POB

Why is a good accounting system important to a business?

It shows the business how it is doing.

Overall, what does marketing allow us to do?

Live our daily lives

Which of the following government actions is most likely to stimulate the economy

Lowering tax rates

After a company's training needs are determined, what is the next step in training and development?

Managing employee performances

Management decides to hold its annual meeting in one U.S. city rather than another because of crime in that city. This is an example of __________ the risk.

avoiding

The growth of e-commerce is changing the way companies do business by allowing them to

be accessible to customers at all times

Jaron, the district technology coordinator for Abington City Schools, is responsible for purchasing new computers for the district. He recently sent out a request for price quotes to five different computer companies, and he is waiting to hear what the various suppliers' proposed prices will be. Jaron is conducting

competitive bidding

The overall purpose of accounting is to

compile the business's expenses

Carefully selecting goods or services to sell is an example of handling business risks by __________ the risk

controlling

Managing information regarding copyrights and trademarks helps a company to preserve its

correspondence

A country with a weak currency value tends to

decrease its imports and increase its exports

An important factor that has a significant effect on the general business environment is

technology

Each purchase strengthens the economy by encouraging

trade

Lack of economic growth is a major problem for __________ economic systems.

traditional

Contractual agreements such as guarantees, surety bonds, and leases are examples of handling business risks through

transfer

Which of the following is a benefit of international trade

An improved standard of living

What type of trend are businesses considering when they analyze where customers live and their ethnic backgrounds?

Demographic

Which management function is described in the following situation: James Crane has created a team atmosphere among the members of his sales department. When the team exceeded their monthly sales goal, James rewarded them with a celebratory dinner out and a five-percent bonus.

Directing

Which of the following is a potential problem in market economies?

Financial loss

Which of the following economic resources is responsible for combining the other resources to produce goods and services

Human resources

Which of the following would be done first in an environmental scan:

Identifying participants and responsibilities

What management function is being described in the following situation: David Thomas, a top-level manager, identifies jobs to be performed, assigns responsibility for them, establishes departments to handle the jobs, and determines how many and which employees mid-level managers will supervise.

Organizing

Which of the following will foster a business's ability to adapt to changing markets:

Proactive management

According to the marketing concept, which option demonstrates customer orientation?

Researching a firm's competitors

Which of the following is a measure of how well a business generates cash flow

Return on capital

A business is planning a sale and needs to know what sales were for a particular weekend in the previous year. Which of the following accounting records would provide this information:

Sales journal

Which of the following factors has aided the most in creating a global business environment

Technology

Which of the following examples illustrates how environmental factors are interrelated:

The economy affects what competitors are doin

Juan's Fishing Shack demonstrates effective information management b

accessing a list of fishing equipment appropriate for a particular customer

Which of the following situations would most likely indicate the need to adapt to changes in the business environment:

The supply of materials used in manufacturing a product has decreased

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes?

To encourage research

What is the government doing when it buys wheat to keep the price high enough for farmers to make a profit?

Using price supports

What are the three basic economic questions?

What products will be produced; how will products be produced; and how will products be allocated?

In an overall sense, where does marketing occur?

Wherever customers are

Which of the following is a detail that a buyer should know prior to placing an order for raw materials?

Whether the company has storage space for the raw materials

A business suddenly moves its operations to a new town, leaving its current employees jobless. Its reason for taking this action, which some consider unethical, might be that the action

is not illegal

ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a

licensing agreement

Which of the following is an example of increased financial risk for a company with poor business ethics:n

licensing agreement

One reason that some U.S. businesses have moved some of their operations to foreign countries is to

lower their labor costs.

Formal relationships and a distinctive chain of command are characteristics of the _________ organizational business structure.

mechanistic

The finance function would definitely be involved in a decision regarding

new business projects and strategies.

One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually

provides experience that increases the business's credibility

Government can prevent unqualified persons from operating a business by

refusing to grant them a license.

An advantage to a business of filing Chapter 11 bankruptcy is that the process allows the business to

reorganize

One reason that businesses use a matrix organizational design is to

share human resources

Online chats, forums, and communities that enable businesses to learn about the wants and needs of their worldwide target market have created a new form of

social relationships.

Retailing takes place whenever goods are

sold to the ultimate consumer