toward this market. In order to write and produce several productions each year, Callie needed start-up funds. An instructor at the local community college suggested that she begin by ________, because this effort would help introduce her idea to interested investors as well as suggest government grant applications that Callie might pursue.

to solve problems for subordinates

After six months as a manager, new managers typically believe their job is:

Planning

After the makers of Wonder Bread declared bankruptcy, their objectives were to increase revenues by at least 5 percent and reduce net losses by at least 80 percent. Which management function is used to set these goals and help the company meet them?

brand awareness

All of the following are steps in new product development EXCEPT ________.

False

Almost all businesses are organized the same way, in a vertical, hierarchical structure.

innovation and learning perspective

An article on public libraries contained the following statement: "The Balanced Scorecard helps organize and run the library according to a specific strategic plan, while demonstrating the library's value to the community as a whole" When dealing with the ___ area of the Balanced Scorecard, the article advised librarians to ask "how can the library continue to improve and create value?"

True

An augmented product consists of the core product and the actual product plus other real or perceived benefits that provide additional value to the customer's purchase.

Morale

An employee's attitude towards his or her job, supervisors, and the firm itself

A whistleblower

An employee's decision to inform the press or government officials of his or her firm's unethical practices is referred to as

True

An enterprise portal is an internal Web site that provides proprietary corporate information to a defined user group.

owns and operates

An entrepreneur is a person who _____ a business.

True

An entrepreneur is a person who opens and manages his or her own business.

true

An entrepreneur risks time and money to start and manage a business

True

An example of nonstore retailing is the vending machine from which you purchased a soda.

empowered

Andrew Bryant of the New York Times interviewed the CEO of Aruba Networks, who said he valued a mentor he had at Hewlett Packard several years earlier. In reference to his former mentor, the CEO recalled: "Basically, he would push you and give you as much as you could handle until you started failing. He would encourage you to not be afraid of failing-because when you start failing, that's when you know where your limit is, and then you can improve around that. So he actually sometimes would reward failure because that means that you have pushed yourself." The CEO was describing a former mentor who ________ his employees.

check his credit report

Andy Blake got a call yesterday from Planet Bank, the company that issued his credit card, inquiring about an $85.00 charge made in Caracas, Venezuela. Upon learning that Andy had not made this purchase, the bank quickly took steps to cancel the card and issue a new one. Given the circumstances that Andy's credit card number had an illegal transaction, Andy may also want to

entrepreneur

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

evaluate each alternative

As a company that manufactures janitorial cleaning supplies tries to develop more environmentally friendly products that can clean as well as its current ones, the company's manager must select among alternatives derived from oranges, parsley, lemon, or a combination of these ingredients. This is the ___ step in the rational decision-making model

True

A distribution channel is a series of marketing entities through which goods and services pass on their way from producers to end users.

Dividend

A distribution of earnings to the stockholders of a corporation is a

demographic

A firm that uses __________ segmentation divides a market into groups based on age income or level of education

the amount of carbon it releases in its effort to do business.

A firm's carbon footprint is:

P's

A firms marketing mix consists of four major components which are generally referred to as the four

Is it balanced?

A friend offers to share with you a term paper previously prepared for her Introduction to Business class last semester. When you tell her that it wouldn't be fair, she reminds you of your habit of reading an entire Harry Potter book at the local bookstore without paying for the book. Which ethics—based question would be most helpful in evaluating these situations?

Inflation

A general rise in the level of prices is called

describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications

A good Business plan will:

describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.

A good business plan will

False

A good manager is never faced with unforeseen problems.

norming

A group in Great Britain has been established to improve the employment, retention, and promotion prospects of black and other ethnic minorities as well as women in the Fire and Rescue Service, which at present has largely white, male demographic. By the ___ stage of team development, the group members will have resolved petty differences, developed friendships, and established strong group cohesiveness.

line

A group of similar products marketed to one general market is called a product ________.

network

A group of two or more computer systems linked together by communications channels to share data and information is called a computer:

True

A job shop uses an intermittent production process.

a group of companies

A network organization is an emerging business structure in which ________ collaborate.

good accounting system

A new business that sets up a(n)_____from the start is saving itself time and grief later

covering costs to survive

A new freelance writer who sets a price at a level to generate just enough revenues to pay expenses is using the pricing objective of ________.

has a masculine orientation

A news article on Latin America read, "Mexico is the closest Latin America gets to the US both geographically and culturally" According to Hofstede, this means the Mexican culture ____

co-branded

A package contains a snack food bag with a manufacturer's brand and a container of dip with the brand of a different manufacturer. This is an example of a(n) ________ product.

Joint venture

A partnership formed to operate for a specific time period or to accomplish a specific purpose is known as

General partner

A person who assumes full co-ownership of a partnership including unlimited liability is a

agent

A person who works as a sales representative for a manufacturer or wholesaler and gets paid a commission on any sales is classified a(n):

False

A positive aspect of opening a small business is that it takes very little management skill because it is small.

skill-based pay

A producer of mobile aerial work platforms rewards employees for the number of basic skills they can perform rather than for the jobs to which they are assigned. Prior to initiating this system, pay increases were based on a merit system. The merit system is still in effect; however, the new program emphasizes continued acquisition of new skills. The company uses _____

Do I have the attitude, characteristics, time and resources to accomplish this?

A question asked about the attainable element

How will I know if I accomplish my goal?

A question asked about the measurable element

Do I truly believe this can be accomplished?

A question asked about the realistic element

What are the six "W"s of this goal?

A question asked about the specific element

when do you want to accomplish your goal?

A question asked about the timebound element

imported

A quota limits the quantities of a product that can be ___________.

A standing committee

A relatively permanent committee charged with performing reoccurring is called

True

A retailer is showing concern for a store's atmosphere when he considers the type of store fixtures to have, the size and type of signage to use, the type of background music to play, and the number and type of employees to hire.

False

A rising inflation rate increases the purchasing power of money.

A price reduction offered to customers who accept damaged or soiled goods

A sales allowance

all of these

A situational analysis for a manufacturer for pet food might reveal which of the following facts _____

generic

A snack food bag is white with plain black letters spelling, "Corn Chips." This is most likely an example of a ________ brand

true

A society gets into trouble when people consider only what is illegal and not also what is ethical or unethical.

Revenue stream

A source of Revenue flown into the farm

break

A special tax benefit given to promote specific economic or social objectives is called a tax _______

money

A standard of value and means of exchange or payment is called

status quo pricing

A store that sets its prices at the same level as the store across the mall is using the pricing objective of ________.

True

A study of the tasks required to do a job well is called a job analysis.

A barter system

A system of Exchange in which goods and services are exchanged without the use of money is known as

deal with the complex environment in which their companies operate

A systems view of management allows managers to ____

information

A table showing the order frequencies as well as the average dollar value of the orders of different segments of a catalog retailer's market would be an example of ____

False

A target market is a group of people who have completed surveys, questionnaires, or other response forms and have indicated an interest in the production of a new product.

True

A target market is a specific group of consumers toward whom a firm directs its marketing effort.

Proxy fight

A technique used to gather enough stockholder votes to control a Target company is known as a

life cycle

A theoretical model describing a product's sales and profits over the course of its existence is known as the product ________.

False

A vision statement is a current description of an organization's purpose, basic goals, and philosophies.

family

A whole supermarket shelf of snack food bags is marked, "Frito-Lay." This is an example of a(n) ________ brand.

the invisible hand

A young couple living in rural west-central Missouri heard about the closing of a local grocery store. Although a small operation, it served a small community that would now have to travel another 20 miles to the nearest grocery store. With help from a local realtor and banker, the couple purchased the store, remodeled it, and re-opened it. As new storeowners, they had to carefully watch cash flow. As their customer base began to grow, they began offering hot food, and hired others to help with the operation. The economic benefit created in this story is called:

broker

A(n) _____ are go-betweens that bring buyers and sellers together.

tariff

A(n) _____ is a tax placed on imports

annual report

A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future.

industrial distributor

A(n) _____ is an independent wholesaler who buys related product lines from many manufacturers and sells them to industrial users.

Secondary

A(n) ______ boycott is and illegal attend by labor to convince others to stop doing business with the firm that does Business with a company that is the subject of a primary boycott

vertical

A(n) ________ organization consolidates decision making in the hands of a few people.

insurance agent

A(n) ___________is a valuable source of information regarding techniques to reduce a firm's exposure to risk.

Initial public offering(IPO)

A(n)____ refers to the first public offering of a corporations stock

Electronic funds transfer system

A(n)______ allows money to be exchanged electronically more quickly and more economically than with paper checks

Prospectus

A(n)______Represents a condensed version of the registration statement that enables prospective investors to evaluate the stock for possible purchase

All of the above

Which of the following is an example of a business?

behavioral observation scales

Which of the following is an example of a subjective performance measure?

advertizing

Which of the following is an external recruiting method?

reliability

Which of the following is an important characteristic of a quality product

career paths

Which of the following is an internal recruiting method?

all of these

Which of the following is an organizational impediment to creativity in a work environment?

the advice of a wedding planner

Which of the following is not an example of a good that would be sold in a department store?

Budgeting

Which of the following is not one of the four functions of management?

Governmental Do Use: 1. Material 2. Informational 3. Financial 4. Human

Which of the following is not one of the four resources used by businesses today

profitability

Which of the following is not one of the key characteristics required in order for money to be an acceptable medium of exchange?

coordinating marketing and production activities

Which of the following is not one of the main activities for a human resource manager?

Deficit The Business Cycle 1. Trough 2. Expansion 3. Peak 4. Recession

Which of the following is not the four states of the business cycle

Is the firm's use of information technology difficult for another company to create or buy?

Which of the following is one of the critical issues companies need to address in order to sustain a competitive advantage through information technology?

the birthday candles you purchased to go on your sister's birthday cake

Which of the following is the best example of a good?

the pleasure you derive from seeing a good play

Which of the following is the best example of a service?

coercion

Which of the following methods for managing resistance to change should only be used as a last resort or under crisis conditions?

the access and legitimacy and paradigm

Which of the following paradigms for managing diversity is similar to the business growth advantage of diversity?

analyzing data and searching for trends

Which of the following processes BEST describes how managers identify unseen problems?

