Final Exam

In which type of organizational structure is the decision making pushed down to the managers who are the closest to the work or client.

Decentralized

All of the following are considered functions of the management process except: a.Complying with legal, ethical, and social responsibilities of the community b.Applying and distributing organizational resources effectively c.Deciding on office lunch specials d.Acquiring new resources when necessary e.Analyzing and adapting to the ever-changing environment in which the organization operates

Deciding on office lunch specials

Which of the following types of leadership styles is most associated with an approach that involved employees of a team in the decision-making process?

Democratic

When a company mismanages inventory, they face all of the following threats and challenges EXCEPT: a.Obsolescence b.Loss sales c.Tied up capital d.Dissatisfied employees e.Loss of customers

Dissatisfied Employees

Which of the following is true of how current business trends influence careers? (choose the best answer) A person's financial success is independent of his or her business skills. b.Personal finances are unaffected by broader economic changes. c.Following one's passion is an admirable but unsuccessful strategy to choose a career. d.Less-routine and more rewarding skills are more valued in today's environment.

Less-routine and more rewarding skills are more valued in today's environment.

Which of the following is an example of a Vision statement:

Establish our brand as the highest quality option to our customers

A situation that is defined by the choice between a set of actions that all may be unethical, it is called a:

Ethical Dilemma

Which of the following factors is most likely to adversely affect entrepreneurship? (choose the best answer) a. Excessive taxation b. Limited natural resources c. Small population d. Relaxed regulations

Excessive taxation

All of the following are cash flow summaries on the Statement of Cash Flows EXCEPT: a.Investing b.Operations c.Expenses d.Financing

Expenses

When you have bad, but highly urgent, news for a team, it is best to communicate this through:

Face-To-Face Communication

True of False: Ethics is defined the same by all people and companies.

False

True of False: When using equity financing, you are required to pay back any money received.

False

True or False: A Variable Cost is not generally expected to change with the level of production.

False

True or False: A non-profit business is an organization that does not make a profit.

False

True or False: A price skimming strategy is when the company offers new products at low prices in the hope of achieving a large sales volume.

False

True or False: A product or service can effectively promote its product as high quality, low price, and best service.

False

True or False: About 3 out of 4 US companies are considered small businesses (under 500 workers).

False

True or False: All small business owners are entrepreneurs.

False

True or False: All unethical actions are illegal.

False

True or False: An ethical dilemma is a situation when an individual makes a decision that is unethical.

False

True or False: As manufacturing continued to improve, specialization was a way of allocating machinery to specific uses in the manufacturing process.

False

True or False: As part of the 4Ps, PLACE describes where product will be inventoried.

False

True or False: Because CSR policies often require valuable company resources, they are considered to be harmful for companies.

False

True or False: Contracts between two parties for illegal activities, if it is signed and notarized by both parties, is enforceable in court.

False

True or False: Employers are not legally obligated to keep their employees safe at all times while at the workplace.

False

True or False: Ethical decisions are always clear and obvious.

False

True or False: Financial Accounting is for internal stakeholders while Managerial Accounting is for external stakeholders:

False

True or False: For a goal to be set effectively by management, it should be specific, measurable, actionable, recognizable and timed.

False

True or False: GDP stands for "Gradual Domestic Production."

False

True or False: Hierarchy determines the informal, position-based lines through which all communications are undertaken.

False

True or False: In "tall" organizational structures, the span of control is wide, meaning one manager supervises many employees.

False

True or False: Logistics encompasses manufacturing and procurement with a broad focus, involving multiple enterprises, including suppliers, manufacturers, and retailers, working together to meet a customer's need for a product or service.

False

True or False: Marketing can be boiled down to advertising and selling stuff.

False

True or False: Penetration pricing is the practice of introducing a new product on the market with a high price and then lowering the price over time.

False

True or False: Strengths and weaknesses typically refer to elements of a product/service and its features, while threats and opportunities refer to external factors of a business.

