BUS 151 Chapters 1-9 Practice Exam
Maslow's Hierarchy of Needs
(level 1) Physiological Needs (level 2) Safety and Security (level 3) Relationships, Love and Affection (level 4) Self Esteem (level 5) Self Actualization
Fair Labor Standards Act
1938 act which provided for a minimum wage and restricted shipments of goods produced with child labor
Tariff
A tax on imported goods
Protectionism
Economic policy of shielding an economy from imports.
T/F: A farmer's market where 60 farmers come weekly to sell the produce they grow in their garden is an example of monopolistic competition
False
T/F: Demography is the study of how people use their free time, how people integrate their hobbies and vocations, and how people make their purchase decisions
False
T/F: Dissolving a partnership is easier than dissolving a sole proprietorship
False
T/F: Ethical decision making begins in the marketing department
False
T/F: Ethical training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior
False
T/F: Having a global vision simply means having a willingness to sell outside one's national borders if and when opportunity arises
False
T/F: If the sole proprietorship acquires a legal business name, the owner then has limited liability
False
T/F: The first two stages in the selection process are the initial contact and the preliminary interview
False
T/F: The internal labor market is made up of all employees in an industry
False
T/F: The major difference between a good and service is how the producer uses the factors of production to create each
False
Flat v. Tall organizational structures
Flat- wide span of control and short chain pf command Tall- narrow span of control and long chain of command
Example of: Social responsibility pyramid - Legal
Laws have curtailed smoking and as a result, the sale of cigarettes is down. Rather than fighting the law, the cigarette industry is looking for ways to take their business beyond cigarettes, like with the sale of smokeless tobacco.
Places to look for ideas to start a new business
Problems observed in a previous job, personal interests, family suggestions, other businesses
Organizing
The establishment of a new company and assigning the employees in the division the task of making an idea a reality
T/F: A business is an organization that strives for a profit by providing goods and services desired by its customers
True
T/F: An entrepreneur is a person who opens and manages his or her own business
True
T/F: An increase in the price of crude oil could trigger cost-push inflation
True
T/F: At the equilibrium point, quantity demanded equals quantity supplied
True
T/F: Division of labor is the process of dividing work into separate jobs and assigning tasks to workers
True
T/F: Human Resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals
True
T/F: Human rights include an individual's rights to life, liberty, and the pursuit of happiness
True
T/F: Micropreneurs are entrepreneurs who start small and plan to stay small
True
T/F: One of the basic functions of management is controlling
True
T/F: Planning is the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done, and determining by whom it should be done
True
T/F: Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job
True
T/F: The distribution process by which the burdens and rewards that society has to offer are shared varies from society to society
True
T/F: The higher the price of a good or service, the greater the amount a producer is willing to supply
True
T/F: The tax the U.S. imposes on imported carbon steel products is called a tariff
True
Cross-Functional team
a team composed of employees from different functional areas of the organization but the same hierarchy level
Aspects of 'human relations' skills
ability to negotiate, impress the right people, and make the connections
What causes a shift in the supply curve?
an increase in the price of raw materials used in the production process
Theory X
assumes that workers are basically lazy, error-prone, and extrinsically motivated by money and, thus, should be directed from above.
Walmart, Ford, Lawson & Tyler Services are...
examples of businesses
When Linda McAnem began Stirya, a computer company, she ran it as a sole proprietorship. As a sole proprietor, she...
found the business to be easy and inexpensive to form
Primary difference between a good and service
good: tangible service: intangible
Three basic roles of management
interpersonal, decisional, informational
Recruitment branding
involves presenting an accurate and positive image of the firm to those it is recruiting for
Standard of living
measured by output of goods and services people can buy with the money that they have
The World Bank's emphasis has recently shifted from helping to build the infrastructure of developing countries to....
offering loans to help relieve their debt burden
Matrix Structure
permanent organizations structure that combines functional and product departmentalization
Herzberg Hygiene Factors
potential job dissatisfiers
Decentralization
practice of giving deal of authority and decision making freedom to lower level managers
Controlling
process of ensuring that the organization's objectives are being met and of correct deviations from the plan
Original Hawthorne studies
set up to study lighting
Example of: Trend in ethics and social responsibility
strategic giving
Three basic levels of managerial hierarchy
top, middle, supervisory
Cost-Push inflation
triggered by increases in production costs which increases the cost of final goods
T/F: Motivation is basically a need-satisfying process
true
Merger
when two or more companies join to form a single firm