BADM Final Exam
Perhaps you can develop a product that is better than the SoapStandle, which entrepreneur Mr. Gould sold for around _____.
$5
Chapter XXXXX (number) is a form of XXXXX that involves a reorganization of a company's business affairs, debts, and assets, and for that reason is known as a "reorganization". It gives the debtor a fresh start. Our example in WSJ was Friendly's Restaurants.
11 bankruptcy
Residents in a Gallup Poll were asked if they trusted various U.S. institutions. Sadly big business ranked number __ (number) of 15 institutions. They have not earned our trust
12
The residents of California recently voted to reject Proposition __ (number), which was essentially a push for preferential treatment by race in college admissions and public employment.
16
According to a recent WSJ article, the average rate on a 30-year fixed-rate mortgage was just under _____ percent.
3
Raising the federal minimum wage is an idea that seems to be gaining popularity. An important fact to consider about minimum wage is that about _____ % of hourly workers in the U.S. earn the current federal minimum wage.
3
Use a number divisible by 10.The Dow Jones Industrial Average recently set a record high at just over $ __ thousand
30
The U.S. has approximately XXXXX (number) million businesses, the great majority of which are XXXXX (business type or structure).__ _________________ (one space between the number and the word(s).
30 sole proprietorships
A ___k) plan is a tax-advantaged, retirement account offered by many employers.
401
A widely accepted definition of "small" business (and the one we discussed) is ___ (number) or fewer employees.
500
How many Fortune 100 CEOs donated to a presidential candidate or supporting group in 2020?
6
is the process of recording, summarizing, analyzing, and reporting financial transactions of a business to oversight agencies, regulators, and the IRS. It is one of our ten topics in BADM120.
Accounting
According the Tax Foundation website, Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation's tax burden. This year, Tax Freedom Day falls on ______ __ (month and day)
April 16
_ is the symbol for a stock trading above 300,000 per share.
BRK.A
Its 2019 IPO price was around $65. Its current price is around $140. _____ (two words or stock symbol) engages in the provision of plant-based meats.
Beyond Meat (BYND)
The _____________ _____________ (two words), an influential group of some 200 corporate CEOs headed by Chase's Jamie Dimon, met in August of 2019 to "redefine" the purpose of a corporation to emphasize a commitment to all stakeholders, not just to stockholders. Critics think the meeting and resulting statement of purpose were mostly for show and publicity.
Business Roundtable
Name the three major trading partner countries of the the U.S.? (no punctuation)
Canada Mexico China
Which country is the largest exporter in the world?
China
In order which countries have the largest and second largest populations in the world?
China India
It shall be an unlawful employment practice for an employer -(1) to fail or refuse to hire or to discharge any individual, or otherwise to discriminate against any individual with respect to his compensation, terms, conditions, or privileges of employment, because of such individual's race, color, religion, sex, or national origin;The above is an exact quote from one of the most important pieces of anti-discrimination legislation ever passed: the XXXXX Act of XXXXX _________ _____________ (two words one number no punctuation)
Civil Rights 1964
________ spending is the main engine of the U.S. economy
Consumer
What is the stock symbol for either Dollar General or Dollar Tree? Only one please.
DG
Use one D word to name this big four accounting firm.
Deloitte
__________ ethics is the ethics of duty or obligation. The morality of an action should be based on whether that action itself is right or wrong under a series of rules or moral absolutes, rather than based on the consequences of the action. (one 13-letter d word)
Deontological
Inevitably, humans are faced with limited resources and unlimited needs and wants. We have to make choices. __________ is the study of how humans make choices under conditions of scarcity. These decisions can be made by governments, individuals, families, businesses, or societies and involve supply of and demand for those resources.
Economics
_____ & Young is the name of one of the big 4 accounting firms
Ernst
EY is one of the Big Four accounting firms, whose audits are meant to give investors confidence in companies' figures. EY missed red flags or failed to aggressively pursue them at some of the companies ahead of their scandals, and for the most part it was outsiders who raised questions first, a review based on publicly available documents and interviews with people close to the events shows. Now, regulators are scrutinizing EY's work. EY stands for XXXXX & XXXXX ______ _____(two words only)
Ernst Young
Stimulus payments, relief from the Cares Act, and shifts in consumer behavior helped to push the average FICO credit score to 711 in July, 2020—the highest on record for the metric used in most lending decisions. FICO ______________ Corporation (two words)
Fair Isaac
A very high savings rate for a country would make the economy surge
False
_______ (7 letters) is a term for matters regarding the acquisition and use of funds especially by corporations and individuals. It includes the management, creation, and study of money and investments.
Finance
FASB or _______ ________________ is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP)
Financial Accounting Standards Board
The FASB ____________________________ is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles.
