business 101

_____ refers to selling products in foreign nations that have been produced or grown domestically.

Exporting

Which of the following strategies for reaching global markets allows firms to expand into foreign markets with little or no investment?

Foreign licensing

Which of the following is a recommended practice for picking the right words for business communication?

Including all information that the audience may need

_____ is a widely accepted social movement that supports a buyer's right to be informed, to be safe, to choose, and to be heard.

Consumerism

_____ refers to Federal Reserve decisions that shape the economy by influencing interest rates and the supply of cash.

Monetary policy

In the context of American culture, which of the following is one of the dos for better listening?

Use your extra mental capacity to summarize what the speaker is saying.

As a communication channel, _____ has the highest level of channel richness and is used when the message to be communicated is personal, emotional, or high-priority.

a face-to-face meeting

The Federal Trade Commission:

actively promotes fair competitive practices.

In the context of business ethics, _____ involves clear misconduct, unlike an ethical dilemma that involves a conflict of values.

an ethical lapse

Who among the following is most likely to benefit when the dollar is strong and the euro is weak?

Ron is an American who is touring Europe.

Which of the following factors is likely to create a language barrier to communication?

The use of slang

Which of the following statements is true of nonprofit organizations?

They employ people and take in revenue.

Martin, the CEO of a company, always uses statements such as "The manager who trusts his employees will earn the respect of his employees" and "The best employee is he who listens to his boss" while addressing his employees. Given this information, it can be concluded that Martin shows _____.

gender bias

Microeconomics focuses on:

individual businesses.

A _____ is formed when two or more companies share resources, risks, and profits without actually merging, to pursue specific opportunities.

joint venture

Promoting high-calorie/low-nutrient foods with inadequate information about the risks is a(n) _____ practice.

legal but unethical

When a business brings in less money than it needs to cover expenses, it incurs a _____.

loss

Ethics refer to:

sets of beliefs about right and wrong.

After being stagnant for a few years, a clothing company started making profits consistently. Following this, the CEO of the company decided to contribute to the growth of the community by starting an apprenticeship program in tailoring. The program involved providing training to a batch of 10 uneducated, underprivileged people free of cost every year. In this scenario, the company's gesture exemplifies _____.

social responsibility

The obligation of a business to contribute to society is referred to as _____.

social responsibility

In the context of the competitive environment of business, the rate at which a new product moves from conception to commercialization is referred to as _____.

speed-to-market

In the context of social responsibility, _____ include employees and investors who have a personal interest in the performance and actions of an organization.

stakeholders

In the year 2002, Timothy wanted to purchase a house. As he did not have sufficient funds, he decided to take a loan. Given his low credit score, it was highly unlikely that he would be able to repay the borrowed money. However, he was able to secure a loan despite his reduced ability to repay the loan. Timothy most likely applied for a _____.

subprime mortgage loan

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

tariffs

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the _____.

technological environment

The term _____ refers to the shortfall that occurs when the total value of a nation's imports is higher than the total value of its exports.

trade deficit

As globalization gains speed, intercultural communication will:

become increasingly pivotal to long-term business success.

In the context of social responsibility, a corporation that does not have profits as a first priority is referred to as a B-Corp, which stands for _____.

benefit corporation

The economic system of the United States is called _____.

capitalism

One of the ways by which companies can show their responsibility toward the environment is by reducing their _____.

carbon footprint

Finwes is an advertising company. Because of certain untoward incidents in the company, the management decides to create a formal written document that would guide the employees in making right decisions in various professional situations. In this scenario, the management wants to create a _____.

code of ethics

In the context of economic systems, the two key phases of a business cycle are:

contraction and expansion.

Quinbeck Inc., a computer manufacturing company, annually donates 6% of its total profits to an orphanage. The company also provides free personal computers to children to promote learning among them. Given this information, Quinbeck Inc. most likely engages in _____.

corporate philanthropy

A newly appointed government in the United States requests Congress to raise the amount of money that the government can borrow. This borrowed money is intended to be used to cover the costs of the major policies that the government plans to implement. In this scenario, the government has asked the Congress to hike its _____.

debt ceiling

In _____, firms either acquire foreign firms or develop new facilities from the ground up in foreign countries.

direct investment

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

exchange rate

Minsk Revel, a food and beverage company, recently faced criticism when customers found worms in some of its products. As a result, the company was obligated to have a better level of transparency between its production processes and its consumers. Identify the dimension of the social environment that this scenario exemplifies.