False

True or False: Supply Chain Management is primarily focused on how products are delivered to the end consumer.

False

True or False: The Income Statement summarizes the financial position of a company at a specific point in time.

False

True or False: The profession of marketing really only applies to for-profit organizations.

False

True or False: The purpose of a vision and mission statement is to provide value to shareholders.

False

True or False: Top management, and NOT HR managers, are responsible for researching and conforming to laws and regulations around hiring, maintaining and terminating employees.

False

True or False: When leadership is exhibited without an official position, it is known as effective leadership.

False

True or False: When using debt financing, business owners share some percentage of a company with lenders.

False

Which of the following represents an opportunity posed by a rapidly aging population? (choose the best answer)

Fields like recreation and financial management boom due to increased demand.

On a Cash Flow Statement, where are cash flows in and our for ongoing, regular business functions reported? a.Investments b.Financing c.Operations * d.None of these

Financing

When an organization acquires a new loan or new investor. the cash into the business is listed where on a Cash Flow Statement? a.Financing b.Investments c.Operations d.None of these

Financing

Which of the following will most likely occur when the baby-boom generation retires (choose the best answer)?

Finding and holding the best talent will become a crucial competitive advantage.

In order to encourage ethical conduct in an organization, organizational leaders should do all of the following, EXCEPT: a.Train employees b.Fire anyone who does something wrong c.Establish a formal Code of Ethics d.Do the right thing e.Lead by example

Fire anyone who does something wrong

Utilitarianism focuses the consequences of an action taken by a person or organization that: a.results in the greatest amount of profit b.hurts the most people c.provides the greatest good to the person taking the action d.generates the greatest good for the greatest number of people e.disrupts the organization in which it was made

Generates the greatest good for all the greatest number of people

An Profit and Loss Statement includes which of the following: a.Gross Margins and Net Income/Loss * b.Cash Flows In and Cash Flows Out c.Assets, Liability, Equity d.None of the above

Gross Margins and Net Income/Loss

Which of the following is an example of a SMART goal: a.Focus on delivering value to our stakeholders b.Increase revenue by 20% by the end of December 2025 c.Establish our brand as the highest quality option to our customers

Increase revenue by 20% by the end of December 2025

Which of the following best defines free trade? (choose the best answer)

It is the global movement designed to help goods and services flow freely across international boundaries.

Which of the following is true of the impact of digital technology on business (choose the best answer)?

It provides a significant advantage to companies that welcome change and manage it well.

Which of the following is true of entrepreneurship? (choose the best answer) a.It is unaffected by excess financial regulations. b.It relies on economic freedom as a key ingredient. c.It thrives even in harsh environments that do not support them. d.It slows down an economy by decreasing opportunities.

It relies on economic freedom as a key ingredient.

Which of the following types of leadership styles is most associated with a very hands-off approach, allowing employees to make decisions on their own?

Laissez-faire

A manager hires his wife's young nephew instead of hiring a more qualified applicant. This is an example of: a.Conflict of Interest b.The way the world works c.Cronyism d.Nepotism

Nepotism

In which type of organizational structure is top management and authority is divided into specific departments of expertise? a.None of these b.Departmental c.Regional or Geographical d.By Customer e.By Product Line

None of these

The term "shareholder" describes which of the following people:

Owners

Per our class discussions, all of the following are consider a "P" of marketing EXCEPT: a.Performance b.Place * c.Promotion d.Product e.Price

Performance

All of the following are factors of an external environment, EXCEPT: a.Demographic b.Cultural c.Recruiting d.Political e.Legal

Recruiting

The primary categories of channel partners of distribution include all of the following EXCEPT: a.Reviewers of the product b.Users of the product c.Producers of the product d.Middlemen *

Reviewers of the product

All of the following describe Fixed Cost EXCEPT: a.Rise when a firm produces more goods or services b.Expected to be paid every month (or equivalent period) c.Do not generally change with level of productions

Rise when a firm produces more goods or services

An Inbound Logistics manager typically manages all of the following activities EXCEPT: a.Setting prices for customers b.Managing supplier relationships c.Negotiating material pricing d.Accessing raw materials * e.Arranging delivery of raw materials

Setting prices for customers

What is the current global population?

