BUS101 exams

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_____ is the process of dividing the work and assigning tasks to workers.

Division of Labor

A good manager is never faced with unforeseen problems.

FALSE

A positive aspect of opening a small business is that it takes very little management skill because it is small

FALSE

All businesses approach ethics the same way.

FALSE

Armenia had a favorable balance of trade in 2018 when it exported $800 million in goods and services and imported $1.5 billion.

FALSE

As a factor of production, capital includes money.

FALSE

Dissolving a partnership is easier than dissolving a sole proprietorship.

FALSE

Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.

FALSE

Ethical decision making begins in the marketing department.

FALSE

Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.

FALSE

Facilities layout is all-important in production lines but it is not important in service-oriented businesses.

FALSE

If the company wants employees to take ethical training seriously, the training should not include games.

FALSE

If the sole proprietorship acquires a legal business name, the owner then has limited liability.

FALSE

In a limited partnership, all of the partners have limited liability.

FALSE

Job description refers to the specific location or office where a job is done.

FALSE

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

FALSE

Low volume, short production runs, and high-variety production are characteristic of the continuous process.

FALSE

Managerial hierarchy refers to the number of subordinates overseen by each supervisor.

FALSE

Mentoring is a form of off-the-job training.

FALSE

Not-for-profit organizations have the same goals as for-profit organizations.

FALSE

One of the problems with setting up groups is the strong likelihood for the organization to experience decreased productivity.

FALSE

Operations management refers to the role that computers play in the production process.

FALSE

Organization charts show the formal and informal relationships among people, jobs, and departments.

FALSE

Process departmentalization is a grouping of jobs by activity, such as marketing, finance, and production.

FALSE

Process layout is almost always designed as a continuous, assembly-line layout.

FALSE

Since the development of affirmative action programs, companies no longer require physical examinations as part of the selection process.

FALSE

Strategic planning is long-range, formulated by top management, and made as if the company operated in a vacuum

FALSE

The first step in starting your own business is the creation of a unique marketable idea.

FALSE

The first two stages in the selection process are the initial contact and the preliminary interview.

FALSE

The internal labor market is made up of all employees in an industry.

FALSE

The lowest level of management is engaged in strategic planning process.

FALSE

The matrix structure is a combination of a line and a staff organization.

FALSE

The reason that Castle and Cooke processes and packages Dole pineapple products in Hawaii is more than likely because of low energy costs.

FALSE

The short-range, detailed planning that focuses on current operations is called functional planning.

FALSE

The time that an employee spends on a particular job determines his or her specialization of labor.FALSE

FALSE

To be a useful code of ethics, the code should offer broad policies and procedures rather than detailed rules.

FALSE

When workers in a union elect their officers to represent them, it is an example of division of labor.

FALSE

The father of scientific management was:

Frederick Taylor

Which of the following is an advantage of sole proprietor ownership?

Freedom from government regulation

Which of the following statements about HR demand forecasting is true?

HR demand forecasting is an internal labor supply forecast

_____ is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

Human resource management

_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.

Imports

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Management

_____ is something that prompts an individual to release his or her energy in a certain direction.

Motivation

_____ contribute to and benefit from information that use in performing, acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing, or selling functions.

NOT knowledge shareholders

_____ is the management of the production conversion process for both goods and services.

Operations management

_____ involves coordinating and allocating a firm's resources so that the firm can carry out its plans and achieve its goals

Organizing

The world's largest bank. Deutsche Bank set as its objective to make its name more recognizable in the United States. The success of its decision to sponsor a PGA golf tournament to accomplish this organizational objective will ultimately depend on which management function?

Planning

_____ is the combining of natural resources, human resources, and capital to produce goods and services.

Production

_____ is the process that converts inputs into outputs that can be sold as goods and services.

Production

The most common form of business organization is the:

Sole proprietorship

Which type of business organization experiences the least governmental regulation?

