bad 10

Which of the following does transparency imply?

- openness - communication - accountability

To be eligible for S corporation status, a corporation must have no more than

100 shareholders

How many times should you decline a gift in China?

3x

According to the U.S. Small Business Administration, what percentage of businesses fail within the first four years of launching?

56%

Entrepreneurs can increase their odds of success by avoiding which of the following drawbacks when starting a small business?

Failing to set aside cash reserves that can be used during economic downturns

Which one of the following is a characteristic of the service sector?

Intangible products

Which of the following is NOT an example of supply chain sustainability?

Using a more than necessary amount of resources

From this week's video, how important is planning in a business?

Very important

From this week's video, what information can businesses obtain from market research does Steve Jobs mention?

What your customers think and want

Which one of the following is NOT an example of a Total Quality Management (TQM) practice?

Working harder

What is business ethics?

Written and unwritten codes of principles and values that govern decisions and actions within a company

Which of the following would NOT be an associated negative faced by a business that is focused on cheating the customer?

a desirable reputation in the community

Which of the following is NOT an advantage of starting a business?

a lack of involvement in day to day business activities

A statistic that reports the status of the economy a few months in the past is known as what?

a lagging indicator

What is the process managers use to transfer authority and responsibility to positions below them?

delegation

Which of the following is NOT an acceptable use of surplus revenues generated by a non-profit?

distribution to shareholders

Based on what you learned from this week's video, think of an example of a benefit and cost analysis that pertains to your own life.

dropping out of college and working getting paid with minimum wages.

Fairness in trading practices, trading condition, sales practices, consultancy service, tax payments, internal audits, external audits, and executive compensation also fall under what field?

finance and accounting

Opponents of socialism see private ownership of the means of production and the market exchange as natural entities or moral rights which are central to their conceptions of _____________.

freedom and liberty

IT is changing the basis of business from labor and manual skills to _________.

knowledge management

Industries with a high concentration of small businesses generally require

little investment capital up front.

The section of the business plan that states how a company will sell and communicate to its potential customers and suppliers is described in the

marketing and sales management section.

According to economist Milton Friedman, the main purpose of a business is to ________.

maximize profits for its owners

What type of companies do individuals tend to want to work for?

ones in which ethical dilemmas are minimized

In a mixed economy, what remains as the fundamental driving force behind economic activity?

profit-seeking

What color is not associated with death in Chinese culture?

red

Which of the following is NOT a step in the decision making process?

Multiple decisions are made, executed and then evaluated

Successful small business owners often need a high level of _______, due to the high likelihood of drawbacks and failure.

Perseverance

What is the process in which a government dictates which goods or services are produced, how they are produced, and who will receive them?

central planning

Issues such as dangerous products/services; transparency about environmental risks, product ingredients, or possible health risks; respect for consumer privacy and autonomy; and fairness in pricing and distribution arise in which field?

sales and marketing

Navigating government regulations is one of the primary advantages of owning a sole proprietorship since

sole proprietorships do not have to pay corporate taxes

What belief has driven customers, businesses, home buyers, and the U.S. government itself to rely increasingly on debt?

that the value of their investments would continue to grow

In a sole proprietorship, there is no legal distinction between:

the owner and the business

What event occurred alongside the development of industrial capitalism in 19th Century Britain?

universal adult male suffrage

From this week's video, what is opportunity cost?

whatever you give up to do something

All workers benefit from international trade because:

They have more options as consumers

What is the primary tool of monetary policy?

open market operations

Which of the following is an element that makes ethical behavior conducive within an organization?

- A written code of ethics and standards - Availability for advice on ethical situations - Systems for confidential reporting

Which of the following is a potential improvement to a transport route?

- Eliminating the route altogether - Dividing the route in to two - Merging with another route

Which of the following is the best explanation of radical transparency?

A management method where nearly all decision making is carried out publicly

How is a stakeholder different from a shareholder?

A shareholder is an owner of the company, whereas a stakeholder is any individual or group with an interest in the company's operations and/or output.

The two departments that are usually involved in the purchasing process are:

Accounts payable and purchasing department

From this week's video, what must a business be able to do if things don't go according to what was planned?

Be flexible and adjust its strategy

The theory of competitive advantage can best be explained as suggesting that:

Businesses create high-quality goods to sell at high prices in the market

Which of the following is NOT a legal benefit of incorporation?

