business

a common reason for establishing quotas or tariffs is to encourage dumping

false

multinational corporations are rarely targeted by activists because they provide so many benefits to the countries in which they do business

false

small businesses by their very nature are small and therefore do not contribute significantly to job creation

false

Many service providers are considered retailers because they

provide their services directly to consumer.

a drawback of franchising is the need for franchisees to strictly adhere to standardized operations.

true

a global strategy involves standardizing products for the whole world

true

the general agreement on tariff and trade (GATT) provided a forum for tariff negotiations and a place where international trade problems could be resolved

true

the international monetary fund promotes trade among member nations by eliminating trade barriers and fostering financial cooperation

true

trevor lives in Florida during the winter months. While in Florida, he rents out his main home in colorado to people traveling there for the skiing seasons. Trevor is participation in the sharing economy.

true

Which question does the mission statement of an organization seek to answer?

what business are we in?

Which of these basic questions will be answered by a well-developed mission statement?

who are our customers?

Grace manages a beach rental kiosk. Her goal is to run this business in such a way that she achieves the desired result, making a profit and providing her customers with the items they need to enjoy their vacation. Thus her primary managerial concern is

effectiveness.

a person who is involved in the process of creating and managing a business to achieve his a=or her desired objective is engaged in

entrepreneurship.

Nellie's sweet shop, a large candy store, has historically sold a lot of chocolate and gummy candies. However, over the years, people have become more health-conscious. As a result, Nellie's develops a new line of sugar-free candies that taste as good as the original but without the guilt. What type of objectives does this exemplify?

Growth.

Baubles and bangles, an independent jewelry store, acquires jewelry and accessories from producers and wholesalers and sells them to consumers. Baubles and Bangle is a

retailer.

If Yvette wants to start her own business, what might persuade her to open a retail operation?

retalling requires low initial financing.

What type of business has been growing faster than other classifiable firms and represents almost 30 percent of all small businesses.

minority-owned businesses

suppose there are several countries that are efficient at producing coffee beans and Brazil is one of those countries. While Brazil is efficient at producing coffee beans it is inefficient at producing electronics. Because of this, Brazil sells its coffee beans to other countries and buys electronics from other countries. this scenario exemplifies the concept of

comparative advantages

A company objectives related to____ is generally stated in terms of percentage of sales increase and market share, with the goal of increasing those figures.

competitive advantage.

countries like china and Vietnam are flooded with counterfeit videos, movies, computer software, furniture and clothing . why is it?

coping is a tradition in those countries

Marla manages an online shoe store. She must determine what her company's warehouse and distributing facilities need and which type of automation can maximize order efficiency. what major phase of the planning process do these examples describe?

data gathering

Before an organization can plan a course of action, it must first

determine what it wants to achieve.

While Justin attends college, he is working part-time for a cutlery company. He goes door-to-door and offers consumers face-to-face presentations in their homes. This is an example of

direct selling.

If a manger is concerned about doing the work with the least cost and waste possible, then his or her primary mangerical concern is

efficiency.

Marissa is a fitness expert who start her own personal training company. She conducts fitness classes for women and provides personal training sessions for clients. arissa can be regarded as a(n).

entrepreneur.

When a nation imports more than it exports, it has a positive balance of trade

false

a business that is engaging in importing and exporting must be familiar with the ratio at which one nation's currency can be exchanged for another. in other words the business must be families

false

as a international business opportunity direct investment provides the least amount of control but is also the least expensive way to participant in foreign trade.

false

companies doing business internationally have traditionally used a globalization strategy

false

fit rite fasteners based in the united states buys metal parts from china to manufacture its fasteners. in doing so, the company is engaged in exporting

false

qexport agents either products outright or take them on consignment but are not responsible for storage and transportation of the product

false

sociocultural difference such as variations in body language and personal space rarely have an impact on International business

false

the Asia-pacific economic cooperation (APEC) is a trade agreement between Asia countries and does not include the united states

false

the manufacturing business is attractive to entrepreneurs because of the low start-up costs required for the established manufacturing business.

false

trade deficits can help business succeed, create more jobs and improve the standard of living

false

What a manager makes sure there is adequate funding to pay for essential activities, he or she is managing________ resources.

financial.

A declaration of an organization's fundamental purpose and basic philosophy is known as a(n)

mission statement.

Jake starts his own catering business. He creates a website for the business, which states that his purpose is to provide his customers with delicious food at a fair price. For Jake's company, this is its

mission statement.

Melvin's fishing store has profit as an objective. As a result, he is wants to have

money and assets left over after paying off business expenses.

________ is the transferring of manufacturing or other tasks such as data processing to countries where labor and supplies are less expensive

outsourcing

why has outsourcing become a controversial practice in the unites states

outsourcing takes away jobs could be accomplished by workers in the unites states

Determining an organization's objectives and deciding how to accomplish them is the management function known as

planning.

Ross is one of the senior managers of a large company. He is part of a team that determines the objectives of the company based on future trends in the industry and decides how to accomplish them. Ross is involved in the management function of

planning.