7.5 Billion

The following type of business owner is characterized as being a manager or person with technical expertise who might own a business and consciously decide to stay small. a.Small Business Owner b.Entrepreneur

Small Business Owner

All of the following are ways to break down an organizational chart (hierarchy) EXCEPT: a.Functional b.Regional or Geographical c.By Product Line d.Social e.By Customer

Social

The following economic system is characterized by basic industries owned by the government or by the private sector under strong government control

Socialism

An Outbound Logistics managers typically manages which of the following: a.Managing supplier relationships * b.Negotiating material pricing c.Storage and transportation d.Arranging delivery of raw materials e.Accessing raw materials

Storage and transportation

Leadership is about establishing a direction and influencing others to follow. Management is about:

Successfully administrating the details involved with the business's operations

In which type of organizations structure do only the top managers make decisions, whereas the lower-level managers are tasked with carrying out the directives.

Centralized

Which of the following describes an organizational structure where decision making is concentrated at the top of the organizations?

Centralized

The following are forms of business organization, EXCEPT: a.Dual Proprietorship b.Corporation c.Sole Proprietorship d.Limited Liability Company e.Partnership

Dual Proprietorship

All of the following are required elements of an enforceable contract, EXCEPT: a.Offer and Acceptance b.Consideration c.Duration d.Legality e.Legal Capacity (in the right state of mind)

Duration

Which type of leadership focuses on giving instructions and directions to group members to accomplish goals more effectively and efficiently? a.Employee-centered b.Company-centered c.Task-centered d.Relationship-centered e.People-centered

Task-Centered

According to "The World is Flat" and class discussions, what was the first major event that put the global economy onto a path of connectivity?

The Fall of Communism

In the early part of the 1900s, major businesses focused on: (choose the best answer)

refining the production process and creating greater efficiencies.

In SWOT, strengths refer to: a.The external aspects of an industry that offer the most promise. b.The benefits of a product or service that are most sought after c.The ability of a product or service to hold up under pressure d.The most beneficial internal capabilities of the company and its team

The most beneficial internal capabilities of the company and its team

Which of the following is the definition of Finance:

The study of how to optimally allocate assets

Which of the following is the definition of Finance: Select one: a.None of these b.A social science that analyzes the production, distribution, and consumption of goods and services c.The study of how to optimally allocate assets d.A practice of communicating a businesses' financial information

The study of how to optimally allocate assets

Which of the following is true of nonprofit organizations? (choose the best answer)

They focus primarily on contributing to the community.

All of the following are considered types of manufacturing production processes EXCEPT: a.Fixed position manufacturing * b.Continuous flow c.Throughput line d.Custom manufacturing e.Production line

Throughput line

All of the following are sources of income collected by the government, EXCEPT: a.Payroll Tax b.Tic Tax c.Corporate Tax d.Sales Tax e.Income Tax

Tic Tax

The primary objectives of advertising can include all of the following, EXCEPT: a.To persuade b.To inform c.To control d.To remind

To control

Which of the following was the major objective of the General Agreement on Tariffs and Trade? (choose the best answer)

To lower tariffs and promote free trade worldwide

True of False: A common purpose in an organization simply means unifying employees and helping them understand the company's direction

True

True of False: A vision statement is a statement of an organization's overarching aspirations of what it hopes to achieve or become.

True

True or False: "Fiscal Policy" describes the government's program of taxing and spending.

True

True or False: "Human Resources" refers to the economic contributions of people working with their minds and muscles.

True

True or False: A company can have a corporate social responsibility and still conduct business in an unethical manner.

