intro to business ch1 quiz study

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As​ president-elect of the board of directors of a global​ not-for-profit, you have been tasked with creating a performance appraisal policy so that the board can assess the effectiveness of upper management. Which would be your BEST​ choice?

360-degree-feedback

In​ Guadalajara, Mexico, Mercado Libertad-San Juan de Dios is a​ vast, crowded, bustling array of booths and vendors selling everything from shoes and fruit to saddles and motorbikes. In a larger​ sense, the entire economy of Mexico is much like Mercado Libertad-San Juan de​ Dios, with people buying and selling constantly. Both of these are examples of​ ____________.

A Market

​________provides the applicant with a actual picture of what it would be like performing the job the organization is trying to fill.

A Realistic Job Preview​ (RJP)

Which of the following BEST describes a conflict of​ interest? A. An employee engaging in an activity that may benefit that individual to the detriment of his or her employer B. A company engaging in practices that conflict with government regulations C. Two companies competing for the business of the same customer D. People on different sides of an issue agreeing to disagree E. Parties engaging in an activity that does not equally benefit all parties

A. An employee engaging in an activity that may benefit that individual to the detriment of his or her employer

Which of the following BEST describes the term economic system​? A. A​ nation's system for allocating resources among its citizens B. The system for controlling the size of the​ nation's money supply C. The total value of all goods and services produced by a national economy within a given period D. A​ nation's policy to smooth out fluctuations in output and unemployment and to stabilize prices E. The value of all of the products a nation exports minus the economic value of its imported products

A. A​ nation's system for allocating resources among its citizens

Which of the following is the BEST description of the law of​ demand? A. The quantity demanded increases as the price decreases. B. Supply decreases as the demand increases. C. The quantity demanded decreases as the price decreases. D. Demand is unrelated to fluctuations in supply. E. The quantity demanded increases as the price increases.

A. The quantity demanded increases as the price decreases.

On a PERT​ chart, an arrow from​ "Activity D" to​ "Activity E" indicates that​ _______.

Activity D must be completed before Activity E can start

According to expectancy​ theory, an employee is likely to ask which of the following questions before deciding to exert maximum effort toward completing a​ task?

Am I likely to receive the reward if I perform​ well? Your answer is correct.

​_______ enables managers to transform data into information and​ collect, process, and transmit that information for use in decision making.

An information system​ (IS)

Which of the following would be characterized as an individual factor that serves as a leadership​ neutralizer?

Ana has more experience in electrical engineering than her​ supervisor, along with an advanced degree in her field.

A manager must decide whether a particular course of action is ethical. What is the SECOND step the manager should take in reaching this​ decision?

Analyze the facts to determine the most appropriate moral values.

Charismatic leadership is based on the​ leader's interpersonal attraction that inspires support and acceptance. Charismatic leaders have confidence in their beliefs and ideals and a strong need to influence people. To become a charismatic​ leader, which of the following talents would you​ choose?

Articulating and promoting a compelling vision

Marianne wants to fill a new position in the firm with an internal candidate. Which of the following methods would she MOST likely to use in order to do​ so?

Asking managers to recommend employees

Marco has asked you to help him bring to market an idea he has for a service business that compiles data for homeowners on basic​ services, and then helps them schedule the best services at the best prices. He defined the value package and then prototyped the​ service, testing it out on a small scale in one urban area in the Northwest. Which of the following activities would you advise him to add to his development​ process?

Business analysis

How does a firewall prevent unauthorized access to a computer​ system?

By filtering incoming data by applying a security policy and using a router to control where data goes

Which of the following organizations is MOST LIKELY to be a​ for-profit business? A. St.​ Jude's Children's Hospital B. The Internal Revenue Service C. Ford Motor Company Your answer is correct. D. University of Illinois E. Khan Academy

C. Ford Motor Company

Ali gets a bank loan in order to purchase new lifts for his automotive repair business. In terms of the factors of​ production, how would this bank loan be​ characterized?

Capital

Which of the following is NOT one of the elements of a private enterprise​ system?

Capital

Which of the following groups or individuals would NOT be considered an organizational​ stakeholder?

Competitors

Which​ "Big Five" personality trait would characterize an​ individual's attention to​ detail, organization, and​ self-discipline?

Conscientiousness

Which of the following indices measures inflation by examining changes in the prices of typical products purchased by consumers living in urban​ areas?

Consumer price index​ (CPI)

Which of the following BEST describes the difference between data and​ information?

Data are raw facts or​ figures; information is the interpretation of that data.

​_______ is the application of electronic technologies for​ searching, sifting, and reorganizing pools of data to uncover useful information.

Data mining

Tobacco companies are legally required to include product warnings and to limit advertising to prescribed media.​ Domestically, they follow these​ rules, but in some Asian and African​ countries, which​ don't have these​ rules, cigarettes are heavily promoted. What approach to social responsibility does this BEST​ demonstrate?

Defensive stance

Which of the following is deemed as the single MOST effective step an organization can take to encourage ethical behavior in the​ workplace?

Demonstrate top management support of ethical standards.

Annette buys a laptop computer from​ Apple.com, and the company ships the product to her home. Which type of distribution channel does this BEST​ describe?

Direct distribution

A manager who is examining an action or policy based on the ethical norm of utility would likely ask which of the following​ questions?

Does the action or policy optimize the benefits to those who are affected by​ it?

As the newly hired network administrator for a small​ business, you notice that the company is running a very old version of Microsoft Windows. Which is your BEST course of immediate​ action?

Download and install the most recent software update.

Which of the following is an advantage of a sole​ proprietorship?

Ease of formation

The Federal Reserve System suddenly raises the federal discount​ rate, resulting in significantly higher interest rates for consumers and businesses that want to purchase​ property, vehicles,​ machinery, or other items on credit. Which factor in the​ firm's external environment does this BEST​ reflect?

Economic environment

A manager who subscribes to Theory X management would believe which of the​ following?

Employees need close supervision and correction.

Which of the following is NOT a reason for speed to market​, the strategy of introducing new products to respond quickly to customer or market​ changes?

Encouraging challenges by new competitors

​________ assigns an​ e-mail message to a unique code number​ (digital fingerprint) for each computer so only that​ computer, not​ others, can open and read the message.

Encryption system software

Which of the following is an information system for organizing and managing a​ firm's activities across product​ lines, departments, and geographic​ locations?

Enterprise resource planning​ (ERP)

our company has entered into a​ five-year lease for a building for your​ business, but it now looks as if it will cost up to half a million dollars to bring the facility up to code and to your operating standards. Rather than attempting to break the lease and find a better​ location, the facilities committee is focusing on trying to salvage this​ deal, even though it looks like a bad decision. Which is the MOST LIKELY behavioral aspect you are​ facing?

Escalation of commitment

In​ 2016, the citizens of the United​ Kingdom, one of the most important members of​ the____________, voted to withdraw from the group.

European Union (EU)

Christina has been shopping for a new car for several weeks. She narrowed her selection down to a few​ models, and has been doing extensive research on the Internet to determine which car would be the best match for her in terms of​ price, gas​ mileage, features, and so on. Which stage of the consumer buying process does this BEST​ represent?

Evaluation of alternatives

Xin would like to be promoted to shift​ supervisor, but he knows​ that, without a college​ degree, he​ won't even be considered as a candidate. As a​ result, he sometimes slacks in his​ performance, knowing that a promotion​ isn't a possibility.​ Xin's lack of motivation could BEST be described by which theory of​ motivation?

Expectancy theory

Participants in a marketing research study are given a sum of money to purchase products in a simulated store. Researchers then change the shelf location of the product to determine what effect it has on sales volume. What form of marketing research are the researchers​ using?

Experimentation

​_______ are​ manufacturer-owned stores that sell merchandise directly to the consumer without the use of one or more intermediaries.

Factory outlets

Which law sets a minimum wage and requires the payment of overtime rates for work in excess of 40 hours per​ week.?

Fair Labor Standards Act

One element of President​ Obama's platform was an overhaul of the U.S. tax system. He proposed cutting taxes for the middle class while raising taxes for both​ higher-income people and businesses. During President​ Trump's term, he lowered all​ taxes, although​ higher-income people and businesses saw the largest cuts. This is an example of the government exercising​ _______ policies.

Fiscal

Which of the following statements BEST explains the difference between fixed costs and variable​ costs?

Fixed costs must be paid regardless of production​ output; variable costs change depending on the volume produced or sold.

Which of the following would be considered a source of primary​ data?

Focus group interviews

Catherine is the manager of a hair salon. In order to increase​ sales, she decided to offer a customer discount on a haircut and color. At the end of the​ quarter, she reviews sales data to determine how successful her decision was. Which step in the rational​ decision-making process does this​ represent?

Following up and evaluating the results

For the renovation of an office​ building, a​ _______ shows progress to​ date, schedules for the remaining​ work, and steps that can be performed at the same time. Some steps must be completed before others can begin.

Gantt chart

Which of the following is an advantage of a partnership over a sole​ proprietorship?

Growth is possible through the addition of new talent and money.

Helen Rimm was 65 when a new interstate highway bypassed her restaurant in​ Jackson, North​ Dakota, driving it out of business. Rimm hit the road with a couple of pressure cookers and her​ now-famous blend of herbs and spices and spent almost a decade selling her process to restaurants by offering to cook their chicken for them.​ Rimm's eventual success was MOST LIKELY due to which basic factor of​ success?

