BUSA 1105 FINAL
As part of a plan to emphasize a dynamic corporate culture at the Gagnier and Morris advertising company, Kiran has done away with traditional cubicles and replaced them with open-area "hot desks."
"Anytime, anywhere" and nonterritorial offices
NOW account
"Negotiable Order of Withdrawal" Pays interest and allows you to write an unlimited number of checks, but you have to maintain a minimum monthly balance
language does not discriminate against individuals or groups on the basis of their sex, ethnicity, disability, race, sexual orientation, or age.
Inclusive
trade credit
Short-term financing by which a firm buys a product, then receives a bill from the supplier, then pays it later
Symptoms of groupthink
-collective rationalization -moral high ground -self-censorship -illusion of unanimity -peer pressure -illusion of invulnerability -complacency -mindgaurds -sterotyping
pledging accounts receivable
A firm uses its accounts receivable as collateral, or security, to obtain a short-term loan
List capitalistic countries
U.S England Japan Australia Ireland Germany
gross profit
a company's profit before taking away charges
Trade Descriptions Act
a law whereby a good or service must do what the advertising claims.
critical path method
a project-management tool that shows the relationships among all the activities
audit
an official examination and verification of accounts and records of a company.
College graduates with good writing skills
are in high demand in the business world
A meeting should end
as originally scheduled.
What is an advantage of a partnership?
fairly simple taxes
Companies that use marketing
manufacturers, retailers, businesses, government agencies, hospitals, law offices, schools, churches, etc
Perfect Competition
many sellers; no product differences no seller is large enough to dictate prices no government regulation
Monopolistic Competition
many sellers; some product differences Differences may include: delivery time branding advertising store location
Your response to inquiries will be more effective if you ______ so that readers can easily identify your answers.
mark each question with a bullet or number
tangible personal property
movable physical objects
savings institutions
mutual savings bank
In a routine business message, how long should the primary message be?
no more than 10 words
Which of the following are elements of the SOFTEN model of nonverbal communication?
nod smile tone
In the SOFTEN model of nonverbal communication, "N" stands for
nod.
exceptional profit or loss
non-repeated action of gaining profit or suffering losses
Teams rapidly develop shared perceptions, goals, and commitments, or a team culture, during their ______ stage.
norming
aquisition
occurs when one company buys another one
An announcement is what type of communication?
one to many
What does "O" stand for in the SOFTEN model of nonverbal communication in presentations?
open stance
even in a developed country, a company may be victimized by
political instability, such as riots or civil disorders.
List the drawbacks of capitalism
possibility of heavy losses income inequality Exploitation
Coordination meetings
primarily focus on discussing roles, goals, and accountabilities
The Robison-Patman Act
prohibits price discrimination
When writing a presentation for clients and customers, you should primarily focus on influencing which two of the following groups?
prospects for future business key decision makers
employers need to emphasize the company's ethical culture in its:
recruitment, interviewing, and hiring practices
If Martha set a goal for employees to sell $60,000 of merchandise during the month of December and gave them a directive to reorganize the break-room under the same deadline, then employees might question which of the five essential goal-accomplishment factors?
relevancy
democratic political system
rely on free elections and representative assemblies
During the course of a group writing project, it is important to
remain adaptable and open.
When interacting with the audience during a presentation, you need to be able to
reply quickly to questions asked by audience members.
Price
tells producers how much of a product to produce
Achieving literacy in the digital age requires using multimedia applications, staying connected to people and knowledge via technology, using technology thoughtfully and professionally, and
thinking critically about new media
What is one reason today's companies use communication technologies?
to collect information
What is the biggest challenge in a routine business message?
to get your readers to pay attention
Wrongful injuries in business relationships not covered by contract or criminal law are covered by
tort
Speeches that are highlighted by slides full of illustrations appeal in particular to ______ learners.
visual
the world trade organization (wto)
a permanent global institution to promote international trade and to settle international trade disputes
Buying and Holding
a person invests in a diversified and broad range of securities and (mostly) leaves them alone to build for several years
Which kinds of appeals should be made when giving speeches and presentations?
analytical emotional
quotas
are designed to prevent dumping, which occurs when a foreign company sells its products abroad for less—even less than the cost of manufacture—than the price of the domestic product.
fixed assets
assets that are relatively permanent, such as land, buildings, and equipment
To minimize the disadvantages of handouts during a business presentation, the best time to give them out is ______ the presentation.
at the end of
According to the SOFTEN model of nonverbal communication, during a presentation you should
attempt to read your audience and get a sense for how much energy they have.
vertical integration
control over value chain by developing the ability to perform all the processes or by acquiring the companies that do
To demonstrate competence when giving a presentation, a younger business professional should dress with greater
formality.
for-profit organizations
formed to make money, or profits, by offering products or services (their measure of accomplishment is generally profit or loss)
Stages of development in high performance teams
forming, storming, norming, performing
In order to reach high performance, teams go through ______ natural stages.
four
sarbanes-oxley act
gave whistleblowers protection from retaliation
For business speakers, attire influences
how others perceive them.
tangible real property
land and its attachments
Which of the following people can help with designing electronic slides used in important business presentations? (Choose every correct answer.)
outside professionals public relations experts in-house specialists
when importing, a company buys goods _________ the country and resells them ________________.
outside, domestically.
A business owned and operated by two or more persons as a voluntary legal association is called a(n)
partnership
What is the term for a business started by two people using a legal agreement in which each person brings financial resources and managerial expertise to the business but the business cannot act as a single entity?
partnership
Nonbanks
pension fund
intangible assets
rights, privileges, and competitive advantages (goodwill) that result from the ownership of long-lived assets that do not possess physical substance.
By a large margin, most business messages are
routine messages
Which of the following are typical ground rules laid out at the beginning of a meeting? a. rules regarding electronic equipment use b. rules regarding how to take notes c. rules regarding participation d. rules regarding client interactions
rules regarding electronic equipment use rules regarding participation
in 2002, president george w. bush signed into law the
sarbanes-oxley act
intergrity-based ethics code
seeks to foster responsible employee conduct by creating an environment that supports ethically desirable behavior
Electronic slides should ______ a business presentation.
serve simply as an aid to
A _______ proprietorship is a business owned and typically managed by one person.
sole
customer
someone who pays for goods or services
business environment
the arena of forces that encourage and discourage the development of business (all companies operate in this)
4 major common markets
united states-mexico-canada agreement (usmca), european union (eu), mercosur, apec
rigorous
(adj.) severe, harsh, strict; thoroughly logical
trade surplus
(favorable) exists when the value of a country's total exports exceeds the value of its total imports
stock (GB) / inventory (US)
(the value of) raw materials, work in progress, and finished products stored for sale
Which of the following should be verified when reviewing a business presentation?
The electronic slides have been proofread. Related technology is in working order. Supplementary materials are well prepared.
A new law is established that limits the number of imports from a certain trade bloc to your country. Which type of law is this?
international
One contemporary form of interactive and mobile communication is the , which is a secured local network within an organization.
intranet
Papa John's strategy to pursue breakfast pizza is an example of
intrapreneurship.
As the text states, people like to hear about people. Which technique will help make your presentation be about people?
introducing colleagues and referring to them by name during your presentation
A useful tool for advancing slides during a business presentation that allows you to keep more eye contact with an audience than a keyboard would allow is a slide
remote control.
Which three of the following types of attention-getters are the most effective?
rhetorical questions dramatic demonstrations testimonials
In routine business correspondence, the primary message should appear in
the first sentence or two
the global economy
the increasing interaction of the world's economies as a single market instead of many separate markets.
bookkeeping
writing down the details of transactions (debits and credits)
When using a story line approach to business presentations, the stories should connect facts with people and their business goals.
true
While reviewing your presentation, it is important to seek feedback from colleagues and clients before and after your presentation.
true
What should be avoided during most presentations?
turning off the lights
Presentations allow you to express your views in a(n) ________ environment.
two-way
An early task to be accomplished when developing a presentation is to
understand the needs of your audience.
What is the first step in the AIM planning process?
understanding the needs of your audience
Communicators in high-context cultures
are more likely to be intuitive and contemplative.
Internal
strengths and weaknesses
Which items of the SWOT analysis are usually internal issues?
strengths and weaknesses
SWOT analysis
strengths, weaknesses, opportunities, threats
The things a business currently possesses and does well are called
strengths.
Which of the following are fundamental to any successful presentation?
structure well-formed content
Microeconomics
study of economic behavior of individual economic units such as operations of particular groups of people, businesses, organizations, and markets
Macroeconomics
study of economy as a whole such as operations of a nation's economy and the effect of government policies
Resource Development
study of how to develop the resources for creating and best utilizing goods and services
Having presence involves commanding attention, garnering respect for your ideas, engaging your listeners, and inspiring your audience to action.
true
True or false: Poorly designed electronic slides can have a negative impact on the effectiveness of business presentations.
true
True or false: When members of teams discuss their shared goals, this action helps avoid any misinterpretation of members' motivations and actions.
true
Which of the following documents would most likely use an introduction/problem, facts/findings, conclusions, and recommendations organization?
Analytical report
What are common ways that entrepreneurs personally finance their new enterprise? More than one answer may be correct.
Taking out a second mortgage Maxing out credit cards Using savings
What is the most accurate statement about workplace teams?
Team members are less resistant to change if they are part of the decision making.
storming
Team members open up with their competing ideas about how the team should approach work.
Erin works for a company that manufactures outdoor gear. Last month she and five other employees worked as a group to address customer issues with a tent currently on the market. This month she's working with a new group to figure out how the company can target products to younger customers.
Teaming
Gary is a public relations associate for a manufacturer of high-tech products, but his interactions in the company are not limited to the PR department. Because the people he interacts with change from project to project, he's worked with engineers, media specialists, a sociologist, and various contract workers from outside the company.
Teaming
Securities
financial instruments such as stocks and bonds
Randy needs to obtain a loan to support the business. In his business plan, Randy should classify the loan within which section?
financing
During a business presentation, handouts are used
for information that does not project well in slide form.
2 types of organizations
for-profit, non-profit
The beginning of a presentation is the time when audience members
form an opinion about the speaker.
tech advancements through the years led to efficiencies
in how goods were marketed, sold, and shipped around the world, creating one large market
Government Influences
include taxation, regulation, import/export restrictions, and infrastructure development and maintenance
common market
is a group of nations within a geographical region that have agreed to remove trade barriers with one another.
free trade
is a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs to imports or subsidies to the exports.
For example, imagine that you are attending a sales meeting. You've been there for two hours; there are many figures and charts to examine, and the speaker isn't very exciting. To absorb important information in this situation, you'll have to exercise advanced
listening skills
Low-context communicators tend to use logic to reach conclusions. That is, they proceed from Point A to Point B to Point C and finally arrive at a conclusion.
linear
List the benefits of capitalism
more jobs and higher income more goods and services help the less fortunate career choices and entrepreneurial activity
Which of the following best helps you connect with your audience members and convey enthusiasm for your topic?
smiling
When creating a SWOT analysis, what is the purpose of listing a company's weaknesses?
so the business recognizes and can try to improve those weaknesses to win over consumers
Kendra is responsible for updating her company's Facebook page with information about products, promotions, and special events. Kendra is using a communication medium called
social media
Ideally, the focal point of a business presentation should be the
speaker.
problem-solving meetings
typically involve brainstorming about how to address and solve a particular work problem
When members of high-performing teams communicate, the majority of their comments are
work related.
cost accounting
working out the unit costs of products, including materials, labour and all other expenses.
For example, imagine that an angry customer writes a letter complaining about a defective lamp and demands a refund. You have the task of denying the refund without making the customer angrier. The only way to accomplish this is by using some sophisticated
writing skills
Intangible Personal Property
written documentation
Why is it not advisable to compose a business message that includes step-by-step instructions written in narrative form within a paragraph?
The narrative format for instructions is more difficult to follow.
M1
The narrowest definition of the money supply, money that can be accessed quickly and easily
Operations
The ongoing activities designed to support the primary function of a business and keep it operating efficiently.
financial managers
The people responsible for planning and controlling the acquisition and uses of funds
reserve requirement
The percentage of total checking and savings deposits that a bank must keep as cash in its vault or in a non-interest-bearing deposit at its regional Federal Reserve bank
crowdfunding
The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet
interest rate
The price paid for the use of money over a certain period of time
Management
The process of dealing with or controlling things or people.
financial leverage
The technique of using borrowed funds to increase a firm's rate of return
barter
The trading of goods and/or services for other goods and/or services
Which of the following is the likely result if team members continually check in with one another about key objectives and messages while preparing a team presentation?
Their presentation will be cohesive and more influential.
Contract Law
To be legally enforceable, a contract must meet each of the six conditions that include agreement, consent, capacity, consideration, legality, and proper form.
Why is planning important to managers?
To create a blueprint for future action
What are reasons that acquisitions and mergers occur? More than one answer may be correct.
To reduce taxes To save money by consolidating operations To acquire managerial talent
effeiciency
To use people, money, raw materials, and other resources wisely and cost-effectively.
True or false: When developing a presentation about a new product, you should spend more time giving information about the product if the audience is unfamiliar with it.
True
shareholders (GB) / stockholders (US)
a company's owners
country's politicial system
a country's legal system usually reflects its political system, its political risk or stability and its approach to corruption and enforcement of anti-corruption laws
country's political system
a country's legal system usually reflects its political system, its political risk or stability, and its approach to corruption and enforcement of anti-corruption laws.
When communicating during a job interview, an advantage is that you can
create a personal connection
Who is Adam Smith
created "The Wealth of Nations" in 1776 that included the ideas of the invisible hand and incentives
intellectual property
creations of the mind that are further classified into copyrights, trademarks, and patents
What traits does low-level business casual dress project?
creativity and friendliness
Workplace , which includes differences in ethnicity, age, and gender, is important because it is likely to result in the products that consumers demand.
diversity
when exporting, a company produces goods __________ and sells them _____________ the country.
domestically, outside.
business and entrepreneurs
don't exist in a vaccum
The most prevalent communication channel in the workplace today is
When communicating internally in writing, you will probably use , which is the most prevalent communication channel in the workplace today.
When internal communication must be written in your workplace, you will probably use
e-mails
6 types of business environments
economic forces, tech forces, competitive forces, social forces, global forces, legal/political forces
agricultural economy
economy based on the production of crops
Deborah is writing a proposal to solicit business from a potential client. She should expect to spend the most time on
editing, proofreading, and evaluating the proposal
True or false: If adequately rehearsed, business presentations always go according to the speaker's plans.
false
True or false: In general, you should avoid making apologies for routine mistakes and offenses because they are likely to damage your personal credibility.
false
True or false: In lower-performing groups, team members offer more supportive statements than any other type of comment in their communications.
false
You should avoid seeking the help of design specialists when developing a high-stakes presentation because they will make it too slick or glib.
false
Limit Orders
-you tell your broker to buy a particular security only if it is less than a certain price or to sell it only if it is above a certain price -specifying that the transaction be done only above or below a specific price isa particularly useful kind of order to give when the market is volatile
4 P's of Marketing Mix
1. Product 2. Promotion 3. Place 4. Price
4 property law categories:
1. tangible real property 2. tangible personal property 3. intangible personal property 4. intellectual property
is an obstacle in the downward flow of information.
A long line of communication
Chapter 11 Bankruptcy
Allows companies to reorganize and continue business operations while paying creditors a portion of their debts.
efficiency
Achieving a goal at the lowest cost
Merger examples
Bert and Ernie come together to form a new company. Exxon and Mobil join to become ExxonMobil.
Which of the following is not an organization from which Randy should consider seeking advice and resources?
Better Business Bureau
Ethics, or the conventional standards of right and wrong that prescribe what people should do, usually consist of all but which of the following?
Convenience
What is one way to improve the downward flow of information?
Create smaller operating units and work teams.
ambience
Decor, lighting, music, noise levels, scents
Difficulty hiring and keeping good employees
Destinee loses workers to other companies who offer better benefits
Managers
Direct and order people to do things.
What is an important principle for using slides?
Do not spend too much time looking at your slides with your back to the audience.
Threats (T)
Factors that can potentially harm the company.
What is one way to improve the upward flow of information?
Encourage managers to have regular meetings with staff.
Opportunities (O)
Favorable external factors, such as new markets, that the company can use to ensure competitive advantage.
List the forces affecting markets
Government influences Incomplete information Irrationality and Consumer Sovereignty
currency
Government-issued coins and paper money
describes faulty decision-making processes by team members who are overly eager to agree with one another.
Groupthink
Ways to improve upward communication flow include all but which of the following:
Increased numbers of managers
A rumor is circulating that ridicules a new employee, accusing him of having typos in his latest slide presentation. You overhear your coworkers discussing it in the break room. How should you respond?
Praise a positive impact the new employee has made.
indenture terms
Terms of the lending agreement
norming
The team arrives at a work plan, including roles, goals, and accountabilities.
Messages that include directions usually
offer guidelines for specific tasks.
financial plan
A document that lays out a firm's strategy for reaching its financial goals
Stability
It is stable.
Paul works from home analyzing statistical data for Azod Software Company. One week each month, he works from the road as he travels with his wife, who is a motivational speaker.
"Anytime, anywhere" and nonterritorial offices
Which two of the following would be effective transitions in a team presentation?
"Hakim will now share some ideas about how to improve student engagement." "Now, here's Samer to continue the discussion with a focus on achieving our sales goals."
warren buffet
"delighting your customers"
In a business message expressing gratitude, which of the following is the least likely to seem exaggerated or excessive?
"great job"
Which amounts could be considered "microloans"? More than one answer may be correct.
$6,000 $26,000
M2
(1) Money that can be accessed quickly and easily (that is, M1) and (2) money that takes more time to access
Market price (aka equilibrium price)
(what people are willing to pay) is established when quantity supplied (how much seller has available) equals quantity demanded (how many people want it)
What are examples of external expansion in a business? More than one answer may be correct.