Ethics

_____ means buying products domestically that have been produced or grown in foreign nations.

Importing

In the context of creating and delivering successful verbal presentations, which of the following statements is true of dynamic delivery?

It begins and ends with preparation.

Which of the following statements is true of foreign outsourcing?

It drives down the cost of production.

_____ is a market structure with just a single producer completely dominating the industry.

Monopoly

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

Nonverbal communication

Which of the following communication channels helps your audience benefit from hearing your tone and how it changes through the chat?

Telephone conversation

Leading-edge companies have focused on customer satisfaction, with a goal to develop long-term, mutually beneficial relationships with customers. Which of the following dimensions of a business environment does this illustrate?

The competitive environment

Which of the following dimensions of a business environment is specifically highlighted when stock markets lose a major portion of their value and when huge, venerable institutions collapse financially?

The economic environment

Before starting his presentation on the benefits of taxi services, Mark engages the listeners by asking them to imagine themselves driving in a drunken state. He goes on to ask them the possible outcomes that they can imagine. This exercise ensures that Mark gets the listeners' complete attention. In the given scenario, Mark uses _____ to open his presentation.

audience involvement

A _____ refers to the overage that occurs when more money flows into a nation than out of that nation.

balance of payments surplus

The United States goes through a period of recession because of the continuous decrease in the nation's gross domestic product. The Fed intervenes and improves the situation by reducing the discount rate. This move by the Fed will result in:

banks obtaining funds at a lower cost.

A(n) _____ is a structure for allocating limited resources.

economic system

Melina and Carl want to start an event management company that would provide local artists with a platform to showcase their talent and gain an audience. Melina and Carl are willing to invest their own resources in this project. In the context of factors of production, the given scenario exemplifies the concept of _____.

entrepreneurship

In the context of the fundamental principles of a free market system, the _____ is associated with the point at which the quantity demanded of a product equals the quantity supplied.

equilibrium price

The management of a steel manufacturing company decides to set up a new plant in a rural area. However, this would create waste management issues for the company. On the other hand, the company would incur higher costs if it sets up the plant in another area. The management thus finds itself in a situation where both the actions will have a negative consequence. This scenario exemplifies a(n) _____.

ethical dilemma

Children's Campground is a summer program for school children. It advertises that there is one counselor for every four children and that several other highly-trained professionals are part of its staff. Children's Campground advertisements indicate that the program relies heavily on its _____ factor to provide its services.

human resources

In the context of foreign direct investment, a _____ is a voluntary agreement under which two or more people act as co-owners of a business for profit.

partnership

Mercy Eston, a start-up company, has a small office space. Its employees often complain about the lack of personal space because of a congested seating arrangement and lack of a proper ventilation system. In this scenario, the employees of Mercy Eston are most likely facing _____ to communication.

physical barriers

In the _____, leading-edge firms look beyond each immediate transaction with a customer and aim to build long-term ties.

relationship era

Macroeconomics involves the study of:

the gross domestic product of a country.

Being honest, not deceiving, cheating, or stealing, and doing what you say you'll do represent the universal ethical standard of _____.

trustworthiness

Lily, a salesperson at a clothing store, observes the department head misbehaving with a customer. She brings the issue to the notice of the store manager, and the offender is immediately dismissed from his job. In this scenario, Lily is a _____.

whistle-blower

The _____ was an $825 billion economic stimulus package, passed by Congress, designed to turn the economy by cutting taxes, building infrastructure, and investing in green energy.

American Recovery and Reinvestment Act

Kenneth prepares a PowerPoint presentation for the board meeting by adding only the essential information and discarding any unnecessary details that could confuse the board members. He ensures to keep his sentences short but not at the expense of completeness. In the given scenario, which of the following communication guidelines is Jeffrey following?

Be concise

Which of the following is a characteristic of entrepreneurs?

They risk their time, money, and other resources to start and manage their business.