Hard​ work, drive, and dedication

Which of the following is an example of a​ low-contact system?

Having your lawn cut by the​ neighbor's son

The company you work for crafts specialty fishing rods for sale across the country in​ high-end sporting goods stores. During economic​ downturns, when people have less disposable​ income, sales drop dramatically. Management has asked your advice on how to better handle the cyclical effects of the economy. Which of the following would be the BEST​ recommendation?

Increase product mix

Data, market​ forecasts, and specialized knowledge used by businesses would be considered which factor of​ production?

Information Resources

Which additional factor of production do economists now include in addition to the traditional factors of​ labor, capital,​ entrepreneurs, and physical​ resources?

Information resources

Which of the following is NOT an ethical concern for information​ technology?

Installing software updates

Which of the following questions would a manager ask if​ s/he were examining an action or policy based upon the ethical norm of​ justice?

Is this action consistent with what is generally considered to be​ "fair"?

Which of the following BEST describes the benefit of mass customization for an​ organization?

It allows companies to manufacture products in large​ volumes, but each item features the unique customer options.

Which of the following activities would be involved in the organizing function of​ management?

Janet makes a monthly schedule for staffing the restaurant that she manages

Karen a owns a small nursery. She hires a​ part-time employee to handle the bookkeeping activities. Which factor of production does​ Karen's employee​ represent?

Labor

Which of the following laws contains the National Emergency Strike​ provision, which allows the president of the United States to prevent or end a strike that endangers national​ security?

Labor-Management Relations​ Act/The Taft Hartley Act

Which of the following is a key element of customer relationship​ management?

Learn as much as possible about your customers so that you know what they want and will buy.

Which type of partnership acts much like a corporation in that it sells shares​ (partnership interests) to investors on public​ markets?

Limited partnership

​_______ networks are used to link computers in a relatively small geographic​ area, such as a single building or a group of buildings.

Local area

Many small businesses fail because of all of the following​ EXCEPT:

Market demand for the products or services provided

Which of the following is true of master limited​ partnerships?

Master limited partnerships sell partnership interests to investors on public markets like the New York Stock Exchange.

Which of the following is NOT a B2B​ market?

Mercantile market

Rolex Watches have lost some of their​ exclusiveness, and Rolex has been losing U.S. market share to BVLGARI and Tag Heuer. Based on this​ information, which degree of competition would BEST describe the luxury watch market in the United​ States?

Monopolistic competition

According to​ Herzberg's two-factor​ theory, which of the following would be MOST likely to result in a higher level of employee​ motivation?

Monthly employee recognition luncheons

The​ _______ strengthened unions by establishing union organization​ procedures, whereas the​ _______ limited union power and specified management rights during the organizing campaign.

National Labor Relations​ Act; Labor-Management Relations Act

Which of the following terms identifies the model explaining why countries engage in international​ trade?

National competitive advantage

In which of the following does the seller of a product or service have the MOST amount of control over the​ price?

Natural Monopoly

In​ 2012, Izhar​ Gafni, an Israeli mechanical engineer and a​ multi-disciplinary systems​ developer, invented a bicycle made completely from recycled​ materials, mainly cardboard. His plan was to sell the bikes for​ $20. He is also known for his development of the Automatic Pomegranate Peeling​ machine, a​ prize-winning invention recognized by the American Association of Engineers. What are the two MOST LIKELY attributes that make Izhar Gafni an​ entrepreneur?

Not afraid to take a risk and passion

Volkswagen was found guilty of knowingly and intentionally misreporting emissions data to make its automobiles look more environmentally friendly. Which approach to social responsibility would this BEST​ demonstrate?

Obstructionist stance

Which of the following approaches to social responsibility reflects the lowest degree of socially responsible​ practices?

Obstructionist stance

​"First lie, then​ deny" would be consistent with which approach to social​ responsibility?

Obstructionist stance

Which of the following pricing strategies uses price points to help create the impression in​ consumers' minds that the product is less expensive than it really​ is?

Odd-even pricing

​_______ arise(s) when there are multiple barriers to​ entry, making it hard for new competitors to break into the market.

Oligopolies

Farah makes it a practice to consult with her staff before making major decisions that affect the department. She believes it is important to consider their concerns and process their inputs. According to the path-goal ​theory, what type of leader behavior does Farah​ display?

Participative

BellStar Communications is a new provider of 3D satellite TV service. It offers an extremely low introductory price for the first 12 months because it wants to attract new customers and quickly garner market share. Which pricing strategy is it​ using?

Penetration pricing

​_______ refers to the activities needed to move products from an intermediary or a manufacturer to customers and includes warehousing and transportation operations.

Physical distribution

Which of the following is the BEST description of industrial​ goods?

Physical items used by companies to produce other goods or services

Which of the following BEST defines the economic systems of North​ Korea, Vietnam,​ Laos, Cuba, and the​ People's Republic of​ China, nations controlled by communist​ parties?

Planned Economy

​_______ is the process of establishing an easily identifiable product image in the minds of consumers by​ fixing, adapting, and communicating the nature of the product itself.

Positioning

​Muneko's cosmetic company was at the forefront of the move to ban animal testing. Her firm has adopted an aggressive energy conservation approach to​ manufacturing, and it actively participates in programs to reduce homelessness and to support the local food bank. Which of the following would BEST describe the​ company's approach to social​ responsibility?

Proactive stance

A nationwide​ fast-food restaurant is considering adding an innovative new item to its menu. It introduces the item at a few carefully selected restaurants that most accurately represent its test market and carefully evaluate​ consumers' reaction to it. Which stage of the product development process does this BEST​ represent?

Product testing and test marketing

A producer of camping​ gear, such as​ tents, sleeping​ bags, and camp​ stoves, has identified its target market as outdoor adventurers or enthusiasts. Which type of variable does this reflect in segmenting the​ market?

Psychographic

A company that adopts a​ _______ marketing strategy targets its promotional efforts toward consumers.

Pull

Which of the following BEST indicates that exchange rates are set so that the prices of similar products in different countries are about the​ same?

Purchasing power parity

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CHAPTER 9

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The delegation process involves which three​ elements?

Responsibility, authority, and accountability

Which of the following can be expected during the growth stage of the product life cycle​ (PLC)?

Revenues surpass costs and sales increase rapidly

Like many​ countries, the United States collects​ revenue, mostly in the form of​ taxes, and spends money on national​ defense, social​ programs, education, and a number of other public services.​ Historically, the government spends more than it​ collects, resulting in a budget deficit.​ _______ is the most common way for the government to make up for the shortfall.

Selling government bonds

In addition to your résumé and personal and professional​ references, which of the following would give a potential employer the BEST insight into your personal and professional​ life?

Social networks such as Facebook and LinkedIn

Under​ _______, the government owns and operates selected major industries such as​ transportation, communications, and​ banking, but smaller businesses are privately owned.

Socialism

Pascal is the sales manager of a large car dealership. He wants to increase sales significantly over the next​ quarter, and after talking with his staff and giving the matter some​ thought, he decides that offering a customer rebate on new vehicles is the best strategy to achieve this. What​ decision-making condition does this BEST​ describe?

State of uncertainty

What are the elements of a SWOT​ analysis?

Strengths, weaknesses,​ opportunities, threats

Which of the following BEST describes conceptual​ skills?

The ability to think​ creatively, understand complicated or abstract​ ideas, and see the​ "big picture"

Which of the following factors determines whether a product is characterized as a consumer good or an industrial​ good?

The end user of the product

Which of the following is the BEST description of​ leadership?

The processes and behaviors used to​ motivate, inspire, and influence​ others' behavior toward achievement of organizational goals

​______ is a series of stages in a​ product's commercial life.

The product life cycle

Due to ideal growing conditions in the Napa Valley and an overabundance of​ grapes, the price of Merlot wine decreases dramatically. Which of the following is likely to occur as a​ result?

The quantity demanded will increase.

Which of the following functions would be part of the leading function of​ management?

The sales manager of an automotive dealership holds a rally to familiarize the sales staff with the features of the new model year cars and get them enthused about selling them.

Which of the following statements about contingent workers is​ true?

The use of contingent workers is growing as employers seek to lower labor and benefits costs and increase workforce flexibility.

As the price of textbooks has​ increased, more and more students are renting​ textbooks, buying used textbooks​ online, or using the electronic version of the required course materials. The law of demand and supply suggests that the book sellers will raise prices to the point where supply and demand come into balance. What happens if the price of textbooks goes above this equilibrium​ point?

There will be a surplus of textbooks.

For which of the following purposes would a company use data​ mining?

To identify​ trends, patterns, and relationships among the data it has amassed

Employees in the United States are comfortable with​ commission- and​ incentive-based pay​ plans, whereas employees in Italy and Mexico prefer pay plans that are more​ predictable, like seniority pay. Which of​ Hofstede's cultural dimensions would explain this​ difference?

Uncertainty orientation

Which of the following statements BEST describes the current state of labor unions in the United​ States?

Union membership has declined significantly over the past 20 years.

​_______is legally required insurance for compensating workers injured on the job.