-Acquiring another company -Merging with another company
Tips for taking over a successful business:
-Barter for supplies and services -Get a free conference call number through a service such as freeconferencecall.com -Obtain inexpensive website, hosting, blogging, and customer-contact services -Purchase inexpensive business cards and printing materials through web-based printing companies
When providing directions, lack of ______ is most likely to frustrate your readers.
detail
Mutual Funds
-diversified investments by pools of investors, who like the many choices of funds at an economical price, the varied degrees of risk, and the professional management -offer many choices at an economical price -varying degree of risk -run by professional managers
illegal and unethical
-embezzlement -consumer fraud -sexual harassment -cash payments to avoid taxes -bribes
3 different types of franchises:
-Business-format franchise -Product distribution franchise -Manufacturing franchise
Which activity is the final step in the AIM planning process?
developing your message to focus on the key takeaway concepts
opportunities
-Expansion into new markets -Complacent competitors
Principles of effective team communication
-Team culture -Team charter -divergence -convergence
rooms are typically are equipped with three huge curved screens, custom lighting, and advanced acoustics for high-end videoconferencing.
telepresence
behaviors that drive diversity:
1) making sure everyone is heard 2) Making it safe to let team members express novel ideas 3) giving them members decision-making authority 4) sharing credit 5) giving useful feedback 6) putting feedback into action
Business law, the legal framework in which business is conducted, is composed of four major types of laws:
1. Statutory law 2. Common law 3. Administrative law 4. International law
2 reasons to purchase an existing business:
-To reduce uncertainty -To generate profits more quickly
Disagreeing well
-Validating -I-statements
Common Stock
-stockholders are able to vote on major company decisions -they get last claim on the company's dividends -they get last claim on any remaining assets if the company goes out of business and its assets are sold -stockholders have some say in the firm's big decisions, such as electing directors to the board or acquisition of another company
Preferred Stock
-stockholders are usually not able to vote on major company decisions -they get preferred, or first, claim on the company's dividends -they get first claim on any remaining assets if the firm goes bankrupt and its assets are sold -a drawback is that the dividend you receive is fixed, no matter how profitable the firm is
with the help of the human resources department, managers can design a talent management system hat screens for:
-strong personal values -a commitment to ethical behavior
Discount Brokers
-they execute the buy and sell orders indicated by clients who are generally online investors doing their own research but don't offer advice and tax planning -customers don't have their own personal broker but place their trades through the first available broker online
Full-Service Brokers
-they offer, generally through the client's own personal broker: advice, brokerage research, more investment products, and guidance about possible investment opportunities
5 Investment Strategies
1. Buying and Holding 2. Investing for Income 3. Investing for Growth 4. Value Investing 5. Market Timing
The four activities or components of marketing
1. Creating 2. Communicating 3. Delivering 4. Exchanging
Ways you would use strategic marketing with a business.
1. Determining the need for a product through consumer research and by observing sales patterns of similar products in the marketplace. 2. Modifying existing products or creating new products to meet consumer wants and needs. 3. Determining how to best reach potential customers to make them aware of your products and to persuade them to purchase them. 4. Creating marketing campaigns based on your research of the most effective way of reaching customers. 5. Confirming customer relationships are built via follow-up sales campaigns and loyalty programs, etc.
7 marketing functions
1. Distribution 2. Financing 3. Marketing Information Management 4. Pricing 5. Product 6. Promotion 7. Selling
Principles of difficult conversations
1. Embrace difficult conversations 2. Assume the best in others 3. Adopt a learning stance 4. Stay calm/overcome noise 5. Find common ground 6. Disagree diplomatically 7. Avoid exaggeration and either/or approaches
4 step process of taking control:
1. Establish standards 2. Monitor Performance 3. Compare performance against standards 4. Take corrective action, if needed
4 antitrust laws
1. The Sherman Antitrust Act 2. The Clayton Act 3. The Federal Trade Commission Act 4. The Robison-Patman Act
6 reasons why control is needed
1. To deal with changes & uncertainty 2. To detect errors and irregularities 3. To increase productivity, cut waste, reduce cost, and add value 4. To become aware opportunities 5. To deal with complexity 6. To decentralize decision making & facilitate teamwork
3 levels of Management
1. Top managers 2. Middle managers 3. Supervisory managers 4. Non-managerial personnel
developed countries
1. have a high level of economic development and citizens' average income level is generally high 2. receive a large amount of foreign investment 3. are home to the headquarters of most international organizations
developing/less-developed countries
1. have low economic development and citizens' average incomes are generally low 2. include most countries in africa, asia, and latin america, and countries such as china, india, brazil, and nigeria 3. some countries, such as china and india, are growing extremely fast
It should take about ______ to complete a routine business message.
5 to 15 minutes
Which businesses need to write business plans?
All businesses should write business plans to create a framework for success.
A digital message
All of the above are true.
What has led to the increase in the number of companies that operate globally?
All of these (the rise of new communication technologies and advanced forms of transportation, the removal of trade barriers, and saturated local markets)
Checking Accounts
Allow you to deposit money in a bank account and then write checks on that account
Chapter 13 Bankruptcy
Allows individuals and small businesses with debt below a certain amount to repay their creditors over a period of time under a court-approved plan.
What benefits may entrepreneurs expect when they buy an existing business?
Already-developed resources Less work than starting from scratch
Which of the following is a sentence fragment?
Although we expect sales to increase next quarter.
Which two of the following are key strategies when creating slides for business presentations?
Avoid making the slides too complicated. Make sure that the slide design is easy to process.
Tony asks Eve, his finance manager, to develop a financial plan for the company. She develops a financial plan that allows managers to anticipate problems, coordinate activities of the business, and control operations. Which of the following terms describes Eve's plan?
Budgeting
Which of the following statements about business writing is most accurate?
Business writers should have a definite purpose to fulfill in each message.
secured bonds
Backed by pledges of assets (collateral) to the bondholders
time deposits
Bank funds that can't be withdrawn without notice or transferred by check
Financial Institutions
Banks, savings and loans, and credit unions
Select the least accurate statement about culture.
Because cultural norms are so deep-seated, they almost never change.
solvency
Being able to pay debts when they become due
Long-Term Loan
Borrowing from Financial Institutions
horizontal merger
Both companies are from the same industry and perform the same tasks
Vertical
Both companies are from the same industry but each performs a different activity
conglomerate
Both companies are in different industries and each performs different activities
medium of exchange
Characteristic of money that makes economic transactions easier and eliminates the need to barter
From the following, identify all the items that are forms of M1.
Checking accounts Cash in hand
Select all of the actions included in decision-making.
Choosing actions Identifying alternatives
You hear that there is a rumor accusing you of causing a coworker's dismissal. How should you respond?
Determine the source of the rumor, and politely correct the misinformation.
is an obstacle in the upward flow of information.
Distrust of managment
Which statement is a helpful guideline for presenting with slides?
Do not start your slides until after you have made preliminary remarks to your audience.
Which guideline should be followed while reviewing a presentation for effectiveness?
Double-check every aspect of your supplementary materials.
You receive a company-wide e-mail from the CEO announcing the acquisition of a new company.
Downward flow
Employment Protection Act 1978
Employees must be given a written contract of employment, which protects against unfair treatment like dismissal without cause.
Which of the following statements about manners and business etiquette is most accurate?
Employers are more likely to hire and promote someone who is courteous and professional.
The Federal Trade Commission Act
Established the Federal Trade Commission (FTC) to define and restrict unfair competition.
refers to the conventional standards of right and wrong that prescribe what people should do.
Ethics
Which of the following statements about nervousness and public speaking are true?
Experiencing nervousness in public speaking is normal. Nervousness can result in a more passionate presentation. Feeling nervousness in public speaking can be a benefit.
Select all of the activities related to the problem identification step of the decision-making process. Figure out the main problem about which a decision must be made. Brainstorm solutions to the problem. Look for opportunities that may be helpful. Assess the success of the chosen solution.
Figure out the main problem about which a decision must be made. Look for opportunities that may be helpful.
credit unions
Financial cooperative
savings and loan associations (S&Ls)
Financial institutions that accept deposits and were originally intended to make loans primarily for home mortgages
nonbanks
Financial institutions—insurance companies, pension funds, finance companies, and brokerage firms—that offer many of the same services as banks provide
risk-return trade-off
Financial managers continually try to balance the firm's investment risk with the expected return from its investments
Line workers at a Virginia steel mill developed a new process that made the line safer. It went through only one level of management before it was approved by the vice president of operations.
Flattened management hierarchies
Your company is restructuring, and two layers of management have been eliminated. You now report directly to the national sales manager instead of a regional sales manager.
Flattened management hierarchies
Leaders
Focus on motivating and empowering people.
Kelli gives a presentation to advocate that her employer, Services-R-Us, which offers services such as personal shopping and event planning to assist busy professionals, expand its offerings to include dog walking. Which sentence is a call to action that Kelli might use at the end of her presentation?
For all these reasons, I propose we hire three dog walkers and begin offering this service by year's end.
mutual savings bank
For-profit financial institutions similar to savings and loans, except that they are owned by their depositors rather than by shareholders
Chapter 7 Bankruptcy
Forces debtors to turn over assets to a trustee for division among creditors.
Fran is finishing up her portion of the team presentation and passes the speaking role to Maia. She says, "Maia will now discuss the benefits of core strength exercises on running. She'll share her personal story about how strengthening her core resulted in fewer running injuries and how this led to a personal best in the local marathon last year. She'll also demonstrate some of the exercises, such as the side plank and the bridge." Which of the following best explains the effect of this transition?
Fran took opportunities from Maia and prevented Maia from being able to showcase her main points.
You call your team's IT representative on the telephone to let him know about an issue you are having with your server.
Horizontal flow
Taxes
How do my investments affect my taxes?
functionality
How easy it is for the customers to move through a facility
signs and symbols
How information is conveyed to customers
line of credit
How much a bank is willing to lend the borrower during a specified period of time
Speculation
How much am I willing to speculate?
Available Funds
How much could I afford to invest regularly?
Liquidity
How quickly might I have to withdraw funds from my investments?
Risk
How well could I tolerate the loss of my investment?
Asset Allocation
How will I adapt to the financial environment?
horizontal specialization
In a two-person organization, one is the "inside person," handling production and research, and the other is the "outside person," handling sales, client relations, and finances.
Which of the following is the most accurate statement about social networking among cultures?
In real life and online, we instinctively tend to gravitate toward people who seem similar to us.
Drawbacks of Health and Safety Act
Increases costs because business need to pay for staff training and spend money to maintain standards.
Julia, an HR manager at a telecommunications company, is in charge of designing and presenting a diversity seminar that meets the needs of its North American workforce. This group includes men and women right out of college, close to retirement, and from other countries.
Increasingly diverse workforce
Thomas is learning Spanish so that he can more easily communicate with his teammate based in Mexico City.
Increasingly diverse workforce
Angel investors and venture capitalists
Individuals and companies who invest in new enterprises
Which of the following should you do to effectively carry out your meeting objectives? (Choose every correct answer.)
Inform participants about the meeting's content. Let participants know how long the meeting will be. Tell participants what they need to do before the meeting.
Which are types of torts covered by tort law?
Intentional Negligence
Select all of the elements of strategic planning.
Involvement of top executives Analysis of competition Focus on the long run
Organizing
Involves arranging tasks, people, and other resources to accomplish the work. Thus, the organization must design a structure and establish conditions for achieving the goal of satisfying customers.
Planning
Involves goal setting and deciding how to achieve the goals. If an organization's goal is customer satisfaction, top executives must plan the optimal strategy to achieve this goal.
What is the purpose of the resolution component of a story used for a business presentation?
It provides a solution to the challenges in the story.
What will help you maintain a flexible approach during your presentation?
Know the key messages of your presentation.
Which of the following is an informal research method?
Looking in the company files for information
Lack of financial support
Marcel owns a clothing store shop that sells designer clothes but has no savings on hand to weather an economic downturn
Government paperwork
Marta wants to apply for a permit to sell alcohol at her cafe, but she is having a hard time understanding the liquor license permitting process.
Select all of the qualities of S.M.A.R.T. goals.
Measurable Relevant Specific
Middle Managers
Middle managers implement the policies and plans of the top managers above them and supervise and coordinate the activities of the supervisory managers below them. Ex. General Manager, Division Manager, Plant Manager, and Branch Sales Manager
Which of the following sentences contains a comma splice?
Miguel will write the document, Alicia will proofread it.
offshoring
Moving production to foreign countries
As part of the management team, you have been told that in six months the workforce will be reduced by half. The staff will be told next month. Knowing this fact, should you share this confidential information with a trusted friend and coworker who may lose her job? When should you talk to your friend about the job cuts?
No, as part of the management team you cannot share confidential information with your friend. You should wait until the rest of the staff is notified.
To add a personal touch to this quarter's shareholder's report, you write short biographies of some of the major shareholders. You find pictures of them on the Internet as well. Is it appropriate to use the publicly posted images in the report without permission? Were you to get permission to use the images in the report, how should you use them?
No, using the images may break the law. You should include a citation of the image's original source.
What is the difference between a commercial bank and a nonbank?
Nonbanks traditionally do not accept deposits.
insurance companies
Nondeposit companies that accept payments from policyholders
finance companies
Nondeposit companies that make short-term loans at higher interest rates to individuals or businesses that don't meet the credit requirements of regular banks
pension funds
Nondeposit institutions that provide retirement benefits to workers and their families
Which of the following statements about time orientation across cultures is most accurate?
North Americans generally correlate time with productivity, efficiency, and money.
What are low-risk ways for entrepreneurs to keep their business afloat before it becomes profitable or during hard times? More than one answer may be correct.
Online fundraising Receiving a microloan from a sympathetic organization like Prosper.com Working a second job
commercial finance companies
Organizations willing to make short-term loans to borrowers who can offer collateral
Which of the following is done during Phase 2 of the writing process?
Organizing
Which of the following sentences demonstrates parallelism?
Our new CEO's objectives are to improve employee morale, to boost revenues, and to enhance community relations.
Jobs of Financial Managers
Oversee bill payment Oversee collection of money owed Minimize taxes Monitor accounting
Which of these are true statements about borrowing from family and friends? More than one answer may be correct.
Owing money to family and friends can cause strain in those relationships. The terms of the loan are often informal.
List 4 types of Free Markets
Perfect Competition Monopolistic Competition Oligopoly Monopoly
English laws require businesses to write policies, warranties, and contracts in language comprehensible to average readers.
Plain
You want your writing to sound positive and courteous. Which of the following sentences has the best choice of wording?
Please give us your feedback about your online ordering experience.
Reserve Requirement (Infrequently Used)
Policy Decision: An increase or a decrease in the percentage of deposits banks must reserve as cash. Effect on the Economy: An increase reduces the money supply, raises interest rates, and slows economic growth. A decrease increases the money supply, lowers interest rates, and speeds up economic growth.
forecasting
Predicting revenues, costs, and expenses for a certain period of time
long-term forecasts
Predictions for the next 1, 5, or 10 years
short-term forecasts
Predictions for the next year or less
What type of technology makes it possible to locate and identify a computing device as soon as users connect to the network?
Presence technology
financial control
Process by which a company periodically compares its actual revenues and expenses with those predicted in its budget
effectiveness
Producing products at a price and perceived value meet
The Clayton Act
Prohibits exclusive dealing, tying contracts, and interlocking directorates.
The Sherman Antitrust Act
Prohibits restraint of trade and monopolies
Property Law
Property, or anything of value for which a person or firm has right of ownership
Retaining Earnings
Reinvesting Profits in the Firm net profits minus dividend payments made to stockholders
A good way for a company to determine what it does well and what it needs to improve is to conduct a
SWOT analysis.
Which of the following is a form M2 but NOT M1?
Savings accounts
Which funding sources are most likely to be based on personal finances? More than one answer may be correct.
Second mortgage Loan from a friend
private placements
Selling stock to only a small group of large investors
public offerings
Selling stock to the general public in securities market
processes
Set of activities that transform inputs into outputs
Managers can use the grapevine productively by doing all but which of the following:
Sharing only good news to keep employee morale high
Supplier and Barter Arrangements
Short-term credit, extended-payment plans, and barter arrangements
Which sources of funding are risks that may cause entrepreneurs to lose some of their personal money? More than one answer may be correct.
Taking out a second mortgage Maxing out personal credit cards
Inadequate managing skills
Tanya opens a restaurant despite the fact that she has never worked at a restaurant.
What are property taxes?
Taxes paid on real estate owned by individuals and businesses
forming
Team members focus on gaining acceptance and avoiding conflict.
What is a guideline for the effective use of electronic slides in a business presentation?
Show no more than one slide for every minute or two of a presentation.
Which of the following statements about social media is most accurate?
Social media are still relatively new and untried communication channels for some businesses.
skills include competencies such as listening proficiency, nonverbal behavior, and etiquette expertise.
Soft
Which statement about audience concerns is true?
Speakers can prepare for audience concerns by considering them beforehand.
When showing slides for a business presentation in a room that allows you to dim only the lights next to the screen, you should remember to do which of the following?
Stand where you are in full light.
Sales and Supply of Goods Act 1994
States that goods must be of satisfactory quality.
You run your business in Illinois. The state passes a law that all companies must charge an 8% sales tax on every product they sell. Which type of law is this?
Statutory
Cleo's team will be giving a group presentation. Which of the following should the team do to ensure a cohesive team presentation? (Choose every correct answer.)
Team members should be united in the team's key objectives and messages. Team members should communicate with each other about the objectives while preparing.
What are recommended relaxation techniques for managing nervousness in preparation for a presentation? (Choose every correct answer.)
Stretching. Listening to music that you enjoy. Exercising a day or so before the event.
Sun's team is giving an important presentation on a new heart rate monitor. Pablo is energetic and charming but physically uncoordinated. Jisoo is an experienced yoga instructor who can lower or increase her heart rate by controlling her breath. Thorin is methodical, calm, and introverted. Sun has experience as a math tutor. Which of the following roles would be most appropriate? (Choose every correct answer.)
Sun should explain any numerical information about the heart rate monitor. Jisoo should demonstrate how the heart rate monitor works.
Supervisory Management
Supervisory managers make short-term operating decisions, directing the daily tasks of nonmanagerial personnel. Ex. Department Head, Foreman or Forewoman, Team Leader, or Supervisor
While designing slides, you should use bold, italics, and other formatting features to make key phrases or key components in figures stand out.
T
How does the Federal Reserve, or Fed, use the discount rate to control inflation or deflation in the economy? More than one answer may be correct.
The Fed reduces the interest rate on loans to banks to control deflation. The Fed increases the interest rate on loans to banks to control inflation.
open-market operations
The Federal Reserve controls the money supply by buying and selling U.S. Treasury securities, or government bonds, to the public
Which of the following statements about power distance is most accurate?