True

True or False: A mission statement is a statement that describes what an organization needs to do now to achieve its vision.

True

True or False: A penetration pricing strategy is when the company offers new products at low prices in the hope of achieving a large sales volume.

True

True or False: Advertising is any paid form of communication from an identified sponsor or source that draws attention to ideas, goods, services or the sponsor itself.

True

True or False: All companies should have a product or service that solves a real problem or fills a need that is currently not being filled by another company.

True

True or False: As part of the 4Ps, PLACE describes the distribution strategy for a brand.

True

True or False: Branding is the practice of understanding how others see your company.

True

True or False: Bundling means grouping two or more related products together and pricing them as a single product.

True

True or False: Companies that engage in Direct foreign investment stand to receive the greatest potential reward but also face the greatest potential risk.

True

True or False: Corporate Social Responsibility is the policy of a company as it pertains to the concern for the welfare of society as a whole.

True

True or False: Division of Labor describes the degree to which a task is divided into separate jobs or departments in order to improve efficiency.

True

True or False: Employee-centered styles of leadership focus less on objective actions and more on building the relationships between themselves and their followers.

True

True or False: Entrepreneurship involves taking a risk, either to create a new business or to greatly change the scope and direction of an existing one.

True

True or False: Ethics is a set of moral standards for judging whether something is right or wrong.

True

True or False: Exports are goods and services made in one country and sold to others.

True

True or False: Finance is the language of business.

True

True or False: Finance is the practice of finding the best sources and best uses of funds for a business.

True

True or False: If an individual is at least 18 years old and of sound mind, that individual is LEGALLY bound by any contract he or she enters if that contract includes consideration (a trade of value) and is legal.

True

True or False: Imports are goods and services that are bought from other countries.

True

True or False: Intrapreneurs are employees of a company that share the same characteristics and traits of an entrepreneur.

True

True or False: Logistics is the management of the flow of things between the point of origin and the point of consumption in order to meet requirements of customers or corporations.

True

True or False: Logistics refers to activities within one company/organization related to the distribution of a product.

True

True or False: Management is about successfully administering the many complex details involved in a business's operations. Leadership is about establishing a direction and influencing others to follow.

True

True or False: Management is the process of planning, organizing, leading, and controlling people in the organization to effectively use resources to meet organizational goals.

True

True or False: Price can have a big impact on the perception of a brand.

True

True or False: Price skimming is the practice of introducing a new product on the market with a high price and then lowering the price over time.

True

True or False: Supply chain management encompasses manufacturing and procurement with a broad focus, involving multiple enterprises, including suppliers, manufacturers, and retailers, working together to meet a customer's need for a product or service.

True

True or False: Supply chain management refers to activities within one company/organization related to the distribution of a product.

True

True or False: The Balance Sheet summarizes the financial position of a company at a specific point in time.

True

True or False: The Income Statement summarizes the performance of operations over a given period of time.

True

True or False: The community in which an organization operates is considered one of the organization's stakeholders.

True

True or False: The goal of marketing is to influence perceptions and effect behaviors.

True

True or False: The number one goal for all businesses is to increase shareholder value.

True

True or False: The primary goal of a business is to increase shareholder value.

True

True or False: The primary purpose of any channel of distribution is to efficiently bridge the gap between the producer of a product and the user of it, whether the parties are located in the same community or in different countries thousands of miles apart.

True

True or False: The role of marketing is to identify, satisfy, and retain customers.

True

True or False: The type of promotional mix that focuses on where a product is found and assuring that it is available for customers is called push marketing.

True

True or False: When a promotion strategy focuses on educating customers and encouraging them to seek out their products or services, it is called pull marketing.

True

According to Edgar Schein, the key elements of an organization's structure include all of the following EXCEPT a.Division of labor b.Coordinated effort c.Common purpose d.Working toward profitability e.Hierarchy of authority

Working toward profitability

What is a disadvantage of being an entrepreneur?