Have you ever been convicted of a crime?

Which of the following questions is deemed acceptable (legal) for employers to ask applicants during the selection process?

product line

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market

brand awareness

Which of the following refers to how quickly or easily a given brand-name comes to mind when a product category is mentioned?

conducting personal interviews with potential customers

Which of the following represents a technique used to obtain primary data?

Marketing research firms for pricing insights

Which of the following responses is the best and most comprehensive? "a companies accounting information is useful to ______"

common stock

Which of the following securities provides the owner the right to vote for the corporate board of directors?

Capital budget

Which of the following shows a firm's spending plans on fixed assets such as large equipment

venture capitalists

Which of the following sources of investment is the LEAST likely type of available to entrepreneurs?

Reminding The team development process includes Forming Storming Norming Performing Adjoining

Which of the following stages are not a part of Team development process

None of these statements about informal communication in organizations is true

Which of the following statement about informal communication in organizations is true?

HR demand forecasting is an internal labor supply forecast.

Which of the following statements about HR demand forecasting is true?

A computer network is a group of two or more computers linked together by communications channels to share data and information.

Which of the following statements about computer networks is true?

data mining typically uses date from a data warehouse

Which of the following statements about data mining is true?

EVA is the amount by which profits (after expenses) exceed the cost of capital in a given year

Which of the following statements about economic value added (EVA) is true?

All of the statements about employee separation are true

Which of the following statements about employee separation is true?

all of these statements about firewalls is true

Which of the following statements about firewalls is true?

Intranets are Web-based

Which of the following statements about intranets is true?

for companies, higher productivity can lead to lower costs

Which of the following statements about productivity is true?

Accountants are typically classified as private or public accountants.

Which of the following statements about the accounting profession is true?

True

A disadvantage of a partnership is that any partner may have to pay all of the debts of the company regardless of who incurred the debts.

private investment company that is licensed by the SBA to make loans to small businesses

A Small Business Investment Company is a(n)

Leading

A U.S. Marine drill instructor motivating new recruits to challenge themselves is engaged in which management function?

situational analysis

A ___, also called a SWOT analysis for strengths, weaknesses, opportunities, and threats, is an assessment of the strengths and weaknesses in an organization's internal environment and the opportunities and threats in its external environment.

job analysis

A _____ is a study of the tasks required to do a particular job well.

Background investigation

A ______ is a check of potential employee's work record, academic record, credit history, and recommendations

job specification

A ______ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job

comparative

A _______ advantage is the ability of a country to produce a particular good more efficiently than another country.

customer

A _______ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations

scatterplot

A ________ is a graph that displays the values of two variables to see if there is a relationship between the variables.

brand

A ________ is a name symbol or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors

private

A bag of snack food says, "Walmart's Corn Chips." This is an example of a(n) ________ brand.

individual

A brand assigned to each product within a company's product mix is a(n) ________ brand.

equipment

A bulldozer is an example of ________.

True

A business is an organization that strives for a profit by providing goods and services desired by its customers.

listening to customers

A chain of specialty fashion stores has interviewed a sample of its female customers and learned that a customer can be expected to visit the store looking for new merchandise on average of every two weeks. The chain of stores was able to set this standard through ___

A year

A common planning Horizon for production activities is

Significantly improving the products formulation

A company May extend the life of a product by

constructive feedback

A company decided to solicit ___ from the company's best customers. From the information gathered, the company learned that it needed to modify its invoice form and that the sales staff needed to engage in more follow up

total quality management

A company expressing its ongoing commitment to continuous product improvement and premium quality products is committed to ____

Transporting and storing

A company has its own trucks that ship merchandise to its Warehouse from the supplier for the back stock purposes. What function is this

Producer

A company is a Electronics manufacturer that purchase wires from various wire manufacturer. This company is a part of which type of Market

External recruiting

A company is interested in attracting managers who can contribute New Perspective to the managerial process. This company should concentrate on what kind of recruiting

Reference check

A company is interested in verifying previous job responsibilities held by its applicants. The selection technique that is most helpful in obtaining this information is the

reference

A company that announces a manufacturer's suggested retail price and then offers a discount off that price is using ________ pricing.

recognizes and reacts to international business opportunities

A company that has a global vision:

True

A company that uses departmentalization groups jobs under the authority of one manager for the purposes of planning, coordination, and control.

Visual display

A diagram that represents several items of information in a manner that compare is called

Pricing leadership

A competition based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as

Marketing information system

A computer-based system for continually Gathering internal and external information is called

Executive information

A computer-based system that facilitates and supports the decision making needs of top managers and Senior executives

specialty

A consultation with a world-famous surgeon is an example of a(n) ________ service.

Time and motion studies

A contractor was feeling defeated because the job he was working on was so far behind schedule. As he looked at the job site, he saw one working moving bricks by carrying two at a time from where they were unloaded to where they were needed. He saw another climbing up a ladder with a few shingles, climbing back down to get more, and then repeating the process. Which management process could be used to determine how the workers could perform their tasks more efficiently?

False

A mission statement identifies what a business wants to be in the future.

cross-functional team

A leading coatings and pants manufacturer established a team that resulted in a significant increase in plant availability and a decrease in plant downtime. Previously, the plant had lost considerable time daily because the assembly line had to be cleaned whenever the production schedule called for a different color, etc. to be produced. This team, which was composed of employees from several different departments, exemplifies a _____

contract

A legally enforceable agreement between two or more parties is called a(n)

trademark

A legally protected brand is called a(n) ________.

Specification

A list of specific qualifications necessary for a particular position is called a

secured loan

A loan backed by collateral represents a(n):

mortgage

A loan used to buy a house is called a _______________

True

A local area network (LAN) connects computers at one site and enables their users to exchange data and share hardware and software from a variety of computer manufacturers.

visible artifact

A mace is commonly used at a university or college convocation ceremony. The mace was originally a weapon, then became a symbol of government, and now has become the symbol of authority of the institution to grant diplomas or degrees. In terms of organizational culture, the mace is an example of a _____

loss of jobs in the U.S. economy.

A major concern voiced by U.S. critics of the North American Free Trade Agreement ~ (NAFTA) is that it would result in:

Wide span of control

A manager with a lot of subordinates is said to have a

Narrow span of control

A manager with few subordinates is said to have a

destructive feedback

A manager, hired to make the company profitable, made sweeping changes in the company. This manager was guilty of belittling the efforts of his managers and making them feel incompetent. In other words, he engaged in ____

creating an image

A manufacturer of yachts sets its prices high above its competitors. This is an example of the pricing objective of ________.

scientific management

A manufacturing company in which industrial engineers have maximized efficiency by determining the best way to perform every task from tightening a bolt to operating a forklift would be illustrative of:

Ability Willingness Authority

A market is a group of individuals or organization that have needs for products in a given category. They have the __________, ________, and ________ to purchase products

Pure competition

A market situation in which there are many buyers and sellers of a product and no single buyer or seller can control the price

False

A marketing plan is best provided as an oral presentation so that employees can grasp concepts through visual aids and ask questions in a question-and-answer session.

Ability to produce something more efficiently than any other country can

Absolute Advantage

false

Absolute advantage is the basis for most global trade today.

money

According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is:

A functional middle man that does not take title to product and who is Complicated by commissions paid by producers

Agent

True

Agents are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.

the threat of terrorism

Airline companies around the world are experiencing increased costs in part due to _________.

The mode of transportation that carriers a smaller percentage of all Intercity Freight

Airplanes

False

All businesses approach ethics the same way.

to provide financial information that is useful to decision makers

Although accounting has several specific uses, the overall purpose of accounting can be summarized as:

Credit cards

Although best used as a last resort many small businesses find it convenient to use_____ as a short term source of financing. although this form short term debt comes with high interest rates it provides a quick line of credit for many firms including start up companies who may not be able to secure bank loans

Electronic monitoring can result in increased employee stress and anxiety.

Although electronic monitoring offers some advantages to a company, it may also result in disadvantages. Which of the following is the MOST significant disadvantage of electronic monitoring of employees?

secure sockets layer (SLL) encryption

Although firewalls can protect personal computers and network services connected to the corporate network, people away from their offices who interact with their company networks via the Internet face a safety risk. Which of the following technologies has proven to be a viable solution to this problem

true

America's business success is largely due to an economic and social climate that allows businesses to operate freely.

dumping

An American firm recently criticized a Chinese steel producer for charging a lower price for its steel in the United States than it charges in China. If proven to be true, the Chinese firm has engaged in:

True

An accounting journal is a chronological list of transactions, each assigned to a particular account.

True

An accounting system should generate both internal and external reports.

True

An accounts clerk who is able to record a payment of 50 dollars into the company's main computer system as the payment is made is using an online processing system.

creating a new vision

An advertising campaign that attempts to reposition its product is an example of ________.

licensing

An agreement between the owner of a brand and another company or individual who pays a royalty for the use of the brand in association with a new product is brand ________.

False

An airline's long-term leases of its jets are examples of current liabilities.

False

An alphabetic listing of the names and GPAs of everyone in your class is an example of data.

buyer dependence

An increase in ____ can lead to opportunistic behavior in which one party benefits at the expense of the other

True

An intermediary that takes possession and title of goods is called a merchant wholesaler.

The egg

An internal Force that's not affecting businesses

horizontal

An organization where power is distributed and employees work in groups or teams is a ________ organization.

stock exchange

An organization whose members can buy and sell securities for companies and investors is known as a

Mission??

An organization's _____ is its general purpose or reason for existence.

Ability to think in abstract, diagnose, and analyze different situations and see beyond the present situation

Conceptual Skills

organizational

Anna, a psychology major, has decided to specialize in the study of how to create a workplace that fosters motivation and productivity among employees. This is known as ________ psychology.

justice

Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society.

True

Another term for a checking account is a time deposit.

