Intro to Business Midterm

Hanson Aquatics manufactures navigational equipment. As a new Hanson employee, Lyndon Kiely was told that even if he decides not to join the union that represents the company's employees, he must pay the dues. Hanson has a(n) _____ shop.

Agency

_____ is the process of negotiating labor agreements between union members and management.

Collective Bargaining

A network of Bennetton retail sales agents select the Bennetton designs that they feel will appeal to Bennetton retail customers. The responsibility for picking the next "hot style" is in the hands of this group. This is an example of a _____ structure.

Committee

A manager who is acting as a leader, figurehead, or a liaison is acting in the informational role.

False

An industry in which a few firms produce most or all of the output of a product and in which large amounts of capital are needed is called a(n):

Oligopoly

If a unionized company has a(n) ______ shop, the workers do not have to join the union, and they do not pay dues or fees to the union.

Open

_____ is the process of arranging the structures and relationships of human and material resources to carry out an organization's plans.

Organizing

A group of investors in a retirement fund removed their money from the fund when they learned the fund manager had invested in a gambling casino. The investors' religious beliefs lead them to believe in the fundamental evil of all forms of gambling. These investors were engaging in:

Social Investing- Some investors are limiting their investments to securities (e.g., stocks and bonds) that coincide with their beliefs about ethical and social responsibility.

A relatively small group of managers at the head of an organization that establishes overall strategy and long-range goals is called _____ management.

Top

A product is any good or service, along with its perceived attributes and benefits, that satisfies wants.

True

A strategic alliance is a cooperative agreement between business firms.

True

Amgen, the largest biotechnology company in the world, donates millions of dollars annually to raise the value of science literacy in the community and attract bright young minds into the field of science. Since Amgen, as an employer would benefit from this philanthropy, it would be characterized as strategic giving.

True

Which of the following is NOT a key attribute of the virtual corporation?

Vertical integration is easy with this form of organization.

Self-managed work teams:

are accurately described by all of the statements

The two types of inflation are:

demand-pull and cost-push

A basic form of market segmentation that uses such variables as age, education, and income is called:

demographic

Jarvis Washington recently quit his job as a veterinarian's assistant and is now trying to find a job with another veterinarian. This is an example of _____ unemployment.

frictional

The U.S. has one of the very few areas in the world where kaolin can be mined. Kaolin is a necessary ingredient in many products ranging from stomach medication to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for the countries that purchase it.

import

A company in Maine builds portable drilling platforms used to locate new oil fields underwater. To build a platform, the company had to construct a specially designed dock with a large permanently-placed crane able to lift a twenty ton structure on to its floating base. This expensive dock and crane are examples of:

installations

The relatively consistent pattern of behavior that characterizes a leader is called his or her _____ style.

leadership

The purchasing function, sometimes called _____, is an important part of any firm's production strategy.

procurement

The dispensing of controlled substances has divided patients, doctors, pharmacists and law enforcement agencies as they strive to create a balance between treating legitimate chronic pain and keeping powerful pain meds out of the hands of abusers. A recent convention discussed the development of a viable ______ strategy for pain medications.

promotion

Strategic giving:

refers to the practice of tying philanthropy closely to the corporation's mission or goals

_____ is a scheduling tool that assigns three time estimates for each activity ( optimistic, most probable, and pessimistic). This technique allows managers to anticipate delays and potential problems and schedule accordingly.

The program and evaluation review technique (PERT)

The World Bank's emphasis has recently shifted from helping to build the infrastructure of developing countries to:

offering loans to help to relieve their debt burden

The first step in the new products planning process is:

setting new-product goals

Textron Corporation is establishing a legal division. The newly appointed head of the division is organizing, hiring people, and operating the division. This division head is performing a(n) _____ management role.

Decisional

Ethical decision making begins in the marketing department.

False

The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.

False

A _____ is a study of the tasks required to do a particular job well.

Job analysis

Which of the following is an example of a factor of production?

Labor, Natural Resources, Capital, Entrepreneurship

Which two different leadership styles use empowerment?

Laissez-faire and participative

Which of the following statements describes one the strengths of group decision making?

Group decision making results in a higher-quality decision then individual decision making.

Which of the following statements about HR demand forecasting is true?

HR demand forecasting uses census figures to calculate labor supply and demand for a particular industry.

_____ is a computerized resource planning system that includes information about the firm's suppliers and customers as well as data generated internally.

Manufacturing resource planning (MRP)

An organization that has undergone reengineering has completely redesigned its business structures and processes in order to improve operations.

True

Leadership is the process of guiding and motivating others toward the achievement of organizational goals.

True

Limitations on the quantity of certain types of goods that can be imported over a period of time are called import quotas.

True

Performance appraisals are used most often to make decisions about pay raises, training needs, and advancement opportunities

True

The critical path method is a sophisticated scheduling system that is based on the minimum time the project will take to complete.

True

The informal organization can help the formal organization to achieve its goals.

True

The term Generation X refers to people born between 1965 and 1980.

