Introduction to Business final

Control is the mechanism for making sure the other three managerial functions--planning, organizing, and leadership--are operating smoothly.

false

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

According to the principle of absolute advantage, each country should specialize in the products that it can produce most readily and cheaply and trade those products for products that foreign countries can produce most readily and cheaply.

False

If Syria gives Lebanon a tariff advantage over other countries, Lebanon has been given a biased tariff.

False

It is not advisable for small businesses to use the services of CPAs and lawyers because most businesses are too small to afford the expense.

False

The Uruguay Round of trade negotiation is an agreement that only affects trade among Latin American countries.

False

Many weight-loss programs advertise that they can help individuals lose a great deal of weight without any changes in the individual's lifestyle. Typically when the person who has lost the weight leaves the program, he or she regains all the lost weight. This yo-yoing is almost as bad for the body as the excess weight. These weight-loss programs are engaged in _____ behavior.

Legal but irresponsible

A company has achieved the level of _____ responsibilities when it has met its ethical, legal, and economic responsibilities.

Philan

Lines of credit are short-term loans that are secured by collateral.

True

The difference in value between a country's imports and exports is called its balance of trade.

True

Criticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:

Utilitarism

Linn Johnson wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew. She finally did convince someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship as a sole proprietorship. When she dies, the:

business dies with her

The founder and current CEO of Whole Foods Markets wears cut-off jeans to work. He is a vegetarian, an outspoken proponent of green marketing, and a person who believes in eating organic foods. His views and beliefs have shaped the _____ of the supermarket chain, and all employees are expected to agree with these tenets.

corporate culture

Grainger Distribution Company sold Long Electronics ten circuit breakers for $179.00 each. Long Electronics will be allowed thirty days to pay the bill. Grainger will carry the $1790.00 on its books as a(n):

current liability

Treasury bills, certificates of deposit, and mortgage loans are the most popular marketable securities.

false

Unemployment compensation pays employees for lost work time caused by work-related injuries.

false

Thom Georges wants to open a store where he sells nothing but antique architectural features that he can salvage from old houses being torn down to make way for progress. He has an eye for the kind of doors, windows, mantels, and so forth that decorators want, but he does not have all the funding he needs to get started. He has invited his parents to invest $40,000 in the enterprise. He has told them that if they do invest, they would have liabilities in the firm equal to but no greater than their investment. Georges is trying to get them to form a _____ with him.

limited partnership

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

marketing

In the union shop, a non-union member may be hired, but after a probationary period he or she must join the union or leave

true

Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.

true

One of the biggest advantages that a small business has over a large business is a greater ability to serve specialized markets.

true

Strategic planning is long-range, formulated by top management, and made as if the company operated in a vacuum

true

Kristina Hill started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left. Calculate Hill's costs for her summer job?

$80

How has diversity impacted the marketing and customization of products?

Along with their numbers, the buying power of minorities is growing.

According to Maslow, people need to feel secure, to be protected from physical harm, and to avoid the unexpected. These needs are called _____ needs.

physiological

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require:

planning

When a thermometer manufacture combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of:

production

Donald Alan is planning to sell kites on the beach this summer to pay for next year's school expenses. _____ refers to the potential that Donald will lose money and waste his time and end up at the end of the summer with not enough money to cover his expenses.

risk

A manufacturing company in which industrial engineers have maximized efficiency by determining the best way to perform every task from tightening a bolt to operating a forklift would be illustrative of:

scientific management

Harry David had always loved reptiles. When he was asked by a movie producer if he could locate some anaconda snakes for a movie, a business was born. David is the proud owner and operator of Reptile Rentals. The California-based business, which he started with no financial help from anyone, is often called on to provide "creepy, crawly" moments in the movies. Harry David is an example of a:

sole proprietorship

Because Straube Electronics has decided to buy terminal switches instead of producing them, Straube has made a make-or-buy decision.

true