Sole proprietorship

_____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action.

Strategic

A business is an organization that strives for a profit by providing goods and services desired by its customers.

TRUE

A company that uses departmentalization groups jobs under the authority of one manager for the purposes of planning, coordination, and control.

TRUE

A job shop uses an intermittent production process.

TRUE

A study of the tasks required to do a job well is called a job analysis.

TRUE

Arranging a firm's human and material resources to carry out plans is called organizing.

TRUE

Cross-functional teams are made up of employees from about the same hierarchical level but different functional areas within the organization.

TRUE

Dividing up the tasks (division of labor) is an important part of organizing.

TRUE

Leadership is the process of guiding and motivating others toward the achievement of organizational goals.

TRUE

Lumber mills are located near the forests in the Northwest to save shipping costs and to be near their raw material.

TRUE

Management is the process of guiding the development, maintenance, and allocation of objectives.

TRUE

Many people consider knowledge to be a fifth factor of production.

TRUE

Micropreneurs are entrepreneurs who start small and plan to stay small.

TRUE

Mines in Colombia produce emeralds and sell them to jewelers in the United States. To Colombia miners, emeralds are an export.

TRUE

One of the basic functions of management is controlling.

TRUE

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

Production converts inputs into outputs by changing the inputs in some way.

TRUE

Recruitment is the attempt to find and attract qualified applicants in the external labor market.

TRUE

Service companies generally use a repetitive or intermittent production process rather than the continuous process.

TRUE

Site selection is a part of production planning.

TRUE

Social responsibility is a voluntary obligation.

TRUE

The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society.

TRUE

The most basic responsibility of all businesses is its economic responsibility.

TRUE

The selection interview is designed to test an applicant's communication ability and motivation.

TRUE

The skills, knowledge, and abilities a person must have to fill a job are spelled out in a job specification.

TRUE

The standards used to determine actions acceptable to the group are called norms.

TRUE

_____ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long.

Tactical

Which of the following is the best example of a service?

The please you derive from seeing a good play

Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals.

True

Criticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:

Utilitarianism

_____ is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong.

Utilitarianism

Which of the following statements about utilitarianism is true?

Utilitarianism holds that an action that affects the majority adversely is morally wrong.

Which of the following statements about utilitarianism is true?

Utilitarianism is designed to create both winners and losers.

Which of the following statements about computer networks is true?

a computer network is a group of two or more computers linked together by communications channels to share data and information

Which of the following businesses provides its customers with a service?

a law office

Managerial accounting provides information that would probably be most beneficial to:

a middle manager of the company

The difference between small business owners and entrepreneurs is that small business owners:

accept the status quo and take a shortterm view of the future

Which of the following statements about the accounting profession is true?

accountants are typically classified as private or public accountant

A person who works as a sales representative for a manufacturer or wholesaler and gets paid a commission on any sales is classified a(n):

agent

Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as a:

agent

Accounting provides a framework for looking at:

all of the above

Management involves:

all of the above

Money is used as:

all of the above

In the 21st century, we define justice as

an equitable distribution of the burdens and rewards that society has to offer

A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future.

annual report

Operations managers:

are accurately described by all of the above

Financial managers:

are described by none of the above

The difference between the small business owner and the entrepreneur is that the entrepreneur:

assumes the risk of the business

The _____ is defined as the difference in value of a country's exports and imports over a period of time.

balance of trade

Which of the following businesses provides its customers with a good?

bicycle manufacturer

A(n) _____ are go-betweens that bring buyers and sellers together.

broker

Financial managers focus on _____, the inflow and outflow of cash.

cash flows

What is the primary difference between a good and a service?

A good is tangible, and a service is intangible.

_____ is the gap between what is and what is required.

A need

_____ is the gap between what is and what is desired, and _____ is the gap between what is and what is required.

A want; a need

Which of the following is an example of a business?

All of the above

Which of the following is NOT one of the four functions of management?