False

Another term for net worth is working capital.

offering work employees may find more satisfying

Antonio owns a small auto body shop. He is concerned with apathy among his employees and decides to add some extrinsic motivators in hopes of increasing performance. Which of the following is NOT an extrinsic motivator Antonio may try?

money

Any object or objects that a group of people use to buy and sell goods and services is called:

medium of exchange

Anything that is generally accepted as a measure of value and of wealth is called a ______________

False

Archie is a new HR manager and knows that a diverse workforce can benefit his company. The best way for Archie to create a motivated, diverse staff is to follow an affirmative action plan that prescribes a certain number of minorities and women.

False

Armenia had a favorable balance of trade in 2018 when it exported $800 million in goods and services and imported $1.5 billion.

True

Arranging a firm's human and material resources to carry out plans is called organizing.

False

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.

budget

As a chief information officer, Bob looks for ways that his company's technological resources can generate bigger returns on its information technology investments. Which aspect of the CIO's role is he addressing?

Multinationals must subjectively determine the local "living wage," which is usually more than the local legal wage in developing countries. Customers surveyed say they are willing to pay a few dollars more to improve working conditions in sweatshops.

As the number of multinational corporations increases, we are experiencing international ethical dilemmas. One very real concern during the past decade is the human rights abuses in sweatshops where several multinationals contract manufacture their products, in exchange for cheap labor. Several retailers have banned together to set ethical standards in foreign factories. Which of the following statements summarizes the challenges of companies doing business in developing countries and the concerns of their customers?

property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

Asset

False

Assets are the amounts that a company owes to its creditors.

Organization for economic, political, social, and cultural cooperation among southeast Asian nations

Association of Southeast Asian Nations (ASEAN)

participative

At Holyfield Chemicals, department heads usually make decisions after meeting with employees and seeking their ideas and suggestions. Department heads at Holyfield Chemicals make extensive use of the ________ style of leadership.

when choosing the best plan of action

At what stage in the decision-making process would managers be most likely to seek customer or market opinion?

division of labor

At your neighborhood Burger King, some employees take and fill orders, others prepare food, a few clean and maintain equipment, and some supervise. This process of dividing work into separate jobs and assigning tasks to workers is called:

Required by many bankers and lenders who are trying to validate a company accountant state

Audit

the organization faces an emergency situation

Autocratic leadership is likely to be effective when:

develop contingency plans

Because economic and competitive environments frequently change, organizations should:

flextime schedules

Benjamin has a full-time job and has decided to work toward earning his master's degree at a local university. Some days he works from 7:00 A.M. until 3:30 P.M. so he can leave in time to attend his 4:00 P.M. classes. The rest of the week, Benjamin works from 8:00 A.M. until 4:30 P.M. From this example, we know Benjamin's company allows ________.

Dividing the market based on how people behave toward various products.

Behavioral segmentation.

a compressed workweek

Bella has two young children and a full-time job. Her day care provider cannot work on Fridays. Bella's employer allows her to work Mondays through Thursdays, as long as she puts in ten hours each day. From this example, we know Bella's employer allows ________.

his ability to easily adapt and respond to his customer's needs.

Ben got a phone call from one of his regular customers asking if he had time to repair a couple of broken sprinkler heads on the customer's underground sprinkling system. Although it was already 6:00 p.m. and Ben had put in a full day of work, he turned his car around and headed for the customer's house. As a small business owner, Ben demonstrates

phishing

Ben receives an email purporting to be from his bank, advising him that new passwords are being distributed. The email asks him to enter his current password, as well as other personal information. Ben sends the requested information and then notices the next day that funds have been withdrawn from his account without his knowledge or consent. Upon contacting the bank, Ben learns that the original email was a fraud. Ben is a victim of ________.

Elected by Common stockholders

Board of Directors

Governing body of a corporation that reports to its shareholders and delegated power to run day-to-day operations while sustaining its assets

Board of Directors

export

Botswana produces diamonds, copper, nickel, soda ash, meat, and textiles, which it sells to the members of the European Union. To Botswana, the diamonds, copper, nickel, soda ash, meat, and textiles it produces are examples of:

portability

Boulders, building trusses, and lead ingots would not make good mediums of exchange because they lack the key characteristic of:

a technique used to develop ideas that is free from judgment or evaluation

Brainstorming

Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors

Brand

is a design element, such as a symbol (e.g., Nike swoosh ), logo (e.g., Yahoo! graphic), a character (e.g., Keebler elves) or even a sound (e.g., Intel inside sound), that provides visual or auditory recognition for the product.

Brand mark

Process of using symbols to communicate the qualities of a product made by a particular producer

Branding

False

Branding increases the risks involved in some purchases for which buyers are unable to determine quality objectively.

Identifies sales volume where total loss equal total revenues by assessing cost versus revenues

Breakeven Analysis

1 U.S. dollar for 34.78 baht.

Brett, a U.S. student, is preparing for a trip to Thailand in the near future. He read in The Wall Street Journal that the dollar has strength against the Thai baht. Which of the following would be an exchange that would indicate this currency situation?

identify which factors are the greatest contributors to bad debt

Business intelligence software can help managers ________.

True

Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.

micropreneurs

Business owners who prefer to maintain their businesses at a manageable size are called

Services industry Production industry Distribution industry

Businesses are generally placed into three broad categories

true

Businesses provide goods, jobs, and services to others

True

Businesses seek to earn a profit by providing goods and services to others.

obtaining the capital they need to finance their operations

Corporations benefit from securities markets primarily by:

Most basic form of ownership, including voting rights on major issues in a company

Common Stock

the sources of innovation

Companies need to excel at managing ____ in order to successfully manage innovation streams

Ability to produce some products more efficiently than others

Comparative Advantage

true

Competition in exporting is very intense.

Competitive system in which businesses compete

Competitive Environment

covers your car for reasons other than a collision, such as theft, fire, vandalism

Comprehensive insurance

Inexpensive, frequently purchased item; buyers exert minimal effort

Convenience

Inexpensive physical goods that are consumed rapidly and regularly

Convenience Goods

many small business owners got their entrepreneurial idea from a previous job

Conversations with people who start their own business often reveal that

Corporate bond exchanged for shares o Common stockf

Convertible bond

mentors

Corporate managers who supervise coach and guide lower-level employees and serve as their organizational sponsors are called

Utilitarianism

Criticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:

True

Cross-functional teams are made up of employees from about the same hierarchical level but different functional areas within the organization.

True

Daniel is due for his regularly scheduled performance appraisal. This is the time when Daniel receives an official evaluation of his performance, feedback about his work, and areas where improvements should be made.

Organization in which a great deal of decision-making authority is delegated to levels of management at points below the top

Decentralized Organization

The willingness and ability of buyers to purchase a god or service

Demand

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

Demographic segmentation.

True

Depository financial institutions include commercial banks, thrift institutions, and credit unions.

False

Depreciation helps keep the accounting equation in balance by matching the expense of a liability with the revenue that liability is expected to generate.

False

Dissolving a partnership is easier than dissolving a sole proprietorship

A sequence of organizations that directs a product from one producer to the ultimate user

Distribution Channel

making a service available for the consumer or business user that needs it.

Distribution industry

True

Distribution strategy is another term for place strategy.

improving the quality of problem solving

Diversity helps companies grow by ____

Earning of corporation that are distributed to stockholders

Dividends

Payment to shareholders, on a per-share basis, out of companies earnings

Dividends

True

Dividing up the tasks (division of labor) is an important part of organizing.

the process to dividing work into separate jobs

Division of labor refers to:

gather information about an employee's activities while on the job

Employers use electronic monitoring to ________.

human resource management

Dottie Beauchamp recently was hired by PetSmart to help recruit, select, and train new employees to work in its stores. Beauchamp has a job in:

all of these

Due to ____, the intentional pollution of a metropolitan water supply would have greater ethical intensity than insider trading in which a few participants netted less than $10,000

False

Durability and simplicity are two important characteristics of money.

product design

During production planning, the operations manager must make decisions about all of the following except:

Relevant conditions that exist in the economic system in which a company operates

Economic Environment

false

Economists study how people use resources to produce and distribute goods and services for consumption among competing groups and individuals.

intrapreneurial

Eddie is an inventive engineering new graduate who just started working for a large company that makes medical products for both hospital and patient use. One of his primary responsibilities is to initiate and develop new products to complement the firm's current product line. Eddie's position is____________.

creativity with marketing and production experience.

Effective entrepreneurial teams combine:

increased world trade

Efficiency in distribution systems around the world has led to

internal recruiting

Elizabeth saw a posting for a new job on her company's intranet. She was interested in the new challenges this job could provide her, so she applied right away. Elizabeth's company was performing ________.

the explanation of the Hawthorne effect

Elton Mayo, America's first industrial psychologist, was responsible for formulating:

Government order banning exportation or importation of a particular product or all products from a country

Embargo

actively disengaged

Emi has worked as a computer programmer for the same company for five years. She is actively looking for another job and spends a great deal of her work day scanning want ads, making phone calls, and chatting with her coworkers. She completes none of her work tasks and is secretly pleased to negatively affect the company with whom she is employed. According to the Q12, Emi is classified as ________.

Non-monetary Rewards

Employee benefits

Beliefs about what is right and wrong or good and bad in actions that affect others

Ethics

False

Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.

Agreement among major European nations to eliminate or make uniform most trade barriers affecting group members

European Union

When you successfully fill a market need, you can make money.

Eve and 3 of her friends enjoy perfumes. Eve made scented candles as gifts for her friends. Her friends encouraged Eve to create more and sell them online. Eve has been filling orders and turning a profit, Eve is proof that:

Selection

Gathering information about applicants for a position and choosing the most appropriate applicant is called

strategic reference point

For companies whose main products will not be seen by consumers and whose skills lie in productivity anonymity, a ____ could be to create a brand image to create a distinctive competence.

the Hawthorne effect

For her psychology project, Melissa has decided to study the production levels of cooks at a local fast food restaurant. She expects the cooks in her study group to outperform the cooks in her control group because of ________.

Does not accept the "invisible hand" idea brought forth by Adam Smith.

For many years, Congressman Ricardo Perez has called for more government regulation of business. "After all," the Congressman said recently, "businesspeople are out to make a profit, not to create jobs or serve their customers. The government must pass more laws to require businesses to take the interests of consumers and workers into account." From these comments, it is clear that Congressman Perez:

True

For most corporations, physical-distribution activities are usually the responsibility of the marketing department.