Workers' compensation insurance

Which of the following would be considered a​ high-contact service which would require the service provider to quickly adjust the service​ activities?

You get a manicure and add a pedicure when you arrive at the salon.

If you buy a single ticket to one performance of the Philharmonic Pops​ Series, you will pay​ $69. However, if you buy tickets to the entire​ series, tickets only cost​ $52. This is an example of​ _______.

a bundling strategy

An investigation into the Japanese television industry revealed the presence of associations between the major producers. The groups actively shared data and increased prices in the Japanese. This is an example of​ _______.

a cartel

​_______ exists in a file that attaches itself to a program and migrates from computer to computer as a shared program or as an​ e-mail attachment. It does not infect the system unless the user opens the contaminated file.

a computer virus

​Juan, a purchasing​ agent, is offered an​ all-expense paid trip to Paris by a supplier if he agrees to award a substantial contract to the supplier. Accepting the trip to Paris would constitute​ _______.

a conflict of interest

​_______ is a security system with special software or hardware devices designed to keep computers safe from hackers.

a firewall

When a US Airways flight crashed into the Hudson​ River, all members of the flight crew knew exactly what to​ do, without waiting for orders. As a result of their​ actions, a disaster was​ averted, and all passengers were rescued. This is an example of​ _______.

a leadership substitute

A formal assessment of how well—or how poorly—an employee is performing his or her job is referred to as​ _______.

a performance appraisal

A decision that has a​ "ready-made" solution because it has been evaluated and resolved in the past is known as​ _______.

a programmed decision

At Medical Center​ Hospital, the surgery department orders masks and gloves for employees every quarter or when the supply reaches the 25 percent level. This is an example of​ ______.

a programmed decision

You want to buy a can of Lysol spray​ disinfectant, but the grocery store shelves are empty. You buy the Clorox brand of spray disinfectant because it is the only one available This is an example of​ _______.

a substitute product

Cobalt is found in abundance in the Democratic Republic of Congo. Cobalt is used to make batteries for electric cars. Because 60 percent of the cobalt is produced in the Democratic Republic of​ Congo, this country would be said to have​ a(n) _______ advantage in the production of cobalt.

absolute

Apex Enterprises meticulously follows all laws and regulations and attempts to satisfy ethical​ requirements, but it does not address social or environmental issues unless it is persuaded to do so. This would suggest that the company has adopted​ a(n) _______ stance to social responsibility.

accommodative

A drawback of the functional structure is it makes​ ___________more difficult.

accountability

To satisfy local​ tastes, McDonald's sells wine in​ France, beer in​ Germany, gazpacho in​ Spain, and some vegetarian sandwiches in India. This is an example of​ _______.

adapting to customer needs

According to the steps in the control​ process, if performance varies each year against​ standards, managers should​ _______.

adjust performance or standards

During the 2020​ COVID-19 pandemic, some companies promoted their products in the context of the pandemic.​ AT&T promoted itself as way for people to stay in touch while social distancing. This is an example of​ _______.

advertising

You may like one of your​ classes, dislike​ another, and be indifferent toward a third. If the class you dislike is an​ elective, you may not be concerned about your grade. But if it is the first course in your chosen​ major, your reaction may cause anxiety. Which element of your attitude does this example best​ describe?

affect

Unlike​ wholesalers, _______ do not own the goods that they distribute to​ customers; rather, they serve as independent sales representatives.

agents and brokers

Midland Community College has a private computer network that can be accessed only by employees. It contains the​ college's policies and​ procedures, the employee​ handbook, internal job​ postings, confidential information about employee​ benefits, and other restricted information. This is an example of​ _______.

an intranet

When management and the union could not come to an agreement on the terms of the labor​ contract, they agreed to bring in a third party who heard both sides of the dispute and rendered a binding judgment. This process is referred to as​ _______.

arbitration

Nam recently started a real estate company with a unique way of presenting a menu of​ services, each with a fixed​ price, rather than using the traditional commission on sales price. His firm has grown to 21​ brokers, and he has plans to expand his model nationally. In applying for a​ loan, how should Nam BEST present his​ firm?

as a small business

Research on gender and leadership has shown one difference that has arisen in some cases is that women may be slightly more democratic in making​ decisions, whereas men have a tendency to be somewhat more​ ______.

autocratic

Most​ McDonald's and​ Dunkin' Donuts outlets are franchises operating under licenses issued by parent companies to local owners. One of the primary advantages of purchasing a franchise rather than starting a business from scratch is that a franchise offers​ _______.

a​ ready-made business model

A​ country's _______ is the flow of money into or out of a​ country, including the value of its imports and​ exports, money spent on​ tourism, foreign aid​ programs, and currency trading.

balance of payments

A​ country's ________is the total economic value of all the products that it exports minus the economic value of all the products that it imports.

balance of trade

Functional departmentalization is used to divide an organization​ _______.

based on a groups activities

Marketing research conducted by a consumer products producer reveals that some consumers buy toothpaste to whiten their​ teeth, whereas others buy it because it freshens their​ breath, makes their teeth less sensitive to heat​ and/or cold, or even because it has a certain flavor. If the company decided to segment the market based upon this​ data, it would be using​ _______ segmentation.

behavioral

The term operations​ (or production​) refers to all of the activities involved in producing​ _______.

both goods and services

A manager who discriminates against a member of a protected class in an employment decision such as​ hiring, firing,​ training, or promotion demonstrates​ _______ behavior.

both unethical and illegal

When a teacher in France was killed by a jihadist in 2020 for showing his students disrespectful cartoons of the the prophet​ Mohammed, the president of France spoke out against this terrorist act. In​ retaliation, the president of Turkey called these remarks Islamaphobic and called for a​ complete_______of all French products.

boycott

What company comes to mind when you think of getting a hamburger and fries​ quickly? For many​ people, McDonald's has the necessary​ _______.

brand awareness

The use of​ words, symbols, or designs to identify and differentiate a product from other products and communicate its qualities to buyers is known as​ _______.

branding

​_______ identifies the sales volume where total costs equal total revenues by assessing costs versus revenues at various sales volumes and​ showing, at any particular selling​ price, the amount of loss or profit for each volume of sales.

breakeven analysis

Ethical or unethical behaviors by employees and managers in the context of their jobs are referred to as​ _______.

business ethics

Walmart was not allowed to follow its normal practice of refunding price differences on items sold for less by other stores because the practice is illegal in Germany. This is an example of​ _________.

business practice laws

Smith Farm Equipment changed to an online system for customers. Smith revamped the whole payments and financing process by improving​ equipment, retraining​ employees, and connecting customers to​ Smith's databases. This is an example of​ _____.

business process reengineering

As a broker for​ advertising, MediaBids links​ large-volume buyers of advertising with potential suppliers. Client companies such as Biocentric Health Inc pay a fixed annual subscription fee and receive networking into​ MediaBids' auction headquarters. This is an example of​ _______.

business-to-business brokers

Fausto has purchased a​ long-term care insurance policy that provides nursing home coverage should this benefit be needed in the future. This purchase is an example of​ a(n) ________.

capital service

_______allows private ownership of the factors of production.

capitalism

Viral marketing is effective because of all of the following EXCEPT​ _______.

career opportunities in social media positions have declined

​Rosa's is a nationwide fast food​ chain, and it is critical for the​ company's image and brand that a burrito tastes the same in​ Midland, Texas as it does in​ Springfield, Oregon. This would tend to suggest that the organization should have​ _______.

centralized decision making

Lee is an employee at the Sunset Corporation. He reports to a manager who reports to a senior manager who reports to the vice president who reports to the CEO. This is an example​ of_______

chain of command

Selling over the Internet while maintaining a physical distribution network is an example of​ _______.

channel conflict

The most common form of U.S. corporation is a​ ______________corporation.

closely held

James places the purchase contract in front of​ Mary, hands her a​ pen, and​ says, "So,​ Mary, are you ready to place the​ order?" Which step of the personal selling process does this BEST​ represent?

closing

On your most recent performance​ evaluation, you scored highly on your abilities to control​ situations, direct​ work, supervise​ people, monitor​ performance, make​ decisions, and structure activities. In order to be a more effective leader in your​ company, which attribute would be BEST to focus on​ developing?

coaching

Avi was late returning from lunch for the second time in a week. His boss sent him home without pay for the remainder of the day. This is an example of​ _______ power.

coersive

The ability to punish a subordinate is associated with​ _______ power.

coersive

Attitudes are comprised of three​ dimensions:intention, affect, and​ _______.

cognition

Mauricio believes in a leading a healthy lifestyle and works out at a gym three times a week.​ Yet, he eats​ high-calorie candy and cookies at work. This is an example of ​ _______.

cognitive dissonance

The process through which management and the union negotiate​ wages, benefits, and other conditions of employment is known as​ _______.

collective bargaining

South Korea has​ a(n) _______ advantage in electronics manufacturing because of efficient operations and cheap labor. This means that South Korea can produce more efficiently and better than other nations in the area of electronics.

comparative

A nation is extremely efficient in the production of electronics.​ However, its climate and terrain make it difficult to grow grain. Economists suggest that the country should​ _______.

concentrate on production of electronics and import grain from another nation

The characteristics of the B2B buyers include all of the following EXCEPT​ _______.