The Power Distance Index measures how people in different societies relate to more powerful individuals.
Marketing
The action or business of promoting and selling products or services, including market research and advertising.
Accounting
The action or process of keeping financial accounts.
Distribution
The action or process of supplying goods to stores and other businesses that sell to consumers.
If Martha tells employees they need to "do a better job of selling" in the month of December, then employees might fail to accomplish this goal. Why do you think workers might fall short?
The goal is not specific and measurable.
What are traits of high-performing teams? a. They view diverse opinions as natural and as sources of innovation. b. They avoid situations where diversity among members may cause conflict. c. They welcome new ideas, even when they conflict with current ideas. d. They prefer to stick with ideas that are tried and true.
They view diverse opinions as natural and as sources of innovation. They welcome new ideas, even when they conflict with current ideas.
Excise tax
This is based on the value of services or property other than real estate, such as airline tickets, gasoline, and firearms.
What is one way to improve the horizontal flow of information?
Train employees to work as a team that uses better communication techniques.
True or false: How audience members perceive a business presentation speaker's authenticity impacts how they regard the speaker's message.
Tru
The first task in developing a presentation is to identify the two or three key messages you want to convey.
True
True or false: A fatal error in a business presentation is to present evidence but leave out central positions.
True
True or false: A good speaker will involve the audience as much as possible without taking too much time or straying from the speech topic.
True
True or false: It is more likely that your meeting objectives will be met if the meeting is well-planned.
True
True
True or False: Marketing is one of the most important functions in companies today.
Small Business Administration-backed loaned
U.S. government assistance in financing, management training, and support in securing government contracts
Which of the following is the first step in solving business problems competently?
Understanding the problem clearly
Businesspeople from which country are most likely to be uncomfortable with silence and impatient with delays?
United States
What are disadvantages of sole proprietorship? More than one answer may be correct.
Unlimited financial liability Inability to sell the business
commercial paper
Unsecured, short-term promissory notes over $100,000 issued by large banks and corporations
You send an e-mail to your manager updating her on the status of one of your projects.
Upward flow
conferencing allows attendees to use their computers to access an online, virtual meeting room where they can present PowerPoint slides, share spreadsheets and Word documents, demonstrate products, and interact with participants in real time.
Web
Goals
What kind of returns do I want over what period of time?
Strengths (S)
What the company excels at and how this differentiates it from
Weaknesses (W)
Where the company needs to improve to remain competitive.
Sam is going to give a presentation on convection ovens. Which of the following is the most important question she needs to ask herself to guide her through planning the presentation?
Why does the audience care about convection ovens?
Which of the following statements about communicating in today's workplace is most accurate?
Writing skills are more important today than ever because online media requires more writing, not less.
Which statement about writing skills in today's workplace is most accurate?
Writing skills are more important today than ever because online media requires more writing, not less.
Statutory law
Written laws (statutes) creative legislative bodies
Willow's team has split up the contributions for its group writing project equally, with individual team members committing various amounts of time. Jim's team has decided to let each member decide how much time he or she wants to spend according to individual schedules. Wyatt's team has divided up the contributions and time commitments equally. Jill's team wrote a team charter but then disbanded. Which team has the best approach to group writing?
Wyatt's team
What are some benefits of using a remote control to advance slides during a business presentation?
You are free to move around the room. You can more easily continue eye contact with the audience.
Drawbacks of franchises:
You may: • need to come up with a large initial franchise fee and other start-up costs. • need to share your sales with the franchisor. • have to endure the franchisor's micromanagement. • have to deal with the franchisor's shifty practices. • be disappointed in the payoff of your franchise.
You are in charge of preparing a sales brochure and must profile your audience. What question should you ask to profile your primary audience?
You should ask all these questions.
What should you plan to do in the days after you have given a business presentation? (Choose every correct answer.)
You should consider sending a brief email note thanking the audience members for attending. You should take steps to help develop ongoing professional relationships as a result of the presentation. You should reply to any audience members to whom you made promises about providing additional information.
What is the main rationale for not starting to show slides as soon as you begin a presentation that features slides?
You should first make a connection with your audience.
Which of the following best explains what you should do during your team presentation to show your team is united?
You should refer to one another throughout the presentation.
Which of the following is a benefit of diversity for work teams? a. improved returns b. less disassociation c. more groupthink d. increased independence of team members
a. improved returns
At a business presentation, a speaker should begin to use slides
after a spoken opening.
Scarcity
all things are essentially scare or limited
business
any activity that seeks to provide goods and services to others while operating at a profit
assets
anything owned by a business (cash investments, buildings, machines) and that can be used to produce goods or pay liabilities
profit
bloodline of business
lenders
carrying the company when money is short like loans
When writing a letter, an advantage is
economy
According to the SOFTEN model of nonverbal communication, which movement conveys warmth to the audience?
gesturing with palms up
A speaker can prepare for the unexpected during a business presentation by
maintaining an attitude of flexibility. mastering the presentation's content.
most businesses
pay taxes
4 functions of management
planning, organizing, leading, controlling
When audiences hear stories as part of a business presentation, they
retain information included in stories. are more likely to act based on what they hear.
Compared to traditional teams, it is generally a greater challenge for virtual teams to
retain trust during the period its members work together.
Proofreading and requests for feedback should take place during the ______ stage of routine message development.
reviewing
Thirty to sixty minutes is the recommended amount of time you should spend preparing for ______ meetings.
routine
You are a clothing store owner, and your customers must pay a tax on every piece of clothing they buy. What kind of tax are the customers paying?
sales
Selling Stock
selling ownership shares (called stock) in a firm
Businesses with fewer than 100 to 500 employees are known as ________ businesses.
small
Growth Stocks
stocks issued by small, innovative new companies in hot industries, such as information technology or alternative energy
inventory
stocks of goods held by an organization
During the stage of team development, members define their roles and responsibilities, decide how to reach their goals, and iron out the rules governing how they interact. Unfortunately, this stage often produces conflict.
storming
entrepreneur
take a larger risk in starting a business compared to employees who work for that business
goods
tangible products (clothing)
A charge used to pay for public services and to discourage or encourage certain behavior is known as a(n)
tax
revenue tariffs
taxes designed to raise funds for the importing government
protective tariffs
taxes that would make imported goods cost more than those made locally
Groups constantly attempt to foster ______, a set of shared perceptions and commitment to collective values, norms, roles, responsibilities, and goals.
team culture
Communicators in low-context cultures
tend to be logical, analytical, and action oriented.
What is the primary purpose of a meeting?
to make an action plan
Equity Financing
when corporations attempt to raise money by selling stock
Vertical Hierarchy of Authority
• In a two-person organization, the owner might communicate with just an assistant. • In a complex organization, the president might talk principally to the vice presidents, who talk to the assistant vice presidents, and so on.
participative (democratic) leadership
•Leaders involve employees in decision-making. •It helps to improve job satisfaction, but doesn't always improve effectiveness.
autocratic leadership
•Leaders make decisions without consulting others. •It is effective when employees need direction or are developing a skill.
free-rein (laissez-faire) leadership
•Leaders set objectives but let teams decide the means to achieve them. •It is successful while working with highly skilled professionals who can operate autonomously.
trade deficit
(unfavorable) exists when the value of a country's total imports exceeds the value of its total exports
Which of the following are elements of an effective announcement?
- complete information - positive wording - careful organization
Your appreciation message will be less effective if it
- contains excessive phrases of gratitude. - places too much focus on yourself.
Routine business messages should be constructed like other good writing, through the use of which of the following?
- drafting - reviewing - planning
When making a claim to a company, the explanation that you lay out should be which of the following?
- reasonable - logical - professional
Which of the following take place during the reviewing stage of a routine message?
- rereading the message - getting feedback for a group message - proofreading the message
All routine business messages should contain which of the following components?
- the primary message in the subject line - the primary message within the first two sentences - details
An effective routine message will allow the recipient to
- understand the main idea within seconds. - quickly process the information. - understand the responsibilities involved.
When drafting a business message that includes instructions, when should you have other people read your directions to make sure they are clear enough?
- when the directions describe a technical procedure - when the directions describe a complicated procedure
Reasons Small Businesses Fail
-Inadequate business -lack of experience -difficulty hiring and keeping good employees -agressive competition -government paperwork
The Dow Jones Industrial Average
-a general measure of the movement of U.S. stock prices, is an index of the average of prices of the stocks of 30 large corporations -the number broadcast on regular radio and television newscasts -periodically the stocks in the index are changed to reflect changes in the U.S.economy
The Standard & Poor's 500
-an index of stock prices for 500 major corporations in a range of industries -weights stock prices to reflect the total market value of each stock, considered by many investors to be a more accurate way of computing an index
Wilshire 5000
-an index that covers the stocks traded on the New York Stock Exchange and the American Stock Exchange, and actively traded stocks on the NASDAQ -includes around 6,500 stocks -referred to as "the total stock market index"
is this legal?/is it ethical?
-is the action legal? -is the action ethical? -would i want to be treated like this? -will the outcome of my decision make me feel guilty
what do ethical companies do?
-large companies frequently have an ethics office, headed by an ethics officer -the ethics officer integrates the organization's ethics and values initiatives, compliances activities, and business practices into the company's decision-making processes
set an ethical example
-many, perhaps even most, lower-level employees will act ethically and honorably -but if top executives fail to lead by example, it will foster a loose ethical climate
illegal but ethical
-paying more despite union contract limits -selling raw milk for human consumption across state lines -taking usable items from corporate dumpsters and donating team
ethics
-principles of right and wrong that influence behavior -instruct how people deal with and treat one another -ethical standards could be -nearly universal -culturally based
the sarbanes-oxley act of 2002, often known simply as sox or sarbox, established:
-protections for whistleblowers -record-keeping requirements for public companies -penalties for noncompliance
legal but unethical
-puffery that misleads consumers -making low-quality products that break easily -avoiding taxes on u.s. revenues by using offshore banks -charing a very high price for brand-name drugs when inexpensive generic versions are available
values
-relatively permanent and deeply held underlying beliefs and attitudes -determine people's behavior -underpinnings for ethical and legal systems
Commodities Trading
-risky and involves using future contracts to buy a specific amount of a commodity, or raw material, at a certain price on a certain date -Futures Contracts: agreements to buy commodities at a set price in the future -Commodity Exchanges: arenas for buying and selling raw materials
laws
-rules of conduct or action formally recognized as binding for enforced by a controlling authority, such as police officers and the court system -often based on ethical considerations and values -however, what is ethical may not always be legal and vice versa cultural norms -ethics, values, attitudes, and behaviors that are deemed to be normal or typical in a given culture
Some characteristics of entrepreneurs are:
-self-confident and belief in personal control -need for achievement and action orientation -tolerance for ambiguity and risk -energy levels
Money Market Instruments (Cash Investments)
-these are short-term IOUs issued by governments, corporations, and financial institutions -the lender pays the borrower interest for use of the money -very conservative, easily converted into cash, and considered extremely safe, which also means that their returns are significantly lower than those of most other securities
An ineffective announcement might include such flaws as
- incomplete information - jumbling too much information together
A comprehensive business plan includes these 7 components:
1. Executive summary 2. Introduction 3. Marketing 4. Manufacturing 5. Management 6. Legal 7. Financing
three reasons how countries engage in free trade
1. no country is self-sufficient 2. some countries have natural resources that other countries want 3. some countries have tech that other countries want
savings account
A bank account that pays low interest and doesn't allow check writing
Goal
A broad, long-range target that an organization wishes to attain.
demand deposit
A commercial bank's or other financial institution's checking account, from which you may make withdrawals at any time
You read a corporate notice that says your company is going to acquire another business that has different strengths that expand your company's strengths. The notice also says that your company's leaders are optimistic about performance improving greatly as a result of this buy. What is the reason for this acquisition?
Acquiring to have a capability without having to develop it
Federal Reserve System
Called the Fed; the central bank of the United States and controls the U.S. money supply
Which communication channel represents the richest communication medium and also produces the highest degree of probable communication effectiveness?
Face-to-face conversation
True or false: Although sometimes helpful, meeting facilitators should rarely be used in meetings.
False
Strategic Planning
Nature: It determines long-term goals for the next one to five years with the resources they anticipate having Time period: 1-5 years Involvement: Top Management Key Activities: Make long-term decisions about the overall direction of the organization.
Which statement is true about visual learners?
They enjoy gestures and metaphors.
The review section of a business presentation contains which of the following?
a brief summary of the key messages a call to action
What is the term that describes when one company buys another company?
an acquisition
Unsecured Bonds
backed by only the reputation of the firm issuing the bonds
countertrading
bartering goods for goods
Serial Bonds
bonds that mature at different dates
tax accounting
calculating an individual's or a company's liability for tax
religion
can have a strong impact in the workplace. team members religious beliefs and practices and practices should be respected
jobs involving manufacturing have
declined because of global outsourcing
During the storming stage, team performance is generally
low.
cash flow forecasts
A prediction about how money will come into and go out of a firm in the near future
term-loan agreement
A promissory note indicating specific installments, such as monthly or yearly, for repayment
lean production
A set of strategies and practices to eliminate waste
Objective
A specific, short-term target designed to achieve the organization's goals.
Agenda Components
- Agenda items - Time frames - Goals/expected outcomes - Roles - Materials needed
Key areas of microeconomics
- Changes in gas prices and how it affect what size cars people buy - How professional sports teams affect ticket prices - Effect of coupons on consumers' buying behavior - Whether availability of e-books affects sales of printed books
3 types of bankruptcy
- Chapter 7 - Chapter 11 - Chapter 13
Factors that lead to personal offenses include
- Different communication styles - Careless comments - Personality clashes
An effective announcement generally contains which of the following items?
- attention getter - complete details
When drafting a routine message, you should strive for a ______ tone.
- helpful - professional - reader oriented
When explaining your expectations to employees that you manage, what are the three main elements to include?
- how the work will be coordinated among all the people who are involved - deadlines for the project - each person's responsibilities
Establishing clear expectations, especially when you are the supervisor or manager, directly
- improves your credibility - cultivates interpersonal trust
Which of the following are good techniques for an effective response to inquiries?
- including links to web pages with additional information - giving each question its own section - using bold to highlight each question
An announcement should include which of the following components?
- organized information - concise wording
To maintain goodwill when making a routine request, you should compose your message with a tone that has which two characteristics?
- other-oriented - positive
An appreciation message should be which of the following?
- personal - simple - genuine
Which of the following are true of routine business messages?
- readers usually respond positively to them - they convey straightforward information - readers are unlikely to resist them
What is an example of the leading function of business? a. Holding weekly motivation meetings b. Hiring more workers in order to produce more c. Setting production goals d. Conducting monthly worker assessments
A. Holding weekly motivation meetings
The ______ planning process can be completed quickly for most routine messages.
AIM
What are some of the characteristics and skills most employers look for in recruits?
Ability to research problems Eagerness to learn new things Ability to put plans into action Receptiveness to feedback Ability to analyze research to find a solution Creative thinking Willingness to listen to other opinions Eagerness to learn about new technologies
Discretionary Orders
-you might use a limit order when you worry your broker might buy a stock for more than you think it's worth or sell it for less than you think it's worth -you trust the broker's professional experience and judgment and leave it to him or her to decide the right time and price for buying or selling a security
Components of Difficult Conversations
1. Start well/declare your intent 2. Listen to their story 3. Tell your story 4. Create a shared story
Which of the following takes place during the first phase of the 3-x-3 writing process?
Analyzing the audience and your purpose for writing.
From the following list, select all of the primary financial management activities.
Analyzing the company's cash flow Managing the company's financial risk
servicescape
The environment in which the customer and service provider interact
A disadvantage is that meetings
do not create permanent records
Value Investing
investors try to find stocks that are undervalued in the market, believing that other investors will eventually buy these stocks as well, increasing their market value and driving up the stock's price
Describe the right to make and keep profits
you can earn a profit and keep leftovers after all expenses and taxes have been paid regulated by child labor laws, workers compensation, truth in advertising, workplace safety revenues/profits subject to taxation
Describe the right to compete
you can go into marketplace and compete with other businesses Exploitative aspects of competition are limited by laws relating to antitrust, fraud, licensing, and consumer protection legislation
What is an advantage of sole proprietorship?
you can start the business easily
Which of the following statements about conflict is most accurate?
Conflict is a normal part of every workplace and every team.
Which of the following are guidelines for agendas?
Consider placing the most important items first. Get others involved in the agenda-creation process. Send the agenda out ahead of time.
conceptual skills
Consist of the ability to think analytically, to visualize an organization as a whole, and understand how the parts work together.
human skills
Consist of the ability to work well in cooperation with other people to get things done.
technical skills
Consist of the job-specific knowledge needed to perform well in a specialized field.
refers to the stimuli, environment, or ambiance surrounding an event. It is probably the most important cultural dimension and is also the most difficult to define.
Context
bonds
Contracts between issuer and buyer in which the purchase price represents a loan by the buyer and for which the issuing firm pays the buyer interest
You are in the company cafeteria, and your coworkers begin discussing an interaction between your boss and another colleague. You witnessed the actual encounter, so you know that your coworkers are wrong and that the situation is being discussed in a way that may be hurtful to both your boss and the colleague. How should you respond?
Correct your coworkers' misconceptions.
Running effective meetings
Create tradition, culture, and variety Set expectations and follow the agenda Encourage participation and expression of ideas -use a facilitator Build consensus and a plan of action Closing the meeting Dealing with difficult people
venture capital
Funds acquired from wealthy individuals and institutions that are invested in promising start-ups or emerging companies in return for their giving up some ownership
Melanie is working on a report and has reached Phase 2 of the 3-x-3 writing process. What should she do first in this second phase?
Gather any necessary information.
virtual teams
Generally consist of team members located at various offices (including home offices) and rely almost entirely on virtual technologies to work with one another.
What is the significance of an open stance in a business presentation?
It is a warm and inviting form of nonverbal communication.
Which of the following statements about virtual teams is true?
It is important for team members to get to know one another.
Business-format franchise
It uses the franchisor's trade name and format, following guidelines for marketing and pricing the product.
An example of a country with a high-context culture is
Japan
Mei wants to include the history of her company in her business presentation. Which two of the following steps should she take?
Keep the description brief. Relate the history to the audience's needs.