You do not always receive a regular paycheck

When a country specializes in the products that it can produce most readily and cheaply and trade those products for goods that foreign countries can produce most readily and cheaply, that country is said to have: a.Absolute Advantage b.Trade Advantage c.Comparative Advantage d.Production Advantage

c.Comparative Advantage

All of the following are areas of business that marketing is responsible for EXCEPT: a.Informing design of the product b.Listening to the customers c.Determining weather forecasts d.Identifying customers, needs and how much value they place on those needs. e.Communicating with the customers

c.Determining weather forecasts

Per our discussion in class, MARKETING describes which of the following: a.How the company acts in public b.How others see the company c.How a company sees itself d.How a company makes a profit e.How a company distributes products

c.How a company sees itself

Per our discussion in class, BRANDING describes which of the following: a.How a company makes a profit b.How a company sees itself c.How others see the company d.How a company distributes products e.How the company acts in public

c.How others see the company

All of the following are elements of a SWOT analysis EXCEPT: a.Strengths b.Weaknesses c.Offers d.Threats

c.Offers

Which of the following groups of stakeholders have an interest in a business's finances: a.Managers b.Creditors c.Stockholders d.All of the these e.Employees

d.All of the these

A summary of a country's international financial transactions showing the difference between the country's total payments to and its total receipts from other countries is called what? a.Balance of Receipts b.Balance of Trade* c.None of these * d.Balance of Payments e.Balance of Surplus

d.Balance of Payments

All of the following are considerations when describing your product (as part of the 4Ps) EXCEPT: a.How it works b.What size it is c.What features it has d.How it is priced e.What it's called

d.How it is priced

Which of the following shows the organization's financial performance for a given period of time? a.None of these b.Balance Sheet c.Statement of Cash Flows* d.Income Statement e.Statement of Owners' Equity

d.Income Statement

What describes what an organization owes on a Balance Sheet? a.Equipment b.Investments c.Equity d.Liabilities e.Assets

d.Liabilities

If a company prices a product at or below cost to gain market share, this practice is called: a.Penetration pricing * b.Leader or loss-leader pricing c.Discount pricing d.Price skimming e.Revolving pricing

d.Price skimming

A Cash Flow Statement includes which of the following: a.None of the above b.Gross Margins and Net Income/Loss c.Assets, Liability, Equity d.Statement of Money In and Money Out

d.Statement of Money In and Money Out

Brand is how the market sees a company. A branding strategy should therefore include all of the following considerations EXCEPT: a.Values of the company b.Voice of the company c.Vision of the company d.Vanity of the company

d.Vanity of the company

True or False: The type of promotional mix that focuses on where a product is found and assuring that it is available for customers is called pull marketing.

false

The physical, intellectual, and creative contributions of people represent a ________ factor of production. (choose the best answer)

human resources

During the ________ era, factories replaced previously abundant artisan workshops.

industrial revolution

Calling a service center for assistance may result in your being connected to a foreign country even though you do not realize it. This is most likely a result of : (choose the best answer)

the willingness of workers in other countries to work for cheaper rates

Which of the following is considered traits of a successful entrepreneurs? a.Creative b.Risk Takers c.Ambitious d.Visionary e.All of the Above

All of the above

Employers are prohibited from discriminating against employees because of all of the following EXCEPT:

Ability to perform

Some of the negatives of specialization include all of the following EXCEPT: a.Longer time to qualify for managerial positions b.Fewer job improvements c.Employee dissatisfaction due to repetitive tasks d.Additional hours and overtime e.Limits in the agility of the workforce

Additional hours and overtime

All of the following are characteristics of owning a franchise, EXCEPT: a.All of these b.Expensive to start c.Limited control and freedom d.Geographic limitations e.Royalty payments

All of these

All of the following are characteristics of owning a franchise, EXCEPT: a.Geographic limitations b.All of these c.Limited control and freedom d.Expensive to start e.Royalty payments

All of these

All of the following are processes in the Strategy Cycle EXCEPT: a.Implement Strategies b.Analyze Profitability c.Vision and Mission d.Develop Objectives e.Measure and Evaluate Performance

Analyze Profitability

Individual investors or groups of experienced investors who provide financing for startup businesses by investing their own money are called: a.Tony the Enforcer b.Investment bankers c.Venture capitalists d.Institutional investors e.Angel investors

Angle Investors

Which of the following types of leadership styles is most associated with making decisions without significant employee involvement in the process?