conduct half the amount of business that is in the consumer market

A key concept in​ reinforcement/behavior modification is that​ _______.

consequences follow behavior

Business travelers using La Quinta enjoy the same features at all of La Quinta hotels across the country—​high-speed Internet​ access; meeting​ space; access to an exercise​ room, restaurant,​ lounge, and a swimming​ pool; and​ 24-hour access to food. Which aspect of quality does La Quinta​ exhibit?

consistancy

Organized efforts by​ individuals, groups, and the government to help protect buyers from unfair business practices are referred to as​ _______.

consumerism

As a supervisor for a food processing company cleanup​ crew, you contact a reporter for a major news network and disclose unsafe​ food-handling practices that are condoned by your company. The company is a major advertiser on the station that hosts the news and was warned that there was a potentially damaging story in the works. The story is never​ aired, and upper management is aware that you are the source and has warned you to stay quiet. Your BEST course of action would be to​ _________.

contact the​ company's ethics committee or a U.S. government regulatory agency such as the USDA

When the​ COVID-19 pandemic hit in​ 2020, the Metropolitan Opera cancelled its season but was able to utilize many components of its existing programs on the radio and online to replace live performances at Lincoln Center in New York. This is an example of​ _______.

contingency planning

Antonia has spent the morning reviewing data from the manufacturing department to determine whether finished products are meeting the quality standards established by the organization. Which function of management does this BEST​ describe?

controlling

Numerous farmers in the Midwest pool their resources to buy​ seed, sell​ grain, store​ grain, and even help with marketing efforts. This is an example of which type of business​ entity?

cooperative

​A(n) _______is an organization comprised of sole proprietorships​ and/or partnerships who work together for common​ benefits, such as enhanced financial​ power, greater production​ power, and/or superior marketing power.

cooperative

The makers of​ WD-40 concentrate almost exclusively on that brand. Some corporations own and operate only a single business. This example shows that the purpose of​ _________ is to determine what business or businesses a company will own and operate.

corporate strategy

A​ _______has state-chartered legal status as a separate​ entity, along with property rights and obligations and an indefinite life span.

corporation

One disadvantage of​ ________ is double taxation.

corporations

In choosing to move manufacturing of a product from the United States to another country such as China or​ Mexico, a company would MOST LIKELY consider​ ____________ as a primary factor.

cost of labor

If allegations of dumping are​ proven, international law allows the country whose businesses are affected to impose penalties called​ _______ on products coming from those countries found guilty.

countervailing duties

All of the following are examples of the impact of technology EXCEPT​ _______.

creating portable offices

Because of the devastation caused by the California wildfires in​ 2020, there is a new wildfire readiness guide and evacuation plan offered online. This is an example of​ ________.

crisis manegment

In a PERT​ chart, the​ _______ path refers to the most​ time-consuming set of tasks in a project.

critical

European leaders must often be​ aggressive, and meetings are frequently characterized by loud verbal exchanges and arguments. In​ Japan, emphasis is put on consensus building and polite exchanges of dialogue. This example shows that​ _______ play a growing role in organizations as their workforces become more diverse.

cross-cultural factors

L.L.Bean, Orvis,​ Starbucks, Google, and Trader​ Joe's have excellent reputations as businesses that charge fair​ prices, honor​ warranties, meet delivery​ commitments, and stand behind the quality of their products. The stakeholders MOST likely to benefit are​ ___________.

customers

​Raw, unanalyzed facts and figures are known as​ _______.

data

​______ automates the massive analysis of data by using computer software to​ sift, sort, and search for previously undiscovered clues about what customers look at and react to and how they might be influenced

data mining

A​ _______ is an interactive system that creates virtual business models for a particular kind of decision and tests them with different data to see how they respond.

decision support system​ (DSS)

According to the​ _______ approach to​ leadership, there are rules for deciding how much participation to allow.

decision tree

as a result of loss of profits and market​ share, Kodak quit marketing traditional film cameras in the United States in 2004. In​ 2012, the company announced it would stop making its newer line of digital​ cameras, too, because of low profits. In the stages of the product life​ cycle, Kodak's digital camera is in the stage of​ _______.

decline

The process of grouping jobs into logical units within the organization is known as​ _______.

departmentalization

the leader behaviors identified by the path-goal theory are​ _______.

directive, supportive,​ participative, and​ achievement-oriented

Nonstore retailing includes all of the following EXCEPT​ _______,

discount houses

A drawback of the informal organization is that it can​ _______________

disseminate distorted or inaccurate information

Each​ month, HR manager Alexandra sends out a newsletter to employees in the​ organization, highlighting specific employee benefits and advising employees of ways in which they can capitalize on those benefits. Which basic managerial role would this BEST​ describe?

disseminator

Procter​ & Gamble bought​ Revlon's Max Factor and Betrix​ cosmetics, both of which have distribution and marketing networks in foreign markets. Many companies have avoided time delays by buying existing businesses with​ already-established marketing networks. This example shows that​ _______ methods used in the United States do not always fit in international markets.

distribution

A​ _______ is the path a product follows from producer to end user.

distribution channel

After two assembly line employees have a loud argument in the​ cafeteria, the foreman calls them into his office to resolve the conflict. Which basic managerial role does this BEST​ describe?

disturbance handeler

In order to allow the company to focus on more lucrative​ products, Eli Lily sold one of its divisions. This is an example of​ a(n) _______.

divestiture

Market segmentation is BEST described as​ _______.

dividing a broader market into subsets of customer types having similar​ needs, interests, and priorities

Which of the following terms BEST describes an organization structure with separate product lines that operate as relatively autonomous business units under a larger corporate​ umbrella?

divisional

Which market intermediary does not keep goods in inventory or handle products but instead passes on orders to the​ manufacturer, who then delivers the goods directly to the​ customer?

drop shipper

A​ _______ strategy calls for increasing foreign market share by pricing products below cost. As a​ result, a product is priced lower in a foreign market than in its own country.

dumping

​China's steel industry is experiencing excess​ capacity, and China has been accused of selling its steel products to the European Union for less than they are worth. This practice is known as​ _______.

dumping

Which of the following facets of the external environment of business reflects the relevant conditions that exist in the economic system in which a company​ operates?

economic environment

Which of the following represents one of the existing trends for small business​ start-ups?

emergence of e-commerce

You buy the same Lavazza brand of coffee as your friends to feel accepted in a certain group. This is an example of​ a(n) _______ motive.

emotional

People who are collectivist in their values​ _______.

emphasize the needs of the group over the needs of the individual

When a firm uses​ _______, it gives its employees a voice in how they do their jobs and in how the company is​ managed; the employees become empowered to take greater responsibility for their own performance.

empowerment

Passive​ nondiscrimination, required by both the Age Discrimination in Employment Act and Title VII of the Civil Rights Act of​ 1964, is also known as​ _______.

equal employment opportunity

A new college grad gets a job at a salary of ​ $65,000 a year and an inexpensive company car. If he learns that another new employee received​ $75,000 and a more expensive company​ car, he feels that the situation is unfair. This is an example of which​ theory?

equity theory

EpiPens contain a​ pre-set dose of​ epinephrine, a​ life-saving drug used by people at risk of experiencing anaphylactic shock from an allergic reaction. In July​ 2013, the price for a​ two-pack of EpiPens had risen from below​ $100 to more than​ $250. In May​ 2015, it hit​ $460, and by May​ 2016, the price was more than​ $600 and was generating more than​ $1 billion in annual revenues. Because it is a prescribed​ medication, sales of EpiPen did not drop and company revenues have steadily increased. This is BEST described as an example of​ a(n) ____________ issue.

ethical

In the wake of scandals at​ Boeing, Wells​ Fargo, Volkswagen,​ Toshiba, and​ Walmart, business leaders are being called on to maintain high standards for their​ conduct, and to hold others in their organizations to the same standards—in ​short, to practice​ _______ leadership.

ethical

A(n) _____ is the rate at which the currency of one nation can be exchanged for that of another.

exchange rate

Brad just got a big promotion at work and wants to buy a new Jaguar.​ However, he lives in northeast​ Indiana, and the nearest Jaguar dealer is nearly 200 miles away in Indianapolis. This suggests that Jaguar utilizes​ _______ distribution of its vehicles.

exclusive

The major influences on consumer behavior include all the following EXCEPT​ _______.

experimental

A doctor has power over his patients when they go to visit him.​ Why? Because on the subject of health and​ wellness, doctors are considered to have special training and knowledge. This is an example of​ _______ power in the field of medicine.

expert

Holding college job​ fairs, using employment agencies or executive search​ firms, placing​ help-wanted ads in​ newspapers, and posting available positions on Internet sites such as Monster.com are all forms of​ _______ recruiting.

external

Lula failed to get a promotion and feels that this action was due to a politically​ moti- vated boss or just bad​ luck, rather than to her lack of skills. People who think that forces beyond their control dictate what happens to them have​ _______.

external locus of control`

After working for Stafford Automotive Group as an automotive technician for the last four​ years, Chico was promoted to the position of service manager. He now oversees the work of the other automotive technicians and shop​ attendants, is responsible for training​ them, and manages the parts inventory. Chico would be considered​ a(n) _______ manager.

first-line

Christina is the supervisor of customer service and she directly oversees the work of four customer service specialists. Christina would be categorized as​ a(n) _______ manager.