Common law
Laws made by judges ruling on cases brought before them and based on precedents, the decisions judges made in similar past court cases, which become guides to handling new cases.
International Law
Laws that govern activities between nations
What does contract law apply to?
Legally enforceable agreements between private parties
Equal Pay Act
Legislation that requires employers to pay men and women equal pay for equal work.
net period
Length of time for which the supplier extends credit
In which partnerships do some partners have partial financial liability?
Limited liability partnerships (LLP) Limited partnerships
List three types of workplace listening, and provide three tips for effectiveness in each category.
Listening to supervisors: To focus totally on the speaker, be sure you are not distracted by noisy surroundings or other tasks. Don't take phone calls, and don't try to complete another job while listening with one ear. Show your interest by leaning forward and striving for good eye contact. Take notes. Don't rely on your memory. Don't interrupt. When the speaker finishes, paraphrase the instructions in your own words. Ask pertinent questions in a nonthreatening manner. Avoid criticizing or arguing when you are listening to a supervisor. Listening to colleagues: When listening critically, try to decide whether the speaker's message is fact, fiction, or opinion. Listen to decide whether an argument is based on logic or emotion. Remain objective, particularly when you disagree with what you are hearing. Control your tendency to prejudge. Let the speaker complete the message before you evaluate it. When listening discriminatively, try to discern, understand, and remember. Identify main ideas, understand a logical argument, and recognize the purpose of the message. Listening to customers: Defer judgment; listen for the customer's feelings and assess the situation. Pay the most attention to content, not to appearances, form, or other surface issues. Listen completely, trying to really understand every nuance. Listen primarily for the main idea, and avoid replying to everything, especially sidetracking issues. Do one thing at a time, realizing that listening is a full-time job. Control your anger and refuse to fight fire with fire. Remain silent for a few seconds after speakers finish to let them complete their thoughts. Give affirming statements and invite additional comments.
Which statement about loans from family and friends is true?
Loans from family and friends should be documented in writing.
What type of loans are usually repaid over 3 to 20 years and require the borrower sign a promissory note indicating specific installments, have a good credit rating, have collateral, and pay a higher interest rate?
Long-term loans
Select all of the activities related to the problem identification step of the decision-making process.
Look for opportunities that may be helpful. Figure out the main problem about which a decision must be made.
Team K must produce a group writing project. Maia wants to start quickly. Darnell thinks it would be better to start closer to the final deadline in order to work under more pressure. Alcina thinks each person should write independently, with the pieces put together at the end. Rob is the strongest writer, so he wants to write everything himself but share the credit with the group. Who has the most effective idea?
Maia
capital expenditures
Major investments in tangible or intangible assets
If all the audience members are sitting in back rows for a speech presentation, which of the following are recommended steps to take?
Make a point of moving closer to the audience members. Ask the audience members to move forward.
What are ways to alter a product to create a new business idea?
Make it less expensively. Combine it with another product. Adapt it to a new market.
Which of the following are tips for making virtual meetings more productive? Avoid video because it can make team members uncomfortable. Make sure every member of the team takes part. Encourage members to multitask. Begin meetings with a few minutes to socialize.
Make sure every member of the team takes part. Begin meetings with a few minutes to socialize.
Tanya is managing her company's finances. Select all of the activities that she would perform as part of her job duties.
Managing the firm's financial risks Establishing budgets and financial controls Determining long-term investments
Which of the following is the most accurate statement about the globalization of markets?
Many U.S. companies with famous brands are now controlled by global enterprises.
e-cash
Money held, exchanged, and represented in electronic form and transacted over the Internet
Ethics
Moral rules or principles of behavior that should guide members of a profession or organization and make them deal honestly and fairly with each other and with their customer.
Drawbacks of Employment Protection Act
More additional costs to the business for things such as training, recruitment and pay.
Operational Planning
Nature: It determines how to accomplish specific tasks with existing resources within the next one-week to one-year period. Time Period: 1-52 weeks Involvement: Supervisory Managers Key Activities: The supervisory managers direct the daily tasks of non-managerial personnel.
tactical planning
Nature: It determines what contributions their work units can make with their existing resources during the next six months to two years. Time period: 6 months - 2 years Involvement: Middle Management Key Activities: Middle managers implement the policies and plans of the top managers and supervise and coordinate the activities of the supervisory managers.
Which of the following statements most accurately describes diversity in the workplace?
Teams made up of diverse members are better equipped than homogeneous teams to create products that diverse consumers want.
Price
The amount customer pay and the methods of increasing the value of the products to the customers.
unsecured loan
The borrower does not pledge any assets as collateral
Which of the following statements about group writing are true? The emphasis on teams in today's workplace has made it more prevalent. It works best for weak writers. It can be a challenging process. It is uncommon and generally done only in government agencies.
The emphasis on teams in today's workplace has made it more prevalent. It can be a challenging process.
Bankruptcy
The legal means of relief for debtors unable to pay their debt, may be voluntary or involuntary.
Finance
The management of large amounts of money, especially by governments or large companies.
Jacob's team is giving a presentation. Which of the following would be the best choice for presenting a united front?
The team should wear the same formality of attire and stand close to one another on the stage.
When a business speaker has presence, audience members tend to respond in which two of the following ways? (Choose every correct answer.)
They become motivated to take action. They admire the speaker's ideas.
Which of the following statements about collaborative technologies are true? a. They can help virtual teams communicate and collaborate more efficiently. b. Some virtual team members may need training so they do not feel overwhelmed by the technologies. c. Most collaborative technologies are out of date and ineffective. d. The most useful collaborative technology is videoconferencing.
They can help virtual teams communicate and collaborate more efficiently. Some virtual team members may need training so they do not feel overwhelmed by the technologies.
Health and Safety Act 1974
This piece of legislation ensures that employers have a responsibility to provide a safe place to work and a safe system to work within.
Effectiveness
To achieve results, to realize the firms goals by making the right decisions and executing them successfully.
What are reasons for writing a business plan? More than one answer may be correct.
To work out the specifics To gain financial backing
Top Managers
Top managers make long-term decisions about the overall direction of the organization and establish the objectives, strategies, and policies for it. Ex. Chief Executive Officer (CEO), Chief Operating Officer (COO), President, Senior Vice President
Tort Law
Tort law applies to wrongful injuries in business relationships not covered by contract or criminal law.
The North American Free Agreement has expanded trade among Canada, the United States, and Mexico.
Trade
The phrase "terms of trade" is used in which type of financing?
Trade credit
Which guideline is recommended by the SOFTEN model of nonverbal communication?
Use your facial expressions to connect with your audience and show enthusiasm for your topic.
Incentives
a commision, bonus, profit-sharing plan, or stock option that induces employees to be more productive and attract and retain top performers
account
a detailed record of all increases and decreases that have occurred in an individual asset, liability, or equity during a specific period.
What is an example of the organizing function of managment? a. Making work assignments b. Inspiring employees to work harder c. Making a step-by-step strategy for reaching goals d. Conducting regular quality inspections
a. Making work assignments
Paul: Paul determined that he needs 100 new employees to meet the customer demands in his new IT consulting firm. a. Planning b. Organizing c. Leading d. Controlling
a. Planning
Which of the following statements are true of teams? a. Teams perform better when they communicate effectively. b. Some teams are formal and permanent. c. Teams are more productive when they are very large. d. Teams are always composed of at least four people.
a. Teams perform better when they communicate effectively. b. Some teams are formal and permanent.
Which of the following are common reasons for establishing virtual teams? a. They are cost effective. b. Time zone differences have no impact. c. They are convenient. d. Experts who are not in the same location can be brought together.
a. They are cost effective. c. They are convenient. d. Experts who are not in the same location can be brought together.
Which of the following characteristics are the most important for building trust among virtual team members? a. being proactively engaged b. keeping communications to a minimum c. being willing to share information d. working independently
a. being proactively engaged c. being willing to share information
Which of the following is the biggest barrier to team effectiveness according to business professionals? a. ineffective communication b. low morale c. ineffective goal-setting d. low productivity
a. ineffective communication
Michelle: Michelle is charged with developing strategies for Toyota to replace all recalled accelerator pedals. a. Planning b. Organizing c. Leading d. Controlling
a. planning
Which of the following is the benefit of one group member polishing the final version of a group writing project? a. to make sure the project has a consistent voice b. to avoid hurting the feelings of team members with poor writing skills c. to rewrite sections written by poor writers d. to give the team leader something to do
a. to make sure the project has a consistent voice
The six goals of ethical business communicators are ________, telling the truth, labeling opinions, being objective, communicating clearly, using inclusive language, and giving credit
abiding by the law
When you make a presentation to colleagues, it offers a chance to improve your colleagues' opinions about your
abilities.
The communication style of a professional with a red MVS focuses on which of the following?
action-focused language results-oriented logic
When should an action plan be created in a meeting?
after all ideas have been presented and the alternatives considered
value added tax (VAT)
also known as a goods and services tax, a value-added tax is a type of national sales tax—a consumption tax that is levied at each stage of production based on the "value added" to the product at that stage
auditor
an accounting professional who conducts an independent examination of a company's financial statements
Franchise
an arrangement in which a business owner allows others the right to use its name and sell its goods or services within a specific geographical area.
Arturo opens his presentation with his two takeaway messages and a statement that frames them both in appealing terms. What did he forget to include in the preview of his presentation?
an attention-getter
whistleblower
an employee who reports organizational misconduct to the government of the public
enhanced quality of life refers from
an improved standard of living
In comparison to traditional teams, members of virtual teams are more likely to experience which of the following challenges?
an inability to read nonverbal cues feelings of isolation communication technology issues
employees depend on
an individual business owner for paychecks and benefits, like healthcare, paying taxes to support government spending
The "grapevine" is most accurately described as
an informal channel of communication that carries organizationally relevant gossip
Which of the following are ways an audience member can show support to a speaker during a business presentation?
asking message-focused questions maintaining eye contact
compliance-based ethics code
attempts to prevent criminal misconduct by increasing control and by punishing violators
What should the preview of a speech accomplish? (Choose every correct answer.)
attract the attention of the audience highlight the value of the speech to the audience
During a business presentation, a speaker might have to incorporate changes quickly if
audience members ask questions. listeners make comments.
The beginning of your presentation is critical because
audience members form quick impressions about you and your message during this time.
In general, ______ learners believe that emotion is best conveyed through voice.
auditory
To operate ethically, teams should represent the organization's view, respect its privileged information, and
avoid advocating actions that would negatively affect members of society
Which of the following are benefits that you obtain by rehearsing a business presentation? (Choose every correct answer.)
awareness of places to highlight with nonverbal communication discovery of areas where content needs to be altered increased familiarity with the content
In a staff meeting of the General Maintenance company, Julian reports that third-quarter earnings have met the company's goals set at the beginning of the year. Morgan also gives a report telling her supervisors how redistribution of labor and lowered materials costs contributed to the third-quarter gains. What principle of business management does Morgan's report exemplify? a. Effectiveness b. Efficiency c. Management d. labor relations
b. Efficiency
Which of the following should be done during the final steps of a group writing project to ensure a consistent voice? a. Group members should each revise the final version, lending their unique voices. b. Group members should provide input as a single member polishes the final version. c. A single group member should polish the final version without being influenced by other group members. d. The team leader should polish the final version, and only the team leader's name should appear on the document.
b. Group members should provide input as a single member polishes the final version.
The strategy of periodically rotating virtual team leaders accomplishes which of the following? (Choose all that apply.) a. It reduces regular communication. b. It helps team members develop leadership skills. c. It prevents burnout among leaders. d. It helps enliven the team.
b. It helps team members develop leadership skills. c. It prevents burnout among leaders. d. It helps enliven the team.
Which level of planning involves the highest level of managers? a. Tactical planning b. Strategic planning c. Operational planning
b. Strategic planning
Which part of the decision-making process involves coming up with creative and innovative ideas for how to solve a problem? a. The problem identification step b. The potential solutions step c. The weighing solutions step d. The implementation and evaluation step
b. The potential solutions step
Which of the following is typically true of those business people who approach difficult conversations in a timely, honest, and caring manner? a. They have poor working relationships. b. They achieve more professionally. c. They have judger mind-sets. d. They end up hurting their careers.
b. They achieve more professionally.
Which of the following are true about ineffective meetings? (Choose every correct answer.) a. They usually increase employee productivity. b. They may form divisions between team members. c. They are generally a waste of time. d. They often boost morale among employees.
b. They may form divisions between team members. c. They are generally a waste of time.
When should an action plan be created in a meeting? a. as soon as a the meeting is started b. after all ideas have been presented and the alternatives considered c. as soon as the leader of the meeting has expressed his or her opinion d. before the agenda for the meeting is prepared
b. after all ideas have been presented and the alternatives considered
Matthew: Matthew carefully places employees in departments where they will be most effective and have the greatest impact on productivity. a. Planning b. Organizing c. Leading d. Controlling
b. organizing
Tomasz: Tomasz is a line supervisor at a manufacturing plant. He is responsible for assigning work to employees. a. Planning b. Organizing c. Leading d. Controlling
b. organizing
What general term is used to describe issues that interfere with successfully achieving goals in business? a. Competition b. Problems c. Opportunities d. Sabotage
b. problems
In a business presentation, the content of any slide should
be easy to read and understand.
When editing and working on a group writing project, team members should let the strongest writer revise and rewrite other sections without using the "track changes" feature. be mindful of version control to avoid simultaneous editing. let each member write using whatever word processing program works best for them. be in agreement about the technologies that will be used.
be mindful of version control to avoid simultaneous editing. be in agreement about the technologies that will be used.
Today's employees should plan for lifelong learning and constant training, actively plan their own career paths, and
be willing to continually learn new skills
One reason NOT to write a business plan is to keep important company strategies from ______.
being duplicated by competitors
If a hypothetical story is used in a business presentation, the story should be which of the following? (Choose every correct answer.)
believable applicable
Sinking-Fund Bonds
bonds in which the issuer makes annual deposits to a bank to accumulate funds for paying off the bonds on maturity.
Capital
buildings/tools used to produce goods/services
What term is used to describe a document that outlines a new company's business goals, a strategy for how the goals will be achieved, and how success will be measured?
business plan
Incomplete Information
buyers and sellers do not have perfect information about product needs and availability sellers may hide essential information about products they sell
Irrationality and Consumer Sovereignty
buying and selling decisions are influenced by irrational emotions (envy, passion, desire for prestige) party with upperhand is buyers (consumers) producers must stay closely attuned to changing consumer taste in order to be successful
The difference between a franchisee and a franchisor is that the franchisee ______ a franchise.
buys
Banks make money in three ways
by charging interest on loans, by charging fees for other services, and by offering other financial products.
Massiel and her boss, Marco, are having a difficult conversation about one of her clients, who is refusing to follow through on a contract. Massiel is obviously growing angry. How should Marco respond?
by showing empathy and helping her channel the anger appropriately
What are ways in which you can disagree diplomatically?
by validating the other person's views and feelings by using I-statements
Barrie is a distribution manager of a small press. Over the past three quarters, revenues have consistently not met company goals. Barrie calls a meeting of all supervisory managers to decide how to improve the situation. As they begin the problem identification step, what should they do first? a. Consider a variety of solutions. b. Hire a specialist to help with decision-making. c. Figure out the root cause of their declining revenues. d. Consider how other company employees might be blamed for falling revenues.
c. Figure out the root cause of their declining revenues.
Henry is working on a group writing project. As his writing progresses, he faces some difficult choices. Which of the following is Henry's best choice? a. He should ask the team leader what to do. b. He should make the decisions himself and not bother his teammates. c. He should meet with his team to discuss the decisions. d. He should ask another team member to take over his part.
c. He should meet with his team to discuss the decisions.
Which of the following is a key use of self-disclosure for teams? a. developing regular meeting schedules b. preparing for feedback c. building trust d. defining group norms and values
c. building trust
Ava: Ava motivates employees to accomplish organizational goals. a. Planning b. Organizing c. Leading d. Controlling
c. leading
Chloe: Chloe is the CEO of a small textile company. She rewards the top employee each year with a Star Performer Award. a. Planning b. Organizing c. Leading d. Controlling
c. leading
Which of the following is the most important stage of group writing? Multiple choice question. a. drafting b. reviewing c. planning d. editing
c. planning
Self-disclosure involves which of the following? a. building groupthink b. establishing your dominance c. sharing your goals d. defining your views e. explaining your experiences
c. sharing your goals d. defining your views e. explaining your experiences
When giving a presentation, nervousness is only dysfunctional when a speaker
cannot deliver the content.
A business client who is a child or who is an adult who suffers from a disease such as Alzheimer's would not be able to enter a contract with you because of which of the following conditions under contract law?
capacity
business are strong supporters of
charitable causes
Once known only for labor, many countries with emerging economies are now seen as promising markets.
cheap
"Can you please explain more about ...?" is an example of a(n) ________ question.
clarifying
Gerard's company will no longer store its data using in-house hardware and software; instead, data will be stored online at a remote location. This type of technology is called
cloud computing
Thank-you notes for ______ should be less formal but should not feel exaggerated.
colleagues
The views you provide in a business speech are essentially attempts to convince audience members to
commit to some type of risk.
Managers and supervisors need to ______, even if they are afraid of going beyond their authority.
communicate clear expectations
Whether you work in m-commerce, e-commerce, or brick-and-mortar commerce, to be successful you will need to be able to think critically, make decisions, and
communicate those decisions
In today's increasingly complex, networked digital environment, job candidates with exceptional skills immediately stand out.
communication
consumer-protection laws
concerned with protecting buyers' rights
Which of the following are applications of the AIM planning process in presentations and speeches?
conducting an analysis of the presentation's listeners including supporting points to the key ideas highlighting topic-related conclusions
Teams may reach a decision by , which requires that discussion continues until all members have aired their opinions and, ultimately, agree.
consensus
As part of the preparation process, a business speaker should
consider possible questions from the audience.
nonverbal communication
consists of messages sent outside of the written or spoken word
natural resources
consists of production inputs that are useful just as they appear in nature, can't be created
free trade and the global economy are based on a
constant stream of imports and exports.