False

For partnerships to be legal, they must be established in writing.

911 operator

For which of the following positions would the hiring organization be most likely to require someone who has high degree of emotional stability?

do all of these things

Ford Motor Company has always attracted and nurtured capable managers, but it has failed to do the same for leaders. Ford is embarking on a sweeping attempt to mass-manufacture leaders. It wants to build an army of "warrior-entrepreneurs" For's "warriors" will be expected to ____

mix

Ford offers several categories of vehicles: cars, minivans, trucks, and SUVs. All of these vehicle categories together make up Ford's product ________.

FIrm buys or establishes tangible assets in another country

Foreign Direct Investment

Converting raw materials and human skills into finished goods and services

Form Utility

intranet

General Electric saves $1.6 billion per year by using its private operate network that links tis 340,000 employees. another name for this network that operates behind a firewall is an

Dividing an organization according to group functions or activities

Functional Departmentalization

Collecting, storing, updating and processing the data into information

Functions of a management information system

A corporate that absorb the cost as a business expense

Funding a program of social responsibility can come from

reserves

Funds set aside for emergencies, such as a rush withdrawal, are called _____

generally acceptable accounting principles

GAAP stands for ________.

Pays difference between Blue Book value and balance of car loan if your vehicle is totaled

GAP coverage

information technology

Gabriella wants to compare the price of a designer bag she saw in a local department store with prices at other stores that may have the same bag. She locates the product on three different websites, and then stumbles on a site that does the price shopping for her. Gabriella's quest is an example of how customers are using ________ to solve problems.

Forecasting considers the role of antidiscrimination policies at present.

Gabrielle is in charge of hiring new employees for her company. She decides she needs to assess the future demand for employees through forecasting and sets out to learn more about it. Which of the following statements about forecasting does Gabrielle discover is FALSE?

True

Global Tech, Inc. has employees all over the world. Employees have face-to-face meetings on occasion, but they mostly communicate with each other via conference call, email, and webcasts. These employees form a virtual team.

false

Global economics and politics have no significant influence on businesses in the United States

true

Global trade includes the exchange of art, sports, and cultural events

Informs Persuades Reminds

Goal of promotion

five years

Goals are broad accomplishments that an organization wants to achieve within a certain time frame; in most companies this is about _______.

true

Goals are broad, long-term accomplishments an organization wants to achieve.

True

Google's AdSense advertising is a form of contextual advertising.

True

Government and not-for-profit accounting refers to the accounting required for organizations that are not focused on generating a profit, such as legislative bodies and charities.

$1,000 denominations

Government bonds can vary in denomination the most corporate bonds are issued in _____

compliance-based

Harry is concerned about the legality of his idea of firing union workers in order to hire workers willing to work for less pay. Harry values ________ ethics, but has little concern for other types.

True

Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

False

Human resources managers have yet to find any use for Maslow's hierarchy of needs.

False

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises.

Tendency for Productivity to increase when workers believe they are receiving special attention from management

Hawthorne Effect

started many small firms that later became major corporations employing thousands of workers.

Historically entrepreneurs in the U.S.

Strike

Historically the most potent union tactic when collective-bargaining efforts breakdown has been the

between firms that make and sell similar products/services in similar markets

Horizontal Merger

0.60

Housing Repair Co. has total revenue of $100,000. COGS is $40,000. The company's gross profit margin is ________.

managers today emphasize teamwork

How are managers today different from managers in the past?

They made risky loans and then created mortgage backed securities from the assets they held

How did banks contribute to the recent financial crisis?

by responding to needs in an effort to satisfy those needs

How does marketing MOST benefit consumers?

Terrorism has curtailed the liberal inflows of skilled and blue-collar workers.

How has terrorism affected global trade?

planning

Human resource _____ is the creation of a strategy for meeting future human resource needs.

doing all of the above

Human resource management is the process of _____ people in order to achieve organizational goals.

Employees believe it is easier to get ahead.

If a business fails to meet its responsibilities to its employees, which of the following is likely to occur?

are less than

If a company has negative working capital, its current assets ________ its current liabilities.

contingency plan

If a computer virus spreads rapidly through a company's computer system and threatens to shut down all internal and external lines of communication, the company will likely put a(n) ________ into effect.

equity

If a firm sells shares of stock, it is financing with _______.

Utility

If a good or service satisfy a human need it has

to contain and protect the product

If a package prevents tampering with a product, which purpose of packaging is being performed?

corporate philanthropy

If management adopts Bo's suggestion of reducing U-Scream Ice Cream's charitable donations until profits stabilize, the company will essentially reduce its ________.

False

If the company wants employees to take ethical training seriously, the training should not include games.

False

If the sole proprietorship acquires a legal business name, the owner then has limited liability.

interest

If you store money in a savings account you will likely earn ____________

Equity Theory

If you want any manager who made sure that rewards are distributed to your employees fairly based on their performance and each employee clearly understood the basis for his or her own pay you would be using what theory

Product made or grown abroad but sold domestically

Import

organizing

In 2005, BridgePort Brewing Company expanded sales of its BridgePort India Pale Ale, and BridgePort Black Strap Stout into Alabama, Georgia, Kansas, Minnesota, Missouri, North Carolina, Oklahoma, Tennessee and Texas. These states will join BridgePort's current distribution markets of Alaska, Arizona, California, Colorado, Idaho, Montana, New Mexico, Oregon, and Washington. When the brewery allocated resources to increase its production and distribution, it would have relied on which of the following management functions?

relationship marketing

In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:

joint venture

In Canada, two automobile companies have entered into a ____ to create CAMI Automotive. one firm's management runs the plane, which makes the other's cars. The agreement gives one access to the other's dealers to sell its brand of vehicles

Self-actualization

In Maslow's hierarchy, ______ needs refer to the desire to reach one's fullest potential

standards

In October 2005, Cadbury Schweppes losses caused it to scale back its financial projections for the remainder of the year. These financial projections were ____ for the beverage company

mechanistic

In a ____ organization, the normal procedure for dealing with any matter lying outside the boundaries of one individual's functional responsibility is to refer it to the point in the system where such responsibility is known to reside, or, failing that, to lay it before one's superior.

fixed ratio

In a ____ reinforcement schedule, consequences are delivered following a specific number of behaviors

False

In a limited partnership, all of the partners have limited liability.

global consistency

In a multinational firm, managers at company headquarters typically prefer an emphasis on ____ because it simplifies decisions

diversity audit

In a recent meeting, San Mateo County Supervisors voted unanimously to conduct a ___, which would provide an accounting of how well the makeup of local boards and commissions reflects the racial, gender, cultural, geographic, and ethnic diversity of the county.

social responsibility

In an article about BP Amoco, its CEO said that the company's commitment to ____ is all about trying to align its policies, values, and behavior with those of the societies in which it operates because, ultimately, superior performance means being in touch

retrenchment

In an attempt to stop declining profitability, ICI, a British chemical company, deleted petrochemical products from its production and concentrated on specialty chemicals, a less capital-intensive, less cyclical business. wshat type of a grand strategy was ICI using?

a predominately capitalist approach toward achieving economic goals, but the current pressures it faces suggest it is likely to adopt a more socialist approach in the future.

In an effort to promote rapid growth, the government of Goldinia has kept taxes low, done little to regulate business activities, and implemented only modest social programs. The government is now facing political pressure to do more to clean up the environment and to reduce the inequalities of income and wealth. Which of the following statements is most accurate? Goldinia's government is currently taking:

human resources

In an organizational chart for a company, training will generally fall under what division?

optical character recognition software

In the process of capturing information, ASCII text is generated by ____

true

In the product development process most companies utilize the concepts of brainstorming screening and test marketing

Domestic Corporation

In the state of which a business is incorporated this is known as a

providing quality products and services at competitive prices

In today's competitive environment, good value means:

when messages are straightforward

In which of the following cases would written communication be preferable to oral communication?

mass manufacturing company

In which type of business would you most likely find a Theory X style of management?

Financial statement listing a firm's annual revenues and expenses so that the bottom line shows annual profit and loss

Income Statement

Earning statement

Income statement

technological advances such as the internet and PayPal for safely fulfilling orders

Increased participation in small business exporting owes credit to

True

Independent accountants who serve organizations and individuals on a fee basis are called public accountants.

Theory Z

InfoTech offers its employees long-term employment with a focus on individual responsibility. As a result, its workers are loyal to the organization, are highly productive, and have strong morale. The management style InfoTech most likely is applying is ________.

When a company uses celebrity to enhance the company's image

Institutional advertising

Examples - Trademarks and Good Will

Intangible assets

higher than

Interest rates that finance companies charge for short-term loans are ____________ interest rates charged by commercial banks.

Considering present employees as candidates for openings

Internal Recruiting

do not exist

International accounting standards:

True

International trade-dependent jobs have grown at a rate three times the growth of U.S.-dependent jobs.

True

Internet retailing is also called e-retailing.

Managerial roles including figurehead, leader, and liaison

Interpersonal Roles

False

Intranets, VPNS, and extranets are forms of LANs.

their employer's existing human, financial, and physical resources

Intrapreneurs make use of __________ to develop and launch new products and generate new profits.

Interest, principle

Issuing bonds to obtain long-term funds legally compels a firm to pay regular_____ payments and repay the______ at the maturity date

compression

It is appropriate to use a ____ approach to manage innovation in more certain environments during periods of incremental change, in which the goals are lower costs and incremental improvements in the performance and function of the existing technological design

knowledge workers

It is paramount for a dentist to provide the best patient care possible. The dental assistant, even though he or she may perform unskilled work such as fitting a patient with a bib, must also know the proper use of surgical and sterilization techniques to ensure patient safety. Formally educated dental assistants have the knowledge to understand the difference between sterilization and disinfection, and the relative importance of both. Since such are nearly always performed by dental assistants, a dental assistant can be correctly identified as a:

public goods and services

Items provided by the government and paid for using tax money are called _______

scarce, divisible, portable, and durable

Items that groups of people use as money must be _____ to be acceptable mediums of exchange.

social responsibility differences between similar firms, but in different countries

J.D. started working for an export trading company right out of college. His job took him to Asia on several occasions, where he interacted with manufacturers and got to practice his limited Chinese. He was amazed to see the difference in working conditions in the developing nations where he visited, compared to similar operations in the U.S. The expectations of workers were not the same. J. D.'s experience is an example of:

Demonstrate a continual problem with product piracy in China.