first-line

Jill has a​ dog-grooming business. She has to pay for rent and insurance each month no matter how many dogs she grooms. This is an example of​ _________.

fixed costs

While a patient is recovering at home from a knee​ replacement, physical rehabilitation specialists come to the​ patient's home for rehab services. This is an example of a​ _______ layout.

fixed-position

The salary of a supervisor in the shipping department would be​ a(n) _______ cost for a bicycle​ manufacturer, whereas shipping costs would be​ a(n) ______ cost.

fixed; variable

Decentralized firms tend to have relatively fewer layers of​ management, resulting in a​ ____________organizational structure.

flat

A​ _______ organization typically has a​ _______ span of control.

flat; wide

Several years​ ago, Burger​ King's jingle​ was, "Hold the​ pickles, hold the​ lettuce, special orders​ won't upset​ us, all we ask is that you let us serve it your​ way." This would suggest that Burger King sought to gain competitive advantage based upon which of the​ following?

flexibility

In a law​ firm, administrative staff can alter the times they come in for work and leave at the end of the day as long as they work 8 hours and are in the office between​ 10:00 a.m. and​ 3:00 p.m. This is an example of​ _______.

flextime

KIA, headquartered in​ Seoul, Korea, has announced plans to build a new factory in California. KIA is engaged in​ _______.

foreign direct investment

The parts of a lounge chair—the wood​ frame, the​ fabric, the glue and​ nails, and reclining mechanism—are all less useful by themselves. Putting them together creates​ _______ utility.

form

​Della's Gourmet Cupcakes creates​ _______ utility by combining​ flour, eggs,​ sugar, cocoa,​ nuts, and numerous other ingredients into delectable cupcakes.

form

A seamstress combines​ lace, satin,​ tulle, and pearl trim to create a​ one-of-a-kind bridal gown for a customer. Which form of utility is the seamstress providing to the​ customer?

form utility

General Motors develops​ ___________ strategies for marketing its vehicles and decides how best to achieve corporate goals by performing activities effectively.

functional

In a​ partnership, a(n)​ _______ partner actively manages the business and has unlimited liability for the debts of the business.

general

Levi​ Strauss, for​ instance, has one division for North and South​ America; one for​ Europe, the Middle​ East, and North​ Africa; and one for the Asia Pacific region. This is an example of​ ___________.

geographic departmentalization

To help firms transfer their corporate culture to different​ locations, the trend is to transfer U.S. managers rather than hire local managers. For this​ reason, it is important that managers have​ _________.

global management skills

CEO Scott Kirby at United Airlines wants to continue to improve operational​ efficiency, revenues, and profits while improving customer service. Kirby is also focused on how to address sharp declines in air travel due to the​ COVID-19 pandemic. This is an example of​ _________.

goal setting

Informal communication is increased by information technology that makes it easier than ever before for people to communicate quickly and easily. Social media plays a growing role in the​ _________.

grapevine

Cybercriminals who gain unauthorized access to a computer or​ network, either to steal​ information, money, or property or to tamper with data are called​ _______.

hackers

Pedro is shopping for a new​ car, and the salesperson​ says, "I know you like the​ car, but it seems like​ you're hesitating about the price. If I could offer you another​ $2,000 on your​ trade-in, would that seal the​ deal?" Which step of the personal selling process does this BEST​ illustrate?

handling objections

As a manager in a hair​ salon, you would MOST LIKELY give more consideration to the​ ____________ element of operations because success or failure often depends on​ provider-customer contact.

human

Ari is the manager of employee assistance programs for a large state university. In this​ role, he provides​ short-term counseling services to faculty and staff and their families with respect to​ personal, career/work-related, and behavioral health problems or makes referrals for​ longer-term counseling to a network of partner firms. Which managerial skills would likely be the MOST crucial to the performance of​ Ari's job?

human relations skills

Paulo applies for a mortgage loan and is turned down. He obtains a copy of his credit report and learns that someone using his​ name, address, and Social Security number has opened numerous credit card accounts and obtained a car loan. Paulo has been the victim of​ _______.

identity theft

​Xin's Rug Emporium offers the widest variety of Persian and Oriental rugs in the area. Xin regularly travels worldwide to find and buy the most exquisite and unusual rugs that foreign producers have to offer. Xin is​ a(n) _______.

importer

When a firm wants to enter the international​ market, which of the following represents the lowest level of international​ involvement, and hence the LEAST​ risk?

importing/exporting

Juanita has a small business in Colorado that produces​ one-of-a-kind jewelry using​ semi-precious gemstone beads. She purchases a supply of gemstone beads from a company in France and sells several necklaces to a buyer in Ireland. The beads are​ _______; the necklaces are​ _______.

imports; exports

​_______ are often seen as rising​ stars, and the manager trusts them to work and perform at a high level. This is also the group that the manager talks to​ most, offering support and​ advice, and they are given the best opportunities to test their skills and grow.​ So, of​ course, they are more likely to develop in their roles.

in group members

​M&M's candies enter the market through many different retail outlets—​supermarkets, vending​ machines, drugstores, and online.​ M&M's candies are an example of​ _______ distribution.

incentive

​_______are special pay programs designed to motivate high performance. Some programs are available to​ individuals, whereas others are distributed on a companywide basis.

incentive programs

Which of the following is the primary or ultimate objective of​ promotion?

increase sales

Selling goods and services to other​ businesses, either for use in their own manufacturing or production processes or for resale to other​ customers, is​ _______ selling.

industrial

The general price level of goods and services in the United States has been steadily increasing for the past 100 years. This is known as​ _______.

inflation

The president of ImClone learned that the​ company's stock was going to drop in value and allegedly tipped off Martha​ Stewart, who sold her stock. Stewart eventually pled guilty and served several months in prison. This is an example of​ _______.

insider trading

​Dino's restaurant in Omaha failed because Dino was overly optimistic about how soon his restaurant would start earning a profit. This example shows that some entrepreneurs fail because of​ _____.

insufficient capital

You go to a hair salon for a haircut and end up buying a tube of styling gel as you are checking out. The haircut is​ a(n) _______, whereas the styling gel would be considered​ a(n) _______.

intangible​ service; tangible product

Ownership and right to the use of​ _______ may be protected by​ patent, copyright,​ trademark, and other means. But crooks may be able to create unauthorized duplications.

intellectual property

A(n) _______ refers to an individual or firm that helps to distribute a product.

intermediary

The company you work for is planning to expand operations by both offshoring and establishing sales outlets in several European Union member nations.​ Currently, the CEO makes most of the​ day-to-day decisions. As a member of the strategic planning​ team, you should suggest adopting a more​ _________ organizational structure.

international

United Markets is headquartered in the United States and has manufacturing facilities in South Carolina and​ Georgia, as well as numerous sales offices in the United States. The company recently opened a manufacturing facility in Italy to capitalize on the European market. The company would be considered​ a(n) _______.

international firm

General Electric​ (GE) functions as one integrated organization. GE businesses around the world connect and interact with each​ other, and managers freely move back and forth among them. This is an example of​ a(n)____________.

international organizational structure

Many​ firms, including​ Rubbermaid, DreamWorks​ Animation, 3M, and​ Xerox, encourage and​ support___________, creating and maintaining the innovation and flexibility of a​ small-business environment within a​ large, bureaucratic structure.

intrapreneuring

Juan has always been known as an imaginative​ "big picture" person. He sees the world in terms of possibilities and abstract concepts rather than​ realities, and often relies on his instincts or interpretations of situations or people. Which dimension of the​ Myers-Briggs framework does this​ describe?

intuition

During the 2020​ COVID-19 pandemic many managers had to make decisions about closures and changes to operating procedures based on their​ intuition, and they relied heavily on personal judgment. This example shows that the art of management depends on​ _________.

intuition and personal judgment Your answer is correct.

A manufacturing company has multiple small plants in a region. Each plant is headed up by a plant​ manager, but major decisions regarding what and how much is produced at each plant is made by the executive staff at the​ company's headquarters. This suggests that the company​ _______.

is a centralized organization

​_______ is a method of increasing job satisfaction by establishing a more satisfactory fit between workers and their jobs.

job redesign

A(n) _______ is a written statement of the​ skills, abilities,​ qualifications, and credentials that an individual needs in order to perform a given job effectively.

job specification

Fine Arts and Communication faculty members at Midland College must possess a​ master's degree from a regionally accredited college or university and 4 years of work experience. These requirements would MOST likely be stated on the​ _______ for this position.

job specification

​_______ including ranking and rating​ techniques, are the most common way to measure performance.

judgmental methods

Bob Mills Inc. markets office furniture but does not manufacture it. The company orders the furniture from the manufacturer only when a customer makes a purchase. The manufacturer delivers it directly to the customer. Bringing together materials when they are needed is called​ _________ production.

just-in-time

​______ workers are employees who are of value because of the expertise they possess.

knowledge

​A(n) _______ is an information system that supports knowledge workers by providing resources to​ create, store,​ use, and transmit new knowledge for useful applications.

knowledge management system

When a manager works to​ motivate, inspire, and encourage employees to meet the​ organization's stated​ objectives, which function of management is​ s/he performing?