Commercial banks
consumer lender
Which of the following is the most critical factor in a successful presentation?
content development
What type of law covers legally enforceable agreements between private parties?
contract
Frank discovers that workers on the evening shift are consistently late, so he devises a new policy in which employees are only allowed three late clock-ins before they are terminated. These actions are part of the ________ function.
controlling
Types of meetings:
coordination meetings, problem-solving meetings
such misconduct may include
corruption, fraud, overcharging, or health and safety problems
Effective writing skills are
critical for a successful career in business
Achieving literacy in the digital age means thinking ? about new media.
critically
Santiago: Santiago realized that Jared was not performing to standard. He put Jared on a performance improvement plan. a. Planning b. Organizing c. Leading d. Controlling
d. controlling
if embargos enforce a complete ban on certain products, what are important quotas designed to prevent? a.the free flow of services b.competitive trade agreements c.barriers in trade d.the practice of dumping
d.the practice of dumping
australia-based claire is the owner of a local clothing brand. she is planning to expand her business operations to china, and is preparing for her first business visit to the country. before visiting china, what does claire need to do, in order to avoid possibilities of any cross-cultural clashes? a.create a pictorial brochure for her company b.develop new sales strategies c.prepare an elevator pitch d.travel with a translator
d.travel with a translator
Businesses form teams because teams make better decisions, respond faster, and
demonstrate increased productivity.
Clauses that begin with words like although, since, because, when, and if are usually
dependent
credit union
depositor-owned, nonprofit, financial cooperatives that offer a range of banking services to their members
What result can a speaker anticipate by mingling with audience members after a business presentation?
developing professional connections
distribution
directing products to consumers
When making a claim, your message will be more effective if it balances ______ with ______.
directness; politeness
Professionals with red MVSs respond most strongly to which two of the following aspects of a presentation?
discussing short-term goals remaining focused on key points
Which of the following are relaxation techniques that can help limit nervousness before a presentation? (Choose every correct answer.)
emptying your mind meditating counting backward from 100
factors of production
entrepreneurship, natural resources, capital, human resources, knowledge,
A disadvantage is that you may
express yourself carelessly
Under the concept of ? use, individuals have limited rights to use copyrighted material without requiring permission.
fair
Oligopoly
few sellers; some product differences similar but not identical products prices tend to be in the same range
Flattening of management hierarchies" most directly refers to
fewer layers of managers separating decision makers from line workers
Working in virtual teams
focus on building trust at each stage of your virtual team, meet in person if possible, get to know one another, use collaborative technologies, choose an active team leader
Investing for Income
focuses on getting the highest yield
Randy realizes that there is a national company that provides spray foam insulation for roofing, and that for a license fee, he can use the national company's logo, methods, advertising, and products. In considering purchasing the license, Randy is considering operating as a(n)
franchise
JCF Health and Fitness was born of wanting to give women a solution to a traditional gym setting. Which aspect of a successful business does this scenario illustrate?
fulfilling a need
In a _____________ partnership, two or more partners run the business and both have full financial and managerial liability.
general
In what type of partnership do two partners share all of the responsibilities, profits, and liabilities?
general
Which is part of the coordination component of setting expectations for the people you manage?
guidelines for communications
Thinking critically means
having opinions that are backed by reason and evidence
Learning more about the powerful effect that culture has on behavior will
help you reduce friction and misunderstanding in your dealings with people from other cultures.
What kind of tone is most effective when providing directions in a message?
helpful
Communicators in -context cultures, such as those in Japan, China, and Middle Eastern countries, pay attention to more than the words spoken. They emphasize interpersonal relationships, nonverbal expression, physical setting, and social setting.
high
When revising a group writing project, revisions should focus on which of the following? a. how well and smoothly the sections of the project work together b. language mechanics, ease of reading, and formatting c. the strength of the group's ideas and the audience's needs d. the individual writers' sections, making sure each section has a thesis
how well and smoothly the sections of the project work together language mechanics, ease of reading, and formatting the strength of the group's ideas and the audience's needs
Demand
how willing and able buyers are able to purchase goods and services at different prices less scare a product = less a buyer will want to pay for it more scarce a product = more a buyer is willing to pay for it
Audience members typically decide which of the following during the preview of a presentation?
if they are willing to act on what they hear if they will pay attention and listen to the presentation if they think they have something to gain from the presentation
miriam, an aspiring entrepreneur would like to expand her business operations overseas with minimal risk. identify a low-risk business strategy for miriam to enter into the global market
importing and exporting
A person reading a well-crafted announcement should grasp all of its important information
in 10-15 seconds
acquired diversity
involves traits you acquire through experience, such as customer service experience, retail experience, or engineering experience
adjusting entries
journal entries recorded to update general ledger accounts at the end of a fiscal period to adjust income and expence accounts so that they comply with the accurate concept of accounting
What are recommended relaxation techniques for managing nervousness in preparation for a presentation? (Choose every correct answer.)
keeping arms at the sides of the body using palms-up gestures
accounting
keeping financial records, recording income and expenditure, valuing assets and liabilities, and so on
Which of the following should be included in meeting minutes?
key discussion points action items to be completed
If you use a joke in the opening of a business presentation, it should be linked to the
key message.
In a business presentation, the presenter's views are the
key messages of the presentation.
Which type of learner responds best to participation-focused presentations?
kinesthetic
The primary obstacle to virtual team performance that a team leader can help overcome is the
lack of regular communication.
A disadvantage is that written documents
lack verbal cues seem impersonal require more effort
How much time do most readers expect it will take to grasp the main point of a routine business message?
less than 10 to 15 seconds
Handling a routine message typically requires ______ other types of business correspondence.
less time than
In a ___________ partnership, there are partners who have an investment in the firm but do not have managerial responsibility or financial liability.
limited
In what type of partnership are there partners who have invested in the partnership but have no financial liability or managerial responsibility?
limited
Ted is a partner at a business. Although he has invested in the business, he has no managerial responsibilities or financial liability. What kind of partnership is Ted a part of?
limited
Randy worries that unforeseen early business experiences will cause the business to fail due to undercapitalization. Randy should consider acquiring a(n)
line of credit.
Natural Resources
materials supplied by nature (land, soil, water, minerals)
Effective teams avoid groupthink by striving for team diversity, encouraging open discussion, and
not demanding a quick decision
In business correspondence that includes procedures and directions, ______ the steps to differentiate them from each other.
number
Ethical business communicators are when they recognize their own biases and strive to keep them from distorting a message.
objective
Monopoly
only one seller; no competition operate without constraint can set prices at whatever level desired generally prohibited in the United States typically utilities (water, electric)
In the problem identification stage of decision-making, it is important to look beyond day-to-day difficulties to find circumstances that present the chance for meeting or surpassing goals. These circumstances are known as ______.
opportunities
external
opportunities and threats
In business, favorable situations that offer the possibility of advancement are called
opportunities.
If you want to appeal to a professional with a hub MVS, you should focus on which two of the following?
option-oriented language benefits to clients and customers
If Frank makes Justin a night-shift supervisor, he would be engaging in which function of management?
organizing
When you lose your train of thought during a presentation, you should
pause briefly to regain your composure and your line of thinking.
What is a recommended practice when you are answering a question from a member of the audience that requires you to quickly come up with a response?
pausing before giving the answer
People often misread body language, so you should
pay attention to your audience members and adjust your presentation based on their reactions.
employees
pay payroll taxes
human resources
people who work to produce goods and services. labor
In the context of a business speech, audience members primarily enjoy hearing about
people.
Setting up an effective nonroutine meeting begins with
planning.
does the country permit or punish corruption?
practices related to bribery vary across countries; it is acceptable in some countries and severely punished in others.
managerial accounting
preparing budgets and other financial reports necessary for management
Entrepreneurship
process of taking risks to create a new enterprise
Free Market Economy (Capitalism)
production and distribution of goods/services are controlled by private individuals rather than by the government
just-in-time production
production of goods to meet actual current demand; no inventories of finished goods or work in progress
2 types of tariffs
protective and revenue
suppliers
provide parts and products
business also help community interests with
providing paychecks and benefits for employees
Which of the following is not a component of a claim?
providing responses
non-profit organizations
purpose to earn enough profit to cover expenses and further their goals, money and expenses are important but success is measured by how effectively services are delivered or by other criteria
dumping
quotas are designed to prevent this. occurs when a foreign company sells its products for less- even less than the cost of manufacture- than the price of the domestic product
When communicating through face-to-face conversation with another person, an advantage is that you can
receive nonverbal clues
In response to a routine business request, the reader is likely to express little or no ______ to what the message is saying.
resistance
entrepreneur
sees an opportunity for product and services, risks time and money to make a profit, provides catalyst that drives innovation, start small business designed to capture, meet, or improve a segment of a market thats underserved
Using the SOFTEN model of nonverbal communication allows you to project
self-assurance. friendliness.
quality of living
society's general well-being as measured by standard of living, health care, educational opp., freedom, happiness
forms of business ownership:
sole proprietorship, partnership, corporation
Meetings are a gathering of employees to pool information, solicit feedback, clarify policy, seek consensus, and
solve problems
If Martha states that the company needs to sell at least $60,000 of merchandise in the month of December, then this is
specific and time-bound.
turnover
the amount of business done by a company over a year
Why do teams meet on a frequent basis? a. to better meet deadlines b. to develop positive groupthink c. to create a shared perspective on goals d. to create insurmountable conflict
to better meet deadlines to create a shared perspective on goals
to close the books
to end a particular financial or accounting period
Which of the following is not a function of most business communications?
to entertain
A speaker who allows a question-and-answer period takes a risk, as audience members may ask difficult questions.
true
Callable Bonds
bonds in which the issuer may call them in and pay them off at a predetermined price before the maturity date
One of the most important tasks in preparing well-organized messages is
grouping similar ideas together
Investment-Grade Bonds
bonds that are relatively safe, with a low probability of default; they have a bond rating of BBB or above
Convertible Bonds
bonds that can be converted into the issuing corporation's common stock
The term used to describe the overall impression you continue to build throughout your career is your "professional
brand
The failure or refusal of a party to a contract to live up to the promises made is called a ____________ of contract
breech
The main text of a routine message should consist of
brief paragraphs with pertinent details.
Entrepreneurs
business owners who see a new opportunity for a product or service and start a firm.
Which collaborative technologies have been most commonly used by virtual teams over the past 25 years?
email teleconferences phone calls
Which of the following is an example of downward communication?
A supervisor sends a memo to all division employees detailing the newest procedure for submitting expense account reports
Market
A unique group of prospective customers a business wants to serve and their locations.
promissory note
A written contract prepared by the buyer who agrees to pay the seller a certain amount by a certain time
After harming someone at work, whether intentionally or not, business professionals with high ______ will quickly try to make amends.
emotional intelligence
When a company sets a control standard, it is ______.
establishing the desired performance level for a given goal
The belief in the superiority of one's own race is known as
ethnocentrism
When writing a speech, what is the most vital question to consider?
How will the audience benefit from what I am proposing?
The section of the business plan that is designed to initially captivate and energize a potential financial investor would be the
executive summary
When presented with ethically ambiguous situations, which of the following questions can help you make good decisions?
How would you see the problem if you were on the opposite side? Is the action you are considering legal?
Portability
I can carry it in my pocket.
Divisibility
I can easily break big bills down into smaller ones.
Explain the advantages and challenges of workplace diversity, including the specific ways that consumers, work teams, and business organizations benefit from more diverse workplaces.
Diversity can be a positive force within organizations, but it can also cause divisiveness, discontent, and clashes. Many identity groups, such as women and older workers, have legitimate gripes. However, the following identify groups benefit significantly from diversity in the following ways. Consumers: A diverse staff is better able to read trends and respond to the increasingly diverse customer base in local and world markets. Diverse consumers now want goods and services tailored to their needs. Teams made up of people with different experiences are better equipped to create products that these markets require. Consumers also want to deal with companies that respect their values and reflect themselves. Work Teams: Team members with different backgrounds may come up with more innovative and effective solutions than homogeneous teams. Business Organizations: Companies that set aside time and resources to cultivate and capitalize on diversity suffer fewer discrimination lawsuits, fewer union clashes, and less government regulatory action. Most important, though, is the growing realization among organizations that diversity is a critical bottom-line business strategy to improve employee relationships and increase productivity.
Transactional Leadership
Focuses on creating a smooth-running organization, motivating employees to meet performance goals.
Transformational Leadership
Focuses on inspiring long-term vision, creativity, and exceptional performance in employees.
Receiving Investment Capital
Getting Money from Wealthy Individuals and Institutions
team is a group of people who, aided by information technology, must accomplish shared tasks largely without face-to-face contact across geographic boundaries, sometimes on different continents and across time zones.
virtual
Initial Public Offering (IPO)
when a corporation's stock is offered for sale for the first time
Secondary Securities Market
where existing securities are traded by investors
Primary Securities Market
where issues are first sold to investors
How should you approach an emotionally charged conversation?
with a learner mind-set
weakness
-slow diversification -suboptimal outlet location
A routine message should be written with which two of the following questions in mind?
- How much detail does my audience expect? - How would my audience want to receive this information?
Which of the following statements about routine messages called claims are correct?
- Long-term relationships should be respected. - The purpose is to have the other company comply with your claim.
To be an effective routine message, a claim should do which of the following?
- Make a call to action. - Explain why the claim is being made. - Specify what the claim is.
List the 5 factors of production
- Natural resources - Capital - Human resources - Entrepreneurship - Knowledge
Key areas of macroeconomics
- U.S. GDP - National job growth, employment & unemployment - Agricultural, manufacturing, and service sectors of national economy - Growth in industrial production - Economic indicators (consumer price index - measures inflation)
Which of the following are effective elements in a routine message for making a claim?
- a polite request - a compliment - a focus on the merits of the claim
Which components should be included in an effective message of appreciation?
- a statement of goodwill. - an expression of thanks. - a brief rationale.
Which of the following would be considered a business announcement?
- a statement that the company is changing its dress code - a mass email informing customers that the company is moving to a new location - a notice that the office Christmas party will be held in the conference room
Which two of the following types of routine business messages tend to be relatively infrequent?
- apologies - expressions of sympathy
Which of the following reduce the effectiveness of routine messages?
- being difficult to read - failing to include a central message at the beginning
Sending thank-you notes can accomplish which of the following?
- boost repeat business - maintain strong working relationships
When responding to inquiries, which of the following are the three best ways to set separate questions apart?
- bullets - special formatting - numbered lists
Meeting-follow up/minute components
-Date and time -Team members present -Meeting roles -Key decisions -Key discussions points (optional) -Open issues (optional) -Action Items and deadlines
Transactional Leadership
-Focusing on creating a smooth-running organization -Setting goals and motivating employees to meet performance goals
ways to develop trust:
-Get to know each other. -self-disclosure -Hold an effective launch meeting. -Commit to working together and separately. -Set up a deliverable schedule and evaluate performance regularly.
Franchisor
-Gives permission to distribute its products -Allows others to manufacture or make its products
Threats
-Government regulatory pressure -Potential waning of product popularity
small business
-Independently owned and operated -is not dominant in its field of operation -meets certain criteria set by the SBA for number of employees and annual sales revenue
Tips for keeping a small business healthy:
-Keep good records, and know when to ask for help -stay in tune with your customers -learn how to manage employees
The Basics of business law:
-Many legal disputes find their remedies in contract law, tort laws, and property laws -contract law -tort law -property law
The four functions of management typically fall under the categories of
-Plan -Organize -Lead -Control
Transformational leadership
-Promoting long-term vision, creativity, and exceptional performance -Striving to inspire high levels of commitment and loyalty
Franchisee
-Purchases a franchise -Buys the right to sell a business's products
3 steps to gain insight into the business and market:
-Read about business and your prospective business -talk to knowledgeable people -get experience
If too little information is provided in your routine message, which of the following are likely to happen?
-Your credibility will be diminished. -The receiver will be less apt to do what you are requesting.
The Securities and Exchange Commission (SEC)
-a federal agency that regulates the various U.S. (but not foreign) stock exchanges, among other things -it requires that all companies issuing securities: Provide Investors with Full Disclosure of Financial Fact and Register, Provide Prospectuses and Reports, and Avoid Taking Advantage of Insider Information
Corporate Bonds
-bonds issued by businesses as a source of long-term funding -comprise secured and unsecured bonds
Municipal Bonds
-bonds issued by state and local governments and agencies -comprise revenue bonds and general obligation bonds
Government Bonds
-bonds sold by the U.S. Treasury -comprise treasury notes and treasury bonds
Possible opportunities for earning money from home include:
-clothing boutiques -interior decorators -website developers -web-based stores -freelance work -direct sales -customer service -transcription service -tutoring
Exchange-Traded Funds (ETF)
-collections of stocks that are traded on an exchange, but investors have more convenience in their trading times and the fees are lower -spreads risks and professionally managed -convenient trading -lower fee
legal and ethical
-consumer-friendly policies -employee fringe benefits -setting up programs to benefit stakeholders in the community
human resources personnel are also involved in ensuring a company:
-creates a code of ethics -institutes ethical training programs -fosters an ethical screening and hiring process
strengths examples
-experienced management -global presence
Speculative-Grade Bonds
-high-risk bonds with a greater probability of default; they have a bond rating of BB or lower -in exchange for the higher risk, they pay about 50% more
Market Timing
-involves the powers of prediction: trying to make a fast profit by buying a stock at a low price and selling it at a high price within a short time -for extremely active investors with a strong stomach for risk and a familiarity with various analytical tools for tracking stock prices
NASDAQ Composite Index
-tracks not only domestic but also foreign common stocks traded -lists many high-tech firms such as Microsoft and Google
Market Orders
-you tell your broker to buy or sell a particular security at the best available price -can usually be carried out within five minutes -there is a risk, however that you may buy at a slightly higher or sell at a slightly lower price than you were hoping for
Basic Principles of Effective Team Communication
1. Focus on performance. 2. Go through four stages to reach high performance. 3. Build a work culture around values, norms and goals. 4. Meet often. 5. Focus on psychological safety and ensure all voices are heard. 6. Recognize and actively seek to avoid groupthink. 7. Embrace diversity. 8. Solve problems and generate creative solutions. 9. Provide positive feedback and evaluate performance often.