Jill works as a flight attendant for an international airline. While in China, it is convenient for Jill to find look-a-likes in famous brands of watches, purses, clothing, and golf clubs. ln fact, she does her Christmas shopping there and even buys good quality items for auctioning at her son's preschool events back in the U.S. Jill's actions:

Systematic Analysis of jobs within an organization

Job Analysis

Description of the duties and responsibilities of a job, it's working conditions and the tools used to perform it

Job Description

Description of the skills, abilities, and other credentials and qualifications required by a job

Job Specification

False

Job description refers to the specific location or office where a job is done.

employment at will

Johanna decides she is bored with her current job and is ready to quit. She wants to take some time off and then look for a new job in a different city. Her coworker tells Johanna to check the company handbook to make sure her reasons for quitting are acceptable. Johanna knows this is not necessary because of the legal doctrine, ________.

sole proprietorship

Jules Sylvester had always loved reptiles. When he was asked by a movie producer if he could locate some anaconda snakes for a movie, a business was born. Sylvester is the proud owner and operator of Reptile Rentals. The California-based business, which he started with no financial help from anyone, is often called on to provide "creepy, crawly" moments in the movies. Jules Sylvester is an example of a:

Type of lean production system that brings together all materials at the precise time they are required at each production station

Just-In-Time Production (JIT)

extrinsic motivator

Karen is an accountant for a large construction company. Her supervisor decides to reward Karen's excellent performance with a one-time bonus. To Karen, this could be a(n) ________.

CPI

John complained to his buddy, Frank that prices have increased a lot over the past year. Frank disagreed, saying that the prices of some goods have gone up a bit, but other prices have declined, noting that you can get some good buys on houses right now. Frank feels that the average price of consumer goods hasn't changed. Frank and John can refer to the to learn how government economists currently view the price situation.

entrepreneur

Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually.

Brain drain.

Jorge Martinez is a well—educated entrepreneur who operated a small business in his home country of Florentina. At the encouragement of his American relatives, Jorge recently immigrated to the United States and applied for U.S. citizenship. "ln Florentina, tax rates were very high," Jorge complained. "The government used the taxes I paid to finance all sorts of social programs to help the less fortunate. While this is a noble goal, it has really undermined the profit incentive of individuals such as me. I really feel that these high taxes have stifled economic growth." Jorge's comments illustrate the reason many socialist countries are experiencing a(n):

venture

Joseph Coulter needs long-term financing for his company. He contacts Funders Group, which is willing to provide funding in exchange for an ownership stake, an active role in management of Joseph's company, and an opportunity for a large return on its investment. Funders Group is offering ________ capital.

wage

Joshua is paid the minimum hourly rate for his work as a lifeguard. Joshua's compensation is called a ________.

low motivation

Juan is frustrated with his job of five years. He feels like nothing he does has any effect on the company's success or failure. He believes that his personal successes probably will not benefit him and, if there is any benefit, it will be very small. According to Vroom, Juan has ________.

online

Kathleen wants to be a nurse manager at a local children's hospital. She is studying for this position through a distance learning program and is taking a class offered by a university in another state. The type of training Kathleen is experiencing is ________.

protective tariff

Labor unions and businesses in the heavy equipment industry have asked the U.S. Congress to place a tax on imported equipment in order to make it more expensive. They hope that this will allow U.S. producers to be more competitive. The U.S. heavy equipment industry appears to be seeking a(n):

minimum wage laws and laws against child labor.

Labor unions were largely responsible for

False

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

Fed decreases interest rates

Lance owns Lance Lawns Irrigation Systems, LLC, a company that installs and maintains underground lawn irrigation systems. Business is down due to new housing starts being negatively impacted by a deep recession. To make things worse, his bank called yesterday to inform him that his credit limit (interest fee of 12.5%) will be cut from $30,000 per year to $15,000 per year, unless he is willing to pay a higher interest rate of 20%. As Lance drives to the first job this morning, he knows that his last task of the day will be to reduce the hours for his two employees. He can't afford to work employees eight hours per day, with only a $15,000 line of credit. Which of the following strategies will help Lance's situation?

net loss

Larrys kite shack operates on the Florida beaches during the tourist season last year Larry sold $25,000 worth of kites his cost of goods was $7,000 and he paid himself a salary of $20,000 on an income statement Larrys business would have a

$1.25

Last year Huge TV Corp. had net income equaling $5 million. At the end of the year, the corporation had 4 million shares of stock outstanding. The company's earnings per share were ________.

Want to change their lifestyle to be more in tune to saving energy.

Laura and Tim McNash recently moved to North Carolina on a three-acre home site. They purposefully purchased their home within biking distance to the university where they are both employed, and their bikes each have room for two cloth bags for groceries if they need to purchase food on the way home, although they plan to grow much of their own. Laura and Tim are examples of a growing number of young people who:

True

Leadership is the process of guiding and motivating others toward the achievement of organizational goals.

engaged

Luis works as a marketing manager for a consumer products company. He feels strongly about the product lines he manages and is dedicated to the company's mission and ideals. Luis' product lines are among the best sellers in the company. According to the Q12, Luis is classified as ________.

True

Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.

counterfeiting

Making a copy of a $100 bill with the intention of using it to make a purchase is an example of _____________

management

Making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash:

utilitarianism

Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner's inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:

All of the above

Management involves:

False

Management is the process of guiding the development, maintenance, and allocation of objectives.

Elton Mayo

Management theorist ____ is best known for his role in the Hawthorne Studies

FALSE

Managers do not need to be comfortable with technology because they can delegate those tasks to their information technology (IT) staff.

NOT organizing

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require:

strategic

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. To achieve this goal, Manila Water's top management will first need to engage in _____ planning to determine what resources are needed to achieve this goal.

will likely limit his job prospects since most new jobs are with small businesses.

Manuel is focusing his attention on finding full-time employment now that he has graduated. He has decided to narrow his job search to jobs with a major corporation and ignore the possibility of working for a small business. His job search strategy

true

Many businesses started by entrepreneurs have grown into major corporations employing thousands of workers.

Productivity

Many economists refer to the average level of output per worker as

False

Mentoring is a form of off-the-job training.

Value of Goods on hand for sale to customers

Merchandise inventory

A middleman that purchases Goods in large quantities then sell them to retailers

Merchant wholesaler

Union of two corporations to form a new corporation

Merger

True

Micropreneurs are entrepreneurs who start small and plan to stay small.

external recruiting

Midori was searching for a new job. An employment agency contacted her about a job that was perfect for her skill set. Midori was hired. Midori's new company was performing ________.

selective perception

Mike plays all kinds of competitive sports, and was excited to read that his company was sponsoring a softball team. Non-athletic Kenneth typically walks by the same bulletin board at least three times every day and has yet to see the softball notice. The fact that one saw the notice and the other did not is due to ____

True

Mines in Colombia produce emeralds and sell them to jewelers in the United States. To Colombia miners, emeralds are an export.

Organization's statement of how it will achieve its purpose in the environment in which it conducts business

Mission Statement

False

Most states are pleased that their residents buy products online.

True

Motivation is basically a need-satisfying process.

False

Multipreneurs are businesspeople who have tried a succession of entrepreneurial start-ups without finding an area in which they could be successful.

World's oldest electronic stock market

NASDAQ

insures credit union deposits, $250,000 per depositor, per insured institution, for each account ownership type

NCUA

True

National banks must belong to the Federal Reserve System and must carry FDIC insurance.

Narrow product mix

One product that is distributed four different uses is known to having what product mix

true

One reason countries trade with other countries is that even technologically advanced nations cannot produce all the products their people want and need.

Sole proprietorship

One person maintaining a business is known as

the establishment of clear standards of performance

The basic control process of business begins with ____

Gradually eliminate tariffs and other trade barriers among the US, Canda, and Mexico

North American Free Trade Agreement (NAFTA)

False

Not-for-profit organizations have the same goals as for-profit organizations.

feelings of intrinsic motivation

Novo Nordisk is a European manufacturer of pharmaceuticals. An employee, Rikke NedergaardBischoff, who is a clinical-development scientist, contends that Novo upholds the standards expected of public institutions without the stifling bureaucracy. She says, "there's a great deal of empowerment at Novo Nordisk" Novo Nordisk provides NedergaardBischoff with ____

sales and profits

Of all forms of business ownership, corporations account for the largest share of both:

state governments that charge sales taxes

Of the following, which is harmed MOST by current regulations governing the collection of sales taxes on Internet purchases?

Top management team of a corporation

Officers

Practice of outsourcing to foreign countries

Offshoring

market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their product

Oligopoly

how to determine what should be measured and how to calculate the effect on society.

One problem with conducting a social audit is

specialization and division of labor

On an automotive assembly line, Naif Marrot checks to make sure that recently painted car bodies are free of paint bubbles. Other people are assigned the task of seeing that other parts of the car are built to specifications. The task of building an automobile has been subdivided into a series of subtasks. The concepts of _____ have been employed in this situation.

strengths, weaknesses, opportunities, and threats

Once a company's vision and mission statement have been articulated, management must assess a company's SWOT, which stands for ________.

tactical plans

Once long-term goals and objectives have been determined, middle management generates ________.

True

One of the basic functions of management is controlling.

To have sufficient cash on hand without compromising the firm's investment potential

One of the challenges of effective financial management is

True

One of the disadvantages of the sole proprietorship is that the owner has unlimited liability.

job description

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 a:

May discriminate against certain groups

One of the main complaints made by critics of employment tests is that these tests:

organizing

One of the primary goals of Burberry, a British retailer, is to expand its market. When the company allocated resources so that it could open two stores in Japan, it was engaged in which management function?

