Final Intro to Business EHS

Suppose Apple builds a plant in Taiwan and and agrees to take 30% of the plant's output as partial payment for the contract. This is called:

Buyback

A statistic that reports the status of the economy a few months in the past is known as what?

a lagging indicator

Organizational ethics is how an organization ethically responds to an internal or external _________.

stimulus

The reasoning behind the creation of the Euro can best be explains as a means to:

Integrate the European countries

A corporation can be forced to shut down by the government if:

It breaks the law

Navigating government regulations is one of the primary advantages of owning a sole proprietorship since

sole proprietorships do not have to pay corporate taxes.

Which of the following best describes the relationship between a firm and the consumer in a market economy?

A firm survives by producing goods that consumers are willing and able to buy.

A business proposal, inquiry, agreement, or professional recommendation would best be delivered via which of the following communication channels?

A letter

Which of the following is NOT true of a sole proprietorship?

A sole proprietor may only use his or her legal name for the business.

Which of the following does transparency imply?

All of these answers

New technologies are allowing more women and young people to start businesses. This is mainly because

All of these answers.

When using humor to begin a speech, speakers should avoid doing which of the following?

All of these answers.

In which of the following cases would it be most appropriate for an organization to use jargon in its corporate messaging?

An internal memo for employees

The theory of competitive advantage can best be explained as suggesting that:

Businesses create high-quality goods to sell at high prices in the market

Assuming you were the CEO of a company with 72 shareholders, offering only common stock. This company would likely fall under which of the four categories of corporations?

S corporation

Complete the following sentence. Tariffs, as they relate to global trade, are:

Taxes on imports

Which of the following is an example of impartial language?

The award-winning author is noted for being the recipient of the Nobel Prize for Literature.

A measure of the benefit that an economic actor can gain from either a good or service is __________.

economic value

Effective organization promotes a high level of _______.

efficiency

Which of the following would NOT be considered an external stakeholder?

employees

When choosing what and how to write to a target audience, an organization's first goal should be

ensuring that readers grasp the messaging quickly and accurately.

Which of the following is NOT one of the pillars of democratic capitalism?

government regulation

A private or public corporate entity in which an existing government owns a stake through a holding company is referred to as a

government-linked company.

An organization continuing to meet an employee's expectations of fairness creates a reciprocal relationship between organizational justice and _______.

trust

What event occurred alongside the development of industrial capitalism in 19th Century Britain?

universal adult male suffrage

A technique that uses bias-free language can be best described as

using messaging that is free from gender, race, age, and disability bias.

What technological development has allowed individuals to meet "face-to-face" over the Internet and have discussions related to a project they are working on together?

videoconferencing

The ethical argument against international trade can best be explained as an increase in international trade leading to:

A disproportionate advantage to capital owners

What is the process managers use to transfer authority and responsibility to positions below them?

delegation

An extemporaneous speech sounds spontaneous because the presenter is

delivering the speech from a prepared outline.

Which is the following is NOT an acceptable use of surplus revenues generated by a non-profit?

distribution to shareholders

To be eligible for S corporation status, a corporation must have no more than

100 shareholders.

In the U.S. economy, employment generated by franchised businesses grew by what percentage between 2001 and 2005?

12.6%

Which of the following statements about business divisions is NOT true?

A corporation is not responsible for all its divisions

Which of the following is NOT true about cooperatives?

Co-ops only exist in agriculture

Which of the following is NOT a benefit of contract manufacturing?

Complete control of production

Which of the following occurs when productivity decreases and production volume increases, or vice versa?

Diminishing returns

Assuming the US is efficient in growing corn and therefore sells is to other countries. We call this:

Exporting

Entrepreneurs can increase their odds of success by avoiding which of the following drawbacks when starting a small business?

Failing to set aside cash reserves that can be used during economic downturns

Which of the following makes it difficult for franchisors to control the activities of franchisees?

Franchisees and franchisors are often separated by geography.

Economic growth is conventionally measured as the percentage rate of increase in what economic measure?

GDP

How does a country improve its welfare through imports?

Importing high quality goods at a lower cost

When we say that growth is calculated in real terms, what do we mean?

It is adjusted for inflation.

Which of the following is NOT true about NAFTA?

NAFTA helps the US, but harms Mexico

Which of the following is NOT true regarding the legal aspects of nonprofit organizations?

Non-for-profit organizations are not required to have board members or steering committee members.

Successful small business owners often need a high level of _______, due to the high likelihood of drawbacks and failure.

Perseverance

The Franchisee Payments portion of a franchise agreement typically covers which of the following?

Renewal and transfer fees

Which of the following characteristics is NOT conducive with entrepreneurial drive?

Risk aversity

Which of the following best describes when the passive voice should be used in business writing?

