BA 101 Midterm 3 Quizlet Book Questions, Mikes Bikes, Canvas Videos STUDY PLAY
Studies have indicated that partnerships are four times more likely to succeed than:
sole proprietorships
If a corporation is formed, then the owners are known as
shareholders
How many sections are there in a business plan?
6
Kendra is considering opening a new business. While writing the business plan, she is answering the following questions: What external success factors affect the industry? How does her business measure up to competition? What can my bakery do to survive and prosper during a recession? What was Kendra performing?
A SWOT analysis
______________ corporations are organized in one country and operate in another.
Alien
Actions aimed at harming actual or potential competitors can be labeled as:
Anticompetitive behavior
Jim claims that Tom breached a contract. What can a judge do?
Award damages, cancel a contract, or direct a party to do or not to do an act
In order to reduce the total number of bankruptcy filings and eliminate the perceived ease of filing for bankruptcy congress passed the:
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
What action is at the very top of the "Social Responsibility Pyramid"?
Be a good corporate citizen
Among the hurdles small businesses must overcome in starting to operate globally are:
Bureaucratic paperwork, understanding cultural differences, difficulty finding financing
The U.S. free trade agreement with Costa Rica, the Dominican Republic, El Salvador, Guatemala, Nicaragua, and Honduras is
CAFTA
The North American Free Trade Agreement (NAFTA) created a free-trade area among the United States, _____ and _______
Canada, Mexico
________________ is the part of the contract that defines what will be given for accomplishing what was described in the agreement, often in the form of money.
Consideration
Which of the following is a disadvantage of patents?
Defending a patent may be uncertain and expensive. Your patent application may disclose technical information. Applying for patents can be a lengthy and time-consuming process.
This cross-industry agency investigates false and deceptive advertising and promotion.
Federal Trade Commission
One phrase that the Business Model Canvas concept applies is to:
Focus on what you do best - outsource/contract the rest.
Which of the following products categories might it be best to keep as a trade secrets instead of patenting them?
Food and beverage recipes
_____ is a form of Tort where someone "hurts" through deception or manipulation.
Fraud
When it comes to getting involved in international business what are the three strategies that require the least amount of commitment and effort?
Licensing, exporting, franchising
A Limited Liability Company, an LLC, offers the advantages of _______________ as well as ________________ .
Limited liability, single taxation
In what way will globalization impact U.S. businesses?
Loss of jobs in manufacturing Increased competition Concerns for product safety
In addition to the rule of law, governments perform all of the following
Monetary policy Taxing consumers Government spending
What is true about PMI?
PMI involves listing all the pluses in one column, minuses in another column and the implications in a third column for different alternatives
Distribution in many developing countries is difficult because of the lack of reliable transportation infrastructure due to natural disasters. This is an example of what type of forces affecting global trade?
Physical and environmental forces
Which of the following factors influences culture?
Religion Economic philosophy Education Political Philosophy
Which statement best describes why alternative dispute resolution, arbitration and mediation, exist?
Resolving disputes through a court can be expensive and time consuming.
The act that makes it illegal to create a monopoly or stifle competition is the:
Sherman Antitrust Act of 1890
Who sets the standards of right and wrong as defined by ethics?
Society
Which of the following are considered to be a major hurdle to successful global trade? High literacy rates Increased global demand Sociocultural differences Established ports and road systems
Sociocultural differences
What is the correct form and sequence of the planning process?
Strategic Planning, Tactical Planning, Operational Planning, Contingency Planning
Which of the following are part of a situation analysis (SWOT)?
Strengths, Opportunities, Weaknesses
Three skills that are applicable to all levels of management include:
Technical, human relation and conceptual skills
Which of the following is correct about common stockholders?
They have only residual claim on assets and they vote for the Board of Directors
What are some key responsibilities of legislators to maintain the free-market system?
To pass laws that ensure a competitive atmosphere and promote fair business practices
What is the purpose of the Uniform Commercial Code (UCC)?
To standardize commercial law and facilitate commercial transactions
The major technological change(s) that contribute to greater globalization is/are:
Transportation, communication, information processing
True or False: A consistent key theme of Guerrilla Marketing is to "focus on the customer."
True
True or False: A global strategy should be strategic and intentional.
True
True or False: Intrepreneurship is about applying an entrepreneurial-like mindset in an established organization.
True
True or False: The Business Model Canvas can be used for start-ups as well as new product introductions.
True
A comprehensive commercial law that covers sales laws and other commercial laws is called the:
Uniform Commercial Code
All of the following are required elements that need to be present on a contract,
Voluntary Agreement Consideration Legal Purpose
Job seekers should recognize that small businesses in the U.S.
account for about 1/3 of the total U.S. exports
A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships is:
an S corporation
Understanding where to locate your business, who your target market is, and how to reach them, can be accomplished through
an inexpensive market research study
A corporation is formally formed with:
articles of incorporation and bylaws
The concept of a __________ describes the rationale of how an organization creates, delivers,and captures value.
business model
Small and medium-sized firms are often better prepared to leap into global markets because they:
can react quickly to opportunities
The actions of a fellow franchisee will affect your franchise. This is known as the:
coattail effect
The guiding principle of free economic exchange is:
comparative advantage theory
Ethics codes that emphasize control and punishment of wrong-doers are ___________ -_________ ethics codes.
compliance-based
Corporate social responsibility is based on a
concern for the welfare of society
A foreign country's production of private-label goods to which a domestic company then attaches its brand name or trade mark is called:
contract manufacturing
The _______ function measures performance relative to the planned objectives and standards, rewards people for work well done, and takes corrective action when needed.
control
The dimension of social responsibility known as _______ responsibility includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment.
corporate
The statement by Patagonia that "A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet" is an example of:
corporate policy
The two blocks at the "base" of the Business Model Canvas diagram are:
cost structure and revenue stream.