False

One of the problems with setting up groups is the strong likelihood for the organization to experience decreased productivity.

employees believe that telling managers about problems will not makes a difference

Organizational silence occurs when ____

the location(s) of business operations

Organizational structure depends on a variety of factors NOT including ________.

general and specific environments

Organizations operate in two kinds of complex environments. These are _____

visible artifacts

Organizations use behavior addition, behavioral substitution, and ____ to their organizational culture.

commissions

Oscar works in pharmaceutical sales. His base compensation is fairly low, but it is enhanced with compensation directly tied to his sales results. The incentive-based payments Oscar receives are called ________.

Paying suppliers and distributors to perform certain business processes or to provide needed materials or services

Outsourcing

frequently changed objectives as the result of shifts in social and economic conditions

Over the past several decades unions have

True

The benefits from capital expenditures extend beyond one year's time.

Setting an initially high price to cover new product costs and generate profit

Price Skimming

skimming

Price ________ involves charging a high price for a product initially, then lowering the price over time.

One of the four Ps of the marketing mix

Pricing is:

Lowest interest rate charge by a bank for a short term loan

Prime interest rate

Federal Reserve

Printing and maintaining US paper currency is the responsibility of the ______________

True

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

False

Process departmentalization is a grouping of jobs by activity, such as marketing, finance, and production.

False

Process layout is almost always designed as a continuous, assembly-line layout.

good housekeeping

Process modification, material/product substitution and ___ are the three strategies used for waste prevention and reduction/

Mass production

Procter & Gamble uses what kind of production to produce household goods

Dividing an organization according to production processes used to create a good or service

Product Departmentalization

improving production and operations

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:

production planning

Production and operations management involves three main types of decisions that are made at three different stages. The first type of decision to be made deals with:

True

Production converts inputs into outputs by changing the inputs in some way.

Construction Mining Manufacturing

Production industry

True

Rosa has a challenging job at a company that she respects. Her only regret is that her supervisor does not seem to appreciate her accomplishments and work ethic. According to Maslow, Rosa will strive to satisfy her esteem needs before addressing her self-actualization needs.

monitor through probationary period

Roseanne is in the process of hiring a new administrative assistant. What is the last step in this hiring process?

"the most important rule to financial success"

Rule of 72

The interest rate an investment must earn to double in a specific time period

Rule of 72 CAN estimate

store of value

Ruth Hu recently inherited $200,000. She has invested the inherited money in real estate and government securities. Hu is using her money as a:

Made up of retired executives who volunteer to need entrepreneurs start new businesses

SCORE

is an acronym that helps organize, plan and accomplish goals

SMART

False

Sales made, but for which payment has not yet been collected, are called accounts payable.

True

Sales promotion, advertising, and public relations are elements of the promotion strategy.

true

Samantha wants to start a small business. If her primary goal is fast growth and high profits, her best chances would be in the manufacturing sector.

To restore public trust in accounting practices by new requirements on financial activities in publicly traded corporations

Sarbanes - Oxley Act of 2002

Paying workers more money should prompt them to produce more

Scientific Management

False

Scientific management focused primarily on how human behavior and relations affect organizational performance.

True

Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job.

False

Secondary marketing data, which has already been collected and processed, is usually more expensive to obtain than primary data.

A marketplace where member brokers meet to but and sell securities

Securities Exchange

False

Some global corporations are large enough to create major changes in the external environment.

False

Selling a firm's accounts receivables to a financial institution at a discount is called countertrading.

True

Service companies generally use a repetitive or intermittent production process rather than the continuous process.

Are not as important as manufactured production to the US economy

Services differ from production of manufactured good in all the ways except that services

a business that does work for a customer, and occasionally provides goods, but is not involved in manufacturing.

Services industry

A move toward capitalism.

Several years ago, the nation of Florentina had a government-owned telecommunication system that lagged far behind other nations. In several of its rural areas, there was only one phone for an entire village of people. Government taxes collected for the purpose of maintaining the telephone system were very meager, so the notion of expanding service was almost impossible. The government of Florentina decided to sell the phone company to a private firm. The private firm expanded rapidly. It reported that even poor consumers were willing to pay for a private phone line. This government decision and subsequent sale was:

The FASB (financial accounting standards Board)

The accounting profession follows generally accepted accounting principles as defined by______.

Government agency charged with assisting small businesses

Small Business Administration (SBA)

SBA program designed to consolidate information from various disciplines and make it available to small businesses

Small Business Development Centers (SBDC)

often find more job satisfaction than their counterparts in big business.

Small business employees

deal with similar management issues that large companies face.

Small businesses

The people who start them

Small businesses are typically managed by

an attorney

Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of

geographic segmentation

Snow blowers are sold in areas where there is a longer cold season and the likelihood of snow. The consumer market for snow blowers is an example of ________.

The attempt of a business to balance its commitments to groups and individuals in its environment

Social Responsibility

False

Social media sites such as Facebook and Twitter are unreliable sources of market research data because few customers use such sites to discuss business issues.

True

Social responsibility is a voluntary obligation.

Customs, morals, values, and demographic characteristics of the society in which an organization functions

Sociocultural Environment

degree to which tasks are subdivided into smaller groups

Specialization refers to the:

core capabilities

Specialized Bicycle Components Inc. introduced the first major production mountain bike in 1980. Since then, the company has maintained a technological leadership in the production of bike and bike accessories and an organizational culture that encourages innovation. Technological leadership, as well as its organizational culture, are the company's _____.

Possesses one or more unique characteristics; significant group of buyers willing to expend considerable purchasing effort

Specialty

Expensive, rarely purchased physical goods

Specialty Goods

Introduction Growth Maturity Decline

Stages of Product Life Cycle

Anyone who has an interest or is affected by a corporation

Stakeholder

unrelated diversification

Starbucks, the operator of Starbucks coffeehouses, also markets a line of compilation CDs and other non-coffee items. The making and marketing of the CDs and other non-coffee products would be an example of ____.

A measure that summarizes a particular characteristics of a group of numbers

Statistics

Characterized of centralized companies with multiple layers of management span of control is narrower

Tall Organization

The particular group of people or organizations on which a firm's marketing efforts are focused

Target Market

Tax levied on imported products

Tariff

income statement

The balance sheet, the statement of cash flows, and the _______ are three key financial statements prepared by accountants

imports

The Blue Bird Bus Company in Georgia sells buses to the South African government. To South Africa, these buses are an example of:

false

The Enron scandal illustrates the difference between unethical behavior and illegal behavior

a government import standard

The European Union (EU) bans the importation of hormone fed US beef and bioengineered corn and soybeans of safety grounds. This ban is so consumers in the EU will buy domestic beef and products from domestically produced corn and soybeans. This ban is an example of ____

private organization that is responsible for establishing financial accounting standards in the United States

The Financial Accounting Standards Board (FASB) is a:

False

The Hawthorne effect is used to describe the individual reaction and not that of the group.

true

The IMF has recently proposed a one-time global wealth tax to help bring the debt of nations closer to pre-recession levels

import

The U.S. has one of the very few areas in the world where kaolin can be mined. Kaolin is a necessary ingredient in many products ranging from stomach medication to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for the countries that purchase it.

a. encouraged entrepreneurs to come to the U.S. through "investor visas".

The US government's Immigration Act of 1990

import

The United States buys copper from Chile's Escondido copper mine. The copper is used to make wiring for the U.S. telecommunications industry and for many other purposes. For the U.S., the copper is an example of a(n):

false

The United States is the largest exporter in the world.

Prohibits discrimination based on race, religion, sex, creed, or national origin in matters such as hiring, firing, training, and compensation

The VII of the Civil Rights Act of 1964

devil's advocacy

The ___ approach to decision-making is a method in which an individual or a subgroup is assigned the role of a critic.

shareholder

The ___ model holds that the only social responsibility that businesses have is to maximize profit

attribution theory

The ___ states that we all have the basic need to understand and explain the causes of other people's behavior

compression

The ____ approach to managing innovation assumes that innovation is a predictable process made up of a series of steps and that compressing the time it takes to complete those steps can speed up innovation.

formal communication channel

The ____ is the system of official channels that carry organizationally approved messages and information

divisibility

The _____ characteristic of money is revealed by the fact that a dollar can be converted into four quarters or ten times.

state

The _____ government oversees the business that takes place within a state.

balance of trade

The _____ is defined as the difference in value of a country's exports and imports over a period of time.

standard of living

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

accounting cycle

The ________ is a six step procedure that results in the preparation and analysis of the major financial statements

universal product codes (UPCs)

The ________ on packages were intended to improve inventory control for businesses

Age Discrimination in Employment Act of 1967

The ________ protects individuals over the age of 40 from discrimination based on age with respect to issues such as hiring, promotions, job benefits, and assignments

Negotiated labor-management agreement

The _________ Sets the tone and clarifies the terms and conditions under which labor and management agreed to function over a specific period of time

mass

The ability to manufacture many goods at once is called _____ production.

liabilities

The amounts that New Fashion Stores, Inc. owes to clothing manufacturers are an example of ________.

managerial accounting

The area of accounting that provides managers inside the organization with information they need to make decisions is called

create a positive image of the future

The author of "The Science of Good and Evil" describes his meeting with the founders of Google in the book. He described them has visionary leaders, which means their primary goal for being in business is to ___

False

The automobile industry is an example of a business that skips the wholesaler in the distribution channel.

assets, liabilities, owner's equity

The balance sheet is composed of the following types of accounts

False

The balance sheet summarizes a firm's financial position over a period of time, for instance 3 months or a year.

True

The control system that helps measure the plans an organization sets in place to carry out its goals and objectives of the organization generally forms a cycle.

Bond

The corporate certificate issued to an investor that has loaned money to the corporation or government is called a

True

The corporation's board of directors elects the corporate officers.

True

The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society.

interconnected

The global economy is the ______economies of the nations of the world

data warehouses

The data used in data mining typically come from ___ that store huge amounts of data that have been prepared for data mining analysis by being cleaned of errors and redundancy

brand loyalty

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called

globalization

The development of the global economy is often called________________

net social contribution

The difference between an organization's positive social contributions and its negative social impacts is called their:

accept the status quo and take a short-term view of the future

The difference between small business owners and entrepreneurs is that small business owners:

assumes the risk of the business

The difference between the small business owner and the entrepreneur is that the entrepreneur:

True

The difference in value between a country's imports and exports is called its balance of trade.