4 phases of making a practical decision
1. Identify the problem 2. Think of possible solutions 3. Weigh alternative solutions and select one 4. Implement and evaluate the solution chosen
There are 4 types of entrepreneurs:
1. Intrapreneur 2. Entrepreneurial Team 3. Micropreneur 4. Solopreneur
5 options for entering foreign markets
1. importing and exporting has the lowest risk 2. franchising and foreign licensing has a moderate level of risk 3. global outsourcing has a moderate level of risk 4. joint ventures are associated with high risk 5. foreign subsidiaries pose the highest level of risk
four ways of fostering an ethical culture include:
1.set an ethical example 2.create an ethical hiring culture 3.reward ethical behavior 4.create ethical codes and training programs
The primary message in a routine communication should have ______ words.
10 or fewer
Polls have shown that ______ of employees say that supervisors thank them daily.
10%
How many workers do the majority of small businesses employ?
100 or fewer
Federal Reserve Banks
12 administrative districts, each with its own Federal Reserve bank Each reserve bank is responsible for providing the member banks in its district with sufficient currency
Which type of diversity generally best improves a company's chances to attract a new market? a. inherent diversity b. limited diversity c. 2-D diversity d. acquired diversity
2-D Diversity
Stories in presentations should typically last for
30 seconds to one minute.
Under trade credit, how long does a seller tend to give a buyer to pay an invoice?
30 to 90 days
Teleworkers, employees who remain outside of the office most of the time, now represent ________ percent of the workforce.
30%
Approximately how many U.S. small businesses receive loans from commercial banks?
50%
To be legally enforceable, a contract must meet each of ______ conditions.
6
Select all of the ways that the reserve requirement for commercial banks affects the money supply.
A decrease in the reserve requirement increases the money supply. An increase in the reserve requirement reduces the money supply.
budget
A detailed financial plan showing estimated revenues and expenses for a particular future period, usually one year
ISO 14000
A family of generic standards for environmental management establish by the International Organization for Standardization
ISO 9000
A family of generic standards for quality management systems established by the International Organization for Standardization
commercial bank
A federal- or state-chartered profit-seeking financial institution that accepts deposits from individuals and businesses and uses part of them to make personal, residential, and business loans
factoring accounts receivable
A firm sells its accounts receivable at a discount to a financial institution
Select all of the examples of transactional leaders.
A leader who makes sure all the team members are clear on their roles, holds them accountable, and monitors their progress A leader who sets the goals, leads to them, and prepares very clear performance standards
What is the definition of a master limited partnership (MLP)?
A partnership that acts like a corporation, selling stock on a stock exchange, but is taxed like a partnership, paying a lower rate than the corporate income tax
franchisee
A person who buys a franchise
is an obstacle in the horizontal flow of information.
A person's ego
Consumer Credit Act
An Act that protects consumers when borrowing money or buying on credit.
Service
An activity that is intangible, exchanged directly from producer to consumer, and consumed at the time of production.
Which of the following statements about meeting agendas is most accurate?
An agenda should include any premeeting preparation expected of participants.
What should you keep in mind when deciding whether or not to purchase an existing small business?
An existing business is likely to come with a location and customer base.
Federal Deposit Insurance Corporation (FDIC)
An independent agency of the U.S. government that insures bank deposits up to $250,000
National Credit Union Administration (NCUA)
An independent agency that provides up to $250,000 insurance coverage per individual per credit union
money
Any medium of value that is generally accepted as payment for goods and services
Product
Anything offered to a market by the business to satisfy customer needs, including physical products, services, and ideas.
You have been presented with an ethically ambiguous situation and are considering a solution that you know to be legal. You've already determined that if you were on the opposite side, you would take the same action. Which of the following questions should you ask next?
Are there alternate solutions that are more ethically sound?
outsourcing
Arranging for other organizations to perform value chain functions that used to be done internally
Which of the following does not represent a reason that the pizza business is a new opportunity for entrepreneurs?
As pizza continues to rise in popularity, entrepreneurs can open more stores.
Which of the following is an effective way to improve your nonverbal communication skills?
Ask friends and family members to give you feedback on your nonverbal behavior.
collateral
Asset that is pledged to secure the loan
In general, which of the following should you do when conducting a meeting?
Assign certain participants specific roles, such as facilitator or timer. Indicate if there are certain topics that should be considered confidential.
Select all of the examples of activities carried out by supervisory-level managers. a. Making long-term decisions b. Assigning tasks to workers c. Heading company departments d. Making daily decision
Assigning tasks to workers Heading company departments Making daily decisions
Describe three collaboration tools that can be used for virtual meeting facilitation when distance or other factors prevent face-to-face gatherings.
Audioconferencing (or teleconferencing): Audioconferencing involves one or two people who confer with others by telephone. Videoconferencing: Videoconferencing combines video, audio, and communications networking technologies for real-time interaction. Generally, participants meet in special conference rooms equipped with cameras and television screens for transmitting images and documents. Web conferencing: With Web conferencing, attendees use their computers to access an online virtual meeting room where they can present PowerPoint slides or share spreadsheets or Word documents, just as they might do in a face-to-face meeting.
Which of the following occurs during the second phase of the 3-x-3 writing process?
Conducting research to gather the data you need to provide facts
From the following list, select all of the requirements that are typically associated with long-term loans.
Collateral Good credit rating An increased interest rate compared to short-term loans
Jacob is an entrepreneur looking for his next big business idea. What are ways he can generate new ideas?
Combine two existing products into one new product. Find an existing product and make it less expensive to produce. Select a feature of an existing product to create a spin-off.
Which of the following statements about formal and informal communication channels is most accurate?
Companies should monitor social media sites to see what customers and others are saying about the company.
brokerage firms
Companies that buy and sell stocks and bonds for individuals and offer high-interest-rate combination checking and savings accounts
Acquisition examples
Company A buys Company B. Amazon purchases Whole Foods. Verizon Communications buys Verizon Wireless
electronic funds transfer systems (EFTSs)
Computerized systems that move funds from one institution to another over electronic links
financial budgets
Concentrate on the company's financial goals and the resources needed to achieve them
Which of these would be most helpful in getting financing and thinking through important details about your business idea?
Creating a business plan
transaction loan
Credit extended by a bank for a specific purpose
may be defined as the complex system of values, traits, morals, and customs shared by a society.
Culture
Culture is a powerful operating force that conditions the way we think and behave. To be successful in the global economy, it's important to understand the basic characteristics of culture so that we can make adjustments and adopt new attitudes. List and describe three basic characteristics of culture.
Culture is learned: Rules, values, and attitudes of culture are not inherent. They are learned and passed down from generation to generation. Cultures are inherently logical: The rules in any culture originated to reinforce that culture's values and beliefs. They act as normative forces. Although some cultural behavior may sometimes seem silly and illogical, nearly all serious rules and values originate in deep-seated beliefs. Culture is the basis of self-identity and community: Culture is the basis for how we tell the world who we are and what we believe. People build their identities through cultural overlays to their primary culture. Culture combines the visible and the invisible: To outsiders, the way we act⎯those things that we do in daily life and work⎯are the most visible parts of our culture. These practices are often outward symbols of deeper values that are invisible but that pervade everything we think and do. Culture is dynamic: Over time, cultures will change. Changes are caused by advancements in technology and communication and by events such as migration, national disasters, and war. Attitudes, behaviors, and beliefs change in open societies more quickly than in closed societies.
Darren decides to start his pizza business by purchasing a franchise from a larger chain. Which of the following is NOT an advantage Darren will likely experience?
Darren will have the freedom to create his own pizza style.
Discuss the importance of workplace ethics, including examples of (a) guidelines for ethical behavior and (b) questions to ask yourself when faced with ethical dilemmas.
Ethics are right and wrong that help you decide what you should or should not do. Ethics help guide us in everyday decisions and keep us honest. Guidelines for ethical behavior would be abiding by the law, telling the truth, labeling opinions, being objective, clearly communicating, using clear language, and giving credit. Questions to ask yourself when faced with ethical dilemmas would be: Is the action legal? Would I do this is I was on the opposite side? Can I find a better alternative? Would a trusted advisor agree? Would family, friends, employer, or coworker approve?
convergence
Evaluating the proposed ideas and solutions and narrowing them to a small set of feasible solutions to address the problem.
Katherine looks over her notes about conversational customs in Europe. Then she carefully plans what time she'll place a business call to Zurich.
Globalization of business
Seasonal fruits and vegetables are shipped in from Chile and sold in the United States along with domestically grown produce.
Globalization of business
skills, such as the ability to use Microsoft Word or to prepare an income statement, refer to the technical skills in your field.
Hard
As you review your presentation, what should you ask yourself to determine how factual you've been?
Have I carefully considered various interpretations of my data?
Which of the following statements about writing skills is most accurate?
Having good writing skills can improve your chances for promotion and can result in higher earnings.
Eric is giving a presentation to convince his managers that offering yoga classes at work will improve productivity because it will help employees clear their minds. Which aspect of his presentation shows that he is trying to appeal to kinesthetic learners?
He asks the audience to stand and do a simple yoga pose.
Employees who report unethical behavior in their own workplace (whistleblowers) are protected by law. However, many are reluctant to draw negative attention to their companies because of loyalty to the company or fear of reprisals. Chances are good you will encounter questionable behavior at your workplace at some point during your career. How you respond will be a measure of your ability to analyze issues and choose the responsible option. How can you blow the whistle legally and ethically?
If you can't find any satisfactory solutions to the problem, change jobs. Try to correct the problem from within the company. Make sure you have your facts straight.
Incubator
Iis a facility that offers small businesses low-cost offices with basic services, such as secretarial and accounting services and legal advice. Some incubators are sponsored by state and local economic development departments.
Controlling
Involves monitoring performance, comparing it with goals, and taking corrective action as needed. Thus, managers must assess teams' performance based on the goal of customer satisfaction, and take corrective action as needed.
Leading
Involves motivating, directing, and otherwise influencing people to achieve the organization's goals. Therefore, the organization's vision and mission should align with the goal of customer satisfaction.
When faced with an ethical dilemma, what is the first question you should ask?
Is the action I am considering legal?
angel investor
Individuals who invest their own money in a private company, typically a start-up
Consumers
Individuals who purchase products and services to satisfy needs.
To boost company recognition and engage customers, the president of an entertainment company posts regular Twitter updates.
Innovative communication technologies
Wordsmith, a small newsletter-writing company, has just installed a new server that will host newsletters online as podcasts. The CEO, Margaret, is excited about broadening Wordsmith's client outreach.
Innovative communication technologies
Savings Association Insurance Fund (SAIF)
Insures depositors with accounts in savings and loan associations up to $250,000 per depositor per bank
Debt Financing
Issuing Bonds, Secured, and Unsecured
Compare and contrast low-context and high-context cultures in three of the following areas: individualism and collectivism, time orientation, power distance, and communication style.
Individualism and collectivism: Members of low-context cultures tend to value individualism. They believe that initiative and self-assertion result in personal achievement. They believe in individual action and personal responsibility, and they desire a large degree of freedom in their personal lives. Members of high-context cultures are more collectivist. They emphasize membership in organizations, groups, and teams; they encourage acceptance of group values, duties, and decisions. They typically resist independence because it fosters competition and confrontation instead of consensus. In group-oriented cultures, self-assertion and individual decision making are discouraged. Business decisions are often made by all who have competence in the matter under discussion. Time orientation: Members of low-context cultures consider time a precious commodity to be conserved. They correlate time with productivity, efficiency, and money. Keeping people waiting for business appointments is considered a waste of time and also rude. Members of high-context cultures may perceive time as an unlimited and never-ending resource to be enjoyed. They often need time for deliberation and contemplation, which can clash with a low-context communicator's desire for speedy decisions. Power Distance: In low power distance cultures (low-context cultures), subordinates consider themselves as equals of their supervisors. They confidently voice opinions and participate in decision making. Relationships between high-powered individuals and people with little power tend to be more democratic, egalitarian, and informal. In high power distance countries (high-context cultures), subordinates expect formal hierarchies and embrace relatively authoritarian, paternalistic power relationships. Communication style: People in low-context cultures believe that words are very important, especially in contracts and negotiations. They tend to take words literally. They also value straightforwardness, are suspicious of evasiveness, and distrust people who might have a "hidden agenda" or who "play their cards too close to the chest." They also tend to be uncomfortable with silence and impatient with delays. People in high-context cultures place more emphasis on the surrounding context than on the words describing a negotiation. They tend to play on words and may speak with extravagant or poetic figures of speech that may be misinterpreted if taken literally.
standard of value
It can be used as a common standard to measure the values of goods and services
Which of the following are advantages to using video during virtual team meetings? (Choose every correct answer.) a. It can lead to faster decision making. b. It keeps members more present and focused. c. It allows each participant to multitask and take meeting minutes. d. It facilitates the interpretation of verbal and nonverbal cues.
It can lead to faster decision making. It keeps members more present and focused. It facilitates the interpretation of verbal and nonverbal cues.
Uniqueness
It can't be easily copied or counterfeited
Manufacturing franchise
It has the right to manufacture and distribute a certain product, following a formula or using supplies purchased from the franchisor.
product distribution franchise (distributorship)
It has the right to sell trademarked products purchased from the franchisor.
Why is using a story line approach in business presentations effective? (Choose every correct answer.)
It helps audience members better remember the presented information. It creates an emotional connection for audience members.
Which of the following are benefits of pausing before answering questions in a business presentation? (Choose every correct answer.)
It helps make you feel more composed. It makes you seem more thoughtful It gives you time to contemplate a response.
Enterprise Zone
It is a specific geographic area in which government tries to attract business investment by offering lower taxes and other government support. Some are known as urban enterprise zones because they are located in economically distressed areas in the industrial or commercial parts of cities.
Anthony opens a taco shop on the same street as another taco shop, a burrito stand, and a sit-down Mexican restaurant. He knows that his food is good, but he is worried that the interior of his small shop is unattractive. He would love to put a fresh coat of paint on the walls and generally make the place look better to entice customers to come inside. But his family and friends will not loan him money, his suppliers have refused to extend him a line of short-term credit, and his bank wants him to put his motorcycle up for collateral, which he does not want to do. Which of these are likely to cause Anthony's business to fail? More than one answer may be correct.
Lack of financial support Aggressive competition
Sex Discrimination Act 1975
Law that outlaws sex discrimination in employment, training or recruitment.
Race Relations Act 1976
Law that states it's illegal to discriminate against anyone based on ethnicity, race or colour.
proper grammar
Local markets have become saturated. Companies now look to other countries for further expansion. You write well, so you should represent the company. Employees today are hired not only for their knowledge; their ability to learn new things is also vital. The communication process works fluidly; it moves from one step to the next often without pause. Internal communication occurs within a business; external communication occurs outside of a business. Experiences affect how we perceive the world; they form a frame of reference. As local markets become saturated, companies look to other countries for further expansion. If you can write well, you can represent your company well. Employees today are hired for their knowledge as well as their ability to learn new things. The communication process works fluidly. It moves from one step to the next often without pause. While internal communication occurs within a business, external communication occurs outside of a business. Experiences affect how we perceive the world, forming a frame of reference. Local markets have become saturated; therefore, companies now look to other countries for further expansion. You write well. You should represent the company. Employees today are hired not only for their knowledge. Their ability to learn new things is also vital. The communication process works fluidly, moving from one step to the next often without pause. Internal communication occurs within a business. External communication occurs outside of a business. Experiences affect how we perceive the world. They form a frame of reference.
According to a 2014 survey of American adults by Geoffrey Brewer on Gallup Polls online, the fear of public speaking ranks even higher than which of the following sources of fear?
Needles and getting shots Spiders Flying on an airplane
Agressive competition
Nicolette notices that another yoga studio has opened down the block from hers and that it offers longer hours and cheaper classes.
Select all of the factors that are part of managerial planning. Objectives Enforcement Competition Goals
Objectives Goals
money market accounts
Offer interest rates competitive with those of brokerage firms but they require higher minimum balances and limit check writing
Types of companies Marketing affects
On products, trucks, billboards, magazines, trains, airplanes, malls, online, etc.
Which of the following methods is an approach to business communications designed to help presenters not make the mistake of presenting evidence without first stating a central position?
PREP
income tax
Paid on earnings received by individuals and businesses
certificate of deposit
Pays interest upon the certificate's maturity date
store of wealth
People can save it until they need to make new purchases
Discount Rate (Only Used with Open-Market Operations)
Policy Decision: The Fed increases or decreases the rate it charges banks for loans. Effect on the Economy: When the Fed increases the discount rate, it reduces the money supply, raises interest rates, and slows economic growth. When the Fed decreases the discount rate, it increases the money supply, lowers interest rates, and speeds up economic growth.
Open-Market Operations (Frequently Used)
Policy Decision: The Fed sells bonds to the public or buys bonds from the public. Effect on the Economy: When the Fed sells bonds to the public, it reduces the money supply, raises interest rates, and slows economic growth. When the Fed buys bonds from the public, it increases the money, lowers interest rates, and speeds up economic growth.
When professionals with hub MVSs listen to business presentations, they respond best to which of the following? (Choose every correct answer.)
Presentations that hold clear business logic Language that presents several options
Administrative Law
Rules and regulations made by administrative agencies at all levels of government
What factors are outlined in a business plan?
Strategies to achieve goals Business goals Standards of success
List five characteristics of successful teams and explain why each characteristic leads to team success.
Stay small and embrace diversity: For most functions the best teams range from 2 to 25 members, although 4 or 5 is optimal for many projects. Smaller-sized teams make interaction and decision-making more effective. When team members are made up of people who differ in gender, age, social background, training, and experience, more creative and innovative decisions can be made. Agree on purpose: An effective team begins with a purpose and all members understand that purpose. Working from a general purpose to specific goals typically requires a huge investment of time and effort. Meaningful discussions about the team's purpose can motivate team members to "buy into" the project. Agree on procedures: The best teams develop procedures to guide them and continually evaluate those procedures to ensure they are moving toward their goals. They set up intermediate goals with deadlines. They assign roles and tasks, requiring all members to contribute equivalent amounts of real work. They decide how they will reach decisions. Confront conflict: Successful teams acknowledge conflict and address the root of the problem openly by using conflict resolution techniques. Direct confrontation saves time and enhances team commitment in the long run. Conflict can be constructive when it is task oriented, not person oriented. Communicate effectively: The best teams exchange information and contribute ideas freely in an informal environment. Team members speak clearly and concisely, avoiding generalities. They encourage feedback. Listeners become actively involved, read body language, and ask clarifying questions before responding. Tactful, constructive disagreement is encouraged. Collaborate rather than compete: Effective team members are genuinely interested in achieving team goals instead of receiving individual recognition; therefore, they celebrate individual and team accomplishments. They contribute ideas and feedback unselfishly. They monitor team progress, including what's going right, what's going wrong, and what to do about it. Acceptance of ethical responsibilities: Teams, as a whole, have ethical responsibilities to their members, to their larger organizations, and to society. Members have a number of specific responsibilities to each other They also have a responsibility to represent the organization's view and respect its privileged information. Shared leadership: Effective teams often have no formal leader. Instead, leadership rotates to those with the appropriate expertise as the team evolves and moves from one phase to another. This approach can achieve buy-in to team decisions, boost morale, and create fewer hurt feelings and less resentment.
operations management
The managing ALL of the activities involved by producing goods and services and distributing them to customers while keeping quality high and costs low
Durability
The material won't deteriorate quickly.