Autocratic

Which of the following characterized the business period known as the entrepreneurship era (choose the best answer)?

Business titans created enormous wealth and dominated their markets.

Which of the following is most likely to be true of most American businesses today? (choose the best answer)

Businesses are focused on what the customer wants.

A system of moral principles or rules of conduct relating to human behavior are called:

Code of Ethics

Almost all supply chains have the following elements in common EXCEPT: a.Inventory b.Customers c.Transportation d.Consumer satisfaction e.Purchasing *

Consumer satisfaction

All of the following are skills associated with leadership EXCEPT: a.Vision b.Creating c.Innovating d.Influencing e.Controlling

Controlling

CSR stands for:

Corporate Social Responsibility

During the inventory activity in class, all of the following companies were represented EXCEPT: a.Cross Sellers b.Wholesalers c.Retailers d.Suppliers e.Manufacturers

Cross seller

The largest expenditure by the US government (Fiscal Policy) is:

Entitlements (Social Security and Medicare)

The following type of business owner is characterized as someone who takes more risks in order to grow and build a large company. a.Entrepreneur b.Small Business Owner

Entrepreneur

All of the following are considered factors of production to all productive activity, EXCEPT: a.Labor (human resources) b.Capital c.Natural Resources d.Entrepreneurship e.Equipment

Equipment

What describes what an organization is worth on a Balance Sheet? a.Debt b.Equity c.Investments d.Assets e.Liabilities

Equity

All of the following are characteristics of a sole proprietorship or partnership, EXCEPT: a.Tax benefits b.Limited liability c.Easy to maintain d.Easy to form

Limited Liability

Treating employees ethically means the company is likely to this kind of employee turnover (employee's leaving)?

Low

Marketing is a set of activities related to all of the following EXCEPT: a.Communicating b.Delivering c.Managing revenue d.Exchanging offerings e.Creating

Managing Revenue

All of the following are elements of a SMART goal EXCEPT: a.Specific b.Relevant c.Timed d.Achievable e.Marketable

Marketable

Which of the following economic subareas focuses on individual parts of the economy, such as households or firms?

Microeconomics

Which of the following type of entrepreneur is characterized by someone who starts many businesses? a.Multipreneurs or Serial Entrepreneur b.Intrapreneur c.Classic Entrepreneur d.None of the Above e.Multipreneurs

Multipreneurs or Serial Entrepreneur

All of the following are considered important "flows" in the complete channel flow of distribution EXCEPT: a.Promotion flow b.Information flow c.Negotiation flow d.Product flow e.Natural flow

Natural FLow

All of the following are elements of a marketing strategy EXCEPT: a.Place * b.Platform c.Promotion d.Product e.Price

Platform

Corporate philanthropy is the practice of a company to fulfill their corporate social responsibility commitments through all of the following, EXCEPT: a.Support for company volunteers b.Donations c.Cash contributions d.Political campaign contributions

Political campaign contributions

Risk, as it is described in the text, is:

Potential to lose time and money

The strategy of raising the price of a product so consumers will perceive it as being higher quality, status, or value is called: .a. Over pricing b.Maximum pricing c.Status pricing d.Skim pricing e.Prestige pricing

Prestige pricing

All of the following are examples of pricing strategies, EXCEPT: a.Price skimming b.Loss leader pricing * c.Penetration pricing d.Price substituting e.Leader pricing