True

A mechanistic organization has:

centralized decision making

Manufacturing resource planning II (MRPII):

considers both the external and the internal environment

If you were told the output of goods and services produced in Tajikistan, a former Soviet Republic had increased by eight percent in 2006, you would correctly refer to this increase as:

economic growth (GDP)

Summer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:

ethics

The first step in controlling production is:

routing

Reginald Harvey works in the public relations office of a company that manufactures pharmaceuticals. Harvey does not produce, sell, or distribute the products his company makes. He is in a _____ position.

staff

Which of the following is NOT a legal method that employers can use to convince their employees not to sign authorization cards?

tell employees they will be fired if they sign the cards

Life Savers Gummies Fruit Splosions, liquid-filled gummies combined with a burst of real fruit juice, are a new product for The Wrigley Co.. Before marketing the product nationwide, Wrigley gave out samples of the candy at several rock concerts and then recorded consumers' feelings about the candy, its taste, and its name. In which stage of the new-product development process would this have happened?

test marketing

In 2018, Country A exported $1.237 billion and imported products valued at $5.552 billion.The difference between the dollar value of its exports and imports represents a:

trade deficit

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises.

False

_____ are all the individuals or groups to whom a business has a responsibility.

Stakeholders

The _____ Act protects the retirement income of employees and retirees.

Standard IRA

Reader's Digest Association, Inc., has published Reader's Digest magazine for over 80 years, and many believe the publication is dated and can no longer attract many readers. They believe _____ plans are needed to revamp the magazine's content, editorial staff, and readership.

Strategic

Kraft Foods Inc. joined with the National Latino Children's Institute to announce Salsa, Sabor y Salud - a first-of-its-kind healthy lifestyles educational program designed by Latinos for Latinos. The program was created by NLCI in partnership with Kraft to support Hispanic families, a population particularly at risk for obesity and accompanying health problems. Kraft donated $2 million to the program's startup. This donation is an example of:

strategic giving

In general, when a business is engaged in environmental scanning, it looks at all of the following external forces that might affect it EXCEPT:

suppliers

Which of the following is NOT an argument for tariffs that protect domestic businesses and workers?

the maintenance of improved quality of products to protect consumers

Job description refers to the specific location or office where a job is done.

False

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:

socialism

Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetarianism is a centuries-old custom among the Indian population, but the requirement is becoming more obvious as non-vegs are being segregated from vegs. A real estate broker in Mumbai who will only rent or sell a home to a vegetarian as defined that group as its:

target market

The government of Cuba owns or controls all of the basic industries in their economy. Cuba operates in which type of economic system?

Communism

Creative Good is a 35-person strategy-consulting firm that believes you must create a good employee experience to offer a good customer experience. Toward this goal, Creative Good focuses on collaborative workshops, full-staff meetings, and a company-wide emphasis on relationships and communication--from the customer to the client, to the employees of Creative Good, and to the company's leaders. This description represents the _____ of Creative Good.

Corporate Culture

_____ is the practice of limiting investments to securities in companies that behave in accordance with the investor's beliefs about ethical and social responsibility.

Corporate philanthropy- includes cash contributions, donations of equipment and products, and support for the volunteer efforts of company employees.

Decentralization is usually desirable in a company when:

any or all of the conditions occur: -the firm is operating in a dynamic environment -the firm is geographically dispersed -employees are willing to take responsibility -the firm is very large

Corporate philanthropy:

can be either a cash or a noncash donation

Business products are classified into two categories. Large, expensive items with long life spans are called _____ products, and; smaller, less expensive items with short life spans are called _____ products.

capital; expense

Jon Schwartz is an electrical engineer. He works as a temporary worker for a contracting company that builds germ-free rooms for university researchers. While he likes the extra income, he would much rather stay home and work on the novel he is writing. His wife earns a six-figure income so money is not an issue. Schwartz is an example of a(n):

contingent worker

A system that utilizes long production runs resulting in high-volume, standardized products is called a(n) _____ process.

continuous

Total quality management focuses on:

continuous improvement

All of the following terms are associated with international trade EXCEPT

discount rate

A natural barrier that faces Argentina when it sells beef to Siberia is:

distance

In 1997, Russia and Ukraine exported carbon steel plate into the U.S. at a price much lower than the countries were found guilty of charging the identical steel in their home markets. Russia and Ukraine were engaged in:

dumping

Peter Drucker, a well-known management scholar, has said that companies should be evaluated on two basic dimensions:

legality and responsibility

In _____, goods are produced using mass production techniques up to a point. Then production is custom tailored to the needs or desires of individual customers.

mass customization

Which of the following statements about demand and supply curves is true?

-The demand curve will shift to the right if buyers' incomes increase. -The demand curve will shift to the left if the number of buyers decreases -The supply curve will shift to the right if the number of suppliers increases.

Just-in-time (JIT) is an inventory system that was developed in California and is starting to catch on in Japan.

False

Plant manager Peter Kwillen receives the master budget from divisional headquarters and breaks it down for the three shift managers. He coordinates with other plant managers and manages lower-level managers. Kwillen is a(n) _____ manager

Middle

When sales of cheese in the United States began to stagnate, the U.S. dairy industry looked for a quick and easy method to reach global markets. From your understanding of how companies participate in the global marketplace, you should know that the dairy industry selected:

exporting-Licensing is the legal process whereby a firm agrees to allow another firm to use a manufacturing process, trademark, patent, trade secret or other proprietary knowledge in exchange for royalty payments.