To hide the identity of the subject or person

Metaphor is a rhetorical device best used for which of the following?

To link one idea to an existing idea

Which of the following is a primary advantage of using transparencies in business presentations?

Transparencies allow speakers to write while talking toward the crowd.

Which of the following is an example of external financing?

Venture capital investing

Which demographic has seen a great deal of recent growth in entrepreneurial areas?

Women

What is a short-term and quite rare occurrence in one's business experience?

an ethical lapse

In the U.S., what has spurred a freewheeling expansion of new types of investments that helped fuel a vast increase in international finance and commerce?

economic deregulation

Which of the following occurs when real GDP declines and unemployment rises?

a contraction

Which of the following would NOT be an associated negative faced by a business that is focused on cheating the customer?

a desirable reputation in the community

What is social responsibility?

all of these answers

Small businesses often face a variety of problems related to their size because they

are often vulnerable to undercapitalization.

Melissa is in the middle of delivering a sales presentation to her company. She notices that some of the listeners look confused. Before moving on with the rest of her presentation, Melissa should

ask the audience if they understand her message before moving on to the next point.

What term has been used by some as a synonym for competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance?

capitalism

What is the process in which a government dictates which goods or services are produced, how they are produced, and who will receive them?

central planning

The amount of franchise or capital values tax limited liability companies must pay is based on

company revenues.

What attempts to deal with the potential of mergers and acquisitions to lead to market dominance?

competition law

The question and answer (Q&A) format is most successful in business writing when it employs a

conversational tone.

In response to economic conditions, employment in small businesses

declines when the economy is doing well and increases when the economy struggles.

The difference between a firm's total revenue and all costs represents ________.

economic profit

One of the factors driving home-based franchising is that

home-based franchisees with little financial resources can use their home as their business space.

Which of the following can be thought of as the fairness that can be promoted by providing explanations for decisions and delivering news with sensitivity and respect?

interactional justice

IT is changing the basis of business from labor and manual skills to _________.

knowledge management

Economists usually emphasize the degree to which government does not have control over markets in a capitalist system - what is a term for this concept?

laissez faire

An organization where the liability of the business owners is limited to the full, paid-up value of the share capital is referred to as a

limited liability.

What type of companies do individuals tend to want to work for?

ones in which ethical dilemmas are minimized

Stakeholder theorists believe that______.

people outside of the business enterprise (e.g., consumers) ought to have a say in how the business operates

Which of the following is a form of abuse that can arise due to dominance in market share?

price exploitation

Free enterprise is based solely on what as the means of production?

private ownership

Which of Andrew Carnegie's business principles advocates that the rich hold their money "in trust" for the rest of society, using it for any purpose society deems appropriate?

stewardship

Which approach to calculating GDP works on the principle that the incomes of the productive factors must be equal to the value of their products?

the income approach

In a sole proprietorship, there is no legal distinction between:

the owner and the business.

What does open communication allow?

the possibility of self correction and group problem solving

Which approach to calculating GDP involves summing the outputs of every class of enterprise?

the product approach

To determine the tone of a letter, memo, proposal, or other business communication, the writer must consider

the purpose of the communication.

How are stakeholders contributing to the heightened motivation for corporations to become more socially responsible?

they expect corporations to understand and address social issues relevant to the stakeholders

The Bogor Goals adopted in 1994 called for:

All of these answers

The World bank incorporates which of these studies in fighting poverty of developing countries?

All of these answers

According to Adam Smith, the party which can produce more of a good or service than competitors while using the same amount of resources, is said to have:

Absolute advantage

A company might put money in FDI because:

All of these answers

In order to be a successful joint venture, both parties must be equally invested in a project in terms of:

All of these answers

Tariffs are often viewed by economists to be bad for overall welfare because:

All of these answers

Industries with a high concentration of small businesses generally require

little investment capital up front.

Government regulation includes controls on all of the following EXCEPT _______.

market failures

Which of the following is necessary to identify market needs that can and should be met?

market research

Which of the following is NOT a way that companies can demonstrate social responsibility?

maximizing profits

Which of the following is a useful indicator of the outlook for future jobs?

new claims for unemployment insurance

According to recent studies, presentation programs reinforced with proper formatting and use of visuals help participants

reach decisions and consensus in less time.

Businesses are more willing to sell a product when the price ________ and less willing to sell it when the price _________.

rises; falls

Businesses can avoid miscommunication due to lack of trust by

sharing information, communicating openly and honestly, and involving others in decisions.

Which of the following is a method used to organize, create and manage a social venture to achieve a desired social change?

social entrepreneurship

In which of the following areas do nonprofits NOT play a role?

stock exchanges

The market facilitates _______.

trade