Financial Accounting Standards Board
A U.S. budget deficit occurs when
G>T
You viewed the Fight of the Century--a YouTube video about economics. Bottom up? Or top down? That is the question. Famous economist _____ (one word last name) was an ardent defender of free-market capitalism and is considered by most experts as one of the greatest critics of socialist economics.
Hayek
______ _______(born February 4, 1953) is the 16th Chair of the Federal Reserve, serving in that office since February 2018. He was nominated to the Board of the Federal Reserve in 2012 by President Barack Obama, and subsequently nominated to the Chair of the Fed by President Donald Trump, and confirmed in each case by the United States Senate. (two words)
Jerome Powell
The _______ stock index is especially top heavy (in terms of market capitalization) with tech stocks
NASDAQ
It is probably the most communist nation on earth. Its people are poor and enjoy very little liberty. Tens of thousand of its citizens have attempted to escape. It is ruled by Kim Jong Un.
North Korea
The Wall Street Journal says the leader of _____ ________(country) may be human and not a god after all. He appears to be humbling himself a little. Yet his country is said to be (World Factbook) the most "centrally directed" in the world. What do you say about a country many of whose citizens want to escape.
North Korea
____________ _____________ is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
Operations management
The Small Business Administration has begun asking some PPP ___________________ borrowers to document why they need the loans, drawing concern from advocacy and trade groups that say such disclosures weren't required when the businesses applied for aid.
Paycheck Protection Program
The U.S. _________________________ (SEC four words) is an independent federal government regulatory agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of the securities markets. The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.
Securities and Exchange Commission
Which has the highest per capita GDP?
Singapore
McNeese State University has at the SEED Center an SBDC-- which stands for
Small Business Development Center
According to one of our WSJ readings, lockdown restrictions have hurt businesses in ____________ (an African country) so badly that the economy shrank 51% in a recent quarter.
South Africa
Provide the stock symbol of one of the two very famous high-tech companies that recently have had stock splits only to see the share prices rise sharply after the split.
TSLA
The S & P 500 has a new member, and it is the most valuable company ever to join the index. _______ (symbol or one word)
Tesla (TSLA)
Which of the following is true of the current investing world?
There is a boom in small-dollar investment--low-price stocks.
We observed in class, and studies of successful entrepreneurs have shown, that they possess certain characteristics that differentiate them from the average Joe like me. Which of the following is characteristic of successful entrepreneurs?
They have a higher level of risk tolerance than most people.
Walmart is a _____ company, using the scheme explained in the lectures.
Tier 1
According to Phelps scheme, which group of businesses is most trusted?
Tier 3
According to a study reported in WSJ, the average tenure of CEOs is longer (in the sampled group) than that of CMOs.
True
U.S. employers added 638,000 jobs in October 2020—the sixth straight monthly gain—and the jobless rate fell a percentage point to 6.9%, the Labor Department said. This unemployment rate is the __ unemployment rate (one letter one number no spaces) and is the rate popularly reported in the news. We compared it to one other unemployment rate by looking at BLS (Bureau of Labor Statistics) figures.
U3
The voters of California just voted YES on Proposition 22, which allows ____ to view its drivers as independent contractors and not employees. (Name one of the two companies.)
Uber
Three Generally Accepted Axioms of _________ Ethics state that: • Pleasure, or happiness, is the only thing that has intrinsic value. • Actions are right if they promote happiness, and wrong if they promote unhappiness. • Everyone's happiness counts equally. Thus, one is able to argue that you are a sinner if you don't drive a Prius, don't eat a vegan diet, and/or don't use only paper straws. Their calculation is that these behaviors do not bring about the greatest good.
Utilitarian
A ______ good is a good for which demand increases as the price increases. Examples include designer jewelry and yachts--usually high quality goods, exclusive, and serve as a status symbol.
Veblen
The South American country of ___________ is rich in natural resources, especially oil reserves, yet its socialist economy is in shambles--even lacking a decent provision of food for its citizens.
Venezuela
Want a job with long hours, doing any and every job as called for, workers not showing up--these all are management challenges. If you can handle them, you could be earning six figures in five years. After all, if you can manage a _______ _____, you can manage anything.
Waffle House
In the BADM120 you learned of a particular source you could use to discover facts about the nations of the world--facts ranging from population to economic to cultural. In particular we observed figures from _________ ___________ (two words) regarding the per capita GDP of China compared to that of the United States.