Price Substitution

All of the following are considered financing options EXCEPT: a.Trade credit b.Banks c.Printing money d.Factoring e.Relatives

Printing Money

All of the following are tiers in the Pyramid of Corporate Social Responsibility, EXCEPT: a.Legal responsibilities b.Economic responsibilities c.Philanthropic responsibilities d.Ethical responsibilities e.Profit responsibilities

Profit responsibilities

When a promotion strategy focuses on educating customers and encouraging them to seek out their products or services, it is called: a.Promotion marketing b.Influence marketing * c.Push marketing d.Pull marketing e.Advertising

Pull Marketing

According to the text, management is a process of all of the following tasks meant to meet organizational goals EXCEPT: a.Leading b.Controlling c.Organizing d.Planning e.Purchasing

Purchasing

The top three largest countries as measured by GDP are:

USA, China, Japan

All of the following are characteristics of a corporation, EXCEPT: a.Difficult to form and maintain b.Tranfernsability c.Unlimited liability d.Double taxation

Unlimited Liability

All of the following are characteristics of a corporation, EXCEPT: a.Double taxation b.Unlimited liability c.Difficult to form and maintain d.Tranfernsability

Unlimited Liability

The relationship between the price of a good or a service and the benefits that it offers its customers is known as ________ (choose the best answer):

Value

Investment firms that specialize in financing small, high-growth companies are called: a.Venture capital b.Grandma and Grandpa c.Investment banks d.Angel investors e.Private equity

Venture Capital

All of the following are skills associated with management EXCEPT: a.Controlling b.Vision c.Organizing d.Planning e.Maintaining

Vision

A target market is:

a group of consumers at which a product/services is aimed

Having a diverse workforce in a company is: (choose the best answer)

a way to let customers see themselves reflected in the company.

Which of the following is considered a means of participating in the global marketplaces? a.All of these b.Joint ventures c.Licensing and Franchising d.Exporting e.Direct foreign investment

a.All of these

A "stakeholder" describes which of the following: a.Anyone with a vested interest in a company b.A specific market niche c.A utensil for holding steak d.Anything in a company that has value e.Working capital

a.Anyone with a vested interest in a company

A Balance Sheet includes which of the following: a.Assets, Liability, Equity b.None of the above c.Cash Flows In and Cash Flows Out d.Gross Margins and Net Income/Loss

a.Assets, Liability, Equity

The difference between the value of a country's exports and the value of its imports during a specific time is called what? a.Balance of Trade b.Balance of Exports and Imports * c.None of these d.Trade Surplus e.Trade Deficit

a.Balance of Trade

All of the following are forms of global economic systems, EXCEPT: a.Egalitarianism b.Capitalism c.Mixed Economy d.Socialism

a.Egalitarianism

All of the following are benefits of having a company-wide effective communication strategy EXCEPT: a.Enacting processes and protocols b.Defining expectations c.Creating commitment d.Providing clarity e.Building relationships

a.Enacting processes and protocols

Which of these factors is not a part of the business's external environment? a.Managerial factors b.Legal Factors c.Technology factors d.Economic factors

a.Managerial factors

Which of the following type of entrepreneur is characterized by someone who starts many businesses? a.Multipreneurs or Serial Entrepreneur b.Classic Entrepreneur c.Multipreneurs d.None of the Above e.Intrapreneur

a.Multipreneurs or Serial Entrepreneur

All of the following are considered standard financial statements EXCEPT: a.Statement of Balance Accounts b.Income Statement c.Balance Sheet d.Statement of Cash Flows *

a.Statement of Balance Accounts

The two reasons time is important to finance is: a.Time Value of Money and Risk b.Return on Investment and Risk c.Risk and Return * d.Interest and Risk e.Time Value of Money and Interest