Budgeting

What type of business organization generates the most total sales?

Corporation

_____ is the efficient management of the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

Distribution

During production planning, the operations manager must make decisions about all of the following EXCEPT:

product design

When a thermometer manufacture combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of:

production

Production and operations management involves three main types of decisions that are made at three different stages. The first type of decision to be made deals with:

production planning

Which of the following is NOT one of the key characteristics required in order for money to be an acceptable medium of exchange?

profitability

A company that has a global vision:

recognizes and reacts to international business opportunities

Customer satisfaction:

refers to the customers feeling that a product has met or exceeded expectations

In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases. The Home Depot is engaged in:

relationship marketing

_____ is a strategy that focuses on forging long-term partnerships with customers.

relationship marketing

In finance, the opportunity for profit is called:

return

In finance, _____ is the potential for loss.

risk

In seeking a balance between the opportunity for profit and the potential for loss, a financial manager is dealing with the concept of _____ trade-off.

risk-return

Of all forms of business ownership, corporations account for the largest share of both:

sales and profits

The marketing concept:

satisfies customer wants and needs legally and responsibly

Items that groups of people use as money must be _____ to be acceptable mediums of exchange.

scarce, divisible, portable and durable

Weeds, sand, and paper clips would not make good mediums of exchange because they lack the key characteristic of:

scarcity

A manufacturing company in which industrial engineers have maximized efficiency by determining the best way to perform every task from tightening a bolt to operating a forklift would be illustrative of:s

scientific management

Jules Sylvester had always loved reptiles. When he was asked by a movie producer if he could locate some anaconda snakes for a movie, a business was born. Sylvester is the proud owner and operator of Reptile Rentals. The California-based business, which he started with no financial help from anyone, is often called on to provide "creepy, crawly" moments in the movies. Jules Sylvester is an example of a:

sole proprietorship

The form of business ownership that has the most difficulty in raising capital is the:

sole proprietorship

The form of business ownership that is easiest to dissolve is the:

sole proprietorship

On an automotive assembly line, Naif Marrot checks to make sure that recently painted car bodies are free of paint bubbles. Other people are assigned the task of seeing that other parts of the car are built to specifications. The task of building an automobile has been subdivided into a series of subtasks. The concepts of _____ have been employed in this situation.

speciailization and division of labor

_____ is the degree to which tasks are subdivided into smaller jobs.

specialization

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

standard of living

Ruth Hu recently inherited $200,000. She has invested the inherited money in real estate and government securities. Hu is using her money as a:

store of value

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. To achieve this goal, Manila Water's top management will first need to engage in _____ planning to determine what resources are needed to achieve this goal.

strategic

Reader's Digest Association, Inc., has published Reader's Digest magazine for over 80 years, and many believe the publication is dated and can no longer attract many readers. They believe _____ plans are needed to revamp the magazine's content, editorial staff, and readership.

strategic

Accounting involves the _____ of the financial activities for firms.

summarizing

According to _____, workers respond to attention from superiors, and they like their opinions to be valued.

the Hawthorne effect

Which of the following is NOT an example of a good that would be sold in a department store?

the advice of a wedding planner

Elton Mayo, America's first industrial psychologist, was responsible for formulating:

the explanation of the Hawthorne effect

Operations management is:

the management of the production conversation process

Financial managers constantly strive for a balance between:

the opportunity for profit and the potential for loss

Division of labor refers to:

the process to dividing work into seperate jobs

A distribution channel is a series of marketing entities through which goods and services pass on their way from producers to end users.

true

A local area network (LAN) connects computers at one site and enables their users to exchange data and share hardware and software from a variety of computer manufacturers.

true

A retailer is showing concern for a store's atmosphere when he considers the type of store fixtures to have, the size and type of signage to use, the type of background music to play, and the number and type of employees to hire.

true

A target market is a specific group of consumers toward whom a firm directs its marketing effort.

