bus 6-9

shareholder

A ________ is an owner of a corporation.

provides information about when long-term capital purchases can be made

A company's capital budget:

projects the revenue that will be brought in through sales and the costs that are required to meet the sales projections.

A company's operating budget:

piece-rate payment

A(n) ________ is an amount of money paid for every unit of the good or service produced.

accurate, relevant, reliable, contain consistent and comparable financial information

Auditing is the job of evaluating a company's financial statements to ensure the reports

partnership

Before starting a ________, owners agree to a contract that details each owner's responsibilities, financial investment, and right to a share of the profit.

physical barriers to trade

Bolivia has no sea ports, and much of the country is located high in the Andes mountains. These factors create ______.

employer attractiveness

Envisioned benefits that a potential employee sees in working for a specific organization is referred to as ________.

franchising

Firms are able to access global markets through which one of the following techniques?

high-performance work systems

Focusing on strategies that capitalize on people can result in ________, which positively impact the bottom line.

The partners pool their financial resources.

How does a partnership get the financial resources it needs to fund the start-up expenses and to expand the business when needed

sole proprietorship

In a ________, one person is responsible for all aspects of a business ranging from accounting and marketing to human resources and production techniques.

high pay and low commitment

In a hired gun organizational environment such as stockbrokers, the pay/commitment relationship is ________.

identifying top talent in the selection process is important

In some countries, terminating employees without cause is difficult. This helps to explain why ________.

C corporations, limited partnerships, S corporations

In these types of business organizations, businesspeople are able to avoid the key disadvantage of unlimited liability.

Using social media for recruitment activities allows the company to provide insight into its people, Using social media for recruitment activities allows the company to provide insight into the culture of the organization, Using social media for recruitment activities allows the company to share information about the its current activities, Using social media for recruitment activities allows the company to share relevant industry articles

Many companies are turning to social media for recruitment purposes, including LinkedIn, Twitter, and Facebook. Which of the following are reasons that companies use social media for recruitment?

contract manufacturing

Nike has contracts with hundreds of foreign factories that produce its products. This avoids the start-up costs involved with building new factories while reducing production and transportation costs. This is an example of ________.

products that are not easily tradable due to their inherent characteristics

Non-tradable goods and services are

financing activities

On the Statement of Cash Flows, the cash received by a company when it borrows money is considered a(n) ________.

foreign subsidiary

Suppose a German telecommunications company purchases a telecommunications company in Brazil, and the Brazilian company continues to operated as a domestic company within Brazil after the purchase. In this situation, the Brazilian telecommunications company is an example of a ________.

The drugs are considered an export for Canada, the drugs are considered an import for the United States

Suppose someone who lives in the United States obtains prescription drugs from a pharmacy in Canada because they are less expensive there. Which of the following statements about this transaction are true?

False

T/F An employee filing a sexual harassment claim must prove that they were fired or passed over for a promotion because of their gender.

False

T/F An employment contract is an agreement between a business and an employee, but it does not specify how much the employee will be compensated in exchange for the provision of a good or service.

True

T/F Anyone who does business without creating a separate business organization has a sole proprietorship.

false

T/F If a marketing professional in Detroit was paid to prepare a set of promotion materials for her client (Volkswagen) in Germany, we would call that an import to the United States.

True

T/F In a sole proprietorship, the owner alone bears the burden of any losses or liabilities incurred by the business.

False

T/F Indirect costs capture the explicit financial expenditures needed to produce a good or provide a service.

True

T/F Lawsuits directed at a sole proprietor's business can also be directed toward the sole proprietor's personal assets.

False

T/F More than 70% of all U.S. businesses are sole proprietorships, and they account for most of the sales earned by businesses in the United States.

True

T/F One of the potential drawbacks of international trade is the loss of a national identity as a divergence grows between those who benefit from trade and those who don't.

True

T/F Safety or environmental regulations often serve as non-tariff barriers to trade.

False

T/F The international equivalent to the FASB is the International Financial Reporting Standards.

True

T/F To objectively assess performance, managers need to consider all aspects of an employee's performance and should ensure that performance appraisals are legally defensible.

job application

The ________ requests information about a candidate's work experiences and education, along with a list of references.