World Factbook
Data _________ (one a word) is the science of analyzing raw data in order to make conclusions about that information. Many of its techniques and processes of have been automated into mechanical processes and algorithms that work over raw data for human consumption. In a WSJ reading we noted its use in marketing. We have also noted its use in operations management including sports events. Data analytics techniques can reveal trends and metrics that would otherwise be lost in the mass of information. This information can then be used to optimize processes to increase the overall efficiency of a business or system.
analytics
Data _________, a popular operations management tool, is the science of assessing raw data in order to make conclusions about that information. Golfer Bryson DeChambeau is using it to "wreck golf" with long drives.
analytics
The employment doctrine in the United States is __ _____ (two words hyphenated) employment--meaning that either the employer or employee can end the employment relationship for almost any reason without breaking any law.p
at-will
A(n) _____ committee is one of the major operating committees of a company's board of directors. It is in charge of overseeing financial reportiong and disclosure and for choosing the company's accounting firm. All U.S. publicly-traded companies must maintain such a committee to be listed on a stock exchange. A minimum of one person on the committee must qualify as a financial expert All U.S. publicly-traded companies must maintain a qualified audit committee in order to be listed on a stock exchange. Committee members must be made up of independent outside directors, including a minimum of one person who qualifies as a financial expert
audit
One popular measure of a corporation's size is market ___________, often referred to in its shorter form as "market cap". It is the aggregate market value of a company represented in dollar amount. Since it represents the "market" value of a company, it is computed based on the current market price of a share multiplied by the total number of outstanding shares.
capitalization
A central focus of corporate social responsibility demands on business is the environment. To incentivize businesses to be good environmental stewards, ______ _______ (two c words) were devised as a market-oriented mechanism to reduce greenhouse gas emissions. A company will be fined for exceeding an emission standard but can earn "kudos" to sell (or keep) if it pollutes at a level lower than the standard.
carbon credits
CPA
certified public accountant
The general public may be angry that CEOs sometimes get paid hugely (by most standards) even when their company's stock price has fallen in a big way. But the CEO pay package is set by the ____________ committee of a company's Board of Directors. The committee has the primary responsibility of reviewing and approving the pay of the company's CEO and other named executive officers.
compensation
The Wall Street Journal praises Airbnb CEO Brian Chesky for his quick thinking. He was able to pull his company back from the brink during the pandemic by using his ability to see signs of life in parts of his business. This ability to make sense of things and see through the confusion--see the forest and the trees--means the manager is in possession of considerable __________ skills.
conceptual
Name a c word and an a word that describe the work of large accounting firms ________ ________ (one space between, both words ending in g)
consulting auditing
One of Charles Scharf's tasks at Wells Fargo is to develop a healthy ________ _______ Meaning: the beliefs and behaviors that determine how a company's employees and management interact and handle outside business transactions--implied, not expressly defined and develops organically over time from the cumulative traits of the people the company hires--reflected in its dress code, business hours, office setup, employee benefits, turnover, hiring decisions, treatment of client, client satisfaction, and every other aspect of operations
corporate culture
_____________ ________ ____________(CSR) means that (especially) big companies have a moral duty to act in the best interests of their environment and society as a whole or all of their stakeholders.
corporate social responsibility
Name the business type or structure that accounts for approximately eighty percent of business sales
corporation
Companies have two broad options for financing business operations. (one d word one e word)
debt equity
A _______ is the distribution of some of a company's earnings to a class of its shareholders, as determined by the company's board of directors
dividend
EPS or ________________ is the portion of a company's profit allocated to each outstanding share of common stock--a widely used indicator a company's profitability
earnings per share
Following an ice cream making correspondence course, Jerry Greenfield and Ben Cohen paired $8,000 in savings with a $4,000 loan, leased a Burlington, Vt., gas station and purchased equipment to create uniquely flavored ice cream for the local market. Twenty years later, Ben & Jerry's hauls in millions in annual revenue. Ben and Jerry are good examples of ________________ (e word ends with p) in action--taking the risk to start a business.
entrepreneurship
All companies in Tier 1 would say that they operate by ESG criteria, and many investors say they want to invest in companies who meet ESG criteria. Beware of "greenwashing". What are the E, the S, the G? (three words no punctuation)
environment social governance
Currently, Americans are starting new businesses at a _______ pace
fast
XXXXX policy refers to the use of government spending and tax policies to influence economic conditions. XXXXX policy is primarily concerned with the management of interest rates and the total supply of money in circulation and is generally carried out by the U.S. Federal Reserve.
