Intro To Business Final

The wholesalers who serve mostly small retailers by offering a limited assortment of products are:

Cash-and-carry wholesalers

Globalization has improved living standards in developing countries such as

China and India

A rack jobber retains title to the goods and shares profits with the retailer after they are sold is selling on

Consignment

In order to be a quality organization, a form must

Consistently produce what the customer wants

What process requires long production runs that turn out finished goods all the time?

Continuous process

The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and help reserve the steep decline in the overall environmental health of our planet" is an example of

Corporate policy

The dimension of social responsibility, which includes certain aspects such as seeking employees that are racially diverse or producing low emission vehicles, is called

Corporate responsibility

The concern businesses have for the welfare of society, not just for their owners is:

Corporate social responsibility and based on a commitment to integrity and respect

A firm raising funds through various forms of borrowing with the intent to pay it back is using _________ financing

Debt

Companies must monitor all the factors in the global business ______________ so they can adapt to change as needed

Environment

The term __________ ____________ means selecting geographic location for a firm's locations

Facility location

Many of the high-paying jobs in the service sector include those in

Finance and health care

To meet a firm's goals and objectives, __________ managers must focus on the management of a firm's resources

Financial

When a firm periodically compares its actual revenues, costs, and expenses with its budget, it is engaging in _________ control

Financial

An organization that puts many small shipments together for different companies to create a large, cost effective shipment is a(n):

Freight forwarder

Developing countries are providing new markets for companies that can provide them with needed:

Goods, technology, services

Entrepreneurs, unlike those who are employed by others

Have to provide their own vacation and sick days

The risks of entrepreneurship are decreased by

Having laws that support writing enforceable contracts

A comprehensive set of environmental standards that encourages companies to conduct business in a cleaner, safer, and less wasteful way

ISO 14001

Using stories in business presentations can increase a speaker's

Influence

Which of the following behaviors are illegal in the US, but potentially put our companies at a disadvantage in overseas markets?

Influence peddling and bribery

The use of private company information by an employee for personal financial gain

Insider trading

The distribution strategy that places the product in many retail outlet stores as possible is

Intensive

The Uniform Commercial Code is important to businesses in the United States because:

It makes business agreements such as contracts enforceable by law

Government policies that favor businesses are

Keeping interference to a minimum Writing laws that support writing enforceable contracts

Challenges for new leaders since the global information-based revolution include:

Learning about world quality standards and that the service era is coming to a close

raising needed funds through borrowing to increase a firm's rate of return

Leverage

Unsecured, short-term funds a bank will lend to a business, provided the funds are readily available, is called ....

Line of credit

The birth of information technology such as texting and email is giving firms and employees increased flexibility to choose ________ while staying competitive

Locations

The activity that controls the planning, implementing, and controlling of the physical flow of materials and information from points of origin to points of consumption to meet customer requirements at a profit is

Logistics

Equity financing includes money raised from

Operations and within the firm

As the economy evolves the use of new technologies means the need for jobs in some industries disappears and there are new _______ in others

Opportunities

A term-loan agreement is a promissory note that requires the borrower to:

Pay interest on a loan and pay a specified amount of installments

Which of the following represent examples of how corporations set positive standards of ethical behavior?

Periodically asking every employee to evaluate the company's ethics performance and Reevaluating its ethics code based on input from its customers

A supermarket that assembles a variety of goods in a location near your home is providing

Place utility

Adding value to products by having them where products want them is

Place utility

________________ is the process of borrowing against accounts receivable and when the accounts receivable is paid, the money is forwarded to the lender

Pledging

Businesses improve the quality of life in their communities by

Providing jobs for workers and paying taxes

Finding the highest quality material resources, the best suppliers, and then negotiating the best prices are all responsibilities of someone in a ______________ role

Purchasing

Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it

Reaches broad and diverse groups; allows them to connect directly with customers; allows them to reach specific groups more directly

Which SEC regulation regarding insider trading stipulates "If companies tell anyone, they must tell everyone"

Regulation FD

an entrepreneur ______________ both time and money trying to make a profit

Risks

MRP is a computer-based information system that uses ________ to make sure that needed parts and materials are available at the right time and place

Sales forecasts

Which of the following are quality of life issues that must be considered by companies when choosing a facility location?

Schools, crime and climate

The retail distribution strategy that sends products to only a few preferred retailers in an area is

Selective distribution

Making Decisions that we know are different from what is right erodes our

Self-Esteem

Our understanding of diversity has expanded beyond minority groups and women to include

Seniors

Claire is giving a presentation to a group of busy executives. Which of the following should she be sure to do to ensure a successful presentation?

