Introduction to Business & Entrepreneurship - Module 9 Quiz

__________ net cash flow indicates cash is flowing into the business __________ than the company can spend it. Positive; faster Large; slower Negative; faster Small; slower

Positive; faster

Which statements best support the coaching aspect of the leading management function? manager forces all employees to recruit new team members manager leads with small contribution by employees manager provides minimal guidance manager works supportively and creates trust with team members

manager works supportively and creates trust with team members

When should your sunk costs be considered in decision-making? when planning to expand your business never when evaluating employees for a raise when your business is undergoing major changes

never

Which type of law do most businesses encounter? tort law employment law criminal law only tort and employment law

only tort and employment law

Which is an example of cash inflows? employees' salaries paying a supplier paying bills sales

sales

Which cash flow activity results from a company's main business activities? investing activities financing activities operating activities managing activities

operating activities

Amazon provides many services, such as the service of shipping products to customers all around the world. Which part of Amazon's organization is responsible for the oversight of providing this service to customers? middle management top management operating core organizational core

operating core

If a dance instructor prices her lessons at $60 per student, she will have three students. If she prices her lessons at $50 per student, she will have four students. How much marginal revenue will she generate by pricing her lessons at $50 and having four students, instead of three? $20 $180 $200 -$20

$20

Which statement is accurate about regulatory law in the U.S? Only state agencies are tasked by legislatures with creating regulatory law. Only federal agencies are tasked by legislatures with creating regulatory law. Both state and federal agencies are tasked by legislatures with creating regulatory law. Neither state nor federal agencies are tasked by legislatures with creating regulatory law.

Both state and federal agencies are tasked by legislatures with creating regulatory law.

When deciding how much to produce—and what price to charge—for its product, a business should adhere to which of the following rules? Marginal cost should always be greater than marginal revenue. Marginal cost should always equal marginal revenue. Marginal revenue should sometimes be greater than marginal cost. Marginal revenue should always be greater than marginal cost.

Marginal revenue should always be greater than marginal cost.

When an operation seeks to improve its overall quality and performance, it can seek to use Total Quality Management (TQM). Who is involved in training for TQM? all employees and managers the CEO employees involved in operations managers involved in operations

all employees and managers

Managers' roles fall into three basic categories: informational roles, interpersonal roles, and decisional roles. A manager who may have to think like an entrepreneur, make decisions about resource allocation, help resolve conflicts, or negotiate compromises is most associated with which role? informational decisional physical interpersonal

decisional

Marginal analysis is used to... determine sunk costs. compare supply and demand. determine the optimal amount of something. set a budget.

determine the optimal amount of something.

Which two aspects of a business does operations management focus primarily on? quality control and efficiency processes and procedures effectiveness and efficiency people and things

effectiveness and efficiency

Which of the following best explains the management function controlling? evaluating or assessing the execution of the established plan setting up a plan for the customers to implement coordinating the competitions new products motivating customers to review the products or services offered

evaluating or assessing the execution of the established plan

Borrowing money by obtaining a loan is classified as which kind of activity investing activity financing activity operating activity managing activity

financing activity

What do operations procedures seek to manage within a company? people and things goods and services equipment and supplies projects and processes

goods and services

Which taxes are collected by businesses and sent to the government? sales taxes estate taxes income taxes sales and income taxes

income taxes

Managers' roles fall into three basic categories: informational roles, interpersonal roles, and decisional roles. A manager who may act as an information gatherer, an information distributor, or a spokesperson for the company is most associated with which role? decisional interpersonal informational physical

informational

Managers' roles fall into three basic categories: informational roles, interpersonal roles, and decisional roles. A manager who may need to act as a figurehead, a company leader, or a liaison is most associated with which role? interpersonal physical decisional informational

interpersonal

Which type of activity involves the selling of assets and PPE? investing activities financing activities operating activities managing activities