Satisfy customers

The elements of the marketing mix are combined to

from the industrial revolution until the 1920s

The era when companies believed that a good quality product would simply sell itself ran ________.

virtual private networks

The establishment of ___ is an information procedure that encrypts Internet data at both ends of the transmission process.

False

The exchange rate is the interest rate that foreign banks receive when borrowing money from the United States.

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

The executive summary section of the business plan contains

Frederick Taylor

The father of scientific management was:

the U.S. money supply

The fed chairman is in control of

12

The federal reserve system consists of_______ Federal reserve banks

twelve

The federal reserve system has ______________ districts

False

The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.

relationship marketing

The goal of __________ is to keep individual customers over time by offering them new products that exactly meet their requirements.

True

The goal of all promotion is to stimulate action.

False

The financing activities section of a statement of cash flows includes cash used or provided by the actual business of the company.

the human side of motivation

The findings of the Hawthorne studies led researchers to look more closely at how __________ could lead to better productivity

False

The first step in starting your own business is the creation of a unique marketable idea.

identify a market need

The first step in the marketing process is to ________.

internal service quality

The first step in the service-profit chain is the establishment of ____

environmental scanning

The first step managers use to make sense of their changing environments is ____

False

The first two stages in the selection process are the initial contact and the preliminary interview.

False

The five P's are product, promotion, price, people and possession.

True

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

overseeing the accounting office

The following are all functions of a chief information officer (CIO) EXCEPT ________.

sole proprietorship

The form of business ownership that has the most difficulty in raising capital is the:

sole proprietorship

The form of business ownership that is easiest to dissolve is the:

False

The internal labor market is made up of all employees in an industry.

allows the company to use employees from various departments with varying perspectives to attack the task

The job of the concepts managers at Starbucks is to use a cross-functional team to develop four to six new beverages annually. Starbucks uses a cross-functional team because it ____

maintain flexibility in planning

The last step in effective planning is to ___.

building relationships with customers

The last step in the marketing process often includes:

pay-per-click

The online advertising acronym PPC stands for ________.

True

The opposite of free trade is protectionism.

Marketing

The organizational functions and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization its stakeholders

E-Business

The organized effort of individuals to produce and sell for profit the products and services that satisfy society's needs through the internet

lighting

The original Hawthorne studies were set up to study:

False

The package design, shape, color, and texture influence buyers' perceptions, but do NOT influence buying behavior.

Recommendation

The part of a business report that presents suggestions on how to solve a problem

chief information officer

The person in charge of technology-enabled information processing in companies is most often called the ________.

entrepreneur

The person who takes the risk of starting and managing a business to make a profit is called a(n):

intrinsic

The personal satisfaction people feel when they have done a job well is a(n) _______ reward

False

The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible.

maximize the value of the firm to its owners

The primary goal of the financial manager is to:

a trend toward unequal distribution of wealth.

The prime minister of the nation of Urbania has called for Urbania's legislature to enact new legislation designed to shift his country away from socialism toward a more capitalistic system. The Prime Minister acknowledges that such a radical change will entail some hardships, and that some citizens will be unhappy with the changes. The most likely source of dissatisfaction with a move toward capitalism is:

False

The prime rate is the interest rate that the Federal Reserve charges member banks for loans.

Purchasing

The process of acquiring materials, supplies, components, and parts from another firm is known as

arbitration

The process of bringing in an impartial third party to render a binding decision in a labor dispute is referred to as

differentiation

The process of distinguishing a product from its competition in real or perceived terms to attract customers is called product ________.

Market segmentation

The process of dividing a market into segments is called

Place utility

The process of shipping one thing to one place to another place is called the what utility

durability

The product quality characteristic of ____ is defined as the mean time before product failure

Merger

The purchase of one Corporation buy another is known as

Training and development

The purpose of __________ is to increase and employees ability to perform productively

False

The reason that Castle and Cooke processes and packages Dole pineapple products in Hawaii is more than likely because of low energy costs.

The willingness to work long hours Willingness to face personal sacrifices Be an organized person

The requirements to be a successful franchisee

emphasize teamwork

The revolution in management that is currently under way suggests that the most effective managers of the future will:

True

The selection interview is designed to test an applicant's communication ability and motivation.

False

The short-range, detailed planning that focuses on current operations is called functional planning

marketing concept era

The significant increase in consumer demand following World War II marked the beginning of the

monopoly

The situation that occurs when a small number of companies control an industry is called a(n)

False

The skills of a manager and the process a manager goes through will be entirely different if the organization is a simple working group instead of a multibillion-dollar company.

True

The skills, knowledge, and abilities a person must have to fill a job are spelled out in a job specification.

job specification

The skills, knowledge, and abilities a person must have to fill a job are spelled out in a(n):

False

The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner.

operational plans

The specifics of carrying out tactical plans are ________.

Concept testing

The stage of new product development in which potential customers are presented with a written or oral description of the product to determine their initial attitudes and the buying intentions

introduction, growth, maturity, decline

The stages of the product life cycle are:

is costly to most firms because it is costly to governments, which increase taxes to pay for added protection.

The threat of terrorism:

balance sheet, income statement, statement of cash flows

The three important financial statements prepared by accountants are

the master production schedule, the bill of materials, and inventory records

The three key parts of material requirement planning (MRP) are ____

customer focus and satisfaction

The three principles that characterize TQM are continuous improvement, teamwork, and ___

unfreezing, change intervention, and refreezing

The three steps in the basic process of managing organizational change outlined by Kurt Lewin are _____

False

The three tools used by the Federal Reserve to manage monetary policy are reserve requirements, the prime rate, and the discount rate.

False

The time that an employee spends on a particular job determines his or her specialization of labor.

false

The transition from an agricultural economy to a manufacturing economy to a service-based economy has resulted in a serious increase in long-term unemployment.

False

The two basic elements of a marketing strategy are the market research and the marketing mix.

inform and persuade

The two functions of labels are to ________.

laws that supported unionizing; public opinion

The two major influences on the growth of unions in the US were

consumer market and the business-to-business market.

The two major types of markets are the

employees

The ultimate resource of a firm is its

information technology

The unit in a company that is most often responsible for the hardware components, software programs, and networking strategies of a business organization is ________.

True

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

Form utility

The utility created by converting production inputs into finished product is called what utility

False

The vice president at Steve's company recently assigned him a very challenging project. Steve successfully completed it on time and within budget. The feeling of satisfaction he has for this job well done is an extrinsic motivator for Steve.

NOT Organizing

The world's largest bank. Deutsche Bank set as its objective to make its name more recognizable in the United States. The success of its decision to sponsor a PGA golf tournament to accomplish this organizational objective will ultimately depend on which management function?

Balance sheet

The_____ is an accounting statement that reports the financial condition of a firm at a specific point in time

M-1

The_______ category of money supply includes money that is quickly and easily accessed

Theory of motivation holding that people are naturally lazy and uncooperative

Theory X

True

Theory X managers view their workers as untrustworthy and unmotivated.

Theory of motivation holding that people are naturally energetic, growth oriented, self-motivated, and interested in being productive

Theory Y

False

There are many more consumer markets than business-to-business (B2B) markets.

answering all emails as soon as they arrive

There are several steps that are crucial to effective time management. Which of the following steps will NOT improve the productivity of a business?

Arrivers are sensitive to the feelings of others

There have been several studies of managers who fail (derailers) and managers who succeed in climbing the organizational hierarchy (arrivers). Which of the following statement describes one of the facts learned from these studies?

Least expensive form of short term financing

Trade Credit

Adds customer value by making products ready when customers want them

Time Utility

False

To be a useful code of ethics, the code should offer broad policies and procedures rather than detailed rules.

Cost and benefit analysis

To determine if it is sensible for managers and employees to use the internet to solve problems firms use

understand and use accounting information

To effectively run a business, it is necessary to

Very helpful for small business owners who lack strong accounting support within their companies

Today's computerized accounting programs are

true

Today, a mission statement should also address social responsibility.

true

Today, over 90% of the companies doing business globally believe it is important for their employees to have experience working in other countries.

strategic plans

Top management is responsible for developing long-term ___ that make clear how the company will serve customers and position itself against competitors in the next two to five years.

sustainable competitive advantage

Top-Flite manufactures Stata golf balls and prices these balls at about three times what ordinary golf balls cost. The Stata ball sells exceptionally well because customers percieve its patented three-layer construction to improve handling and increase distance. the patent on these golf balls gives Top-Flite a _____

demographic and psychographic

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker. The manufacturer had identified its potential market as blue collar workers who earn less than $30,000 per year are divorced and who like to think of themselves as weekend athletes. which segmentation variables are being uses to identify the Topic target market.

accounting

Tracking a business's income and expenses through a process of recording financial transactions is called ________.

False

Treasury bills, certificates of deposit, and mortgage loans are the most popular marketable securities.

Business model

Two firms offer the same products and needs about the same type of employees

Place and time

Two important components to schedule is

agriculture and steel

Two industries that have historically received subsidies are

Geographic segmentation. Demographic segmentation. Psychographic segmentation. Behavioral segmentation.

Types of Marketing Segmentation

middle managers

Typical responsibilities for ___ include coordinating and linking groups, departments, and divisions within a company.

false

U.S. banks have had no trouble competing successfully against foreign banks

gross profit

U.S. carburetor inc makes natural gas and gasoline prewires generators assume the company has $100,000 in net sales foe the week is September 11 cost of gos sold was $42,000 on an income statement the remaining $58,000 would be classifies as the

company website

UPS has a(n) ________ that allows businesses to examine UPS services and prices and track shipments.

improving the quality of problem solving

US based Mckinsey & Co. the global consultancy, draws its consultants from more than 40 countries. A benefit of its global hiring is that it raises cultural sensitivity. In other words, this benefits McKinsey & Co by _____

agency shop agreements

Under ________ workers are not required to join the union but those who do not join are still required to pay a union fee or regular dues to the union

changes in the supply of and/or demand for dollars in the global currency market.