a.Time Value of Money and Risk

When a country can produce and sell a product at a lower cost than any other country or when it is the only country that can provide a product, it is called: a.Comparative Advantage b.Absolute Advantage c.Production Advantage * d.Trade Advantage

b.Absolute Advantage

Management can be approached as either: a.None of these b.Allocating resources or complying with legal responsibilities c.Forming an organization d.People or a process

b.Allocating resources or complying with legal responsibilities

In SWOT, threats refer to: a.Internal challenges that could hinder growth b.External challenges that are out of the control of management c.Product features that could pose a threat to scaling the company d.Verbal warnings to employees

b.External challenges that are out of the control of management

All of the following are considered stakeholders in a company, EXCEPT: a.Vendors b.Foreign governments c.Customers d.Employees e.Shareholders

b.Foreign governments

All of the following are elements of a business plan, EXCEPT: a.Company Overview b.Headquarter Plan c.Marketing Plan d.Finance Plan e.Vision and Mission f.Executive Summary

b.Headquarter Plan

All of the following are considered advantages of globalization EXCEPT: a.Increased productivity b.Isolationism c.Higher quality, lower prices d.Infusion of foreign capital e.Shared information

b.Isolationism

All of the following are characteristics of Managerial Accounting EXCEPT: a.Typically for internal stakeholders b.Limited to a standard set of statements c.Includes financial and non-financial information d.Past and forward looking e.Not GAAP compliant *

b.Limited to a standard set of statements

In which type of organizational structure is top management and authority is divided into specific departments of expertise? a.Departmental b.None of these c.Regional or Geographical d.By Product Line e.By Customer

b.None of these

All of the following are characteristics of Financial Accounting EXCEPT: a.Past looking b.Not GAAP compliant c.Often for external stakeholders d.Standard set of documents e.Exclusively financial information

b.Not GAAP compliant

Corporate philanthropy is the practice of a company to fulfill their corporate social responsibility commitments through all of the following, EXCEPT: a.Donations b.Political campaign contributions c.Cash contributions d.Support for company volunteers

b.Political campaign contributions

The three criteria an effective marketing campaign can focus on include all of the following EXCEPT: a.Service * b.Value c.Price d.Quality

b.Value

The three summaries on a Cash Flow Statement include: a.Gross Margin and Net Income b.Assets, Liabilities, Equity * c.Operations, Investing, Financing d.None of the above

c. Operations, Investing, Financing

All of the following are functions of a human resource specialist EXCEPT: a.Training and development* b.Safety and health * c.Vision and mission d.Recruiting and hiring e.Negotiation and termination

c.Vision and mission

In finance, Working Capital is used for: a.Settling payroll and other expenses b.Inventory c.Immediate short term obligations d.Major long term investments e.All of these

e.All of these

All of the following are considered benefits of debt financing EXCEPT: a.No additional shareholders added b.Interest is deductible c.No shared interest in the business d.Typically a quick approval e.Does not need to be paid back

e.Does not need to be paid back

All of the following are generally accepted as being unethical business activities, EXCEPT: a.Engaging in a conflict of interest b.Abusing power c.Hiding or misrepresenting information d.Saying things that are not true e.Focusing on a specific niche

e.Focusing on a specific niche

Per our discussion in class, ADVERTISING describes which of the following: a.How a company sees itself b.How others see the company c.How a company distributes products d.How a company makes a profit e.How the company acts in public

e.How the company acts in public

Which one of the following is NOT a global "flattener" as described by Thomas Friedman?

free trade

Utilitarianism focuses the consequences of an action taken by a person or organization that:

generates the greatest good for the greatest number of people

As a factor of production, capital is best described as the ___________ (choose the best answer):

synthetic resources a business needs to produce goods or services.

True or False: Channel of distribution is a set of interdependent organizations involved in the process of making a product or service available for use or consumption, as well as providing a payment mechanism for the provider.

true

True or False: Companies pay taxes in order to have employees.

true

True or False: Currency markets operate under a system called floating exchange rates.

true