Advertising
The activity or profession of producing advertisements for commercial products or services.
money supply
The amount of money the Federal Reserve System makes available for people to buy goods and services
When a business speech is about people, which of the following generally occur?
The audience becomes more confident in the speaker. The presentation of any statistics becomes livelier.
revolving credit agreement
The bank guarantees the loan and is obligated to loan funds up to the credit limit
secured loan
The borrower pledges some sort of asset, such as personal property, that is forfeited if the loan is not repaid
Production
The business function that creates or obtains product services for sale.
Marketing Mix
The combination of marketing actions often referred to as product, price, place, and promotion: selling the right product, through appropriate distribution channels, at the right price in relation to other products and for the profitability of the company, with the correct support in terms of advertising, sales force etc.
terms of trade
The conditions the supplier (seller) gives the buyer when offering short-term credit
Promotion
The methods used and information communicated to encourage customers to purchase and to increase their satisfaction.
Which of the following statements are true about the fear of public speaking?
The fear is generally greater for important occasions. It is a common fear.
Which of the following are ways to ensure fairness in the member roles and contributions in a group writing project? The group members should equally divide their contributions and time commitments. The group members should talk about the roles and expectations they have for each other. The group members should divide the work based on who the strongest writers are and who has the most available time. The group members should consider using a team charter to state the expectations for each member.
The group members should equally divide their contributions and time commitments. The group members should talk about the roles and expectations they have for each other. The group members should consider using a team charter to state the expectations for each member.
Which of the following should be done during the planning stage of group writing? (Choose every correct answer.) a. The group should establish definitive purposes and goals. b. The group should assign roles for researching and writing. c. The group members should brainstorm independently and begin writing before meeting with others. d. The group should work together to determine the basic problems and issues.
The group should establish definitive purposes and goals. The group should assign roles for researching and writing. The group should work together to determine the basic problems and issues.
discount rate
The interest rate at which the Federal Reserve makes short-term loans to member banks
financial management
The job of acquiring funds for a firm and managing them to accomplish the firm's objectives
In what ways can a question-and-answer session of a business presentation be a risk for the speaker? (Choose every correct answer.)
The questions may throw the speaker off topic. Audience members' questions may be difficult.
cost of capital
The rate of return a firm must earn to cover the cost of generating funds in the marketplace
Which of the following sentences uses bias-free language?
The servers at Cafe Divine are always professional.
Which of the following can occur if the lights are turned off during a slide presentation?
The slides become the focus of the presentation. Audience members can become sleepy.
It is beneficial for a speaker to take questions at a business presentation for which of the following reasons?
The speaker will have a better chance to explain parts of the message. Audience members will feel that the speaker cares about addressing their needs.
Constance's team was organized and efficient. When the team learned it would be giving a team presentation at the annual meeting, its members immediately divided up the work equally. The members worked independently but did not need to check up on one another, since each member was reliable and would not do anything to let down the team. The presentation itself was not particularly effective, and audience members appeared distracted. Which of the following is the most likely reason the presentation was unsuccessful?
The team did not collaborate about the overall presentation.
performing
The team operated efficiently toward accomplishing its goals.
As a group writing project progresses and individual writers encounter difficult decisions that need to be made, which of the following should be done? a. The team should have discussions to ensure the writing reflects the views of the group. b. Members can meet in small groups but should not meet as a whole group once the writing project begins. c. The group should meet in real time to discuss the decisions. d. Individual writers should be trusted to make the decisions on their own.
The team should have discussions to ensure the writing reflects the views of the group. The group should meet in real time to discuss the decisions.
Select all of the true statements about S.M.A.R.T. goals. They are attainable. They are short-term. They are relative. They are time-bound.
They are attainable. They are time-bound.
What are traits of messages that are most likely to gain the attention of listeners?
They are formed around the listeners' interests. They are delivered by a reliable source.
Which is a true statement about sole proprietorships?
They are owned and usually managed by one person.
Select all of the true statements about objectives. a. They are designed using the S.M.A.R.T. acronym. b. They are used to reach goals. c. They are short-term. d. They are specific.
They are used to reach goals. They are short-term. They are specific.
How do audience members typically respond when they hear an inauthentic speaker make a business presentation?
They feel uncomfortable.
Which two of the following do speakers often do when they establish a presence during their business presentations?
They gain the attention of listeners. They generate interest in their ideas.
What influence do small businesses have on corporate downsizing in the United States?
They help to offset the effects of corporate downsizing.
Which of these statements are true about the importance of small businesses to the U.S. economy?
They represent the majority of sales in the United States. They provide a large number of jobs.
Which of the following describes the effect of good visual aids on a presentation?
They significantly improve the effectiveness of the presentation.
Which of the following is a common mistake made by speakers during a slide presentation?
They spend too much time with their backs to the audience.
Sales tax
This is collected by retail merchants on the merchandise they sell and are usually set as a percentage of the item's price.
property tax
This is paid on real estate owned by individuals and businesses, as well as on certain kinds of personal property
False:
True or False: Marketing is involved in more than four million businesses and those businesses use it as their secondary business activity.
False: Marketing is constantly changing.
True or False: Marketing is the key to a business's success, however, Marketing hasn't changed throughout the years and will continue to stay the same.
True
True or False: The goal of marketing is to match a company's products and services to the people who need and want them to ensure profitability.
True
True or False: To market a product successfully, a company has to understand what people want to buy and why they want to buy it.
True
True or False: When a business uses marketing efficiently they can identify customers needs and wants to help create products that will be successful.
Compare and contrast formal and informal channels of organizational communication.
Upward flow is when information is sent up to management from employees. Downward flow is when information is sent to management or employees from CEO or from management to employees. Horizontal flow is when workers share information between each other to solve problems or resolve conflicts. The grapevine is also useful to managers to find out about employees problems or mood on the job. The grapevine can also cause problems with rumors.
Shanda has created a presentation to convince the executives at Doggy Daycare, a regional chain of full-service dog boutiques, to include behavioral training in employee interactions with canine clients. It hits every mark but one: it is difficult to visually distinguish key points from the rest of the slides. What should she do to improve her presentation for ease of processing?
Use at least 28-point fonts for titles and 18-point fonts for body text.
You ask your coworker to review your slides for a presentation, and he has trouble recognizing the most important ideas. To fix this, what should you change?
Use bold or italics to highlight key ideas.
cash budgets
Used to predict cash shortages or surpluses during the year
capital budgets
Used to predict purchases of long-term assets
operating budgets
Used to predict sales and production goals and the costs required to meet them
master budgets
Used to pull together the other budgets into an overall plan of action
Marketing Concept
Using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service.
What question should you ask yourself before sending a routine request?
Will the recipient understand what I want done?
After Hurricane Sandy devastated the area where Wilson ran his business, Wilson moved his outdoor program indoors, which prompted him to move to annual memberships. Why did he make this decision?
Wilson's overall business expenses increased and he needed a way to cover the costs, which included investing in more marketing, equipment, space, and staff.
Sensitive communicators know the difference between facts and opinions. Which of the following statements would be considered factual?
Women are starting businesses at two times the rate of men.
Which of the following has resulted from the prominence of virtual teams?
Work is increasingly viewed as what you do rather than a place you go.
What are disadvantages of partnerships? More than one answer may be correct.
Working closely with partners you may disagree with Unlimited financial liability
Divergence
Working independently can increase the number of ideas and solutions generated.
You are about to speak at a press conference to announce how last fall's unseasonably hot weather damaged crops. You realize this information could have a negative effect on the company's stock prices. Is it necessary to be completely honest about how badly the crops have suffered? If you decide to make an announcement about the damaged crops at the press conference, what would be the best way to relate the bad news?
Yes, stockholders have a right to know how their investment is doing. You should speak clearly and simply to ensure comprehension.
Which of the following are accomplished by referring to one another throughout a team presentation? (Choose every correct answer.)
You ensure your comments connect with your teammates' contributions. You demonstrate that your team is united.
Which of the following typically occur when you smile during a presentation?
You make a positive connection with listeners. Listeners are more likely to view you favorably.
Benefits of franchises:
You may be able to: • own your own business and be your own boss. • start your new enterprise with widespread or growing name recognition. • follow someone else's proven formula for doing business, which is responsible for the brand's success to date. • receive marketing support. • receive management and financial support from the franchisor.
Which of the following should you and your team members do to make your presentation the most effective?
You should stand close to one another. You should pay attention to one another as you each present.
If your company takes out a long-term loan, what are you likely to encounter?
Your company's credit rating will be checked.
Which of the following criteria are part of the FAIR test? (Choose every correct answer.)
Your real motives in making the presentation are accessible. The presentation is factually correct.
A company writes to one of its suppliers, requesting an adjustment to the invoice for a recent shipment because some of the merchandise was missing. This type of business message is known as ______.
a claim
profit and loss account (GB) / income statement
a financial record, published at the end of the financial year, that shows whether a company has made a profit or a loss
employee buyout
a firm's employees borrow money against their own assets, such as their houses or their pension funds, to purchase the firm from its present owners. The employees then become the new owners of the firm.
Inflation
a general increase in the cost of most goods and services as a result of increased prices
organization
a group of people who work together to achieve some specific purpose
In general, you should not open a business presentation with
a joke
While pursuing debt financing, Randy is asked to create a business plan. Which of the following is not likely to be included in the business plan?
a list of past failures of the entrepreneur
Stock Certificate
a paper certificate listing the shareholder's name, name of the issuing company, number of shares you hold, and type of stock being issued
International Accounting Standards (IAS)
a set of internationally-agreed principles and procedures relating to the way that companies present their accounts
general ledger
a set of numbered accounts a company uses to keep track of its financial transactions and to prepare financial reports
Before responding to an ethical dilemma, you should ask yourself (a) whether the action you are considering is legal, (b) how you would look at the problem if you were on the opposite side, (c) whether you can think of alternate solutions, (d) how you would feel if your friends and family learned of your action, and (e) whether
a trusted advisor would agree
The team that stands close together during a presentation conveys
a united front.
Karee opens her presentation about factory safety protocols by telling a story about a time several workers narrowly missed serious injury thanks to safety training they had received just weeks before. What type of attention-getter is Karee using?
a vivid example
employee
a worker who is hired to perform a job
balance sheet
a written statement of the amount of money and property that a company or a person has, including amounts of money that are owed or owing
Which of the following is an example of a strength? a. A reputation for being ethical b. Expansion into new markets c. Slow diversification d. Suboptimal outlet locations
a. A reputation for being ethical
As a company manager, you have called together a decision-making team. The team has progressed to the potential solutions step in their decision-making process. What will the group be doing? a. Coming up with ideas to solve the problem b. Identifying the problem c. Putting the solution into action d. Choosing a solution
a. Coming up with ideas to solve the problem
You are an operations manager talking with store managers and employees about some lags in service. They tell you they need to build systems that allow the frontline staff to make decisions quicker. The employees' biggest complaint is that they have to ask their boss before making any decision. The employees say they feel silly having to do this all the time, and their managers are inundated with additional, unnecessary work because of this. Which control measure is applicable to this situation? a. Decentralize decision making and facilitate teamwork. b. Increase productivity, eliminate waste, reduce costs, or add value. c. Deal with complexity. d. Deal with changes and uncertainties.
a. Decentralize decision making and facilitate teamwork.
What term is used to describe the process of identifying alternatives and choosing a course of action? a. Decision-making b. Implementation c. Leadership d. Supervisory management
a. Decision-making
A meeting , which is distributed in advance of a meeting, lists date and place of the meeting, start time and end time, topics to be discussed, time allocated to each topic, and any premeeting preparation expected of participants.
agenda
Each supplier of a company receives a written contract spelling out all the terms of their business relationship. Both the company and the supplier sign the contract, which indicates their acceptance of the the terms. Which condition of contract law does this describe?
agreement
18th century
agricultural economy, most people in the work force were employed in agricultual and producing from farms
liabilities
all the money that a company will have to pay to someone else in the future, including taxes, debts, interest, and mortgage payments
negative effects of globalization
allows outsourcing that sends U.S. jobs overseas, often permanently, may lead to greater income and wealth disparities between the world's richest and poorest people, global corporations exploit international tax havens to avoid paying their fair share of taxes, immigration may drive down wages and make it difficult for a country's citizens to find and keep good-paying jobs, workers in developed countries may be required to take pay cuts from employers who threaten to export jobs.
Which of the following are forms of nonverbal communication used by effective business speakers? (Choose every correct answer.)
an open stance eye contact
Charo created a preview that demonstrated benefits to the audience and included an emotion-evoking statement. What did she forget to include?
an overview
Which of the following are used as support material for business presentations?
analogies statistics relevant professional experiences
Darren is preparing to graduate college and has dreams of opening a pizza chain focused on healthy ingredients. Darren has no money, few possessions, little credit, and does not have family members in a position to loan him money. Darren should try to fund his business through
angel investors or venture capitalists.
The four functions of management
are not a step-by-step process, but rather they occur simultaneously to operate an organization.
Media with high social presence
are personal and convey warmth
Control standards can be set for almost anything, but they are easier to measure if they ______.
are quantifiable
Those who write well
are targeted by companies for rapid advancement
tariffs
are trade barriers in the form of a tax levied on imports. there are two
When creating electronic slides for a business presentation, you should make sure that the data and ideas they present are
as simple and clear as possible.
If Martha's employees believe they cannot meet the goal of selling $60,000 of merchandise, then there will be issues with
attainability.
In order to make sure that action items are completed, which of the following are often included in the meeting minutes? a. the amount of time that was spent discussing an agenda item b. the names of the people responsible for each action item c. the date by which each action item must be completed d. the action items that were addressed during the previous meeting
b. the names of the people responsible for each action item c. the date by which each action item must be completed
You are an owner at a local bakery. There has been a natural disaster in the area where your suppliers are. This has caused issues for them, and everyone in the supply chain is now concerned about price increases. This is tough because you need to either reduce margins or raise prices, and your primary customers are very price sensitive. In which column of your SWOT analysis should you list these factors? a. Opportunities b. Threats c. Weaknesses d. Strengths
b. threats
Which of the following is the most important reason why long-term virtual teams should meet in person at the beginning of a project? a. to determine whether members will be able to get along b. to facilitate the building of a relationship between team members c. to sign a contract or other legal document d. to encourage team members to learn everyone's name
b. to facilitate the building of a relationship between team members
What is the best definition of problems in business? a. Issues that cause technology glitches b. Favorable situations that aid in meeting or surpassing goals c. Difficulties that get in the way of business success d. Difficulties in the home lives of employees
c. Difficulties that get in the way of business success
Which of the following is a characteristic that effective teams possess? a. They embrace a singular viewpoint. b. They go with the flow. c. They spend time discussing values, norms, and goals. d. They spend little time discussing work issues.
c. They spend time discussing values, norms, and goals.
in the 1980s
communism collapsed in eastern europe, asian countries began opening themselves to foreign investment, an increasing number of nations began deregulating their economies. these events led to an increase in free trade, the movement of goods and services among nations without political or economic restrictions
The goal of the review in a business presentation is to
compel audience members to consider taking specific actions.
Generally, formal business attire projects
competence.
A disadvantage is that
complex ideas may be expressed inaccurately
two types of ethical codes
compliance based and integrity based
knowledge
composed of facts, info, and skills acquired by a person through education, revolutionized by computers, tech, telecomm, and databases
Investing for Growth
concerned with maximizing wealth by buying growth stocks
What is an example of the planning function of management? a. Setting up a system for production b. Writing a mission statement c. Establishing a method of tracking productivity and quality d. Holding a January staff meeting to set goals for the year
d. Holding a January staff meeting to set goals for the year
You and your colleagues are preparing for a meeting with the CEO to discuss some recent difficulties that are hindering achievement of goals. What phase of the decision-making process are you in? a. Implementing and evaluating the chosen solution b. Thinking of possible solutions c. Weighing the alternatives and choosing one d. Identifying the problem
d. Identifying the problem
Which of the following are benefits of conflict for high-performing teams? a. It sets the tone for team communication. b. It reduces the occurrence of stereotyping. c. It promotes groupthink. d. It increases the potential for inventiveness.
d. It increases the potential for inventiveness.
Which of the following is something successful business people do? a. They tackle difficult conversations with tact. b. They use either/or options in difficult conversations. c. They avoid engaging in difficult conversations. d. They use cross-examination questions in difficult conversations.
d. They use cross-examination questions in difficult conversations.
Which example best represents the top level of management? a. Lin ensures that whenever she completes a task, she reports it to upper management. b. Miguel meets with lower-level managers to communicate and put into action the plans he has received from his boss. c. Raquel meets with employees to give them feedback and directions for the week's work. d. Thom meets with executives to decide the direction of a new marketing campaign.
d. Thom meets with executives to decide the direction of a new marketing campaign.