Global trade offers opportunities because there are so many potential
customers
Export Assistance Centers work with small and medium-sized businesses who are hesitant to do:
direct exporting
A major disadvantage of the corporate form deals with the tax situation called ______ taxation
double
Autocratic leadership is effective in situations such as
emergencies and working with new, unskilled workers
Goods or services from the U.S. can be_____ to many countries for different uses, such as snowplows to clear sand from driveways in Saudi Arabia.
exported
_______________ is a side effect or consequence of an industrial or commercial activity that affects other parties without it being reflected in the cost of the goods or services involved.
externality
The right to use a specific business' name and sell its products or services in a given territory is a(n) _______ agreement
franchise
A deliberate deception to secure unfair or unlawful gain is referred to as:
fraud
Mark, Cal and Aidan have decided to form a business where all owners will share in operating the business and in assuming liability for the business debts. They are most likely forming a(n)_________partnership
general
David's manager told him the company wants to achieve a 50 percent market share within 5 years. David's manager was relaying a company:
goal
The mortgage bankers and real estate companies who helped create the financial crisis of 2008 were driven by
greed
Students attending colleges and universities abroad often notice products that are unavailable in their home countries and
have to develop financing and work long hours to import the products to their home countries, develop start up financing to become importers of that product while still students, work with native producers to import the products to their home countries
Relief from the stress of commuting, extra time for family activities, and low overhead expenses are all advantages of ________-________ franchises
home-based
Nike suffered criticism due to its ________ ___________ violations in their overseas manufacturing facilities.
human rights
An _______________ warranty is legally imposed on seller.
implied
Some entrepreneurs have spotted opportunities to______ goods or services while they were traveling or studying in other countries.
import
Responsible business behavior depends on the responsible behavior of each ______ in the business world.
individual
A(n) _______ ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability.
integrity
A willful act that results in injury is called a(n):
intentional tort
There are more than 7 billion potential customers in 195 countries around the globe. Each country possesses unique materials and skills, and as technology advances, communication barriers are being brought down. Therefore:
it is important to conduct business internationally
Those who oppose corporate social responsibility believe that
it is using investors' money in ways they did not intend
LLC's are considered to have operational flexibility because while they must submit articles of organization, they are not required to:
keep minutes or hold annual meetings
Legal and regulatory forces can create problems in the global market because:
laws and regulations vary greatly between countries
Problems arising from differences in antitrust rules, labor relations, patents, copyrights, taxes, and other issues are all considered examples of _______ and regulatory forces within a global market.
legal forces
In a general partnership, all partners share the responsibility for operating the business and assume_______ for the business's debts
liability
A company that has socially responsible human resources management is
likely to perform better financially
Employees who get things done using an organization's financial resources, information, equipment, and workers are:
managers
In organizations, ________ strive to produce order and stability, whereas ________ embrace and manage change.
managers, leaders
The three major factors associated with Corporate Social Responsibility are
maximizing positive societal impact, minimizing negative societal impact, and acting in the organization's best interest in returning a profit.
Economist Milton Friedman believed that a business's only social responsibility was to make_______ for its owners and that anything else was socialism.
money
U.S. workers will see increased competition from other countries in the future due to:
outsourcing to foreign countries
A foreign subsidiary is a company owned in a foreign country by another company called the:
parent company
A SWOT Analysis is a(n) ______ tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
planning
Threats to global trade include
rogue states terrorism income inequality
____________ refers to when managers make decisions with corporate resources for their own benefit.
self-dealing
A communication tool many companies use to inform diverse groups of their social responsibility efforts at little cost is
social media
U.S. economist Milton Friedman believed that the only social responsibility of the corporation was to its stockholders. He also believed anything other than that would be considered:
socialism
The easiest type of business entity to form is a
sole proprietorship
The type of planning done mostly by top management is ______ planning.
strategic
An advantage of partnerships is a longer _______ rate than sole proprietorships, because they become more disciplined and the business's life is based on all the partners.
survival
A(n) _______________ is a form of a tax levied on imports. It attempts to make domestic products more price competitive by increasing the cost of foreign goods.
tariff
When creating a business plan, it will be most beneficial to include __________ financial forecasts.
the best case, worst case and most realistic
Many franchises are expanding internationally because:
there are large new markets available
One reason for government intervention in business is:
to correct market failures and ethical lapses.
In a sole proprietorship, any debts or damages incurred by the business are your personal debts and you must pay them. This disadvantage is known as:
unlimited liability
Ethnocentricity means that you believe your culture is superior to others. In general, this perspective is _________________ to those seeking to expand their business on a global basis.
valuable
At the very center of the Business Model Canvas:
value proposition
A key characteristic and value of a Business Model Canvas is that it is a:
visual tool
An employee who reported her boss to the SEC for insider trading would be considered a(n) _________ protected by law.
whistleblower
After working for a large auto manufacturing company for over 20 years, Silvia decided to start her own auto accessory store. While facing new challenges every day, Silvia enjoys being free to manage her company as she desires. This example illustrates:
why people take the risks of entrepreneurship
Statutory law is also referred to as:
written law