leading

Shell​ Oil's employees routinely attend training programs and seminars. Shell has​ state-of-the-art classrooms and instructional technology. Line managers rotate through the center to fulfill teaching assignments. Shell Oil is an example of​ (a)_______________.

learning organization

Isabella owns a small floral shop and operates the business as a sole proprietorship. If Isabella passes​ away, her business​ _______.

legally dissolves

The type of power that a person in an organization has when​ s/he has control over employees in lower positions or levels within the organization is known as​ _______ power.

legitimate

One of the biggest advantages of corporations is that investors cannot be held personally responsible for the debts of the business. This is the concept of​ _______.

limited liability

Tai Lee is a famous guitar player. Kevin Rodriguez is a small business owner that wants to market guitars using Tai​ Lee's name as a brand. Tai wants to invest heavily in the business but not be involved in management and​ doesn't want to be liable for business debts above and beyond his investment. Both want to keep things simple and private. What business structure should they consider under these​ circumstances?

limited partnership

_________authority is the power given to someone in a supervisory position to mandate actions by​ subordinates. Examples of managers within a business include the​ controller, engineering​ manager, production​ manager, and sales manager.

line

The National Rifle Association​ (NRA) has staff in Washington to represent the​ NRA's position on gun control and to influence members of Congress. This is an example of​ _______.

lobbying

An oil company in Texas donates a share of its profits to Meals on Wheels and sponsors plays at the local repertory theater. The company is demonstrating social responsibility toward which of the following organizational​ stakeholders?

local communitly

When deciding where to build a new​ factory, senior managers of Wyoming Products considered factors such as​ transportation, the availability of a trained labor​ force, tax​ incentives, and the government regulations in the area. This process BEST describes which aspect of operations​ planning?

location planning

At Family​ Foods, goods and everyday items are offered at savings up to 40 percent less than conventional food chains. Which strategy has Family Foods​ chosen?

low cost

Gonzalez Construction is contracted by the county to construct a bridge over a set of railroad tracks. Which of the following would BEST describe this operations​ process?

make-to-order operations

The prime minister of​ Canada, curators at New​ York's Museum of Modern​ Art, the dean of your​ college, and the chief administrator of your local hospital are all​ _________ (although they may have different​ titles).

managers

Growing corn in Iowa is an example of perfect competition because​ ________.

many small sellers offer identical products

Once marketing managers have a basic understanding of their role and the nature of their​ competition, their next step is to develop their​ _______.

marketing plan

When the 2020​ COVID-19 pandemic swept the​ globe, many people lost their jobs. During this​ period, physiological and security issues became much more important to these individuals than pursuing challenging projects. This is an example of​ _______.

maslow's Hierarchy of Needs

Sophia is a software engineer for an electronics firm. She reports to the Manager of Software Engineering but also works on a new product development team and reports to the team leader in that capacity. Based on this​ information, it would appear that​ Sophia's firm has a​ _______ structure.

matrix

During which stage of the product life cycle does sales growth peak and then ultimately begin to​ slow?

maturity

Which of the following terms refers to two companies combining to form a new​ company?

merger

Clara is the central region sales manager for a large electronics distributor. Reporting to her are district sales managers in​ Chicago, Milwaukee,​ Indianapolis, Cincinnati, and​ Detroit, a regional customer service​ manager, and an administrative assistant. Clara would likely be characterized as​ a(n) _______ manager.

middle

Many factors play a part in determining an​ organization's optimal structure. Chief among them are the​ organization's __________

mission and stragtegy

Starbucks intends to​ "establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we​ grow." This is an example of a​ ___________.

mission statement

​_______ refers to the personal selling task in which salespeople promote their firms and products rather than try to close sales.

missionary selling

Eve tried out for the soccer team at her high school because her classes are​ virtual, and she wants to get some exercise. She​ didn't get accepted to the team. She applied to her former soccer team but​ didn't meet the residency requirements. She kept on applying and was finally accepted to the Sleepy Hollow​ co-ed soccer team. Which aspect of emotional intelligence does​ Eve's behavior​ exemplify?

motivating oneself

Atmos Electronics used to produce its products in a manufacturing facility in South​ Carolina, but has moved manufacturing to a contract manufacturing plant in​ India, where labor is significantly cheaper. This is an example of​ _______.

offshoring

For an​ entrepreneur, which would be the MOST USEFUL personality​ trait?

open-mindedness

Ahava is curious and willing to listen to new ideas and to change her own​ ideas, beliefs, and attitudes in response to new information. Which​ "Big Five" personality trait does this BEST​ exemplify?

openness

Among other​ duties, _________ are responsible for​ production, inventory, and quality control. Manufacturing companies such as General​ Electric, General​ Motors, and Caterpillar have a strong need for these managers at many levels.

operations manager

During the 2020​ COVID-19 pandemic, many​ individuals, especially those in the health care industry and first​ responders, stepped forward and worked beyond the normal scope of their jobs. This is an example of​ ________.

organizational citizenship

Which of the following is a positive employee​ behavior?

organizational citizenship

As the operations manager for a large guitar​ maker, you recently received an offer from an overseas parts manufacturer that wants to supply the electric pickups for your signature series electric guitars at​ $4 each. You currently manufacture this​ component, but labor costs and overhead are high in your production​ facility, and you estimate that each pickup costs​ $8 to produce. For this​ item, you should consider​ _______.

outsourcing

you just interviewed a college graduate from another state and even though she has no real work​ history, she seems like a perfect fit for the job. She has relocated and can start work soon. Which inducement will MOST likely appeal to her in her current​ situation?

pay

Wells Fargo employees created thousands of fake demand deposit accounts to fulfill performance quotas set by upper management. As​ managers, the lesson we can learn from this is that​ _______ can create​ ________.

performance​ goals; counterproductive behavior

​_______ is the enduring pattern of​ behaviors, emotions, and psychological attributes that characterize an individual.

personality

Some opponents of the national minimum wage laws believe that eliminating the minimum wage would virtually wipe out unemployment. Proponents of the minimum wage point to historical studies that show that raising the minimum wage has little or no effect on unemployment. As a corporate​ CEO, the BEST way for you to try to change the minimum wage law would be to​ __________.

personally contact your state and federal legislators

​Shanti's company donates​ $1 million to the​ Children's Miracle Network so that children with cancer can be treated in the area. This is an example of​ _______.

philanthropic giving

Maia receives an​ e-mail that appears to be from her​ bank, advising that it is conducting an account verification process. The​ e-mail asks Maia to click on a link to update her account​ information, including her​ name, address, account​ number, and Social Security number. This is likely an example of​ _______.

phishing

Target is conveniently located on a main thoroughfare in​ Odessa, Texas. Shoppers can go to Target or easily purchase items on​ Target's website and pick them up in the store or have them mailed directly to their homes. This is an example of​ ________.

place utility

​Irma, the business administration department​ chair, observes a trend of increased enrollments in online college courses versus traditional​ face-to-face courses. She establishes a goal of introducing three new online courses during the fall semester and maps out the steps that the department needs to address to develop these course offerings. Which management function does this BEST​ describe?

planning

Kevin Johnson is the CEO of Starbucks. He is responsible for developing strategies to keep Starbucks growing while maintaining quality. Which BEST describes the​ CEO's job?

plannning

A group formed for the purpose of soliciting funds and then contributing those funds to the campaigns of politicians is known as​ a(n) _______.

political action committee​ (PAC)

A state passes a law requiring major appliances sold in the state to meet energy consumption standards. Which factor in the​ firm's external environment does this BEST​ reflect?

political-legal environment

Shortly after President Barack Obama first took​ office, a number of new regulations were imposed on businesses. Among other​ things, he signed legislation that imposed new restrictions on lobbying and on political action committees. Which dimension of the external environment BEST encompasses the factors affecting government regulation of​ business?

political-legal environment

​Recently, a few retailers marked up prices for items such as hand​ sanitizers, home cleaning​ products, and toilet paper during the​ COVID-19 pandemic. This is an example of​ _______.

price gouging

599fashion.com is an online clothing outlet store that offers all its​ clothing, apparel,​ jewelry, and accessories for the same price—​$5.99, although some items may be on sale for even less. This BEST exemplifies the strategy of​ _______.

price lining

When VCRs were introduced in the​ mid-1970s, they were priced at​ $900 and above. As more competitors and new technology entered the​ market, the price dropped dramatically. The introductory price of​ $900 is an example of​ _______.

price skimming

Products that carry the name of the wholesaler or retailer instead of the name of the manufacturer are referred to as​ _______ brands.

private

Oklahoma City negotiates a deal with the Jackson Company to operate its parking meter system. The city will receive a​ lump-sum payment of several million​ dollars, and the Jackson Company will have the rights to​ operate, maintain, and collect the revenue from the parking meters. This is an example of​ _______.

privatization

At Mills​ Brothers, a manufacturer of outdoor​ furniture, one department is responsible for cutting the wood according to pattern. Another department is responsible for staining and finishing the wood. Another department is responsible for assembling the stained wood pieces. Based on this​ information, what type of departmentalization does Mills Brothers​ use?

process

Office Depot stores use​ _______ layouts to accommodate a variety of custom jobs. Specific activities such as​ photocopying, computing, and printing photos are performed in​ separate, specialized areas of the store.​ Walk-in customers move from area to area performing​ self-service tasks.