true

Accounting is the process of collecting, recording, classifying, summarizing, reporting, and analyzing the financial condition of an organization.

true

Accounts receivable or inventory usually secures short-term secured loans.

true

Agents are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.

true

An accounting journal is a chronological list of transactions, each assigned to a particular account.

true

An accounting system should generate both internal and external reports.

true

An accounts clerk who is able to record a payment of 50 dollars into the company's main computer system as the payment is made is using an online processing system.

true

An enterprise portal is an internal Web site that provides proprietary corporate information to a defined user group.

true

An example of nonstore retailing is the vending machine from which you purchased a soda.

true

An intermediary that takes possession and title of goods is called a merchant wholesaler.

true

By lowering the reserve requirement, the Federal Reserve tries to make more money available for loans and stimulate the economy.

true

Depository financial institutions include commercial banks, thrift institutions, and credit unions.

true

Distribution strategy is another term for place strategy.

true

Examples of time deposits are savings accounts, money market deposit accounts, and certificates of deposit.

true

Financial management is the art and science of managing a firm's money so the firm can meet its goals.

true

For most corporations, physical-distribution activities are usually the responsibility of the marketing department.

true

Frequent-buyer clubs are common tools in relationship marketing.

true

In finance, the opportunity for a profit is called return.

true

Independent accountants who serve organizations and individuals on a fee basis are called public accountants.

true

Information promotion is more common in the early stages of the product life cycle.

true

Internet retailing is also called e-retailing.

true

Like local area networks (LANs), intranets are private corporate networks.

true

Margin requirements tell the minimum amount of cash an investor must put up when borrowing from a bank or brokerage firm to purchase stock.

true

Marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives.

true

Maslow's hierarchy of needs is a motivation theory.

true

Money is anything that is acceptable as payment for goods and services.

true

Motivation is basically a need-satisfying process.

true

National banks must belong to the Federal Reserve System and must carry FDIC insurance.

true

Sales promotion, advertising, and public relations are elements of the promotion strategy.

true

Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job.

true

Supply chain management plays a dual role. Its first role is as a communicator of customer demand that extends from the point of sale all the way back to the supplier. The second role is as a physical flow process that engineers timely and effective movement of products.

true

The Internet is essentially a worldwide wide area network (WAN).

true

The Sarbanes-Oxley Act redefines the public corporation-auditor relationship and restricts the types of services auditors can provide to clients.

true

The Theory Z approach emphasizes long-term employment.

true

The benefits from capital expenditures extend beyond one year's time.

true

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

true

The goal of all promotion is to stimulate action.

true

The marketing concept emphasizes a consumer orientation.

true

The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.

true

The usual expression of the accounting equation is Assets = Liabilities + Owners' Equity.

true

Theory X managers view their workers as untrustworthy and unmotivated.

true

Virtual private networks can be used to connect two or more LANS.

true

Frederick Taylor's scientific management emphasized:

work efficiency

Which of the following is NOT one of the main activities for a human resource manager?

coordinating marketing and production activities

_____ is the ratio of benefits to the sacrifice necessary to obtain those benefits.

customer value

Cerner Corporation has created a(n) _____ containing the medical records of more than 400,000 people who received treatment at more than 200 different emergency rooms. It can be used to help emergency room physicians make decisions about what kind of treatment to give their patients.

database

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. This _____ will be used for solving crimes.

database

Victorinox is the name of the company that manufacturers Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers.

distribution

The _____ is a series of marketing entities through which goods and services pass on their way from producers to end-users

distribution channel

The _____ characteristic of money is revealed by the fact that a dollar can be converted into four quarters or ten times.

divisibility

At your neighborhood Burger King, some employees take and fill orders, others prepare food, a few clean and maintain equipment, and some supervise. This process of dividing work into separate jobs and assigning tasks to workers is called:

division of labor

International accounting standards:

do not exist

Human resource management is the process of _____ people in order to achieve organizational goals.