fiscal monetary
Several countries are trying to restrict church meetings because or the coronovirus. In a recent 5-4 vote the Supreme Court issued a temporary injunction against Governor Cuomo's move to limit religious gatherings. After all, how essential are landromats, mechanics, acupuncture facilities, campgrounds, garages, liquor stores, bike shops, lawyers, accountants, and more, especially in the United States whose first amendment says that Congress shall not establish a (government) religion nor prohibit ____ ________ (one f word one e word) of religion
free exercise
Investment funds who claim to be ESG purposely avoid what they consider to be sin stocks. We named three categories of sin stocks. Name one category of sin stock--meaning the ESGs would not include them in their portfolio. __________ (g or t or f)
gambling
Part of the overall management task is _____ ________ (HR) management--the division of a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs. HR plays a key role in helping companies deal with a fast-changing business environment and a greater demand for quality employees in the 21st centur
human resource
Geert Hofstede has developed a model to compare cultural dimensions of countries. In his scheme, the strongest dimension of U.S. culture is _________
individualism
A chief benefit of a ____ ____ (three words) inventory system is that it minimizes the need for a company to store large quantities of inventory, thereby improving efficiency and providing a substantial cost saving.
just-in-time
Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. Name the factors of production ____ _____ _______ ___________ (four words l l c e no punctuation one space between).
land labor capital entrepreneurship
Private equity firms are experts at LBOs. What is an LBO? (two words)
leveraged buyout
You would expect that the trading volume of the Berkshire Hathaway A would be _____
low
The process of ________ (one of our ten topics) is that of bringing a product to market, which includes these steps: researching customer needs and wants, targeting a product or service to a particular demographic or socioeconomic group, determining distribution, pricing and promotion strategies, and developing a communications strategy;
marketing
A ______ ______(two words) is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks. They are operated by professional money managers (Fidelity, Vanguard, T. Rowe Price), who allocate the assets and attempt to produce capital gains or income for the investors.
mutual fund
Which of the following is not an item in BBB's code of conduct?
nurture the human spirit
XXXXX growth of a business is growth that a company can achieve by increasing output and enhancing sales, as opposed to growth from mergers or XXXXX like that of Inspire Brands and Dunkin'. __________________ (two words one space)
organic acquisitions
Limiting bureaucracy, adhering to unity of command, achieving the proper level of centralization--these all are management issues related to the ________ function. (end with g)
organizing
A stock that trades at less than $5.00 is called a _______ stock
penny
Economics Professor Walter Williams explains that capitalism is moral because it consists of voluntary actions between individuals. One must give something to others to get things in return. Person A mows B's yard. B gives A a twenty-dollar bill. A goes to the butcher and pays the $20 for a steak. The twenty-dollar bill Professor Williams calls a certificate of ________. (one p word)
performance
A widely used traditional method of promoting pharmaceuticals is:
personal selling
Name the shortest (number of letters) and the longest of the 4 P's of marketing. (no punctuation one space between)
place promotion
The strategy management scholars explain that a company can compete by a differentiation strategy or compete on the basis of _____--like Dollar General does. (one word)
price
The PMI __________________________ (three words in PMI) is a measure of the prevailing direction of economic trends in the manufacturing and service sectors. It summarizes whether market conditions are expanding, staying the same, or contracting. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.
purchasing manager's index
One reason to move your business from California to Texas or Louisiana is that the latter are both _________________ (three words hyphenated) states where workers are allowed to choose whether or not to join a union in their workplaces.
right-to-work
An entrepreneur is an individual who creates a new business, bearing most of the ____ and enjoying most of the rewards. The entrepreneur, like Ms. Dittmar in our readings, is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
risk
So, you think you know management trends? Name one of the three management philosophies explained in the lecture. __________ ___________(One philosophy was two words, the others one.)
scientific management
A typical CEO's overall pay is a combination of salary, bonus, and _____ awards
stock
A corporation's top management is ultimately responsible for __________ ___________ (SM in our topics). That means helping their company find ways to be more competitive by crafting a plan and putting it into practice.
strategy management
If my FICO score is below 620, that makes me a ________ borrower. (one s word no punctuation)
subprime
American Amusement Machine American Pyrotechnics American Society of Travel AgentsArchery Asian American Hotel Owners All the above are collections of people or companies in a particular business or industry, organized to promote their common interests--also known as ______ ________ (two words t a or t g)
trade association
Immanuel Kant's first formulation of the categorical imperative is: "Act only according to that maxim by which you can at the same time will that it should become a __________ (one word) law."
universal
The coronavirus has prompted a wave of business start-ups. Most of the new businesses are probably sole proprietorships with no employees beyond the owner. They should be aware of the _______ ______ (two words) feature of sole proprietorships--the full legal responsibility that business owners assume for all business debts. Obligations can be paid through the seizure and sale of the owner's personal assets.
unlimited liability
Strategy analysts (business experts) likely would give fairly high marks to Tesla with regard to a VRIN analysis of the company' competitive resources. Name any one of the VRIN components.
valuable
(ZBB) is a method of budgeting in which all expenses must be justified for each new period. Every function within an organization is analyzed for its needs and costs.
zero-based budgeting