process

At a​ bakery, baked goods boxes travel past individual work stations on a​ conveyor, and workers at each station perform a small​ task, such as placing baked goods in the​ box, placing the cover on the​ box, affixing stickers to the​ box, or​ shrink-wrapping the box in plastic. This BEST describes a​ _______ layout.

product

The design for the newest iPhone offers more new features than previous models to keep on top in the increasingly competitive smartphone market. This is an example of which component of the marketing​ mix?

product

In an intrapreneurial​ organization, a manager who uses​ his/her influence to help overcome organizational resistance and convinces others to take the innovation seriously is known as the​ _______.

product champion

In the manufacturing process of a​ car, the car body goes from one stage of production to the next. Employees at each stage work on the car and then pass it on to the next stage. This is an example of​ _______.

product layout

E*TRADE offers online financial investing and trading​ services, retirement​ planning, and educational resources. This is an example of​ a(n) _______.

product mix

Jet fuel used by airline services is an example of​ a(n) ________.

production item

Which of the following is NOT a leading cause of wasted time for​ managers?

productivity

Dillard's can calculate the profits it generates from​ men's clothing, home​ furnishings, cosmetics, and​ women's shoes separately. Managers can make decisions about advertising and promotional events and budgeting This is an example of​ (a) ________.

profit center

Title VII of the Civil Rights Act of 1964​ ________.

prohibits discrimination in employment based on​ race, color,​ gender, religion, or national origin

The World Trade​ Organization's (WTO) 164 member countries are required to do all of the following EXCEPT​ ____________.

promote health care for poor nations

You recently received your real estate sales​ license, and you now represent a seller in a popular new subdivision where buyers have many choices. As an​ agent, your job is to get the highest competitive market price for the seller. In creating your marketing plan for this​ house, which element of the marketing​ mix, other than​ pricing, would be the BEST​ focus?

promotion

Marketing Manager Sasha is responsible for deciding what combination of​ advertising, personal​ selling, sales​ promotions, direct or interactive​ marketing, publicity, and public relations will best reach the customers for her​ company's product line. Sasha is determining the​ company's _______.

promotional mix

During the 2012 London​ Olympics, critics were outraged when it was discovered that Ralph​ Lauren, provider of official U.S. team​ uniforms, had outsourced the production of those uniforms to China. This is an example of​ _______.

protectionism

​IT-based industries, including computer backup and​ identity-theft protection, offer valuable services for individuals and business customers. This example shows that IT​ ________.

provides new business opportunities

As a​ supervisor, you expect your employees to work overtime if the job is not​ done, but your employees choose to leave at the end of the regular workday. These conflicting expectations are MOST likely a result of a problem with the​ ________.

psychological contract

​Pedro, Kevin, and Juanita currently own all shares of stock in Sunshine​ Enterprises, and shares of stock are offered to the general public. Sunshine Enterprises is likely a​ _______.

publicly held corporation

When Volkswagen executives decided to promote their diesel engines in the United​ States, engineers at the company realized they could not meet emissions​ standards, so they installed​ "cheat devices" that kicked in emissions controls only when the car was being tested. The fallout from this illegal activity cost the company billions of dollars. From the standpoint of total quality management​ (TQM), this scandal was MOST LIKELY the result of failing to ensure​ ___________.

quality ownership

​Phillip''s supervisor repeatedly asks him to have dinner or drinks with her. Phillip refuses each time. His supervisor has now suggested​ that, if he agrees to date​ her, she'll see that he gets a bigger raise. This is an example of​ _______.

quid pro quo harassment

A(n) ______ restricts the number of products of a certain type that can be imported​ and, by reducing​ supply, raises the prices of those imports.

quota

One common error in performance appraisal is​ ______, the tendency to base judgments on the​ subordinate's most recent performance because it is most easily recalled.

recency error

​_______ is the process of attracting qualified persons to apply for jobs an organization is seeking to fill.

recruiting

Basketball legend LeBron James of the Lakers has a lifetime contract with Nike and will be shooting his way through Nike products for a long time. Celebrity endorsements are an example of​ _______ power.

referent

Direct influence to shape social responsibility practices by the government is most often accomplished through​ _______.

regulation

NCR​ (National Cash​ Register) has been selling manually operated cash registers in Latin America. This is an example of extending product life through​ _______.

reintroduction

Annabelle is preparing a graph that lists all key managerial positions in the​ organization, the current job​ holders, how long those individuals are expected to remain in the job before being promoted or​ retiring, and individuals in the organization who are now qualified or will soon be qualified to be promoted into those positions. Which of the following is Annabelle​ preparing?

replacement chart

As a leading distributor of parts and accessories for the pleasure boat​ market, Texas Boats buys​ lights, steering​ wheels, and propellers and markets them to marinas and​ boat-repair shops. Texas Boats is part of the​ ________ market.

reseller

In terms of the delegation​ process, the first element is​ assigning_______ , the duty to perform an assigned task.

responsibility

in the​ past, the only benefit you have offered your employees has been a cafeteria benefits plan. In establishing a new employee compensation​ system, which would be the MOST likely incentive that you could offer to improve​ retention?

retirement benefits

A business reports profits when​ _______ are greater than​ _______.

revenues; expenses

Tide detergent offers a​ $1-off coupon that you can save and use on your next trip to the​ supermarket, the promotion is both convenient and accessible for you. This is an example of​ _________.

sales promotion

To coincide with the release of the 2020 Disney movie Mulan​, Burger King offered a Mulan hamburger kids meal featuring a dozen different Mulan ​toys, along with a new flavor of yogurt that featured Mulan on the packaging. This is an example of​ _______.

sales promotion

Frigidaire and Whirlpool use​ ________ distribution for appliances to cement relationships with wholesalers who will then market Frigidaire and Whirlpool over other brands.

selective

During the 2020​ COVID-19 pandemic, many organizations quickly developed and adopted new ways of delivering services to customers. For​ instance, restaurants that had previously been​ dine-in only offered curbside pickup​ and/or home delivery. This is an example of​ _______.

service process designs

The majority of private sector employment in the U.S. economy is in the​ _______ sector.

services

which type of business might be best for a person with expertise but little or no capital​ investment?

services

Examples of​ _________include unwelcome actions like repeated compliments of an​ employee's appearance, commenting on the attractiveness of others in front of an​ employee, and sending sexually suggestive text messages or emails.

sexual harassment

A(n)_______is a computerized system containing information on each​ employee's education, work​ experiences, and career aspirations.

skills inventory

When Loretta is suspended for swearing at an abusive​ customer, the other customer service representatives are more careful to watch how they behave toward customers. This is an example of​ _______.

social learning

Chase​ Bank, Proctor​ & Gamble,​ Costco, and Samsung use corporate blogs increasingly for public​ relations, branding, and otherwise spreading messages that stimulate chat about products in target marketing. This is an example of​ _______.

social networking media

Paulina wants to earn extra money and decides to open a cleaning service for dormitory rooms at her college campus. She posts fliers on the bulletin boards in each dormitory and buys some cleaning supplies. She plans to operate this business alone and keep all the profits. Based on this​ information, it would appear that​ Paulina's business is a​ _______.

sole proprietorship

The number of employees reporting to a manager is referred to as the​ manager's _______.

span of control

At Southwest​ Airlines, reservationists book​ flights, pilots fly the​ planes, and baggage handlers deal with passenger luggage. When the overall task of Southwest—transporting passengers—is broken​ down, workers develop​ expertise, This is an example​ of________.

specialization

You have visited every bridal shop in town to find the best wedding gown and tuxedo. You consider this purchase to be very important. What type of product is​ this?

specialty good

Which of the following retailers would focus on selling a full product line in a relatively narrow product​ range, such as​ men's or​ women's clothing, office​ supplies, or​ carpet?

specialty store

Kay​ Jewelers, Victoria's​ Secret, and Payless Shoes are examples of​ _______.

specialty stores

​Juanita, the CEO of a landscape​ company, fights for the budget needed to develop an idea and uses organizational politics to ensure her​ project's survival. Juanita is​ a(n) ______.

sponser

​_______ is a program unknowingly downloaded by users that monitors their computer​ activities, gathering​ e-mail addresses, credit card​ numbers, and other information that is then transmitted to someone outside the host system.

spyware

As corporate attorney for Medical Center​ Hospital, Richard Stoker may advise the​ hospital's marketing department as it prepares a new contract with the its advertising​ agency, but it will not make decisions that affect how the marketing department does its job. In this​ example, the attorney​ has___________authority.

staff

​A(n) _______ is the collaborative effort of two or more independent organizations on a project for mutual gain.

strategic alliance

​_______is a​ leader's ability to understand the complexities of both the organization and its environment and to lead change in the organization so as to enhance its competitiveness.

strategic leadership

Farmers receive payments from the government if prices for​ wheat, corn,​ soybeans, and certain other crops fall below a certain level in order to protect farmers from cheaper prices charged by foreign competitors. This is an example of​ a(n) _______.

subsidy

Which materials management function likely would be responsible for​ identifying, evaluating, and choosing potential vendors of materials and services and negotiating terms of​ service?

supplier selection

A​ ______ for any product is the flow of​ information, materials, and services that starts with​ raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches the end customer.