Complete decision making power

Customer Experience Management (CEM) , as opposed to Customer Relationship Management (CRM), focuses on which of the following:

Customer needs

Which one of the following is an example of a strategic operation decision?

Determining how labor and equipment are organized

In order to be effective, a team leader should NOT:

Disengage from the team

Which section of a business plan outlines a management summary of the projected business?

Executive summary

Which of the following is NOT an educated risk regularly taken by good managers?

Ignoring customer needs for the benefit of the business

If a country has a trade deficit, what will occur?

Imports will exceed exports

Which of the following is NOT true about planning?

It should be set at the beginning of a project and not changed afterward

In terms of supply and demand, what is the quantity of a product that people are willing to buy most dependent upon?

Its price

Which of the following is NOT necessarily a result of planning?

Making a decision quickly

Logistics management encompasses all of the following EXCEPT:

Manufacturing

Which of the following is NOT a step in outsourcing?

Opening a new plant in a foreign country

Fill in the blank. Cory is the Director of Business Development for a drug company. Part of his responsibilities requires him to develop five-year plans and present them to the executive team. Cory has been with the organization for a while and knows that the executives like detail. They want to see the necessary steps Cory is going to take to achieve the five-year goal, so Cory explains his five-year plan in one-year intervals. According to what you have learned, Cory is providing the executives with a (an) _____________.

Operational plan

Which of the following characteristics is NOT conducive with entrepreneurial drive?

Risk aversity

Assuming you were the CEO of a company with 72 shareholders, offering only common stock. This company would likely fall under which of the four categories of corporations?

S corporation

The one universal criterion for measuring the rate of success in production is:

The ability to produce surplus value

What are the advantages of being an entrepreneur?

The advantages of being an entrepreneur are that you are your own boss, making your own business decision, independent managing your own prices and flexible schedule.

Which of the following is an advantage of business ownership structures that are partnerships?

The profits from the business flow directly through to the partners' personal tax returns.

What qualities do employers want in their employees?

The qualities do employers want in their employees is having good communication skills.

Bribes are illegal in China.

True

One of the primary advantages of organic growth is

better control and coordination of the business

Which of the following basic business processes has the Internet NOT been increasingly used for?

bookkeeping

When a company expands by supplying independent business owners with an established business, including its name and trademark, this is referred to as a

business format franchise.

What is theoretical ethics?

- A way of discovering and delineating right from wrong - The consideration of how we develop the rules and principles by which to judge and guide meaningful decision-making - The rational reflection on what is right, what is wrong, what is just, what is unjust, what is good, and what is bad in terms of human behavior

Which of the following characteristics of the service sector distinguish it from the product sector?

- Ever-changing business processes - Knowledge and information technology - Unique financial, regulatory, and investment structures

The World bank incorporates which of these studies in fighting poverty of developing countries?

- Local groups' actions - Financial situation - Economic situation

Suppose you, as an American company, started a phone business in India. Which of the following cultural barriers might you face?

- Market entry - Transaction complexity - Ignorance of emerging markets

The goals of organization include:

- Optimise resources - Facilitate growth - Facilitate human treatment of employees

Businesses that are partnerships typically include which of the following details in the partnership agreement?

- Partner responsibilities - Conditions for settling disputes - Conditions for dissolving the partnership

What are some ways to make an unsatisfied customer feel better?

Some ways to make an unsatisfied customer feel better is to reiterate the customer's views, putting customer needs first, and showing the pros and cons.

What are some things that would harm your credit score?

Somethings that would harm your credit score would be not paying bills on time, having too many credit cards, and level of debt.

Complete the following sentence. Tariffs, as they relate to global trade, are:

Taxes on imports

What 4 categories of people will you interact with at work?

The 4 categories of people will you interact with at work are customers, supervisors, co-workers, and subordinates.

Which of the following best explains why the equitable pay of workers may potentially lead to emotional unrest between them?

They may wish to be specifically recognized for their work.

Tariffs are often viewed by economists to be bad for overall welfare because:

- Tariffs are anti-poor - Tariffs hurt the developing world - Tariffs limit choices for products

New technologies are allowing more women and young people to start businesses. This is mainly because

- new developments in technologies allow for businesses to be scalable across different regions. - shipping companies such as FedEx allow businesses to be replicated in different cities globally. - new developments in technology allow entrepreneurs to start businesses with less capital.