She should reemphasize her takeaway messages throughout the presentation She should summarize her key takeaway messages at the beginning of the presentation

_____ _________ quality detects potential problems to prevent their occurrence in order to control quality through the use of benchmarking standards

Six Sigma

A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called

Social audit

Testing samples of the product at all phases of the process to ensure that quality is built in from the beginning is called

Statistical quality control

An establishment that sells mostly food and other nonfood products such as cleaning supplies and paper products without requiring a membership is called a

Supermarket

Business owners will work hard if government minimizes taxes and regulations because:

They can keep more of the profits they earn

Which of these are characteristics of lean company?

They use half the floor space and they carry less inventory

An important effect of changed communication technology is that:

Those with fewer resources are able to compete with large companies through the internet

When products are available when they are needed they are said to have _________ utility

Time

When a supermarket has frozen peas in the Northeast in January, it is an example of what type of utility?

Time and place

Rank the following jobs according to their importance in influencing the implementation of ethical standards list the most influential at top

Top management, supervisor, full-time workers, part time workers

An employee ordering personal goods from a website during work hours without permission from his employer is

Unethical

Small start-up companies that have little chance of borrowing can use ________ capital

Venture

An employee who reports her boss to the SEC for insider trading would be considered a (n) ________ protected by law

Whistleblower

During a business presentation, audience members should be able to understand the information on slides

Within a few seconds

Materials handling is the movement of goods is

Within a warehouse to factory floor to workstations in the factory

Short term forecasts generally cover up to a

Year

A cash flow forecast is concerned with

all cash inflows and outflows

A ____________ is a financial plan that sets forth management's expectations's and, on the basis of those expectations, allocates the use of specific resources through the system

budget

Many companies today have facilities and customers around the world, which requires greater sensitivity to different

cultues

The buying and selling of goods over the internet is known as

e-commerce

ISO 14001 is a system that manages a form's impact on the

environment

An organization's managers instill corporate values and _______ in employees by example they set

ethics

Societies set the standards for moral behavior, known as

ethics

The standards of right versus wrong in a society are also called

ethics

Since the 1800s the United States has

experienced strong economic growth

Economics of scale, being close to customers to reduce distribution costs, or being nearer to resources, are reasons why companies may spend millions to move their

facilities

An example of __________ utility is when a butcher produces a specific cut of beef

form

Finance is the function of acquiring and management of:

funds

A person responsible for bringing raw materials, packaging, and other goods and services, and information from suppliers to producers is working in the field of ___________ logistics

inbound

The factors of production include:

land, labor, capital

The increase in farm ____________ as a result of the invention of the harvester and other farm equipment has increased the world's food supplies

productivity

The risk/return trade-off principle means that

the greater the risk a lender makes in making a loan, the higher the interest rate

The longest part of the presentation is the

view

Unless there are changes in the system, paying for social security in the future will draw huge amounts of money from the _________ population

working

The primary functions of agents and brokers are to:

- Bring buyers and sellers together - Assist in negotiating an exchange

Which of the following is true of trade credit?

- It is used by large and small businesses - It is usually more convenient than bank loans - It is most widely used source of short-term funds

Which of the following functions are included in supply chain management?

- Movement of raw materials - Management of information throughout the supply chain - Control of parts, work in progress, and finished goods

Those in the supply chain who provide goods to consumers include

- Part suppliers - Farmers - Manufacturers

The marketing function known as place provides distribution from the producer to the consumer and includes which of the following activities?

- Shipping - Inventory Management - Warehousing

Which of the following are true about factoring accounts?

- The firm buys the accounts receivable collects the amount due - Small businesses often use it for financing in the short term - It is the accounts receivable of a firm sold for a discount

Intermediaries who provide information utility do so through:

- The internet - Salespeople - Newspaper ads

Entrepreneurs take the risks involved in starting a business because they gain

- The possibility of accumulating wealth - Freedom to make their own decisions - Opportunities to succeed

The following about commercial finance companies is true:

- They make short-term loans - They charge higher interest rates than banks - They want borrowers to offer tangible assets as collateral

Which of the following can help improve the overall design of electronic slides used in business presentations?

- Using a design expert - Developing charts and diagrams - Focusing on key information

What does the production process add to materials?

- Value - Form utility

The structure of a presentation includes which three of the following elements?

- View - Preview - Review

Elements of an integrity-based ethics code include:

-Trust and shared accountability -Clear guiding values

Which demographic group is currently the richest in the US?

65-74 year old seniors

Globalization has occurred because of

Advances in communication and effecient distribution systems

Which of the following are benefits of enterprise resources planning (ERP)?

Any department can see the status of an order at any time Shorter time between orders and payment Less staff is required to process orders

Choose the answer that refers to a production process that puts components together

Assembly

The length of time covered in a long-term forecast is usually:

At least a year

Understanding the needs of your ___________ is the first step in the AIM planning process

Audience

Which of the following is an example of a service

Auto insurance and college course