supply chain

Your consulting client owns several local grocery stores within a​ 100-mile radius of one another that specialize in regional products such as locally roasted​ coffees, wines from around the​ area, and​ grass-fed beef. Each store places its own orders with various​ suppliers, but no one coordinates efforts among the group. As an advisor to the​ owner, which would you suggest as the BEST overall improvement to​ consider?

supply chain management

After her recent chat session with technical support at Apple​ Inc., Jennifer received an​ e-mail asking her to rate the chat​ session, rate the​ technician, and state whether the problem had been solved. What form of marketing research is Apple Inc.​ using?

surveys

Kenisha went online to a popular travel site to book her air travel to a conference in Dallas and found a banner ad listing recommended hotels in the Dallas area. If she booked a room at any of these​ hotels, the hotel would be required to pay a referral fee or commission to the travel website. This BEST describes​ _______.

syndicated selling

​Dell's effort to extend its distribution expertise into the markets for televisions and other home electronics is an example of​ __________ planning.

tactical

​________reflects the view that the people in an organization represent a portfolio of valuable skills that can be effectively managed and tapped in ways best targeted to organizational success.

talent management

Within its human resource​ department, Rodriguez Enterprises has a vice president of human​ resources, a director of human​ resources, a labor relations​ manager, assistant managers of human​ resources, a manager of​ compensation, an employee benefits​ manager, human relations​ supervisors, and team leaders for training and employee development. This hierarchy would suggest that Rodriguez Enterprises is​ a(n) _______ organization.

tall

Managers who use this style develop a structured workplace with clearly defined priorities and schedules. This is an example of​ a(n) _______ leadership.

task-focused

Which managerial skill set is particularly important for​ first-line managers?

technical skills

A​ nation's economy experiences periodic increases in economic​ activity, often followed by periods of economic slowdown or decline. This is known as​ _______.

the business cycle

The total value of all goods and services produced within a given period by a national economy through domestic factors of production is known as​ _______.

the gross domestic product

Research showed that productivity rose in response to almost any management action that workers interpreted as special attention. This phenomenon is​ called________.

the hawthorne effect

The global communication network that allows millions of computers worldwide to connect and exchange information is known as​ _______.

the internet

​_______ grants government investigators access to previously confidential personal and financial records.

the patriot act

According to the laws of demand and​ supply, if the price of beef​ decreases, which of the following likely will​ occur?

the quantity demanded will increase

​_______holds that people are naturally​ energetic, growth-oriented,​ self-motivated, and interested in being productive.

theory y

Corporate culture would BEST be described as​ _______.

the​ "feel" of the organization

Melinda firmly believes that decisions should be made based on facts and​ logic, not on emotions or subjective factors. Which dimension of the​ Myers-Briggs framework does this​ describe?

thinking

Susan orders a sweatshirt on Amazon.com from a​ third-party vendor. The delivery date shows October​ 29, but it is already November 6 and the sweatshirt has not arrived. The online tracking number for the package has not been updated for a week. Amazon.com and the​ third-party seller have failed to provide​ _______ utility.

time

More small businesses are being started by minorities and women because of all the following reasons EXCEPT​ _______.

to avoid risk

To change a corporate​ culture, companies must have​ _______.

top management formulate a vision of a new company

Businesses must also consider building quality into goods and services. Everyone who flies wants the plane to take off and land on time and the luggage to arrive when they do.​ So, airlines concentrate on​ on-time performance and baggage handling. This is an example of​ _______.

total quality management​ (TQM)

The​ ______ with China increased from​ $1.6 billion to​ $28.3 billion in July 2020. This means that imports from China exceed exports to China from the United States.

trade deficit

When exports exceed​ imports, the nation enjoys​ a(n) ______.

trade surplus

​_______ focuses on the leader and not on how he or she responds to the followers or the situation. It assumes that it is the leader and​ his/her personality that are central to the leadership process.

trait approach

Workers will be dissatisfied if they believe they have poor working conditions. During the 2020​ COVID-19 pandemic some workers walked off their jobs because they felt the firm​ wasn't doing enough to protect their health. This is an example of hygiene factors according to​ _______.

two-factor theory

The cultural dimension that describes the degree to which people in a culture tolerate or feel threatened by ambiguity is known as​ _______ orientation.

uncertainty

Your boss has asked you to create an​ e-mail marketing campaign that will blanket purchased user lists with messages that appear to be from friends and acquaintances recommending the​ company's products. Your BEST response would be that this could be both​ ______ and​ _______.

unethical; illegal

Janie has a daycare center for seven children. If one child gets sick and misses three​ days, those daycare hours of service cannot be saved. This is an example of the​ service's _______.

unstorability

the​ _______ of a product refers to its comparative benefits versus costs.

value

You are buying a new laptop and you consider the software​ package, the​ color, design, and the fast online delivery. These features are part of the​ _______.

value package

Depending on the style of the wedding gown—and the size of the bride—a wedding dress​ custom-designed and sewn in​ Christina's bridal shop may use up to 8 yards of satin or​ silk, plus​ tulle, trim,​ buttons, and lace. The cost of these elements is part of​ Christina's ______.

variable costs

Frederika has started an automotive repair firm with the potential for high growth. She obtains funding for the business from a group of investors who demand partial ownership of the business and representation on the board of directors. What type of financing has Frederika​ procured?

venture capital

During the 2020​ COVID-19 pandemic, companies sent their employees home. Companies implemented protocols for​ __________ such as​ Zoom, to bring quarantined workers back into meeting environments. This allowed organizations to maintain function even when employees​ were, at​ times, many miles away from their normal workplace.

video conferencing

QVC displays and demonstrates​ products, allows viewers to phone in or​ e-mail orders, and is available on​ Facebook, YouTube, and Twitter. QVC is an example of​ _______.

video retailing

_______ is a form of marketing that focuses on spreading information and opinions about a product or service from person to​ person, often through​ e-mail or social media sites.

viral marketing

​_______ leadership has become increasingly critical for organizations utilizing alternative workplace options such as telecommuting and geographically dispersed teams.

virtual

Telecommuting surged during the 2020​ COVID-19 pandemic as people were either encouraged or required to work remotely. Some firms felt that remote work was so effective that it would become permanent. This new working environment is an example​ of_______.

virtual leadership

Françoise owns a film production company that produces television commercials and short documentaries. She has only a few permanent employees but hires temporary crew members such as lighting​ specialists, camera​ operators, and set designers as needed to produce films. What type of organizational structure does this​ describe?

virtual organization

Data​ _______ refers to the​ collection, storage,​ retrieval, and management of data in an​ organization's electronic files.

warehousing

​_______ involves public​ disclosure, often by an​ employee, of​ corruption, a​ wrongdoing, or illegal or unethical conduct on the part of others within an organization.

whistle-blower

Xin discovers that his company is dumping dangerous chemicals into the river instead of disposing of them in an environmentally friendly manner. When his boss refuses to listen to his​ concerns, he contacts the Environmental Protection Agency to report the​ firm's conduct. This is an example of​ _______.

whistle-blowing

​Sam's Club offers large discounts on a wide range of​ brand-name merchandise to customers who pay annual membership fees. This is an example of a​ _______.

wholesale club

Employees from a culture that is characterized by power respect​ _______.

would expect their superiors to make decisions with little input from employees

What are the three acquired needs identified by​ McClelland's theory?

​Achievement, affiliation, and power

​A(n) _______ is an Internet distribution channel member that assists in delivering products to customers or that collects information about various sellers to be presented to​ consumers, or they help deliver online products to buyers.

​e-intermediary

Véronique is a​ "people person" when it comes to managing her department. She is friendly and approachable and strives to make the workplace a​ happy, pleasant environment. This BEST describes​ _______ leader behavior.

​employee-focused

Marco wants to open a sandwich shop near campus. Rather than start the business from​ scratch, he considers purchasing a franchise from Jersey​ Mike's Subs. If he decides to purchase the​ franchise, Marco would be the​ _______, and Jersey​ Mike's Subs would be the​ _______.

​franchisee; franchiser

Sony had a movie critic who lauded movies released by​ Sony's Columbia Pictures. When advertising its newest theatrical​ releases, the studio had been routinely using glowing quotes from a fictitious critic. After the story​ broke, Sony stopped the practice and apologized. This might be​ __________ as well as​ ___________.

​illegal; unethical

A​ company's _______ can be accessed only by employees or those with specific​ permission, whereas its​ _______ allows those outside the organization to access certain parts of its network.

​intranet; extranet

Dell was one of the first companies to change the customer​ experience, allowing customers to order and configure their own PCs​ online, pay online with a credit​ card, and have the product delivered in three days. In​ addition, Dell was able to reduce the number of computers in finished goods inventory. The company MOST LIKELY did this through a combination of​ _______.

​just-in-time inventory and supply chain management

Research that investigated what behaviors were employed by effective leaders suggested that there are two types of leader​ behaviors: _______ and​ _______ behavior.

​task-focused; employee-focused

Donald​ Trump's successful bid for the U.S. presidency was fueled by many​ people's perceptions that he was both a transformational and charismatic leader. He talked about the need to change issues such as health​ care, immigration, and foreign policy. A transformational leader exhibits​ _______.

​vision, dedication, and perseverance


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