Sarbanes-Oxley Act of 2002

The ________ sought to ensure the independence of the audit process by placing additional restrictions on the relationship between the auditors and the firm.

cost of goods sold

The cash a firm spends to carry out its business activities is known as ________.

looking at the sum of exports and imports as a share of the country's gross domestic product

The general openness of a country to trade can be seen by

multinational corporation

To be considered a(n) ________, the business must own a physical presence in foreign country.

over 60%

Total imports and exports around the world in 2019 represented ________ of global GDP

exporting

When compared to other modes of entry, ________ is a relatively low risk and highly flexible strategy to reach global markets.

Because all earnings are treated as personal income, the only taxes that need to be paid are the individual federal, state and local income taxes, The owner has complete decision-making control of the business operations, The sole proprietor keeps all of the profits if the business is successful

Which of the following are advantages of sole proprietorships?

General partners are subject to unlimited liability, It can be difficult to end a general partnership, There is a risk for disagreements that could complicate business decisions and possibly create ill will among partners

Which of the following are disadvantages of general partnerships?

Conducting a lecture online from Florida to a student in Spain, Getting financing from a German bank to build a house in Miami Beach, Receiving customer service over the phone from a firm in India, Taking a flight from New York to London

Which of the following are examples of trade in services between countries?

job applications, job interviews, personality and intelligence tests, resumes

Which of the following are examples of validated selection tools?

assets, liabilities, owners equity

Which of the following are included in a company's balance sheet?

deserts, rugged terrain

Which of the following are physical barriers to trade?

facilitate a harmonious flow of global trade, maintain lower political barriers to trade, provide a forum for nations to negotiate the rules of international trade, settle disagreements related to the implementation of trade agreements

Which of the following are purposes of the World Trade Organization?

creating a journal where all transactions are recorded, gathering all financial transactions, preparing a trial balance

Which of the following are steps in the accounting cycle?

preparing budgets

Which of the following is a vital role for managerial accountants?

corporation

Which of the following is the most difficult and expensive legal form of business to set up?

return on assets

Which of the following ratios would you calculate if you wanted to assess how productive a company is at turning total assets into net income?

The services sector is a growing share of global trade, As of 2020, 36.3% of all U.S. exports were services

Which of the following statements about US trade in services are true?

An S corporation is limited to no more than 100 owners, while a C corporation may have an unlimited number of owners.

Which of the following statements correctly describes a difference between S corporations and C corporations?

lump-sum

Which one of the following incentive types is the most difficult one for monitoring and measuring an individual employee's contribution?

Intelligence tests might result in adverse impact to some groups who may not perform as well as others on standardized tests.

Which one of the following statements about intelligence tests is true?

They become more valid when multiple interviewers are included.

Which one of the following statements about unstructured interviews is true?

International joint ventures are a special type of partnership between two or more companies in different countries that share many parts of the business, including technology, costs, profits, and risks.

Which one of the following statements best describes international joint ventures?

International strategic alliances allow firms to gain access to new markets and create mutually beneficial advantages, often for a specific project, without the sharing of profits and risks.

Which one of the following statements best describes international strategic alliances?

creating, updating, and enforcing the rules of accounting for publicly traded companies

Which one of the following statements best describes the duties of the Financial Accounting Standards Board?

A dividend is a percentage of the profits that is distributed to each owner of a corporation.

Which one of the following statements best describes what a dividend is?

It is a tax that is placed on imported goods.

Which one of the following statements best describes what a tariff is?

Comparative advantage is the idea that countries and businesses should specialize in the production of goods in which they have a lower opportunity cost.

Which one of the following statements correctly defines what comparative advantage is?

Public; private

________ accountants work externally for a fee, and ________ accountants work within a company.

Current assets

________ are anything owned by a company that is either cash can be turned into cash in the near-term.

Conglomerates

________ are mergers or acquisitions where the companies are not in the same industry or do not provide access to customers or supplies.

Trade protection

________ is/are a barrier instituted by a governmental entity designed to shield domestic industries and their workers from global competition.

Compensation

________ refers to all forms of financial returns and tangible services and benefits employees receive as part of the employment relationship.