doing all of the above

Cupcakes, hamburgers, and cut flowers would not make good mediums of exchange because they lack the key characteristic of:

durability

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

entrepreneur

_____ is the process in which a firm continuously collects and evaluates information about its external environment.

environmental scanning

ASPs, which are also called area server portals, provide computer users with access to e-commerce opportunities.

false

According to Maslow's hierarchy of need, the most basic needs are the social needs.

false

Administrative accounting is the term given to the internal workings of the company, such as budgets, sales reports, and analyses of how well marketing strategies are working.

false

An alphabetic listing of the names and GPAs of everyone in your class is an example of data.

false

Another term for a checking account is a time deposit.

false

Another term for net worth is working capital.

false

Durability and simplicity are two important characteristics of money.

false

Human resources managers have yet to find any use for Maslow's hierarchy of needs.

false

In finance, the potential for loss is called probability.

false

Intranets, VPNS, and extranets are forms of LANs.

false

Lines of credit are short-term loans that are secured by collateral.

false

Personal selling is an element of the product strategy.

false

Sales made, but for which payment has not yet been collected, are called accounts payable.

false

Scientific management focused primarily on how human behavior and relations affect organizational performance.

false

Selling a firm's accounts receivables to a financial institution at a discount is called countertrading.

false

The Hawthorne effect is used to describe the individual reaction and not that of the group.

false

The Theory X approach to management builds on the idea that worker and organizational interests are congruent.

false

The balance sheet summarizes a firm's financial position over a period of time, for instance 3 months or a year.

false

The five P's are product, promotion, price, people and possession.

false

The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.

false

The prime rate is the interest rate that the Federal Reserve charges member banks for loans.

false

The three tools used by the Federal Reserve to manage monetary policy are reserve requirements, the prime rate, and the discount rate.

false

Trade credit is credit extended to the buyer by the seller. It is entered in the buyer's books as an account receivable.

false

Treasury bills, certificates of deposit, and mortgage loans are the most popular marketable securities.

false

When a bank collects deposits during the day, then deposits them all after banking hours, it is using a reserve processing system.

false

Keisha Hunter keeps track of day-to-day operational data to make sure her employer has enough cash to run the business and will determine if and when the company she works for should open a second distribution center. Hunter is a(n) _____ manager.

financial

_____ management is the art and science used to determine the most effective ways to acquire and use funds to achieve the firm's goals.

financial

_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.

financial accounting, mangerial accounting

To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:

generally accepting accounting principles

Paul Hyatt owns and operates DeepClean, a Florida-based company that cleans up mold and mildew in homes and businesses. As the sole proprietor of the business, he has unlimited liability, which means:`

he is fully liable for all business debts

Dottie Beauchamp recently was hired by PetSmart to help recruit, select, and train new employees to work in its stores. Beauchamp has a job in:

human resource management

The United States buys copper from Chile's Escondido copper mine. The copper is used to make wiring for the U.S. telecommunications industry and for many other purposes. For the U.S., the copper is an example of a(n):

import

Canadian logging companies sell timber in the United States. To the U.S., the timber is a(n)_____, and for Canadians, the timber is a(n) _____.

import;export

The Blue Bird Bus Company in Georgia sells buses to the South African government. To South Africa, these buses are an example of:

imports

Production and operations management involves three main types of decisions that are made at three different stages. The final stage of operations management focuses on:

improving production and operations

Managerial accounting provides all of the following financial information EXCEPT:

income statements

When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As the business grew, she realized that she did not want to be personally liable for the business's debts and wanted her business accounts to be separate from her personal accounts. Therefore, she should have:

incorporated Stirya

A(n) _____ is an independent wholesaler who buys related product lines from many manufacturers and sells them to industrial users.