Under a system of floating exchange rates, changes in the value of the U.S. dollar relative to other currencies are the result of:

low resources similarity

Under conditions of ____, a competitive attack by the stronger rival is more likely to produce sustained competitive advantage.

the media

Under the stakeholder model, ____ would be an example of a stakeholder group that does not engage in regular transactions with the company and is not critical to its long-term survival but can still affect public perceptions and opinions about the company's socially responsible behavior.

Short term financing not backed by collateral

Unsecured Financing

False

Use and convenience are unimportant when planning packaging for products.

positive reinforcement

Users of credit and debit cards that earn the owners money or rewards towards future purchases, is an example of ____

insider trading

Using information not available to the public to unfairly benefit in the stock market represents

is difficult to implement because it is hard to tell how one decision will impact a large number of people

Utilitarianism:

Products ability to satisfy a human want or need

Utility

initially high employee turnover

Which of the following is a potential disadvantage associated with the use of work teams?

True

Web-based tools like Meeting Wizard can help with time management.

scarcity

Weeds, sand, and paper clips would not make good mediums of exchange because they lack the key characteristic of:

autocratic

Well-known retired basketball coach Bob Knight was known for his emotional antics at Indiana University and Texas Tech. If you talk with Bob, he believes in total dedication from his team and total compliance to his style of coaching. It's "his way or the highway." Bob typifies the ________ style of leader.

control, avoidance, and cooperative strategies

What are the strategies that can be used to minimize or adapt to the political risk inherent to global business?

What best describes a data mart?

What best describes a data mart?

A one one-time fee and the monthly royalties based on sales

What do franchisees typically have to pay to the franchisor

focus on applying IT to solve business problems

What does a management information system (MIS) do that an IT system would typically not do?

Developing planets been satisfied customers needs

What indicates a customer orientation

Internet

What is MOST important for cloud computing?

the media

Which of the following is a secondary stakeholder group?

complex buying decisions

Which of the following is a typical characteristic of a business-to-business market?

Freedom from government regulation

Which of the following is an advantage of sole proprietor ownership?

social integration

When the worlds biggest manufacturer of locks looked at its employee composition, it discovered that its workers were either over 50 or under 30 because the company had done little hiring during the 1980s and 1990s. ____ was needed to get these two groups to respect each other's work abilities

True

When we interview for a job, we are marketing ourselves.

False

When workers in a union elect their officers to represent them, it is an example of division of labor.

centralize authority

Where standardization is important, it is appropriate to ____

marketing

Which is NOT a primary function of management?

organizing the data in a way that helps make decisions

Which of the following BEST describes how businesses convert raw data into information?

It is the need to accomplish something difficult on one's own.

Which of the following best defines McClelland's need for achievement?

bicycle manufacturer

Which of the following businesses provides its customers with a good?

a law office

Which of the following businesses provides its customers with a service?

Accounting and Finance

Which of the following correctly identifies areas of authority and responsibility for a chief financial officer (CFO)

the United States

Which of the following countries has a high standard of living?

brand name

Which of the following describes a word letter or group of words or letters that differentiate the goods and services of a seller from those of competitors?

the sense of self-satisfaction and independence

Which of the following explains why individuals accept the risks of business ownership?

regulation costs

Which of the following factors can help managers determine whether more or different control is worthwhile?

purchasing power

Which of the following factors helps a company determine the growth potential of a foreign market?

The decision of Phillips-Van Heusen to cancel orders from suppliers that violate its ethics code

Which of the following indicates that U.S. businesses are demanding socially responsible behavior from their international suppliers?

functional departmentalization produces managers with broader experience and expertise

Which of the following is NOT a characteristic of functional departmentalization?

supportive influence

Which of the following is NOT a component of transformational leadership?

catering to an exclusively upscale clientele

Which of the following is NOT a criticism of marketing?

providing high quality products without a money-back guarantee

Which of the following is NOT a good way to develop rapport with clients?

workforce profiles

Which of the following is NOT a part of a typical management development program?

initiative conversations

Which of the following is NOT a part of the experiential approach to innovation?

There is much administrative pressure due to the high frequency of an individual's performance appraisals in one year.

Which of the following is NOT a problem typically encountered with performance appraisals?

jointly develop operational plans

Which of the following is NOT a step in the management by objectives (MBO) process?

The Red Cross is investigating the use of alcohol-based drugs for children's diseases.

Which of the following is NOT an example of how not-for-profit organizations use marketing?

home ownership

Which of the following is NOT one of the most common consumer market segmentation classifications?

referents

Which of the following is a basic component of equity theory?

variable interval

Which of the following is a category of reinforcement schedules?

action-oriented

Which of the following is a characteristic of successful entrepreneurs?

all of these (adaptability, consistency, involvement, a clear mission)

Which of the following is a characteristic of successful organizational cultures?

its regular customers

Which of the following is a component of the specific environment that would directly influence a restaurant's day to day operation?

unsought goods and services

Which of the following is a consumer product classification?

managing the use of mobile computing

Which of the following is a function of a company's IT department?

planning may harm individual and organizational performance

Which of the following is a possible outcome of planning?

typically unchangable

With surface-level diversity, differences are immediately observable, easy to measure, and ____

marketing intermediaries

Within the distribution channel, retailers and wholesalers are called:

job analyses

Wolfgang Reithofer, a human resource manager at an Austrian brick making company, gathers information about various jobs within the company and specifies the skills and knowledge needed to do each job well. Reithofer is responsible for:

sociocultural

Workers in the nation of Argenia prefer managers that forcefully tell employees what to do and how to do it. Conversely, employees in the U.S. prefer to participate in decision making in the workplace. This difference between Argenia workers and U.S. workers represents a management challenge for firms trading in the global market.

Legally required insurance for compensating workers injured on the job

Workers' Compensation Insurance

Difference between Current assets and Current liabilities

Working capital

Large companies and small companies agree that the green movement is a global issue. Firms are embracing opportunities to bring value to consumers by creating green products and services.

World trade has both benefits and costs. Which of the following statements attests to this fact?

TRUE

Xerox maintains a flat organizational structure organized by product category and by region.

Income_Statement

Your boss asks you to email a spreadsheet that reflects the profitability of the company by showing its revenue and operating expenses. When sending the email, you MOST LIKELY will attach the file named ________.

Balance_Sheet

Your boss asks you to email a spreadsheet that shows what the company owns and what it has borrowed (owes) at a fixed point in time and shows the net worth of the business. When sending the email, you MOST LIKELY will attach the file named ________.

you write them down

Your counselor has asked you to set 3 academic goals for this semester. These goals are most likely to be accomplished if

False

Yvette was recently hired as a restaurant manager for McDonald's and must attend classes at Hamburger University. This is an example of the programmed learning approach.

wholesalers

___ are distribution channel members that buy fishes products form manufacturers and sell them to retailers

on-the-job training program

Yoshiko owns a greeting card store and recently hired a new daytime clerk. The new clerk is learning job skills by performing them under Yoshiko's informal direction. Yoshiko is conducting a(n) ________.

greater than

You are a financial manager. Your assistant tells you that there will be a cash flow gap next month, meaning that cash outflows are expected to be ________ cash inflows.

Statement_of_Cash_Flows

Your boss asks you to email a spreadsheet that is similar to a checkbook register, since it reflects changes in the company's cash position last month. When sending the email, you MOST LIKELY will attach the file named ________.

is one that you know is possible to achieve

attainable goal

a life dream that inspires your long term goal

big idea

When the payee signs their name on the back of a check to cash or deposit the check.

blank endorsement

true

blogs provide marketers with a real time dialogue with customers and an avenue to promote their products

batch

collecting data over a period of time an then processing the data all at the same time is called ___ processing

insurance that covers damage to your vehicle when it is involved in an accident

collision insurance

open to anyone--for profit

commercial bank

true

examples of time deposits are saving accounts money market deposit accounts and certificates of deposit

a bad debt

excessive credit card debt

the price at which one currency can buy another currency

exchange rate

goods and services that one country sells to another country

exports

knowledge worker

it is paramount for a dentist to provide the best patient care possible. the dental assistant even though he or she ay perform unskilled work such as fitting a patient with a bib must also know the proper use of surgical and sterilization techniques to ensure patient safety. formally educated dental assistants have the knowledge to understand the difference between sterilization and disinfection and the relative importance of both since such are nearly always performed by dental assistants a dental assistant a dental assistant can be identified as

an account that allows two people who are equally responsible for the account to write checks

joint account

a business organization focused on serving the community

nonprofit

the practice of the government putting limits on foreign trade to protect businesses at home

protectionism

false

publicity is any information that a company issues to the media that is paid for by the company

limit placed on the quantities of a product that can be imported

quota

true

the FDIC monitors the baking practices of the institutions that it insures

true

the NYSE and NASDAQ are vying for supremacy in the U.S. securities markets

true

the U.S. bank provide better customer service and have access to more sources of funding than local bank in many countries

distribution channel

the ___ is a series of marketing entities through which goods and services pass on their way form producers to end users

NASDAQ

the ___ system is the first electronic bases stock market and the larger over the counter market

target market

the ____ is a specific group of consumers towards which a firm directs its marketing efforts

do all of the above

the banking act of 1933 gave the federal reserve system the authority to

possession strategy

the blend of the marketers tools is called the five P's. which of the flowing is not one of the five P's

true

the idea behind bundling is to reach segment of the market that would not be reached as effectively if the product were sold separately

true

the internet is essentially a worldwide are network (WAN)

false

the final stage of the selling process is closing the sale

true

the first step in the consumer decision making process for buying sandals would be for the weather to turn hot and me to realize I have no footwear that dosent make my feet sweat

false

the frequent reference to chiles restaurants on the television show the office is probably an example of co marketing

true

the goal of all promotion is to stimulate action

digital forensics

the idea behind ___ is the need that criminal investigators have for examining evidence on computer hard drives such as e-mails or databases in order to build cases against embezzlers and others