Kelly: Kelly is responsible for employee understanding of routines and policies. a. Planning b. Organizing c. Leading d. Controlling
d. controlling
An important benefit of "flat" organizational structures is that
decision makers can react more quickly to market changes
In Business management, the term _____________ is used to describe success in meeting goals, while _______________ is used to mean cost-effective use of resources in order to make sure goals are met.
effective; efficient
Numerous routine messages are handled daily. Therefore they need to be produced with
efficiency
Which of the following are visual aids that can be used in business presentations?
electronic slides screencast videos
3 types of protectionism
embargo, tariffs, import qoutas
Compared to written proposals, speeches and presentations are better suited to capitalize on ______ appeals.
emotional
total quality management
everyone with an organization to take responsibility for improving quality and emphasize the need for a long term commitment to continuous improvement
The most significant trends in today's dynamic workplace include global competition, team-based projects, flattened management hierarchies, new communication technologies, and
expectations of around-the-clock availability
During an internal business presentation, a speaker's credibility can be increased through which two of the following?
explaining how a business idea will improve the company demonstrating knowledge about a business issue
The majority of your presentation should be devoted to
expressing and supporting your views.
verbal communication
expressing ideas to others by using spoken words
A request does not require which of the following components?
expressing sympathy
When describing electronic slides during a business presentation, the speaker's ______ should be towards the audience.
face
Ideally, stories used in business presentations should be which of the following? (Choose every correct answer.)
factual drawn from real life honest
During a presentation, when you must speak for lengthy periods without referencing your slides, you should display abstract images on the screen.
false
During a presentation, you should always give detailed explanations for questions because short responses are disrespectful.
false Short responses to questions are effective for several reasons. First, the question may be of interest to just one or a few of your audience members. Second, the longer your response, the more likely you are to stray from your key messages or excessively repeat them. As a rule of thumb, keep most responses to between 20 and 45 seconds.
Your parents agree to lend you $10,000 to help you with your new business, and you tell them that you will pay them back in the future. What is your source of funding in this scenario?
family and friends
Which of the following should meeting facilitators do? a. judge the responses of attendees b. argue in favor of certain perspectives c. get attendees to take part in the meeting d. check for comprehension of agenda points
get attendees to take part in the meeting check for comprehension of agenda points
When you are deciding where to stand during a speech or presentation, you should choose a location that will do which of the following?
give you the best eye contact with listeners place you near the listeners
What are the three main factors addressed in a business plan?
goals, plans, and metrics for success
the advancements of technology have created an environment in which
goods and services can be created in one region and sold to regions around the world in efficient ways.
You can help maintain the ______ of the recipient of a routine request by showing respect for the recipient's time.
goodwill
When giving a business presentation, a speaker should dress with ______ than the members of the audience.
greater formality
By tradition, Asian businesspeople typically place a high value on
group decision making.
Latrice, Jorge, Francesca, and Seamus are on a team tasked with producing a document on educational assessment. Each of them will contribute to the document as they work collaboratively. This is a process known as
group writing.
Jing-Ying places great value on the posture, voice inflection, gestures, and facial expressions of employees within the workplace. She is most likely part of a(n) ____ culture.
high-context
In a business presentation, slides should have which of the following characteristics?
highly legible font size highlighting of key data
3 types of mergers
horizontal, vertical, conglomerate
standard of living
how many goods and services people can buy with the money they have
Supply
how willing and able sellers are to provide goods and services at different prices more scarce the product = more a seller will want to charge for it less scarce the product = less a seller is able to charge for it
Human Resources
human effort (mental and physical) required to produce G/S
Consumer Sovereignty
idea that consumers influence the marketplace through their decisions as to which products they choose to buy or not to buy.
You must pay taxes to the government based on how much money you earn in a year. What kind of tax are you paying?
income
Today's workplace trends include diverse workforces, emphasis on teamwork and collaboration, flattened management hierarchies, and
increased global competition
automation
increased use of robotics and drones
Small businesses are defined as entities that are ______.
independently owned and operated
Stock Market Indicators
indexes of stock market prices of groups of stocks that are related in some way
Taylor is writing to deny an employee's request to work from home three days a week. She should write the letter using the
indirect pattern
By tradition, businesspeople in the United States typically place a high value on
individual action and personal responsibility.
19th century to early 20th century
industrial economy, u.s. has evolved into a service economy
The main aim of your presentation is to draw support from your audience and to
influence key decision makers in your audience.
The three basic functions of business communication are to
inform, persuade, and promote goodwill
The 21st-century economy depends mainly on
information and knowledge
2 important economic conditions
infrastructure and currency issues
auditing
inspection and evaluation of accounts by a second set of accountant
2 common political risks
instability and expropriation
services
intangible products (education)
Equity Financing
involves selling ownership in the firm. 1. By selling stock 2. By retaining earnings and reinvesting them in the firm 3. By receiving venture investment capital
Inherent diversity
involves traits such as age, gender, ethnicity, and sexual orientation
international monetary fund (imf)
is designed to assist in smoothing the flow of money among nations. also operates as a last-resort lender that makes short-term loans to countries suffering from an unfavorable balance of payments.
antitrust laws
is designed to keep markets competitive by deterring big businesses from driving out small competitors
globalization
is the increasing connectivity and interdependence of the world's economies, societies, and cultures because of advances in: communication, technology, trade, international investment, currency movement, and migration.
balance of trade
is the value of a country's exports compared to the value of its imports over a particular period of time (classified either as a trade surplus or a trade deficit)
absolute advantage
it exists when one country can produce a product more cheaply or efficiently than any other country can
comparative advantage
it exists when one country sells to other countries those products and services it produces most cheaply or efficiently
Which of the following types of formatting should be used to highlight key information and data?
italics bold
A loan from commercial banks, life insurance companies, pension funds, or commercial finance companies that generally requires repayment in 3 to 7 years is a ______ loan.
long-term
Communicators in -context cultures, such as those in North America, Scandinavia, and Germany, tend to be logical, analytical, and action oriented. They stress clearly articulated messages that they consider to be objective, professional, and efficient.
low
Steven is an analytical, action-oriented person and places great value on business messages that are objective, professional, and efficient. He is most likely part of a(n) ____ culture.
low-context
Routine business messages generally focus on
maintaining camaraderie at work. things to be done at work.
reconcile
make (one account) consistent with another, especially by allowing for transactions begun but not yet completed.
When communicating with others during a meeting, an advantage is that you can
make a forceful impact
In order to focus your presentation on people, you should
make individuals the subject of your sentences.
What are things that good speakers will do when involving the audience in their presentations? (Choose every correct answer.)
make sure questions and discussion stay on topic limit the amount of time spent interacting with listeners
the foreign corrupt practices act
makes it illegal for employees of u.s. companies to make "questionable" or "dubious" contributions to political decision makers in foreign nations. this law creates a competitive disadvantage for american's working in foreign countries where government bribery may be the only way to obtain business, but the united nations global compact is attempting to level the playing field by promoting anti-corruption standards for business.
Which section of the business plan details and outlines the authority structure that exists inside the company?
management plan
Invisible hand
market forces that convert individuals' drive for prosperity into the goods/services that provide economic and social benefits to all
A partnership that acts like a corporation, selling stock on a stock exchange, but is taxed like a partnership, paying a lower rate than the corporate income tax, is known as a(n) ____________ limited partnership.
master (MLP)
Factors of production
means for developing goods/services & for satisfying consumer's demand
"Around-the clock availability"
means that you may be expected to work long hours without extra compensation and be available practically anytime and anywhere, should a crisis strike at work.
A ____________ occurs when two companies join to form a new company.
merger
A company can grow or expand in two ways, through a _______________ or ______________.
merger; acquisition
Which of the following are aspects of the AIM planning process? (Choose every correct answer.)
message information audience
An effective direction-giving message will include the ______ of "I want to help you out as much as possible."
meta message
Which of the following techniques should not be used when responding to an inquiry?
mixing responses in a single paragraph
Many business people prefer to avoid difficult conversations because they worry that
moments of honesty may backfire.
current assets
money in the bank, investments that can be easily turned into money, money that customer owe, stockes of goods that are going to be sold
capital
money or wealth used to invest in buildings, machines and others
positive effects of globalization
more free trade leading to jobs and economic growth, more info is traded, companies work together to solve environmental problems, society benefits from diversity, many companies now have access to worldwide market, global corporations that open plants in other countries provide jobs and help lift people out of poverty.
expropriation
occurs when a government seizes a domestic or foreign company's assets. for example, venezuela, bolivia, and ecuador have passed laws that limit foreign investors' rights to natural resources.
devaluation
occurs when the value of a nation's currency is lowered relative to the value of other countires' currencies
merger
occurs when two firms join to form a new firm
An agenda is designed to
offer structure for a meeting.
Describe the right to own property
one can buy land, buildings, equipment, & intellectual property and can sell to individuals or bequeath to heirs restricted by zoning, environmental, and anti-fraud laws and regulations
leveraged-buyouts (LBO)
one firm borrows money to buy another firm. The purchaser uses the assets of the company being acquired as security for the loan.
Many home-based business are...
one or two person operated
Teams are at their most productive and are working efficiently toward their goals during the ______ stage.
performing
Teams that meet infrequently are less likely to move beyond agreeing on roles, goals, and accountabilities to enter the ______ stage.
performing
Which of the following type of support material would likely be the most effective for audience members with blue MVSs?
personal stories
When giving an internal presentation, you should focus your presentation primarily on
persons who have the ability to put your ideas into action.
If Frank is researching the number of customers who have gluten or wheat allergies, and then he begins to devise a strategy to cater to these individuals, Frank would be involved in
planning.
Stories in business presentations generally contain which of the following? (Choose every correct answer.)
plot resolution setting
Once you have been assigned a group writing project, when is the best time to start on it?
right away
List the 4 basic rights under capitalism
right to own property right to compete right to free choice right to make and keep profits
entrepreneurship
sees an opportunity for a product or service, risks time and money to make a profit
As part of the encoding process, the sender of a message must
select appropriate words or symbols given the receiver's experiences and culture
Wilson states, "Culture is important to me. Our culture is based on accountability, camaraderie, and results. I've moved from finding the best person for the job to finding the best fit for our culture." Which attribute of a successful entrepreneur does this represent?
self-nurturing
Routine messages that include directions are much like those that
set expectations
infrastructure
set of physical facilities that form the basis for a country's level of economic development like roads, airports
The Board of Governors.
seven members appointed by the president for 14-year terms, which overlap one another
culture
shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people
Which of the following would generally have low effectiveness in the opening of a business presentation?
sharing a large set of statistical data
For example, imagine that you have been invited to present a marketing plan to your company's new client, a pet food manufacturer. You have a descriptive slide presentation ready and a thorough outline prepared. To build your confidence and get ready for a successful presentation, you should practice your
speaking skills
Workers often do not understand what the goals of the organization actually are, and this could be resolved by making sure goals are
specific.
High-context communicators tend to use logic to reach conclusions. That is, they circle around a topic indirectly and look at it from many tangential or divergent viewpoints.
spiral
is an oversimplified behavioral pattern applied uncritically to groups.
stereotype
An oversimplified behavioral pattern applied uncritically to groups of people is called a(n)
stereotype.
Language is discriminatory when it
stereotypes, insults, or excludes people
You should arrange the slides that you use in a business presentation to create a
story line.
In an email announcement business message, the ______ must be specific and must pique the interest of the reader so that the message will not be overlooked.
subject line
The ______ of a routine request should be clear and specific.
subject lines
currency issues
such as currency fluctuation and devaluation also affect business dealings
Which level of management would be most likely to be involved in planning how to introduce workers to a new manufacturing process over the next six months?
supervisory management
What market forces does scarcity impact?
supply, demand, and price
Knowledge
technological expertise and practical experience that allows entrepreneurs to quickly determine new wants and nees and deliver new products
When writing a newsletter, an advantage is
that it is easy to distribute
An example of a country that has a low-context culture is
the United States
Persons from many cultures are moving to countries promising to fulfill their dreams. For generations the two most popular destinations have been
the United States and Canada.
net profit
the amount left after operating expenses are subtracted from the gross profit
Media richness most directly refers to
the amount of helpful cues and immediate feedback a medium provides
franchisor
the business owner that gives others the right to sell its products and services
Investment Bankers
the companies that engage in buying and reselling new securities
expenses
the costs incurred in the day-to-day operations of an organization
its important to understand
the cultural differences b/w countries and address them before engaging in business deals
selling
the exchange of goods for an agreed sum of money
culture shock
the feelings of discomfort and disorientation associated with being in an unfamiliar culture
financials
the finances or financial situation of an organization or individual.
The impact of mobile technology and globalization on today's workplace includes the need for communication skills to be adapted to various cultures, workers expected to be accessible 24/7, multinational companies adjusting their products to meet cultural tastes and practices, and
the line between work and leisure becoming less distinct
The first step of the AIM planning process may be difficult for a business presentation because you may not know
the makeup of the audience.
Hamish works for a social media website that caters to senior adults and allows them to engage with their families over the Internet for a small subscription. In the past, the company has focused on retirement communities, but Hamish thinks they would get more subscribers by focusing on seniors who live by themselves. He should prepare a presentation for senior staff that focuses primarily on influencing which decision maker in his company?
the marketing director
A speaker's nonverbal communication influences how audience members perceive which two of the following?
the message delivered by the speaker the speaker's credibility
globalization
the movement toward a more integrated and interdependent world economy
value chain
the network of relationships that channels the flow of inputs, information, and financial resources through all of the processes directly or indirectly involved in producing goods and getting them to customers
Which of the following elements of a speech are part of the preview?
the overview the positioning statement the attention-getter
owners
the people or institutions that maintain legal control of an organization
stakeholders
the people whose interests are affected by an organization's activities
Piers is using the story line approach in his presentation. He says that the coffee shop chain he works for faces the challenge of improving its customer service orientation and presents the goal of improving the customer satisfaction rating from 80 percent to more than 95 percent. What aspect of a business story does this represent?
the plot
Which component in a presentation is analogous to the introduction in written documents?
the preview
entrepreneurship
the process of taking risks to try to create a new business
world bank
the purpose of the world bank is to provide low-interest loans to developing nations for improving health, education, transportation, and telecommunications.
currency exchange rate
the rate at which currency in another country's currency can be exchanged for currency of another country
When you justify a routine request, you should provide
the rationale for the request in your message.
The process of communication is successful only when
the receiver understands an idea as the sender intended it
depreciation and amortization
the reduction in value of a fixed asset during the years it is in use (charged profits)
interim results
the results or figures published outside the regular times
When preparing a speech about a business product, what should you find out about your audience? (Choose every correct answer.)
the source of their information about the product what they know about the product
When speakers choose not to rehearse before giving a business presentation, audience members will typically perceive which two of the following? (Choose every correct answer.)
the speaker's vagueness the speaker's disorganization
The primary focus of a business presentation with visual aids should be
the speaker.
Economics
the study of the production, distribution, and consumption of goods and services
revenue
the total amount of money a business takes in during a given period by selling goods and services.
bottom line
the total amount of money that a company has made or lost over a particular period of time
difference b/w absolute advantage and comparative advantage?
the unequal distribution of natural + technological resources has led to the development of 2 important ideas
trade protectionism
the use of gov't regulations to limit the import of goods and services
overheads (GB) / overhead (US)
the various expenses of operating a business that cannot be charged to any product, process or department
Which component in a presentation is analogous to the body portion of written documents?
the view
Bonds
these are long-term IOUs issued by governments and corporations, contracts on which the issuer pays the buyer interest at regular intervals
Which of the following is the most important reason why long-term virtual teams should meet in person at the beginning of a project?
to facilitate the building of a relationship between team members
Which of the following are the main goals of a business speech attention-getter? (Select all that apply.)
to get audience members to consider the presented ideas to engage audience members emotionally
to clean up the books
to get the accounts in order, to identify profitable or loss-making accounts
Why should Mary Ann and Nana create a business plan?
to provide an overall road map of how to start the business and to attract/satisfy investors
What is the purpose of an overview?
to show how your audience will benefit from the idea you are proposing
Although threats are often uncontrollable, what is the purpose of identifying them?
to try and prepare for the uncontrollable things that could impact your business
to protect their domestic industries against foreign competition, and to save jobs,countries sometimes resort to
trade protectionism
When employees explain their reasons in the text of routine requests, the company is better able to maintain ______ by keeping written records that show why decisions were made.
transparency
Casual dress is rare in a business-related setting.
true
During a presentation, you should use gestures that show affirmation and acceptance of your audience members.
true
Stocks
units of ownership in corporations, and there are two kinds: common and preferred
When writing a report or proposal, an advantage is that you can
use precise wording
taxes
used to pay for public services and to discourage or encourage certain behavior
government
uses taxes to fund public health programs like social security
Which of the following can help improve the overall design of electronic slides used in business presentations? (Choose every correct answer.)
using a design expert when possible focusing on key information developing simple charts and diagrams
creative accounting
using all available accounting procedures and tricks to disguise the true financial position of a company
Which technique helps team presentations be more seamless?
using verbal transitions to pass speaking roles from one person to the next
time orientation and length of workweek
varies by culture, could be schedule driven, precisely segmented and limited
globalization moves
very rapidly, and has positive and negative effects.
Which of the following are different learning styles that audience members may have?
visual auditory kinesthetic
During a business presentation, audience members should be able to understand the information on slides
within a few seconds.
totalitarian political system
which are ruled by a dictator, a single political party or special membership group, such as a ruling family or a military junta (north korea)
negative effects of globalization
with the rapid exchange of information that comes with globalization, trade secrets can be stolen and sold to foreign competitors, governments with strong social safety nets are running huge deficits as a result of job loss and other challenges that accompany globalization, can lead to the exploitation of child labor in other nations, some countries manipulate the value of their currency to gain an advantage in international trade.
Which of the following are examples of unsupportive behavior by an audience member during a business presentation? (Choose every correct answer.)
yawning texting
do businesses support community interests?
yes, by producing goods and services, like food, medicine, clothing, shelter
does a business improve a society's standard of living?
yes, enabling them to live longer and healthier lives, also helps gain human knowledge
Describe the right to free choice
you can choose what to buy and sell, where to set up business, and where to live employees can choose what enterprise to work sale of some items (alcohol, drugs, med supplies, weapons) limited by government zoning laws can limit where a business is located government regulations prohibit employers from discrimination against employees
The Vision Statement
•Describes the company's vision, long-term goal of what the organization wants to become. •Outlines the world view of the organization and attracts employees, customers, and vendors.
The Mission Statement
•Identifies the goods or services the organization provides and the reasons for providing them. •Answers the basic question of why an organization was created in the first place and why it still exists today.
Benefits of Health and Safety Act
•Reduce long term costs since there's a reduction in absences. •Good health and safety record creates a good reputation encouraging more qualified workers to work for that firm.
Benefits of Employment Protection Act
•Workers feel secure and treated as equals and this will motivate them. •Stops any unfair instructions from being forced upon staff like having to clean up the floor although it's not in your contract.