Bradley is a manager at a company that has made the difficult decision to downsize. After his company eliminated 50 employees, what must Bradley do to effectively manage his remaining employees and help them through the situation?

promote optimism and positive thinking

Minami and Michael recently had their first child. As two working parents, they struggled to find good, economical childcare. As a result, they developed their own software to link parents with licensed, reasonably priced childcare providers. This is an example of the

sharing economy.

Mahle owns an indian restaurant that employs around 20 people. She is solely responsible for the management of the restaurant. Her business competes with a larger chain of restaurants that offers the same cuisine. Mahle's restaurant can be classified as a

small business.

Robert's music center is a local music shop. Along with selling a musical instrument, it also rents instrument to a student in school band programs. Robert is the owner and he employs three full-time and five part-time employees. Robert's business is a

small business.

Which type of business has created a majority of net new jobs annually?

small businesses

while growing up, carlos noticed that many families in his country struggled to make ends meet and provide for their children's education. As a result, he started a business to provide low-cost tutoring and scholarship opportunities for low-income families in his community. As his company has grown, Carlos has been able to extend free tutoring and college scholarship to five impoverished students per year.

social entrepreneur.

Hiring people to carry out the work of an organization is known as.

staffing

The electronics warehouse wants to make sure its products are always available to customers. science the company sells many diverse__________ to maximize efficiencies and provide creative solutions to help the company reduce expenses and reach its objectives.

suppliers.

Bolivia, South America is the only country in the world that is able to grow a rare plant that is used to produce a healing ointment for arthritis patients. because Bolivia is the only country with the access to this plant, it has a(n)

absolute advantage

Growth objectives essentially relate to

adapting and releasing new products in the market.

In the manufacturing sector, small businesses sometimes have an advantage over large firms because of small business.

can customize to meet specific customer needs and wants.

Randy owns a small, local catering business. He has been hired for company picnics, backyard barbecues, and family celebrations. As word of mouth has spread about his delicious food, good service, and fair prices, he has started getting more business. To handle this, he has hired three employees to help cook and serve food at these events. What kind of entrepreneur is Randy?

A microentrepreneur

Get Fit Gym wants to make the best use of its resources. As a result, the company hires college students to work at the front desk, so personal trainers can focus on helping members in the gym and teaching fitness classes. What type of objectives is the most relevant to this example?

Efficiency.

What is a difference between high technology business and other small businesses?

High technology business require greater capital and have higher initial startup costs than other small businesses.

what social and cultural issues should a manager consider before ding business in a foreign country?

It is important for the manager to understand the importance of social and culture difference between countries.

What is the purpose of the small business administration?

It offers managerial and financial assistance to small businesses.

To earn a profit, managers must acquire, coordinate, and control all of the following resources

People, services money raw materials and equipment.

Which management function is crucial because it lays the foundation for all other management function?

Planning

Wait owns a business in which he offers standardized test preparation classes and individual tutoring for students. This is an example of a

Service business

Wes is a manager at a large investment banking firm. The firm is expanding, and he is tasked with hiring more people to carry out the organization's increased workload. Wes must also determine what to pay the new hires and develop a plan to train them. Wes is engaged in

Staffing.

Which scenario best illustrates a small business operating in the retail industry as opposed to wholesaling its products?

The case Place imports call phone covers and sells them directly to customers through kiosk at the mall.

What is the true of direct selling?

The cost of getting involves is low. Its can be done part time. those who do it can receive commissions on their sales. those who do it have the opportunity to recruit other distributors.

Naveen is part of the planning team in his organization that is working to develop the firm's mission statement. The team knows that along with describing the business and identifying its customers, the team should also articulate the business's operating philosophy and list any core competencies the business has. What other items should veneer and his team include in the mission statement?

The firm's responsibilities with respect to being a good steward of the environment, financial, and human resources.

Joey's Jewelry business has grown from a small startup in his basement to a chain of outlets all over the state. His business has the potential to expand further, provided he has the resources. To attract investors and other resources, he creates a mission statement for his company. He highlights that his gems come from countries with fair labor practices. Which basic question of a well-developed mission statement is he addressing?

What are our responsibilities with respect to being a good steward of the environment, financial, and human resources?

What is true of wholesalers?

Wholesalers are extremely important because of the marketing activities they perform.

Vincent starts his own tutoring business. He wants to write a good mission statement that explains his company's reason for existence. What is one guideline he should follow in writing his mission statement?

it should be clear and concise.

Bob and Tom live and work in Texas, but they love vacationing in the Bahamas. After several years, they decide to buy a vacation home in the Bahamas. When they are not there, they rent the property to other people for $1,200 per week. This is an example of

the sharing economy

International business involves the buying, selling, and trading of goods and services across national boundaries.

true

Nations trade with other nations to obtain resources that would otherwise be unavailable to them.

true

entrepreneurship is the process of creating and managing a business to achieve desired objectives

true

licensing is a good option for small manufacturing wanting to launch a well- known brand internationally

true

many US companies took advantages of Mexico's low labor costs and proximity to the United States to set up maquiladoras

true

political unrest in countries often creates a hostile environment for foreign business and can act as a barrier to international trade

true