industrial distributor

_____ refers to all of the equipment and techniques needed to manage and process information.

information technology

Wolfgang Reithofer, a human resource manager at an Austrian brick making company, gathers information about various jobs within the company and specifies the skills and knowledge needed to do each job well. Reithofer is responsible for:

job analyses

A _____ is a study of the tasks required to do a particular job well.

job analysis

One of the documents that help human resource planners find the right person for a specific job is a list of tasks and responsibilities required of the job. This document is known as a:

job description

The skills, knowledge, and abilities a person must have to fill a job are spelled out in a(n):

job specificiation

Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society.

justice

The standard of living in any country is:

measured by the output of goods and services people can buy with the money they have

When Allison Logue found out her children were allergic to corn, she started looking for sweets and starches that were corn-free and was dismayed to find very few such products on the market. As a result, she has started her own small business to produce and market corn-free desserts. It is a small market, and Logue plans to keep her business small. Logue is an example of a(n):

micropreneur

An organization's _____ is its general purpose or reason for existence.

mission

According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is:

money

Any object or objects that a group of people use to buy and sell goods and services is called:

money

______ is anything (regardless of form) that is acceptable as payment for goods and services.

money

A group of two or more computer systems linked together by communications channels to share data and information is called a computer:

network

One of the primary goals of Burberry, a British retailer, is to expand its market. When the company allocated resources so that it could open two stores in Japan, it was engaged in which management function?

organizing

An entrepreneur is a person who _____ a busines

owns and operates

Human resource _____ is the creation of a strategy for meeting future human resource needs.

planning

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require:

planning

Boulders, building trusses, and lead ingots would not make good mediums of exchange because they lack the key characteristic of:

portability

The Financial Accounting Standards Board (FASB) is a:

private organization that is responsbile establishing financial accounting standard in the United States

The primary goal of the financial manager is to:

maximize the value of the firm to its owners

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A(n) _____ will be used to store, maintain, and acquire data from these records.

database management system

Customer records containing names, addresses, phone numbers, and purchase histories would be most likely stored in:

database management systems

Specialization refers to the:

degree to which tasks are subdivided into smaller groups

The management activity of organizing.

determines, groups and assigns work activities

Leon Georges works in the warehouse for a manufacturer of air-purification systems. He is responsible for the transportation of metal components, preformed plastic, etc. used to manufacture the systems as well as the efficient movement of the finished systems from the manufacturing facility to the warehouse to distribution trucks. Georges is involved in:d

distribution

The chain of manufacturer, agent, wholesaler, and retailer through which items like x-ray machines, dental equipment, and safety goggles flow is called a(n) ______ channel.

distribution

It is paramount for a dentist to provide the best patient care possible. The dental assistant, even though he or she may perform unskilled work such as fitting a patient with a bib, must also know the proper use of surgical and sterilization techniques to ensure patient safety. Formally educated dental assistants have the knowledge to understand the difference between sterilization and disinfection, and the relative importance of both. Since such are nearly always performed by dental assistants, a dental assistant can be correctly identified as a:

knowledge workers

The original Hawthorne studies were set up to study:

lighting

Making sure that enough cash is on hand to pay bills as they come due and to meet unexpected expenses is called cash:

management

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

marketing

According to the _____, a firm should first identify consumer needs and then produce the goods and services that will satisfy them.

marketing concept

The _____ is the belief that the firm should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.

marketing concept

Within the distribution channel, retailers and wholesalers are called:

marketing intermediaries

The ability to manufacture many goods at once is called _____ production.

mass

The governor of New York that he has directed the state's Division of Criminal Justice Services to gather DNA from the broadest range of convicted criminals permitted under current law. This will result in the collection of as many as 40,000 DNA profiles. The additional DNA profiles may be obtained as a condition of release on parole or probation, as a condition of participation in the Department of Correctional Services' temporary release programs, and as a condition of a plea bargain. A computer _____ would allow investigating officers from other states to access the New York profiles and to provide information about their state's criminals to New York's law officers.