investing activities

In addition to being taxed by the government, businesses often serve as _________ for the _________. lawyers; corporations tax collectors; government representatives; employees contractors; government

tax collectors; government

What set of managerial skills is necessary to be a competent and productive business professional? machinery, date entry, and shipping skills technical, human relations, and conceptual skills nursing, technology, and computer skills branding, problem-solving, and design skills

technical, human relations, and conceptual skills

Specialized areas of knowledge and expertise and the ability to apply that knowledge make up a manager's __________ skills. __________ skills allow managers to evaluate situations and develop alternative courses of action. __________ skills are the interpersonal skills managers use to accomplish goals through the use of human resources. technical; Conceptual; Human relations conceptual; Human relations; Technical human relations; Conceptual; Technical technical; Human relations; Conceptual

technical; Conceptual; Human relations

Which most accurately describes why businesses have liability insurance? to exempt the business from employment law to lower the businesses' tax payments to obtain expert advice to comply with complex regulations to mitigate risks and losses that may arise from lawsuits against the business

to mitigate risks and losses that may arise from lawsuits against the business

What is middle management's primary function in an organization? to oversee the operating and revenue cores for performance and consistency with the overall direction set by top management to generate revenue through sales and marketing to ensure that top management doesn't break any laws to ensure that skills are standardized during the hiring process

to oversee the operating and revenue cores for performance and consistency with the overall direction set by top management

Operations seeks to provide products and service, which creates both customer __________ and customer __________. development; usage perception; evaluation value; satisfaction experience; development

value; satisfaction

Which of the following best describes the organizing management function? A manager assesses the implementation of the strategy and adjusts the strategy to achieve the company's purpose. A manager inspires personnel and changes personnel performance to complete company goals. A manager distributes the resources and assigns responsibilities to employees to accomplish desired company targets. A manager implements a plan to recruit new employees.

A manager distributes the resources and assigns responsibilities to employees to accomplish desired company targets.

Jimmy purchased a share of stock in XYZ Corporation at $100, and the stock is now worth $80. Jimmy has said that he won't sell the stock until its value returns to at least $100. Is this the right decision? Yes. Jimmy should try to at least recoup the cost of his investment. Yes. Jimmy will face a higher tax bill if he sells the stock for less than he paid for it. No. The price Jimmy paid for the stock is no longer relevant—he should hold on to the stock if he expects it to rise in value, and sell it if he expects it to fall in value. No. The price Jimmy paid for the stock is no longer relevant—he should sell the stock as quickly as possible, before others copy his investment strategy.

No. The price Jimmy paid for the stock is no longer relevant—he should hold on to the stock if he expects it to rise in value, and sell it if he expects it to fall in value.

What best defines the leading management function? a manager's procedure of assessing the strategy's implementation and adjusting strategy to achieve the company's purpose a manager inspiring personnel and adjusting personnel performance to complete company goals a manager distributing the resources and assigning responsibilities to employees to accomplish company targets a manager creating company goals and developing a strategy to get them done

a manager inspiring personnel and adjusting personnel performance to complete company goals

Which part of an organization is responsible for the accounting, finance, legal, and human resource departments? organizational support operational support top management middle management

organizational support

If a company needs to improve its operational strategies, it usually invests in Six Sigma. What does Six Sigma do for an organization? provides training in proven techniques to improve operations provides a package of software to improve operations provides planning tools that are specific to each industry provides third-party consultation to make recommendations

provides training in proven techniques to improve operations

Which type of coordination mechanism refers to a shared common set of beliefs in an organization which allows coordination to occur? mutual adjustment standardization of norms standardization of output direct supervision

standardization of norms

Which coordination mechanism coordinates the work of the team members based on the desired outcomes of the organization? mutual adjustment standardization of norms standardization of output direct supervision

standardization of output

What type of planning includes creating goals for the entire organization that should bridge the gap between what the company currently is and what the company will become? operational planning strategic planning tactical planning contingency planning

strategic planning