network

In 2005, BridgePort Brewing Company expanded sales of its BridgePort India Pale Ale, and BridgePort Black Strap Stout into Alabama, Georgia, Kansas, Minnesota, Missouri, North Carolina, Oklahoma, Tennessee and Texas. These states will join BridgePort's current distribution markets of Alaska, Arizona, California, Colorado, Idaho, Montana, New Mexico, Oregon, and Washington. When the brewery allocated resources to increase its production and distribution, it would have relied on which of the following management functions?

organizing

Utilitarianism:

is difficult to implement because it is hard to tell how one decision will impact a large number of people

A disadvantage of a partnership is that any partner may have to pay all of the debts of the company regardless of who incurred the debts.

TRUE

An entrepreneur is a person who opens and manages his or her own business.

TRUE

Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.

TRUE

Entrepreneurs are people with vision, drive, and creativity, who are willing to take the risk of starting and managing a business to make a profit.

TRUE

Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

TRUE

Factors of production are common to all productive activities, regardless of the economic system.

TRUE

Human rights include an individual's right to life, to freedom, and to the pursuit of happiness.

TRUE

International trade-dependent jobs have grown at a rate three times the growth of U.S.-dependent jobs.

TRUE

More than half of small businesses have between one and four employees.

TRUE

One of the disadvantages of the sole proprietorship is that the owner has unlimited liability.

TRUE

People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.

TRUE

The corporation's board of directors elects the corporate officers.

TRUE

The difference in value between a country's imports and exports is called its balance of trade.

TRUE

The opposite of free trade is protectionism.

TRUE

The tax that the United States imposes on imported carbon steel products is called a tariff.

TRUE

How has terrorism affected global trade?

Terrorism has curtailed the liberal inflows of skilled and blue-collar workers.

Which of the following countries has a high standard of living?

The United States

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast. After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay. Baer is an example of a(n) ______ entrepreneur.

classic

The U.S. has one of the very few areas in the world where kaolin can be mined. Kaolin is a necessary ingredient in many products ranging from stomach medication to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for the countries that purchase it.

import

Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner's inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:

utilitarianism

Summer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:

Ethics

_____ is the set of moral standards for judging whether something is right or wrong.

Ethics

_____ are goods and services that are made in one country and sold to other countries.

Exports

According to the principle of absolute advantage, each country should specialize in the products that it can produce most readily and cheaply and trade those products for products that foreign countries can produce most readily and cheaply.

FALSE

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years.

FALSE

Entrepreneurs, as a general group, dislike risk taking.

FALSE

For partnerships to be legal, they must be established in writing.

FALSE

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises.

FALSE

Multipreneurs are businesspeople who have tried a succession of entrepreneurial start-ups without finding an area in which they could be successful.

FALSE

Registration procedures for incorporation are uniform from state to state across the U.S.

FALSE

Some global corporations are large enough to create major changes in the external environment.

FALSE

Telecommunications equipment manufacturers in the United States sell their products to people who live in Canada. To Canadians, the telecommunications equipment is an export.

FALSE

The exchange rate is the interest rate that foreign banks receive when borrowing money from the United States.

FALSE

The major difference between a good and a service is how the producer uses the factors of production to create each.

FALSE

The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible.

FALSE

The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner.

FALSE

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur.

classic

Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually.

entrepreneur

The person who takes the risk of starting and managing a business to make a profit is called a(n):

entrepreneur

Botswana produces diamonds, copper, nickel, soda ash, meat, and textiles, which it sells to the members of the European Union. To Botswana, the diamonds, copper, nickel, soda ash, meat, and textiles it produces are examples of:

export

When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew. She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship. Pogell started small and plans to stay small. She would be correctly called a(n):

micropreneur

Which of the following is the best example of a good?

the birthday candles you purchased to go on your sister's birthday cake


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